Document:

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                                                                    Exhibit 10.9
[MAAX LOGO]

EMPLOYMENT AGREEMENT entered into in Sainte-Marie, Quebec, as of December 1st,
2003 by and

between:     MAAX-KSD Corporation, a Pennsylvania corporation

             (the "Company")

and:         Daniel Stewart domiciled and residing at 2013 Country Club Dr,
             Doylestown, PA 18901, USA

             ("Executive")

and:         MAAX Inc., incorporated under the laws of the province of Quebec,
             having its head office at 640, Cameron, Sainte-Marie, Quebec, G6E
             1B2 represented hereunder by Mr. Andre Heroux, its President and
             CEO, duly authorized as he so declares;

1.    TERM

      The term of this Agreement shall be for an initial period of thirty-six
      (36) months beginning March 1st, 2004 and expiring on February 28, 2007. A
      90-day written notice must be given by either party to terminate or renew
      this Agreement.

2.    COMPENSATION

      During the Term, as compensation for performing the services required by
      this Agreement, Executive shall be compensated as follows:

      (a)   Base Compensation: The Company shall pay to Executive an annual base
            salary (the "Base Compensation") during the Initial Term of one
            hundred ninety-five thousand ($195,000) dollars.

      (b)   Performance Compensation: In addition to Base Compensation,
            Executive shall receive bonus compensation ("Performance
            Compensation") equal to 1.25% of the Company's "EBITDA" for each of
            the Company's fiscal years during the Term in which the Company's
            EBITDA equals or exceeds nine million ($9,000,000) dollars,
            beginning with the fiscal year from March 1st, 2004 through February
            28, 2007. The Performance Compensation shall be payable quarterly,
            within 30 days after the end of each fiscal quarter. The term
            "EBITDA" means the Company's

SIEGE SOCIAL / HEAD OFFICE
640, Cameron
Sainte-Marie, Quebec G6E 1B2 Canada
Tel.: (418) 387-4155
Fax: (418) 386-4520

                                                                               1

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EMPLOYMENT AGREEMENT
Daniel Stewart
December 2003

            earnings before interest, income taxes, depreciation, amortization
            expenses, goodwill, depreciation and corporate fees. Calculations
            are determined in accordance with generally accepted accounting
            principles consistent with the past accounting practices.

            Estimates:

            2004-2005 Net sales estimates $80,000,000 EBITDA $12,000,000
            2005-2006 Net sales estimates $85,500,000 EBITDA $15,000,000
            2006-2007 Net sales estimates $90,900,000 EBITDA $16,000,000

3.    EMPLOYEE BENEFITS

      (a)   The Company will support up to eleven thousand five hundred
            ($11,500) dollars to the Executive to participate in the Company's
            health insurance plan, or other health, life, or disability
            insurance at the option of the employee on an annual basis (for
            Executive and his family).

      (b)   Executive shall have the right to four weeks of paid vacation during
            each calendar year during the Term. Any vacation that is not taken
            in a given calendar year shall accrue and carry over to the
            following year only but cannot be monetarily compensated if not
            taken during such period.

      (c)   During the Term, in order to facilitate the performance of the
            Executive's duties hereunder and otherwise for the convenience of
            the Company, the Company shall provide Executive with a monthly
            automobile allowance of, up to eight hundred ($800) dollars. The
            Company shall also be responsible for and shall pay for all costs
            associated with the use of such automobile, including, without
            limitation, insurance, fuel, maintenance and repairs.

      (d)   Employee's principal duties shall be VPGM of MAAX Keystone
            Operations. He shall also oversee the MAAX Home Depot business
            within MAAX sectors to monitor

            -     Business relationship with Home Depot

            -     Overall marketing Agreements with Home Depot

            -     Customer service levels with Home Depot

            -     Profitability margins with Home Depot

      (e)   Employee's work location will be MAAX Southampton for the MAAX
            Keystone operations.

SIEGE SOCIAL / HEAD OFFICE
640, Cameron
Sainte-Marie, Quebec G6E 1B2 Canada
Tel.: (418) 387-4155
Fax: (418) 386-4520

                                                                               2

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EMPLOYMENT AGREEMENT
Daniel Stewart
December 2003

4.    EXPENSES

      All normal expenses associated with business as approved by the President
      & CEO consistent with MAAX policies.

5.    TERMINATION AND TERMINATION BENEFITS

      (a)   Expiration of the Contract: Upon the expiration of the Contract, the
            Executive shall be paid (in a lump sum on the date of termination)
            his Base Compensation through the date of termination plus any
            Performance Compensation payable to him at prorata for any prior
            fiscal quarters which have not been paid.

      (b)   Termination by the Company

            With Cause: The Company may terminate Executive's employment, with
            "Cause," prior to the expiration of the Term. In such event, the
            Executive shall be paid his Base Compensation through the date of
            termination plus any Performance Compensation payable to him at
            prorata for any prior fiscal quarters, which have not been paid, and
            be provided with the benefits up to the effective date of such
            termination. Termination for cause shall be defined as employee's
            intentional act to harm the company, to commit fraud with respect to
            the operations of the company, or if the employee is convicted of
            fraud or a felony regardless of whether the employee was acting
            within the course and scope of his employment of personally.

            Disability: If due to illness, physical or mental disability, or
            other incapacity ("Disability"), the Executive shall fail, for a
            total of any six (6) consecutive months, to perform the principal
            duties required by this Agreement, the Company may terminate
            Executive's employment (effective upon the end of such period) upon
            30 days' prior written notice to Executive. In such event, Executive
            shall be paid (in a lump sum on the date of termination) his Base
            Compensation through the date of termination, any Performance
            Compensation payable to him for any prior fiscal quarters which have
            not been paid, plus a severance amount equal to Base Compensation
            for a period of 90 days, less all amounts received from any insurer
            according to the health benefits company program.

            For purposes of this Agreement, "Cause" shall mean an act of
            dishonesty by Executive constituting a crime that resulted in or was
            intended to result in gain to or personal enrichment of Executive at
            Company's expense.

SIEGE SOCIAL / HEAD OFFICE
640, Cameron
Sainte-Marie, Quebec G6E 1B2 Canada
Tel.: (418) 387-4155
Fax: (418) 386-4520

                                                                               3

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EMPLOYMENT AGREEMENT
Daniel Stewart
December 2003

      (c)   Termination by the Company without "Cause": The Company may
            terminate Executive's employment prior to the expiration of the
            contract, without Cause, upon 30 days prior written notice to
            Executive. Company's failure to comply with paragraph 3 shall be
            deemed a termination by company without cause hereunder.

            If the foregoing termination occurs during the Term, the Executive
            shall be paid, in a lump sum payable on the date of termination of
            employment, his Base Compensation for the remainder of the contract,
            PLUS any Performance Compensation payable to him for any prior
            fiscal quarters which have not been paid, PLUS an amount equal to
            the total Performance Compensation the Executive would have earned
            for the remainder of the Term if his employment had not been so
            terminated without Cause, based upon an annual EBITDA for the
            remaining term of the contract. Also the Executive shall be provided
            all personal benefits to the end of the contract excluding
            discretionary expenses. All provisions under paragraph six will
            further be waived.

      (d)   Termination by Executive: Executive may terminate Executive's
            employment prior to the expiration of the Term, upon 30 days prior
            written notice to the Company. In such event, the Executive shall be
            paid his Base Compensation through the date of termination plus any
            Performance Compensation payable to him for any pro rata prior
            fiscal quarters, which have not been paid.

      (e)   Change of control: Upon change of control of MAAX, in the case of
            the Executive services are no longer required by the new owner, a 12
            months severance package (base salary and performance compensation)
            shall be paid to the Executive.

            Death Benefit: In the event of Executive's death during the Term,
            the Executive's estate shall be paid in a lump sum an amount equal
            to his Base Compensation through the date of death, and Base
            Compensation for an additional 90 days.

6.    NONCOMPETITION, NONINTERFERENCE AND NONSOLICITATION

      (a)   During his employment and for a period of two years thereafter,
            Executive shall not solicit, induce or encourage any person or
            entity, who at the time of or within six months prior to termination
            of Executive's employment, was a customer, employee, independent
            contractor or supplier of the Company, to do business with Executive
            in a business competitive with such Company.

      (b)   During his employment and for a period of two years following
            Termination of Executive's employment for any reason, Executive
            shall not use for his personal

SIEGE SOCIAL / HEAD OFFICE
640, Cameron
Sainte-Marie, Quebec G6E 1B2 Canada
Tel.: (418) 387-4155
Fax: (418) 386-4520

                                                                               4

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EMPLOYMENT AGREEMENT
Daniel Stewart
December 2003

            benefit, or disclose, communicate or divulge to, or use for the
            benefit of any person, firm, association or company, or third party,
            other than the Company any information regarding the business
            methods, policies, procedures, techniques, research or development
            projects or results, trade secrets, or other knowledge or processes
            of or developed by the Company.

7.    MISCELLANEOUS

      (a)   Any and all references to dollar amounts in this Agreement refer to
            U.S. dollars only.

      (b)   This Agreement constitutes the entire understanding between the
            parties; any amendment or modification may only be accompanied by a
            written document signed by all parties. MAAX Inc. is jointly
            severally guaranteeing MAAX/KSD obligations under this Agreement.

      (c)   This Agreement is personal in nature and neither of the parties
            shall, without written consent of the other, assign or transfer this
            Agreement or any rights or obligations hereunder. This Agreement and
            all of the provisions herein shall be binding upon and inure to the
            benefit of, the parties hereto and their successors (including
            successors by merger, consolidation or similar transactions),
            permitted assigns, personal representatives, heirs, executors and
            administrators.

      (d)   Any controversy or claim arising out of or relating to this
            Agreement or the breach thereof or otherwise arising out of
            Executive's employment or the termination of that employment shall,
            to the fullest extent permitted by law, be settled by arbitration in
            any forum agreed upon by the parties or, in the absence of such an
            Agreement, under the auspices of the American Arbitration
            Association (AAA) in Philadelphia, Pennsylvania, in accordance with
            the employment dispute resolution rules of the AAA including but not
            limited to, the rules and procedures applicable to the selection of
            arbitrators.

      (e)   This Agreement shall be binding upon MAAX Inc. and MAAX KSD corp.,
            its successors, assignees or affiliates.

      (f)   This Agreement may be signed by facsimile and in counterpart, which
            shall be considered a legally binding original.

SIEGE SOCIAL / HEAD OFFICE
640, Cameron
Sainte-Marie, Quebec G6E 1B2 Canada
Tel.: (418) 387-4155
Fax: (418) 386-4520

                                                                               5

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EMPLOYMENT AGREEMENT
Daniel Stewart
December 2003

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement
at the place and as of the date first written above.

                           MAAX Inc.

                           By:      /s/ Andre Heroux
                                    --------------------------------------------
                                    Andre Heroux
                                    President & CEO

                           Date:
                                    --------------------------------------------

                                    /s/ Dan Stewart
                                    --------------------------------------------
                                    Dan Stewart
                                    Vice President, General Manager
                                    MAAX KSD & MAAX Home Depot
                                    Business Coordinator

                           Date:
                                    --------------------------------------------
SIEGE SOCIAL / HEAD OFFICE
640, Cameron
Sainte-Marie, Quebec G6E 1B2 Canada
Tel.: (418) 387-4155
Fax: (418) 386-4520

                                                                               6<PAGE>

                                                                   EXHIBIT 10.10

                        (Unofficial English Translation)

MANAGEMENT AGREEMENT entered into in the city of Sainte-Marie, Judicial District
of Beauce, Province of Quebec, Canada

BY AND BETWEEN:   MAAX INC., a corporation duly incorporated under Part 1A of
                  the Companies Act (Quebec), having its registered office at
                  640, route Cameron, in Sainte-Marie, Province of Quebec G6E
                  1B2, in the Judicial District of Beauce, herein acting and
                  represented by Jacques A. VACHON, Esq., its Secretary, duly
                  authorized to act under the terms of a resolution passed by
                  the Board of Directors on January 10, 2001, an extract of
                  which is attached hereto as Schedule "A";

                                (hereinafter referred to as the "CORPORATION");

AND:              GESTION CAMADA INC., a corporation duly incorporated under
                  Part 1A of the Companies Act (Quebec), having its registered
                  office at 583, rue Sainte-Madeleine, in Sainte-Marie, Province
                  of Quebec G6E 3H9, herein acting and represented by Placide
                  POULIN, its President, duly authorized to act under the terms
                  of a resolution passed by the Board of Directors on January
                  10, 2001, a copy of which is attached hereto as Schedule "B";

                                     (hereinafter referred to as the "MANAGER");

      PREAMBLE

      THE PARTIES HERETO DECLARE AS FOLLOWS:

(A)   The Corporation operates a business engaged in the design, manufacture,
      sale and distribution of bathtubs, showers, spas, bathroom fixtures and
      kitchen cabinets;

(B)   For the purposes of internal organization, the Corporation is planning to
      create positions at the senior executive level and on the executive
      committee, which it wishes to fill;

(C)   The Corporation wishes to ensure that it will benefit from sound
      management and procure for itself all the necessary management resources
      to promote the growth of the Corporation;

(D)   The Manager is prepared to provide all the necessary resources to execute
      the offices of the Corporation;

(E)   It is the wish of the parties that the Corporation shall be managed in
      compliance with its mission and growth objectives in the best interests
      and for the benefit of its shareholders;

(F)   It is in the interest of the parties hereto to record the various terms
      and conditions of their agreement in the form of a private contract;

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      NOW THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

0.00        INTERPRETATION

      0.01  DEFINITIONS

            Unless otherwise implicitly or explicitly indicated in the text, the
            following words and expressions shall be interpreted according to
            the definitions set out below every time such words and expressions
            appear in this Agreement or in any document subject thereto:

            0.01.01     AGREEMENT

            means this Agreement, including the preamble, the schedules attached
            hereto, any document that may be subject to this Agreement and any
            amendments made thereto from time to time by the parties, and the
            words "hereof", "herein", "hereto", "hereunder" and "hereby" and any
            other similar words or expressions, when used in this Agreement,
            shall generally refer to the entirety of the Agreement and not to
            any one part thereof, unless otherwise indicated.

            0.01.02     CONFIDENTIAL INFORMATION

            generally means any information generated for business purposes by
            the Corporation, its suppliers or its clients, in any form
            whatsoever, which is not freely accessible within the Corporation
            and the disclosure of which to a third party could cause serious
            harm to the Corporation, including, without limitation, procurement
            sources, terms of sale offered by suppliers, product composition,
            production and marketing techniques and methods, price lists, client
            lists, particular requirements of the clients, internal reports,
            market research, personnel files, etc.

            0.01.03     INTELLECTUAL PROPERTY

            means all intellectual property rights that the Corporation may lay
            claim to as an owner, holder, author, licensee or other user during
            the term of this Agreement with respect to the following incorporeal
            property:

            -     logos, designs, drawings, crests, emblems, symbols,
                  pictograms, slogans, signs, plaques, forms, software and any
                  other work protected under the Copyright Act and used in the
                  business of the Corporation;

            -     trademarks, as such expression is defined in the Trade-marks
                  Act, whether or not they are registered, and used by the
                  Corporation in connection with the products and services sold
                  by it;

            -     industrial designs used in the manufacture of its products and
                  which may be protected under the Industrial Design Act;

            -     inventions, processes, methods and techniques, whether or not
                  they are patented, in compliance with the Patent Act as well
                  as trade secrets and

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                  know-how used in the design, production and marketing of its
                  products and services.

      0.02  ENTIRETY OF THE AGREEMENT

            This Agreement constitutes the entire agreement entered into between
            the parties, to the exclusion of any other document, promise or
            previous or concurrent verbal agreement that may have been made in
            the course of negotiations leading to the execution of this
            Agreement, and no such other document, promise or verbal agreement
            may be used as evidence to modify any of the provisions of this
            Agreement or affect them in any way.

      0.03  JURISDICTION

            0.03.01     GOVERNING LAW

            This Agreement shall be governed, construed and applied in
            accordance with the laws of the Province of Quebec and the laws of
            Canada applicable therein.

            0.03.02     INVALIDITY

            Any provision of this Agreement which is in violation of applicable
            law shall be deemed to be null and void to the extent that it is
            prohibited by any such law and any other clause that is subject or
            related to such provision shall be deemed to be null and void to the
            extent that the applicability thereof is conditional upon such
            provision.

            0.03.03     ADAPTATION

            Where a provision is illegal under any law, it shall be construed in
            such a manner as to make it consistent with such law or otherwise in
            such manner as is most consistent with the intention of the parties
            without violating the requirements of such law.

            0.03.04     CONTINUATION OR RESCISSION

            If any provision of this Agreement is prohibited by law, the
            remainder of the Agreement shall remain in full force and effect and
            continue to be binding upon the parties, unless the illegal
            provision comprises an essential and indivisible condition of this
            Agreement, in which case the Agreement may be rescinded and the
            parties restored to their previous condition, to the extent possible
            given the changes that have been made to their situation since the
            coming into force of this Agreement, for the purpose of effecting an
            equivalent restitution.

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      0.04  GENERAL

            0.04.01     CANADIAN CURRENCY

            All references to currency in this Agreement are references to
            lawful money of Canada.

            0.04.02     HEADINGS

            The headings included in this Agreement are not to be considered in
            the interpretation thereof; they serve only to identify and classify
            the provisions agreed to by the parties and set forth in this
            Agreement and, as such, have no meaning and no effect whatsoever on
            the interpretation of any particular provision.

1.00        ENGAGEMENT OF SERVICES

            Subject to the terms and conditions of this Agreement, the
            Corporation hereby engages the services of GESTION CAMADA INC. as
            MANAGER, and GESTION CAMADA INC. hereby agrees to provide at all
            times during the period from March 1, 2001 to February 29, 2004 all
            the agents necessary and qualified to act on behalf of the
            Corporation for the purpose of fulfilling the obligations set forth
            herein.

2.00        REMUNERATION

            In consideration of the services rendered to the Corporation by the
            Manager under this Agreement, the Corporation hereby agrees to pay
            to the Manager the remuneration described below:

      2.01  BASE MANAGEMENT FEE

            The Corporation hereby agrees to pay to the Manager a base
            management fee calculated as follows:

            For the period from March 1 to February 28 of each year of the term
            of this Agreement, an amount equal to one million fifty thousand
            dollars ($1,050,000.00).

            The portion of the fee allocated to each agent and the ratio between
            the amount of the fee and the amount of the fringe benefits and
            training expenses are at the sole discretion and the sole
            responsibility of the Manager.

            The above fee shall be adjusted on March 1 of each year according to
            the fluctuations in the Canadian consumer price index (C.P.I.) for
            the region of Quebec.

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            The aforementioned fee includes the portion required by the Manager
            to pay deductions at source and fringe benefits and covers the
            training expenses required by the various levels of government with
            respect to each agent for each period of this Agreement.

      2.02  PERFORMANCE FEE

            In addition to the base fee set forth in section 2.01 hereof, the
            Corporation hereby agrees to pay to the Manager an incentive fee
            based on the performance of the Corporation. The amount of the
            performance fee shall be equal to four and three tenths percent
            (4.3%) of earnings before taxes and bonuses of the Corporation,
            calculated on the basis of annual data and payable quarterly.

            The above performance fee includes the portion required by the
            Manager to pay deductions at source and fringe benefits as well as
            training expenses attributable to each of its agents.

      2.03  STOCK OPTIONS

            2.03.01     UPON EXECUTION OF THIS AGREEMENT

            Upon the execution of this Agreement and to create a greater
            interest in the business of the Corporation on the part of certain
            agents of the Manager, the Corporation hereby grants a stock option
            with respect to one hundred and forty thousand (140,000) Class A
            shares of the share capital of the Corporation.

            Such stock option shall be distributed as follows among the agents
            named below:

            HEROUX, Andre                  65,000
            POULIN, Marie-France           25,000
            GARNEAU, Richard               25,000
            POULIN, David                  25,000

            2.03.02     FOR EACH YEAR

            For each year between March 1, 2002 and February 29 2004, the
            Corporation agrees that a stock option on one hundred thousand
            (100,000) Class A shares of its share capital shall be granted
            annually, with the approval of the Board of Directors of the
            Corporation, to certain agents of the Manager, as follows:

            HEROUX, Andre                  25,000
            POULIN, Marie-France           25,000
            GARNEAU, Richard               25,000
            POULIN, David                  25,000

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            2.03.03     STOCK OPTION PLAN

            The granting, exercise and conditions of applicability of these
            stock options shall be subject to the terms and conditions of the
            existing stock option plan of the Corporation.

      2.04  ACKNOWLEDGEMENT

            The Manager hereby acknowledges that the fee to which it is entitled
            under this Management Agreement is limited to the base fee and the
            other forms of remuneration set forth in this Agreement and the
            Manager accepts and acknowledges that such fee and other forms of
            remuneration constitute full and final compensation for the
            functions which it is called upon to perform pursuant to this
            Agreement, unless otherwise agreed upon in writing by the parties.

3.00        TERMS OF PAYMENT

      3.01  BASE FEE

            The base fee shall be payable in equal, consecutive, weekly
            payments.

      3.02  PERFORMANCE FEE

            The performance fee shall be payable not later than within five (5)
            days after the statement of income has been approved by the Board of
            Directors of the Corporation at the end of each quarter.

4.00        OBLIGATIONS OF THE MANAGER

      4.01  RESPONSIBILITIES

            The Manager shall assume the management of the Corporation through
            an executive committee and its agents.

            The Manager shall manage the general activities of the Corporation,
            including the management of the daily operations and of the short,
            medium and long-term objectives.

            The Manager shall set up the necessary structures to achieve the
            objectives of the Corporation.

            Without limiting the generality of the following, management of the
            daily operations shall include the following:

            -     Developing and implementing the general policies of the
                  Corporation;

            -     Developing and implementing the budgets approved by the Board
                  of Directors of the Corporation;

            -     Evaluating and recruiting the senior management of the
                  Corporation;

                                       6
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            -     Managing and coordinating the various committees;

            -     Negotiating and managing the consolidated supplies of the
                  Corporation;

            -     Managing the aggregate assets of the Corporation;

            -     Managing the liquid assets, cash flow and debt of the
                  Corporation;

            -     Developing the product range and new products;

            -     Managing communications with the financial community;

            Without limiting the generality of the following, management of the
            short, medium and long-term objectives shall include the following:

            -     Prospecting businesses for potential acquisitions;

            -     Completing and integrating the acquisitions in compliance with
                  criteria determined by the Board of Directors of the
                  Corporation;

            -     Developing strategies for the financial benefit of the
                  shareholders;

            -     Planning and managing capital investments;

            -     Developing new manufacturing processes to ensure that the
                  Corporation shall maintain and improve its competitive
                  position.

            The parties may agree to make changes to the Manager's
            responsibilities described above without terminating this Agreement.

      4.02  QUALIFICATIONS

            The Manager shall ensure at all times that its agents'
            qualifications shall satisfy the requirements of the Corporation
            with respect to the functions performed by such agents.

      4.03  AGENTS

            The Manager shall at all times provide a sufficient number of
            sufficiently qualified agents to satisfy the requirements of the
            Corporation. Particular attention shall be paid to the agents who
            are members of the executive committee. Currently, such agents are:

            POULIN, Placide
            HEROUX, Andre
            GARNEAU, Richard
            POULIN, David
            POULIN, Marie-France

      4.04  RENDERING ACCOUNTS

            The Manager hereby agrees to render account of its administration at
            each meeting of the Board of Directors or at the request of the
            Chairman of the Board, at the discretion of the same.

            Notwithstanding the rendering of account mentioned above, the
            Manager shall, at the appropriate time, provide the Board of
            Directors with all information that may

                                       7
<PAGE>

            have an impact on the Corporation to allow the Corporation to
            participate in the making of important decisions.

      4.05  BUSINESS OPPORTUNITIES

            The Manager acknowledges that all business opportunities presented
            to the Corporation by third parties shall become the property of the
            Corporation and the Manager hereby agrees not to divert any such
            business opportunity for its own benefit.

      4.06  CONFIDENTIALITY

            The Manager hereby acknowledges that, in the performance of its
            duties under this Agreement, its agents will have access to
            confidential information relating to the business and operations of
            the Corporation. Furthermore, the Manager acknowledges that such
            confidential information could be used to the detriment of the
            Corporation.

            Therefore, the Manager hereby agrees that each of its agents shall
            undertake and agree not to disclose any such confidential
            information to any person, business or corporation during the term
            of this Agreement and for an additional period of TWO (2) years
            commencing on the date of the termination of such agent's functions
            as officer of the Corporation, without the prior written
            authorization of the Corporation.

      4.07  INTELLECTUAL PROPERTY

            The Manager shall ensure that the intellectual property of the
            Corporation shall be classified internally and, if applicable, duly
            protected pursuant to the laws governing intellectual property that
            are applicable in the jurisdictions where the products and services
            are marketed.

      4.08  NON-COMPETITION

            The Manager hereby undertakes and agrees, for the full term of this
            Agreement and for an additional term of one (1) year following the
            termination thereof, not to work, invest, offer its services or
            otherwise be involved in any way whatsoever, either directly or
            indirectly, as a director, officer, agent, employee, provider of
            funds or investor in a sole proprietorship, corporation,
            governmental agency or other entity that is in direct or indirect
            competition with the Corporation, within the following
            jurisdictions:

            -     Canada

            -     United States of America

            -     All jurisdictions where the Corporation has a place of
                  business.

                                       8
<PAGE>

5.00        OBLIGATIONS OF THE CORPORATION

      5.01  AUTHORITY

            The Manager shall exercise the power and authority of the Board of
            Directors over the operations of the Corporation except for such
            power and authority as are by law expressly reserved for the Board
            of Directors.

            The Manager is responsible for hiring, firing and fixing the
            remuneration of the employees and agents of the Corporation.

      5.02  INDEMNIFICATION

            The Corporation hereby agrees to defend and, if applicable,
            indemnify the Manager and each of its agents against any third-party
            claim that could be brought against any of them personally in
            connection with the performance of its functions within the
            Corporation. However, the Corporation is not required to fulfill
            this undertaking where the claimant is able to show that the
            Manager's agent acted in bad faith in the exercise of his or her
            functions.

      5.03  RESOURCES

            The Corporation hereby agrees to provide the Manager with adequate
            human, financial and material resources, having regard to the
            circumstances and subject to availability, to enable the Manager to
            achieve the financial and strategic objectives of the Corporation
            and periodically to re-assess the requirements thereof.

      5.04  PENSION FUND

            The Corporation hereby agrees to pay to the Manager on a yearly
            basis an aggregate amount equal to sixty-seven thousand five hundred
            dollars ($67,500) which the Manager shall use to contribute to an
            individual pension fund for the exclusive benefit of certain agents
            designated by the Manager.

6.00        MISCELLANEOUS PROVISIONS

      6.01  FORCE MAJEURE

            No party hereto shall be considered to be in default under its
            obligations set forth in this Agreement if the performance of such
            obligations is delayed, impeded or prevented as a result of force
            majeure. Force majeure is any cause or event beyond the control of
            the parties hereto, which they could not reasonably have foreseen
            and against which they could not protect themselves, including,
            without limitation, any Act of God, fortuitous event, strike, total
            or partial work stoppage, lockout, fire, riot, intervention by the
            civil or military authorities, compliance with the regulations or
            orders of any governmental authority and acts of war (whether or not
            war has been declared).

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<PAGE>

      6.02  NO ASSIGNMENT

            This Agreement is unassignable and no rights, duties or obligations
            thereunder may be sublet, assigned or transferred by any of the
            parties without the prior written authorization of the other. Any
            attempt to sublet, assign or transfer any rights, duties or
            obligations hereunder shall be null and void.

7.00        GENERAL PROVISIONS

      7.01  SCHEDULES

            Any document attached to this Agreement and initialed by the parties
            for identification purposes forms an integral part hereof.

      7.02  ELECTION

            The parties hereby agree to elect domicile in the Judicial District
            of Beauce in the Province of Quebec, Canada as the appropriate venue
            for the hearing of any claim or legal action brought on any grounds
            whatsoever, to the exclusion of all other Judicial Districts which
            may, by law, have jurisdiction over such proceedings.

      7.03  AMENDMENT

            This Agreement may be amended or modified in whole or in part at the
            option of the parties, provided that no amendment or modification so
            made shall be valid unless effected in writing and duly signed by
            the parties and attached to this Agreement.

      7.04  NO WAIVER

            Failure by a party, through silence, negligence or delay, to
            exercise any of its rights or remedies hereunder shall never be
            construed and set up against such party as a waiver of its rights
            and remedies, so long as the contractual or legal prescription for
            the exercise of such rights or remedies has not expired.

      7.05  CONFIDENTIALITY

            The parties hereby agree not to disclose for the entire term of
            their mandate any confidential information brought to their
            attention.

8.00        EXPIRY OR TERMINATION OF THE AGREEMENT

      8.01  EARLY TERMINATION

            8.01.01     AUTOMATIC TERMINATION

            This Agreement shall terminate automatically and of right, without
            notice or demand, and no indemnity shall be paid to the Manager or
            the Corporation if any of the following events should occur:

                                       10
<PAGE>

            -     if a receiving order is rendered by a bankruptcy court against
                  the Corporation or the Manager or if either the Corporation or
                  the Manager makes an assignment of its property or is declared
                  bankrupt as the result of the rejection of a proposal
                  submitted to its creditors;

            -     where the Manager is found guilty of theft, fraud or
                  embezzlement with respect to the Corporation.

            8.01.02     WITH PRIOR NOTICE FROM THE MANAGER

            Notwithstanding any provision hereof to the contrary, the Manager
            may terminate this Agreement in any of the following cases:

            -     upon the expiry of a FORTY-FIVE (45) day period following the
                  date on which the Corporation receives a notice of default
                  sent by the Manager or the relevant agent stating that the
                  Corporation is in default under its obligations hereunder and
                  the Corporation does not remedy such default within the
                  aforementioned time;

            -     if this Agreement is terminated on the ground that the
                  Corporation has failed to perform its obligations pursuant to
                  this Agreement, the Manager shall be entitled to claim and
                  receive, as liquidated damages, an indemnity equal to the base
                  fee and performance fee that the Manager would have received
                  had this Agreement not been terminated, which indemnity shall
                  be payable concurrently with the termination of this
                  Agreement. Such indemnity shall be equal to not less than the
                  fees for one year, being the fees received by the Manager for
                  the twelve (12) months preceding the termination of the
                  Agreement.

            8.01.03     CHANGE IN CONTROL

            If the business is sold or in the event of a change in control of
            the Corporation, the Manager or the Corporation may terminate this
            Agreement within TWELVE (12) months following the sale or change in
            control by TWELVE (12) month prior notice. If this Agreement is
            terminated for such a reason, the Manager shall be entitled to claim
            and to receive severance pay in an amount equal to the base
            management fee and the performance fee that the Manager would have
            received had the Agreement not been terminated, provided that such
            severance pay shall not be less than two (2) years of fees under
            this Agreement, based on the last twelve (12) months preceding the
            notice, which severance pay shall be payable concurrently with the
            termination of this Agreement.

            8.01.04     RENEWAL OF THIS AGREEMENT

            The Corporation shall, by prior notice sent six (6) months before
            the expiry of this Agreement, notify the Manager of its intention to
            renew or not renew the Agreement upon the expiry thereof. In the
            event that this Agreement is not renewed, the Corporation shall pay
            to the Manager a severance pay equal to

                                       11
<PAGE>

            twelve (12) months of base management fee and performance fee, based
            on the last twelve (12) months of the Agreement.

      8.02  RESCISSION OF THIS AGREEMENT

            If, for any reason, the Corporation wishes to rescind this
            Agreement, the Corporation shall pay to the Manager, as liquidated
            damages, a lump sum equal to the base management fee and the
            performance fee which the Manager would have received had the
            Agreement not been rescinded. Such lump sum shall be equal to not
            less than twelve (12) months of fees, based on the last twelve (12)
            months preceding the notice, which indemnity shall be payable
            concurrently with the rescission of the Agreement.

            However, if this Agreement is rescinded as the result of a change in
            control, the specific provisions of section 8.01.03 shall apply.

9.00        COMING INTO FORCE

            This Agreement shall come into force on March 1, 2001,
            notwithstanding the date on which it is actually executed.

10.00       TERM

            This Agreement shall remain in full force and effect for a term of
            THREE (3) years until February 29, 2004.

11.00       SCOPE

            This Agreement shall be binding upon the parties hereto and the
            intervenors herein as well as their successors, heirs, legatees,
            administrators, assigns and other legal representatives, and shall
            enure to their benefit.

IN WITNESS WHEREOF, THE PARTIES HAVE SIGNED IN TRIPLICATE AT SAINTE-MARIE,
BEAUCE, ON JANUARY 10, 2001.

                                                     THE CORPORATION
                                                        MAAX INC.
_____________________________              ___________________________________
Witness                                    Jacques A. Vachon

                                                       THE MANAGER
                                                   GESTION CAMADA INC.
_____________________________              ___________________________________
Witness                                    Placide Poulin

                                       12
<PAGE>

                                    ADDENDUM

This Addendum forms an integral part of the Management Agreement entered into on
January 10, 2001 between

            GESTION CAMADA INC.

            AND

            MAAX INC.

      The parties hereby acknowledge that the accounting rules respecting the
amortization of goodwill have been amended since July 1, 2001 (CICA Handbook
Section 3062 entitled "Goodwill and Other Intangible Assets"). In fact, the new
rules provide that goodwill will no longer be amortized over time. However,
goodwill will be subject to an annual amortization test.

      The parties hereby agree to amend section 2.02 Performance Fee to reflect
the new accounting rules mentioned above.

      The method of calculation for determining incentive fees shall take into
account the fact that, as regards the amortization of goodwill, the method of
calculation in effect upon the execution of the Management Agreement shall be
maintained, being an annual expenditure based on a forty-year amortization
period. This calculation basis shall apply to all acquisitions prior to July 31,
2001.

      Therefore, the first paragraph of section 2.02 - Performance Fee shall
read as follows:

            In addition to the base fee set forth in section 2.01
            hereof, the Corporation hereby agrees to pay to the
            Manager an incentive fee based on the performance of the
            Corporation. The amount of the performance fee shall be
            equal to four and three tenths percent (4.3%) of earnings
            before taxes, consolidated bonuses and amortization of the
            goodwill of the Corporation minus $3,423,000 calculated on
            the basis of annual data and payable quarterly.

IN WITNESS WHEREOF, the parties hereto have signed in triplicate at Sainte-Marie
on November 1, 2001.

MAAX INC.                                     GESTION CAMADA INC.

Per: Jacques A. Vachon                        Per: Placide Poulin

<PAGE>

                                    ADDENDUM

This Addendum forms an integral part of the Management Agreement entered into on
January 10, 2001 between

GESTION CAMADA INC.

and

MAAX INC.

The parties hereby acknowledge that the resolution passed by the Board of
Directors of MAAX Inc. at the October 14, 2003 meeting regarding the non-renewal
of the agreement entered into with Gestion Camada Inc. has given rise to the
following facts:

      -     The agreement entered into with Gestion Camada Inc. expires on
            February 29, 2004 and shall not be renewed.

      -     As a result, section 8.02 (RESCISSION OF THIS AGREEMENT) is
            triggered and the 12-month indemnity under section 8.02 shall be
            payable on February 29, 2004 as regards the equivalent of the first
            9 months of the fiscal year based on the financial results as at
            30-11-03. The balance, which is the equivalent of the last quarter,
            shall be payable upon the annual financial results of MAAX Inc.
            being known but not later than April 30, 2004.

      -     As part of the sale process involving all the shares of MAAX Inc.,
            which was initiated on September 8, 2003, section 8.01.03 (CHANGE IN
            CONTROL) will also be triggered pursuant to the terms and conditions
            thereof, regardless of whether the closing of the transaction is
            completed before or after 28-02-04. The severance pay payable by
            MAAX Inc. to Gestion Camada Inc. shall be equal to 12 months of base
            fee and performance fee, based on the 12 complete months preceding
            the date of the closing or the 12 months ended at 29-02-04 if the
            closing takes place after 29,02-04. The severance pay payable on the
            date of the closing shall be equal pro rata to 9 months ended on
            30-11-03 and the balance of the severance pay, which is the
            equivalent of the 3 months preceding the date of the closing, shall
            be payable upon the annual financial results of MAAX Inc. being
            known but not later than 30 days after the date of the closing.

IN WITNESS WHEREOF, the parties hereto have signed in triplicate at Ste-Marie on
October 20, 2003.

MAAX Inc.                                   Gestion Camada Inc.

Per:                                        Per: Placide Poulin

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