Document:

Registration Rights Agreement, dated as of May 26, 2011

 Exhibit 4.2 

 
  

 
 REGISTRATION RIGHTS AGREEMENT

 Dated as of May 26, 2011 
 By and Among 
 NORCRAFT COMPANIES, L.P., 

NORCRAFT FINANCE CORP., 
 the GUARANTORS named herein 
 and 

UBS SECURITIES LLC 
 as Initial Purchaser 
 10 1/2% Senior Secured Second Lien Notes due 2015 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
			
	 Section 1.
	    	Definitions	  	 	1	  
			
	 Section 2.
	    	Exchange Offer	  	 	5	  
			
	 Section 3.
	    	Shelf Registration	  	 	8	  
			
	 Section 4.
	    	Additional Interest	  	 	9	  
			
	 Section 5.
	    	Registration Procedures	  	 	10	  
			
	 Section 6.
	    	Registration Expenses	  	 	18	  
			
	 Section 7.
	    	Indemnification	  	 	19	  
			
	 Section 8.
	    	Rules 144 and 144A	  	 	22	  
			
	 Section 9.
	    	Underwritten Registrations	  	 	22	  
			
	 Section 10.
	    	Miscellaneous	  	 	22	  
			
	 (a)
	    	No Inconsistent Agreements	  	 	22	  
	 (b)
	    	Adjustments Affecting Registrable Notes	  	 	23	  
	 (c)
	    	Amendments and Waivers	  	 	23	  
	 (d)
	    	Notices	  	 	23	  
	 (e)
	    	Guarantors	  	 	24	  
	 (f)
	    	Successors and Assigns	  	 	24	  
	 (g)
	    	Counterparts	  	 	25	  
	 (h)
	    	Headings	  	 	25	  
	 (i)
	    	Governing Law	  	 	25	  
	 (j)
	    	Severability	  	 	25	  
	 (k)
	    	Securities Held by the Issuers or Their Affiliates	  	 	25	  
	 (l)
	    	Third-Party Beneficiaries	  	 	25	  
	 (m)
	    	Entire Agreement	  	 	25	  
		
	 SIGNATURES
	  	 	S-1	  

  
 -i-

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is dated as of May 26, 2011, by and among NORCRAFT COMPANIES,
L.P., a Delaware limited partnership (the “Company”), NORCRAFT FINANCE CO., a Delaware corporation (the “Co-Issuer”), and each of the Guarantors (as defined herein) (the Company, the Co-Issuer and the Guarantors are
referred to collectively herein as the “Issuers”), on the one hand, and UBS SECURITIES LLC (the “Initial Purchaser”), on the other hand. 

This Agreement is entered into in connection with the Purchase Agreement, dated as of May 23, 2011, by and among
the Issuers and the Initial Purchaser (the “Purchase Agreement”), relating to the offering of $60,000,000 aggregate principal amount of
10 1/2% Senior Secured Second Lien Notes due 2015 of
the Company and the Co-Issuer (including the guarantees thereof by the Guarantors, the “Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchaser’s obligation to purchase the Notes under the
Purchase Agreement. 
 The parties hereby agree as follows: 

Section 1. Definitions 
 As used in this Agreement, the following terms shall have the following meanings: 

“action” shall have the meaning set forth in Section 7(c) hereof. 

“Additional Interest” shall have the meaning set forth in Section 4(a) hereof. 

“Additional Interest Payment Date” shall have the meaning set forth in Section 4(b) hereof. 

“Agreement” shall have the meaning set forth in the first introductory paragraph hereto. 

“Advice” shall have the meaning set forth in Section 5 hereof. 

“Applicable Period” shall have the meaning set forth in Section 2(b) hereof. 

“Board of Managers” shall have the meaning set forth in Section 5 hereof. 

“Business Day” shall mean a day that is not a Legal Holiday. 

“Co-Issuer” shall have the meaning set forth in the introductory paragraph hereto and shall also include the
Co-Issuer’s permitted successors and assigns. 
 “Commission” shall mean the Securities and Exchange
Commission. 

 “Company” shall have the meaning set forth in the introductory paragraph
hereto and shall also include the Company’s permitted successors and assigns. 
 “day” shall mean a
calendar day. 
 “Delay Period” shall have the meaning set forth in Section 5 hereof. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Exchange Notes” shall have the meaning set forth in Section 2(a)
hereof. 
 “Exchange Offer” shall have the meaning set forth in Section 2(a) hereof. 

“Exchange Offer Registration Statement” shall have the meaning set forth in Section 2(a) hereof. 

“Existing Exchange Notes” shall mean the 10 1/2% Senior Secured Second Lien Notes due 2015, of the same series
under the Indenture as the Existing Notes without restrictive legends or transfer restrictions, that were issued to Holders of the Existing Notes in an exchange offer pursuant to the Registration Rights Agreement, dated as of December 9, 2009,
by and among the Company, the Co-Issuer, the Guarantors named therein, UBS Securities LLC and Jeffries & Company, Inc. (the “Existing Registration Rights Agreement”). 

“Existing Notes” shall mean the $180,000,000 aggregate principal amount of 10 1/2% Senior Secured Second Lien Notes due 2015 and the related
guarantees thereto issued by the Company and the Co-Issuer on December 9, 2009 under the Indenture. 

“FINRA” shall mean the Financial Industry Regulatory Authority, Inc. 

“Guarantors” means Norcraft Canada Corporation, a Nova Scotia unlimited liability company, on the date hereof and each
Person who executes and delivers a counterpart of this Agreement hereafter pursuant to Section 10(e) hereof. 

“Holder” shall mean any holder of a Registrable Note or Registrable Notes. 

“indemnified party” shall have the meaning set forth in Section 7(c) hereof. 

“indemnifying party” shall have the meaning set forth in Section 7(c) hereof. 

“Indenture” shall mean the Indenture, dated as of December 9, 2009, (as amended or supplemented from time to time,
including by a supplemental indenture dated as of May 20, 2011 and a supplemental indenture dated as of May 26, 2011, in accordance with the terms thereof), by and among the Issuers and U.S. Bank National Association, as trustee and as
collateral agent, pursuant to which the Existing Notes were issued and the Notes are being issued. 

  
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 “Initial Purchaser” shall have the meaning set forth in the first
introductory paragraph hereof. 
 “Inspectors” shall have the meaning set forth in Section 5(n) hereof.

 “Issue Date” shall mean May 26, 2011, the date of original issuance of the Notes. 

“Issuers” shall have the meaning set forth in the first introductory paragraph hereto. 

“Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are
required by law, regulation or executive order to remain closed. 
 “Losses” shall have the meaning set forth
in Section 7(a) hereof. 
 “Notes” shall have the meaning set forth in the second introductory paragraph
hereto. 
 “Participant” shall have the meaning set forth in Section 7(a) hereof. 

“Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 

“Person” shall mean an individual, corporation, partnership, joint venture association, joint stock company, trust,
unincorporated limited liability company, government or any agency or political subdivision thereof or any other entity. 

“Private Exchange” shall have the meaning set forth in Section 2(b) hereof. 

“Private Exchange Notes” shall have the meaning set forth in Section 2(b) hereof. 

“Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, any
prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or
supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 “Purchase Agreement” shall have the meaning set forth in the second introductory paragraph hereof.

 “Records” shall have the meaning set forth in Section 5(n) hereof. 

“Registrable Notes” shall mean each Note upon its original issuance and at all times subsequent thereto, each Exchange
Note as to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times subsequent thereto, in each case until (i) a
Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been

  
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declared effective by the Commission and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration Statement,
(ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes that may be resold without restriction under state and federal securities laws, or (iii) such Note, Exchange Note or Private Exchange
Note, as the case may be, ceases to be outstanding for purposes of the Indenture. 
 “Registration Default”
shall have the meaning set forth in Section 4(a) hereof. 
 “Registration Statement” shall mean any
appropriate registration statement of the Issuers covering any of the Registrable Notes filed with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 
 “Requesting Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
 “Rule 144” shall mean Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter
adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer of such securities being free of the registration and
prospectus delivery requirements of the Securities Act. 
 “Rule 144A” shall mean Rule 144A promulgated under
the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission. 
 “Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission.

 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the
Commission promulgated thereunder. 
 “Shelf Filing Event” shall have the meaning set forth in
Section 2(c) hereof. 
 “Shelf Registration” shall have the meaning set forth in Section 3(a) hereof.

 “Shelf Registration Statement” shall mean a Registration Statement filed in connection with a Shelf
Registration. 
 “TIA” shall mean the Trust Indenture Act of 1939, as amended. 

“Trustee” shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange
Notes and Private Exchange Notes. 

  
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 “Underwritten registration or underwritten offering” shall mean a
registration in which securities of the Issuers are sold to an underwriter for reoffering to the public. 
 Section 2.
Exchange Offer 
 (a) Unless the Exchange Offer would violate applicable law or interpretation of the staff of the
Commission, the Issuers shall (i) file a Registration Statement (the “Exchange Offer Registration Statement”) with the Commission within 60 days after the Issue Date with the Commission on an appropriate registration form with
respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal amount at maturity of notes (including the guarantees with respect thereto, the “Exchange
Notes”) that are identical in all material respects to the Notes (except that the Exchange Notes shall not contain restrictive legends, terms with respect to transfer restrictions or Additional Interest upon a Registration Default),
(ii) use their reasonable best efforts to cause the Exchange Offer Registration Statement to be declared effective under the Securities Act within 150 days after the Issue Date and (iii) use their reasonable best efforts to consummate the
Exchange Offer within 180 days after the Issue Date. Upon the Exchange Offer Registration Statement being declared effective by the Commission, the Issuers will offer the Exchange Notes in exchange for surrender of the Notes. The Issuers shall keep
the Exchange Offer open for not less than 30 days (or longer if required by applicable law) after the date notice of the Exchange Offer is mailed to Holders. 
 Each Holder that participates in the Exchange Offer will be required to represent to the Issuers in writing that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of
its business, (ii) it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) it is
not an affiliate of the Company, the Co-Issuer or any Guarantor as defined by Rule 405 of the Securities Act, or if it is an affiliate, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent
applicable, (iv) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes, (v) if such Holder is a broker-dealer that will receive Exchange Notes for its own account in
exchange for Notes that were acquired as a result of market-making or other trading activities, it will deliver a prospectus in connection with any resale of such Exchange Notes, and (vi) such Holder has full power and authority to transfer the
Notes in exchange for the Exchange Notes and that the Issuers will acquire good and unencumbered title thereto (other than restrictions on transfer imposed by applicable law) and not subject to any adverse claims. 

(b) The Issuers and the Initial Purchaser acknowledge that the staff of the Commission has taken the position that any broker-dealer that
elects to exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other trading activities for Exchange Notes in the Exchange Offer (a “Participating Broker-Dealer”) may be deemed
to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment
resulting from the original offering of the Notes). 
 The Issuers and the Initial Purchaser also acknowledge that the staff of
the Commission has taken the position that if the Prospectus contained in the Exchange Offer Registration Statement 

  
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includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Notes, without naming the Participating
Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligations under the Securities Act in connection with resales of
Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
 In
light of the foregoing, if requested by a Participating Broker-Dealer (a “Requesting Participating Broker-Dealer”), the Issuers agree to use their reasonable best efforts to keep the Exchange Offer Registration Statement
continuously effective for a period necessary to comply with applicable law in connection with such resales but in no event more than 180 days after the date on which the Exchange Offer Registration Statement is declared effective, or such longer
period if extended pursuant to any Delay Period in accordance with the last paragraph of Section 5 hereof (such period, the “Applicable Period”), or such earlier date as each Requesting Participating Broker-Dealer shall have
notified the Company in writing that such Requesting Participating Broker-Dealer has resold all Exchange Notes acquired by it in the Exchange Offer. The Issuers shall include a plan of distribution in such Exchange Offer Registration Statement that
meets the requirements set forth in the preceding paragraph. 
 If, prior to consummation of the Exchange Offer, the Initial
Purchaser or any Holder, as the case may be, holds any Notes acquired by it that have, or that are reasonably likely to be determined to have, the status of an unsold allotment in an initial distribution, or if any Holder is not entitled to
participate in the Exchange Offer, the Issuers upon the request of the Initial Purchaser or any such Holder, as the case may be, shall simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to the Initial
Purchaser or any such Holder, as the case may be, in exchange (the “Private Exchange”) for such Notes held by the Initial Purchaser or any such Holder, as the case may be, a like principal amount at maturity of notes (the
“Private Exchange Notes”) of the Issuers that are identical in all material respects to the Exchange Notes except that the Private Exchange Notes may be subject to restrictions on transfer and bear a legend to such effect. The
Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes (if permitted by the CUSIP Service Bureau). The Company, the Co-Issuer and the Guarantors shall use
their reasonable best efforts to cause the Existing Exchange Notes and the Exchange Notes to have the same unrestricted CUSIP number. 
 Upon consummation of the Exchange Offer in accordance with this Section 2, the Issuers shall have no further registration obligations other than the Issuers’ continuing registration obligations
with respect to (i) Private Exchange Notes, (ii) Exchange Notes held by Participating Broker-Dealers and (iii) Notes or Exchange Notes as to which clause (c)(iv) of this Section 2 applies. 

In connection with the Exchange Offer, the Issuers shall: 

(1) mail or cause to be mailed to each Holder entitled to participate in the Exchange Offer a copy of the Prospectus
forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

  
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 (2) utilize the services of a depositary for the Exchange Offer with an
address in the Borough of Manhattan, The City of New York; 
 (3) permit Holders to withdraw tendered Notes at
any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain open; and 
 (4) otherwise comply in all material respects with all applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange Offer and the Private Exchange, if any, the Company shall: 
 (1) accept for exchange all Notes validly tendered and not validly withdrawn by the Holders pursuant to the Exchange Offer and the Private Exchange, if any; 

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

 (3) cause the Trustee to authenticate and deliver promptly to each such Holder of Notes, Exchange Notes or
Private Exchange Notes, as the case may be, equal in principal amount at maturity to the Registrable Notes of such Holder so accepted for exchange; provided, however, that in the case of any Registrable Notes held in global form by a
depository, authentication and delivery to such depository of one or more Exchange Notes or Private Exchange Notes in global form in such amount shall satisfy such requirement. 

The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or
Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the Commission, (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental
agency which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding with respect to the Issuers and
(iii) all governmental approvals shall have been obtained, which approvals the Company deems necessary for the consummation of the Exchange Offer or Private Exchange. 
 The Exchange Notes and the Private Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture (in either case, with such
changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the TIA) and which, in either case, has been qualified under the TIA and shall provide that (a) the Exchange Notes
shall not be subject to the transfer restrictions set forth in the Indenture and (b) the Private Exchange Notes shall be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the
Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes will have the right to vote or consent as a separate
class on any matter. 

  
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 (c) In the event that (i) any changes in law or the applicable interpretations of the
staff of the Commission do not permit the Issuers to effect the Exchange Offer, (ii) for any reason the Exchange Offer is not consummated within 180 days of the Issue Date, (iii) any Holder, other than an Initial Purchaser, notifies the
Company prior to the 30th day following consummation of the Exchange Offer that it is prohibited by law or the applicable interpretations of the staff of the Commission from participating in the Exchange Offer, (iv) in the case of any Holder
who participates in the Exchange offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such holder as an
affiliate of any Issuer within the meaning of the Securities Act) or (v) the Initial Purchaser so request with respect to Notes or Private Exchange Notes that have, or that are reasonably likely to be determined to have, the status of unsold
allotments in an initial distribution (each such event referred to in clauses (i) through (v) of this sentence, a “Shelf Filing Event”), then the Issuers shall file a Shelf Registration pursuant to Section 3 hereof.

 Section 3. Shelf Registration 
 If at any time a Shelf Filing Event shall occur, then: 
 (a) Shelf
Registration. The Issuers shall file with the Commission a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer, Private Exchange
Notes and Exchange Notes as to which Section 2(c)(iv) is applicable (the “Shelf Registration”). The Issuers shall file the Shelf Registration with the Commission prior to the later of (x) 60 days after the Issue Date and
(y) 60 days after the occurrence of the applicable Shelf Filing Event. The Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners
designated by them (including, without limitation, one or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable Notes to be included in the Shelf Registration. 

(b) The Issuers shall use all their reasonable best efforts (x) to cause the Shelf Registration to be declared effective under the
Securities Act on or prior to the later of (A) the 150th day after the Issue Date and (B) the 120th day after the occurrence of the applicable Shelf Filing Event and (y) to keep the Shelf Registration continuously effective under the
Securities Act for the period ending on the one year anniversary of the effectiveness of the Shelf Registration Statement, subject to extension pursuant to the penultimate paragraph of Section 5 hereof (the “Effectiveness
Period”), or such shorter period ending when all Registrable Notes covered by the Shelf Registration have been sold in the manner set forth and as contemplated in the Shelf Registration; provided, however, that (i) the
Effectiveness Period in respect of the Shelf Registration shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein
and (ii) the Company may suspend the effectiveness of the Shelf Registration Statement by written notice to the Holders solely (A) as a result of the filing of a post-effective amendment to the Shelf Registration Statement to incorporate
annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus or (B) to the extent and for so long as
permitted by the penultimate paragraph of Section 5. 

  
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 (c) Supplements and Amendments. The Issuers agree to supplement or make amendments to
the Shelf Registration Statement as and when required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf
registration, or if reasonably requested by the Holders of a majority in aggregate principal amount at maturity of the Registrable Notes covered by such Registration Statement or by any underwriter of such Registrable Notes. 

Section 4. Additional Interest 
 (a) The Issuers and the Initial Purchaser agree that the Holders will suffer damages if the Issuers fails to fulfill their obligations under Section 2 or Section 3 hereof and that it would not
be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers agree that if: 

(i) the Exchange Offer Registration Statement is not filed with the Commission on or prior to the 60th day following the
Issue Date or, if that day is not a Business Day, the next day that is a Business Day, 
 (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 150th day following the Issue Date or, if that day is not a Business Day, the next day that is a Business Day, 

(iii) the Exchange Offer is not consummated or a Shelf Registration Statement is not declared effective on or prior to the
180th day following the Issue Date, or, if that day is not a Business Day, the next day that is a Business Day; or 
 (iv) the Shelf Registration Statement is required to be filed but is not filed within the time period specified in Section 3(a), is not declared effective within the time period specified in
Section 3(b)(x), or is declared effective by such date but thereafter ceases to be effective or usable, except if the Shelf Registration ceases to be effective or usable as specifically permitted the penultimate paragraph of Section 5
hereof 
 (each such event referred to in clauses (i) through (iv) a “Registration Default”), additional interest in
the form of additional cash interest (“Additional Interest”) will accrue on the affected Registrable Notes. The rate of Additional Interest will be 0.25% per annum for the first 90-day period immediately following the
occurrence of a Registration Default, increasing by an additional 0.25% per annum with respect to each subsequent 90-day period up to a maximum amount of Additional Interest of 1.00% per annum, from and including the date on which any such
Registration Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured or (2) with respect to each Registrable Note, the date on which such Registrable Note ceases to be a
Registrable Note. If, after the cure of all Registration Defaults then in effect, there is a subsequent Registration Default, the rate of Additional Interest for such subsequent Registration Default shall initially be 0.25% regardless of the rate in
effect with respect to any prior Registration Default at the time of cure of such Registration Default and shall increase in the manner and be subject to the maximum Additional Interest rate contained in the preceding sentence. 

  
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 Notwithstanding the foregoing, (1) the amount of Additional Interest payable shall not
increase because more than one Registration Default has occurred and is pending and (2) a Holder of Registrable Notes that is not entitled to the benefits of the Shelf Registration Statement (e.g., such Holder has not elected to include
information) shall not be entitled to Additional Interest with respect to a Registration Default that pertains to the Shelf Registration Statement. 
 (b) So long as Notes remain outstanding, the Company shall notify the Trustee within five Business Days after each and every date on which an event occurs in respect of which Additional Interest is
required to be paid. Any amounts of Additional Interest due pursuant to clauses (a)(i), (a)(ii), (a)(iii) or (a)(iv) of this Section 4 will be payable in cash semi-annually on each June 15 and December 15 (each a “Additional
Interest Payment Date”), commencing with the first such date occurring after any such Additional Interest commences to accrue, to Holders to whom regular interest is payable on such Additional Interest Payment Date with respect to Notes
that are Registrable Notes. The amount of Additional Interest for Registrable Notes will be determined by multiplying the applicable rate of Additional Interest by the aggregate principal amount of all such Registrable Notes outstanding on the
Additional Interest Payment Date following such Registration Default in the case of the first such payment of Additional Interest with respect to a Registration Default (and thereafter at the next succeeding Additional Interest Payment Date until
the cure of such Registration Default), multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day
months and, in the case of a partial month, the actual number of days elapsed), and the denominator of which is 360. 

Section 5. Registration Procedures 
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations to permit the sale of the securities covered thereby in
accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, the Issuers shall: 

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

  
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of the Registrable Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, their counsel, or the managing underwriters, if any, shall reasonably
object on a timely basis. 
 (b) Prepare and file with the Commission such amendments and post-effective
amendments to each Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as
the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the
Securities Act; and comply with the applicable provisions of the Securities Act and the Exchange Act with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and
with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution set forth in such Registration Statement or
Prospectus, as so amended or supplemented. 
 (c) If (1) a Shelf Registration is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period relating thereto from whom the Company has received written notice that such Participating Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange Offer, notify the selling Holders
of Registrable Notes, or each such Participating Broker-Dealer, as the case may be, their counsel (if such counsel is known to the Issuers) and the managing underwriters, if any, as promptly as possible, and, if requested by any such Person, confirm
such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the
Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one conformed copy of such Registration Statement or post-effective amendment including financial statements
and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or
suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes
or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any underwriting agreement) contemplated by Section 5(m) hereof cease to be true and correct in
all material respects, (iv) of the receipt by any of the Issuers of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange
Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known to any Issuer that makes any
statement made in such Registration Statement or related Prospectus or any document incorporated 

  
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or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement,
Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and (vi) of the Company’s determination that a post-effective amendment to a Registration Statement would be appropriate. 

(d) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, if any order
suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the
case may be, for sale in any jurisdiction, to use their reasonable best efforts to obtain the withdrawal of any such order at the earliest practicable moment. 
 (e) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and if reasonably requested by the managing underwriter or underwriters (if any), the Holders of a
majority in aggregate principal amount at maturity of the Registrable Notes covered by such Registration Statement or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration Statement or Prospectus a
prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or any Participating Broker-Dealer, as the case may be (based upon advice of counsel), as is reasonably required to
be included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such prospectus
supplement or post-effective amendment; provided, however, that the Issuers shall not be required to take any action hereunder that would, in the written opinion of counsel to the Issuers, violate applicable laws. 

(f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each
selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, who so requests, their counsel (if requested by any such person) and each managing underwriter, if any, at the sole expense of the Issuers, one
conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements 

  
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and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 

(g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each
selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, their respective counsel (if requested) and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or
Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this
Section 5, the Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters
or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement
thereto. 
 (h) Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a
Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their reasonable best efforts to register or qualify, and to cooperate with the
selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from
such registration or qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating
Broker-Dealer, or the managing underwriter or underwriters reasonably request; provided, however, that where Exchange Notes or Registrable Notes are offered other than through an underwritten offering, the Issuers agrees to use their
reasonable best efforts to cause the Issuers’ counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification (or
exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Exchange
Notes or Registrable Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified,
(B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is
not then so subject. 
 (i) If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with
the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any
restrictive legends and shall be in a form eligible 

  
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for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, or
selling Holders may request at least five Business Days prior to any sale of such Registrable Notes. 
 (j) Use
their reasonable best efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the
seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes or Exchange Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business,
in which case the Issuers will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals. 
 (k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly
as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the Commission, at the sole expense of the Issuers, a supplement or post-effective amendment to the Registration Statement or a
supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold
thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (l) Prior to the effective date of the first Registration Statement relating to the Registrable Notes, provide the Trustee with certificates for the Registrable Notes in a form eligible for deposit with
The Depository Trust Company. 
 (m) In connection with any underwritten offering of Registrable Notes pursuant
to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes and take all such other actions as are reasonably requested by the managing underwriter or underwriters
in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the business of the
Issuers and their subsidiaries, as then conducted (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) use their reasonable best efforts to obtain
the written opinions of counsel to the Issuers and written updates 

  
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thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions
requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) use their reasonable best efforts to obtain “cold comfort” letters and updates thereof in
form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent certified public accountants of any subsidiary
of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters, such
letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings; and (iv) if an underwriting agreement is entered into, the same shall contain
indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount at maturity of Registrable Notes
covered by such Registration Statement and the managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section; provided that the Issuers shall not be required to provide indemnification
to any underwriter selected in accordance with the provisions of Section 9 hereof with respect to information relating to such underwriter furnished in writing to the Company by or on behalf of such underwriter expressly for inclusion in such
Registration Statement. The above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 
 (n) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is
required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Registrable Notes being sold or each such
Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating
Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and instruments
of the Company and its subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the
Company and its subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and
that it will not disclose, or use in connection with any market transactions in violation of any applicable securities laws, any Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors in writing
are confidential unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction, (iii) disclosure of such information is necessary or advisable in the opinion of counsel for an Inspector in connection with any action, claim, suit or proceeding, directly or indirectly,
involving or potentially involving such Inspector 

  
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and arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or
(iv) the information in such Records has been made generally available to the public; provided, however, that (i) each Inspector shall agree to use reasonable best efforts to provide notice to the Company of the potential
disclosure of any information by such Inspector pursuant to clause (i), (ii) or (iii) of this sentence to permit the Issuers to obtain a protective order (or waive the provisions of this paragraph (n)) and (ii) each such Inspector
shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of
the Holder or any Inspector. 
 (o) Provide an indenture trustee for the Registrable Notes or the Exchange Notes,
as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the
Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to effect such changes to such indenture as may be required for such
indenture to be so qualified in accordance with the terms of the TIA; and execute, and use their reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents
required to be filed with the Commission to enable such indenture to be so qualified in a timely manner. 
 (p)
Comply with all applicable rules and regulations of the Commission and make generally available to the Company’s securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any similar rule promulgated under the Securities Act) no later than 50 days after the end of any 12-month period (or 105 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal
quarter in which Registrable Notes or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal
quarter of the Company after the effective date of a Registration Statement, which statements shall cover said 12-month periods consistent with the requirements of Rule 158. 

(q) Upon the request of a Holder, upon consummation of the Exchange Offer or a Private Exchange, use their reasonable best
efforts to obtain an opinion of counsel to the Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as
the case may be, that the Exchange Notes or Private Exchange Notes, as the case may be, and the related indenture constitute legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with its respective
terms, subject to customary exceptions and qualifications. 
 (r) If the Exchange Offer or a Private Exchange is
to be consummated, upon delivery of the Registrable Notes by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to be
marked, on such Registrable Notes that such Registrable 

  
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Notes are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; provided that in no event shall such Registrable Notes be marked as paid or
otherwise satisfied. 
 (s) Cooperate with each seller of Registrable Notes covered by any Registration Statement
and each underwriter, if any, participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with FINRA. 

(t) Use their reasonable best efforts to take all other steps reasonably necessary or advisable to effect the registration
of the Exchange Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby. 
 The Company may
require each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to furnish to the Company such information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the
Company may, from time to time, reasonably request. The Company may exclude from such registration the Registrable Notes of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request and
in the event of such an exclusion, the Issuers shall have no further obligation under this Agreement (including, without limitation, the obligations under Section 4) with respect to such seller or any subsequent Holder of such Registrable
Notes. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make any information previously furnished to the Company by such seller not
materially misleading. 
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any
securities of the Company, the Co-Issuer or the Guarantors, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by
such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial
requirements of the Company, the Co-Issuer or the Guarantors, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the
reference to such Holder in any amendment or supplement to the applicable Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 

Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes
that, upon the Company providing notice to such Holder or Participating Broker-Dealer, as the case may be, (x) of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv), or 5(c)(v) hereof, or
(y) that the Board of Managers of the general partner of the Company (the “Board of Managers”) has resolved that the Company has a bona fide business purpose for doing so, then, upon providing such notice (which shall
refer to the penultimate paragraph of this Section 5), the Issuers may delay the filing or the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement (if not then filed or effective, as applicable) and
shall not be required to maintain the effectiveness thereof or amend or supplement the Exchange Offer Registration Statement or the Shelf Registration, in all cases, 

  
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for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of the immediately preceding clause (x), such Holder’s or Participating
Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus
may be resumed, and has received copies of any amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business purpose ceases to
interfere with the Issuer’s obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 60 days after the Company notifies the Holders of such good faith determination. There shall
not be more than 60 days of Delay Periods during any 12-month period. The maximum length of the Applicable Period set forth in Section 2(b) shall be extended by a number of days equal to the number of days during any Delay Period. Any Delay
Period will not alter the obligations of the Issuers to pay Additional Interest under the circumstances set forth in Section 4 hereof. 
 Each Holder or Participating Broker-Dealer, by its acceptance of any Registrable Note, agrees that during any Delay Period, each Holder or Participating Broker-Dealer will discontinue disposition of such
Notes or Exchange Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 
 Section 6. Registration Expenses 
 All fees and expenses incident to
the performance of or compliance with this Agreement by the Issuers (other than any underwriting discounts or commissions) shall be borne by the Issuers, whether or not the Exchange Offer Registration Statement or the Shelf Registration is filed or
becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of compliance with state securities or Blue Sky laws (including,
without limitation, fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws
of such jurisdictions (x) where the holders of Registrable Notes are located, in the case of an Exchange Offer, or (y) as provided in Section 5(h) hereof, in the case of a Shelf Registration or in the case of Exchange Notes to be sold
by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository
Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount at maturity of the Registrable Notes included
in any Registration Statement or in respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Issuers and the reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel retained pursuant to Section 7 hereof) selected by the Holders of a majority in
aggregate principal amount at maturity of Notes, Exchange Notes and Private Exchange Notes being registered and reasonably satisfactory to the Issuers, (v) fees and disbursements of all independent certified public accountants referred to in
Section 5(m)(iii) hereof (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desires
such insurance, (vii) fees and expenses of all other Persons retained by any of the Issuers, 

  
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(viii) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Company performing legal or accounting duties),
(ix) the expense of any annual audit, (x) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if
applicable, (xi) any required fees and expenses incurred in connection with any filing required to be made with FINRA and (xii) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting
agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding the foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with
respect to any Registrable Notes sold by or on behalf of it. 
 Section 7. Indemnification 

(a) Each Issuer, jointly and severally, agrees to indemnify and hold harmless each Holder of Registrable Notes and each Participating
Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls any such Person within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, the agents, employees,
officers and directors of each Holder and each such Participating Broker-Dealer and the agents, partners, members, employees, officers, managers and directors of any such controlling Person (each, a “Participant”) from and against
any and all losses, liabilities, claims, damages and expenses (including, but not limited to, reasonable attorneys’ fees and any and all reasonable out-of-pocket expenses actually incurred in investigating, preparing or defending against any
litigation, commenced or threatened, or any claim whatsoever, and any and all reasonable amounts paid in settlement of any claim or litigation (in the manner set forth in clause (c) below)) (collectively, “Losses”) to which
they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or
based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not
misleading, provided that (i) the foregoing indemnity shall not be available to any Participant insofar as such Losses are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in
conformity with information relating to such Participant furnished to the Company in writing by or on behalf of such Participant expressly for use therein, and (ii) that the foregoing indemnity with respect to any preliminary prospectus shall
not inure to the benefit of any Participant from whom the Person asserting such Losses purchased Registrable Notes if (x) it is established in the related proceeding that such Participant failed to send or give a copy of the Prospectus (as
amended or supplemented if such amendment or supplement was furnished to such Participant prior to the written confirmation of such sale) to such Person with or prior to the written confirmation of such sale, if required by applicable law, and
(y) the untrue statement or omission or alleged untrue statement or omission was completely corrected in the Prospectus (as amended or supplemented if amended or supplemented as aforesaid) and such Prospectus does not contain any other untrue
statement or omission or alleged untrue statement or omission that was the subject matter of the related proceeding. This indemnity agreement will be in addition to any liability that the Issuers may otherwise have, including, but not limited to,
liability under this Agreement. 

  
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 (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless each
Issuer, each Person, if any, who controls any Issuer within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, and each of their respective agents, partners, members, employees, officers, members of the
board of managers and directors from and against any Losses to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements
thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the
Prospectus, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or
omission or alleged omission made in reliance upon and in conformity with information relating to such Participant furnished in writing to the Company by or on behalf of such Participant expressly for use therein. 

(c) Promptly after receipt by an indemnified party under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit
or proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be
sought in writing of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this Section 7 except to the extent that it has been
prejudiced in any material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of such action, the indemnifying party will be entitled to participate
in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of such action with counsel reasonably satisfactory
to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and expenses of such counsel shall be at the expense of
such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have
employed counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and
the indemnifying party or parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded, after consultation with counsel, that there may be defenses available to
it or them that are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or
parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying party be liable for the reasonable fees and expenses of more than one counsel (together with
appropriate local counsel) at any time for all indemnified parties in connection with any one action or separate but substantially similar or related actions arising in the same jurisdiction out of the same general allegations or circumstances. Any
such separate firm for the Participants shall be designated in writing by Participants who sold a majority in interest 

  
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of Registrable Notes sold by all such Participants and shall be reasonably acceptable to the Company and any such separate firm for the Issuers, their affiliates, officers, directors,
representatives, employees and agents and such control Person of such Issuers shall be designated in writing by such Issuers and shall be reasonably acceptable to the Holders. An indemnifying party shall not be liable for any settlement of any claim
or action effected without its written consent, which consent may not be unreasonably withheld. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in
respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on
claims that are the subject matter of such proceeding. 
 (d) In order to provide for contribution in circumstances in which the
indemnification provided for in this Section 7 is for any reason held to be unavailable from the indemnifying party for any Losses referred to therein, or is insufficient to hold harmless a party indemnified under this Section 7 for any
Losses referred to therein, each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received
by each indemnifying party, on the one hand, and each indemnified party, on the other hand, from the sale of the Notes to the Initial Purchaser or the resale of the Registrable Notes by such Holder, as applicable, or (ii) if such allocation is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of each indemnified party, on the one hand, and each indemnifying party,
on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative benefits received by the Issuers, on the one hand, and each Participant, on the
other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the sale of the Notes to the Initial Purchaser (net of discounts and commissions but before deducting expenses) received by the Issuers are to (y) the
total net profit received by such Participant in connection with the sale of the Registrable Notes. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers or such Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission or alleged statement or omission. 
 (e) The parties agree that it would not be just and
equitable if contribution pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to above. Notwithstanding the provisions of
this Section 7, (i) in no case shall any Participant be required to contribute any amount in excess of the amount by which the net profit received by such Participant in connection with the sale of the Registrable Notes exceeds the amount
of any damages that such Participant has otherwise been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any
action against such party in respect of which a claim for contribution may be made against another party or parties under this Section 7, notify such party or parties from whom contribution may be sought, but the omission to so notify such
party or parties shall not relieve the party or 

  
 -21-

 
parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that it has been prejudiced in any material
respect by such failure; provided, however, that no additional notice shall be required with respect to any action for which notice has been given under this Section 7 for purposes of indemnification. Anything in this section to
the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its written consent, provided, however, that such written consent was not unreasonably withheld. 

Section 8. Rule 144A 
 The Issuers covenant that they will file the reports required, if any, to be filed by them under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder
in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time the Issuers are not required to file such reports, they will, upon the request of any Holder or beneficial owner of Registrable
Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act. The Issuers further covenant that for so long as any Registrable Notes remain outstanding they will take such further action as any
Holder of Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable Notes without registration under the Securities Act within the limitation of the exemptions provided by (a) Rule 144A under the
Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 
 Section 9. Underwritten Registrations 
 If any of the Registrable Notes
covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal
amount at maturity of such Registrable Notes included in such offering and shall be reasonably acceptable to the Company. 
 No
Holder of Registrable Notes may participate in any underwritten registration hereunder if such Holder does not (a) agree to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements and (b) complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements.

 Section 10. Miscellaneous 
 (a) No Inconsistent Agreements. The Issuers have not, as of the date hereof, and shall not, after the date of this Agreement, enter into any agreement with respect to any of their securities that
is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. Except for the Existing Registration Rights Agreement, the rights granted to the Holders hereunder do
not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuers’ other issued and outstanding securities under any such agreements. The Issuers have not entered and will not
enter into any 

  
 -22-

 
agreement with respect to any of their securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 

(b) Adjustments Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with respect to the
Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 

(c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Company (on behalf of all Issuers) and (II)(A) the Holders of not less than a majority in aggregate
principal amount at maturity of the then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate
principal amount at maturity of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented except pursuant to a written agreement duly
signed and delivered by the Issuers and each Holder and each Participating Broker-Dealer (including any Person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any
Registration Statement) affected by any such amendment, modification, waiver or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of
Holders of Registrable Notes whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders
of at least a majority in aggregate principal amount at maturity of the Registrable Notes being sold pursuant to such Registration Statement. 
 (d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or telecopier: 
 (i) if to a Holder of the
Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 

(ii) if to any Issuer, to it 
 c/o Norcraft Companies, L.P. 
 3020 Denmark Avenue, 

Suite 100 

Eagan, Minnesota 55121 
 Fax: (651) 234-3398 
 Attention: Chief Executive Officer 

  
 -23-

 with a copy to: 
 Ropes & Gray, LLP 
 1211 Avenue of the Americas 

New York, NY 10036 
 Fax: (646) 728-1523 
 Attention: Carl P. Marcellino, Esq. 

(iii) if to the Initial Purchaser, at the address as follows: 
 UBS Securities LLC 
 677 Washington Blvd. 

Stamford, Connecticut 06901 
 Fax number: (203) 719-0680 
 Attention: High Yield Syndicate Department

 with a copy to: 
 Cahill Gordon & Reindel LLP 
 80 Pine Street 

New York, New York 10005 
 Facsimile:            (212) 378-0680 
 Attention:            Susanna M. Suh, Esq. 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee
at the address and in the manner specified in such Indenture. 
 (e) Guarantors. So long as any Registrable Notes remain
outstanding, the Issuers shall cause each Person that becomes a guarantor of the Notes under the Indenture to execute and deliver a counterpart to this Agreement which subjects such Person to the provisions of this Agreement as a Guarantor. Each of
the Guarantors agrees to join the Issuers in all of their undertakings hereunder to effect the Exchange Offer for the Exchange Notes and the filing of any Shelf Registration Statement required hereunder. 

(f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit of or be binding 

  
 -24-

 
upon a successor or assign of a Holder unless and to the extent such successor or assign holds Registrable Notes. 
 (g) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement. 
 (h) Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (i)
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW. 
 (j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (k) Securities Held by the Issuers or Their Affiliates. Whenever the consent or approval of Holders of
a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuers or any of their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage. 
 (l) Third-Party Beneficiaries. Holders and
beneficial owners of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other Person is intended to be, or shall be construed as, a
third-party beneficiary of this Agreement. 
 (m) Entire Agreement. This Agreement, together with the Purchase Agreement
and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents, subsidiaries,
affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

  
 -25-

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

							
	NORCRAFT COMPANIES, L.P.	 	
	
	By: NORCRAFT GP, L.L.C., its general partner
			
	By:	 	 /s/ Leigh Ginter
	 	
		 	Name:	 	Leigh Ginter	 	
		 	Title:	 	Chief Financial Officer	 	
		
	NORCRAFT FINANCE CORP.	 	
			
	By:	 	 /s/ Leigh Ginter
	 	
		 	Name:	 	Leigh Ginter	 	
		 	Title:	 	Vice President	 	
		
	 NORCRAFT CANADA CORPORATION,
 as Guarantor
	 	
			
	By:	 	 /s/ Leigh Ginter
	 	
		 	Name:	 	Leigh Ginter	 	
		 	Title:	 	Vice President	 	

 
							
	UBS SECURITIES LLC
			
	By:	 	 /s/ Nicole A. Bruno
	 	
		 	Name:	 	Nicole A. Bruno	 	
		 	Title:	 	Director	 	
			
	By:	 	 /s/ William Gonzalez
	 	
		 	Name:	 	William Gonzalez	 	
		 	Title:	 	DirectorAmendment No. 1 to Credit Agreement, dated as of May 26, 2011

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDMENT NO. 1 TO CREDIT AGREEMENT 

This Amendment No. 1 to Credit Agreement, dated as of May 26, 2011 (this “Amendment”), is entered into by and
among NORCRAFT COMPANIES, L.P., a Delaware limited partnership (“Borrower”), NORCRAFT INTERMEDIATE HOLDINGS, L.P., a Delaware limited partnership (“Intermediate Holdings”), the Subsidiary Guarantors, the Lenders,
UBS AG, Stamford Branch, as administrative agent (in such capacity, “Administrative Agent”) for the Lenders, and as collateral agent (in such capacity, “Collateral Agent”) for the Secured Parties. 

RECITALS 

A. The Borrower, Intermediate Holdings and the other Loan Parties party thereto, the Administrative Agent, the Collateral Agent and the
Lenders are parties to that certain Credit Agreement, dated as of December 9, 2009 (as amended hereby and as it may be from time to time hereafter amended, restated or otherwise modified from time to time, the “Credit
Agreement”). 
 B. The Borrower has requested that the Administrative Agent, Collateral Agent and Lenders agree to
certain amendments to the Credit Agreement, including, among other things, in order to extend the maturity date thereof, all as and to the extent set forth in this Amendment and subject to the terms and conditions set forth in this Amendment.

 C. The Administrative Agent, Collateral Agent and Lenders are willing to so amend the Credit Agreement as and to the extent,
and subject to the terms and conditions, set forth in this Amendment. 
 D. This Amendment shall constitute a Loan Document and
these Recitals shall be construed as part of this Amendment. 
 NOW THEREFORE, in consideration of the premises and the mutual
covenants hereinafter contained, and of the Loans and other extensions of credit heretofore, now or hereafter made to, or for the benefit of, the Borrower by the Lenders, the Borrower, the other Loan Parties, the Administrative Agent, the Collateral
Agent and the Lenders hereby agree as follows: 
 1. Definitions. Except to the extent otherwise specified herein,
capitalized terms used in this Amendment shall have the same meanings ascribed to them in the Credit Agreement (as amended hereby). 
 2. Amendments. Subject to the terms and conditions hereof, the Credit Agreement is hereby amended as follows: 

2.1. Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by inserting the following new
defined term in the appropriate alphabetical order: 

 “First Amendment Date” shall mean May 26, 2011. 

2.2. Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by amending and restating in its
entirety the definition of “Applicable Fee” as follows: 
 “Applicable Fee” shall mean, with respect
to the Revolving Commitment, (a) for any day during the period from and including the Closing Date through but excluding the First Amendment Date, (i) 0.75% if the average of the daily aggregate Revolving Exposures for the immediately
preceding fiscal quarter was greater than 50% of the aggregate Revolving Commitments and (ii) 1.00% if the average of the daily aggregate Revolving Exposures for the immediately preceding fiscal quarter was less than or equal to 50% of the
aggregate Revolving Commitments and (b) for any day from and including the First Amendment Date, 0.50%. 

2.3. Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by amending and restating in its
entirety the definition of “Applicable Margin” as follows: 
 “Applicable Margin” shall mean, with
respect to any Loan, (a) for any day during the period from and including the Closing Date through but excluding the First Amendment Date, (i) 3.00% for ABR Loans and (ii) 4.00% for Eurodollar Loans and (b) for any day from and
including the First Amendment Date, (i) 1.50% for ABR Loans and (ii) 2.50% for Eurodollar Loans. 

2.4. Section 1.01 (Defined Terms) of the Credit Agreement is hereby amended by amending and restating in its
entirety the definition of “Revolving Maturity Date” as follows: 
 “Revolving Maturity Date” shall
mean September 15, 2015. 
 2.5. Section 2.05(c) (LC and Fronting Fees) of the Credit Agreement
is hereby amended by amending and restating clause (y) of subsection (i) thereof in its entirety as follows: 

“(y) to Issuing Bank a fronting fee (“Fronting Fee”), which shall accrue at a rate of (A) 0.25% per annum
on the average daily amount of the LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the Closing Date through but excluding the First Amendment Date and (B) 0.15% per
annum on the average daily amount of the LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the First Amendment Date to but excluding the later of the date of termination of the
Revolving Commitments and the date on which there ceases to be any LC Exposure, in each case as well as Issuing Bank’s customary fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of
drawings thereunder.” 

  
 2 

 2.6. Section 6.01 (Indebtedness) of the Credit Agreement is
hereby amended by amending and restating clause (iii) of subsection (b) thereof in its entirety as follows: 

“and (iii) Indebtedness under the Second Lien Notes issued on the Closing Date or on or about the First Amendment Date and any
related guarantees (including any notes and guarantees issued in exchange therefor in accordance with the registration rights document entered into in connection with the issuance of such Second Lien Notes and any related guarantees) and any
refinancing or renewal of such Second Lien Notes (together with any notes and guarantees issued in exchange for such refinancing or renewed Indebtedness in accordance with any registration rights agreement entered into in connection therewith);
provided that any such refinancing or renewal of such Second Lien Notes shall (A) be used solely to refinance (including the payment of premium, accrued and unpaid interest and fees and expenses in connection therewith) and replace such Second
Lien Notes in full, (B) be in an aggregate principal amount not to exceed $240 million, (C) be subject to the terms of the Intercreditor Agreement and (D) contain terms and conditions no worse for the Secured Parties or the Loan
Parties than those of such Second Lien Notes as in effect on the First Amendment Date;”. 
 2.7.
Section 6.07 (Dividends) of the Credit Agreement is hereby amended by amending and restating subsection (f) thereof in its entirety as follows: 
 “(f) Dividends to Holdings for the purpose of Retiring Parent Debt (including the payment of premium, accrued and unpaid interest and fees and expenses in connection therewith) using the net proceeds
of (i) Indebtedness incurred pursuant to Section 6.01(m) or Section 6.01(n) or (ii) the additional Second Lien Notes issued on or about the First Amendment Date;”. 

3. Consent to Amendment to Second Lien Indenture. The Administrative Agent. Collateral Agent and Lenders hereby consent to the
amendment to the Second Lien Indenture in substantially the form attached hereto as Exhibit A. 
 4. Representations
and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants to the Administrative Agent, the Collateral Agent and the Lenders, as of the date hereof, that: 

4.1. The execution, delivery and performance by each Loan Party of this Amendment have been duly authorized by all
necessary action on the part of such Loan Party, and this Amendment constitutes the legal, valid and binding obligation of the Borrower and each other Loan Party enforceable against such Loan Party in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ and secured parties’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 4.2. Each of the execution, delivery and performance of this Amendment by each Loan Party and the consummation
of the transactions contemplated hereby (a) do not require any consent or approval of, registration or filing with, or any other action by, any 

  
 3 

 
Governmental Authority, except (i) such as have been obtained or made and are in full force and effect, and (ii) consents, approvals, registrations, filings or actions the failure of
which to obtain or perform could not reasonably be expected to result in a Material Adverse Effect, (b) will not violate the Organizational Documents of any Company, (c) will not violate any Requirement of Law, (d) will not violate or
result in a default or require any consent or approval under any indenture, agreement or other instrument binding upon any Company or its property, or give rise to a right thereunder to require any payment to be made by any Company, except for
violations, defaults or the creation of such rights that could not reasonably be expected to result in a Material Adverse Effect, and (e) will not result in the creation or imposition of any Lien on any property of any Company, except Liens
created by the Loan Documents and Permitted Liens. 
 4.3. No Default or Event of Default has occurred and is
continuing under the Credit Agreement or any other Loan Document or will occur and be continuing as a result of the execution, delivery and performance of this Amendment or the consummation of any of the other actions contemplated hereby.

 5. Conditions Precedent to Effectiveness. The effectiveness of the amendments and other agreements set forth in this
Amendment are subject in each instance to the satisfaction of each of the following conditions precedent, each in a manner reasonably satisfactory to the Administrative Agent: 

5.1. Amendment. This Amendment shall have been duly executed and delivered by each Loan Party, the Administrative
Agent, the Collateral Agent and the Lenders. 
 5.2. Upfront Fee. The Administrative Agent shall have
received an upfront amendment fee, for the benefit of the Lenders, in an amount equal to $250,000. 
 5.3.
Issuance of Additional Second Lien Notes. Additional Second Lien Notes in the aggregate principal amount of $60,000,000 shall have been issued pursuant to the terms of the Second Lien Indenture (as amended by that certain Supplemental
Indenture, dated as of May 20, 2011, and as further amended by that certain Second Supplemental Indenture, dated as of May 26, 2011), and the proceeds thereof shall have been applied to repay in full the outstanding Existing Holdings
Notes. 
 5.4. Amendment to Intercreditor Agreement. An amendment to the Intercreditor Agreement in the
form of Exhibit B attached hereto shall have been duly executed and delivered by the Administrative Agent, Collateral Agent, Second Lien Trustee and each Loan Party and all conditions to the effectiveness thereof shall have been satisfied.

 6. Reference to and Effect Upon the Credit Agreement and other Loan Documents. 

6.1. Full Force and Effect. Each Loan Party hereby consents to this Amendment and hereby confirms and agrees that
(a) each Loan Document to which it is a party is, and shall continue to be, in full force and effect and each is hereby ratified and confirmed in all respects, and (b) the Liens granted by such Loan Party on all Collateral of such Loan
Party continue to secure the payment of all of the Secured Obligations. 

  
 4 

 6.2. No Waiver. The execution, delivery and effect of this Amendment
shall be limited precisely as written and shall not, except as specifically provided herein be deemed to (a) be a consent to any waiver of any term or condition, or to any amendment or modification of any term or condition of the Credit
Agreement or any other Loan Document or (b) prejudice any right, power or remedy which any Agent or any Lender now has or may have in the future under or in connection with the Credit Agreement or any other Loan Document. 

6.3. Certain Terms. Each reference in the Credit Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words
of similar import shall be and mean a reference to the Credit Agreement as amended hereby. 
 7. Counterparts. This
Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to
this Amendment by telecopier or “pdf” shall be as effective as delivery of a manually executed counterpart signature page to this Amendment. 
 8. Severability. Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction. 
 9. Successors. The provisions of this Amendment shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 
 10. GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS (INCLUDING STATUTES OF LIMITATION) OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

11. Costs and Expenses. As provided in Section 10.03 of the Credit Agreement, the Borrower shall pay the reasonable
out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Amendment. 
 12. Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose. 

[Signature Pages Follow] 

  
 5 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written
above. 
  

					
	NORCRAFT COMPANIES, L.P.
	By:	 	NORCRAFT GP, L.L.C., its general partner
		
	By:	 	/s/ Leigh Ginter
		 	Name:	 	Leigh Ginter
		 	Title:	 	Chief Financial Officer
	
	NORCRAFT INTERMEDIATE HOLDINGS, L.P.
		
	By:	 	/s/ Leigh Ginter
		 	Name:	 	Leigh Ginter
		 	Title:	 	Chief Financial Officer
	
	NORCRAFT FINANCE CORP.
		
	By:	 	/s/ Leigh Ginter
		 	Name:	 	Leigh Ginter
		 	Title:	 	Vice President
	
	NORCRAFT CANADA CORPORATION
		
	By:	 	/s/ Leigh Ginter
		 	Name:	 	Leigh Ginter
		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT] 

 
					
	UBS AG, STAMFORD BRANCH, as Issuing Bank, Administrative Agent and Collateral Agent
		
	By:	 	/s/ Mary E. Evans
		 	Name:	 	Mary E. Evans
		 	Title:	 	Associate Director
		
	By:	 	/s/ Irja R. Otsa
		 	Name:	 	Irja R. Otsa
		 	Title:	 	Associate Director
	
	UBS LOAN FINANCE LLC, as Swingline Lender and a Lender
		
	By:	 	/s/ Mary E. Evans
		 	Name:	 	Mary E. Evans
		 	Title:	 	Associate Director
		
	By:	 	/s/ Irja R. Otsa
		 	Name:	 	Irja R. Otsa
		 	Title:	 	Associate Director

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO CREDIT AGREEMENT] 

 EXHIBIT A 
 FORM OF SECOND SUPPLEMENTAL INDENTURE 

  

 
 NORCRAFT COMPANIES, L.P.

 and 

NORCRAFT FINANCE CORP. 
 as Issuers, 
 the GUARANTOR named herein, 

as Guarantor, 

and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Trustee 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Collateral Agent 

 
  

SECOND SUPPLEMENTAL INDENTURE 
  

 
 Dated as of
May 26, 2011 
  
  

10 
1/2% Senior Secured Second Lien Notes due 2015 
  

 
  

  
 -2-

 This SECOND SUPPLEMENTAL INDENTURE dated as of May 26, 2011 (the “Second
Supplemental Indenture”), is by and among Norcraft Companies, L.P., a Delaware limited partnership (the “Issuer”), Norcraft Finance Corp., a Delaware corporation (the “Co-Issuer” and,
together with the Issuer, the “Issuers”), Norcraft Canada Corporation, a Nova Scotia unlimited liability company (the “Guarantor” and, collectively with the Issuers, the “Norcraft
Parties”), and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”) and as collateral agent (the “Collateral Agent”) under the Indenture referred to
below. 
 WHEREAS, the Norcraft Parties, the Trustee and the Collateral Agent have entered into an
Indenture dated as of December 9, 2009, relating to the Issuers’ 10 1/2% Senior Secured Second Lien Notes due 2015 (the “Outstanding 10 1/2% Notes”), which Indenture was supplemented by the First Supplemental Indenture (the “First
Supplemental Indenture”) dated as of May 20, 2011 (as may be further amended, supplemented or otherwise modified from time to time, the “Indenture”); 

WHEREAS, the Norcraft Parties desire and have requested that the Trustee and the Collateral Agent join them in the
execution and delivery of this Second Supplemental Indenture in order to establish and provide for the issuance by the Issuers of an additional $60,000,000 aggregate principal amount of 10 1/2% Senior Secured Second Lien Notes due 2015 (the
“Additional 10 1/2% Notes”); 
 WHEREAS, Section 2.02 of
the Indenture provides for the issuance of Additional Notes and the First Supplemental Indenture authorized the execution and delivery of this Second Supplemental Indenture to evidence the creation of the Additional 10 1/2% Notes; 

WHEREAS, the Additional
10 1/2% Notes shall constitute Additional Notes
pursuant to the Indenture; 
 WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this
Second Supplemental Indenture have been complied with; 
 WHEREAS, the Norcraft Parties have done all things necessary to make
this Second Supplemental Indenture a valid agreement of the Norcraft Parties in accordance with the terms of the Indenture and have satisfied all other conditions required under Article Nine of the Indenture; and 

WHEREAS, pursuant to Section 9.07, the Trustee and the Collateral Agent are authorized to execute and deliver this Second
Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing and for the good and valuable
consideration, the receipt of which is hereby acknowledged, in order to establish the terms of the Additional 10 1/2% Notes, the Norcraft Parties agree with the Trustee and the Collateral Agent as follows: 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION. 

 DEFINITIONS. Except as otherwise expressly provided herein or unless the context
otherwise requires, capitalized terms used but not defined in this Second Supplemental Indenture (including in the preamble and recitals hereto) shall have the meanings assigned to them in the Indenture. 

REFERENCE TO AND EFFECT ON INDENTURE. Upon the date hereof, each reference in the Indenture to “this Indenture,”
“hereunder,” “hereof,” or “herein” shall mean and be a reference to the Indenture as supplemented by this Second Supplemental Indenture, unless the context requires otherwise. This Second Supplemental Indenture shall
form a part of the Indenture for all purposes. 
 GENERAL TERMS AND CONDITIONS OF THE ADDITIONAL 10 1/2% NOTES. 

ADDITIONAL
10 1/2% NOTES. 

The Additional
10 1/2% Notes shall constitute Additional Notes and
be governed under the Indenture and executed and delivered in the manner contemplated therein and each Guarantor shall Guarantee such Additional
10 1/2% Notes as set forth in Article Eleven of the
Indenture. 
 FORM OF ADDITIONAL 10 1/2% NOTES. 

The Additional
10 1/2% Notes shall initially be evidenced by a
Global Note (the “Global Note”) substantially in the form of Exhibit A hereto. 
 MISCELLANEOUS.

 AMENDMENT AND SUPPLEMENT. 

This Second Supplemental Indenture or the Additional 10 1/2% Notes may be amended or supplemented as provided for in the
Indenture. 
 GOVERNING LAW 

This Second Supplemental Indenture, the Additional 10 1/2% Notes and the related Note Guarantees shall be governed by and
construed in accordance with the laws of the State of New York, as applied to contracts made and performed within the State of New York, without regard to principles of conflicts of law. 

COUNTERPART ORIGINALS 
 The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

  
 -2-

 EFFECT OF HEADINGS 

The sections of this Second Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part
of this Second Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
 [Signature
pages follow.] 

  
 -3-

 SIGNATURES 
 IN WITNESS WHEREOF, the parties have caused this Second Supplemental Indenture to be duly executed, all as of the date first above written. 

 

					
	NORCRAFT COMPANIES, L.P.
	
	 By: NORCRAFT GP, L.L.C.
 as General Partner

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	NORCRAFT FINANCE CORP.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	NORCRAFT CANADA CORPORATION
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

  
 S-1

 
					
	U.S. BANK NATIONAL ASSOCIATION,
as Trustee
		
	By	 	 
		 	Name:	 	
		 	Title:	 	
	
	U.S. BANK NATIONAL ASSOCIATION,
as Collateral Agent
		
	By	 	 
		 	Name:	 	
		 	Title:	 	

  
 S-1

 EXHIBIT A 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the OID Legend, if applicable pursuant to the provisions of the Indenture] 
 NORCRAFT COMPANIES, L.P. 
 NORCRAFT FINANCE CORP. 

10 
1/2% Senior Secured Second Lien Notes due 2015 
 CUSIP No.             

			
	No.	  	$                        

 NORCRAFT COMPANIES, L.P., a Delaware limited partnership (the “Issuer”), and NORCRAFT FINANCE
CORP., a Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”), for value received promise to pay to CEDE & CO. or its registered assigns, the principal sum of
                     on December 15, 2015. 
 Interest Payment Dates: June 15 and December 15, commencing June 15, 2011. 
 Record Dates: June 1 and December 1. 
 Reference is made to the further
provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

  
 A-1

 IN WITNESS WHEREOF, the Issuers have caused this Note to be signed manually or by facsimile
by its duly authorized officer. 
 Dated: 
  

			
	 NORCRAFT COMPANIES, L.P.,
 as Issuer
  
 By: Norcraft GP,
L.L.C.,
     its General Partner

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
	
	 NORCRAFT FINANCE CORP.,
 as Co-Issuer

		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  
 A-2

 This is one of the 10 1/2% Senior Secured Second Lien Notes due 2015 described in the
within-mentioned Indenture. 
  

									
	Dated:	 		 	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

				
		 		 	By:	 	 
		 		 		 		 	Authorized Signatory

  
 A-3

 (Reverse of Note) 

10 
1/2% Senior Secured Second Lien Notes due 2015 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

SECTION 1. Interest. Norcraft Companies, L.P., a Delaware limited partnership (the “Issuer”)
and Norcraft Finance Corp., a Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”), promise to pay interest on the principal amount of this Note at 10 1/2% per annum, which will be deemed to have accrued from
December 15, 2010 and will accrue until maturity. The Issuers will pay interest semi-annually on June 15 and December 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an
“Interest Payment Date”), commencing June 15, 2011. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance. The Issuers
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand to the extent lawful at the interest rate applicable to the Notes; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest
will be computed on the basis of a 360-day year of twelve 30-day months. 
 SECTION 2. Method of Payment. The
Issuers will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the June 1 or December 1 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be issued in denominations of $2,000 or integral multiples of
$1,000 in excess thereof. The Issuers shall pay principal, premium, if any, and interest on the Notes in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts
(“U.S. Legal Tender”). Principal, premium, if any, and interest on the Notes will be payable at the office or agency of the Issuers maintained for such purpose except that, at the option of the Issuers, the payment of interest may
be made by check mailed to the Holders of the Notes at their respective addresses set forth in the register of Holders of Notes; provided that all payments of principal, premium and interest with respect to Notes the Holders of which have
given wire transfer instructions to the Issuers at least ten Business Days prior to the relevant Interest Payment Date will be required to be made by wire transfer of immediately available funds to the accounts specified by the Holders thereof.
Until otherwise designated by the Issuers, the Issuers’ office or agency in New York will be the office of the Trustee maintained for such purpose. 
 SECTION 3. Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuers may change any Paying Agent or
Registrar without notice to any Holder. The Issuers or any of their Subsidiaries may act in any such capacity. 

  
 A-4

 SECTION 4. Indenture. The Issuers issued the Notes under an Indenture dated as of
December 9, 2009, as amended or supplemented from time to time (the “Indenture”) by and among the Issuer, the Co-Issuer, the Guarantors, the Collateral Agent and the Trustee. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb) (the “Trust Indenture Act”). The Notes are subject to all such terms, and
Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. 
 SECTION 5. Optional
Redemption. Except as set forth in Section 6 hereof and the paragraph immediately below, the Notes may not be redeemed prior to December 15, 2012. At any time or from time to time on or after December 15, 2012, the Issuer, at its
option, may redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, together with accrued and unpaid interest thereon,
if any, to the Redemption Date, if redeemed during the 12-month period beginning December 15 of the years indicated: 
  

					
	 Year
	  	Percentage	 
	 2012
	  	 	105.250	% 
	 2013
	  	 	102.625	% 
	 2014 and thereafter
	  	 	100.000	% 

 Prior to December 15,
2012, the Issuer may redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount thereof, plus the Applicable Premium as of, plus accrued and unpaid interest thereon, if any, to the Redemption Date. 

SECTION 6. Optional Redemption upon Qualified Equity Offering. (a) At any time prior to December 15, 2012, the Issuer
may redeem up to 35% of the aggregate principal amount of Notes with the net cash proceeds of one or more Qualified Equity Offerings at a redemption price equal to 110.50% of the principal amount of the Notes to be redeemed, plus accrued and unpaid
interest thereon, if any, to the Redemption Date; provided that (i) at least 65% of the aggregate principal amount of Notes issued under the Indenture remains outstanding immediately after the occurrence of such redemption and
(ii) such redemption shall occur within 90 days of the date of the closing of any such Qualified Equity Offering. 

SECTION 7. Mandatory Redemption. For the avoidance of doubt, an offer to purchase pursuant to Section 8 hereof shall not be
deemed a redemption. The Issuers shall not be required to make mandatory redemption payments with respect to the Notes. 

SECTION 8. Repurchase at Option of Holder. Upon the occurrence of a Change of Control, and subject to certain conditions
set forth in the Indenture, the Issuers will be required to offer to purchase all of the outstanding Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the date of
repurchase. 
 The Issuers are, subject to certain conditions and exceptions, obligated to make an offer to purchase Notes at
100% of their principal amount, plus accrued and unpaid interest, if 

  
 A-5

 
any, thereon to the date of repurchase, with certain net cash proceeds of certain sales or other dispositions of assets in accordance with the Indenture. 

SECTION 9. Notice of Redemption. Notice of redemption will be mailed by first class mail at least 30 days but not more than 60
days before the redemption date to each Holder of Notes to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that relates to
such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note. On and
after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
 SECTION 10.
Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 or integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided
in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the
Indenture. The Issuers and the Registrar are not required to transfer or exchange any Note selected for redemption. Also, the Issuers and the Registrar are not required to transfer or exchange any Notes for a period of 15 days before a selection of
Notes to be redeemed. 
 SECTION 11. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner
for all purposes. 
 SECTION 12. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture and the
Notes may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, and any existing Default or compliance with any provision may be waived with the consent
of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other things, cure any ambiguity,
defect or inconsistency in the Indenture, provide for uncertificated Notes in addition to certificated Notes, maintain the qualification of the Indenture under the Trust Indenture Act, or make any change that does not materially adversely affect the
rights of any Holder of a Note. 
 SECTION 13. Defaults and Remedies. If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes generally may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of a Default arising from certain events
of bankruptcy or insolvency as set forth in the Indenture, with respect to the Issuer, the Co-Issuer or the General Partner, all outstanding Notes will become due and payable without further action or notice. Holders of the Notes may not enforce the
Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal or interest including an accelerated payment or the failure to make a payment on the

  
 A-6

 
Change of Control Payment Date or the Net Proceeds Payment Date pursuant to a Net Proceeds Offer) or a Default in complying with the provisions of Article Five of the Indenture if it determines
that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and its
consequences under the Indenture except a continuing Default in the payment of interest on, or the principal of, or the premium on, the Notes. 
 SECTION 14. Restrictive Covenants. The Indenture contains certain covenants that, among other things, limit the ability of the Issuer and its Restricted Subsidiaries to make restricted payments, to
incur indebtedness, to create liens, to sell assets, to permit restrictions on dividends and other payments by Restricted Subsidiaries of Issuer, to consolidate, merge or sell all or substantially all of its assets or to engage in transactions with
affiliates. The limitations are subject to a number of important qualifications and exceptions. The Issuers must annually report to the Trustee on compliance with such limitations. 

SECTION 15. No Recourse Against Others. No director, officer, employee, incorporator, stockholder, partner, member or manager of
the Issuer, the Co-Issuer or any Guarantor or the General Partner shall have any liability for any obligations of the Issuers under the Notes or the Indenture, or of any Guarantor under its Note Guarantee or for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

SECTION 16. Note Guarantees. This Note will be entitled to the benefits of certain Note Guarantees made for the benefit of the
Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders. 

SECTION 17. Collateral. The Notes, the Note Guarantees as well as certain Other Pari Passu Secured Indebtedness are secured by a
Second-Priority Lien on the Collateral, subject to Permitted Liens, on the terms and conditions set forth in the Indenture, the Intercreditor Agreement and the Security Documents. The Collateral Agent holds the Second-Priority Lien on the Collateral
in trust for the benefit of the Trustee and the Holders as well as the holders of certain Other Pari Passu Secured Indebtedness, in each case pursuant to the Indenture, the Security Documents, the Intercreditor Agreement and any documents relating
to such Other Pari Passu Secured Indebtedness. Each Holder, by accepting this Note, consents and agrees to the terms of the Security Documents (including the provisions providing for the foreclosure and release of Collateral) and the Intercreditor
Agreement as the same may be in effect or may be amended from time to time in accordance with their terms and the Indenture, and authorizes and directs the Collateral Agent to enter into the Security Documents and the Intercreditor Agreement, and to
perform its obligations and exercise its rights thereunder in accordance therewith. 
 SECTION 18. Trustee Dealings with the
Issuers. The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuers, their Subsidiaries or their respective Affiliates as if it were

  
 A-7

 
not the Trustee. 
 SECTION 19. Authentication. This Note shall not
be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 SECTION 20.
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with right of survivorship and not as tenants
in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 SECTION 21. Additional
Rights of Holders of Restricted Global Notes and Restricted Certificated Notes. Pursuant to, but subject to the exceptions in, the Registration Rights Agreement, the Issuers and the Guarantors will be obligated to consummate an exchange offer
pursuant to which the Holder of this Note shall have the right to exchange this Note for a 10 1/2% Senior Secured Second Lien Note due 2015 of the Issuers which shall have been registered under the Securities Act, in like principal amount and having terms identical in all material respects to this
Note (except that such note shall not be entitled to Additional Interest). The Holders shall be entitled to receive certain Additional Interest in the event such exchange offer is not consummated or the Notes are not offered for resale and upon
certain other conditions, all pursuant to and in accordance with the terms of the Registration Rights
Agreement.1 

SECTION 22. CUSIP Numbers. The Issuers in issuing the Notes may use “CUSIP” numbers, “ISINs” and “Common
Code” numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such
notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption that reliance may be placed only on the other identification numbers printed on the
Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall promptly advise the Trustee in writing of any change in the CUSIP numbers, ISINs and Common Code numbers. 

SECTION 23. Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York
without giving effect to applicable principles of conflicts of laws to the extent that the application of the laws of another jurisdiction would be required thereby. 
 The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. 
  

 

	1 	 This Section not to appear on Exchange Notes. 

  
 A-8

 ASSIGNMENT FORM 
 I or we assign and transfer this Note to 
  

 
  

 
 (Print or type name, address and zip code of
assignee or transferee) 
  
  

(Insert Social Security or other identifying number of assignee or transferee) 
 and irrevocably appoint
                                         
                            agent to transfer this Note on the books of the Issuers. The agent may substitute
another to act for him. 
  

									
	Dated: _______________	 		 	Signed:	 	 
		 		 		 		 	(Sign exactly as name appears on the other side of this Note)

  

									
	Signature Guarantee:	 		 	 
		 		 		 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

In connection with any transfer of this Note occurring prior to the date which is the earlier of (i) the date of the declaration by
the SEC of the effectiveness of a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), covering resales of this Note (which effectiveness shall not have been suspended or terminated at the date of the
transfer) and (ii) the date following the first anniversary of the original issuance of this Note, the undersigned confirms that it has not utilized any general solicitation or general advertising in connection with the transfer: 

[Check One] 
  

	(1) ̈	to the Issuer, the Co-Issuer or a subsidiary thereof; or 

  

	(2) ̈	pursuant to and in compliance with Rule 144A under the Securities Act; or 

  

	(3) ̈	outside the United States to a “foreign purchaser” in compliance with Rule 904 of Regulation S under the Securities Act; or 

 

	(4) ̈	pursuant to the exemption from registration provided by Rule 144 under the Securities Act; or 

 

	(5) ̈	pursuant to an effective registration statement under the Securities Act; or 

  
 A-9

	(6) ̈	pursuant to another available exemption from the registration statement requirements of the Securities Act of 1933; 

and unless the box below is checked, the undersigned confirms that such Note is not being transferred to an “affiliate” of the Issuers as
defined in Rule 144 under the Securities Act (an “Affiliate”): 
  

	 	 ̈	The transferee is an Affiliate of the Issuer or the Co-Issuer. 

 Unless one of the items is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof; provided,
however, that if item (3), (4) or (6) is checked, the Issuer, the Co-Issuer or the Trustee may require, prior to registering any such transfer of the Notes, in their sole discretion, such written legal opinions, certifications
(including an investment letter in the case of box (3)) and other information as the Trustee, the Issuer or the Co-Issuer has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act. 
 If none of the foregoing items are checked, the Trustee
or Registrar shall not be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in Section 2.16 of the Indenture shall
have been satisfied. 
  

									
	Dated:	 	 	 		 	Signed:	 	 
		 		 		 		 	(Sign exactly as name appears on the other side of this Note)
					
	Signature Guarantee:	 	 	 		 		 	 
		 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)	 		 		 	

 TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED 

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Issuers as the undersigned has 

  
 A-10

 
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in
order to claim the exemption from registration provided by Rule 144A. 
  

									
	Dated:	 	 	 		 	 
		 		 		 	NOTICE:	 	To be executed by an executive officer

  
 A-11

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases in this Global Note have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease in
Principal amount of this
Global
Note
	  	 Amount of increase in
Principal amount of this
Global
Note
	  	 Principal amount of this
Global Note following
such
decrease or increase
	  	 Signature of authorized
officer of Trustee or
Notes
Custodian

  
 A-12

 FORM OF TRANSFEREE LETTER OF REPRESENTATION 

Norcraft Companies, L.P. 
 3020 Denmark Avenue

 Suite 100 
 Eagan, MN 55121

 U.S. Bank National Association 

Corporate Trust Services 
 60 Livingston Avenue

 St. Paul, MN 55107 
 Attention:
Corporate Trust Administration – Global Finance Unit 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of US$60,000,000 principal amount of the 10 1/2% Senior Secured Second Lien Notes due 2015 (the “Additional
10 1/2% Notes”) of Norcraft Companies, L.P., a Delaware limited partnership (the “Issuer”), all as described in the confidential offering memorandum (the “offering memorandum”)
relating to the offering. 
 Upon transfer, the Notes would be registered in the name of the new beneficial owner
as follows: 
  

	
	 Name:  
                                         
                                         
                                         
                                         
     

	
	 Address:  
                                         
                                         
                                         
                                         
 

	
	 Taxpayer ID Number:  
                                         
                                         
                                         
                     

 The undersigned represents and warrants to you that: 
 1. We
understand that the Additional 10 1/2% Notes have
not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any investor account for which we purchasing Additional 10 1/2% Notes, to offer, sell or otherwise transfer such
Additional 10 1/2% Notes prior to the date that is
two years after the later of the date of original issue and the last date on which the Issuer or any affiliate of the Issuer was the owner of such Additional
10 1/2% Notes (or any predecessor thereto) (the
“Resale Restriction Termination Date”) only (a) to the Issuer, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a transaction complying with the requirements
of Rule 144A under the Securities Act (“Rule 144A”) to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A (a “QIB”) that purchases for its own account or for the account of
a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales that occur outside the United States within the meaning of

  
 A-13

 
Regulation S under the Securities Act, or (e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to
any requirements of law that the disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on
resale will not apply subsequent to the Resale Restriction Termination Date. 
  

			
	(Name of Transferee)
		
	By:	 	 
		 	Name:
		 	Title:
	
	Address:

 Date 

  
 A-14

 NOTE GUARANTEE 

For value received, each of the undersigned hereby unconditionally guarantees, as principal obligor and not only as a surety, to the
Holder of this Note the cash payment in United States dollars of principal of, premium, if any, and interest on this Note in the amounts and at the times when due and interest on the overdue principal, premium, if any, and interest, if any, of this
Note, if lawful, and the payment or performance of all other obligations of the Issuers under the Indenture (as defined below), the Security Documents or the Notes, to the Holder of this Note and the Trustee, all in accordance with and subject to
the terms and limitations of this Note, Article Eleven of the Indenture and this Note Guarantee. This Note Guarantee will become effective in accordance with Article Eleven of the Indenture and its terms shall be evidenced therein. The validity and
enforceability of any Note Guarantee shall not be affected by the fact that it is not affixed to any particular Note. 

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture dated as of December 9,
2009, among Norcraft Companies, L.P., a Delaware limited partnership (the “Issuer”) and Norcraft Finance Corp., a Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”), the Guarantors named
therein and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”) and collateral agent, as amended or supplemented (the “Indenture”). 

The obligations of the undersigned to the Holders of Notes and to the Trustee pursuant to this Note Guarantee and the Indenture are
expressly set forth in Article Eleven of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee and all of the other provisions of the Indenture to which this Note Guarantee relates. 

No director, officer, employee, incorporator, stockholder, partner, member or manager of any Guarantor, as such, shall have any liability
for any obligations of such Guarantors under such Guarantors’ Note Guarantee or for any claim based on, in respect of, or by reason of, such obligation or its creation. 
 This Note Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to principles of conflicts of law. The undersigned Guarantor
hereby agrees to submit to the jurisdiction of the courts of the State of New York in any action or proceeding arising out of or relating to this Note Guarantee. 
 This Note Guarantee is subject to release upon the terms set forth in the Indenture. 

 IN WITNESS WHEREOF, each Guarantor has caused its Note Guarantee to be duly executed.

 Date: 
  

			
	[                            
    ]
		
	By:	 	 
		 	 Name:

Title:

  
 2 

 EXHIBIT B 
 FORM OF AMENDMENT TO INTERCREDITOR AGREEMENT 

  
 3 

 AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT 

This Amendment No. 1 to Intercreditor Agreement, dated as of May 20, 2011 (this “Amendment”), is entered into
by and among UBS AG, STAMFORD BRANCH, as First Lien Agent, U.S. BANK NATIONAL ASSOCIATION, as Original Second Lien Agent and as Second Lien Collateral Agent, NORCRAFT COMPANIES, L.P., a Delaware limited partnership (“Borrower”),
NORCRAFT INTERMEDIATE HOLDINGS, L.P., a Delaware limited partnership, NORCRAFT FINANCE CORP., a Delaware corporation, and NORCRAFT CANADA CORPORATION, a Nova Scotia unlimited liability company (each, a “Guarantor” and, together with
the Borrower, each, a “Norcraft Party” and collectively, the “Norcraft Parties”). 

RECITALS 

E. The First Lien Agent, the Original Second Lien Agent, the Second Lien Collateral Agent and the Norcraft Parties are parties to that
certain Intercreditor Agreement, dated as of December 9, 2009 (as amended hereby and as it may be from time to time hereafter amended, restated or otherwise modified from time to time, the “Intercreditor Agreement”).

 F. The Borrower has requested that the First Lien Agent, the Original Second Lien Agent and the Second Lien Collateral Agent
agree to amend the Intercreditor Agreement, as and to the extent set forth in this Amendment and subject to the terms and conditions set forth in this Amendment. 
 G. The First Lien Agent, the Original Second Lien Agent and the Second Lien Collateral Agent are willing to so amend the Intercreditor Agreement as and to the extent, and subject to the terms and
conditions, set forth in this Amendment. 
 NOW THEREFORE, in consideration of the premises and the mutual covenants hereinafter
contained, the Norcraft Parties, the First Lien Agent, the Original Second Lien Agent and the Second Lien Collateral Agent hereby agree as follows: 
 13. Definitions. Except to the extent otherwise specified herein, capitalized terms used in this Amendment shall have the same meanings ascribed to them in the Intercreditor Agreement (as amended
hereby). 
 14. Amendment. Subject to the terms and conditions hereof, the Intercreditor Agreement is hereby amended as
follows: 
 14.1. Section 1.1 (Definitions) of the Intercreditor Agreement is hereby amended by
amending and restating in its entirety the definition of “Senior Secured Notes” as follows: 
 “Senior Secured
Notes” shall mean, collectively, the 10 1/2% Senior Secured Second Lien Notes due 2015 issued by Borrower and Norcraft Finance pursuant to the Second Lien Note Indenture in an aggregate principal amount of up to $240.0 million, as the same
now exist or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced. 

  
 4 

 15. Conditions Precedent to Effectiveness. The effectiveness of the amendment and
other agreements set forth in this Amendment are subject in each instance to the satisfaction of each of the following conditions precedent, each in a manner reasonably satisfactory to each of the First Lien Agent, the Original Second Lien Agent and
the Second Lien Collateral Agent: 
 15.1. Requisite Consents. The Controlling Secured Parties (as defined
in the Second Lien Note Indenture) shall have consented to the amendment of the Intercreditor Agreement in substantially the form hereof. 
 15.2. Amendment. This Amendment shall have been duly executed and delivered by each Norcraft Party, the First Lien Agent, the Original Second Lien Agent and the Second Lien Collateral Agent.

 15.3. Issuance of Add-On Notes. The Add-On Notes (as defined in the Second Lien Note Indenture as in
effect upon the effectiveness of this Amendment) shall have been issued pursuant to the terms of the Second Lien Note Indenture. 
 15.4. Payment of Consent Fees. The Borrower shall have paid, or caused to be paid, the Consent Fees (as defined in the Borrower’s Consent Solicitation Statement, dated May 16, 2011 (as
amended, supplemented or otherwise modified from time to time, the “Consent Solicitation Statement”) with respect to the Senior Secured Notes) to each Holder of the Notes that has validly tendered (and not validly revoked) a Consent
(as defined in the Consent Solicitation Statement) prior to the Expiration Date (as defined in the Consent Solicitation Statement) in accordance with the Consent Solicitation Statement. 

16. Continuing Effect. Except as otherwise specifically set out herein, the provisions of the Intercreditor Agreement shall remain
in full force and effect. 
 17. Counterparts; Electronic Transmission. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be an original and all of which shall together constitute one and the same instrument. The exchange of copies of this Amendment and of signature pages by facsimile or .pdf transmission shall
constitute effective execution and delivery of this Amendment as to the parties hereto and may be used in lieu of the original Amendment for all purposes. Signatures of the parties hereto transmitted by facsimile or .pdf shall be deemed to be their
original signatures for all purposes. 
 18. Severability. Any provision of this Amendment held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the
invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 19. Binding on Successors and Assigns. This Amendment shall be binding upon the First Lien Agent, the other First Lien Secured Parties, any Second Lien Agent, the other Second Lien Secured Parties,
Grantors and their respective permitted successors and assigns. 

  
 5 

 20. GOVERNING LAW. THE VALIDITY, CONSTRUCTION AND EFFECT OF THIS AMENDMENT SHALL BE
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK BUT EXCLUDING ANY PRINCIPLES OF CONFLICTS OF LAW OR ANY OTHER RULE OF LAW THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE LAWS OF THE STATE OF NEW YORK.

 21. Section Titles. The section titles contained in this Amendment are and shall be without substantive meaning or
content of any kind whatsoever and are not part of this Amendment. 
 [Signature Pages Follow] 

  
 6 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the date first written
above. 
  

			
	 BORROWER
  

NORCRAFT COMPANIES, L.P.
 By: NORCRAFT GP,
L.L.C., its general partner

		
	By:	 	 
		 	Name:
		 	Title:
	
	 GUARANTORS
  

NORCRAFT INTERMEDIATE HOLDINGS, L.P.

		
	By:	 	 
		 	Name:
		 	Title:
	
	NORCRAFT FINANCE CORP.
		
	By:	 	 
		 	Name:
		 	Title:
	
	NORCRAFT CANADA CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT] 

 
			
	 FIRST LIEN AGENT
  

UBS AG, STAMFORD BRANCH, as First Lien Agent

		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO INTERCREDITOR AGREEMENT] 

 
			
	 ORIGINAL SECOND LIEN AGENT AND SECOND LIEN COLLATERAL AGENT

 
 U.S. BANK NATIONAL ASSOCIATION, as Original Second Lien Agent and Second Lien
Collateral Agent

		
	By:	 	 
		 	Name:
		 	Title:

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