Document:

EX-10.8

MILACRON INC.

2004 LONG-TERM INCENTIVE PLAN

As Amended October 1, 2007

1. Purpose of the Plan. The purpose of this Plan is to attract, retain and motivate officers
and other key employees of Milacron Inc. (the “Company”) and its Subsidiaries, to retain qualified
individuals to serve as non-employee members of the Board, and to provide such persons with
appropriate incentives and rewards for superior performance and contribution. The Plan is
effective as of April 1, 2004 (the “Effective Date”), subject to the approval of the Company’s
stockholders.

2. Definitions. Capitalized terms used herein shall have the meanings assigned to such terms
in this Section 2.

“Applicable Laws” means the requirements relating to the administration of equity-based
compensation plans under U.S. state corporate laws, U.S. federal and state securities laws, the
Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the
applicable laws of any other country or jurisdiction where awards are granted under the Plan.

“Appreciation Right” means a right granted pursuant to Section 5 of this Plan, and shall
include both Tandem Appreciation Rights and Free-Standing Appreciation Rights.

“Base Price” means the price to be used as the basis for determining the Spread upon the
exercise of a Free-Standing Appreciation Right and a Tandem Appreciation Right.

“Beneficial Owner” means a beneficial owner as defined in Rule 13d-3 under the Exchange Act.

“Board” means the Board of Directors of the Company.

“Change in Control” shall mean any of the following events:

(i) A Person or Group other than a trustee or other fiduciary of securities held under
an employee benefit plan of the company or any of its Subsidiaries, is or becomes a
Beneficial Owner, directly or indirectly, of stock of the Company representing 20% or more
of the total voting power of the Company’s then outstanding stock and securities;
provided, however, that for purposes of this subsection (i), the following
acquisitions shall not constitute a Change in Control: (a) any acquisition directly from
the Company, (b) any acquisition by the Company, (c) any acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any corporation controlled
by the Company, or (d) any acquisition by any corporation pursuant to a transaction which
complies with clause (a) of section (iii) of this section;

(ii) Individuals who, as of the date hereof, constitute the Board (the “Incumbent
Board”), cease for any reason to constitute a majority thereof; provided, however, that any
individual becoming a Director whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least 60% of the Directors then comprising the
Incumbent Board shall be considered as though such individual was a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of an actual or threatened election contest with respect to the
election or removal of Directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person or Group other than the Board;

(iii) There is consummated a merger, consolidation or other corporate transaction,
other than (a) a merger, consolidation or transaction that would result in the voting
securities of the Company outstanding immediately prior to such merger, consolidation or
transaction continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity or any parent thereof) at least sixy-six and
two thirds percent of the combined voting power of the stock and securities of the Company
or such surviving entity or any parent thereof outstanding immediately after such merger,
consolidation or transaction, or (b) a merger, consolidation or transaction effected to
implement a recapitalization of the Company (or similar transaction) in which no Person or
Group is or becomes the Beneficial Owner, directly or indirectly, of stock and securities of
the Company representing more than 20% of the combined voting power of the Company’s then
outstanding stock and securities;

(iv) The sale or disposition by the Company of all or substantially all of the
Company’s assets other than a sale or disposition by the Company of all or substantially all
of the assets to an entity at least sixy-six and two thirds percent of the combined voting
power of the stock and securities of which is owned by Persons in substantially the same
proportions as their ownership of the Company’s voting stock immediately prior to such sale;
or

(v) The stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company.

Notwithstanding any other provision of this Plan to the contrary, a “Change in Control” shall not
occur solely as a result of any change in the combined voting power of the stock and securities of
the Company as a result of any securities issued or issuable pursuant to the transactions
contemplated by the Note Purchase Agreement, dated as of March 12, 2004, by and among Milacron
Inc., Glencore Finance AG and Mizuho International plc, including any securities issued or issuable
in exchange for, upon conversion or exercise of, or as a payment of dividends upon, such
securities.

“Code” means the Internal Revenue Code of 1986, as amended.

“Committee” means the Committee described in Section 16 of the Plan.

“Common Stock” means the common stock of the Company or any security into which such Common
Stock may be changed by reason of any transaction or event of the type referred to in Section 12 of
this Plan.

“Company” has the meaning given such term in Section 1 of the Plan.

“Covered Employee” means an Employee who is, or is determined by the Committee to be likely to
become, a “covered employee” within the meaning of Section 162(m) of the Code (or any successor
provision).

“Date of Grant” means the date specified by the Committee on which a grant of Option Rights,
Appreciation Rights, Performance Units or Performance Shares or a grant or sale of Restricted
Shares or Deferred Shares or any awards granted under Section 10 shall become effective.

“Deferral Period” means the period of time during which Deferred Shares are subject to
deferral limitations under Section 8 of this Plan.

“Deferred Shares” means an award made pursuant to Section 8 of this Plan of the right to
receive shares of Common Stock at the end of a specified Deferral Period.

“Director” means a member of the Board of Directors of the Company.

“Effective Date” has the meaning given such term in Section 1 of the Plan.

“Employee” means a salaried employee of the Company or any Subsidiary who has demonstrated
significant management potential or who has contributed in a substantial measure to the successful
performance of the Company, as determined by the Committee.

“Evidence of Award” means an agreement, certificate, resolution or other type or form of
writing or other evidence approved by the Committee which sets forth the terms and conditions of
the Option Rights, Appreciation Rights, Performance Units, Performance Shares, Restricted Shares or
Deferred Shares or any awards granted under Section 10. An Evidence of Award may be in an
electronic medium, may be limited to a notation on the books and records of the Company and, with
the approval of the Committee, need not be signed by a representative of the Company or a
Participant.

“Exchange Act” means the Securities Exchange Act of 1934 and the rules and regulations
thereunder, as such law, rules and regulations may be amended from time to time.

“Free-Standing Appreciation Right” means an Appreciation Right granted pursuant to Section 5
of this Plan that is not granted in tandem with an Option Right.

“Group’ means any group as defined in Section 14(d)(2) of the Exchange Act.

“Incentive Stock Options” means Option Rights that are intended to qualify as “incentive stock
options” under Section 422 of the Code or any successor provision. For purposes of clarity,
Incentive Stock Options may only be granted to Employees.

“Management Objectives” means the measurable performance objective or objectives established
pursuant to this Plan for Participants who have received grants of Performance Units or Performance
Shares or, when so determined by the Committee, Option Rights, Appreciation Rights and Restricted
Shares pursuant to this Plan. Management Objectives may be described in terms of Company-wide
objectives or objectives that are related to the performance of the individual Participant or of
the Subsidiary, division, department, region or function within the Company or Subsidiary in which
the Participant is employed. The Management Objectives may be made relative to the performance of
other corporations. The Management Objectives applicable to any award to a Covered Employee shall
be based on specified levels of or growth in one or more of the following criteria: revenues;
earnings from operations; earnings before or after interest and taxes; net income; cash flow;
earnings per share; working capital; economic value added; return on total capital; return on
invested capital; return on equity; return on assets; total return to stockholders; earnings before
or after interest, taxes, depreciation, amortization or extraordinary or special items; return on
investment; free cash flow; cash flow return on investment (discounted or otherwise); net cash
provided by operations; cash flow in excess of cost of capital; operating margin; profit margin;
stock price and/or strategic business criteria consisting of one or more objectives based on
meeting specified product development, strategic partnering, research and development, market
penetration, geographic business expansion goals, cost targets, customer satisfaction, employee
satisfaction, management of employment practices and employee benefits, supervision of litigation
or information technology, goals relating to acquisitions or divestitures of subsidiaries,
affiliates and joint ventures. Management Objectives may be stated as a combination of the listed
factors. If the Committee determines that a change in the business, operations, corporate
structure or capital structure of the Company, or the manner in which it conducts its business, or
other events or circumstances (including those events and circumstances described in Section 12 of
this Plan) render the Management Objectives unsuitable, the Committee may in its discretion modify
such Management Objectives or the related minimum acceptable level of achievement, in whole or in
part, as the Committee deems appropriate and equitable, except in the case of a Covered Employee to
the extent that such action would result in the loss of the otherwise available exemption of the
award under Section 162(m) of the Code.

“Market Value per Share” means, as of any particular date, (i) the closing sale price per
share of Common Stock as reported on the principal exchange on which Common Stock of the Company is
then trading, if any, or if there are no sales on such day, on the next preceding trading day
during which a sale occurred, or (ii) if clause (i) does not apply, the fair market value of a
share of Common Stock as determined by the Committee.

“Optionee” means the optionee named in an agreement evidencing an outstanding Option Right.

“Option Price” means the purchase price payable on exercise of an Option Right.

“Option Right” means the right to purchase shares of Common Stock from the Company upon the
exercise of an option granted pursuant to Section 4 of this Plan.

“Participant” means an Employee or a Director who receives a grant of Option Rights,
Appreciation Rights, Performance Units or Performance Shares or a grant or sale of Restricted
Shares or Deferred Shares or any awards under Section 10.

“Performance Period” means, in respect of a Performance Unit or Performance Share, a period of
time established pursuant to Section 6 of this Plan within which the Management Objectives relating
to such Performance Share or Performance Unit are to be achieved.

“Performance Share” means a bookkeeping entry that records the equivalent of one share of
Common Stock awarded pursuant to Section 6 of this Plan.

“Performance Unit” means a bookkeeping entry that records a unit equivalent to $1.00 awarded
pursuant to Section 6 of this Plan.

“Person” means any person (as defined in Section 3(a)(9) of the Exchange Act, as such term is
modified in Section 13(d) and 14(d) of the Exchange Act) other than (i) any employee plan
established by the Company, (ii) any affiliate (as defined in Rule 12b-2 promulgated under the
Exchange Act) of the Company, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, or (iv) a corporation owned, directly or indirectly, by stockholders
of the Company in substantially the same proportions as their ownership of the Company.

“Plan” means this Milacron Inc. 2004 Long-Term Incentive Plan, as amended from time to time.

“Restricted Shares” means shares of Common Stock granted or sold pursuant to Section 7 of this
Plan as to which neither the substantial risk of forfeiture nor the prohibition on transfers
referred to in such Section 7 has expired.

“Spread” means the excess of the Market Value per Share on the date when an Option Right or
Appreciation Right is exercised, over the per share Option Price or per share Base Price provided
for in the related Option Right or Appreciation Right, respectively.

“Subsidiary” means a corporation, company or other entity which is designated by the Committee
and in which the Company has a direct or indirect ownership or other equity interest,
provided, however, that for purposes of determining whether any person may be a
Participant for purposes of any grant of Incentive Stock Options, the term “Subsidiary” has the
meaning given to such term in Section 424 of the Code, as interpreted by the regulations thereunder
and applicable law.

“Tandem Appreciation Right” means an Appreciation Right granted pursuant to Section 5 of this
Plan that is granted in tandem with an Option Right.

3. Shares Available Under the Plan.

a. Subject to adjustment as provided in Section 3(b) and Section 12 of this Plan, the number
of shares of Common Stock that may be issued or transferred (i) upon the exercise of Option Rights
or Appreciation Rights, (ii) as Restricted Shares, (iii) as Deferred Shares, (iv) in payment of
Performance Units or Performance Shares that have been earned, (v) in payment of awards granted
under Section 10 of the Plan or (vi) in payment of dividend equivalents paid with respect to awards
made under the Plan shall not exceed in the aggregate 7,000,000 shares of Common Stock. Such
shares may be shares of original issuance, treasury shares, shares purchased by the Company on the
open market, or a combination of the foregoing.

b. The Committee may adopt reasonable counting procedures to ensure appropriate counting,
avoid double counting (as, for example, in the case of tandem or substitute awards) and make
adjustments in the number of shares of Common Stock available in Section 3(a) above or otherwise
specified in the Plan or in any award granted hereunder if the number of shares of Common Stock
actually delivered differs from the number of shares of Common Stock previously counted in
connection with an award. Shares of Common Stock subject to an award granted under the Plan that
is canceled, expired, forfeited, settled in cash or is otherwise terminated without a delivery of
Common Stock to the Participant will again be available for awards, and Common Stock withheld in
payment of the exercise price or taxes relating to an award granted under the Plan and shares of
Common Stock equal to the number surrendered in payment of any exercise price or taxes relating to
an award under the Plan shall be deemed to constitute Common Stock not delivered to the Participant
and shall be deemed to again be available for awards under the Plan. This Section 3(b) shall apply
to the number of shares of Common Stock reserved and available for Incentive Stock Options only to
the extent consistent with applicable Treasury regulations relating to Incentive Stock Options
under the Code.

c. Notwithstanding anything in this Section 3, or elsewhere in this Plan, to the contrary and
subject to adjustment as provided in Section 12 of this Plan, (i) the aggregate number of shares of
Common Stock actually issued or transferred by the Company upon the exercise of Incentive Stock
Options shall not exceed 7,000,000 shares of Common Stock; (ii) no Participant shall be granted
Option Rights and Appreciation Rights, in the aggregate, for more than 500,000 shares of Common
Stock during any calendar year; (iii) no Director who is not an Employee shall be granted Option
Rights, Appreciation Rights, Restricted Shares and Deferred Shares, in the aggregate, for more than
10,000 shares of Common Stock during any calendar year.

d. Notwithstanding any other provision of this Plan to the contrary, in no event shall any
Participant in any calendar year receive awards of (i) Performance Shares, Restricted Shares
specifying Management Objectives or awards granted under Section 10 of the Plan specifying
Management Objectives, which awards, in the aggregate, cover a maximum of more than 500,000 shares
of Common Stock or (ii) Performance Units having an aggregate maximum value as of their respective
Dates of Grant in excess of $2,000,000.

4. Option Rights. The Committee may, from time to time and upon such terms and conditions as
it may determine, authorize the granting to Employees of Option Rights. Each such grant may
utilize any or all of the authorizations, and shall be subject to all of the limitations, contained
in the following provisions:

a. Each grant shall specify the number of shares of Common Stock to which it pertains, subject
to adjustments as provided in Section 12 of this Plan.

b. Each grant shall specify an Option Price per share, which shall be equal to or greater than
the Market Value per Share on the Date of Grant.

c. Each grant shall specify whether the Option Price shall be payable (i) in cash or by check
acceptable to the Company, (ii) by the actual or constructive transfer to the Company of shares of
Common Stock owned by the Optionee not less than 6 months having a value at the time of exercise
equal to the total Option Price, or (iii) by a combination of such methods of payment. To the
extent permitted by law, any grant may provide for deferred payment of the Option Price from the
proceeds of sale through a bank or broker on a date satisfactory to the Company of some or all of
the shares to which such exercise relates.

d. Grants may be made to the same Employee whether or not any Option Rights previously granted
to such Employee remain unexercised.

e. Each grant shall specify the period or periods of continuous service by the Optionee with
the Company or any Subsidiary that is necessary before the Option Rights or installments thereof
will become exercisable and may provide for the earlier exercise of such Option Rights in the event
of a Change in Control, retirement, death or disability of the Optionee or other similar
transaction or event as approved by the Committee.

f. Any grant of Option Rights may specify Management Objectives that must be achieved as a
condition to the exercise of such rights.

g. Option Rights granted under this Plan may be (i) options, including, without limitation,
Incentive Stock Options, that are intended to qualify under particular provisions of the Code, (ii)
options that are not intended so to qualify, or (iii) combinations of the foregoing.

h. The exercise of an Option Right shall result in the cancellation on a share-for-share basis
of any Tandem Appreciation Right authorized under Section 5 of this Plan.

i. No Option Right shall be exercisable more than 10 years from the Date of Grant.

j. Each grant of Option Rights shall be evidenced by an Evidence of Award which shall contain
such terms and provisions, consistent with this Plan and applicable sections of the Code, as the
Committee may approve.

5. Appreciation Rights.

a. The Committee may authorize the granting (i) to any Optionee who is also an Employee, of
Tandem Appreciation Rights in respect of Option Rights granted hereunder, and (ii) to any Employee,
of Free-Standing Appreciation Rights. A Tandem Appreciation Right shall be a right of the
Optionee, exercisable by surrender of the related Option Right, to receive from the Company an
amount determined by the Committee, which shall be expressed as a percentage of the Spread (not
exceeding 100 percent) at the time of exercise. Tandem Appreciation Rights may be granted at any
time prior to the exercise or termination of the related Option Rights; provided,
however, that a Tandem Appreciation Right awarded in relation to an Incentive Stock Option
must be granted concurrently with such Incentive Stock Option. A Free-Standing Appreciation Right
shall be a right of the Employee to receive from the Company an amount determined by the Committee,
which shall be expressed as a percentage of the Spread (not exceeding 100 percent) at the time of
exercise.

b. Each grant of Appreciation Rights may utilize any or all of the authorizations, and shall
be subject to all of the requirements, contained in the following provisions:

(i) Any grant may specify that the amount payable on exercise of an
Appreciation Right may be paid by the Company in cash, in shares of Common Stock or
in any combination thereof and may either grant to the Employee or retain in the
Committee the right to elect among those alternatives.

(ii) Any grant may specify that the amount payable on exercise of an
Appreciation Right may not exceed a maximum specified by the Committee at the Date
of Grant.

(iii) Each grant shall specify the period or periods of continuous service by
the Employee with the Company or any Subsidiary that is necessary before the
Appreciation Right or installments thereof will become exercisable and may provide
for the earlier exercise of such Appreciation Rights in the event of a Change in
Control, retirement, death or disability of the Employee or other similar
transaction or event as approved by the Committee.

(iv) Each grant of an Appreciation Right shall be evidenced by an Evidence of
Award, which shall describe such Appreciation Right, identify any related Option
Right, state that such Appreciation Right is subject to all the terms and conditions
of this Plan, and contain such other terms and provisions, consistent with this Plan
and applicable sections of the Code, as the Committee may approve.

(v) Any grant may provide for the payment to the Employee of dividend
equivalents thereon in cash or shares of Common Stock on a current, deferred or
contingent basis.

c. Any grant of Tandem Appreciation Rights shall provide that such Rights may be exercised
only at a time when the related Option Right is also exercisable and at a time when the Spread is
positive, and by surrender of the related Option Right for cancellation.

d. Regarding Free-Standing Appreciation Rights only:

(i) Each grant shall specify in respect of each Free-Standing Appreciation
Right a Base Price, which shall be equal to or greater than the Market Value per
Share on the Date of Grant;

(ii) Grants may be made to the same Employee regardless of whether any
Free-Standing Appreciation Rights previously granted to the Employee remain
unexercised; and

(iii) No Free-Standing Appreciation Right granted under this Plan may be
exercised more than 10 years from the Date of Grant.

e. Any grant of Appreciation rights may specify Management Objectives that must be achieved as
a condition to exercise such rights.

6. Performance Units and Performance Shares. The Committee may also authorize the granting to
Employees of Performance Units and Performance Shares that will become payable (or payable early)
to an Employee upon achievement of specified Management Objectives. Each such grant may utilize
any or all of the authorizations, and shall be subject to all of the limitations, contained in the
following provisions:

a. Each grant shall specify the number of Performance Units or Performance Shares to which it
pertains, which number may be subject to adjustment to reflect changes in compensation or other
factors; provided, however, that no such adjustment shall be made in the case of a
Covered Employee where such action would result in the loss of the otherwise available exemption of
the award under Section 162(m) of the Code.

b. The Performance Period with respect to each Performance Unit or Performance Share shall be
such period of time commencing with the Date of Grant as shall be determined by the Committee at
the time of grant.

c. Any grant of Performance Units or Performance Shares shall specify Management Objectives
which, if achieved, will result in payment or early payment of the award, and each grant may
specify in respect of such specified Management Objectives a minimum acceptable level of
achievement and shall set forth a formula for determining the number of Performance Units or
Performance Shares that will be earned if performance is at or above the minimum level, but falls
short of full achievement of the specified Management Objectives. The grant of Performance Units
or Performance Shares shall specify that, before the Performance Shares or Performance Units shall
be earned and paid, the Committee must determine that the Management Objectives have been
satisfied.

d. Each grant shall specify the time and manner of payment of Performance Units or Performance
Shares that have been earned. Any grant may specify that the amount payable with respect thereto
may be paid by the Company to the Employee in cash, in shares of Common Stock or in any combination
thereof, and may either grant to the Employee or retain in the Committee the right to elect among
those alternatives.

e. Any grant of Performance Units may specify that the amount payable or the number of shares
of Common Stock issued with respect thereto may not exceed maximums specified by the Committee at
the Date of Grant. Any grant of Performance Shares may specify that the amount payable with
respect thereto may not exceed a maximum specified by the Committee at the Date of Grant.

f. Each grant of Performance Units or Performance Shares shall be evidenced by an Evidence of
Award, which shall contain such terms and provisions, consistent with this Plan and applicable
sections of the Code, as the Committee may approve.

g. The Committee may, at or after the Date of Grant of Performance Shares, provide for the
payment of dividend equivalents to the holder thereof on either a current or deferred or contingent
basis, either in cash or in additional shares of Common Stock.

7. Restricted Shares. The Committee may also authorize the grant or sale of Restricted Shares
to Participants. Each such grant or sale may utilize any or all of the authorizations, and shall
be subject to all of the limitations, contained in the following provisions:

a. Each such grant or sale shall constitute an immediate transfer of the ownership of Common
Stock to the Participant in consideration of the performance of services, entitling such
Participant to voting, dividend and other ownership rights, but subject to the substantial risk of
forfeiture and restrictions on transfer hereinafter referred to.

b. Each such grant or sale may be made without additional consideration or in consideration of
a payment by such Participant that is less than Market Value per Share at the Date of Grant.

c. Each such grant or sale shall provide that the Restricted Shares covered by such grant or
sale shall be subject to a “substantial risk of forfeiture” within the meaning of Section 83 of the
Code for a period to be determined by the Committee at the Date of Grant and may provide for the
earlier lapse of such substantial risk of forfeiture in the event of a Change in Control,
retirement, or death or disability of the Employee or other similar transaction or event as
approved by the Committee.

d. Each such grant or sale shall provide that during the period for which such substantial
risk of forfeiture is to continue, the transferability of the Restricted Shares shall be prohibited
or restricted in the manner and to the extent prescribed by the Committee at the Date of Grant
(which restrictions may include, without limitation, rights of repurchase or first refusal in the
Company or provisions subjecting the Restricted Shares to a continuing substantial risk of
forfeiture in the hands of any transferee).

e. Any grant of Restricted Shares may specify Management Objectives that, if achieved, will
result in termination or early termination of the restrictions applicable to such shares. Each
grant may specify in respect of such Management Objectives a minimum acceptable level of
achievement and may set forth a formula for determining the number of Restricted Shares on which
restrictions will terminate if performance is at or above the minimum level, but falls short of
full achievement of the specified Management Objectives.

f. Any such grant or sale of Restricted Shares may require that any or all dividends or other
distributions paid thereon during the period of such restrictions be automatically deferred and
reinvested in additional Restricted Shares, which may be subject to the same restrictions as the
underlying award.

g. Each grant or sale of Restricted Shares shall be evidenced by an Evidence of Award, which
shall contain such terms and provisions, consistent with this Plan and applicable sections of the
Code, as the Committee may approve. The Restricted Shares may be certificated or uncertificated,
as determined by the Committee. Unless otherwise directed by the Committee, all certificates
representing Restricted Shares shall be held in custody by the Company until all restrictions
thereon shall have lapsed, together with a stock power or powers executed by the Participant in
whose name such certificates are registered, endorsed in blank and covering such Shares.

8. Deferred Shares. The Committee may also authorize the grant or sale of Deferred Shares to
Employees. Each such grant or sale may utilize any or all of the authorizations, and shall be
subject to all of the requirements contained in the following provisions:

a. Each such grant or sale shall constitute the agreement by the Company to deliver Common
Stock to the Employee in the future in consideration of the performance of services, but subject to
the fulfillment of such conditions during the Deferral Period as the Committee may specify.

b. Each such grant or sale may be made without additional consideration or in consideration of
a payment by such Employee that is less than the Market Value per Share at the Date of Grant.

c. Each such grant or sale shall be subject to a Deferral Period as determined by the
Committee at the Date of Grant, and may provide for the earlier lapse or other modification of such
Deferral Period in the event of a Change in Control, retirement, or death or disability of the
Employee or other similar transaction or event as approved by the Committee.

d. During the Deferral Period, the Employee shall have no right to transfer any rights under
his or her award and shall have no rights of ownership in the Deferred Shares and shall have no
right to vote them, but the Committee may, at or after the Date of Grant, authorize the payment of
dividend equivalents on such shares on either a current or deferred or contingent basis, either in
cash or in additional shares of Common Stock.

e. Each grant or sale of Deferred Shares shall be evidenced by an Evidence of Award, which
shall contain such terms and provisions, consistent with this Plan and applicable sections of the
Code, as the Committee may approve.

9. Non-Employee Directors. The Board may, from time to time and upon such terms and
conditions as it may determine, authorize the granting to Directors who are not then Employees of
Option Rights, Appreciation Rights, Restricted Shares, Deferred Shares, or any combination of the
foregoing. Each grant of Option Rights, Appreciation Rights, Restricted Shares and Deferred Shares
shall be upon terms and conditions consistent with Sections 4, 5, 7 and 8 of this Plan.

10. Other Awards.

a. The Committee is authorized, subject to limitations under applicable law, to grant to any
Employee such other awards that may be denominated or payable in, valued in whole or in part by
reference to, or otherwise based on, or related to, Common Stock or factors that may influence the
value of Common Stock, including, without limitation, convertible or exchangeable debt securities,
other rights convertible or exchangeable into Common Stock, purchase rights for Common Stock,
awards with value and payment contingent upon performance of the Company or business units thereof
or any other factors designated by the Committee, and awards valued by reference to the book value
of Common Stock or the value of securities of, or the performance of specified Subsidiaries or
affiliates or other business units of, the Company. The Committee shall determine the terms and
conditions of such awards. Common Stock delivered pursuant to an award in the nature of a purchase
right granted under this Section 10 shall be purchased for such consideration, paid for at such
times, by such methods, and in such forms, including, without limitation, cash, Common Stock, other
awards, notes or other property, as the Committee shall determine.

b. Cash awards, as an element of or supplement to any other award granted under this Plan, may
also be granted pursuant to this Section 10 of the Plan.

c. The Committee is authorized to grant Common Stock as a bonus, or to grant Common Stock or
other awards in lieu of obligations of the Company or a Subsidiary to pay cash or deliver other
property under the Plan or under other plans or compensatory arrangements, subject to such terms as
shall be determined by the Committee.

11. Transferability.

a. Except as otherwise determined by the Committee, no Option Right, Appreciation Right or
other award granted under the Plan shall be transferable by a Participant other than by will or the
laws of descent and distribution. Except as otherwise determined by the Committee, Option Rights
and Appreciation Rights shall be exercisable during the Optionee’s lifetime only by him or her or
by his or her guardian or legal representative.

b. The Committee may specify at the Date of Grant that part or all of the shares of Common
Stock that are (i) to be issued or transferred by the Company upon the exercise of Option Rights or
Appreciation Rights, upon the termination of the Deferral Period applicable to Deferred Shares or
upon payment under any grant of Performance Units or Performance Shares or (ii) no longer subject
to the substantial risk of forfeiture and restrictions on transfer referred to in Section 7 of this
Plan, shall be subject to further restrictions on transfer.

12. Adjustments. The Committee may make or provide for such adjustments in the numbers of
shares of Common Stock covered by outstanding Option Rights, Appreciation Rights, Performance
Shares, Deferred Shares and share-based awards described in Section 10 of the Plan granted
hereunder, in the Option Price and Base Price provided in outstanding Appreciation Rights, and in
the kind of shares covered thereby, as the Committee, in its sole discretion, exercised in good
faith, may determine is equitably required to prevent dilution or enlargement of the rights of
Participants or Optionees that otherwise would result from (a) any stock dividend, stock split,
combination of shares, recapitalization or other change in the capital structure of the Company, or
(b) any merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or
complete liquidation or other distribution of assets (including, without limitation, a special or
large non-recurring dividend), issuance of rights or warrants to purchase securities, or (c) any
other corporate transaction or event having an effect similar to any of the foregoing. Moreover,
in the event of any such transaction or event, the Committee, in its discretion, may provide in
substitution for any or all outstanding awards under this Plan such alternative consideration (or
no consideration) as it, in good faith, may determine to be equitable in the circumstances and may
require in connection therewith the surrender of all awards so replaced. The Committee may also
make or provide for such adjustments in the numbers of shares specified in Section 3 of this Plan
as the Committee in its sole discretion, exercised in good faith, may determine is appropriate to
reflect any transaction or event described in this Section 12; provided, however,
that any such adjustment to the number specified in Section 3(c)(i) shall be made only if and to
the extent that such adjustment would not cause any Option intended to qualify as an Incentive
Stock Option to fail so to qualify.

13. Fractional Shares. The Company shall not be required to issue any fractional Common Stock
pursuant to this Plan. The Committee may provide for the elimination of fractions or for the
settlement of fractions in cash.

14. Withholding Taxes. The Company shall have the right to deduct from any payment under this
Plan an amount equal to the federal, state, local, foreign and other taxes which in the opinion of
the Company are required to be withheld by it with respect to such payment and to the extent that
the amounts available to the Company for such withholding are insufficient, it shall be a condition
to the receipt of such payment or the realization of such benefit that the Participant or such
other person make arrangements satisfactory to the Company for payment of the balance of such taxes
required to be withheld. At the discretion of the Committee, such arrangements may include
relinquishment of a portion of such benefit pursuant to procedures adopted by the Committee from
time to time.

15. Foreign Employees. In order to facilitate the making of any grant or combination of
grants under this Plan, the Committee may provide for such special terms for awards to Participants
who are foreign nationals or who are employed by the Company or any Subsidiary outside of the
United States of America as the Committee may consider necessary or appropriate to accommodate
differences in local law, tax policy or custom. Moreover, the Committee may approve such
supplements to or amendments, restatements or alternative versions of this Plan as it may consider
necessary or appropriate for such purposes, without thereby affecting the terms of this Plan as in
effect for any other purpose, and the Corporate Secretary or other appropriate officer of the
Company may certify any such document as having been approved and adopted in the same manner as
this Plan. No such special terms, supplements, amendments or restatements, however, shall include
any provisions that are inconsistent with the terms of this Plan as then in effect unless this Plan
could have been amended to eliminate such inconsistency without further approval by the
stockholders of the Company.

16. Administration of the Plan.

a. This Plan shall be administered by the Company’s Personnel and Compensation Committee of
the Board. Notwithstanding the foregoing, the Board may perform any function of the Committee
hereunder, and the Board shall perform all functions of the Committee with respect to any award for
a Director who is not then an Employee, in which case the term “Committee” shall refer to the
Board.

b. The interpretation and construction by the Committee of any provision of this Plan or of
any Evidence of Award, agreement, notification or document evidencing the grant of Option Rights,
Appreciation Rights, Restricted Shares, Deferred Shares, Performance Units, Performance Shares or
any awards granted under Section 10 of the Plan and any determination by the Committee pursuant to
any provision of this Plan or of any such Evidence of Award, agreement, notification or document
shall be final, binding and conclusive. No member of the Committee shall be liable for any such
action or determination made not in bad faith.

17. Amendments and Other Matters.

a. The Board may at any time and from time to time amend the Plan in whole or in part;
provided, however, that any amendment which must be approved by the stockholders of
the Company in order to comply with applicable law or the rules of the New York Stock Exchange or,
if the Common Stock is not traded on the New York Stock Exchange, the principal national securities
exchange upon which the Common Stock is traded or quoted, shall not be effective unless and until
such approval has been obtained. Presentation of this Plan or any amendment thereof for
stockholder approval shall not be construed to limit the Company’s authority to offer similar or
dissimilar benefits under other plans or otherwise with or without stockholder approval. Without
limiting the generality of the foregoing, the Board of Directors may amend this Plan to eliminate
provisions which are no longer necessary as a result in changes in tax or securities laws or
regulations, or in the interpretation thereof.

b. The Committee shall not, without the further approval of the stockholders of the Company,
authorize the amendment of any outstanding Option Right or Appreciation Right to reduce the Option
Price or Base Price. Furthermore, no Option Right or Appreciation Right shall be cancelled and
replaced with awards having a lower Option Price or Base Price, respectively, without further
approval of the stockholders of the Company. This Section 17(b) is intended solely to prohibit the
repricing of “underwater” Option Rights and Appreciation Rights and shall not be construed to
prohibit the adjustments provided for in Section 12 of this Plan.

c. The Committee also may permit Participants to elect to defer the issuance of Common Stock
or the settlement of awards in cash under the Plan pursuant to such rules, procedures or programs
as it may establish for purposes of this Plan. The Committee also may provide that deferred
issuances and settlements include the payment or crediting of dividend equivalents or interest on
the deferral amounts.

d. The Committee may condition the grant of any award or combination of awards authorized
under this Plan on the deferral by the Participant of his or her right to receive a cash bonus or
other compensation otherwise payable by the Company or a Subsidiary to the Participant.

e. In case of a Change in Control of the Company, or in the case of a termination of
employment of a Participant by reason of death, disability or normal or early retirement, or in the
case of hardship of a Participant or other special circumstances, the Committee may, in its sole
discretion, accelerate the time at which any Option Right or Appreciation Right may be exercised or
the time when a Performance Unit or Performance Share shall be deemed to have been fully earned or
the time when a substantial risk of forfeiture or prohibition on transfer of Restricted Shares
shall lapse or the time when a Deferral Period shall end. In addition, the Committee may, in its
sole discretion, modify any Option Right or Appreciation Right to extend the period following
termination of a Participant’s employment to the Company or any Subsidiary during which such award
will remain outstanding and be exercisable, provided that no such extension shall result in any
award being exercisable more than ten years after the Date of Grant.

f. This Plan shall not confer upon any Participant any right with respect to continuance of
employment with the Company or any Subsidiary, nor shall it interfere in any way with any right the
Company or any Subsidiary would otherwise have to terminate such Participant’s employment at any
time.

g. Subject to Section 19, this Plan shall continue in effect until the date on which all
Common Stock available for issuance or transfer under this Plan has been issued or transferred and
the Company has no further obligation hereunder.

h. Neither a Participant nor any other person shall, by reason of participation in the Plan,
acquire any right or title to any assets, funds or property of the Company or any Subsidiary,
including without limitation, any specific funds, assets or other property which the Company or any
Subsidiary may set aside in anticipation of any liability under the Plan. A Participant shall have
only a contractual right to an award or the amounts, if any, payable under the Plan, unsecured by
any assets of the Company or any Subsidiary, and nothing contained in the Plan shall constitute a
guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits
to any person.

i. This Plan and each Evidence of Award shall be governed by the laws of the State of
Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of the Plan to the substantive law of another jurisdiction.

j. If any provision of the Plan is or becomes invalid, illegal or unenforceable in any
jurisdiction, or would disqualify the Plan or any award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended or limited in scope to conform to
applicable laws or, in the discretion of the Committee, it shall be stricken and the remainder of
the Plan shall remain in full force and effect.

18. Applicable Laws. The obligations of the Company with respect to awards under the Plan
shall be subject to all Applicable Laws and such approvals by any governmental agencies as the
Committee determines may be required.

19. Termination. No grant shall be made under this Plan more than 10 years after the Effective
Date, but all grants effective on or prior to such date shall continue in effect thereafter subject
to the terms thereof and of this Plan.

20. 2007 Acquisition Transaction.

a. Notwithstanding any other provision of the Plan to the contrary, with respect to any awards
granted under the Plan which have not previously become vested as of October 1, 2007, the Plan and
such awards are hereby amended, subject to the satisfaction of any participant consent
requirements, to provide that the acquisition of a majority of the 6.0% Series B Convertible
Preferred Stock of the Company by Ohio Plastics, LLC that may occur after October 1, 2007 and the
transactions consummated in connection therewith (the “2007 Acquisition Transaction”) shall not
constitute a “Change in Control” under the Plan and, accordingly, the occurrence of the 2007
Acquisition Transaction shall not result in any circumstances, events or changes being triggered
solely as a result of the 2007 Acquisition Transaction including, without limitation, any of the
following: (a) the accelerated vesting, exercisability, release, realization or payment of any such
awards and (b) the deemed satisfaction of any performance criteria related to such awards.

b. With respect to awards granted under the Plan after February 22, 2007, the 2007 Acquisition
Transaction shall not constitute a “Change in Control” under the Plan and, accordingly, the
occurrence of the 2007 Acquisition Transaction shall not result in any circumstances, events or
changes being triggered solely as a result of the 2007 Acquisition Transaction including, without
limitation, any of the following: (a) the accelerated vesting, exercisability, release, realization
or payment of any such awards and (b) the deemed satisfaction of any performance criteria related
to any such awards.

c. Notwithstanding any other provision of the Plan to the contrary, with respect to any awards
granted under the Plan which have not previously become vested or payable as of October 1, 2007 and
which are based on a Performance Period or restriction period that includes the 2007 fiscal year of
the Company, the Committee shall exclude from its determination of the achievement of
the Management Objectives (as defined in Section 2 of the Plan) applicable to such awards the
charges associated with the vesting of 159,734 shares of Common Stock due to the 2007 Acquisition
Transaction and the transaction-related direct costs (up to a maximum of $500,000) associated with
the 2007 Acquisition Transaction.  Such adjustment shall be made in a manner that the Committee
determines to be equitable and appropriate to accurately reflect the level of achievement of the
Management Objectives without regard to such expenses or costs associated with the 2007 Acquisition
Transaction.EX-10.9

MILACRON INC.

2002 SHORT — TERM INCENTIVE PLAN

(as amended October 1, 2007)

1. Purpose

	 	1.1.	 	The purpose of the Milacron Inc. 2002 Short — Term Incentive Plan (the “Plan”)
is to provide greater incentive to key employees by rewarding them with additional
compensation for earning a return on capital in excess of the cost of capital and
meeting or exceeding predetermined Critical Success Factors, and thereby adding
economic value to the Company. The intent of the Plan is to establish goals for
Participants with a portion of their ultimate award under the Plan to be determined by
the achievement of economic value added targets and a portion of the award to be
determined by the achievement of Critical Success Factor targets. The economic value
added targets and the Critical Success Factor targets will be established on an annual
basis and may change from year to year allowing the Company the flexibility to provide
incentives in specific areas as needed. The Plan shall also assist in providing
competitive compensation in order to allow the Company to attract and retain an
outstanding management group.

2. Definitions

	 	 	 
	2.1.

	 	“Assigned Percentage” shall have the meaning assigned in Article 6.3.
	2.2.

	 	“Award” shall mean the benefit under this Plan earned by a Participant.
	2.3.

	 	“Award Percentage” shall have the meaning assigned in Article 7.5.
	2.4.

	 	“Base Incentive Award” shall be as set forth in Article 5.1 of this Plan.
	2.5.

	 	“Beneficial Owner” shall have the meaning assigned in Article 19.2.

	 	2.6.	 	“Business Unit” shall mean such subgroups of the Company as designated by the
Management Team from time to time and may consist of the entire operating groups,
divisions, subsidiaries or subparts thereof.

	 	2.7.	 	“Business Unit Cost of Capital” is calculated by multiplying the Business
Unit’s Operating Capital by the Weighted Average Cost of Capital.

	 	2.8.	 	“Business Unit Operating Capital” shall consist of the following with respect
to each Business Unit:

	 	2.8.1.	 	beginning of the Plan Year property, plant and equipment (including any
asset recorded from the capitalization of leases, as required under SFAS
Statement No. 13), plus

	 	2.8.2.	 	Average inventory and accounts receivable exclusive of any reserve for
doubtful accounts, plus

	 	2.8.3.	 	Average goodwill, plus

	 	2.8.4.	 	Average other assets, minus

	 	2.8.5.	 	Average advance payment — customer down payments and progress payments on
unshipped orders, minus

	 	2.8.6.	 	Average trade accounts payable, minus

	 	2.8.7.	 	Average other liabilities.

Articles 2.8.2 through 2.8.7 above shall be determined by averaging the amounts
of each Article at the end of the 12 accounting periods for the current Plan
Year.

Also, in the event a joint venture contributes to Business Unit Operating
Capital, the joint venture contribution shall be adjusted downward by the
percentage of ownership of the Company’s joint venture partner.

	 	2.9.	 	“CEO” shall mean the Chief Executive Officer of Milacron Inc.

	 	2.10.	 	“Committee” shall mean the Personnel and Compensation Committee of the Board
of Directors of Milacron Inc.

	 	2.11.	 	“Company” shall mean Milacron Inc., and its consolidated subsidiaries.

	 	2.12.	 	“Company Capital” is average shareholders’ equity of Milacron Inc. plus the
average outstanding short-term and long-term consolidated debt (net of average cash and
equivalents), including liabilities related to capitalized leases as required under
FASB Statement No. 13 less the average goodwill accounted for on the books of the
Company arising from acquisitions and less the net present value of the tax benefit
arising from such goodwill. The average shareholders’ equity and the average
short-term and long-term debt shall be determined by averaging the shareholders’ equity
and the average short-term and long-term debt outstanding (net of average cash and
equivalents) at the end of the preceding year with the shareholder’s equity and
short-term and long-term debt outstanding (net of cash and equivalents) at the end of
each quarter of the current Plan Year.

	 	2.13.	 	“Company Cost of Capital” shall mean the product of Company Capital multiplied
by Weighted Average Cost of Capital.

	 	2.14.	 	“Critical Success Factor(s)” shall mean one or more measures established by
the Committee for the Company or individual Participants therein or by the Management
Team for each Business Unit or individual Participants therein which will be used to
determine if Awards under this Plan have been earned. Different Critical Success
Factors may be assigned to different Business Units and different Participants.

	 	2.15.	 	“Discretionary Adjustments” shall mean an adjustment that may be made by the
Committee to one or more Awards based upon individual, team, or Measurement Group
performance. Adjustments can range from up to plus 30% or a reduction of 30%, or any
percentage in between.

	 	2.16.	 	“Earnings before Net Interest and Taxes on Income (EBIT)” — EBIT for a
Business Unit shall mean the Business Unit’s reported operating profit (internal basis)
minus any amount of earnings appropriately apportioned to a partner’s interest in a
joint venture, and excluding the expense related to the current year’s short term
incentive plan payout, and plus or minus such items of income or expense as the
Committee may deem to be extraordinary or not appropriately included in the Plan. The
projected Awards under this Plan shall be charged to each Business Unit and the Company
for purposes of determining that Business Unit’s and the Company’s operating profit.

	 	2.17.	 	“Economic Value Added (EVA)” -

	 	2.17.1.	 	For the Company, EVA shall mean the amount by which EBIT exceeds Company
Cost of Capital.

(EVA for Company = Company EBIT — Company Cost of Capital)

	 	2.17.2.	 	For a Business Unit other than the Company, EVA shall mean the amount by
which the Business Unit’s EBIT exceeds Business Unit Cost of Capital.

(EVA for Business Unit other than the Company = Business Unit
EBIT — Business Unit Cost of Capital)

	 	2.18.	 	“Group” shall have the meaning assigned in Article 19.2.

	 	2.19.	 	“Management Team” shall mean a group appointed by the CEO for the purpose of
establishing EVA and Critical Success Factor targets for Business Units.

	 	2.20.	 	“Measurement Group” shall mean the Company or Business Unit to which a
Participant is assigned in accordance with Article 4.1 and whose financial results will
determine if the Participant will receive an Award.

	 	2.21.	 	“Participant Category” shall mean the categories described in Article 5.1.

	 	2.22.	 	“Participants” shall mean those individuals meeting the criteria set forth in
Article 4.1.

	 	2.23.	 	“Participants’ Award Percentage” shall have the meaning given in Article 5.1.

	 	 	 
	2.24.

	 	“Person” shall have the meaning assigned in Article 19.2.
	2.25.

	 	“Performance Percentage” shall have the meaning assigned in Article 7.4.
	2.26.

	 	“Plan Year”: The Plan Year shall coincide with the Company’s fiscal year.

	 	2.27.	 	“Salary”: A Participant’s annual base wages paid during the Plan Year.
Annual base pay does not include salary adjustments or other payments made because of
overseas employment, payment made from incentive plans, ad hoc bonuses, commission
bonus payments, relocation expenses or any payment made from any employee benefit plan.

	 	2.28.	 	“Weighted Average Cost of Capital” shall mean the cost of capital experienced
by the Company during the Plan Year as determined by the Treasurer using the formula
set forth in Exhibit A.

3. Effective Date

	 	3.1.	 	The Plan shall be effective for the Company’s fiscal years beginning after
December 31, 2001. This Plan supersedes the Cincinnati Milacron 1996 Short-Term
Management Incentive Plan (the “1996 Plan”) which is terminated as of January 1, 2002,
with any payment earned by participants therein to be made in due course pursuant to
the terms of the 1996 Plan.

4. Participation

	 	4.1.	 	Participants shall be those key employees of the Company as identified by the
Committee and shall include the officers of Milacron Inc. The Awards for a Participant
shall be based on the results of the Measurement Group to which the Participant is
assigned. The Committee shall designate the Participants to be assigned to the
Company. The Management Team shall designate all other Participants for assignment to
Business Units. If a Participant has simultaneous responsibilities in more than one
Measurement Group, the award shall be determined by percentage allocation as determined
by the Committee or the Management Team.

5. Base Incentive Award

	 	5.1.	 	Participant Categories appear below. The Committee shall determine to which
Participant Category each Participant shall be assigned. The potential Base Incentive
Award for each Participant shall be determined by the Participant Category to which the
Participant is assigned. Each Participant’s potential Base Incentive Award shall be
determined by multiplying the percentage below (the “Participant’s Award Percentage”)
corresponding to the appropriate Participant Category by the Participant’s Salary.

	 	 	 	 	 
	Participant
	 	Base Incentive Award Expressed
	Category
	 	As A Percentage of Salary
	CEO
	 	 	80	%
	COO
	 	 	60	%
	I
	 	 	50	%
	II
	 	 	40	%
	III
	 	 	25	%
	IV
	 	 	15	%

The Committee shall have sole discretion as to assignment of Participants to
Participant Categories. The following sets forth guidelines as to Participant
assignment:

CEO: Chief Executive Officer

COO: Chief Operating Officer

Participant Category I: Key Officers of the Company and leaders of major
Business Units.

Participant Category II: Key Directors of Business Units or Corporate
Functions.

Participant Category III: Key Managers of Business Units or Corporate
Functions.

Participant Category IV: Key Contributors of Business Units or Corporate
Functions.

6. Establishing EVA and Critical Success Factors

	 	6.1.	 	Not later than 60 days following the commencement of each Plan Year, the
Committee shall establish the EVA Range and the Critical Success Factor Range for the
Company. The EVA Range and the Critical Success Factor Range shall each consist of a
lower goal, a target goal and an upper goal established by the Committee. The Committee
shall also establish the relative weight to be assigned to the EVA and Critical Success
Factor portions of the measurement with the combination thereof equal to 100%. In the
event the Critical Success Factor is composed of more than 1 component, the Committee
shall assign a relative weight in percentage terms to each component thereof.

	 	6.2.	 	Not later than 60 days following the commencement of each Plan Year, the
Management Team shall establish the EVA Range and the Critical Success Factor Range for
the Business Units and/or individual Participants. The EVA Range and the Critical
Success Factor Range shall each consist of a lower goal, a target goal and an upper
goal established by the Management Team. The Management Team shall also establish the
relative weight to be assigned to the EVA and Critical Success Factor portions of the
measurement with the combination thereof equal to 100%. In the event the Critical
Success Factor is composed of more than 1 component, the Management Team shall assign a
relative weight in percentage terms to each component thereof.

	 	6.3.	 	The relative percentages assigned to the EVA and Critical Success Factor
portions of the measurement shall each be an “Assigned Percentage”.

7. Awards

	 	7.1.	 	Award amounts are subject to adjustment as described in Article 8 herein, and
may be earned by the achievement of the EVA and/or the Critical Success Factor goals
established pursuant to Article 6. A Participant’s Award shall be an amount that is
determined based on the linear progression calculated by the Company.

	 	7.2.	 	At the end of the Plan Year, the Company shall calculate a Participant’s
potential Base Incentive Award. The Company shall also calculate a linear progression
relating the EVA lower goal to the EVA target goal, and a linear progression relating
the EVA target goal to the EVA upper goal. For purposes of the linear progression, the
lower goal shall be assigned a value of 25%, the target goal shall be assigned a value
of 100% and the upper goal shall be assigned a value of 200%.

	 	7.3.	 	The Company shall calculate linear progressions for the Critical Success Factor
in the same manner as calculated for EVA.

	 	7.4.	 	The Company shall determine the EVA and Critical Success Factor performance of
each Measurement Group through comparison to the appropriate linear progression and
stating that performance in terms of a percentage (the “Performance Percentage”).

	 	7.5.	 	The Performance Percentages for each Measurement Group shall be multiplied by
the appropriate “Assigned Percentage” and the products thereof shall be added together
(the “Award Percentage”).

	 	7.6.	 	Each Participant shall, subject to adjustment as stated in Article 8 herein,
receive an Award equal to the Award Percentage of the Participant’s Measurement Group
multiplied by the Participant’s Base Incentive Award.

	 	 	 	7.7.

	 	7.7.1.1.	 	For Participants assigned to the CEO and levels I, II and III Participant
Categories, there shall be no upper limit to the portion of the Award associated
with the Critical Success Factor provided that the Company is generating positive
cash flow net of Awards paid hereunder. Otherwise, the portion of the Award
associated with the Critical Success Factor is capped at 200% of the portion of the
Base Incentive Award attributable to Critical Success Factor performance.

	 	7.7.1.2.	 	For Participants assigned to the level IV Participant Category, the portion of
the Award associated with the Critical Success Factor is capped at 400% of the
portion of the Base Incentive Award attributable to Critical Success Factor
performance.

	 	7.7.1.3.	 	For all Participants, the portion of the Award associated with EVA shall be
capped at 200% of the portion of the Base Incentive Award attributable to EVA
performance.

8. Adjustments

	 	8.1.	 	The Committee may apply a Discretionary Adjustment at any time to increase or
decrease a Participant’s Award under this Plan. Such Discretionary Adjustment shall be
recommended for Committee consideration by the CEO.

	 	8.2.	 	The Committee shall have the right to adjust earnings and/or assets and or cash
flow of the Company and/or Business Units as it may deem appropriate for any unusual or
non-recurring items.

	 	8.3.	 	The Committee shall have the right to adjust target goals as it may deem
appropriate for any unusual or non-recurring items.

	 	8.4.	 	Notwithstanding any other provision of the Plan to the contrary, regarding the
acquisition of a majority of the 6.0% Series B Convertible Preferred Stock of the
Company by Ohio Plastics, LLC that may occur after October 1, 2007 and the transactions
consummated in connection therewith (the “2007 Acquisition Transaction”), the
determination of the amount payable under the Plan for any Participant with respect to
the Company’s fiscal year ending on December 31, 2007 shall be determined without
regard to the charges related to the vesting of 159,734 shares of common stock of the
Company due to the 2007 Acquisition Transaction and the transaction-related direct
costs (up to a maximum of $500,000) associated with the 2007 Acquisition Transaction.

9. Other Annual Awards Not Included in the Plan

	 	9.1.	 	In addition to Awards under this Plan, the CEO can, subject to approval by the
Committee, make discretionary bonus grants to individuals, not included in this Plan,
for specific outstanding performances during the year. It shall be the responsibility
of the Milacron Inc. officers to recommend individuals for these bonuses each year,
giving detailed information on the performance being recognized.

10. Time and Form of Payment of Award

	 	10.1.	 	Payments shall be made no later than March 15, or as soon as administratively
practicable thereafter, following the Plan Year for which the Awards are earned.

	 	10.2.	 	Awards shall be paid in one lump sum to Participants, unless deferred in whole
or part pursuant to Article 11.1. The amounts calculated pursuant to the terms herein
shall be the gross amount payable to the Participant. The Company shall make all
withholdings required by law. Participants shall not be allowed to elect any type of
voluntary deductions from bonus amounts.

	 	10.3.	 	For those Business Units reporting in a currency other than U.S. dollars,
Awards will be calculated in the Business Units’ local currency.

11. Deferrals

	 	11.1.	 	Should tax laws allow individuals to defer receipt and taxation on
compensation, Participants may be allowed to request deferral of all or a portion of
their Awards pursuant to any plan for the deferral of compensation which the Company
may have in effect from time to time.

12. Termination

	 	12.1.	 	In the event a Participant ceases to be a Participant as a result of death,
retirement or disability (as those terms are defined in the Milacron Retirement Plan),
the individual or the individual’s estate shall receive any Award under this Plan at
the time stated in Article 10 above if an Award becomes earned at the end of the Plan
Year in which the Participant died, retired or became disabled, except that the amount
of Award shall be prorated for the amount of time during the Plan Year that the
individual was employed by the Company.

	 	12.2.	 	Unless otherwise determined by the Committee, in the event a Participant
ceases to be a Participant for any reason other than stated in Article 12.1, the
individual shall immediately cease to be an eligible employee under this Plan and the
individual shall not receive an Award hereunder related to the Plan Year in which the
individual ceased to be a Participant. If the individual ceased to be a Participant as
stated in this Article 12.2 after the end of a Plan Year, but prior to the pay-out of
the Award, if any was earned, the individual will receive payment of the Award at the
same time as if the individual had remained employed by the Company.

13. Transfers

	 	13.1.	 	In the event the EVA or Critical Success Factors used to determine a
Participant’s Award under this Plan change during a Plan Year due to the Participant
transferring from one Measurement Group to another or otherwise, all calculations under
this Plan shall be prorated for the amount of the Plan Year in which each EVA or
Critical Success Factor applied to the Participant.

14. Mid Year Participants

	 	14.1.	 	In the event an individual becomes a Participant during the Plan Year, amounts
payable hereunder shall be prorated for the portion of the Plan Year in which the
individual was a Participant.

15. Administration

	 	15.1.	 	The Plan shall be administered by the Committee. The Committee shall have
sole and complete authority to adopt, alter and repeal such administrative rules,
guidelines and practices governing the operation of the Plan as it shall from time to
time deem advisable and to interpret the terms and provisions of the Plan.

16. Review of Calculations

	 	16.1.	 	At the request of the Committee, the calculations under this Plan shall be
reviewed for accuracy by the Company’s independent auditors using such procedures as
necessary under the circumstances.

17. Termination of the Plan

	 	17.1.	 	The Committee may suspend, terminate or amend this Plan at any time.
Amendments may be applied retrospectively to the beginning of the then current Plan
Year, but shall not affect Awards related to Plan Years that were completed prior to
the time of the amendment.

18. Miscellaneous

	 	18.1.	 	Nothing contained in this Plan guarantees the continued employment of a
Participant with the Company.

	 	18.2.	 	No award hereunder may be assigned, pledged, mortgaged or hypothecated and, to
the extent permitted by law, no such award shall be subject to legal process or
attachment for the payment of any claims against any Participant entitled to receive
the same.

	 	18.3.	 	Payments made under this Plan shall be subject to withholding as shall at the
time be required under any income tax or other laws, whether of the United States or
any other jurisdiction.

	 	18.4.	 	The provisions of the Plan shall be construed according to the laws of the
State of Ohio.

19. Change of Control

	 	19.1.	 	In the event of a Change of Control and within 60 days thereafter,
Participants shall receive a lump sum cash amount equal to the Participant’s Base
Incentive Award for the year in which such Change in Control occurs as calculated
pursuant to the terms herein. A “Change in Control” occurs if:

	 	19.1.1.	 	a Person or Group other than a trustee or other fiduciary of securities
held under an employee benefit plan of the Company or any of its
subsidiaries, is or becomes a Beneficial Owner, directly or indirectly, of
stock of the Company representing 20% or more of the total voting power of
the Company’s then outstanding stock and securities; provided,
however, that for purposes of this Article 19.1.1, the following
acquisitions shall not constitute a Change of Control: (i) any acquisition
directly from the Company, (ii) any acquisition by the Company, (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company or
(iv) any acquisition by any corporation pursuant to a transaction which
complies with clauses (i) of Article 19.1.3;

	 	19.1.2.	 	individuals who, as of the date hereof, constitute the Board of
Directors of Milacron Inc. (the “Incumbent Board”), cease for any reason to
constitute a majority thereof; provided, however, that any
individual becoming a director whose election, or nomination for election
by the Company’s stockholders, was approved by a vote of at least 60% of
the directors then comprising the Incumbent Board shall be considered as
though such individual was a member of the Incumbent Board, but excluding,
for this purpose, any such individual whose initial assumption of office
occurs as a result of an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person or Group
other than the Board;

	 	19.1.3.	 	there is consummated a merger, consolidation or other corporate
transaction, other than (i) a merger, consolidation or transaction that
would result in the voting securities of the Company outstanding
immediately prior to such merger, consolidation or transaction continuing
to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity or any parent thereof) at least
66% of the combined voting power of the stock and securities of the Company
or such surviving entity or any parent thereof outstanding immediately
after such merger, consolidation or transaction, or (ii) a merger,
consolidation or transaction effected to implement a recapitalization of
the Company (or similar transaction) in which no Person or Group is or
becomes the Beneficial Owner, directly or indirectly, of stock and
securities of the Company representing more than 20% of the combined voting
power of the Company’s then outstanding stock and securities;

	 	19.1.4.	 	the sale or disposition by the Company of all or substantially all of
the Company’s assets other than a sale or disposition by the Company of all
or substantially all of the assets to an entity at least 66% of the
combined voting power of the stock and securities which is owned by Persons
in substantially the same proportions as their ownership of the Company’s
voting stock immediately prior to such sale; or

	 	19.1.5.	 	the stockholders of the Company approve a plan of complete liquidation
or dissolution of the Company.

	 	19.2.	 	“Person” shall mean any person (as defined in Section 3(a)(9) of the
Securities Exchange Act (the “Exchange Act”), as such term is modified in Section 13(d)
and 14(d) of the Exchange Act) other than (i) any employee plan established by the
Company, (ii) any affiliate (as defined in Rule 12b-2 promulgated under the Exchange
Act) of the Company, (iii) an underwriter temporarily holding securities pursuant to an
offering of such securities, or (iv) a corporation owned, directly or indirectly, by
stockholders of the Company in substantially the same proportions as their ownership of
the Company. “Group” shall mean any group as defined in Section 14(d)(2) of the
Exchange Act. “Beneficial Owner” shall mean beneficial owner as defined in Rule 13d-3
under the Exchange Act.

	 	19.3	 	Notwithstanding any other provision of this Plan to the contrary, a “Change of
Control” shall not occur solely as a result of a financial restructuring or
recapitalization of the Company that may occur during 2004.

	 	19.4	 	Notwithstanding any other provision of the Plan to the contrary, the 2007
Acquisition Transaction shall not constitute a “Change in Control” under the Plan and,
accordingly, the occurrence of the 2007 Acquisition Transaction shall not result in any
circumstances, events or changes being triggered solely as a result of the 2007
Acquisition Transaction including, without limitation, the accelerated payment of each
Participant’s “Base Incentive Award” under the Plan.

[END]

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