Document:

EXHIBIT 10.2

                                PLEDGE AGREEMENT

          PLEDGE AGREEMENT dated as of December 15, 2005, between GRIFFON
CORPORATION, a corporation duly organized and validly existing under the laws of
Delaware (the "Company"), and JPMORGAN CHASE BANK, N.A., as administrative agent
for the parties defined as "Lenders" under the Credit Agreement referred to
below (in such capacity, together with its successors in such capacity, the
"Administrative Agent").

          The Company and Telephonics Corporation, a corporation organized and
validly existing under the laws of Delaware (the "Subsidiary Borrower" and,
together with the Company, the "Borrowers"), such Lenders and the Administrative
Agent are parties to a Credit Agreement dated as of December 15, 2005 (as
modified and supplemented and in effect from time to time, the "Credit
Agreement"), providing, subject to the terms and conditions thereof, for
extensions of credit (by means of loans and letters of credit) to be made by
such Lenders to the Borrowers.

          To induce such Lenders to enter into the Credit Agreement and to
extend credit thereunder, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company has agreed
to grant a security interest in the Collateral (as hereinafter defined) as
security for the Secured Obligations (as so defined).

          Accordingly, the parties hereto agree as follows:

          Section 1. Definitions, Etc.
                     ----------------

          1.01 Terms Generally. Terms used herein and not otherwise defined
               ---------------
herein are used herein as defined in the Credit Agreement.

          1.02 Certain Uniform Commercial Code Terms. As used herein, the term
               -------------------------------------
"Proceeds" has the meaning set forth in Article 9 of the NYUCC.

          1.03 Additional Definitions. In addition, as used herein:
               ----------------------

          "Collateral" has the meaning assigned to such term in Section 3.
           ----------

          "Initial Pledged Shares" means the Shares of the Issuer beneficially
           ----------------------
     owned by the Company on the date hereof and identified in Annex 1.

          "Issuer" means Clopay Corporation, a Delaware corporation.
           ------

          "NYUCC" means the Uniform Commercial Code as in effect from time to
           -----
     time in the State of New York.

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                                      -2-

          "Pledged Shares" means, collectively, (i) the Initial Pledged Shares
           --------------
     and (ii) all other Shares of the Issuer now or hereafter owned by the
     Company, together in each case with (a) all certificates representing the
     same, (b) all shares, securities, moneys or other property representing a
     dividend on or a distribution or return of capital on or in respect of the
     Pledged Shares, or resulting from a split-up, revision, reclassification or
     other like change of the Pledged Shares or otherwise received in exchange
     therefor, and any warrants, rights or options issued to the holders of, or
     otherwise in respect of, the Pledged Shares, and (c) without prejudice to
     any provision of any of the Loan Documents prohibiting any merger or
     consolidation by the Company, all Shares of any successor entity of any
     such merger or consolidation.

          "Secured Creditors" means, collectively, the Lenders and the
           -----------------
     Administrative Agent, and, in each case, their respective successors and
     assigns.

          "Secured Obligations" means, collectively, (a) the obligations of the
           -------------------
     Company under the Loan Documents to pay the principal of and interest on
     the Loans and all fees, indemnification payments and other amounts
     whatsoever (including all reimbursement and other obligations in respect of
     Letters of Credit), whether direct or indirect, absolute or contingent, now
     or hereafter from time to time owing to the Secured Creditors or any of
     them under the Loan Documents and (b) in the case of each of the foregoing,
     including all interest thereon and expenses related thereto, including any
     interest or expenses accruing or arising after the commencement of any case
     with respect to the Borrowers under the United States Bankruptcy Code or
     any other bankruptcy or insolvency law (whether or not such interest or
     expenses are allowed or allowable as a claim in whole or in part in such
     case).

          "Shares" means the shares of Capital Stock of any class of the Issuer.
           ------

          Section 2. Representations and Warranties. The Company represents and
                     ------------------------------
warrants to the Lenders and the Administrative Agent that:

          2.01 Title. The Company is the sole beneficial owner of the Collateral
               -----
in which it purports to grant a security interest pursuant to Section 3 and no
Lien exists upon the Collateral (and no right or option to acquire the same
exists in favor of any other Person) other than the security interest created or
provided for herein, which security interest constitutes a valid first and prior
perfected Lien on the Collateral.

          2.02 Pledged Shares. The Initial Pledged Shares constitute 100% of the
               --------------
issued and outstanding Shares of the Issuer on the date hereof. Annex 3
correctly identifies, as at the date hereof, the respective class and par value
of such Shares and the respective number of such Shares (and registered owner
thereof) represented by each such certificate. The Initial Pledged Shares are,
and all other Pledged Shares in which the Company shall hereafter grant a
security interest pursuant to Section 3 will be, duly authorized, validly
existing, fully paid and non-assessable, and none of such Pledged Shares are or
will be subject to any contractual restriction, or any restriction under the
charter, by-laws or other organizational instrument of the

                                Pledge Agreement
                                ----------------
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                                      -3-

Issuer, upon the transfer of such Pledged Shares (except for any such
restriction contained herein or in the Loan Documents).

          Section 3. Collateral. As collateral security for the payment in full
                     ----------
when due (whether at stated maturity, by acceleration or otherwise) of the
Secured Obligations, the Company hereby pledges and grants to the Administrative
Agent for the benefit of the Secured Creditors as hereinafter provided a
security interest in all of the Company's right, title and interest in, to and
under the following property, in each case whether now owned by the Company or
hereafter acquired and whether now existing or hereafter coming into existence
(all of the property described in this Section 3 being collectively referred to
herein as "Collateral"):
           ----------

          (a) the Pledged Shares; and

          (b) all Proceeds of any of the Collateral and, to the extent related
     to any Collateral, all books, correspondence, credit files, records,
     invoices and other papers (including all tapes, cards, computer runs and
     other papers and documents in the possession or under the control of the
     Company or any computer bureau or service company from time to time acting
     for the Company).

          Section 4. Further Assurances; Remedies. In furtherance of the grant
                     ----------------------------
of the security interest pursuant to Section 3, the Company hereby agrees with
the Administrative Agent for the benefit of the Secured Creditors as follows:

          4.01 Delivery and Other Perfection. The Company shall promptly from
               -----------------------------
time to time give, execute, deliver, file, record, authorize or obtain all such
financing statements, continuation statements, notices, instruments, documents,
agreements or consents or other papers as may be necessary or desirable in the
judgment of the Administrative Agent to create, preserve, perfect, maintain the
perfection of or validate the security interest granted pursuant hereto or to
enable the Administrative Agent to exercise and enforce its rights hereunder
with respect to such security interest, and without limiting the foregoing,
shall:

          (a) if any of the Pledged Shares constituting part of the Collateral
     are received by the Company, forthwith (i) deliver to the Administrative
     Agent the certificates or instruments representing or evidencing the same,
     duly endorsed in blank or accompanied by such instruments of assignment and
     transfer in such form and substance as the Administrative Agent may
     reasonably request, all of which thereafter shall be held by the
     Administrative Agent, pursuant to the terms of this Agreement, as part of
     the Collateral and (ii) take such other action as the Administrative Agent
     may reasonably deem necessary or appropriate to duly record or otherwise
     perfect the security interest created hereunder in such Collateral;

          (b) keep full and accurate books and records relating to the
     Collateral, and stamp or otherwise mark such books and records in such
     manner as the Administrative Agent may reasonably require in order to
     reflect the security interests granted by this Agreement; and

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                                      -4-

          (c) permit representatives of the Administrative Agent, upon
     reasonable notice, at any time during normal business hours to inspect and
     make abstracts from its books and records pertaining to the Collateral, and
     permit representatives of the Administrative Agent to be present at the
     Company's place of business to receive copies of communications and
     remittances relating to the Collateral, and forward copies of any notices
     or communications received by the Company with respect to the Collateral,
     all in such manner as the Administrative Agent may require.

          4.02 Other Financing Statements or Control. Except as otherwise
               -------------------------------------
permitted under Section 7.02 of the Credit Agreement, the Company shall not (a)
file or suffer to be on file, or authorize or permit to be filed or to be on
file, in any jurisdiction, any financing statement or like instrument with
respect to any of the Collateral in which the Administrative Agent is not named
as the sole secured party for the benefit of the Secured Creditors, or (b) cause
or permit any Person other than the Administrative Agent to have "control" (as
defined in Section 9-106 of the NYUCC) over any part of the Collateral.

          4.03 Preservation of Rights. The Administrative Agent shall not be
               ----------------------
required to take steps necessary to preserve any rights against prior parties to
any of the Collateral.

          4.04 Special Provisions Relating to Pledged Shares.
               ---------------------------------------------

          (a) Percentage Pledged. The Company will cause the Pledged Shares to
              ------------------
constitute at all times 100% of the total number of Shares of the Issuer then
outstanding.

          (b) Certain Rights of Company. So long as no Event of Default shall
              -------------------------
have occurred and be continuing, the Company shall have the right to exercise
all voting, consensual and other powers of ownership pertaining to the Pledged
Shares for all purposes not inconsistent with the terms of this Agreement, the
Loan Documents or any other instrument or agreement referred to herein or
therein, provided that the Company agrees that it will not vote the Pledged
         --------
Shares in any manner that is inconsistent with the terms of this Agreement, the
Loan Documents or any such other instrument or agreement; and the Administrative
Agent shall execute and deliver to the Company or cause to be executed and
delivered to the Company all such proxies, powers of attorney, dividend and
other orders, and all such instruments, without recourse, as the Company may
reasonably request for the purpose of enabling the Company to exercise the
rights and powers that it is entitled to exercise pursuant to this Section
4.04(b).

          (c) Dividends, Etc. Pre-Default. Unless and until an Event of Default
              ---------------------------
shall have occurred and be continuing, the Company shall be entitled to receive
and retain any dividends, distributions or proceeds on the Pledged Shares.

          (d) Dividends, Etc. Post-Default. If an Event of Default shall have
              ----------------------------
occurred and be continuing, whether or not the Secured Creditors or any of them
exercise any available right to declare any Secured Obligations due and payable
or seek or pursue any other relief or remedy available to them under applicable
law or under this Agreement, the Loan Documents or any other agreement relating
to such Secured Obligation, all dividends and distributions on the Pledged
Shares shall be paid directly to the Administrative Agent and retained by it as
part of the Collateral, subject to the terms of this Agreement, and, if the
Administrative Agent shall so

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                                      -5-

request in writing, the Company agrees to execute and deliver to the
Administrative Agent appropriate additional dividend, distribution and other
orders and documents to that end, provided that if such Event of Default is
                                  --------
cured or waived in writing, any such dividend or distribution theretofore paid
to the Administrative Agent shall, upon request of the Company (except to the
extent theretofore applied to the Secured Obligations), be returned by the
Administrative Agent to the Company.

          4.05 Remedies.
               --------

          (a) Rights and Remedies Generally upon Default. If an Event of Default
              ------------------------------------------
shall have occurred and is continuing, the Administrative Agent shall have all
of the rights and remedies with respect to the Collateral of a secured party
under the NYUCC (whether or not the NYUCC is in effect in the jurisdiction where
the rights and remedies are asserted) and such additional rights and remedies to
which a secured party is entitled under the laws in effect in any jurisdiction
where any rights and remedies hereunder may be asserted, including the right, to
the fullest extent permitted by law, to exercise all voting, consensual and
other powers of ownership pertaining to the Collateral as if the Administrative
Agent were the sole and absolute owner thereof (and the Company agrees to take
all such action as may be appropriate to give effect to such right); and without
limiting the foregoing:

          (i) the Administrative Agent in its discretion may, in its name or in
     the name of the Company or otherwise, demand, sue for, collect or receive
     any money or other property at any time payable or receivable on account of
     or in exchange for any of the Collateral, but shall be under no obligation
     to do so;

          (ii) the Administrative Agent may make any reasonable compromise or
     settlement deemed desirable with respect to any of the Collateral and may
     extend the time of payment, arrange for payment in installments, or
     otherwise modify the terms of, any of the Collateral;

          (iii) the Administrative Agent may require the Company to assemble the
     Collateral at such place or places, reasonably convenient to the
     Administrative Agent and the Company, as the Administrative Agent may
     direct;

          (iv) the Administrative Agent may apply any money or other property
     therein to payment of the Secured Obligations;

          (v) the Administrative Agent may require the Company to cause the
     Pledged Shares to be transferred of record into the name of the
     Administrative Agent or its nominee (and the Administrative Agent agrees
     that if any of such Pledged Shares is transferred into its name or the name
     of its nominee, the Administrative Agent will thereafter promptly give to
     the Company copies of any notices and communications received by it with
     respect to the Pledged Shares); and

          (vi) the Administrative Agent may sell, lease, assign or otherwise
     dispose of all or any part of the Collateral, at such place or places as
     the Administrative Agent deems best, and for cash or for credit or for
     future delivery (without thereby assuming

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                                      -6-

any credit risk), at public or private sale, without demand of performance or
notice of intention to effect any such disposition or of the time or place
thereof (except such notice as is required by applicable statute and cannot be
waived), and the Administrative Agent or any other Secured Creditor or anyone
else may be the purchaser, lessee, assignee or recipient of any or all of the
Collateral so disposed of at any public sale (or, to the extent permitted by
law, at any private sale) and thereafter hold the same absolutely, free from any
claim or right of whatsoever kind, including any right or equity of redemption
(statutory or otherwise), of the Company, any such demand, notice and right or
equity being hereby expressly waived and released. The Administrative Agent may,
without notice or publication, adjourn any public or private sale or cause the
same to be adjourned from time to time by announcement at the time and place
fixed for the sale, and such sale may be made at any time or place to which the
sale may be so adjourned.

          (b) Certain Securities Act Limitations. The Company recognizes that,
              ----------------------------------
by reason of certain prohibitions contained in the Securities Act of 1933, as
amended, and applicable state securities laws, the Administrative Agent may be
compelled, with respect to any sale of all or any part of the Collateral, to
limit purchasers to those who will agree, among other things, to acquire the
Collateral for their own account, for investment and not with a view to the
distribution or resale thereof. The Company acknowledges that any such private
sales may be at prices and on terms less favorable to the Administrative Agent
than those obtainable through a public sale without such restrictions, and,
notwithstanding such circumstances, agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner and that the
Administrative Agent shall have no obligation to engage in public sales and no
obligation to delay the sale of any Collateral for the period of time necessary
to permit the Issuer to register it for public sale.

          (c) Notice. The Company agrees that to the extent the Administrative
              ------
Agent is required by applicable law to give reasonable prior notice of any sale
or other disposition of any Collateral, ten Business Days' notice shall be
deemed to constitute reasonable prior notice.

          4.06 Deficiency. If the proceeds of sale, collection or other
               ----------
realization of or upon the Collateral pursuant to Section 4.05 are insufficient
to cover the costs and expenses of such realization and the payment in full of
the Secured Obligations, the Company shall remain liable for any deficiency.

          4.07 Locations; Names, Etc. Without at least 30 days' prior written
               ---------------------
notice to the Administrative Agent, the Company shall not agree to or authorize
any modification of the terms of any item of Collateral that would result in a
change thereof from one Uniform Commercial Code category to another such
category (such as from "investment property" to a "general intangible" (as such
terms are defined in the NYUCC)), if the effect thereof would be to result in a
loss of perfection of, or diminution of priority for, the security interests
created hereunder in such item of Collateral, or the loss of control (within the
meaning of Section 9-106 of the NYUCC) over such item of Collateral.

          4.08 Private Sale. The Secured Creditors shall incur no liability as a
               ------------
result of the sale of the Collateral, or any part thereof, at any private sale
pursuant to Section 4.05 conducted in a commercially reasonable manner. The
Company hereby waives any claims

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                                      -7-

against the Secured Creditors arising by reason of the fact that the price at
which the Collateral may have been sold at such a private sale was less than the
price that might have been obtained at a public sale or was less than the
aggregate amount of the Secured Obligations, even if the Administrative Agent
accepts the first offer received and does not offer the Collateral to more than
one offeree.

          4.09 Application of Proceeds. Except as otherwise herein expressly
               -----------------------
provided and except as provided below in this Section 4.09, the Proceeds of any
collection, sale or other realization of all or any part of the Collateral
pursuant hereto shall be applied by the Administrative Agent:

          First, to the payment of the costs and expenses of such collection,
          -----
     sale or other realization, including reasonable out-of-pocket costs and
     expenses of the Administrative Agent and the fees and expenses of its
     agents and counsel, and all expenses incurred and advances made by the
     Administrative Agent in connection therewith;

          Next, to the payment in full of the Secured Obligations, in each case
          ----
     equally and ratably in accordance with the respective amounts thereof then
     due and owing or as the Lenders holding the same may otherwise agree; and

          Finally, to the payment to the Company, or its successors or assigns,
          -------
     or as a court of competent jurisdiction may direct, of any surplus then
     remaining.

          4.10 Attorney-in-Fact. Without limiting any rights or powers granted
               ----------------
by this Agreement to the Administrative Agent while no Event of Default has
occurred and is continuing, upon the occurrence and during the continuance of
any Event of Default the Administrative Agent is hereby appointed the
attorney-in-fact of the Company for the purpose of carrying out the provisions
of this Section 4 and taking any action and executing any instruments that the
Administrative Agent may deem necessary or advisable to accomplish the purposes
hereof, which appointment as attorney-in-fact is irrevocable and coupled with an
interest. Without limiting the generality of the foregoing, so long as the
Administrative Agent shall be entitled under this Section 4 to make collections
in respect of the Collateral, the Administrative Agent shall have the right and
power to receive, endorse and collect all checks made payable to the order of
the Company representing any dividend, payment or other distribution in respect
of the Collateral or any part thereof and to give full discharge for the same.

          4.11 Perfection and Recordation. The Company authorizes the
               --------------------------
Administrative Agent to file Uniform Commercial Code financing statements
describing the Collateral as set forth in Section 3 (provided that no such
                                                     --------
description shall be deemed to modify the description of Collateral set forth in
Section 3).

          4.12 Termination. When all Secured Obligations shall have been paid in
               -----------
full and the Commitments of the Lenders under the Credit Agreement and all LC
Exposure shall have expired or been terminated, this Agreement shall terminate,
and the Administrative Agent shall forthwith cause to be assigned, transferred
and delivered, against receipt but without any recourse, warranty or
representation whatsoever, any remaining Collateral and money received in
respect thereof, to or on the order of the Company. The Administrative Agent
shall also, at

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                                      -7-

the expense of the Company, execute and deliver to the Company upon such
termination such Uniform Commercial Code termination statements and such other
documentation as shall be reasonably requested by the Company to effect the
termination and release of the Liens on the Collateral as required by this
Section 4.12.

          4.13 Further Assurances. The Company agrees that, from time to time
               ------------------
upon the written request of the Administrative Agent, the Company will execute
and deliver such further documents and do such other acts and things as the
Administrative Agent may reasonably request in order fully to effect the
purposes of this Agreement.

          Section 5. Miscellaneous.
                     -------------

          5.01 Notices. All notices, requests, consents and demands hereunder
               -------
shall be in writing and telecopied or delivered to the intended recipient at the
address specified in Section 10.01 of the Credit Agreement or, as to either
party, at such other address as shall be designated by such party in a notice to
the other party. Except as otherwise provided in this Agreement, all such
communications shall be deemed to have been duly given when transmitted by
telecopier or personally delivered or, in the case of a mailed notice, upon
receipt, in each case given or addressed as aforesaid.

          5.02 No Waiver. No failure on the part of any Secured Creditor to
               ---------
exercise, and no course of dealing with respect to, and no delay in exercising,
any right, power or remedy hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise by any Secured Creditor of any right, power
or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. The remedies herein are cumulative
and are not exclusive of any remedies provided by law.

          5.03 Amendments, Etc. The terms of this Agreement may be waived,
               ---------------
altered or amended only by an instrument in writing duly executed by the Company
and the Administrative Agent (with the consent of the Lenders as specified in
Section 10.02 of the Credit Agreement). Any such amendment or waiver shall be
binding upon the Secured Creditors and the Company.

          5.04 Expenses. The Company agrees to reimburse each of the Secured
               --------
Creditors for all costs and expenses incurred by them (including the reasonable
fees and expenses of legal counsel) in connection with (a) any Default and any
enforcement or collection proceeding resulting therefrom, including all manner
of participation in or other involvement with (i) performance by the
Administrative Agent of any obligations of the Company in respect of the
Collateral that the Company has failed or refused to perform, (ii) bankruptcy,
insolvency, receivership, foreclosure, winding up or liquidation proceedings, or
any actual or attempted sale, or any exchange, enforcement, collection,
compromise or settlement in respect of any of the Collateral, and for the care
of the Collateral and defending or asserting rights and claims of the
Administrative Agent in respect thereof, by litigation or otherwise, including
expenses of insurance, (iii) judicial or regulatory proceedings and (iv)
workout, restructuring or other negotiations or proceedings (whether or not the
workout, restructuring or transaction contemplated thereby is consummated) and
(b) the enforcement of this Section 5.04, and all such

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                                      -9-

costs and expenses shall be Secured Obligations entitled to the benefits of the
collateral security provided pursuant to Section 3.

          5.05 Successors and Assigns. This Agreement shall be binding upon and
               ----------------------
inure to the benefit of the respective successors and assigns of the Company and
the Secured Creditors (provided that the Company shall not assign or transfer
any of its rights or obligations hereunder without the prior written consent of
the Administrative Agent).

          5.06 Counterparts. This Agreement may be executed in any number of
               ------------
counterparts, all of which taken together shall constitute one and the same
instrument and any of the parties hereto may execute this Agreement by signing
any such counterpart.

          5.07 Governing Law; Submission to Jurisdiction; Etc.
               ----------------------------------------------

          (a) Governing Law. This Agreement shall be construed in accordance
              -------------
with and governed by the law of the State of New York.

          (b) Submission to Jurisdiction. The Company hereby irrevocably and
              --------------------------
unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New
York, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that
a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement shall affect any right that any
Secured Creditor may otherwise have to bring any action or proceeding relating
to this Agreement against the Company or its properties in the courts of any
jurisdiction.

          (c) Waiver of Venue. The Company hereby irrevocably and
              ---------------
unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement in
any court referred to in paragraph (b) of this Section 5.07. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

          (d) Service of Process. Each party to this Agreement irrevocably
              ------------------
consents to service of process in the manner provided for notices in Section
5.01. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law.

          5.08 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE
               --------------------
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE

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                                      -10-

TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 5.08.

          5.09 Captions. The captions and section headings appearing herein are
               --------
included solely for convenience of reference and are not intended to affect the
interpretation of any provision of this Agreement.

          5.10 Agents and Attorneys-in-Fact. The Administrative Agent may employ
               ----------------------------
agents and attorneys-in-fact in connection herewith and shall not be responsible
for the negligence or misconduct of any such agents or attorneys-in-fact
selected by it in good faith.

          5.11 Severability. If any provision hereof is invalid and
               ------------
unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(a) the other provisions hereof shall remain in full force and effect in such
jurisdiction and shall be liberally construed in favor of the Secured Creditors
in order to carry out the intentions of the parties hereto as nearly as may be
possible and (b) the invalidity or unenforceability of any provision hereof in
any jurisdiction shall not affect the validity or enforceability of such
provision in any other jurisdiction.

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                                      -11-

          IN WITNESS WHEREOF, the parties hereto have caused this Pledge
Agreement to be duly executed and delivered as of the day and year first above
written.

                                     GRIFFON CORPORATION

                                     By /s/Eric Edelstein
                                       -------------------------------
                                        Name:   Eric Edelstein
                                        Title:  Executive Vice President

                                     JPMORGAN CHASE BANK, N.A.
                                      as Administrative Agent

                                     By /s/Tara Lynne Moore
                                       -------------------------------
                                        Name:  Tara Lynne Moore
                                        Title:  Vice President

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<PAGE>

                                                                         ANNEX 1

                                 PLEDGED SHARES

                 [See definition of "Initial Pledged Shares" in
                         Section 1.03 and Section 2.02]

                                                                 Percentage
                                         Stock                       of
                          Class of    Certificate      No. of      Issued
Issuer                     Stock           No.         Shares      Shares
------                    --------    -----------      ------    -----------

Clopay Corporation        Common           1            100         100%

                                Pledge Agreement
                                ----------------FORM OF RESTRICTED STOCK AGREEMENT

          THIS AGREEMENT, dated as of the ___ day of __________ 2005, between
DYCOM INDUSTRIES, INC., a Florida corporation (the "Company"), and
_______________ (the "Participant").

          WHEREAS, the Participant is an officer or key employee of the Company
or one of its Affiliates and, subject to the terms and conditions set forth
herein, the Company desires to (i) provide the Participant with an additional
incentive to remain in its employ, (ii) increase his or her interest in the
success of the Company by granting the Participant an Award to receive a certain
number of restricted shares ("Restricted Stock") of common stock, par value
$.0331/3 per share, of the Company (the "Common Stock") under the Company's 2003
Long-Term Incentive Plan (the "Plan") and (iii) provide the Participant with an
opportunity to increase his or her equity ownership in the Company;

          NOW, THEREFORE, in consideration of the covenants and agreements
herein contained, the parties hereto agree as follows:

     1.   Definitions; Incorporation of Plan Terms.
          ----------------------------------------

          Capitalized terms used herein without definition shall have the
meanings assigned to them in the Plan, a copy of which is attached hereto. This
Award Document and the Restricted Stock shall be subject to the Plan, the terms
of which are incorporated herein by reference, and in the event of any conflict
or inconsistency between the Plan and this Award Document, the Plan shall
govern.

     2.   Grant of Restricted Stock.
          -------------------------

          Subject to the terms and conditions contained herein and in the Plan,
the Company hereby grants to the Participant the number of shares of Restricted
Stock specified at the foot of the signature page hereof. For purposes of the
Plan and this Award Document, the Grant Date is the date specified at the foot
of the signature page hereof.

     3.   Vesting of Restricted Stock.
          ---------------------------

          Unless previously vested or forfeited in accordance with the terms of
the Plan or this Award Document, the Restricted Stock shall vest and become
non-forfeitable in four equal annual installments commencing on the Grant Date
(each a "Vesting Date"); provided that the Participant remains in the employ of
the Company or one of its Affiliates through such dates. Notwithstanding the
foregoing, if a vesting date shall fall on a date which is during a black-out
period with respect to the Common Stock to which the Participant is subject,
such vesting date shall be delayed until the first day after the expiration of
such black-out period. Such vested Restricted Stock shall remain subject to the
terms of the Plan and this Award Document and to applicable securities laws and
the Company's employee trading policies. Any fractional shares of Common Stock
that become distributable at the time such Restricted Stock vests shall be
rounded up or down to the nearest whole share.

<PAGE>

     4.   Termination of Employment.
          -------------------------

          Except to the extent otherwise provided by the Plan and this Award
Document, in the event of the Participant's termination of employment for any
reason prior to an applicable Vesting Date, the Participant shall immediately
forfeit all unvested Restricted Stock as of the date of such termination. Upon
the Participant's termination of employment with the Company or its Affiliates
for any reason other than death or Disability, any Restricted Stock Holdings (as
defined in Section 5 (b) below) held by the Participant on the date of such
termination shall be subject to Section 5(c) below.

     5.   Nontransferability of the Restricted Stock.
          ------------------------------------------

          (a) Unless determined otherwise by the Committee, Restricted Stock may
not be sold, pledged, assigned, hypothecated, transferred or disposed of in any
manner prior to the date that such Restricted Stock becomes vested and
non-forfeitable; provided, however, that Restricted Stock shall be transferable,
in whole or in part, with the written consent of the Committee, to trusts
established wholly or in part for the benefit of the Participant's immediate
family members. Such transfers are subject to the terms and conditions of the
Plan and this Award Document. Subject to Section 5(c) below, the restrictions on
transferability set forth above shall not apply to Restricted Stock after the
date that such Restricted Stock becomes vested and non-forfeitable as set forth
herein.

          (b) Upon each Vesting Date, 50% of the shares of Restricted Stock that
vest on such Vesting Date shall be transferable, in whole or in part, by the
Participant. Subject to this Section 5(b), the remaining 50% of the shares of
Restricted Stock that vest on such Vesting Date (net of any shares that the
Participant may use to satisfy his or her income and employment tax withholding
obligations with respect to such shares of Restricted Stock) shall not be
transferable, in whole or in part, by the Participant (the "Non Transferable
Shares"). 50% of the shares of Restricted Stock that vest on each future Vesting
Date shall be Non Transferable Shares until such Vesting Date as the Fair Market
Value (based on the closing price of a share Common Stock as reported on the
composite tape for securities listed on the New York Stock Exchange on such
Vesting Date) of all Non Transferable Shares held by the Participant, together
with all other shares of time vested restricted stock held by the Participant
pursuant to prior awards under the Plan or such successor plan, equals or
exceeds 100% of the Participant's then annual rate of base salary (the
"Restricted Stock Holdings") as determined by the Committee in its sole
discretion; provided, however, that any Non Transferable Shares that vest on the
Vesting Date in which the Participant attains his or her Restricted Stock
Holdings that exceed such Participant's Restricted Stock Holdings shall no
longer be Non Transferable Shares and shall be transferable, in whole or in
part, by the Participant. Effective as of the date that the Participant attains
his or her Restricted Stock Holdings, 100% of the shares of Restricted Stock
that vest on each future Vesting Date shall be transferable, in whole or in
part, by the Participant. Subject to Section 5(c), the Participant's Restricted
Stock Holdings shall not be transferable, in whole or in part. The Committee
may, in its sole discretion, allow a Participant to replace Non Transferable
Shares with other shares of Common Stock held by the Participant for purposes of
satisfying the Restricted Stock Holdings.

                                       2
<PAGE>

          (c) Notwithstanding the foregoing, upon the Participant's termination
of employment with the Company or its Affiliates for any reason other than death
or Disability, such Participant's Restricted Stock Holdings shall not be
transferable, in whole or in part, during the 90 day period immediately
following such termination of employment. The date of the Participant's
termination of employment with the Company or its Affiliates shall be determined
by the Committee in its sole discretion.

     6.   Rights as a Stockholder.
          -----------------------

          The Participant shall have, with respect to the Restricted Stock, all
of the rights of a stockholder of the Company, including, if applicable, the
right to vote the Restricted Stock and to receive any cash dividends, subject to
the restrictions set forth in the Plan and this Award Document.

     7.   Dividends and Distributions.
          ---------------------------

          Any Common Stock or other securities of the Company received by the
Participant as a result of a distribution to holders of Restricted Stock or as a
dividend on the Restricted Stock shall be subject to the same restrictions as
such Restricted Stock, and all references to Restricted Stock hereunder shall be
deemed to include such Common Stock or other securities.

     8.   Issuance of Certificates.
          ------------------------

          Upon the vesting of the Restricted Stock as provided in Section 3, and
subject to this Section 8, the Company shall cause new certificates to be
assigned with respect to such vested shares and delivered to the Participant or
his legal representative. Such Restricted Stock shall contain such legends as
the Committee determines are necessary and appropriate in accordance with the
terms and conditions set forth herein and in the Plan. Such certificates shall
be held in custody by the Company until such time as all of the restrictions and
conditions imposed under this Award Document have expired (including, without
limitations, Section 5 (c)) and that, as a condition of any award of Restricted
Stock, the Participant shall deliver a stock power, endorsed in blank, relating
to the Common Stock covered by such award.

     9.   Taxes and Withholdings.
          ----------------------

          No later than the date as of which an amount first becomes includable
in the gross income of the Participant for applicable income tax purposes with
respect to Restricted Stock, the Participant shall pay to the Company or make
arrangements satisfactory to the Committee regarding payment of any federal,
state or local taxes of any kind required by law to be withheld with respect to
such amount.

          Unless otherwise determined by the Committee, in accordance with rules
and procedures established by the Committee, the minimum required withholding
obligations may be settled with Common Stock, including Common Stock that is
part of the Award that gives rise to the withholding requirement. The obligation
of the Company under this Award Document shall be conditional upon such payment
or arrangements and the Company shall, to the extent

                                       3
<PAGE>

permitted by law, have the right to deduct any such taxes from any payment of
any kind otherwise due to the Participant.

     10.  Notices.
          -------

          All notices and other communications under this Award Document shall
be in writing and shall be given by hand delivery to the other party or by
facsimile, overnight courier, or registered or certified mail, return receipt
requested, postage prepaid, addressed as follows:

          If to the Participant:

          at the last known address on record at the Company.

          If to the Company:

          11770 U.S. Highway 1
          Suite 101
          Palm Beach Gardens, Florida  33408
          Attention:  General Counsel

or to such other address or facsimile number as any party shall have furnished
to the other in writing in accordance with this Section 10. Notice and
communications shall be effective when actually received by the addressee.

     11.  Successor.
          ---------

          Except as otherwise provided hereunder, this Award Document shall be
binding upon and shall inure to the benefit of any successor or successors of
the Company, and to any transferee or successor of the Participant pursuant to
Section 5.

     12.  Governing Law.
          -------------

          The interpretation, performance and enforcement of this Award Document
shall be governed by the laws of the State of Florida without reference to
principles of conflict of laws, as applied to contracts executed in and
performed wholly within the State of Florida.

     13.  Severability.
          ------------

          If any provision of this Award Document shall be held illegal or
invalid for any reason, such illegality or invalidity shall not affect the
remaining provisions of this Award Document, but this Award Document shall be
construed and enforced as if such illegal or invalid provision had never been
included herein.

     14.  Corporate Changes; Changes in Capitalization.
          --------------------------------------------

          (a) Neither the Plan or this Award Document shall affect or restrict
in any way the right or power of the Company or its shareholders to make or
authorize any adjustment, recapitalization, reorganization or other change in
the capital structure or business of the

                                       4
<PAGE>

Company, or any merger or consolidation of the Company, or any issue of stock or
of options, warrants or rights to purchase stock or of bonds, debentures,
preferred or prior preference stocks whose rights are superior to or affect the
Common Stock or the rights thereof or which are convertible into or exchangeable
for Common Stock, or the dissolution or liquidation of the Company, or any sale
or transfer of all or any part of the assets or business of the Company, or any
sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise.

          (b) The number and kind of shares authorized for issuance under the
Plan, including the maximum number of shares available under the special limits
provided for in the Plan, may be equitably adjusted in the sole discretion of
the Committee in the event of a stock split, stock dividend, recapitalization,
reorganization, merger, consolidation, extraordinary dividend, split-up,
spin-off, combination, exchange of shares, warrants or rights offering to
purchase Common Stock at a price substantially below Fair Market Value or other
similar corporate event affecting the Common Stock in order to preserve, but not
increase, the benefits or potential benefits intended to be made available under
the Plan. In addition, upon the occurrence of any of the foregoing events, the
number of shares of Restricted Stock will be equitably adjusted (including by
payment of cash to the Participant) in order to preserve the benefits or
potential benefits intended to be made available to the Participant with respect
to such Restricted Stock. The determination as to what adjustments shall be made
in order to preserve the benefits or potential benefits intended to be made
available to the Participant with respect to such Restricted Stock shall be made
by the Committee, in its sole discretion, and such determination shall be final
and binding on the Company and the Participant. Unless otherwise determined by
the Committee, such adjusted Restricted Stock shall be subject to the same
restrictions and vesting or settlement schedule to which it is subject.

     15.  Exchange Act.
          ------------

          Notwithstanding anything contained in the Plan or this Award Document
to the contrary, if the consummation of any transaction under the Plan or this
Award Document would result in the possible imposition of liability on the
Participant pursuant to Section 16(b) of the Exchange Act, the Committee shall
have the right, in its sole discretion, but shall not be obligated, to defer
such transaction to the extent necessary to avoid such liability, but in no
event for a period in excess of 180 days.

     16.  Amendment.
          ---------

          Notwithstanding anything herein to the contrary, the Board or the
Committee may, at any time, amend or modify this Award Document; provided,
however, that no amendment or modification of this Award Document shall
materially and adversely alter or impair the rights of the Participant without
the consent of the Participant. The waiver by either party of compliance with
any provision of this Award Document shall not operate or be construed as a
waiver of any other provision of this Award Document, or of any subsequent
breach by such party of a provision of this Award Document.

                                       5
<PAGE>

     17.  No Rights to Future Awards or Continued Employment.
          --------------------------------------------------

          The Participant shall not have any claim or right to receive or be
eligible to receive any additional Awards under the Plan. Neither the Plan nor
this Award Document nor any action taken or omitted to be taken hereunder or
thereunder shall be deemed to create or confer on the Participant any right to
be retained in the employ of the Company or to interfere with or to limit in any
way the right of the Company to terminate the employment of the Participant at
any time.

     18.  Section 83(b) Election.
          ----------------------

          If, within 30 days of the Grant Date, the Participant makes an
election under Section 83(b) of the Code, or any successor section thereto, to
be taxed with respect to all or any portion of the Restricted Stock as of the
Grant Date rather than as of the date or dates upon which the Holder would
otherwise be taxable under Section 83(a) of the Code, the Participants shall
deliver a copy of such election to the Company immediately after filing such
election with the Internal Revenue Service.

     19.  Entire Agreement.
          ----------------

          This Award Document and the Plan set forth the entire agreement and
understanding between the parties hereto with respect to the matters covered
herein, and supersede all prior agreements and understandings concerning such
matters. This Award Document may be executed in one or more counterparts, each
of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same agreement. The headings of sections and
subsections herein are included solely for convenience of reference and shall
not affect the meaning of any of the provisions of this Award Document.

                                       6
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Award Document to be
executed by its duly authorized officer and the Participant has executed this
Award Document, both as of the day and year first above written.

                                         DYCOM INDUSTRIES, INC.

                                         By:
                                            ------------------------------------
                                             Name:  Steven Nielsen
                                             Title: President & CEO

                                         PARTICIPANT

                                          --------------------------------------
                                           Name:
                                           Title:

Number of share of Restricted Stock: ________

Date of Grant:  __________________

                                       7

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