Document:

Amended and Restated Shareholders Agreement

 Exhibit 10.2 
  
 AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
  
 THIS AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”) is made and entered into as of
September 22, 2003, and is effective as of the Effective Date (as defined below), by and among Broder Bros., Co., a Michigan corporation (the “Company”), each of the Persons listed on Schedule I attached hereto (the
“Bain Fund VI Shareholders”), each of the Persons listed on Schedule II attached hereto (each such Person a “Management Shareholder” and collectively, the “Management Shareholders”) and each
of the Persons listed on Schedule III attached hereto (the “Bain Fund VII Shareholders” and together with the Bain Fund VI Shareholders, the “Bain Group Shareholders”). The Bain Group Shareholders and the
Management Shareholders are collectively referred to herein as the “Shareholders,” and each as a “Shareholder”). Unless otherwise indicated herein, capitalized terms used herein are defined in paragraph 9 hereof.

  
 WHEREAS, reference is made to that certain Stock Purchase
Agreement dated as of July 12, 2003, as amended (the “Purchase Agreement”), by and among the Company, the stockholders and option holders of Alpha Shirt Holdings, Inc. and FNL Management Corporation. This Agreement shall become
effective (the “Effective Date”) upon the consummation of the transactions contemplated by the Purchase Agreement; 
  
 WHEREAS, the Company, the Bain Fund VI Shareholders and the Management Shareholders are parties to that certain Shareholders Agreement (the
“Original Agreement”) dated as of May 3, 2000, and desire to amend and restate the Original Agreement in its entirety in order to add the Bain Fund VII Shareholders, establish the composition of the Company’s board of directors
(the “Board”), restrict the sale, assignment, transfer, encumbrance or other disposition of the Shareholder Shares (as defined below) and to provide for certain other rights and obligations in respect thereto as hereinafter
provided; 
  
 WHEREAS, pursuant to the terms of Section 11, the
Original Agreement may be amended with the consent of the Company and the holders of a majority of the outstanding Shareholder Shares; and 
  
 WHEREAS, the Company, as of the Effective Date, shall be authorized by its Articles of Incorporation to issue capital stock consisting 62,000,000 shares,
consisting of (i) 15,000,000 of Class A Common Shares, par value $.01 per share (“Class A Common”); (ii) 35,000,000 of Class B Common Shares, par value $.01 per share (“Class B Common”); and (iii) 12,000,000 of
Class L Common Shares, par value $.01 per share (“Class L Common”), consisting of 2,000,000 of Class L Common, Series 1; 2,000,000 of Class L Common, Series 2; 4,000,000 of Class L Common, Series 3; and 4,000,000 of Class L Common,
Series 4. The Class A Common, the Class B Common and the Class L Common are collectively referred to herein as the “Common Shares.” 
  
 NOW, THEREFORE, the parties to this Agreement hereby agree as follows: 
  
 1. Voting Agreement and Proxy. 
  
 (a) From and after the Effective Date and until the provisions of this paragraph 1 cease to be effective, each Shareholder
shall vote all of his Shareholder Shares which are voting 

 
shares and any other voting securities of the Company over which such Shareholder has voting control and shall take all other necessary or desirable actions
within such holder’s control (whether in such holder’s capacity as a shareholder, director, member of a board committee or officer of the Company or otherwise, and including, without limitation, attendance at meetings in person or by proxy
for purposes of obtaining a quorum and execution of written consents in lieu of meetings), and the Company shall take all necessary or desirable actions within its control (including, without limitation, calling special board and shareholder
meetings), so that: 
  
 (i) the authorized number
of directors on the Board shall be a number established by the Bain Group Shareholders from time to time, but shall in no event be less than three members; 
  
 (ii) all members of the Board shall be representatives designated by the Bain Group Shareholders, determined by a vote of the Bain Group
Shareholders owning a majority of the Bain Shares; 
  
 (iii) the removal from the Board (with or without cause) of any representative designated hereunder by the Bain Group Shareholders shall be at the Bain Group Shareholders’ written request, respectively, but only upon such written
request and under no other circumstances (in each case, determined on the basis of a vote of the holders of the majority of the Shareholder Shares held by such Persons); and 
  
 (iv) in the event that any representative designated hereunder by the Bain Group Shareholders ceases to
serve as a member of the Board during his term of office, the resulting vacancy on the Board shall be filled by a representative designated by the Bain Group Shareholders, respectively, as provided hereunder. 
  
 (b) The Company shall pay the reasonable out-of-pocket expenses incurred by
each director in connection with meetings of the Board. 
  
 (c)
Each holder of Shareholder Shares hereby appoints Bain Capital, LLC (as defined below) as their true and lawful proxy and attorney-in-fact, with full power of substitution, to vote all of the capital stock of the Company owned by them (whether now
owned or hereafter acquired) with respect to any matter upon which a vote of the shareholders of the Company may be made pursuant to the Michigan Business Corporation Act, as may be in effect from time to time. The proxy and power of attorney
granted herein shall be deemed irrevocable, and shall survive the death, disability, incompetency, bankruptcy, insolvency or dissolution of any holder of Shareholder Shares and the Transfer of all or any portion of the such Shareholder Shares and
shall extend to the heirs, successors, assigns and personal representatives of such holder of Shareholder Shares. Each holder of Shareholder Shares will, from time to time as requested by the Bain Holders, execute and deliver such further
instruments, ancillary agreements or other documents or take such other actions as may be necessary or advisable to give effect to, confirm, evidence or effectuate the purposes of the proxy granted by this Section 1(c) and each other provision of
this Agreement. The proxy granted by this Section 1(c) shall cease and be of no further force and effect with respect to any share of Shareholder Shares upon the Transfer of such share of Shareholder Shares pursuant to (i) the provisions of Section
2(b) of this Agreement or (ii) a Public Sale. 
  

 2. Restrictions on Transfer of Shareholder Shares. 
  
 (a) Transfer of Shareholder Shares. No holder of Shareholder
Shares (other than the Bain Group Shareholders) may sell, transfer, assign, pledge, encumber or otherwise directly or indirectly dispose of (a “Transfer”) any interest in any Shareholder Shares, including to the Company or any of
its Subsidiaries, without the prior written consent of the Bain Group Shareholders holding a majority of the Bain Shares (the “Bain Holders”), except Transfers pursuant to and in accordance with paragraphs 2(b), 2(c), 4 or 5 below.

  
 (b) Participation Rights. 
  
 (i) At least 30 days prior to any Transfer of shares of any
class of Common Shares by any Bain Group Shareholder (other than (a) a transfer among the Bain Group Shareholders or their Affiliates or to an employee of the Company or any of its Subsidiaries or any member of the Board, (b) a sale of Common Shares
by a Bain Group Shareholder in a Public Sale or (c) in connection with a transfer to the partners, members or beneficiaries of any of the Bain Shares), the transferring member of the Bain Group Shareholders will deliver written notice (the
“Sale Notice”) to the Company and the other Shareholders (the “Other Shareholders”), specifying in reasonable detail the identity of the prospective transferee(s) and the terms and conditions of the Transfer.
Notwithstanding the restrictions contained in this paragraph 2, the Other Shareholders may elect to participate in the contemplated Transfer by delivering written notice to the transferring Bain Group Shareholder within 10 days after delivery of the
Sale Notice. If any Other Shareholders have elected to participate in such Transfer, each of the transferring Bain Group Shareholders and such Other Shareholders will be entitled to sell in the contemplated Transfer, at the same price and on the
same terms, a number of shares of such class of Common Shares equal to the product of (A) the quotient determined by dividing the number of shares of such class of Common Shares owned by such person by the aggregate number of shares of such class of
Common Shares owned by the transferring Bain Group Shareholders and the Other Shareholders participating in such sale and (B) the number of shares of such class of Common Shares to be sold in the contemplated transfer. Notwithstanding the foregoing,
in the event that the transferring Bain Group Shareholder(s) intend to Transfer shares of more than one class of Common Shares, the Other Shareholders participating in such transfer shall be required to sell in the contemplated transfer a pro rata
portion of shares of all such classes of Common Shares (to the extent such Other Shareholders own any shares of such other classes of Common Shares), which portion shall be determined in the manner set forth immediately above. Solely for the
purposes of this Section 2(b), the Class A Common and the Class B Common shall be treated as the same class of Common Shares. 
  

	For example (by way of illustration only), if the Sale Notice contemplated a sale of 100 shares of Common by the transferring Bain Group Shareholder, and if the transferring
Bain Group Shareholder at such time owns 30% of the Common and if one Other Shareholder elects to participate and owns 20% of the Common, the transferring Bain Group Shareholder would be entitled to sell 60 shares (30% ÷ 50% x 100 shares) and
the Other Shareholder would be entitled to sell 40 shares (20% ÷ 50% x 100 shares).

 (ii) The transferring Bain Group Shareholder will use reasonable efforts to obtain the
agreement of the prospective transferee(s) to the participation of the electing Other Shareholders in any contemplated Transfer, and the transferring Bain Group Shareholder will not transfer any of its Common Shares to the prospective transferee(s)
unless (A) simultaneously with such Transfer, the prospective transferee or transferees purchase from the Other Shareholders the Common Shares which the Other Shareholders are entitled to sell to such prospective transferee(s) pursuant to paragraph
2(b)(i) above or (B) simultaneously with such Transfer, the transferring Bain Group Shareholder purchases (on the same terms and conditions on which such shares were sold to the transferee(s)) the number of shares of such class of Common Shares from
the Other Shareholders which the Other Shareholders would have been entitled to sell pursuant to paragraph 2(b)(i) above. 
  
 (iii) The transferring Bain Group Shareholder and the Other Shareholders will bear their pro-rata share (based upon the proceeds to be
received by such Persons) of the costs of any Transfer pursuant to this Section 2(b) to the extent such costs are incurred for the benefit of all Persons participating in the Transfer and are not otherwise paid by the Company or the acquiring party.
Costs incurred by Other Shareholders participating in the Transfer on their own behalf will not be considered costs of the Transfer hereunder. 
  
 (c) Permitted Transfers. The restrictions contained in paragraph 2(a) will not apply to (i) a Public Sale, (ii) an Approved Sale, (iii) a
Transfer of Shareholder Shares by any Shareholder or to an irrevocable living trust solely for the benefit of such Shareholder and such Shareholder’s spouse and/or descendants or pursuant to the laws of descent and distribution, (iv) a Transfer
of Shareholder Shares by a Management Shareholder to a “Permitted Transferee” as defined under any executive stock agreement or option agreement to which such Management Shareholder is a party so long as such Transfer complies with the
provisions of such executive stock agreement or option agreement or (v) a Transfer pursuant to paragraph 2(b) above; provided that the restrictions contained in this Agreement will continue to apply to the Shareholder Shares after any Transfer
pursuant to clauses (iii), (iv) or (v) above and the transferees of such Shareholder Shares shall agree in writing to be bound by the provisions of this Agreement. Upon the Transfer of Shareholder Shares pursuant to this subparagraph 2(c), the
transferor will deliver a written notice to the Company, which notice will disclose in reasonable detail the identity of such transferee. 
  
 (d) Termination of Restrictions. The restrictions set forth in this paragraph 2 will continue with respect to each Shareholder Share until
the earlier of (i) the date on which such Shareholder Share has been transferred in a Public Sale or (ii) the consummation of an Approved Sale. 
  
 3. Limited Preemptive Rights. 
  
 (a) If the Company proposes to issue and sell any of its Common Shares or any securities containing options or rights to acquire any Common Shares or any
securities convertible into Common Shares to any Bain Group Shareholder or their respective Affiliates, the Company will first offer to each of the other Shareholders a portion of the number or amount of such securities proposed to be sold in any
such transaction or series of related transactions equal to the product of the percentage each such other Shareholder holds of all Common Shares 

 
then held by all of the Company’s Shareholders by the number of shares proposed to be issued and sold by the Company in any such transaction or series
of related transactions, all for the same price and upon the same economic terms and conditions as the securities that are being offered to any Bain Group Shareholder and their respective Affiliates in such transaction or series of transactions;
provided that if Shareholders entitled to purchase or receive such stock or securities are required to also purchase other securities of the Company, the Shareholders exercising their rights pursuant to this paragraph 3 shall also be required to
purchase the same strip of securities (on the same terms and conditions) that such other shareholders are required to purchase. 
  
 (b) Notwithstanding the foregoing, the provisions of this paragraph 3 shall not be applicable to the issuance of Common Shares (i) upon the conversion of
shares of one class of capital stock into shares of another class, (ii) as a dividend on the outstanding Common Shares, (iii) in any transaction in respect of a security that is available to all holders of such security on a pro rata basis, (iv) in
connection with the grant or exercise of stock or options to employees or directors of the Company or (v) in a public offering pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission
pursuant to the Securities Act; and further, the provisions of this paragraph 3 shall terminate upon the occurrence of a Public Offering. 
  
 (c) The Company will cause to be given to the Shareholders a written notice setting forth the terms and conditions upon which the Shareholders may
purchase such shares or other securities (the “Preemptive Notice”). After receiving a Preemptive Notice, a Shareholder wishing to exercise the preemptive rights granted by this paragraph 3 must give notice to the Company in writing,
within 15 days after the date that such Preemptive Notice is deemed given pursuant to paragraph 17, that such Shareholder irrevocably agrees to purchase the shares or other securities offered pursuant to this paragraph 3 on the date of sale to any
Bain Group Shareholder or any of their respective Affiliates (the “Preemptive Reply”). If any Shareholder fails to make a Preemptive Reply in accordance with this paragraph 3, shares or other securities offered to such Shareholder
in accordance with this paragraph 3 may thereafter, for a period not exceeding six months following the expiration of such 15-day period, be issued, sold or subjected to rights or options to any Bain Group Shareholder or their respective Affiliates
at a price not less than the price at which they were offered to the Shareholders. Any such shares or other securities not so issued, sold or subjected to rights or options to any Bain Group Shareholder or any of their respective Affiliates during
such six-month period will thereafter again be subject to the preemptive rights provided for in this paragraph 3. In the event that any holder of Shareholder Shares acquires capital stock or other securities convertible into or containing options or
rights to acquire capital stock pursuant to this Section 3 in a preferred stock or debt offering by the Company, each such holder of Shareholder Shares agrees to exercise all the rights it may have with respect to the Company (such as covenants and
remedies) arising out of such securities acquired pursuant to this Section 3 in the same manner as the Bain Group Shareholders. Except as set forth in this paragraph 3, the Management Shareholders shall have no other preemptive rights with respect
to the issuance or sale of Common Shares or other securities by the Company. 

 4. Sale of the Company. 
  
 (a) If the Bain Group Shareholders holding a majority of the outstanding Common Shares issued by the Company approve (and,
in the case of any sale or other fundamental change which requires the approval of the board of directors of a Michigan corporation pursuant to the Michigan Business Corporation Act, the Board shall have approved such sale) (i) a sale of all or
substantially all of the Company’s assets determined on a consolidated basis or a sale of a majority of the Company’s outstanding capital stock (whether by merger, recapitalization, consolidation, reorganization, combination or otherwise)
to any Independent Third Party or group of Independent Third Parties or (ii) a Transfer of any shares of Common Stock in connection with a Strategic Transaction (collectively an “Approved Sale”), each holder of Shareholder Shares
will consent to and raise no objections against such Approved Sale. If the Approved Sale is structured as (i) a merger or consolidation, each holder of Shareholder Shares will waive any dissenter’s rights, appraisal rights or similar rights in
connection with such merger or consolidation or (ii) sale of stock (including by recapitalization, consolidation, reorganization, combination or otherwise), each holder of Shareholder Shares will agree to sell all of its Shareholder Shares and
rights to acquire Shareholder Shares on the terms and conditions approved by the Board and such Bain Group Shareholders. Each holder of Shareholder Shares shall be obligated to join on a pro rata basis (based on the number of Shareholder Shares to
be sold) in any indemnification or other obligations that the sellers of Shareholder Shares are required to provide in connection with the Approved Sale (other than any such obligations that related solely to a particular Shareholder, such as
indemnification with respect to representations and warranties given by a Shareholder regarding such Shareholder’s title to and ownership of Shareholder Shares, in respect of which only such Shareholder shall be liable); provided that no
holder shall be obligated in connection with such indemnification or other obligations with respect to any amount in excess of the consideration received by such holder in connection with such transfer. Each holder of Shareholder Shares will take
all necessary or desirable actions in connection with the consummation of the Approved Sale as requested by the Bain Group Shareholders. 
  
 (b) The obligations of the holders of Common Shares with respect to an Approved Sale are subject to the satisfaction of the following conditions: (i) upon
the consummation of the Approved Sale, each holder of Common Shares will receive the same form of consideration and the same portion of the aggregate consideration that such holders of Common Shares would have received if such aggregate
consideration had been distributed by the Company in complete liquidation pursuant to the rights and preferences set forth in the Company’s Articles of Incorporation as in effect immediately prior to such Approved Sale; (ii) if any holders of a
class of Common Shares are given an option as to the form and amount of consideration to be received, each holder of such class of Common Shares will be given the same option and (iii) each holder of then currently exercisable rights to acquire
shares of a class of Common Shares will be given an opportunity to exercise such rights prior to the consummation of the Approved Sale and participate in such sale as holders of such class of Common Shares. 
  
 (c) If the Company or the holders of the Company’s securities enter into
any negotiation or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities and Exchange Commission may be available with respect to such negotiation or transaction (including a merger, consolidation or other
reorganization), the holders of Shareholder Shares will, at the request of the Company, appoint a purchaser representative (as such term is defined in Rule 501 promulgated by the Securities and Exchange Commission) 

 
reasonably acceptable to the Company. If any holder of Shareholder Shares appoints a purchaser representative designated by the Company, the Company will pay
the fees of such purchaser representative, but if any holder of Shareholder Shares declines to appoint the purchaser representative designated by the Company, such holder will appoint another purchaser representative, and such holder will be
responsible for the fees of the purchaser representative so appointed. 
  
 (d) Holders of Shareholder Shares will bear their pro-rata share (based upon the number of shares sold) of the costs of any sale of Shareholder Shares pursuant to an Approved Sale to the extent such costs are incurred for the benefit of all
holders of Common Shares and are not otherwise paid by the Company or the acquiring party. Costs incurred by holders of Shareholder Shares on their own behalf will not be considered costs of the transaction hereunder. 
  
 (e) The provisions of this paragraph 4 will terminate upon completion of a
Public Offering (as defined in paragraph 5 below). 
  
 5.
Public Offering. If the Board and the holders of a majority of the Common Shares then outstanding approve an initial public offering and sale of Common Shares (a “Public Offering”) pursuant to an effective registration
statement under the Securities Act, the holders of Shareholder Shares will take all necessary or desirable actions in connection with the consummation of the Public Offering. If such Public Offering is an underwritten offering and the managing
underwriters advise the Company in writing that in their opinion the Common Share structure will adversely affect the marketability of the offering, each holder of Shareholder Shares will consent to and vote for a recapitalization, reorganization
and/or exchange of the Common Shares into securities that the managing underwriters, the Board and holders of a majority of the Common Shares then outstanding find acceptable and will take all necessary or desirable actions in connection with the
consummation of the recapitalization, reorganization and/or exchange; provided that the resulting securities reflect and are consistent with the rights and preferences set forth in the Company’s Articles of Incorporation as in effect
immediately prior to such Public Offering. 
  
 6.
Legend. Each certificate evidencing Shareholder Shares and each certificate issued in exchange for or upon the transfer of any Shareholder Shares (if such shares remain Shareholder Shares as defined herein after such Transfer) will be
stamped or otherwise imprinted with a legend in substantially the following form: 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER RESTRICTIONS PURSUANT TO AN AMENDED AND RESTATED SHAREHOLDERS AGREEMENT DATED AS OF SEPTEMBER
        , 2003, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “COMPANY”) AND CERTAIN OF THE COMPANY’S SHAREHOLDERS. A COPY OF SUCH SHAREHOLDERS AGREEMENT WILL BE FURNISHED
WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 

 The Company will imprint such legend on certificates evidencing Shareholder Shares outstanding prior to the date hereof.
The legend set forth above will be removed from the certificates evidencing any shares which cease to be Shareholder Shares in accordance with paragraph 9 hereof. 
  
 7. Transfer. Prior to Transferring any Shareholder Shares (other than in a Public Sale or in an Approved Sale)
to any person or entity, the transferring Shareholder will cause the prospective transferee to execute and deliver to the Company and the other Shareholders a counterpart of this Agreement. 
  
 8. [Intentionally Omitted] 
  
 9. Definitions. 
  
 “Affiliate” of a Shareholder means any other person, entity
or investment fund controlling, controlled by or under common control with the Shareholder and, in the case of a Shareholder which is a partnership, any partner of the Shareholder. 
  
 “Articles of Incorporation” means the Company’s amended and restated articles of incorporation in
effect at the time as of which any determination is being made. 
  
 “Bain Shares” means (i) any Common Shares received by the Bain Group Shareholders pursuant to the Merger Agreement (ii) any Common Shares otherwise acquired by the Bain Group Shareholders and (iii) any equity securities
issued or issuable directly or indirectly with respect to the Common Shares referred to in clauses (i) or (ii) by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other
reorganization. 
  
 “Independent Third Party”
means any Person who, immediately prior to the contemplated transaction, does not own in excess of 10% of the Company’s Common Shares on a fully-diluted basis (a “10% Owner”), who is not controlling, controlled by or under
common control with any such 10% Owner and who is not the spouse or descendant (by birth or adoption) of any such 10% Owner or a trust for the benefit of such 10% Owner and/or such other Persons. 
  
 “Person” means an individual, a partnership, a corporation,
an association, a joint stock company, a trust, a joint venture, a limited liability company, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 
  
 “Public Sale” means any sale of Shareholder Shares to the
public pursuant to an offering registered under the Securities Act or to the public through a broker, dealer or market maker pursuant to the provisions of Rule 144 adopted under the Securities Act. 
  
 “Securities Act” means the Securities Act of 1933, as
amended from time to time. 
  
 “Securities and Exchange
Commission” includes any governmental body or agency succeeding to the functions thereof. 

 “Shareholder Shares” means the Bain Shares and any Common Shares owned directly or
indirectly by the Management Shareholders. As to any particular shares constituting Shareholder Shares, such shares will cease to be Shareholder Shares when they have been (x) effectively registered under the Securities Act and disposed of in
accordance with the registration statement covering them, or (y) sold to the public through a broker, dealer or market maker pursuant to Rule 144 (or by similar provision then in force) under the Securities Act. 
  
 “Strategic Transaction” means a Transfer in connection with
an acquisition by the Company or to a strategic partner, i.e., a Person who, as determined by the Board, will benefit the Company as a result of experience, expertise, knowledge or relationships. 
  
 “Subsidiary” means with respect to any Person, any
corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors
is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority of the
partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be
deemed to have a majority ownership interest in a partnership, association or other business entity if such Person or Persons shall be allocated a majority of partnership, association or other business entity gains or losses or shall be or control
the managing director or general partner of such partnership, association or business entity. 
  
 10. Transfers in Violation of Agreement. Any Transfer or attempted Transfer of any Shareholder Shares in violation of any provision of this Agreement will be void, and the Company will not record such
Transfer on its books or treat any purported transferee of such Shareholder Shares as the owner of such shares for any purpose. 
  
 11. Amendment and Waiver. Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement will
be effective against the Company or the Shareholders unless such modification, amendment or waiver is approved in writing by the Company and the holders of at least a majority of the then outstanding Shareholder Shares; provided that if such
amendment or waiver would adversely affect a holder or group of holders of Shareholder Shares in a manner different than any other holders of Shareholder Shares, then such amendment or waiver will require the consent of such holder of Shareholder
Shares or a majority of the Shareholder Shares held by such group of holders adversely affected. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not
affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 
  
 12. Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
provision or the effectiveness or validity of any provision in any other 

 
jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein. 
  
 13. Entire
Agreement. Except as otherwise expressly set forth herein, this document, and that certain Registration Agreement dated as of the date hereof between the Company and certain of its shareholders embody the complete agreement and understanding
among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any
way. 
  
 14. Successors and Assigns. Except as
otherwise provided herein, this Agreement will bind and inure to the benefit of and be enforceable by the Company and its successors and assigns and the Shareholders and any subsequent holders of Shareholder Shares and the respective successors and
assigns of each of them, so long as they hold Shareholder Shares. If the holders of Shareholder Shares create a new holding company (“Holdco”), the result of which is that the shareholders of the Company immediately before such
event become all of the shareholders of Holdco, then the provisions of this Agreement will, in addition to the Company, apply to Holdco in the same manner as if Holdco were substituted for the Company throughout this Agreement. 
  
 15. Counterparts. This Agreement may be executed in separate
counterparts each of which will be an original and all of which taken together will constitute one and the same agreement. 
  
 16. Remedies. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of
this Agreement and that the Company and each Shareholder will have the right to injunctive relief, in addition to all of its rights and remedies at law or in equity, to enforce the provisions of this Agreement. Nothing contained in this Agreement
will be construed to confer upon any Person who is not a signatory hereto any rights or benefits, as a third party beneficiary or otherwise. 
  
 17. Notices. Any notice provided for in this Agreement will be in writing and will be either personally delivered, or received by certified
mail, return receipt requested, or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other recipient and to any subsequent holder of Shareholder Shares subject to this Agreement at
such address as indicated by the Company’s records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given
hereunder when delivered personally, three days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service. The Company’s address is: 
  
 To the Company: 
  
 Broder Bros., Co. 
 Bain Capital, LLC 
 745 Fifth Avenue 
 New York, New York 10151 
 Attention: Edward Conard 
                   Yoo Jin Kim 

 With a copy to: 
  
 Kirkland & Ellis LLP 
 333 Bush Street, 26th Floor 
 San Francisco, CA 94104 
 Attention: Jeffrey C. Hammes, P.C. 
                   David A. Breach 
  
 18. Governing Law. The corporate law of the State of Michigan shall govern all questions concerning the relative rights of the Company and
its shareholders. All other issues concerning the enforceability, validity and binding effect of this Agreement will be governed by and construed in accordance with the laws of the State of Michigan, without giving effect to any choice of law or
conflict of law provision or rule (whether of the State of Michigan or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Michigan. 
  
 19. Descriptive Headings. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
  
 20. Effectiveness. The amendment and restatement of the Original Agreement shall, pursuant to the provisions of Section 11, be effective upon execution of this Agreement by the Company, and the Bain
Group, which collectively holds in excess of 50% of the outstanding Shareholder Shares. This Agreement shall be binding on and enforceable against each other party to the Original Agreement upon execution of this Agreement by the Company and the
Bain Group. 
  
 * * * * * 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Shareholders
Agreement on the day and year first above written. 
  

	BRODER BROS, CO.
		
	By:	 	 /s/ Vincent Tyra

	 	

	 Its:
	 	 
	 	

	
	BAIN CAPITAL FUND VII, LLC
	 
	By: Bain Capital Fund VII, L.P., its sole member
	By: Bain Capital Partners VII, L.P., its General Partner
	By: Bain Capital Investors, LLC, its General Partner
	 
		
	By:	 	 /s/ Edward Conard

	 	

	 	 	 Managing Director

	
	BCIP ASSOCIATES III, LLC
	 
	By: BCIP Associates III, its Manager
	By: Bain Capital Investors, LLC, its Managing Partner
		
	By:	 	 /s/ Edward Conard

	 	

	 	 	 Managing Director

	
	BCIP T ASSOCIATES III, LLC
	 
	By: BCIP Trust Associates III, its Manager
	By: Bain Capital Investors, LLC, its Managing Partner
		
	By:	 	 /s/ Edward Conard

	 	

	 	 	 Managing Director

	BCIP ASSOCIATES III-B, LLC
	 
	 By: BCIP Associates III-B, its Manager

	 By: Bain Capital Investors, LLC, its Managing Partner

		
	By:	 	 /s/ Edward Conard

	 	

	 	 	 Managing Director

	
	BCIP T ASSOCIATES III-B, LLC
	 
	By: BCIP Trust Associates III-B, its Manager
	By: Bain Capital Investors, LLC, its Managing Partner
		
	By:	 	 /s/ Edward Conard

	 	

	 	 	 Managing Director

	
	BAIN CAPITAL FUND VI, L.P.
	 
	By: Bain Capital Partners VI, L.P.
	Its: General Partner
	 
	By: Bain Capital Investors VI, Inc.
	Its: General Partner
		
	By:	 	 /s/ Edward Conard

	 	

	 	 	 A Managing Director

	
	BCIP ASSOCIATES II
	BCIP ASSOCIATES II-B
	BCIP ASSOCIATES II-C
	BCIP TRUST ASSOCIATES II
	BCIP TRUST ASSOCIATES II-B
	 
	By: Bain Capital, Inc.
	Its: Managing Partner
		
	By:	 	 /s/ Edward Conard

	 	

	 	 	 A Managing Director

	PEP INVESTMENTS PTY. LIMITED
	 
	 By: Bain Capital, Inc.

	 Its: Attorney-in-Fact

		
	By:	 	 /s/ Edward Conard

	 	

	 	 	 A Managing Director

	
	RANDOLPH STREET PARTNERS II
		
	By:	 	 /s/ David T. Erie

	 	

	 	 	 A Partner

	
	HAROLD BRODE, TRUSTEE OF THE HAROLD BRODE LIVING REVOCABLE TRUST DATED JUNE 15, 1982, AS AMENDED
		
	By:	 	 /s/ Harold Brode

	 	

	 Its:
	 	 Trustee

	 	

	
	MICHAEL T. BRODE, TRUSTEE OF THE MICHAEL T. BRODE REVOCABLE LIVING TRUST DATED SEPTEMBER 13, 1994
		
	By:	 	 /s/ Michael T. Brode

	 	

	 Its:
	 	 Trustee

	 	

	
	HOWARD N. MOROF, TRUSTEE OF THE MICHAEL T. BRODE IRREVOCABLE ELECTING SMALL BUSINESS TRUST AGREEMENT
		
	By:	 	 /s/ Howard N. Morof

	 	

	 Its:
	 	 Trustee

	HOWARD N. MOROF, TRUSTEE OF THE HOWARD N. MOROF REVOCABLE LIVING TRUST DATED AUGUST 7, 1992, AS AMENDED
		
	By:	 	 /s/ Howard N. Morof

	 	

	 Its:
	 	 
	 	

  

		
	 	 	 /s/ Howard N. Morof

	 	

	 	 	 Howard N. Morof

  

		
	 	 	 /s/ Vince Tyra

	 	

	 	 	 Vince Tyra

 SCHEDULE I 
  
 The Bain Fund VI Shareholders 
  
 Bain Capital Fund VI, L.P. 
 BCIP Associates II 
 BCIP Associates II-B 
 BCIP Associates II-C 
 BCIP Trust Associates II 
 BCIP Trust Associates II-B 
 PEP Investments PTY. Limited 
 Randolph Street Partners II 

 SCHEDULE II 
  
 Management Shareholders 
  
 Michael T. Brode, Trustee of the Michael T. Brode Revocable Living Trust dated September 13, 1994 
 Harold Brode, Trustee of the Harold Brode Living Revocable Trust dated June 15, 1982, as amended 
 Howard N. Morof, Trustee
of the Michael T. Irrevocable Electing Small Business Trust Agreement 
 Howard N. Morof, Trustee of the Howard N. Morof Revocable Living Trust dated August
7, 1992 as amended 
 Howard N. Morof 
 Vince Tyra 

 SCHEDULE III 
  
 The Bain Fund VII Shareholders 
  
 Bain Capital Fund VII, LLC 
 BCIP Associates III, LLC 
 BCIP Associates III-B, LLC 
 BCIP T Associates III, LLC 
 BCIP T Associates III-B, LLCAmended and Restated Registration Agreement

 EXHIBIT 10.3 
  
 AMENDED AND RESTATED REGISTRATION AGREEMENT 
  
 THIS AMENDED AND RESTATED REGISTRATION AGREEMENT (this “Agreement”) is made and entered into as of
September 22, 2003, and is effective as of the Effective Date (as defined below), by and among Broder Bros., Co., a Michigan corporation (the “Company”), each of the Persons listed on Schedule I attached hereto (the
“Bain Fund VI Shareholders”), each of the Persons listed on Schedule II attached hereto (each such Person a “Management Shareholder” and collectively, the “Management Shareholders”) and each
of the Persons listed on Schedule III attached hereto (the “Bain Fund VII Shareholders” and together with the Bain Fund VI Shareholders, the “Bain Group Shareholders”). The Bain Group Shareholders and the
Management Shareholders are collectively referred to herein as the “Shareholders,” and each as a “Shareholder”. Unless otherwise indicated herein, capitalized terms used herein are defined in paragraph 9 hereof.

  
 RECITALS 
  
 WHEREAS, reference is made to that certain Stock Purchase Agreement dated as
of July 12, 2003, as amended (the “Purchase Agreement”), by and among the Company, the stockholders and option holders of Alpha Shirt Holdings, Inc. and FNL Management Corporation; 
  
 WHEREAS, this Agreement shall become effective (the “Effective
Date”) upon the consummation of the transactions contemplated by the Purchase Agreement; 
  
 WHEREAS, the Company, the Bain Fund VI Shareholders and the Management Shareholders are parties to that certain Registration Agreement (the
“Original Agreement”) dated as of May 3, 2000, and desire to amend and restate the Original Agreement in its entirety in order to add the Bain Fund VII Shareholders; and 
  
 WHEREAS, pursuant to the terms of Section 10(d), the Original Agreement may be amended with the consent of the Company and
the holders of a majority of the outstanding Registrable Securities. 
  
 AGREEMENT 
  
 The parties hereto agree as follows:

  
 1. Demand Registrations. 
  
 (a) Requests for Registration. At any time, the holders of a majority
of the Bain Registrable Securities may request registration under the Securities Act of all or part of their Registrable Securities on Form S-1 or any similar long-form registration (“Long-Form Registrations”) or, if available, on
Form S-2 or S-3 or any similar short-form registration (“Short-Form Registrations”). Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered and the
anticipated per share price 

  

 
range for such offering. Within ten days after receipt of any such request, the Company shall give written notice of such requested registration to all other
holders of Bain Registrable Securities and, subject to paragraph 1(d) below, will include in such registration all Bain Registrable Securities with respect to which the Company has received written requests for inclusion therein within 15 days after
the receipt of the Company’s notice. All registrations requested pursuant to this paragraph 1(a) are referred to herein as “Demand Registrations.” 
  
 (b) Long-Form Registrations. The holders of a majority of the Bain Registrable Securities will be entitled to request
unlimited Long-Form Registrations in which the Company will pay all Registration Expenses. The Company will pay all Registration Expenses in connection with any registration initiated as a Long-Form Registration whether or not it has become
effective. All Long-Form Registrations shall be underwritten registrations. 
  
 (c) Short-Form Registrations. In addition to the Long-Form Registrations provided pursuant to paragraph 1(b), the holders of a majority of the Bain Registrable Securities will be entitled to request unlimited
Short-Form Registrations in which the Company will pay all Registration Expenses. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form. After the Company has become subject to the
reporting requirements of the Securities Exchange Act, the Company will use its best efforts to make Short-Form Registrations available for the sale of Registrable Securities. 
  
 (d) Priority on Demand Registrations. The Company will not include in any Demand Registration any securities which
are not Registrable Securities without the prior written consent of the holders of a majority of the Registrable Securities. If a Demand Registration is an underwritten offering and the managing underwriters advise the Company in writing that in
their opinion the number of Registrable Securities and, if permitted hereunder, other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities, if any, which can be sold therein without
adversely affecting the marketability of the offering, the Company will include in such registration prior to the inclusion of any securities which are not Registrable Securities the number of Registrable Securities requested to be included which in
the opinion of such underwriters can be sold without adversely affecting the marketability of the offering, pro rata among the respective holders thereof on the basis of the number of shares of Registrable Securities owned by each such holder.

  
 (e) Restrictions on Demand Registrations. The Company
will not be obligated to effect any Demand Registration within three months after the effective date of a previous Demand Registration. The Company may postpone for up to three months the filing or the effectiveness of a registration statement for a
Demand Registration if the Company and the holders of at least a majority of the Bain Registrable Securities agree that such Demand Registration would reasonably be expected to have an adverse effect on any proposal or plan by the Company or any of
its Subsidiaries to engage in any acquisition of assets (other than in the ordinary course of business) or any merger, consolidation, tender offer or similar transaction; provided that in such event, the holders of a majority of Bain Registrable
Securities requesting such Demand Registration will be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration will not count as one of the permitted Demand 

  

 2 

 
Registrations hereunder and the Company will pay all Registration Expenses in connection with such registration. 
  
 (f) Selection of Underwriters. The holders of a majority of the Bain
Registrable Securities included in any Demand Registration will have the right to select the investment banker(s) and manager(s) to administer the offering, subject to the Company’s approval, which will not be unreasonably withheld. 

 
 (g) Other Registration Rights. Except as provided in this
Agreement, the Company will not grant to any Persons the right to request the Company to register any equity securities of the Company, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written
consent of the holders of a majority of the Bain Registrable Securities. 
  
 2. Piggyback Registrations. 
  
 (a) Right to Piggyback. Upon completion by the Company of an Initial Public Offering, whenever the Company proposes to register any of its securities (including any proposed registration of the Company’s securities by any third
party) under the Securities Act (other than pursuant to a Demand Registration or a registration on Form S-4 or S-8 or any successor or similar forms) and the registration form to be used may be used for the registration of Registrable Securities (a
“Piggyback Registration”), whether or not for sale for its own account, the Company will give prompt written notice to all holders of Registrable Securities of its intention to effect such a registration and will include in such
registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within 30 days after the receipt of the Company’s notice. 
  
 (b) Piggyback Expenses. The Registration Expenses of the holders of
Registrable Securities will be paid by the Company in all Piggyback Registrations. 
  
 (c) Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing (with a copy to
each party hereto requesting registration of Registrable Securities) that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the
marketability of such offering, the Company will include in such registration (i) first, the securities the Company proposes to sell, (ii) second, the Registrable Securities requested to be included in such registration, pro rata among the holders
of such Registrable Securities on the basis of the number of shares owned by each such holder and (iii) third, other securities requested to be included in such registration. 
  
 (d) Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on
behalf of holders of the Company’s securities, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such
offering without adversely affecting the marketability of the offering, the Company will 

  

 3 

 
include in such registration (i) first, the securities requested to be included therein by the holders requesting such registration and the Registrable
Securities requested to be included in such registration, pro rata among the holders of such securities on the basis of the number of shares owned by each such holder and (ii) second, other securities requested to be included in such registration.

  
 (e) Other Registrations. If the Company has previously
filed a registration statement with respect to Registrable Securities pursuant to paragraph 1 or pursuant to this paragraph 2, and if such previous registration has not been withdrawn or abandoned, the Company will not file or cause to be effected
any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable for its equity securities under the Securities Act (except on Form S-4 or S-8 or any successor form), whether on its own behalf or
at the request of any holder or holders of such securities, until a period of at least three months has elapsed from the effective date of such previous registration. 
  
 3. Holdback Agreements. 
  
 (a) To the extent not inconsistent with applicable law, each holder of Registrable Securities agrees not to effect any public sale or distribution
(including sales pursuant to Rule 144) of equity securities of the Company, or any securities, options or rights convertible into or exchangeable or exercisable for such securities, during the seven days prior to and the 180-day period beginning on
the effective date of any underwritten Demand Registration or any underwritten Piggyback Registration (except as part of such underwritten registration), unless the underwriters managing the registered public offering otherwise agree. 
  
 (b) The Company agrees (i) not to effect any public sale or distribution of
its equity securities, or any securities convertible into or exchangeable or exercisable for such securities, during the seven days prior to and during the 180-day period beginning on the effective date of any underwritten Demand Registration or any
underwritten Piggyback Registration (except as part of such underwritten registration or pursuant to registrations on Form S-4 or S-8 or any successor form), unless the underwriters managing the registered public offering otherwise agree, and (ii)
to cause each holder of its Common Stock, or any securities convertible into or exchangeable or exercisable for Common Stock, purchased from the Company at any time after the date of this Agreement (other than in a registered public offering) to
agree not to effect any public sale or distribution (including sales pursuant to Rule 144) of any such securities during such period (except as part of such underwritten registration, if otherwise permitted), unless the underwriters managing the
registered public offering otherwise agree. 
  
 4. Registration
Procedures. Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered pursuant to this Agreement, the Company will use its best efforts to effect the registration and the sale of such Registrable
Securities in accordance with the intended method of disposition thereof (including the registration of Common and Class L Common held by a holder of Registrable Securities requesting registration as to which the Company has received reasonable
assurances that only Registrable Securities will be distributed to the public), and pursuant thereto the Company will as expeditiously as possible: 
  

 4 

 (a) prepare and (within 60 days after the end of the period within which requests for registration may be
given to the Company) file with the Securities and Exchange Commission a registration statement with respect to such Registrable Securities and thereafter use its best efforts to cause such registration statement to become effective (provided that
before filing a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by the holders of a majority of the Registrable Securities covered by such registration statement copies
of all such documents proposed to be filed, which documents will be subject to review of such counsel); 
  
 (b) prepare and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus used in
connection therewith as may be necessary to keep such registration statement effective for a period of either (i) not less than six months (subject to extension pursuant to paragraph 7(b)) or, if such registration statement relates to an
underwritten offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer or (ii) such shorter period as
will terminate when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement (but in any event
not before the expiration of any longer period required under the Securities Act), and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement until such time as
all of such securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement; 
  
 (c) furnish to each seller of Registrable Securities such number of copies of such registration statement, each amendment
and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such seller; 
  
 (d) use its best efforts to
register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable
such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this subparagraph (d), (ii) subject itself to taxation in any such jurisdiction or (iii) consent to general service of process in any such jurisdiction); 
  
 (e) notify each seller of such Registrable Securities, at any time when a
prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the discovery of the happening of any event as a result of which, the prospectus included in such registration statement contains an
untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in the light of the circumstances 

  

 5 

 
under which they were made, and, at the request of any such seller, the Company will prepare and furnish to such seller a reasonable number of copies of a
supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the
statements therein not misleading in the light of the circumstances under which they were made; 
  
 (f) cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and,
if not so listed, to be listed on the NASD automated quotation system; 
  
 (g) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 
  
 (h) enter into such customary agreements (including underwriting agreements in customary form) and take all such other actions as the holders of a
majority of the Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, effecting a stock split or a
combination of shares); 
  
 (i) make available for inspection by
any seller of Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records,
pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant
or agent in connection with such registration statement; 
  
 (j)
otherwise use its best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of
at least twelve months beginning with the first day of the Company’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities
Act and Rule 158 thereunder; 
  
 (k) in the event of the issuance
of any stop order suspending the effectiveness of a registration statement, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Securities included in such registration statement for sale
in any jurisdiction, the Company will use its reasonable best efforts promptly to obtain the withdrawal of such order; 
  
 (l) obtain one or more comfort letters, dated the effective date of such registration statement (and, if such registration includes an underwritten public
offering, dated the date of the closing under the underwriting agreement), signed by the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by comfort letters as the holders of a
majority of the Registrable Securities being sold reasonably 

  

 6 

 
request (so long as such Registrable Securities constitute at least 10% of the securities covered by such registration statement); and 
  
 (m) provide a legal opinion of the Company’s outside counsel, dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement), with respect to the registration statement, each amendment and
supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature.

  
 The Company may require each seller of Registrable Securities as to which any
registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing. 
  
 5. Registration Expenses. 
  
 (a) All expenses incident to the Company’s performance of or compliance
with this Agreement, including, without limitation, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, messenger and delivery expenses, and fees and disbursements of counsel for the
Company and all independent certified public accountants, underwriters (excluding discounts and commissions) and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), will be borne as
provided in this Agreement, except that the Company will, in any event, pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any
annual audit or quarterly review, the expense of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on which similar securities issued by the Company are then listed or on the
NASD automated quotation system. 
  
 (b) In connection with each
Demand Registration and each Piggyback Registration, the Company will reimburse the holders of Registrable Securities covered by such registration for the reasonable fees and disbursements of one counsel chosen by the holders of a majority of the
Registrable Securities included in such registration. 
  
 (c) To
the extent Registration Expenses are not required to be paid by the Company, each holder of securities included in any registration hereunder will pay those Registration Expenses allocable to the registration of such holder’s securities so
included, and any Registration Expenses not so allocable will be borne by all sellers of securities included in such registration in proportion to the aggregate selling price of the securities to be so registered for each seller. 
  

 7 

 6. Indemnification. 
  
 (a) The Company agrees to indemnify and hold harmless, to the extent permitted by law, each holder of Registrable
Securities, its officers and directors and each Person that controls such holder (within the meaning of the Securities Act) against any losses, claims, damages, liabilities, joint or several, to which such holder or any such director or officer or
controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i)
any untrue or alleged untrue statement of material fact contained (A) in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or (B) in any application or other document or communication (in
this paragraph 6 collectively called an “application”) executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered
by such registration statement under the “blue sky” or securities laws thereof, or (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, and the
Company will reimburse such holder and each such director, officer and controlling person for any legal or any other expenses incurred by them in connection with investigating or defending any such loss, claim, liability, action or proceeding;
provided that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon an untrue statement or alleged untrue
statement, or omission or alleged omission, made in such registration statement, any such prospectus or preliminary prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written
information prepared and furnished to the Company by such holder expressly for use therein or by such holder’s failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has
furnished such holder with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors and each Person that controls such underwriters (within the
meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the holders of Registrable Securities. 
  
 (b) In connection with any registration statement in which a holder of Registrable Securities is participating, each such holder will furnish to the
Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify and hold harmless the Company, its
directors and officers and each other Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities, joint or several, to which such holder or any such director or officer or controlling
person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon (i) any untrue or
alleged untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or in any application or (ii) any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is made in such registration statement, any such prospectus or preliminary prospectus or any
amendment or 

  

 8 

 
supplement thereto, or in any application, in reliance upon and in conformity with written information prepared and furnished to the Company by such holder
expressly for use therein, and such holder will reimburse the Company and each such director, officer and controlling Person for any legal or any other expenses incurred by them in connection with investigating or defending any such loss, claim,
liability, action or proceeding; provided that the obligation to indemnify will be individual to each holder and will be limited to the net amount of proceeds received by such holder from the sale of Registrable Securities pursuant to such
registration statement. 
  
 (c) Any Person entitled to
indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a
conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 
  
 (d) The indemnification provided for under this Agreement will remain in full force and effect regardless of any investigation made by or on behalf of the
indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of securities. The Company also agrees to make such provisions, as are reasonably requested by any indemnified party, for
contribution to such party in the event the Company’s indemnification is unavailable for any reason. 
  
 7. Participation in Underwritten Registrations. 
  
 (a) No Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s securities on
the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or “green shoe” option
requested by the managing underwriter(s), provided that no holder of Registrable Securities will be required to sell more than the number of Registrable Securities that such holder has requested the Company to include in any registration) and (ii)
completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  
 (b) Each Person that is participating in any registration hereunder agrees
that, upon receipt of any notice from the Company of the happening of any event of the kind described in paragraph 4(e) above, such Person will forthwith discontinue the disposition of its 

  

 9 

 
Registrable Securities pursuant to the registration statement until such Person’s receipt of the copies of a supplemented or amended prospectus as
contemplated by such paragraph 4(e). If the Company gives any such notice, the applicable time period mentioned in paragraph 4(b) during which a Registration Statement is to remain effective will be extended by the number of days during the period
from and including the date of the giving of such notice pursuant to this paragraph to and including the date when each seller of a Registrable Security covered by such registration statement has received the copies of the supplemented or amended
prospectus contemplated by paragraph 4(e). 
  
 8. Current
Public Information. At all times after the Company has filed a registration statement with the Securities and Exchange Commission pursuant to the requirements of either the Securities Act or the Securities Exchange Act, the Company will file all
reports required to be filed by it under the Securities Act and the Securities Exchange Act and the rules and regulations adopted by the Securities and Exchange Commission thereunder, and will take such further action as any holder or holders of
Registrable Securities may reasonably request, all to the extent required to enable such holders to sell Registrable Securities pursuant to Rule 144 adopted by the Securities and Exchange Commission under the Securities Act (as such rule may be
amended from time to time) or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission. 
  
 9. Definitions. 
  
 “Bain Registrable Securities” means (i) any shares of Common Stock issued to the members of the Bain Group Shareholders; (ii) any equity
securities issued or issuable directly or indirectly with respect to the securities referred to in clause (i) by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other
reorganization, including a recapitalization or exchange and (iii) any other shares of Common Stock held by any member of the Bain Group Shareholders. As to any particular shares constituting Bain Registrable Securities, such shares will cease to be
Bain Registrable Securities when they have been (x) effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, or (y) sold to the public through a broker, dealer or market maker
pursuant to Rule 144 (or by similar provision then in force) under the Securities Act. 
  
 “Class A Common” means the Class A Common Stock, par value $.01 per share, of the Company. 
  
 “Class B Common” means the Class B Common Stock, par value $.01 per share, of the Company. 
  
 “Class L Common” means the Company’s Class L Common
Shares, Series 1, par value $.01 per share, the Company’s Class L Common Shares, Series 2, par value $.01 per share, the Company’s Class L Common Shares, Series 3, par value $.01 per share of the Company and the Company’s Class L
Common Shares, Series 4, par value $.01 per share. 
  

 10 

 “Common Stock” means Class A Common, Class B Common and Class L Common. 
  
 “Initial Public Offering” means an initial public offering
by the Company of its capital stock to the public effected pursuant to an effective registration statement under the Securities Act of 1933, as amended, or any comparable statement under any similar United States federal statute then in effect.

  
 “Management Shareholder Registrable
Securities” means any shares of Common Stock held as of the date hereof, or acquired hereafter through the exercise of employee stock options, by the Management Shareholders and any other executive employees of the Company and its
Subsidiaries who are or become parties to this Agreement. 
  
 “Person” means an individual, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 
  
 “Registrable Securities” means the Bain Registrable
Securities and the Management Shareholder Registrable Securities. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities whenever such Person has the right to acquire such Registrable Securities (upon
conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected. 
  
 “Securities Act” means the Securities Act of 1933, as
amended, or any similar federal law then in force. 
  
 “Securities and Exchange Commission” includes any governmental body or agency succeeding to the functions thereof. 
  
 “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal law then in force. 
  
 Unless otherwise stated, other capitalized terms contained herein have the
meanings set forth in the New Purchase Agreement. 
  
 10.
Miscellaneous. 
  
 (a) No Inconsistent Agreements.
The Company will not hereafter enter into any agreement with respect to its securities which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement. 
  
 (b) Adjustments Affecting Registrable Securities. The Company will not
take any action, or permit any change to occur, with respect to its securities which would materially and adversely affect the ability of the holders of Registrable Securities to include such Registrable Securities in a registration undertaken
pursuant to this Agreement or which would 

  

 11 

 
adversely affect the marketability of such Registrable Securities in any such registration (including, without limitation, effecting a stock split or a
combination of shares). 
  
 (c) Remedies. The parties
hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party hereto will have the right to injunctive relief, in addition to all of its other rights and remedies
at law or in equity, to enforce the provisions of this Agreement. 
  
 (d) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended or waived only upon the prior written consent of the Company and holders of a majority of the Registrable Securities;
provided, that if such amendment or waiver would treat a holder or group of holders of Registrable Securities in a manner different from any other holders of Registrable Securities (other than as already provided herein), then such amendment or
waiver will require the consent of such holder or the holders of a majority of the Registrable Securities of such group adversely treated. 
  
 (e) Successors and Assigns. This Agreement will 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 has been made, the provisions of this Agreement that are for the benefit of the holders of Registrable Securities (or any portion thereof) as such will be for
the benefit of and enforceable by any subsequent holder of any Registrable Securities (or of such portion thereof), subject to the provisions respecting the minimum numbers or percentages of shares of Registrable Securities (or of such portion
thereof) required in order to be entitled to certain rights, or take certain actions, contained herein. 
  
 (f) Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained
herein. 
  
 (g) Counterparts. This Agreement may be
executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement. 
  
 (h) Descriptive Headings. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a part of this Agreement. 
  
 (i) Governing Law. The corporate law of the State of Michigan shall govern all questions concerning the relative rights of the Company and its stockholders. All other issues concerning the enforceability,
validity and binding effect of this Agreement will be governed by and construed in accordance with the laws of the State of Illinois, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois
or any other 

  

 12 

 
jurisdiction) that would cause the application of the law of any jurisdiction other than the State of Illinois. 
  
 (j) Notices. All notices, demands or other communications to be given
or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when personally delivered or received by certified mail, return receipt requested, or sent by guaranteed overnight courier
service. Such notices, demands and other communications will be sent to the Shareholders at the addresses indicated in the Company’s records and to the Company at the address indicated below: 
  
 To the Company: 
  
 Broder Bros., Co. 
 c/o Bain Capital, LLC 
 745 Fifth Avenue 
 New York, New York 10151 
 Telecopy Number: (212) 421-2225 
 Attention: Edward W. Conard 
                  Yoo Jin Kim 
  
 With a copy to: 
  
 Kirkland & Ellis LLP 
 333 Bush Street, 26th Floor 
 San Francisco, California 94104 
 Telecopy Number: (415) 439-1500 
 Attention: Jeffrey C. Hammes, P.C. 
                  David A. Breach 
  
 or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party. 
  

 13 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Registration Agreement on the day and year first
above written. 
  

	BRODER BROS, CO.
	
	/s/ Vicent Tyra
	

	By:	 	 
	 	

	Its:	 	 
	 	

	
	BAIN CAPITAL FUND VII, LLC
		
	By:	 	Bain Capital Fund VII, L.P., its sole member
	By:	 	Bain Capital Partners VII, L.P., its General Partner
	By:	 	Bain Capital Investors, LLC, its General Partner
	 	 	 
	By:	 	/s/ Edward Conard
	 	

	 	 	Managing Director
	
	BCIP ASSOCIATES III, LLC
		
	By:	 	BCIP Associates III, its Manager
	By:	 	Bain Capital Investors, LLC, its Managing Partner
	 	 	 
	By:	 	/s/ Edward Conard
	 	

	 	 	Managing Director
	
	BCIP T ASSOCIATES III, LLC
		
	By:	 	BCIP Trust Associates III, its Manager
	 By:
	 	Bain Capital Investors, LLC, its Managing Partner
		
	By:	 	/s/ Edward Conard
	 	

	 	 	Managing Director

  

 14 

	BCIP ASSOCIATES III-B, LLC
		
	By:	 	BCIP Associates III-B, its Manager
	By:	 	Bain Capital Investors, LLC, its Managing Partner
		
	By:	 	/s/ Edward Conard        
	 	

	 	 	Managing Director
	
	BCIP T ASSOCIATES III-B, LLC
		
	By:	 	BCIP Trust Associates III-B, its Manager
	By:	 	Bain Capital Investors, LLC, its Managing Partner
		
	By:	 	/s/ Edward Conard        
	 	

	 	 	Managing Director
	
	 BAIN CAPITAL FUND VI, L.P.

	
	/s/ Edward Conard        
	

	By:	 	Bain Capital Partners VI, L.P.
	Its:	 	General Partner
	
	BCIP ASSOCIATES II
	BCIP ASSOCIATES II-B
	 BCIP ASSOCIATES II-C

	 BCIP TRUST ASSOCIATES II

	 BCIP TRUST ASSOCIATES II-B

	 
	/s/ Edward Conard        
	

	By:	 	Bain Capital, Inc.
	Its:	 	Managing Partner
	By:	 	A Managing Director
	
	 PEP INVESTMENTS PTY. LIMITED

	
	/s/ Edward Conard        
	

	By:	 	Bain Capital, Inc.
	Its:	 	Attorney-in-Fact

  

 15 

	By:	 	A Managing Director
	
	 RANDOLPH STREET PARTNERS II

	
	 /s/ David T. Erie        

	By:	 	A Partner
	
	HAROLD BRODE, TRUSTEE OF THE
	HAROLD BRODE LIVING
	 REVOCABLE TRUST DATED

	 JUNE 15, 1982, AS AMENDED

		
	By:	 	 /s/ Harold Brode        

	Its:	 	 Trustee

	
	MICHAEL T. BRODE, TRUSTEE OF
	THE MICHAEL T. BRODE
	 REVOCABLE LIVING TRUST DATED

	 SEPTEMBER 13, 1994

		
	By:	 	 /s/ Michael T. Brode        

	Its:	 	 Trustee

	
	HOWARD N. MOROF, TRUSTEE OF
	THE MICHAEL T. BRODE
	 IRREVOCABLE ELECTING SMALL

	 BUSINESS TRUST AGREEMENT

		
	By:	 	 /s/ Howard N. Morof        

	Its:	 	  

	
	HOWARD N. MOROF, TRUSTEE OF
	THE HOWARD N. MOROF
	 REVOCABLE LIVING TRUST DATED

	 AUGUST 7, 1992, AS AMENDED

		
	By:	 	 /s/ Howard N. Morof        

	Its:	 	  

  

 16 

	
	/s/ Howard N. Morof        
	

	Howard N. Morof
	
	/s/ Vince Tyra        
	

	Vince Tyra

  

 17 

 SCHEDULE I 
  

The Bain Fund VI Shareholders 
  
 Bain Capital Fund VI, L.P. 
  
 BCIP Associates II 
  
 BCIP Associates II-B

  
 BCIP Associates II-C 
  
 BCIP Trust Associates II 
  
 BCIP Trust Associates II-B 
  
 PEP Investments PTY. Limited 
  
 Randolph Street Partners II 
  

 18 

 SCHEDULE II 
  
 Management Shareholders 
  
 Michael T. Brode, Trustee of the Michael T. Brode Revocable Living Trust dated September 13, 1994 
  
 Harold Brode, Trustee of the Harold Brode Living Revocable Trust dated June 15, 1982, as amended 
  
 Howard N. Morof, Trustee of the Michael T. Irrevocable Electing Small Business Trust
Agreement 
  
 Howard N. Morof, Trustee of the Howard N. Morof Revocable Living
Trust dated August 7,1992 as amended 
  
 Howard N. Morof 
  
 Vince Tyra 
  

 19 

 SCHEDULE III 
  
 The Bain Fund VII Shareholders 
  
 Bain Capital Fund VII, LLC 
  
 BCIP Associates III, LLC 
  
 BCIP Associates III-B, LLC 
  
 BCIP T Associates
III, LLC 
  
 BCIP T Associates III-B, LLC 
  

 20

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