Document:

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                                                                  Exhibit 10.2

                          REGISTRATION RIGHTS AGREEMENT

                          Dated as of February 2, 2000

                                  by and among

                        AAVID THERMAL TECHNOLOGIES, INC.,

                                   as Issuer,

                           the Guarantors named herein

                                       and

                            CIBC WORLD MARKETS CORP.

                                       and

                      FLEETBOSTON ROBERTSON STEPHENS INC.,

                              as Initial Purchasers

                           --------------------------

                                  $150,000,000

                   12-3/4% SENIOR SUBORDINATED NOTES DUE 2007

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                                TABLE OF CONTENTS
                                                                         PAGE

1. Definitions...............................................................1

2. Exchange Offer............................................................5

3. Shelf Registration........................................................8

4. Additional Interest......................................................10

5. Registration Procedures..................................................12

6. Registration Expenses....................................................20

7. Indemnification..........................................................21

8. Rules 144 and 144A.......................................................24

9. Underwritten Registrations...............................................25

10. Miscellaneous...........................................................25

         (a) Remedies.......................................................25
         (b) No Inconsistent Agreements.....................................25
         (c) Adjustments Affecting Registrable Notes........................26
         (d) Amendments and Waivers.........................................26
         (e) Notices........................................................26
         (f) Successors and Assigns.........................................28
         (g) Counterparts...................................................28
         (h) Headings.......................................................28
         (i) Governing Law..................................................28
         (j) Severability...................................................28
         (k) Notes Held by Any Issuer or Its Affiliates.....................28
         (l) Third Party Beneficiaries......................................29
         (m) Entire Agreement...............................................29

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                          REGISTRATION RIGHTS AGREEMENT

                  This Registration Rights Agreement (the "AGREEMENT") is made
and entered into as of February 2, 2000, by and among Aavid Thermal
Technologies, Inc., a Delaware corporation (the "COMPANY"), the Guarantors (as
defined) and CIBC World Markets Corp. and FleetBoston Robertson Stephens Inc.
(together, the "INITIAL PURCHASERS").

                  This Agreement is entered into in connection with the Unit
Purchase Agreement, dated January 31, 2000, by and among the Company, the
Guarantors and the Initial Purchasers (the "PURCHASE AGREEMENT") relating to the
sale by the Company to the Initial Purchasers of 150,000 units consisting of (i)
$150.0 million aggregate principal amount of the Company's 12-3/4% Senior
Subordinated Notes due 2007 (the "NOTES") and the unconditional senior
subordinated guarantee thereof by the Guarantors on a joint and several basis
(the "GUARANTEE") and (ii) 150,000 warrants, each warrant entitling the holder
to purchase .0004 shares of Class A common stock and .0004 shares of Class H
common stock of the Company (collectively "COMMON STOCK"). In order to induce
the Initial Purchasers to enter into the Purchase Agreement, and in addition to
the registration rights provided to the holders of Common Stock pursuant to a
separate common stock registration rights agreement, the Issuers (as defined)
have agreed to provide the registration rights set forth in this Agreement for
the benefit of the holders of Registrable Notes (as defined), including, without
limitation, the Initial Purchasers. The execution and delivery of this Agreement
is a condition to the Initial Purchasers' obligation to purchase the Units under
the Purchase Agreement.

                  The parties hereby agree as follows:

1.       DEFINITIONS

                  As used in this Agreement, the following terms shall have the
following meanings:

                  ADDITIONAL INTEREST:  See Section 4(a).

                  ADVICE:  See the last paragraph of Section 5.

                  AGREEMENT: See the first introductory paragraph to this
Agreement.

                  APPLICABLE PERIOD:  See Section 2(b).

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                  BUSINESS DAY: A day that is not a Saturday, a Sunday or a day
on which banking institutions in New York, New York are authorized or required
by law or executive order to be closed.

                  CLOSING DATE: The Closing Date as defined in the Purchase
Agreement.

                  COMMISSION:  The Securities and Exchange Commission.

                  COMPANY: See the first introductory paragraph to this
Agreement.

                  EFFECTIVENESS DATE: The 150th day after the Issue Date, in the
case of the Exchange Registration Statement, and the 90th day after the delivery
of the Shelf Notice, in the case of the Initial Shelf Registration.

                  EFFECTIVENESS PERIOD:  See Section 3(a).

                  EVENT DATE:  See Section 4(b).

                  EXCHANGE ACT: The Securities Exchange Act of 1934, as amended,
and the rules and regulations of the Commission promulgated thereunder.

                  EXCHANGE NOTES:  See Section 2(a).

                  EXCHANGE OFFER:  See Section 2(a).

                  EXCHANGE REGISTRATION STATEMENT:  See Section 2(a).

                  FILING DATE: The 60th day after the Issue Date (regardless of
whether the actual filing precedes such date).

                  GUARANTEE: See the second introductory paragraph to this
Agreement.

                  GUARANTORS: The Guarantors as defined in the Unit Purchase
Agreement.

                  HOLDER:  Any registered holder of Registrable Notes.

                  INDEMNIFIED PERSON:  See Section 7(c).

                  INDEMNIFYING PERSON:  See Section 7(c).

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                  INDENTURE: The Indenture, dated as of February 2, 2000, by and
among the Company, the Guarantors named therein and Bankers Trust Company, as
trustee, pursuant to which the Notes are being issued, as amended or
supplemented from time to time in accordance with the terms thereof.

                  INITIAL PURCHASERS: See the first introductory paragraph to
this Agreement.

                  INITIAL SHELF REGISTRATION:  See Section 3(a).

                  INSPECTORS:  See Section 5(o).

                  ISSUE DATE: The date on which the Notes were sold to the
Initial Purchasers pursuant to the Purchase Agreement.

                  ISSUERS:  The Company and the Guarantors, collectively.

                  NASD:  National Association of Securities Dealers, Inc.

                  NOTES: See the second introductory paragraph to this
Agreement.

                  PARTICIPANT:  See Section 7(a).

                  PARTICIPATING BROKER-DEALER: Any broker or dealer registered
under the Exchange Act that is the beneficial owner (as defined in Rule 13d-3
under the Exchange Act) of Exchange Notes received by such broker-dealer in the
Exchange Offer in exchange for Registrable Notes acquired for its own account as
a result of market making activities or other trading activities (other than
Registrable Notes acquired directly from the Company or any of its affiliates).

                  PERSON: Any individual, corporation, partnership, limited
liability company, joint venture, association, joint stock company, trust,
unincorporated organization or government (including any agency or political
subdivision thereof).

                  PRIVATE EXCHANGE:  See Section 2(b).

                  PRIVATE EXCHANGE NOTES:  See Section 2(b).

                  PROSPECTUS: The prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon
Rule 430A promulgated under the Securities Act), as amended or

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supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Notes covered by such Registration
Statement, and all other amendments and supplements to the Prospectus, including
post-effective amendments, and all material incorporated by reference or deemed
to be incorporated by reference in such Prospectus.

                  RECORDS:  See Section 5(o).

                  REGISTRABLE NOTES: Each Note upon original issuance thereof
and at all times subsequent thereto, each Exchange Note as to which Section
2(c)(iv) hereof is applicable upon original issuance thereof and at all times
subsequent thereto and each Private Exchange Note upon original issuance thereof
and at all times subsequent thereto, until, in the case of any such Note,
Exchange Note or Private Exchange Note, as the case may be, the earliest to
occur of (i) a Registration Statement (other than with respect to any Exchange
Note as to which Section 2(c)(iv) hereof is applicable) covering such Note,
Exchange Note or Private Exchange Note, as the case may be, has been declared
effective by the Commission and such Note, Exchange Note or Private Exchange
Note, as the case may be, has been disposed of in accordance with such effective
Registration Statement, (ii) such Note, Exchange Note or Private Exchange Note,
as the case may be, is sold in compliance with Rule 144 (or any similar
provision then in force), (iii) in the case of any Note, such Note has been
exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes
that may be resold without restriction under federal securities laws and (iv)
such Note, Exchange Note or Private Exchange Note, as the case may be, ceases to
be outstanding for purposes of the Indenture.

                  REGISTRATION STATEMENT: Any registration statement of the
Company, including, but not limited to, the Exchange Registration Statement,
that covers any of the Registrable Notes pursuant to the provisions of this
Agreement, including the Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, all exhibits, and
all material incorporated by reference or deemed to be incorporated by reference
in such registration statement.

                  RULE 144: Rule 144 under the Securities Act, as such Rule may
be amended from time to time, or any similar rule (other than Rule 144A) or
regulation hereafter adopted by the Commission providing for offers and sales of
securities made in compliance therewith resulting in offers and sales by
subsequent holders that are not affiliates of an issuer of such securities being
free of the registration and prospectus delivery requirements of the Securities
Act.

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                  RULE 144A: Rule 144A under the Securities Act, as such Rule
may be amended from time to time, or any similar rule (other than Rule 144) or
regulation hereafter adopted by the Commission.

                  RULE 415: Rule 415 under the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission.

                  SECURITIES ACT: The Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder.

                  SHELF NOTICE:  See Section 2(c).

                  SHELF REGISTRATION:  See Section 3(b).

                  SUBSEQUENT SHELF REGISTRATION:  See Section 3(b).

                  TIA:  The Trust Indenture Act of 1939, as amended.

                  TRUSTEE: The trustee under the Indenture and, if existent, the
trustee under any indenture governing the Exchange Notes and Private Exchange
Notes (if any).

                  UNDERWRITTEN REGISTRATION OR UNDERWRITTEN OFFERING: A
registration in which securities of the Issuers are sold to an underwriter for
reoffering to the public.

                  UNIT PURCHASE AGREEMENT: See the second introductory paragraph
to this Agreement.

2.       EXCHANGE OFFER

                  (a) To the extent not prohibited by any applicable law, each
of the Issuers agrees to use its reasonable best efforts to file or cause to be
filed with the Commission no later than the Filing Date, an offer to exchange
(the "EXCHANGE OFFER") any and all of the Registrable Notes (other than Private
Exchange Notes, if any) for a like aggregate principal amount of debt securities
of the Company that are identical in all material respects to the Notes (the
"EXCHANGE NOTES") (and that are entitled to the benefits of the Indenture or a
trust indenture that is identical in all material respects to the Indenture
(other than such changes to the Indenture or any such identical trust indenture
as are necessary to comply with any requirements of the Commission to effect or
maintain the qualification thereof under the TIA) and that, in either case, has
been qualified under the TIA), except that the Exchange Notes shall have been
registered pursuant to an effective Registration Statement under the Securities

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Act and shall contain no restrictive legend thereon. The Exchange Offer shall be
registered under the Securities Act on the appropriate form (the "EXCHANGE
REGISTRATION STATEMENT") and shall comply with all applicable tender offer rules
and regulations under the Exchange Act. Each of the Issuers agrees to use its
reasonable best efforts to (x) cause the Exchange Registration Statement to be
declared effective under the Securities Act on or before the Effectiveness Date;
(y) keep the Exchange Offer open for at least 20 Business Days (or longer if
required by applicable law) after the date that notice of the Exchange Offer is
first mailed to Holders; and (z) consummate the Exchange Offer on or prior to
the 30th day following the date on which the Exchange Registration Statement is
declared effective. If after such Exchange Registration Statement is initially
declared effective by the Commission, the Exchange Offer or the issuance of the
Exchange Notes thereunder is interfered with by any stop order, injunction or
other order or requirement of the Commission or any other governmental agency or
court, such Exchange Registration Statement shall be deemed not to have become
effective for purposes of this Agreement. Each Holder who participates in the
Exchange Offer will be required to represent that any Exchange Notes received by
it will be acquired in the ordinary course of its business, that at the time of
the consummation of the Exchange Offer such Holder will have no arrangement or
understanding with any Person to participate in the distribution of the Exchange
Notes, that such Holder is not an affiliate of any Issuer within the meaning of
the Securities Act, and any additional representations that in the written
opinion of counsel to the Issuers are necessary under then-existing
interpretations of the Commission in order for the Exchange Registration
Statement to be declared effective. Upon consummation of the Exchange Offer in
accordance with this Section 2, the provisions of this Agreement shall continue
to apply, MUTATIS MUTANDIS, solely with respect to Registrable Notes that are
Private Exchange Notes and Exchange Notes held by Participating Broker-Dealers,
and the Issuers shall have no further obligation to register Registrable Notes
(other than Private Exchange Notes and other than in respect of any Exchange
Notes as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 of this
Agreement.

                  (b) The Issuers shall indicate in a "Plan of Distribution"
section contained in the Prospectus contained in the Exchange Registration
Statement that any Participating Broker-Dealer may exchange such Notes pursuant
to the Exchange Offer; however, such Participating Broker-Dealer may be deemed
to be an "underwriter" within the meaning of the Securities Act and must,
therefore, deliver a prospectus meeting the requirements of the Securities Act
in connection with any resales of the Exchange Securities received by such
Participating Broker-Dealer in the Exchange Offer, which prospectus delivery
requirement may be satisfied by the delivery by such Participating Broker-Dealer
of the Prospectus contained in the Exchange Registration Statement. Such "Plan
of Distribution" section shall also contain all other information with respect
to such resales by Participating Broker-Dealers that the Commission may require
in order to permit such resales pursuant thereto, but such

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"Plan of Distribution" section shall not name any such Participating
Broker-Dealer or disclose the amount of Exchange Notes held by any such
Participating Broker-Dealer except to the extent required by the Commission as a
result of a change in policy announced after the date of this Agreement.

                  Each of the Issuers shall use its reasonable best efforts to
keep the Exchange Registration Statement effective and to amend and supplement
the Prospectus contained therein, in order to permit such Prospectus to be
lawfully delivered by all Persons subject to the prospectus delivery
requirements of the Securities Act for such period of time beginning when the
Exchange Notes are first issued in the Exchange Offer and ending upon the
earlier of the expiration of the 180th day after the Exchange Offer has been
completed and such Persons are no longer required to comply with the prospectus
delivery requirements in connection with offers and sales of the Exchange Notes
(the "APPLICABLE PERIOD").

                  If, upon consummation of the Exchange Offer, any Initial
Purchaser holds any Notes acquired by it and having the status of an unsold
allotment in the initial distribution, the Issuers, upon the written request of
any Initial Purchaser and an opinion of outside counsel for such Initial
Purchaser, reasonably satisfactory in form and substance to outside counsel of
the Company, to the effect that such exchange does not require compliance with
the registration requirements of the Securities Act, shall, simultaneously with
the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to
such Initial Purchaser, in exchange (the "PRIVATE EXCHANGE") for the Notes held
by such Initial Purchaser, a like principal amount of debt securities of the
Company that are identical in all material respects to the Exchange Notes except
for the existence of restrictions on transfer thereof under the Securities Act
and securities laws of the several states of the U.S. (the "PRIVATE EXCHANGE
NOTES") (and which are issued pursuant to the same indenture as the Exchange
Notes). The Company will use its reasonable best efforts to seek to cause the
CUSIP Service Bureau to issue the same CUSIP number for the Private Exchange
Notes as for the Exchange Notes. Interest on the Exchange Notes and Private
Exchange Notes will accrue from the last interest payment date on which interest
was paid on the Notes surrendered in exchange therefor or, if no interest has
been paid on the Notes, from the Issue Date.

                  In connection with the Exchange Offer, the Issuers shall:

                    (1) mail to each Holder a copy of the Prospectus forming
         part of the Exchange Registration Statement, together with an
         appropriate letter of transmittal and related documents;

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                    (2) utilize the services of a depositary for the Exchange
         Offer with an address in the Borough of Manhattan, The City of New
         York, which may be the Trustee or an affiliate thereof;

                    (3) permit Holders to withdraw tendered Registrable Notes at
         any time prior to the close of business, New York time, on the last
         Business Day on which the Exchange Offer shall remain open; and

                    (4) otherwise comply in all material respects with all
applicable laws.

                  As soon as practicable after the close of the Exchange Offer
or the Private Exchange, as the case may be, the Issuers shall:

                    (1) accept for exchange all Registrable Notes validly
         tendered and not validly withdrawn pursuant to the Exchange Offer
         or the Private Exchange;

                    (2) deliver, or cause to be delivered, to the Trustee for
         cancellation all Registrable Notes so accepted for exchange; and

                    (3) cause the Trustee to authenticate and deliver promptly
         to each Holder tendering such Registrable Notes, Exchange Notes or
         Private Exchange Notes, as the case may be, equal in principal amount
         to the Notes of such Holder so accepted for exchange.

                  The Exchange Notes and the Private Exchange Notes may be
issued under (i) the Indenture or (ii) an indenture identical in all material
respects to the Indenture, which in either event will provide that the Exchange
Notes will not be subject to the transfer restrictions set forth in the
Indenture and that the Exchange Notes, the Private Exchange Notes and the Notes,
if any, will vote and consent together on all matters as one class and that none
of the Exchange Notes, the Private Exchange Notes or the Notes, if any, will
have the right to vote or consent as a separate class on any matter.

                  (c) If, (i) because of any change in law or in currently
prevailing interpretations of the staff of the Commission, the Company is not
permitted to effect an Exchange Offer, (ii) the Exchange Offer is not
consummated within 180 days of the Issue Date, (iii) any holder of Private
Exchange Notes so requests in writing to the Company or (iv) in the case of any
Holder that participates in the Exchange Offer (and tenders its Registrable
Notes prior to the expiration thereof), such Holder does not receive Exchange
Notes on the date of the exchange that may be sold without restriction under
federal securities laws (other than due solely to the status of such Holder as
an affiliate of any Issuer within the

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meaning of the Securities Act) and so notifies the Company within 30 days
following the consummation of the Exchange Offer (and providing a reasonable
basis for its conclusions), in the case of each of clauses (i)-(iv), then the
Issuers shall promptly deliver to the Holders and the Trustee written notice
thereof (the "SHELF NOTICE") and shall use its reasonable best efforts to file,
or cause to be filed, a Shelf Registration pursuant to Section 3.

3.       SHELF REGISTRATION

                  If a Shelf Notice is delivered as contemplated by Section
2(c), then:

                  (a) SHELF REGISTRATION. Each of the Issuers shall use its
reasonable best efforts to file with the Commission as promptly as reasonably
practicable a Registration Statement for an offering to be made on a continuous
basis pursuant to Rule 415 covering all of the Registrable Notes (the "INITIAL
SHELF REGISTRATION"). If the Issuers shall not have yet filed the Exchange
Registration Statement, each of the Issuers shall use its reasonable best
efforts to file with the Commission the Initial Shelf Registration on or prior
to the Filing Date and shall use its best efforts to cause such Initial Shelf
Registration to be declared effective under the Securities Act on or prior to
the Effectiveness Date, which shall be determined as if the Issuers received a
Shelf Notice relating to such Initial Shelf Registration on the Filing Date.
Otherwise, each of the Issuers shall use its reasonable best efforts to file
with the Commission the Initial Shelf Registration within 45 days of the
delivery of the Shelf Notice and shall use its best efforts to cause such Shelf
Registration to be declared effective under the Securities Act on or prior to
the Effectiveness Date. The Initial Shelf Registration shall be on Form S-1 or
another appropriate form permitting registration of such Registrable Notes for
resale by Holders in the manner or manners designated by them (including,
without limitation, one or more underwritten offerings). The Issuers shall not
permit any securities other than the Registrable Notes to be included in any
Shelf Registration. Each of the Issuers shall use its best efforts to keep the
Initial Shelf Registration continuously effective under the Securities Act until
the date that is 24 months from the Issue Date (or, if Rule 144(k) under the
Securities Act is amended to permit unlimited resales by non-affiliates within a
lesser period, such lesser period) (the "EFFECTIVENESS PERIOD") or such shorter
period ending when (i) all Registrable Notes covered by the Initial Shelf
Registration have been sold in the manner set forth and as contemplated in the
Initial Shelf Registration or (ii) a Subsequent Shelf Registration covering all
of the Registrable Notes has been declared effective under the Securities Act.

                  (b) SUBSEQUENT SHELF REGISTRATIONS. If the Initial Shelf
Registration or any Subsequent Shelf Registration ceases to be effective for any
reason at any time during the Effectiveness Period (other than because of the
sale of all of the securities registered

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thereunder), each of the Issuers shall use its best efforts to obtain the prompt
withdrawal of any order suspending the effectiveness thereof, and in any event
shall within 30 days of such cessation of effectiveness amend the Shelf
Registration in a manner to obtain the withdrawal of the order suspending the
effectiveness thereof, or file an additional "shelf" Registration Statement
pursuant to Rule 415 covering all of the Registrable Notes (a "SUBSEQUENT SHELF
REGISTRATION"). If a Subsequent Shelf Registration is filed, each of the Issuers
shall use its best efforts to cause the Subsequent Shelf Registration to be
declared effective as soon as practicable after such filing and to keep such
Subsequent Shelf Registration continuously effective for the remainder of the
Effectiveness Period. As used herein the term "SHELF REGISTRATION" means the
Initial Shelf Registration and any Subsequent Shelf Registration.

                  (c) SUPPLEMENTS AND AMENDMENTS. Each of the Issuers shall
promptly supplement and amend any Shelf Registration if required by the rules,
regulations or instructions applicable to the registration form used for such
Shelf Registration, if required by the Securities Act, or if reasonably
requested by the Holders of a majority in aggregate principal amount of the
Registrable Notes covered by such Shelf Registration or by any underwriter of
such Registrable Notes, in each case, with the Issuers' consent, which consent
shall not be unreasonably withheld or delayed.

4.       ADDITIONAL INTEREST

                  (a) The Issuers and the Initial Purchasers agree that the
Holders of Registrable Notes will suffer damages if the Issuers fail to fulfill
their respective obligations under Section 2 or Section 3 hereof and that it
would not be feasible to ascertain the extent of such damages with precision.
Accordingly, the Issuers jointly and severally agree to pay, as liquidated
damages, additional interest on the Registrable Notes ("ADDITIONAL INTEREST")
under the circumstances and to the extent set forth below (each of which shall
be given independent effect):

                    (i) if (A) neither the Exchange Registration Statement nor
         the Initial Shelf Registration has been filed on or prior to the Filing
         Date or (B) notwithstanding that the Issuers have filed the Exchange
         Offer Registration Statement and have consummated or will consummate an
         Exchange Offer, the Issuers are required to file a Shelf Registration
         and such Shelf Registration is not filed on or prior to the 45th day
         after delivery of the Shelf Notice, then, in the case of subclause (A),
         commencing on the day after the Filing Date or, in the case of
         subclause (B), commencing on the 46th day following delivery of the
         Shelf Notice, Additional Interest shall accrue on the Registrable Notes
         over and above the stated interest at a rate of 0.50% per annum for the
         first 90 days immediately following the Filing Date or such 45th day,
         as the case may

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                                        -11-

         be, such Additional Interest rate increasing by an additional 0.25%
         per annum at the beginning of each subsequent 90-day period;

                   (ii) if (A) neither the Exchange Registration Statement nor
         the Initial Shelf Registration is declared effective on or prior to the
         Effectiveness Date applicable thereto or (B) notwithstanding that the
         Issuers have filed the Exchange Offer Registration Statement and have
         consummated or will consummate an Exchange Offer, the Issuers are
         required to file a Shelf Registration and such Shelf Registration is
         not declared effective by the Commission on or prior to the applicable
         Effectiveness Date, then, commencing on the day after such applicable
         Effectiveness Date, Additional Interest shall accrue on the Registrable
         Notes over and above the stated interest at a rate of 0.50% per annum
         for the first 90 days immediately following the day after the
         applicable Effectiveness Date, such Additional Interest rate increasing
         by an additional 0.25% per annum at the beginning of each subsequent
         90-day period; and

                  (iii) if (A) the Issuers have not exchanged Exchange Notes for
         all Notes validly tendered in accordance with the terms of the Exchange
         Offer on or prior to the 180th day after the Issue Date, (B) the
         Exchange Registration Statement ceases to be effective prior to
         consummation of the Exchange Offer or (C) if applicable, a Shelf
         Registration has been declared effective and such Shelf Registration
         ceases to be effective at any time during the Effectiveness Period,
         then Additional Interest shall accrue on the Registrable Notes over and
         above the stated interest at a rate of 0.50% per annum for the first 90
         days commencing on the (x) 181st day after the Issue Date in the case
         of (A) above or (y) the day such Exchange Registration Statement or
         Shelf Registration ceases to be effective in the case of (B) and (C)
         above, such Additional Interest rate increasing by an additional 0.25%
         per annum at the beginning of each such subsequent 90-day period;

PROVIDED, HOWEVER, that the Additional Interest rate on the Registrable Notes
may not exceed in the aggregate 2.0% per annum; PROVIDED FURTHER that (1) upon
the filing of the Exchange Registration Statement or each Shelf Registration (in
the case of (i) above), (2) upon the effectiveness of the Exchange Registration
Statement or each Shelf Registration, as the case may be (in the case of (ii)
above), or (3) upon the exchange of Exchange Notes for all Registrable Notes
tendered (in the case of (iii)(A) above) or upon the effectiveness of an
Exchange Registration Statement or Shelf Registration which had ceased to remain
effective (in the case of (iii)(B) and (C) above), Additional Interest on any
Registrable Notes then accruing Additional Interest as a result of such clause
(or the relevant subclause thereof), as the case may be, shall cease to accrue.

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                                        -12-

                  (b) The Issuers shall notify the Trustee within three Business
Day after each and every date on which an event occurs in respect of which
Additional Interest is required to be paid (an "EVENT DATE"). Any amounts of
Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section
4 will be payable in cash semi-annually on each regular interest payment date
specified in the Indenture (to the Holders of Registrable Notes of record on the
regular record date therefor (as specified in the Indenture) immediately
preceding such dates), commencing with the first such regular interest payment
date occurring after any such Additional Interest commences to accrue. The
amount of Additional Interest will be determined by multiplying the applicable
Additional Interest rate by the principal amount of the Notes subject thereto,
multiplied by a fraction, the numerator of which is the number of days such
Additional Interest rate was applicable during such period (determined on the
basis of a 360-day year comprised of twelve 30-day months), and the denominator
of which is 360.

5.       REGISTRATION PROCEDURES

                  In connection with the filing of any Registration Statement
pursuant to Sections 2 or 3 hereof, each of the Issuers shall use its reasonable
best efforts to effect such registrations to permit the sale of such securities
covered thereby in accordance with the intended method or methods of disposition
thereof, and pursuant thereto and in connection with any Registration Statement
filed by each of the Issuers hereunder, each of the Issuers shall use its
reasonable best efforts to:

                  (a) Prepare and file with the Commission prior to the Filing
Date, the Exchange Registration Statement or if the Exchange Registration
Statement is not filed or is unavailable, a Shelf Registration as prescribed by
Section 2 or 3, and use its best efforts to cause each such Registration
Statement to become effective and remain effective as provided herein; PROVIDED
that, if (1) a Shelf Registration is filed pursuant to Section 3, or (2) a
Prospectus contained in an Exchange Registration Statement filed pursuant to
Section 2 is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period and has advised the Issuers that it is a Participating
Broker-Dealer, before filing any Registration Statement or Prospectus or any
amendments or supplements thereto, the Issuers shall, if requested, furnish to
and afford the Holders of the Registrable Notes to be registered pursuant to
such Shelf Registration or each such Participating Broker-Dealer, as the case
may be, covered by such Registration Statement, their counsel and the managing
underwriters, if any, a reasonable opportunity to review copies of all such
documents (including copies of any documents to be incorporated by reference
therein and all exhibits thereto) proposed to be filed (in each case at least
five Business Days prior to such filing). The Issuers shall not file any such
Registration Statement or Prospectus or any amendments or supplements thereto if
the Holders of a majority in aggregate principal

<PAGE>
                                        -13-

amount of the Registrable Notes covered by such Registration Statement, or any
such Participating Broker-Dealer, as the case may be, their counsel, or the
managing underwriters, if any, shall reasonably object.

                  (b) Prepare and file with the Commission such amendments and
post-effective amendments to each Shelf Registration or Exchange Registration
Statement, as the case may be, as may be necessary to keep such Registration
Statement continuously effective for the Effectiveness Period or the Applicable
Period, as the case may be; cause the related Prospectus to be supplemented, if
requested by the Commission, by any Prospectus supplement required by applicable
law, and as so supplemented to be filed pursuant to Rule 424 (or any similar
provisions then in force) under the Securities Act; and comply with the
provisions of the Securities Act and the Exchange Act applicable to it with
respect to the disposition of all securities covered by such Registration
Statement as so amended or in such Prospectus as so supplemented and with
respect to the subsequent resale of any securities being sold by a Participating
Broker-Dealer covered by any such Prospectus.

                  (c) If (1) a Shelf Registration is filed pursuant to Section
3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period from whom the Issuers have received written notice that it
will be a Participating Broker-Dealer, notify the selling Holders of Registrable
Notes, and each such Participating Broker-Dealer, their counsel and the managing
underwriters, if any, promptly (but in any event within two Business Days), and
confirm such notice in writing, (i) when a Prospectus or any Prospectus
supplement or post-effective amendment has been filed, and, with respect to a
Registration Statement or any post-effective amendment, when the same has become
effective (including in such notice a written statement that any Holder may,
upon request, obtain, without charge, one conformed copy of such Registration
Statement or post-effective amendment including financial statements and
schedules, documents incorporated or deemed to be incorporated by reference and
exhibits), (ii) of the issuance by the Commission of any stop order suspending
the effectiveness of a Registration Statement or of any order preventing or
suspending the use of any preliminary prospectus or the initiation of any
proceedings for that purpose, (iii) if at any time when a prospectus is required
by the Securities Act to be delivered in connection with sales of the
Registrable Notes the representations and warranties of any Issuer contained in
any agreement (including any underwriting agreement contemplated by Section 5(n)
hereof) cease to be true and correct in any material respect, (iv) of the
receipt by any Issuer of any notification with respect to the suspension of the
qualification or exemption from qualification of a Registration Statement or any
of the Registrable Notes or the Exchange Notes to be sold by any Participating
Broker-Dealer for offer or sale in any jurisdiction, or the initiation or
threatening

<PAGE>

                                        -14-

of any proceeding for such purpose, (v) of the happening of any event, the
existence of any condition or any information becoming known that makes any
statement made in such Registration Statement or related Prospectus or any
document incorporated or deemed to be incorporated therein by reference untrue
in any material respect or that requires the making of any changes in, or
amendments or supplements to, such Registration Statement, Prospectus or
documents so that, in the case of the Registration Statement, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading, and that in the case of the Prospectus, it will not contain any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading, and (vi) of the
Issuers' reasonable determination that a post-effective amendment to a
Registration Statement would be appropriate.

                  (d) If (1) a Shelf Registration is filed pursuant to Section
3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, use its best efforts to prevent the issuance of any order
suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of a Prospectus or suspending the qualification
(or exemption from qualification) of any of the Registrable Notes or the
Exchange Notes to be sold by any Participating Broker-Dealer, for sale in any
jurisdiction, and, if any such order is issued, to use its best efforts to
obtain the withdrawal of any such order at the earliest possible date.

                  (e) If a Shelf Registration is filed pursuant to Section 3 and
if requested by the managing underwriters, if any, or the Holders of a majority
in aggregate principal amount of the Registrable Notes being sold in connection
with an underwritten offering, (i) as promptly as practicable incorporate in a
prospectus supplement or post-effective amendment such information or revisions
to information therein relating to such underwriters or selling Holders as the
managing underwriters, if any, or such Holders or their counsel reasonably
request to be included or made therein, (ii) make all required filings of such
prospectus supplement or such post-effective amendment as soon as practicable
after the Issuers have received notification of the matters to be incorporated
in such prospectus supplement or post-effective amendment and (iii) supplement
or make amendments to such Registration Statement to the extent required by law.

                  (f) If (1) a Shelf Registration is filed pursuant to Section
3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is

<PAGE>

                                        -15-

required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period,
furnish to each selling Holder of Registrable Notes and to each such
Participating Broker-Dealer who so requests and to counsel and each managing
underwriter, if any, without charge, one conformed copy of the Registration
Statement or Registration Statements and each post-effective amendment thereto,
including financial statements and schedules, and, if requested, all documents
incorporated or deemed to be incorporated therein by reference and all exhibits.

                  (g) If (1) a Shelf Registration is filed pursuant to Section
3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by
any Participating Broker-Dealer, deliver to each selling Holder of Registrable
Notes or each such Participating Broker-Dealer, as the case may be, their
respective counsel, and the underwriters, if any, without charge, as many copies
of the Prospectus or Prospectuses (including each form of preliminary
prospectus) and each amendment or supplement thereto and, if requested, any
documents incorporated by reference therein as such Persons may reasonably
request; and, subject to the last paragraph of this Section 5, the Issuers
hereby consent to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders of Registrable Notes and each
Participating Broker-Dealer, and the underwriters or agents, if any, and dealers
(if any), in connection with the offering and sale of the Registrable Notes
covered by, or the sale by Participating Broker-Dealers of the Exchange Notes
pursuant to, such Prospectus and any amendment or supplement thereto.

                  (h) Prior to any public offering of Registrable Notes or any
delivery of a Prospectus contained in the Exchange Registration Statement by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, use its best efforts to register or qualify, and cooperate
with the selling Holders of Registrable Notes and each such Participating
Broker-Dealer, the underwriters, if any, and their respective counsel in
connection with the registration or qualification (or exemption from such
registration or qualification) of such Registrable Notes or Exchange Notes, as
the case may be, for offer and sale under the securities or Blue Sky laws of
such jurisdictions within the United States as any selling Holder, Participating
Broker-Dealer, or the managing underwriter or underwriters, if any, reasonably
request in writing; PROVIDED that where Exchange Notes held by Participating
Broker-Dealers or Registrable Notes are offered pursuant to an underwritten
offering, counsel to the underwriters shall, at the cost and expense of the
Issuers in an amount not to exceed $20,000, perform the Blue Sky investigations
and file registrations and qualifications required to be filed pursuant to this
Section 5(h); keep each such registration or qualification (or exemption
therefrom) effective during the period such Registration Statement is required
to be kept effective and do any and all other acts or things reasonably
necessary or advisable to

<PAGE>

                                        -16-

enable the disposition in such jurisdictions of the Exchange Notes by
Participating Broker-Dealers or the Registrable Notes covered by the applicable
Registration Statement; PROVIDED that no Issuer shall be required to (A) qualify
generally to do business or as a dealer in securities in any jurisdiction where
it is not then so qualified, (B) take any action that would subject it to
general service of process in any such jurisdiction where it is not then so
subject or (C) subject itself to taxation in excess of a nominal dollar amount
in any such jurisdiction where it is not then so subject.

                  (i) If a Shelf Registration is filed pursuant to Section 3,
cooperate with the selling Holders of Registrable Notes, any Participating
Broker-Dealer and the managing underwriter or underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing
Registrable Notes to be sold, which certificates shall not bear any restrictive
legends and shall be in a form eligible for deposit with The Depository Trust
Company; and enable such Registrable Notes to be in such denominations and
registered in such names as the managing underwriter or underwriters, if any, or
Holders may reasonably request.

                  (j) Use its best efforts to cause the Registrable Notes
covered by the Registration Statement to be registered with or approved by such
governmental agencies or authorities as may be necessary to enable the seller or
sellers thereof or the underwriters, if any, to consummate the disposition of
such Registrable Notes, in which case the Issuers will cooperate in all
reasonable respects with the filing of such Registration Statement and the
granting of such approvals.

                  (k) If (1) a Shelf Registration is filed pursuant to Section
3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, upon the occurrence of any event contemplated by paragraph
5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to
Section 5(a) hereof) file with the Commission, at the Issuers' sole expense, a
supplement or post-effective amendment to the Registration Statement or a
supplement to the related Prospectus or any document incorporated or deemed to
be incorporated therein by reference, or file any other required document so
that, as thereafter delivered to the purchasers of the Registrable Notes being
sold thereunder or to the purchasers of the Exchange Notes to whom such
Prospectus will be delivered by a Participating Broker-Dealer, any such
Prospectus will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were
made, not misleading.

<PAGE>

                                        -17-

                  (l) Prior to the effective date of the first Registration
Statement relating to the Registrable Notes, (i) provide the Trustee with
printed certificates for the Registrable Notes or the Exchange Notes, as the
case may be, in a form eligible for deposit with the Depository Trust Company
and (ii) provide a CUSIP number for the Registrable Notes or the Exchange Notes,
as the case may be.

                  (m) In connection with an underwritten offering of Registrable
Notes pursuant to a Shelf Registration, enter into an underwriting agreement as
is customary in underwritten offerings of debt securities similar to the Notes
and take all such other actions as are reasonably requested by the managing
underwriter or underwriters in order to expedite or facilitate the registration
or the disposition of such Registrable Notes and, in such connection, (i) make
such representations and warranties to the underwriters, with respect to the
business of the Issuers and their subsidiaries and the Registration Statement,
Prospectus and documents, if any, incorporated or deemed to be incorporated by
reference therein, in each case, as are customarily made by issuers to
underwriters in underwritten offerings of debt securities similar to the Notes,
and confirm the same in writing if and when requested; (ii) obtain the opinion
of counsel to the Issuers and updates thereof in form and substance reasonably
satisfactory to the managing underwriter or underwriters, addressed to the
underwriters covering the matters customarily covered in opinions requested in
underwritten offerings of debt securities similar to the Notes and such other
matters as may be reasonably requested by managing underwriters; (iii) obtain
"cold comfort" letters and updates thereof in form and substance reasonably
satisfactory to the managing underwriter or underwriters from the independent
certified public accountants of the Issuers (and, if necessary, any other
independent certified public accountants of any subsidiary of any Issuer or of
any business acquired by any Issuer for which financial statements and financial
data are, or are required to be, included in the Registration Statement),
addressed to each of the underwriters, such letters to be in customary form and
covering matters of the type customarily covered in "cold comfort" letters in
connection with underwritten offerings of debt securities similar to the Notes
and such other matters as reasonably requested by the managing underwriter or
underwriters; and (iv) if an underwriting agreement is entered into, the same
shall contain indemnification provisions and procedures no less favorable than
those set forth in Section 7 hereof (or such other provisions and procedures
acceptable to Holders of a majority in aggregate principal amount of Registrable
Notes covered by such Registration Statement and the managing underwriter or
underwriters or agents) with respect to all parties to be indemnified pursuant
to said Section. The above shall be done at each closing under such underwriting
agreement, or as and to the extent required thereunder.

                  (n) If (1) a Shelf Registration is filed pursuant to Section
3, or (2) a Prospectus contained in an Exchange Registration Statement filed
pursuant to Section 2 is

<PAGE>

                                        -18-

required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period,
make available for inspection by any selling Holder of such Registrable Notes
being sold, and each Participating Broker-Dealer, any underwriter participating
in any such disposition of Registrable Notes, if any, and any attorney,
accountant or other agent retained by any such selling Holder, each
Participating Broker-Dealer, as the case may be, or underwriter (collectively,
the "INSPECTORS"), at the offices where normally kept, during reasonable
business hours, all financial and other records, pertinent corporate documents
and properties of each Issuer and its subsidiaries (collectively, the "RECORDS")
as shall be reasonably necessary to enable them to exercise any applicable due
diligence responsibilities, and cause the officers, directors and employees of
each Issuer and its subsidiaries to supply all relevant information reasonably
requested by any such Inspector in connection with such Registration Statement.
Records which an Issuer determines, in good faith, to be confidential and any
Records which it notifies the Inspectors are confidential shall not be disclosed
by the Inspectors unless (i) the disclosure of such Records is necessary to
avoid or correct a material misstatement or omission in such Registration
Statement, (ii) the release of such Records is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction, (iii) the information in
such Records has been made generally available to the public other than as a
result of a disclosure or failure to safeguard by such Inspector or (iv)
disclosure of such information is, in the opinion of counsel for any Inspector,
necessary or advisable in connection with any action, claim, suit or proceeding,
directly or indirectly, involving or potentially involving such Inspector and
arising out of, based upon, related to, or involving this Agreement, or any
transactions contemplated hereby or arising hereunder. Each selling Holder of
such Registrable Notes and each Participating Broker-Dealer will be required to
agree in writing that information obtained by it as a result of such inspections
shall be deemed confidential and shall not be used by it as the basis for any
market transactions in the securities of any Issuer unless and until such is
made generally available to the public. Each Inspector, each selling Holder of
such Registrable Notes and each Participating Broker-Dealer will be required to
further agree in writing that it will, upon learning that disclosure of such
Records is sought in a court of competent jurisdiction pursuant to clauses (ii)
or (iv) of the previous sentence or otherwise, promptly give notice to the
Issuers and allow the Issuers at their expense to undertake appropriate action
to obtain a protective order or otherwise prevent disclosure of the Records
deemed confidential.

                  (o) Provide an indenture trustee for the Registrable Notes or
the Exchange Notes, as the case may be, and cause the Indenture or the trust
indenture provided for in Section 2(a), as the case may be, to be qualified
under the TIA not later than the effective date of the Exchange Offer or the
first Registration Statement relating to the Registrable Notes; and in
connection therewith, cooperate with the trustee under any such indenture and
the Holders of the Registrable Notes, to effect such changes to such indenture
as may be required

<PAGE>

                                        -19-

for such indenture to be so qualified in accordance with the terms of the TIA;
and execute, and use its best efforts to cause such trustee to execute, all
documents as may be required to effect such changes, and all other forms and
documents required to be filed with the Commission to enable such indenture to
be so qualified in a timely manner.

                  (p) Comply with all applicable rules and regulations of the
Commission and make generally available to its securityholders earning
statements satisfying the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder (or any similar rule promulgated under the Securities Act)
no later than 45 days after the end of any 12-month period (or 90 days after the
end of any 12-month period if such period is a fiscal year) (i) commencing at
the end of any fiscal quarter in which Registrable Notes are sold to
underwriters in a firm commitment or best efforts underwritten offering and (ii)
if not sold to underwriters in such an offering, commencing on the first day of
the first fiscal quarter of the Company after the effective date of a
Registration Statement, which statements shall cover said 12-month periods.

                  (q) If requested by the Trustee, upon consummation of the
Exchange Offer or a Private Exchange, obtain an opinion of counsel to the
Issuers, in a form customary for underwritten transactions, addressed to the
Trustee for the benefit of all Holders of Registrable Notes participating in the
Exchange Offer or the Private Exchange, as the case may be, that the Exchange
Notes or the Private Exchange Notes, as the case may be, and the related
indenture constitute legally valid and binding obligations of the Issuers,
enforceable against the Company in accordance with their respective terms.

                  (r) If the Exchange Offer or a Private Exchange is to be
consummated, upon delivery of the Registrable Notes by Holders to the Issuers
(or to such other Person as directed by the Company) in exchange for the
Exchange Notes or the Private Exchange Notes, as the case may be, the Issuers
shall mark, or caused to be marked, on such Registrable Notes that such
Registrable Notes are being cancelled in exchange for the Exchange Notes or the
Private Exchange Notes, as the case may be; in no event shall such Registrable
Notes be marked as paid or otherwise satisfied.

                  (s) Cooperate with each seller of Registrable Notes covered by
any Registration Statement and each underwriter, if any, participating in the
disposition of such Registrable Notes and their respective counsel in connection
with any filings required to be made with the NASD.

<PAGE>

                                        -20-

                  (t) Use its best efforts to take all other steps reasonably
necessary to effect the registration of the Registrable Notes covered by a
Registration Statement contemplated hereby.

                  The Issuers may require each seller of Registrable Notes as to
which any registration is being effected to furnish to the Issuers such
information regarding such seller and the distribution of such Registrable Notes
as the Issuers may, from time to time, reasonably request. The Issuers may
exclude from such registration the Registrable Notes of any seller who fails to
furnish such information within a reasonable time after receiving such request.
Each seller as to which any Shelf Registration Statement is being effected
agrees to furnish promptly to the Issuers all information required to be
disclosed in order to make the information previously furnished to the Issuers
by such seller not materially misleading.

                  Each Holder of Registrable Notes and each Participating
Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes
to be sold by such Participating Broker-Dealer, as the case may be, that, upon
receipt of any notice from the Issuers of the happening of any event of the kind
described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi), such Holder will
forthwith discontinue disposition of such Registrable Notes covered by such
Registration Statement or Prospectus or Exchange Notes to be sold by such Holder
or Participating Broker-Dealer, as the case may be, and, in each case,
dissemination of such Prospectus until such Holder's or Participating
Broker-Dealer's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 5(k), or until it is advised in writing (the "ADVICE")
by the Company that the use of the applicable Prospectus may be resumed, and has
received copies of any amendments or supplements thereto. In the event the
Issuers shall give any such notice, the Applicable Period shall be extended by
the number of days during such periods from and including the date of the giving
of such notice to and including the date when each seller of Registrable Notes
covered by such Registration Statement or Exchange Notes to be sold by such
Participating Broker-Dealer, as the case may be, shall have received (x) the
copies of the supplemented or amended Prospectus contemplated by Section 5(k) or
(y) the Advice.

6.       REGISTRATION EXPENSES

                  All fees and expenses incident to the performance of or
compliance with this Agreement by the Issuers shall be borne by the Issuers
whether or not the Exchange Offer or a Shelf Registration is filed or becomes
effective, including, without limitation, (i) all registration and filing fees
(including, without limitation, (A) fees with respect to filings required to be
made with the NASD in connection with an underwritten offering and (B) fees and
expenses of compliance with state securities or Blue Sky laws (including,
without limitation,

<PAGE>

                                        -21-

reasonable fees and disbursements of counsel in an amount not to exceed $20,000
in connection with Blue Sky qualifications of the Registrable Notes or Exchange
Notes and determination of the eligibility of the Registrable Notes or Exchange
Notes for investment under the laws of such jurisdictions (x) where the holders
of Registrable Notes are located, in the case of the Exchange Notes, or (y) as
provided in Section 5(h) hereof, in the case of Registrable Notes or Exchange
Notes to be sold by a Participating Broker-Dealer during the Applicable
Period)), (ii) printing expenses, including, without limitation, expenses of
printing certificates for Registrable Notes or Exchange Notes in a form eligible
for deposit with The Depository Trust Company and of printing prospectuses if
the printing of prospectuses is requested by the managing underwriter or
underwriters, if any, or by the Holders of a majority in aggregate principal
amount of the Registrable Notes included in any Registration Statement or by any
Participating Broker-Dealer, as the case may be, (iii) reasonable messenger,
telephone and delivery expenses incurred in connection with the Exchange
Registration Statement and any Shelf Registration, (iv) reasonable fees and
disbursements of counsel for the Issuers, and (exclusive of any counsel retained
pursuant to Section 7 hereof) fees and disbursements of special counsel for the
Initial Purchasers and the sellers of Registrable Notes not to exceed $20,000,
(v) fees and disbursements of all independent certified public accountants
referred to in Section 5(n)(iii) (including, without limitation, the expenses of
any special audit and "cold comfort" letters required by or incident to such
performance), (vi) rating agency fees, (vii) Securities Act liability insurance,
if the Issuers desire such insurance, (viii) fees and expenses of all other
Persons retained by the Issuers, (ix) internal expenses of the Issuers
(including, without limitation, all salaries and expenses of officers and
employees of the Issuers performing legal or accounting duties), (x) the expense
of any annual or special audit, (xi) the fees and expenses incurred in
connection with any listing of the securities to be registered on any securities
exchange, (xii) the fees and disbursements of underwriters, if any, customarily
paid by issuers or sellers of securities (but not including any underwriting
discounts or commissions or transfer taxes, if any, attributable to the sale of
the Registrable Notes which underwriting discounts and commissions or taxes
shall be paid by Holders of such Registrable Notes) and (xiii) the expenses
relating to printing, word processing and distributing all Registration
Statements, underwriting agreements, securities sales agreements, indentures and
any other documents necessary in order to comply with this Agreement.

7.       INDEMNIFICATION

                  (a) Each of the Issuers jointly and severally agrees to
indemnify and hold harmless each Holder of Registrable Notes and each
Participating Broker-Dealer, the officers, directors, employees and agents of
each such Person, and each Person, if any, who controls any such Person within
the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act (each, a "PARTICIPANT"), from and against any and all losses,
claims, damages

<PAGE>

                                        -22-

and liabilities (including, without limitation, the reasonable legal fees and
other reasonable expenses actually incurred in connection with any suit, action
or proceeding or any claim asserted) caused by, arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus (as amended or supplemented if the Issuers
shall have furnished any amendments or supplements thereto) or caused by,
arising out of or based upon any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not
misleading, except insofar as such losses, claims, damages or liabilities are
caused by any untrue statement or omission or alleged untrue statement or
omission made in reliance upon and in conformity with information relating to
any Participant furnished to the Issuers in writing by or on behalf of such
Participant expressly for use therein; PROVIDED, HOWEVER, that the Issuers shall
not be liable if such untrue statement or omission or alleged untrue statement
or omission was contained or made in any preliminary prospectus and corrected in
the Prospectus or any amendment or supplement thereto and the Prospectus does
not contain any other untrue statement or omission or alleged untrue statement
or omission of a material fact that was the subject matter of the related
proceeding and any such loss, liability, claim, damage or expense suffered or
incurred by the Participants resulted from any action, claim or suit by any
Person who purchased Registrable Notes or Exchange Notes which are the subject
thereof from such Participant and it is established in the related proceeding
that such Participant failed to deliver or provide a copy of the Prospectus (as
amended or supplemented) to such Person with or prior to the confirmation of the
sale of such Registrable Notes or Exchange Notes sold to such Person if required
by applicable law, unless such failure to deliver or provide a copy of the
Prospectus (as amended or supplemented) was a result of noncompliance by the
Issuers with Section 5 of this Agreement.

                  (b) Each Participant, by virtue of its beneficial ownership of
Notes, agrees, severally and not jointly, to indemnify and hold harmless each
Issuer, its directors, managers, officers (including each officer of the Issuers
who signed the Registration Statement), employee and agents and each Person who
controls each Issuer within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act to the same extent as the foregoing indemnity
from the Issuers to each Participant, but only with reference to information
relating to such Participant furnished to the Issuers in writing by or on behalf
of such Participant expressly for use in any Registration Statement or
Prospectus, any amendment or supplement thereto, or any preliminary prospectus.
The liability of any Participant under this paragraph shall in no event exceed
the proceeds received by such Participant from sales of Registrable Notes or
Exchange Notes giving rise to such obligations.

<PAGE>

                                        -23-

                  (c) If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or
asserted against any Person in respect of which indemnity may be sought pursuant
to either of the two preceding paragraphs, such Person (the "INDEMNIFIED
PERSON") shall promptly notify the Person against whom such indemnity may be
sought (the "INDEMNIFYING PERSON") in writing, and the Indemnifying Person, upon
request of the Indemnified Person, shall retain counsel reasonably satisfactory
to the Indemnified Person to represent the Indemnified Person and any others the
Indemnifying Person may reasonably designate in such proceeding and shall pay
the reasonable fees and expenses actually incurred by such counsel related to
such proceeding; PROVIDED, HOWEVER, that the failure to so notify the
Indemnifying Person shall not relieve it of any obligation or liability which it
may have hereunder or otherwise, except to the extent that it is materially
prejudiced by such failure. In any such proceeding, any Indemnified Person shall
have the right to retain its own counsel, but the fees and expenses of such
counsel shall be at the expense of such Indemnified Person unless (i) the
Indemnifying Person and the Indemnified Person shall have mutually agreed in
writing to the contrary, (ii) the Indemnifying Person has failed within a
reasonable time to retain counsel reasonably satisfactory to the Indemnified
Person or (iii) the named parties in any such proceeding (including any
impleaded parties) include both the Indemnifying Person and the Indemnified
Person and counsel for the Indemnified Person shall have reasonably concluded
that there may be one or more legal defenses available to it and/or other
Indemnified Persons such Indemnifying Person. It is understood that, unless
there is a conflict among Indemnified Persons, the Indemnifying Person shall
not, in connection with any proceeding or related proceeding in the same
jurisdiction, be liable for the fees and expenses of more than one separate firm
(in addition to any local counsel) for all Indemnified Persons, and that all
such fees and expenses shall be reimbursed as they are incurred. Any such
separate firm for the Participants and such control Persons of Participants
shall be designated in writing by Participants who sold a majority in interest
of Registrable Notes sold by all such Participants and any such separate firm
for each Issuer, its directors, managers, officers and such control Persons of
each Issuer shall be designated in writing by the Company. The Indemnifying
Person shall not be liable for any settlement of any proceeding effected without
its written consent, but if settled with such consent or if there is a final
non-appealable judgment for the plaintiff, the Indemnifying Person agrees to
indemnify any Indemnified Person from and against any loss or liability by
reason of such settlement or judgment. Notwithstanding the foregoing sentence,
if at any time an Indemnified Person shall have requested an Indemnifying Person
to reimburse the Indemnified Person for reasonable fees and expenses actually
incurred by counsel as contemplated by the third sentence of this paragraph, the
Indemnifying Person agrees that it shall be liable for any settlement of any
proceeding effected without its consent if (i) such settlement is entered into
more than 30 days after receipt by such Indemnifying Person of the aforesaid
request (ii) such Indemnifying Person shall have received notice of a proposed

<PAGE>

                                        -24-

settlement at least 2 business days prior to such settlement being entered into,
and (iii) such Indemnifying Person shall not have reimbursed the Indemnified
Person in accordance with such request prior to the date of such settlement;
PROVIDED, HOWEVER, that the Indemnifying Person shall not be liable for any
settlement effected without its consent pursuant to this sentence if the
Indemnifying Person is contesting, in good faith, the request for reimbursement.
No Indemnifying Person shall, without the prior written consent of the
Indemnified Person, effect any settlement of any pending or threatened
proceeding in respect of which any Indemnified Person is or could have been a
party and indemnity could have been sought hereunder by such Indemnified Person,
unless such settlement (A) includes an unconditional release of such Indemnified
Person, in form and substance satisfactory to such Indemnified Person, from all
liability on claims that are the subject matter of such proceeding and (B) does
not include any statement as to an admission of fault, culpability or failure to
act by or on behalf of an Indemnified Person.

                  (d) If the indemnification provided for in the first and
second paragraphs of this Section 7 is unavailable to, or insufficient to hold
harmless, an Indemnified Person in respect of any losses, claims, damages or
liabilities referred to therein, then each Indemnifying Person under such
paragraphs, in lieu of indemnifying such Indemnified Person thereunder and in
order to provide for just and equitable contribution, shall contribute to the
amount paid or payable by such Indemnified Person as a result of such losses,
claims, damages or liabilities in such proportion as is appropriate to reflect
the relative fault of the Indemnifying Person or Persons on the one hand and the
Indemnified Person or Persons on the other in connection with the statements or
omissions (or alleged statements or omissions) that resulted in such losses,
claims, damages or liabilities (or actions in respect thereof) as well as any
other relevant equitable considerations. The relative fault of the parties shall
be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Issuers on the one hand
or by the Participants or such other Indemnified Person, as the case may be, on
the other, the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission and any other
equitable considerations appropriate under the circumstances.

                  (e) The parties agree that it would not be just and equitable
if contribution pursuant to this Section 7 were determined by PRO RATA
allocation (even if the Participants were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in the immediately preceding paragraph. The
amount paid or payable by an Indemnified Person as a result of the losses,
claims, damages and liabilities referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth
above, any reasonable legal or other expenses

<PAGE>

                                        -25-

actually incurred by such Indemnified Person in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this
Section 7, in no event shall a Participant be required to contribute any amount
in excess of the amount by which proceeds received by such Participant from
sales of Registrable Notes or Exchange Notes, as the case may be, exceeds the
amount of any damages that such Participant has otherwise been required to pay
by reason of such untrue or alleged untrue statement or omission or alleged
omission. No Person guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation.

                  (f) The indemnity and contribution agreements contained in
this Section 7 will be in addition to any liability which the Indemnifying
Persons may otherwise have to the Indemnified Persons referred to above.

8.       RULES 144 AND 144A

                  Each of the Issuers covenants that it will use its reasonable
best efforts to file the reports, if any, required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted by the
Commission thereunder in a timely manner and, if at any time it is not required
to file such reports, it will, upon the request of any Holder of Registrable
Notes, make publicly available other information so long as necessary to permit
sales of such Holder's Registrable Notes pursuant to Rule 144 and Rule 144A
under the Securities Act. The Issuers further covenant, for so long as any
Registrable Notes remain outstanding, to make available to any Holder or
beneficial owner of Registrable Notes in connection with any sale thereof and
any prospective purchaser of such Registrable Notes from such Holder or
beneficial owner, the information required by Rule 144A(d)(4) under the
Securities Act in order to permit resales of such Registrable Notes pursuant to
Rule 144A.

9.       UNDERWRITTEN REGISTRATIONS

                  If any of the Registrable Notes covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker
or investment bankers and manager or managers that will manage the offering will
be selected by the Holders of a majority in aggregate principal amount of such
Registrable Notes included in such offering and must be reasonably acceptable to
the Issuers.

                  No Holder of Registrable Notes may participate in any
underwritten registration hereunder unless such Holder (a) agrees to sell such
Holder's Registrable Notes on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of

<PAGE>

                                        -26-

attorney, indemnities, underwriting agreements, lock-up letters and other
documents required under the terms of such underwriting arrangements.

10.      MISCELLANEOUS

                  (a) REMEDIES. In the event of a breach by any Issuer of any of
its obligations under this Agreement, each Holder of Registrable Notes and each
Participating Broker-Dealer holding Exchange Notes, in addition to being
entitled to exercise all rights provided herein, in the Indenture or, in the
case of an Initial Purchaser, in the Purchase Agreement, or granted by law,
including recovery of damages, will be entitled to specific performance of its
rights under this Agreement. Each Issuer agrees that monetary damages would not
be adequate compensation for any loss incurred by reason of a breach by it of
any of the provisions of this Agreement and hereby further agrees that, in the
event of any action for specific performance in respect of such breach, it shall
waive the defense that a remedy at law would be adequate.

                  (b) NO INCONSISTENT AGREEMENTS. None of the Issuers has
entered, as of the date hereof, and none of the Issuers shall enter, after the
date of this Agreement, into any agreement with respect to any of its securities
that is inconsistent with the rights granted to the Holders of Registrable Notes
in this Agreement or otherwise conflicts with the provisions hereof. None of the
Issuers has entered and none of the Issuers shall enter into any agreement with
respect to any of its securities which will grant to any Person piggy-back
rights with respect to a Registration Statement.

                  (c) ADJUSTMENTS AFFECTING REGISTRABLE NOTES. None of the
Issuers shall, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of the
Holders of Registrable Notes to include such Registrable Notes in a registration
undertaken pursuant to this Agreement.

                  (d) AMENDMENTS AND WAIVERS. The provisions of this Agreement
may not be amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, otherwise than with the
prior written consent of (A) the Holders of not less than a majority in
aggregate principal amount of the then outstanding Registrable Notes and (B) in
circumstances that would adversely affect Participating Broker-Dealers, the
Participating Broker-Dealers holding not less than a majority in aggregate
principal amount of the Exchange Notes held by all Participating Broker-Dealers;
PROVIDED, HOWEVER, that Section 7 and this Section 10(d) may not be amended,
modified or supplemented without the prior written consent of each Holder and
each Participating Broker-Dealer (including any person who was a Holder or
Participating Broker-Dealer of Registrable

<PAGE>

                                        -27-

Notes or Exchange Notes, as the case may be, disposed of pursuant to any
Registration Statement). Notwithstanding the foregoing, a waiver or consent to
depart from the provisions hereof with respect to a matter that relates
exclusively to the rights of Holders of Registrable Notes whose securities are
being tendered pursuant to the Exchange Offer or sold pursuant to a Registration
Statement and that does not directly or indirectly affect, impair, limit or
compromise the rights of other Holders of Registrable Notes may be given by
Holders of at least a majority in aggregate principal amount of the Registrable
Notes being tendered or being sold by such Holders pursuant to such Registration
Statement.

                  (e) NOTICES. All notices and other communications provided for
or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, next-day air courier or telecopier:

                  1. if to a Holder of Registrable Notes or any Participating
         Broker-Dealer, at the most current address of such Holder or
         Participating Broker-Dealer, as the case may be, set forth on the
         records of the registrar under the Indenture, with a copy in like
         manner to the Initial Purchasers as follows:

                           CIBC WORLD MARKETS CORP.
                           c/o CIBC World Markets Corp.
                           425 Lexington Avenue
                           3rd Floor
                           New York, New York  10017
                           Facsimile No.:  (212) 885-4998
                           Attention:  Corporate Finance Department

                  with a copy to:

                           Cahill Gordon & Reindel
                           80 Pine Street
                           New York, New York  10005
                           Facsimile No.:  (212) 269-5420
                           Attention:  Roger Meltzer, Esq.

                  2. if to the Initial Purchasers, at the address specified in
                     Section 10(e)(1);

<PAGE>

                                        -28-

                  3.       if to the Issuers, as follows:

                           Aavid Thermal Technologies, Inc.
                           One Eagle Square
                           Suite 509
                           Concord, NH  03301
                           Facsimile No.:  (603) 227-9338
                           Attention:  General Counsel

                  with copies to:

                           Willis Stein & Partners
                           227 West Monroe Street
                           Suite 4300
                           Chicago, IL  60606
                           Facsimile No.:  (312) 422-2424
                           Attention:  General Counsel

                           Bartlit, Beck, Herman, Palenchar & Scott
                           511 16th Street
                           Suite 700
                           Denver, CO  80202
                           Facsimile No.:  (303) 592-3140
                           Attention:  Thomas Stephens, Esq.

                  All such notices and communications shall be deemed to have
been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; one Business
Day after being timely delivered to a next-day air courier guaranteeing
overnight delivery; and when receipt is acknowledged by the addressee, if
telecopied.

                  Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee
under the Indenture at the address specified in such Indenture.

                  (f) SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties
hereto and the Holders; PROVIDED, HOWEVER, that this Agreement shall not inure
to the benefit of or be binding upon a successor or assign of a Holder unless
and then only to the extent such successor or assign holds Registrable Notes.

<PAGE>

                                        -29-

                  (g) COUNTERPARTS. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

                  (h) HEADINGS. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

                  (i) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO
THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

                  (j) SEVERABILITY. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

                  (k) NOTES HELD BY ANY ISSUER OR ITS AFFILIATES. Whenever the
consent or approval of Holders of a specified percentage of Registrable Notes is
required hereunder, Registrable Notes held by any Issuer or its affiliates (as
such term is defined in Rule 405 under the Securities Act) shall not be counted
in determining whether such consent or approval was given by the Holders of such
required percentage.

                  (l) THIRD PARTY BENEFICIARIES. Holders of Registrable Notes
and Participating Broker-Dealers are intended third party beneficiaries of this
Agreement and this Agreement may be enforced by such Persons.

                  (m) ENTIRE AGREEMENT. This Agreement, together with the
Purchase Agreement and the Indenture, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter

<PAGE>

                                        -30-

contained herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understandings, correspondence,
conversations and memoranda among the Initial Purchasers on the one hand and the
Issuers on the other, or between or among any agents, representatives, parents,
subsidiaries, affiliates, predecessors in interest or successors in interest
with respect to the subject matter hereof and thereof are merged herein and
replaced hereby.

<PAGE>

                                        -31-

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

                                     AAVID THERMAL TECHNOLOGIES, INC.

                                     By: /s/ John W. Mitchell
                                        --------------------------------------
                                     Name:   John W. Mitchell
                                     Title:  Vice President

                                     CIBC WORLD MARKETS CORP.

                                     By: /s/ Fotis Hasiotis
                                        --------------------------------------
                                      Name:  Fotis Hasiotis
                                      Title: Executive Director

                                     FLEETBOSTON ROBERTSON STEPHENS INC.

                                     By: /s/ Timothy C. Shoyer
                                        --------------------------------------
                                      Name:  Timothy C. Shoyer
                                      Title: Managing Director

<PAGE>

                                        -32-

                                      FLUENT HOLDINGS, INC.
                                      AAVID THERMAL PRODUCTS, INC.
                                      THERMALLOY INVESTMENT CO., INC.
                                      THERMALLOY, INC.
                                      AAVID THERMALLOY, LLC
                                      APPLIED THERMAL TECHNOLOGIES, LLC
                                      AAVID THERMALLOY SW, LLC
                                      AAVID THERMALLOY OF TEXAS, LLC

                                      By:       /s/ Bharatan Patel
                                         -------------------------------------
                                             Name:  Bharatan Patel
                                             Title: Chief Executive
                                                    Officer<PAGE>

                                                                    Exhibit 10.3

--------------------------------------------------------------------------------

                        COMMON STOCK REGISTRATION RIGHTS
                                    AGREEMENT

                          Dated as of February 2, 2000

                                      among

                        AAVID THERMAL TECHNOLOGIES, INC.,
                               HEAT HOLDINGS CORP.

                                       and

                          CIBC WORLD MARKETS CORP. and
                      FLEETBOSTON ROBERTSON STEPHENS INC.,
                              as Initial Purchasers

--------------------------------------------------------------------------------

<PAGE>

                  THIS COMMON STOCK REGISTRATION RIGHTS AGREEMENT (the
"AGREEMENT") is made and entered into as of February 2, 2000, among Aavid
Thermal Technologies, Inc., a Delaware corporation (the "COMPANY"), Heat
Holdings Corp., a Delaware corporation (the "INVESTOR"), and CIBC World Markets
Corp. ("CIBC"), and FleetBoston Robertson Stephens Inc. (the "INITIAL
PURCHASERS").

                  This Agreement is made pursuant to the Purchase Agreement,
dated as of January 31, 2000 among the Company and the Initial Purchasers (the
"PURCHASE AGREEMENT"), relating to the sale by the Company to the Initial
Purchasers of an aggregate of 150,000 Units, each Unit consisting of $1,000
principal amount 12 3/4% Senior Subordinated Notes due 2007 of the Company (the
"NOTES") and one (1) Warrant (collectively, "WARRANTS") to purchase initially
 .0004 shares of Class A Common Stock and .0004 shares of Class H Common Stock of
the Company. In order to induce the Initial Purchasers to enter into the
Purchase Agreement, the Company has agreed to provide to the Holders (as defined
herein) the registration rights for the Registrable Securities (as defined
herein) set forth in this Agreement and the Investor has agreed to provide the
Holders, among other things, the tag-along rights for the Warrants and the
Registrable Securities set forth herein. The execution of this Agreement is a
condition to the obligations of the Initial Purchasers to purchase the Units
under the Purchase Agreement.

                  In consideration of the foregoing, the parties hereto agree as
follows:

1.       DEFINITIONS.

                  As used in this Agreement, the following capitalized defined
terms shall have the following meanings:

                  "ADVICE" shall have the meaning ascribed to that term in the
last paragraph of Section 4.

                  "AFFILIATE" of any specified Person shall mean any other
Person which, directly or indirectly, controls, is controlled by, or is under
direct or indirect common control with, such specified Person. For the purposes
of this definition, "control," when used with respect to any Person, means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise, and the terms "affiliated," "controlling" and "controlled" have
meanings correlative to the foregoing.

                  "AGREEMENT" shall have the meaning ascribed to that term in
the preamble hereto.

                  "BUSINESS DAY" shall mean a day that is not a Legal Holiday.

<PAGE>

                                      -2-

                  "CAPITAL STOCK" shall mean, with respect to any Person, any
and all shares, interests, participations, rights in or other equivalents
(however designated and whether voting and/or non-voting) of capital stock,
partnership interests or any other participation, right or other interest in the
nature of an equity interest in such Person or any option, warrant or other
security convertible into or exercisable or exchangeable for any of the
foregoing.

                  "CIBC" shall have the meaning ascribed to that term in the
preamble hereto.

                  "COMMON STOCK" shall mean the Class A Common Stock of the
Company, par value $.0001 per share, and the Class H Common Stock of the
Company, par value $.0001 per share, and any options, warrants or securities
convertible into or exercisable or exchangeable for such common stock.

                  "COMPANY" shall have the meaning ascribed to that term in the
preamble hereto and shall also include the Company's successors.

                  "EFFECTIVENESS PERIOD" shall mean the shorter of (a) 180 days
or (b) such period of time as all of the Subject Equity included in such
Registration Statement shall have been sold thereunder.

                  "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934,
as amended from time to time.

                  "FAIR MARKET VALUE" shall mean the value of any securities as
determined by the Company's Board of Directors in good faith.

                  "HOLDER" shall mean the Initial Purchasers, for so long as
each Initial Purchaser owns any Warrants or Registrable Securities, and each of
their successors, assigns and direct and indirect transferees who become
registered owners of Warrants or Registrable Securities.

                  "INITIAL PUBLIC EQUITY OFFERING" shall mean a primary public
offering (whether or not underwritten, but excluding any offering pursuant to
Form S-8 under the Securities Act or any other publicly registered offering
pursuant to the Securities Act pertaining to an issuance of shares of Common
Stock or securities exercisable therefor under any benefit plan, employee
compensation plan, or employee or director stock purchase plan) of Common Stock
of the Company or the Investor pursuant to an effective registration statement
under the Securities Act in which the Company or the Investor receives aggregate
gross proceeds of at least $50 million.

                  "INITIAL PURCHASERS" shall have the meaning ascribed to that
term in the preamble hereto.

<PAGE>

                                      -3-

                  "INVESTOR" shall have the meaning ascribed to that term in th
e preamble hereto.

                  "LEGAL HOLIDAY" shall mean a Saturday, a Sunday or a day on
which banking institutions in New York, New York are required by law, regulation
or executive order to remain closed.

                  "NOTES" shall have the meaning ascribed to that term in the
preamble hereto.

                  "PARTICIPATING HOLDER" shall have the meaning ascribed to that
term in Section 3.2(a).

                  "PERSON" shall mean an individual, partnership, corporation,
limited liability company, trust or unincorporated organization, or a government
or agency or political subdivision thereof.

                  "PIGGY-BACK REGISTRATION" shall have the meaning ascribed to
that term in Section 2.1.

                  "PROPOSED PURCHASER" shall have the meaning ascribed to that
term in Section 3.2(a).

                  "PROSPECTUS" shall mean the prospectus included in any
Registration Statement (including, without limitation, a prospectus that
discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A promulgated pursuant
to the Securities Act), as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable
Securities covered by such Registration Statement, and all other amendments and
supplements to any such prospectus, including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference, if
any, in such prospectus.

                  "PURCHASE AGREEMENT" shall have the meaning ascribed to that
term in the preamble hereto.

                  "REGISTRABLE SECURITIES" shall mean any of (i) the Common
Stock issued and issuable upon exercise of the Warrants and (ii) any other
securities issued or issuable with respect to the Warrants or Warrant Shares by
way of stock dividend or stock split or in connection with a combination of
shares, recapitalization, merger, consolidation or other reorganization or
otherwise. As to any particular Registrable Securities, such securities shall
cease to be Registrable Securities when (a) a registration statement with
respect to the offering of such securities by the holder thereof shall have been
declared effective under the Securities Act and such securities shall have been
disposed of by such holder pursuant to such registration statement, (b) such
securities have been sold to the public pursuant to, or are eligible for sale to
the

<PAGE>

                                      -4-

public without volume or manner of sale restrictions under, Rule 144(k) (or
any similar provision then in force, but not Rule 144A) promulgated under the
Securities Act, (c) such securities shall have been otherwise transferred and
new certificates for such securities not bearing a legend restricting further
transfer shall have been delivered by the Company or its transfer agent and
subsequent disposition of such securities shall not require registration or
qualification under the Securities Act or any similar state law then in force or
(d) such securities shall have ceased to be outstanding.

                  "REGISTRATION EXPENSES" shall mean all expenses incident to
the Company's performance of or compliance with this Agreement, including,
without limitation, all SEC and stock exchange or National Association of
Securities Dealers, Inc. registration and filing fees and expenses, fees and
expenses of compliance with securities or blue sky laws (including, without
limitation, reasonable fees and disbursements of counsel in connection with blue
sky qualifications of the Registrable Securities), rating agency fees, printing
expenses, messenger, telephone and delivery expenses, fees and disbursements of
counsel for the Company and all independent certified public accountants and any
fees and disbursements of underwriters customarily paid by issuers or sellers of
securities (but not including any underwriting discounts or commissions, fees of
counsel to the Holders or transfer taxes, if any, attributable to the sale of
Subject Equity by Holders of such Subject Equity).

                  "REGISTRATION STATEMENT" shall mean any registration statement
of the Company which covers any of the Subject Equity pursuant to the provisions
of this Agreement and all amendments and supplements to any such Registration
Statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

                  "REQUISITE SHARES" shall mean a number of Warrants, Warrant
Shares and Registrable Securities equivalent to a majority of the Warrant Shares
subject to the originally issued Warrants.

                  "RULE 144" shall mean Rule 144 under the Securities Act, as
such Rule may be amended from time to time, or any similar rule (other than Rule
144A) or regulation hereafter adopted by the SEC providing for offers and sales
of securities made in compliance therewith resulting in offers and sales by
subsequent holders that are not affiliates of an issuer of such securities being
free of the registration and prospectus delivery requirements of the Securities
Act.

                  "RULE 144A" shall mean Rule 144A under the Securities Act, as
such Rule may be amended from time to time.

                  "SEC" shall mean the Securities and Exchange Commission.

<PAGE>

                                      -5-

                  "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended from time to time.

                  "STOCKHOLDERS AGREEMENT" shall mean that certain Securities
Holders' Agreement dated February 2, 2000 by and among the Investor, Heat
Holdings II Corp. and all of the Investor's stockholders.

                  "SUBJECT EQUITY" shall mean the Warrants, Warrant Shares and
Registrable Securities.

                  "TAG-ALONG NOTICE" shall have the meaning ascribed to that
term in Section 3.2(a).

                  "TAG-ALONG RIGHT" shall have the meaning ascribed to that term
in Section 3.2(a).

                  "TRANSFER" shall have the meaning ascribed to that the term in
Section 3.2(a).

                  "TRANSFER NOTICE" shall have the meaning ascribed to that term
in Section 3.2(a).

                  "WARRANTS" shall have the meaning ascribed to that term in the
preamble hereto.

                  "WARRANT SHARES" shall mean the shares of Common Stock issued
and issuable upon exercise of the Warrants and any other securities issued or
issuable with respect to the Warrants by way of stock dividend, stock split or
in connection with a combination of shares, recapitalization, merger,
consolidation or other reorganization or otherwise.

                  "WITHDRAWAL ELECTION" shall have the meaning ascribed to that
term in Section 2.2(c).

2.       REGISTRATION RIGHTS.

                  2.1. PIGGY-BACK REGISTRATION. If at any time the Company
proposes to file a Registration Statement under the Securities Act with respect
to an offering by the Company for its own account or for the account of any of
its respective securityholders covering the sale of Common Stock (other than (a)
a registration statement on Form S-4 or S-8 or any similar or successor form or
in connection with a registration the primary purpose of which is to register
debt securities (I.E., in connection with a so-called "equity kicker"), or (b) a
registration statement filed in connection with an offer of securities solely to
the Company's existing securityholders) for sale on the same terms and
conditions as the securities of the Company or any other selling securityholder
included therein, then the Company shall give written notice of

<PAGE>

                                      -6-

such proposed filing to the Holders of Registrable Securities as soon as
practicable (but in no event less than 10 Business Days before the
anticipated filing date), and such notice shall offer such Holders the
opportunity to register such number of Registrable Securities as each such
Holder may request (which request shall specify the Registrable Securities
intended to be disposed of by such Holder and the intended method of
distribution thereof) (a "PIGGY-BACK REGISTRATION"). The Company shall use
its commercially reasonable efforts to cause the managing underwriter or
underwriters of such proposed underwritten offering to permit the Registrable
Securities requested to be included in a Piggy-Back Registration to be
included on the same terms and conditions as any similar securities of the
Company or any other securityholder included therein and to permit the sale
or other disposition of such Registrable Securities in accordance with the
intended method of distribution thereof. Any Holder shall have the right to
withdraw its request for inclusion of its Registrable Securities in any
Registration Statement pursuant to this Section 2.2 by giving written notice
to the Company of its request to withdraw. The Company may withdraw a
Piggy-Back Registration at any time prior to the time it becomes effective;
PROVIDED that the Company shall give prompt notice thereof to participating
Holders. The Company will pay all Registration Expenses in connection with
each registration of Registrable Securities requested pursuant to this
Section 2.1, and each Holder shall pay all underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition
of such Holder's Registrable Securities pursuant to a registration statement
effected pursuant to this Section 2.1.

                  No failure to effect a registration under this Section 2.1 and
to complete the sale of Registrable Securities in connection therewith shall
relieve the Company of any other obligation under this Agreement.

                  2.2. REDUCTION OF PIGGY-BACK REGISTRATION. (a) If the lead
managing underwriter of any underwritten offering described in Section 2.1 has
informed, in writing, the Holders of the Registrable Securities requesting
inclusion in such offering that it is its view that the total number of
securities which the Company, the Holders and any other Persons desiring to
participate in such registration intend to include in such offering exceeds the
number which can be sold in an orderly manner within a price range acceptable to
the Company and without adversely affecting the marketability of the offering,
then the securities the Company proposes to sell shall first be included in such
offering, and then the number of Registrable Securities to be offered for the
account of such Holders and the number of such securities to be offered for the
account of all such other Persons (other than the Company) participating in such
registration shall be reduced or limited PRO RATA in proportion to the
respective number of securities owned by the participating Persons to the extent
necessary to reduce the total number of securities requested to be included in
such offering to the number of securities, if any, recommended by such lead
managing underwriter.

<PAGE>

                                      -7-

                  (b) If the lead managing underwriter of any underwritten
offering described in Section 2.1 notifies the Holders requesting inclusion of
Registrable Securities in such offering that the kind of securities that such
Holders, the Company and any other Persons desiring to participate in such
registration intend to include in such offering is such as to materially and
adversely affect the success of such offering, (x) the Registrable Securities to
be included in such offering shall be reduced as described in clause (a) above
or (y) if a reduction in the Registrable Securities pursuant to clause (a) above
would, in the judgment of the lead managing underwriter, be insufficient to
substantially eliminate the adverse effect that inclusion of the Registrable
Securities requested to be included would have on such offering, such
Registrable Securities will be excluded from such offering.

                  (c) If, as a result of the proration provisions of this
Section 2.2, any Holder shall not be entitled to include all Registrable
Securities in a Piggy-Back Registration that such Holder has requested to be
included, such Holder may elect to withdraw his request to include Registrable
Securities in such registration (a "WITHDRAWAL ELECTION"); PROVIDED that a
Withdrawal Election shall be irrevocable and, after making a Withdrawal
Election, a Holder shall no longer have any right to include Registrable
Securities in the registration as to which such Withdrawal Election was made.

3.       TRANSFERS.

                  3.1. GENERALLY. All Subject Equity at any time and from time
to time outstanding shall be held subject to the conditions and restrictions set
forth in this Section 3. All shares of Capital Stock now or hereafter held by
the Investor shall be held subject to the conditions and restrictions set forth
in this Section 3. Each Holder of Subject Equity and the Investor by executing
this Agreement or by accepting a certificate representing Capital Stock or other
indicia of ownership therefor from the Company agree with the Company and with
each other Stockholder to such conditions and restrictions.

                  3.2. TAG-ALONG RIGHTS. (a) Prior to an Initial Public Equity
Offering, each of the Holders of Subject Equity shall have the right (the
"TAG-ALONG RIGHT") to require the Proposed Purchaser (as defined below) to
purchase from each of them all (subject to (c) below) Subject Equity owned by
such Holder in the event of any proposed direct or indirect sale or other
disposition (collectively, a "TRANSFER") of Capital Stock of the Company or
Capital Stock of the Investor (whether now or hereafter issued) to any Person or
Persons (such other Person or Persons being hereinafter referred to as the
"PROPOSED PURCHASER") by the Investor or any of its Affiliates in any
transaction or series of related transactions of the Company's Common Stock
representing 25% or more of the aggregate number of shares of common stock of
the Company owned by the Investor on the date hereof or more than 25% of the
common stock of the Investor (other than sales in a bona fide public offering
pursuant to an effective registration statement under the Securities Act, sales
to the public pursuant to the

<PAGE>

                                      -8-

provisions of Rule 144 (or any similar rule or rules then in effect) under
the Securities Act, transfers to the Investor or one or more of its
stockholders pursuant to the right of first refusal contained in Section
3.1(b) of the Stockholders Agreement and transfers to Affiliates and certain
other transfers permitted by Section 3.1(d) of the Stockholders Agreement).
Any Investor proposing a transfer which triggers the rights under this
Section 3.2(a) shall notify, or cause to be notified, each Holder of Subject
Equity in writing (a "TRANSFER NOTICE") of each such proposed Transfer at
least 10 Business Days prior to the date thereof. Such notice shall set
forth: (a) the name of the Proposed Purchaser and the number of shares of
Common Stock and other securities, if any, proposed to be transferred, (b)
the proposed amount of consideration and terms and conditions of payment
offered by such Proposed Purchaser (if the proposed consideration is not
cash, the Transfer Notice shall describe the terms of the proposed
consideration) and (c) that either the Proposed Purchaser has been informed
of the "Tag-Along Right" and has agreed to purchase Subject Equity in
accordance with the terms hereof or that the Investor or any of its
Affiliates will make such purchase. The Tag-Along Right may be exercised by
any Holder of Subject Equity by delivery of a written notice to the Investor
who delivered the Transfer Notice ("TAG-ALONG NOTICE"), within 5 Business
Days of receipt of the Transfer Notice, indicating its election to exercise
the Tag-Along Right (the "PARTICIPATING HOLDERS"). The Tag-Along Notice shall
state the amounts of Subject Equity that such Holder proposes to include in
such Transfer to the Proposed Purchaser. Failure by any Holder to provide a
Tag-Along Notice within the 5 Business Day notice period shall be deemed to
constitute an election by such Holder not to exercise its Tag-Along Right.
The closing with respect to any sale to a Proposed Purchaser pursuant to this
Section shall be held at the time and place specified in the Transfer Notice.
Consummation of the sale of Common Stock by the Investor or any of its
Affiliates to a Proposed Purchaser shall be conditioned upon consummation of
the sale by each Participating Holder to such Proposed Purchaser (or the
Investor) of the Subject Equity entitled to be transferred as described in
(c) below, if any. Additionally:

                  (b) In the event that the Proposed Purchaser does not purchase
Subject Equity entitled to be transferred as described in (c) below, on the same
terms and conditions as purchased from the Investor or any of its Affiliates,
then the Investor or to its Affiliates shall purchase such Subject Equity if the
Transfer occurs.

                  (c) Each Holder shall have the right to require the Proposed
Purchaser to purchase from such Holder that percentage of the aggregate number
of shares of Common Stock desired to be transferred by such Holder equal to a
fraction, expressed as a percentage, equal to (i) if the transaction is a sale
of Capital Stock of the Company, the percentage of the Investor's Capital Stock
of the Company being sold by the Investor, or (ii) if the transaction is a sale
of Capital Stock of the Investor, the percentage of the Investor's Capital Stock
being sold by the parties to the Stockholders Agreement.

<PAGE>

                                      -9-

                  (d) Any Subject Equity purchased from the Participating
Holders pursuant to this Section 3.2 shall be paid for in the same type of
consideration and at the same price per share of Common Stock and upon the same
terms and conditions of such proposed Transfer of Common Stock by the Investor
and/or any of its Affiliates. The price per Warrant to be paid by the Proposed
Purchaser shall be reduced by the exercise price of such Warrant per share. If
the Subject Equity to be purchased includes securities or property other than
Common Stock, the price to be paid for such securities or property shall be the
same price per share or other denomination paid by the Proposed Purchaser for
like securities purchased from the Investor or any of its Affiliates. If the
securities being purchased in the transaction consist of Capital Stock of the
Investor, the price paid to the Participating Holders shall be appropriately
adjusted to reflect the Investor's relative ownership of the Company and the
price paid to the Investor's Affiliates in the transaction. The Investor shall
arrange for payment directly by the Proposed Purchaser to each Participating
Holder, upon delivery of the certificate or certificates representing the
Warrants and/or Registrable Securities duly endorsed for transfer, together with
such other documents as the Proposed Purchaser may reasonably request.

                  (e) If the sale of Common Stock by the Investor or its
Affiliates and the sale of the Subject Equity entitled to be transferred as
provided above have not been completed in accordance with the terms of the
Proposed Purchaser's offer, all certificates representing such Subject Equity
shall be returned to the Participating Holders, and all the restrictions on
Transfer contained in this Agreement with respect to Common Stock owned by the
Investor and its Affiliates shall remain in effect.

                  (f) If the Investor proposing the Transfer intends to Transfer
a strip of two or more classes of shares and any Participating Holder holds all
such classes, such Participating Holder may only participate in such Transfer if
such Participating Holder participates with respect to all such classes of
shares.

                  (g) Each Participating Holder shall be required to bear its
PRO RATA share (based upon the number of shares sold) of the expenses incurred
by the transferring stockholders in connection with such transaction to the
extent such costs are incurred for the benefit of all such stockholders and are
not otherwise paid by the Company or the Proposed Purchaser.

                  3.3. DRAG-ALONG RIGHTS. If at any time prior to an Initial
Public Equity Offering, (i) the Investor and/or any of its Affiliates determines
to sell all or substantially all of the Capital Stock of the Company owned by it
to a Person other than the Investor or an Affiliate of the Investor, or (ii) the
stockholders of the Investor determine to sell all or substantially all of the
Capital Stock of the Investor to a Person other than the Investor or an
Affiliate of the Investor, then the Investor (whether directly or through an
Affiliate) shall have the right to require the Holders of Subject Equity to sell
such Subject Equity to such transferee; PROVIDED

<PAGE>

                                      -10-

that the consideration to be received by the Holders of Subject Equity shall
be the same type of consideration received by the Investor and its
Affiliates. Any Warrants and/or Registrable Securities purchased from the
Holders thereof pursuant to this Section 3.3 shall be paid for at the same
price per share of Common Stock and upon the same terms and conditions of
such proposed transfer of Common Stock or other securities by the Investor
and its Affiliates. The price per Warrant to be paid by the Proposed
Purchaser shall be reduced by the exercise price of such Warrant per share.
If the Subject Equity to be purchased includes securities other than Common
Stock, the price to be paid for such securities shall be the same price per
share or other denomination paid by the Proposed Purchaser for like
securities purchased from the Investor and its Affiliates or, if like
securities are not purchased from the Investor and its Affiliates, the Fair
Market Value of such securities.

4.       REGISTRATION PROCEDURES.

                  In connection with the obligations of the Company with respect
to any Registration Statement pursuant to Section 2.1 hereof, the Company shall:

                  (a) A reasonable period of time prior to the initial filing of
         a Registration Statement or Prospectus and a reasonable period of time
         prior to the filing of any amendment or supplement thereto (including
         any document that would be incorporated or deemed to be incorporated
         therein by reference), furnish to the Initial Purchasers and the
         managing underwriters, if any, copies of all such documents proposed to
         be filed, which documents (other than those incorporated or deemed to
         be incorporated by reference) will be subject to the review of such
         Holders, and such underwriters, if any, and cause the officers and
         directors of the Company, counsel to the Company and independent
         certified public accountants to the Company to respond to such
         reasonable inquiries as shall be necessary, in the opinion of counsel
         to such underwriters, to conduct a reasonable investigation within the
         meaning of the Securities Act; PROVIDED that the foregoing inspection
         and information gathering shall be coordinated on behalf of the Initial
         Purchasers by CIBC;

                  (b) Prepare and file with the SEC such amendments, including
         post-effective amendments, to each Registration Statement as may be
         necessary to keep such Registration Statement continuously effective
         for the applicable time period required hereunder; cause the related
         Prospectus to be supplemented by any required Prospectus supplement,
         and as so supplemented to be filed pursuant to Rule 424 under the
         Securities Act; and comply with the provisions of the Securities Act
         and the Exchange Act with respect to the disposition of all securities
         covered by such Registration Statement during such period in accordance
         with the intended methods of disposition by the sellers thereof set
         forth in such Registration Statement as so amended or in such
         Prospectus as so supplemented;

<PAGE>

                                      -11-

                  (c) Notify the holders of Registrable Securities to be sold
         and the managing underwriters, if any, promptly, and (if requested by
         any such person), confirm such notice in writing, (i)(A) when a
         Prospectus or any Prospectus supplement or post-effective amendment is
         proposed to be filed, and (B) with respect to a Registration Statement
         or any post-effective amendment, when the same has become effective,
         (ii) of any request by the SEC or any other Federal or state
         governmental authority for amendments or supplements to a Registration
         Statement or related Prospectus or for additional information, (iii) of
         the issuance by the SEC, any state securities commission, any other
         governmental agency or any court of any stop order, order or injunction
         suspending or enjoining the use of a Prospectus or the effectiveness of
         a Registration Statement or the initiation of any proceedings for that
         purpose, (iv) of the receipt by the Company of any notification with
         respect to the suspension of the qualification or exemption from
         qualification of any of the Registrable Securities for sale in any
         jurisdiction, or the initiation or threatening of any proceeding for
         such purpose, and (v) of the happening of any event or information
         becoming known that makes any statement made in a Registration
         Statement or related Prospectus or any document incorporated or deemed
         to be incorporated therein by reference untrue in any material respect
         or that requires the making of any changes in such Registration
         Statement, Prospectus or documents so that it will not contain any
         untrue statement of a material fact or omit to state any material fact
         required to be stated therein or necessary to make the statements
         therein, not misleading, and that in the case of a Prospectus, it will
         not contain any untrue statement of a material fact or omit to state
         any material fact required to be stated therein or necessary to make
         the statements therein, in light of the circumstances under which they
         were made, not misleading;

                  (d) Use its reasonable best efforts to avoid the issuance of
         or, if issued, obtain the withdrawal of any order enjoining or
         suspending the use of a Prospectus or the effectiveness of a
         Registration Statement or the lifting of any suspension of the
         qualification (or exemption from qualification) of any of the
         Registrable Securities for sale in any jurisdiction, at the earliest
         practicable moment;

                  (e) If requested by the managing underwriters, if any, (i)
         promptly incorporate in a Prospectus supplement or post-effective
         amendment such information as the managing underwriters, if any
         reasonably believe should be included therein, and (ii) make all
         required filings of such Prospectus supplement or such post-effective
         amendment under the Securities Act as soon as practicable after the
         Company has received notification of the matters to be incorporated in
         such Prospectus supplement or post-effective amendment; PROVIDED,
         HOWEVER, that the Company shall not be required to take any action
         pursuant to this Section 4(e) that would, in the opinion of counsel for
         the Company, violate applicable law;

<PAGE>

                                      -12-

                  (f) Upon written request to the Company, furnish to each
         Holder of Registrable Securities to be sold pursuant to a Registration
         Statement and each managing underwriter, if any, without charge, at
         least one conformed copy of such Registration Statement and each
         amendment thereto, including financial statements and schedules, all
         documents incorporated or deemed to be incorporated therein by
         reference, and all exhibits to the extent requested (including those
         previously furnished or incorporated by reference) as soon as
         practicable after the filing of such documents with the SEC;

                  (g) Deliver to each Holder of Registrable Securities to be
         sold pursuant to a Registration Statement, and the underwriters, if
         any, without charge, as many copies of the Prospectus (including each
         form of prospectus) and each amendment or supplement thereto as such
         persons reasonably request; and the Company hereby consents to the use
         of such Prospectus and each amendment or supplement thereto by each of
         the selling Holders of Registrable Securities and the underwriters, if
         any, in connection with the offering and sale of the Registrable
         Securities covered by such Prospectus and any amendment or supplement
         thereto;

                  (h) Prior to any public offering of Registrable Securities,
         use its reasonable best efforts to register or qualify or cooperate
         with the Holders of Registrable Securities to be sold, the
         underwriters, if any, and their respective counsel in connection with
         the registration or qualification (or exemption from such registration
         or qualification) of such Registrable Securities for offer and sale
         under the securities or Blue Sky laws of such jurisdictions as any such
         Holder or underwriter reasonably requests in writing; use its
         reasonable best efforts to keep each such registration or qualification
         (or exemption therefrom) effective during the period such Registration
         Statement is required to be kept effective hereunder and do any and all
         other acts or things necessary or advisable to enable the disposition
         in such jurisdictions of the Registrable Securities covered by the
         applicable Registration Statement; PROVIDED, HOWEVER, that the Company
         shall not be required to (i) qualify generally to do business in any
         jurisdiction where it is not then so qualified or (ii) take any action
         which would subject it to general service of process or to taxation in
         any jurisdiction where they are not so subject;

                  (i) In connection with any sale or transfer of Registrable
         Securities that will result in such securities no longer being
         Registrable Securities, cooperate with the Holders thereof and the
         managing underwriters, if any, to facilitate the timely preparation and
         delivery of certificates representing Registrable Securities to be
         sold, which certificates shall not bear any restrictive legends and
         shall be in a form eligible for deposit with The Depository Trust
         Company and to enable such Registrable Securities to be in such
         denominations and registered in such names as the managing
         underwriters, if any, or such Holders may request at least two Business
         Days prior to any sale of Registrable Securities;

<PAGE>

                                      -13-

                  (j) Upon the occurrence of any event contemplated by Section
         4(c)(v), as promptly as practicable, prepare a supplement or amendment,
         including, if appropriate, a post-effective amendment, to each
         Registration Statement or a supplement to the related Prospectus or any
         document incorporated or deemed to be incorporated therein by
         reference, and file any other required document so that, as thereafter
         delivered, such Prospectus will not contain an untrue statement of a
         material fact or omit to state a material fact required to be stated
         therein or necessary to make the statements therein, in light of the
         circumstances under which they were made, not misleading;

                  (k) Enter into such agreements (including an underwriting
         agreement in form, scope and substance as is customary in underwritten
         offerings) and take all such other reasonable actions in connection
         therewith (including those reasonably requested by the managing
         underwriters, if any, or the Holders of a majority of the Registrable
         Securities being sold) in order to expedite or facilitate the
         disposition of such Registrable Securities, and, whether or not an
         underwriting agreement is entered into and whether or not the
         registration is an underwritten registration, (i) make such
         representations and warranties to the Holders of such Registrable
         Securities and the underwriters, if any, with respect to the business
         of the Company and its subsidiaries (including with respect to
         businesses or assets acquired or to be acquired by any of them), and
         the Registration Statement, Prospectus and documents, if any,
         incorporated or deemed to be incorporated by reference therein, in each
         case, in form, substance and scope as are customarily made by issuers
         to underwriters in underwritten offerings, and confirm the same if and
         when requested; (ii) obtain opinions of counsel to the Company and
         updates thereof (which counsel and opinions (in form, scope and
         substance) shall be reasonably satisfactory to the managing
         underwriters, if any, addressed to each selling Holder of Registrable
         Securities (if so requested by them) and each of the underwriters, if
         any), covering the matters customarily covered in opinions requested in
         underwritten offerings and such other matters as may be reasonably
         requested by such underwriters; (iii) use their reasonable best efforts
         to obtain customary "cold comfort" letters and updates thereof from the
         independent certified public accountants of the Company (and, if
         necessary, any other independent certified public accountants of any
         subsidiary of the Company or of any business acquired by the Company
         for which financial statements and financial data is, or is required to
         be, included in the Registration Statement), addressed (where
         reasonably possible) to each selling Holder of Registrable Securities
         (if so requested by them) and each of the underwriters, if any, such
         letters to be in customary form and covering matters of the type
         customarily covered in "cold comfort" letters in connection with
         underwritten offerings; (iv) if an underwriting agreement is entered
         into, the same shall contain indemnification provisions and procedures
         no less favorable to the selling Holders and the underwriters, if any,
         than those set forth in Section 5 hereof (or such other provisions and
         procedures

<PAGE>

                                      -14-

         acceptable to Holders of a majority of Registrable Securities
         covered by such Registration Statement and the managing underwriters,
         if any); and (v) deliver such documents and certificates as may be
         reasonably requested by the Holders of a majority of the Registrable
         Securities being sold and the managing underwriters, if any, to
         evidence the continued validity of the representations and warranties
         made pursuant to clause (i) above and to evidence compliance with any
         customary conditions contained in the underwriting agreement or other
         agreement entered into by the Company;

                  (l) Make available for inspection by a representative of the
         Initial Purchasers selling Registrable Securities, any underwriter
         participating in any such disposition of Registrable Securities, and
         any attorney, consultant or accountant retained by such Initial
         Purchasers or underwriter, at the offices where normally kept, during
         reasonable business hours, all financial and other records, pertinent
         corporate documents and properties of the Company and its subsidiaries
         (including with respect to businesses and assets acquired or to be
         acquired to the extent that such information is available to the
         Company), and cause the officers, directors, agents and employees of
         the Company and its subsidiaries (including with respect to businesses
         and assets acquired or to be acquired to the extent that such
         information is available to the Company) to supply all information in
         each case reasonably requested by any such representative, underwriter,
         attorney, consultant or accountant in connection with such Registration
         Statement; PROVIDED, HOWEVER, that such persons shall first agree in
         writing with the Company that any information that is reasonably and in
         good faith designated by the Company in writing as confidential at the
         time of delivery of such information shall be kept confidential by such
         Persons, unless (i) disclosure of such information is required by court
         or administrative order or is necessary to respond to inquiries of
         regulatory authorities, (ii) disclosure of such information is required
         by law (including any disclosure requirements pursuant to Federal
         securities laws in connection with the filing of the Registration
         Statement or the use of any Prospectus), (iii) such information becomes
         generally available to the public other than as a result of a
         disclosure or failure to safeguard such information by such Person or
         (iv) such information becomes available to such Person from a source
         other than the Company and its subsidiaries and such source is not
         bound by a confidentiality agreement; and PROVIDED, FURTHER, that the
         foregoing inspection and information gathering shall be coordinated on
         behalf of the Initial Purchasers by CIBC;

                  (m) Comply with all applicable rules and regulations of the
         SEC and make generally available to their securityholders earning
         statements satisfying the provisions of Section 11(a) of the Securities
         Act and Rule 158 under the Securities Act, no later than 60 days after
         the end of any 12-month period (or 135 days after the end of any
         12-month period if such period is a fiscal year) (i) commencing at the
         end of any fiscal quarter in which Registrable Securities are sold to
         underwriters in a firm commitment

<PAGE>

                                      -15-

         or reasonable efforts underwritten offering and (ii) if not sold
         to underwriters in such an offering, commencing on the first day
         of the first fiscal quarter after the effective date of a
         Registration Statement, which statement shall cover said period,
         consistent with the requirements of Rule 158 under the Securities
         Act; and

                  (n) Cooperate with each seller of Registrable Securities
         covered by any Registration Statement and each underwriter, if any,
         participating in the disposition of such Registrable Securities and
         their respective counsel in connection with any filings required to be
         made with the National Association of Securities Dealers, Inc.

                  The Company may require a Holder of Registrable Securities to
be included in a Registration Statement to furnish to the Company such
information regarding (i) the intended method of distribution of such
Registrable Securities, (ii) such Holder and (iii) the Registrable Securities
held by such Holder as is required by law to be disclosed in such Registration
Statement and the Company may exclude from such Registration Statement the
Registrable Securities of any Holder who unreasonably fails to furnish such
information within a reasonable time after receiving such request.

                  If any such Registration Statement refers to any Holder by
name or otherwise as the Holder of any securities of the Company, then such
Holder shall have the right to require (i) the insertion therein of language, in
form and substance reasonably satisfactory to such Holder, to the effect that
the holding by such Holder of such securities is not to be construed as a
recommendation by such Holder of the investment quality of the Company's
securities covered thereby and that such holding does not imply that such Holder
will assist in meeting any future financial requirements of the Company, or (ii)
in the event that such reference to such Holder by name or otherwise is not
required by the Securities Act, the deletion of the reference to such Holder in
any amendment or supplement to the Registration Statement filed or prepared
subsequent to the time that such reference ceases to be required.

                  Each Holder of Registrable Securities agrees by acquisition of
such Registrable Securities that, upon receipt of any notice from the Company of
the happening of any event of the kind described in Section 4(c)(ii), 4(c)(iii),
4(c)(iv) or 4(c)(v) hereof, such Holder will forthwith discontinue disposition
of such Registrable Securities covered by such Registration Statement or
Prospectus until such Holder's receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 4(j) hereof, or until it is advised
in writing (the "ADVICE") by the Company that the use of the applicable
Prospectus may be resumed, and, in either case, has received copies of any
additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such Prospectus. If the Company shall give any such
notice, the Effectiveness Period shall be extended by the number of days during
such period from and including the date of the giving of such notice to and
including the date when each Holder of Registrable Securities covered by such
Registration Statement shall have

<PAGE>

                                      -16-

received (x) the copies of the supplemented or amended Prospectus
contemplated by Section 4(j) hereof or (y) the Advice, and, in either case,
has received copies of any additional or supplemental filings that are
incorporated or deemed to be incorporated by reference in such Prospectus.

5.       INDEMNIFICATION AND CONTRIBUTION.

                  (a) The Company shall indemnify and hold harmless the Initial
Purchasers, each Holder, each underwriter who participates in an offering of
Registrable Securities, their respective Affiliates, each Person, if any, who
controls any of such parties within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act and each of their respective directors,
officers, employees and agents, as follows:

                    (i) against any and all loss, liability, claim, damage and
         expense whatsoever, joint or several, as incurred, arising out of any
         untrue statement or alleged untrue statement of a material fact
         contained in any Registration Statement (or any amendment thereto),
         covering Registrable Securities, including all documents incorporated
         therein by reference, or the omission or alleged omission therefrom of
         a material fact required to be stated therein or necessary to make the
         statements therein, in the light of the circumstances under which they
         were made, not misleading or arising out of any untrue statement or
         alleged untrue statement of a material fact contained in any Prospectus
         (or any amendment or supplement thereto) or the omission or alleged
         omission therefrom of a material fact necessary in order to make the
         statements therein, in the light of the circumstances under which they
         were made, not misleading;

                   (ii) against any and all loss, liability, claim, damage and
         expense whatsoever, joint or several, as incurred, to the extent of the
         aggregate amount paid in settlement of any litigation, or any
         investigation or proceeding by any court or governmental agency or
         body, commenced or threatened, or of any claim whatsoever based upon
         any such untrue statement or omission, or any such alleged untrue
         statement or omission, if such settlement is effected with the prior
         written consent of the Company; and

                  (iii) against any and all expenses whatsoever, as incurred
         (including reasonable fees and disbursements of counsel chosen by
         CIBC), reasonably incurred in investigating, preparing or defending
         against any litigation, or any investigation or proceeding by any court
         or governmental agency or body, commenced or threatened, or any claim
         whatsoever based upon any such untrue statement or omission, or any
         such alleged untrue statement or omission, to the extent that any such
         expense is not paid under subparagraph (i) or (ii) of this Section
         5(a);

<PAGE>

                                      -17-

PROVIDED that this indemnity does not apply to any loss, liability, claim,
damage or expense to the extent arising out of an untrue statement or omission
or alleged untrue statement or omission (i) made in reliance upon and in
conformity with written information furnished to the Company by such Holder or
any underwriter in writing expressly for use in the Registration Statement (or
any amendment thereto) or any Prospectus (or any amendment or supplement
thereto) or (ii) contained in any preliminary prospectus if such Holder or such
underwriter failed to send or deliver a copy of the Prospectus (in the form it
was first provided to such parties for confirmation of sales) to the Person
asserting such losses, claims, damages or liabilities on or prior to the
delivery of written confirmation of any sale of securities covered thereby to
such Person in any case where such delivery is required by the Securities Act
and such Prospectus would have corrected such untrue statement or omission. Any
amounts advanced by the Company to an indemnified party pursuant to this Section
5 as a result of such losses shall be returned to the Company if it shall be
finally determined by such a court in a judgment not subject to appeal or final
review that such indemnified party was not entitled to indemnification by the
Company.

                  (b) By accepting the benefits of this Agreement, each Holder
agrees, severally and not jointly, to indemnify and hold harmless the Company,
each Initial Purchaser, each underwriter who participates in an offering of
Registrable Securities and the other selling Holders and each of their
respective directors, officers (including each officer of the Company who signed
the Registration Statement), employees and agents and each Person, if any, who
controls the Company, the Initial Purchasers, any underwriter or any other
selling Holder within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act, from and against any and all loss, liability, claim,
damage and expense whatsoever described in the indemnity contained in Section
5(a) hereof, as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto) in reliance upon and in conformity with written information
furnished to the Company by such selling Holder expressly for use in the
Registration Statement (or any amendment thereto), or any such Prospectus (or
any amendment or supplement thereto).

                  (c) Each indemnified party shall give prompt notice to each
indemnifying party of any action commenced against it in respect of which
indemnity may be sought hereunder, enclosing a copy of all papers properly
served on such indemnified party, but failure to so notify an indemnifying party
shall not relieve such indemnifying party from any liability hereunder to the
extent it is not materially prejudiced as a result thereof and in any event
shall not relieve it from any liability which it may have otherwise than on
account of this indemnity agreement. In the case of parties indemnified pursuant
to Section 5(a) above, counsel to the indemnified parties shall be selected by
CIBC and, in the case of parties indemnified pursuant to Section 5(b) above,
counsel to the indemnified parties shall be selected by the Company.
Notwithstanding the foregoing sentence, in case any such action is brought

<PAGE>

                                      -18-

against any indemnified party, and it notifies the indemnifying party of the
commencement thereof, the indemnifying party will be entitled to participate
therein and, to the extent it may wish, jointly with any other indemnifying
party similarly notified, unless such indemnified party shall have one or more
legal defenses available to it which are not available to the indemnifying
party, to assume the defense thereof, with counsel reasonably satisfactory to
such indemnified party. After notice from the indemnifying party to such
indemnified party of its election as aforesaid to assume the defense thereof and
approval by such indemnified party of counsel appointed to defend such action,
the indemnifying party will not be liable to such indemnified party under this
Section 5 for any legal or other expenses other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection
with the defense thereof. An indemnifying party may participate at its own
expense in the defense of any such action; provided, however, that counsel to
the indemnifying party shall not (except with the consent of the indemnified
party) also be counsel to the indemnified party. In no event shall the
indemnifying parties be liable for fees and expenses of more than one counsel
(in addition to any local counsel) separate from their own counsel for all
indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general
allegations or circumstances. No indemnifying party shall, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any Judgment with respect to any litigation, or any investigation
or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever in respect of which indemnification or contribution could
be sought under this Section 5 (whether or not the indemnified parties are
actual or potential parties thereto), unless such settlement, compromise or
consent (i) includes an unconditional release of each indemnified party from all
liability arising out of such litigation, investigation, proceeding or claim and
(ii) does not include a statement as to or an admission of fault, culpability or
a failure to act by or on behalf of any indemnified party.

                  (d) If at any time an indemnified party shall have requested
an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 5(a)(ii) effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

                  (e) In order to provide for just and equitable contribution in
circumstances under which any of the indemnity provisions set forth in this
Section 5 is for any reason held to be unavailable to the indemnified parties
although applicable in accordance with its terms, the Company and the Holders
shall contribute to the aggregate losses, liabilities, claims, damages and
expenses of the nature contemplated by such indemnity agreement incurred by the

<PAGE>

                                      -19-

Company, and the Holders, as incurred; PROVIDED that no Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person that was not
guilty of such fraudulent misrepresentation. As between the Company and the
Holders, such parties shall contribute to such aggregate losses, liabilities,
claims, damages and expenses of the nature contemplated by such indemnity
agreement in such proportion as shall be appropriate to reflect the relative
fault of the Company, on the one hand, and the Holders, on the other hand, with
respect to the statements or omissions which resulted in such loss, liability,
claim, damage or expense, or action in respect thereof, as well as any other
relevant equitable considerations. The relative fault of the Company, on the one
hand, and of the Holders, on the other hand, shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact
relates to information supplied by the Company, on the one hand, or by or on
behalf of the Holders, on the other, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and the Holders of the Registrable Securities
agree that it would not be just and equitable if contribution pursuant to this
Section 5 were to be determined by PRO RATA allocation or by any other method of
allocation that does not take into account the relevant equitable
considerations. For purposes of this Section 5, each Affiliate of a Holder, and
each director, officer, employee, agent and Person, if any, who controls a
Holder or such Affiliate within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act shall have the same rights to contribution as
such Holder, and each director of the Company, each officer of the Company who
signed the Registration Statement, and each Person, if any, who controls the
Company within the meaning of Section 15 of the Securities Act or Section 20 of
the Exchange Act shall have the same rights to contribution as the Company.

6. RULES 144 AND 144A.

                  The Company shall use its reasonable best efforts to file any
reports required to be filed by it under the Securities Act and the Exchange Act
in a timely manner and, if at any time it is not required to file such reports
but in the past had been required to or did file such reports, it will, upon the
request of any Holder of Warrants or Registrable Securities, make available
other information as required by, and so long as necessary to permit, sales of
its Warrants and Registrable Securities pursuant to Rule 144A. Notwithstanding
the foregoing, nothing in this Section 6 shall be deemed to require the Company
to register any of its securities pursuant to the Exchange Act.

7.       UNDERWRITTEN REGISTRATIONS.

                  If any of the Registrable Securities covered by any
Registration Statement are to be sold in an underwritten public offering, the
investment banker or investment bankers and manager or managers that will
administer the offering will be selected by the Company.

<PAGE>

                                      -20-

                  No Person may participate in any underwritten public offering
hereunder unless such person (i) agrees to sell such Registrable Securities on
the basis reasonably provided in any underwriting arrangements approved by the
Persons entitled hereunder to approve such arrangements and (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

                  If the Company has complied with all its obligations under
this Agreement with respect to a Piggy-Back Registration relating to an
underwritten public offering, all holders of Warrants and Registrable
Securities, upon request of the lead managing underwriter with respect to such
underwritten public offering, will be required to not sell or otherwise dispose
of any Warrant or Registrable Security owned by them for a period not to exceed
90 days from the consummation of such underwritten public offering.

8.       MISCELLANEOUS.

                  8.1. REMEDIES. In the event of a breach by the Company, the
Investor or by a Holder of any of its obligations under this Agreement, each
Holder, the Investor and the Company, in addition to being entitled to exercise
all rights granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Agreement. The Company, the
Investor and each Holder agree that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach of any of the
provisions of this Agreement and each hereby further agrees that, in the event
of any action for specific performance in respect of such breach, it shall waive
the defense that a remedy at law would be adequate.

                  8.2. NO CONFLICTING AGREEMENTS. The Company and the Investor
will not enter into any agreement that conflicts with the rights granted to the
Holders and indemnified persons in this Agreement or otherwise conflicts with
the provisions hereof. Without the written consent of the Holders of a majority
of the Registrable Securities, the Company and the Investor shall not grant to
any Person any rights which conflict with the provisions of this Agreement.

                  8.3. AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given, otherwise than with the prior written consent of the Holders
of not less than the Requisite Shares; PROVIDED, HOWEVER, that, for the purposes
of this Agreement, Warrants, Warrant Shares and Registrable Securities that are
owned, directly or indirectly, by the Company, the Investor or any of their
Affiliates are not deemed outstanding. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights

<PAGE>

                                      -21-

of Holders whose securities are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect the rights of other
Holders may be given by Holders of a majority of the Registrable Securities
being sold by such Holders pursuant to such Registration Statement; PROVIDED,
HOWEVER, that the provisions of this sentence may not be amended, modified or
supplemented except in accordance with the provisions of the immediately
preceding sentence. Notwithstanding the foregoing, no amendment,
modification, supplement, waiver or consent with respect to Section 5 shall
be made or given otherwise than with the prior written consent of each Person
affected thereby.

                  8.4. NOTICES. All notices and other communications provided
for herein shall be made in writing by hand-delivery, next-day air courier,
certified first-class mail, return receipt requested, telex or telecopier to the
Company, as provided in the Purchase Agreement,

                  (a)  if to the Investor or the Company

                           Heat Holdings Corp./
                             Aavid Thermal Technologies, Inc.
                           c/o Willis Stein & Partners
                           227 West Monroe Street
                           Suite 4300
                           Chicago, IL  60606
                           Attention:  Dan Blumenthal
                           Telecopy No.:  (312) 422-2424

                  With a copy, which shall not constitute notice, to:

                           Bartlit Beck Herman Palenchar & Scott
                           511 16th Street, Suite 700
                           Denver, Colorado  80202
                           Attention:  Thomas Stephens
                           Telecopy No.:  (303) 592-3140

         or such other address or to the attention of such other person as the
         recipient party shall have specified by prior written notice to the
         sending party.

                  (b)  if to the Initial Purchasers, as provided in the Purchase
         Agreement, or

                  (c) if to any other Person who is then the registered Holder
         of Warrants or Registrable Securities, to the address of such Holder as
         it appears in the register therefor of the Company.

<PAGE>

                                      -22-

                  Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given: when delivered by hand,
if personally delivered; one Business Day after being timely delivered to a
next-day air courier; 5 Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; and when receipt is
acknowledged by the recipient's telecopier machine, if telecopied.

                  8.5. SUCCESSORS AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors and permitted assigns of each of
the parties and shall inure to the benefit of each Holder. Notwithstanding the
foregoing, no successor or assignee of the Company shall have any of the rights
granted under this Agreement until such Person shall acknowledge its rights and
obligations hereunder by a signed written statement of such person's acceptance
of such rights and obligations.

                  8.6. COUNTERPARTS. This Agreement may be executed in any
number of counterparts and by the parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and, all of which
taken together shall constitute one and the same Agreement.

                  8.7. GOVERNING LAW; SUBMISSION TO JURISDICTION. THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW
YORK. THE COMPANY, THE INVESTOR AND THE INITIAL PURCHASERS HEREBY IRREVOCABLY
SUBMIT TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF
MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH IRREVOCABLY ACCEPTS FOR
ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY,
JURISDICTION OF THE AFORESAID COURTS.

<PAGE>

                                      -23-

                  8.8. SEVERABILITY. The remedies provided herein are cumulative
and not exclusive of any remedies provided by law. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use their reasonable efforts to find and employ an
alternative means to achieve the same or substantially the same result as that
contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without
including any of such that may be hereafter declared invalid, illegal, void or
unenforceable.

                  8.9. HEADINGS. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof. All references made in this Agreement to "Section" and
"paragraph" refer to such Section or paragraph of this Agreement, unless
expressly stated otherwise.

<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Common Stock
Registration Rights Agreement to be duly executed as of the date first written
above.

                                    AAVID THERMAL TECHNOLOGIES, INC.

                                    By:       /s/ Bharatan Patel
                                       -----------------------------------------
                                           Name:  Bharatan Patel
                                           Title: Chief Executive Officer

                                    HEAT HOLDINGS CORP.

                                    By:       /s/ Daniel H. Blumental
                                       -----------------------------------------
                                           Name:  Daniel H. Blumental
                                           Title: Vice President

                                    CIBC WORLD MARKETS CORP.

                                    By:       /s/ Fotis Hasiotis
                                       -----------------------------------------
                                           Name:  Fotis Hasiotis
                                           Title: Executive Director

                                    FLEETBOSTON ROBERTSON STEPHENS INC.

                                    By:       /s/ Timothy C. Shoyer
                                       -----------------------------------------
                                           Name:  Timothy C. Shoyer
                                           Title: Managing Director

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