Document:

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                                                                   Exhibit 10.14

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                          REGISTRATION RIGHTS AGREEMENT

                                 BY AND BETWEEN

                         HUTTIG BUILDING PRODUCTS, INC.

                                       AND

                               THE RUGBY GROUP PLC

                                   DATED AS OF

                                DECEMBER 16, 1999

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                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (the "Agreement") is entered into as
of December 16, 1999, between Huttig Building Products, Inc., a Delaware
corporation (the "Company") and The Rugby Group PLC (the "Purchaser"), a company
registered in England and Wales under company number 206971, with reference to
the shares of common stock, $.01 par value (the "Common Stock") of the Company
acquired on the date hereof by the Purchaser.

                  1. Certain Definitions.

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

                  "Affiliate" shall have the meaning set forth in Rule 12b-2
under the Exchange Act.

                  "Beneficial Ownership" shall have the meaning set forth in
         Rule 13d-3 under the Exchange Act.

                  "Commission" shall mean the Securities and Exchange Commission
         or any other federal agency at the time administering the Securities
         Act.

                  "DECS" shall have the meaning set forth in Section 3(a).

                  "DECS Offering" shall mean an offering of Registrable
         Securities exchangeable for debt securities of a Holder.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
         as amended, or any similar federal statute and the rules and
         regulations of the Commission thereunder, all as the same shall be in
         effect at the time.

                  "Holder" shall mean (i) the Purchaser or (ii) any successor to
         or transferee of all of the Registrable Securities Beneficially Owned
         by the Purchaser on the date of such succession or transfer; provided,
         however, that no successor or transferee of all such Registrable
         Securities shall be deemed to be a Holder under this Agreement unless
         (a) such Registrable Securities constitute 10% or more of the Common
         Stock outstanding at the date hereof and (b) such successor or
         transferee agrees in writing to comply in all respects with the
         provisions of this Agreement.

                  "Initial Block" shall mean 3,273,212 Registrable Securities,
         as adjusted for stock splits, stock dividends or recapitalizations on
         or after the date hereof.

                  The terms "register", "registered" and "registration" refer to
         a registration effected by preparing and filing a registration
         statement in compliance with the Securities Act, and the declaration or
         ordering of the effectiveness of such registration statement.

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                  "Registrable Securities" shall mean the Shares, but shall not
         include any Share (i) that has been registered and disposed of in
         accordance with a registration statement covering such security or (ii)
         that has been distributed to the public pursuant to Rule 144 (or any
         successor provision then in effect) under the Securities Act.

                  "Registration Expenses" shall mean all expenses incurred by
         the Company in connection with a registration under this Agreement,
         including, without limitation, all registration, qualification and
         filing fees, printing expenses, fees and disbursements of counsel for
         the Company, blue sky fees and expenses, accounting fees incident to or
         required by any such registration and all internal expenses of the
         Company; provided, however, that Registration Expenses shall not
         include any Selling Expenses.

                  "Restricted Securities" shall mean the securities of the
         Company required to bear the legend set forth in paragraph (a) of
         Section 19 hereof.

                  "Rights Agreement" shall mean the Rights Agreement dated as of
         December 6, 1999 between the Company and ChaseMellon Shareholder
         Services, L.L.C., as rights agent.

                  "Securities Act" shall mean the Securities Act of 1933, as
         amended, or any similar federal statute and the rules and regulations
         of the Commission thereunder, all as the same shall be in effect at the
         time.

                  "Selling Expenses" shall mean all underwriting discounts,
         selling commissions and stock transfer taxes applicable to the Shares
         included in a registration by the Holder and all fees and disbursements
         of counsel for the Holder.

                  "Shares" shall mean the 6,546,424 shares of Common Stock
         acquired by the Purchaser on the date hereof, as adjusted for stock
         splits, stock dividends, or recapitalizations on or after the date
         hereof.

                  "Shelf Registration Statement" shall mean the registration
         statement effecting the registration required by Section 4(a).

                  "Standstill Period" shall have the meaning set forth in
         Section 17.

                  "Underwritten Offering" shall mean a sale of securities of the
         Company to an underwriter or underwriters for re-offering to the
         public, which shall include a road show and other customary selling
         efforts.

                  "Voting Securities" means the Common Stock and any other
         securities issued by the Company having the power to vote in the
         election of directors of the Company.

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         2. Notice of Proposed Transfers. Prior to any proposed sale,
assignment, transfer or pledge of any Restricted Securities, unless there is in
effect a registration statement under the Securities Act covering the proposed
transfer, the Holder shall give written notice to the Company of its intention
to effect such transfer, sale, assignment or pledge. Each such notice shall
describe the manner and circumstances of the proposed transfer, sale, assignment
or pledge in sufficient detail, and shall be accompanied by a written opinion of
legal counsel who is, and whose legal opinion shall be, reasonably satisfactory
to the Company, addressed to the Company, to the effect that the proposed
transfer of the Restricted Securities may be effected without registration under
the Securities Act, whereupon the Holder will be entitled to transfer such
Restricted Securities in accordance with the terms of its notice to the Company.
The Company will not require such a legal opinion in any transaction that
complies with Rule 144 (other than in cases where applicability of Rule 144(k)
is asserted). Each certificate evidencing the Restricted Securities transferred
as above provided shall bear, except if such transfer is made pursuant to Rule
144, the appropriate restrictive legend set forth in Section 20 below, except
that such certificate shall not bear such restrictive legend if in the opinion
of counsel for the Holder and the Company such legend is not required in order
to establish compliance with any provisions of the Securities Act. The Holder
will cause any proposed purchaser, assignee, transferee or pledgee of Restricted
Securities to agree to take and hold such Restricted Securities subject to the
provisions of this Section 2. The holder of each certificate representing
Restricted Securities by acceptance thereof agrees to comply in all respects
with the provisions of this Section 2.

         3. Registration of Initial Block.

                  (a) If requested in writing by the Purchaser, not later than
the 120th day after the date hereof, the Company shall file a registration
statement on Form S-1(i) covering the sale of at least the Initial Block by the
Purchaser in a firm commitment Underwritten Offering or (ii) covering the
distribution of all of the Registrable Securities in exchange for debt
securities of the Purchaser ("DECS"). The Company shall use all reasonable
efforts to have such registration statement declared effective so as to permit
the offer and sale of the Initial Block or the commencement of the DECS
Offering, as the case may be, as soon as practicable on or after the 180th day
hereafter and to keep such registration statement effective (x) in the case of
the Underwritten Offering for 60 days or, if earlier, until the date on which
the entire Initial Block has been sold or (y) in the case of the DECS Offering,
for three years or, if earlier, the date that all the Shares registered for
exchange pursuant to the DECS have been so exchanged..

                  (b) If the portion, if any, of the Initial Block not sold in
the Underwritten Offering provided for in Section 3(a) constitutes more than 2%
of the outstanding shares of Common Stock at the date hereof, the Company shall,
if requested in writing by the Purchaser prior to the twelfth full calendar
month after the date hereof, file as soon as practicable (but no later than 30
days after the date of such request) a registration statement on Form S-1
covering the sale by the Purchaser in a firm commitment Underwritten Offering of
at least those Registrable Securities constituting that portion of the Initial
Block not sold in the Underwritten Offering provided in Section 3(a); provided,
however, that the Company may, in its sole and

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absolute discretion, delay the filing of the registration statement under this
Section 3(b) for up to 120 days.

                  (c) Neither the Company nor any other Company shareholder
shall have the right to include securities in the registration statement filed
pursuant to Section 3(a) or Section 3(b) without the Purchaser's consent. Prior
to the earlier to occur of (i) the sale or other disposition of the entire
Initial Block by the Purchaser and (ii) the second anniversary hereof, the
Company will not cause to be offered or sold in a public offering any newly
issued Common Stock or securities convertible or exchangeable for Common Stock,
other than offers or sales (x) solely to employees or directors, (y) pursuant to
a dividend reinvestment plan or (z) in a business combination transaction
meeting the criteria set forth in the parenthetical included in the following
sentence; provided, however, that no more than $15 million in aggregate offering
price of Common Stock issued in any one business combination transaction shall
be permissible under this subsection (z). Prior to the earlier to occur of (i)
the completion of the Underwritten Offering provided in Section 3(a) and (ii)
270 days from the date of this Agreement, the Company will not cause to be
offered or sold in a private offering in connection with a business combination
transaction (including, without limitation, offers or sales in a business
combination transaction that would otherwise qualify as a private placement of
securities under Section 4(2) of the Securities Act and are issued pursuant to a
shelf registration statement on Form S-4 (or any successor form)) any newly
issued Common Stock or securities convertible or exchangeable for Common Stock.

         4. Shelf Registration Statement.

                  (a) If, after the twelfth full calendar month after the date
hereof, the Company receives from the Holder a written request that the Company
effect a shelf registration with respect to the Registrable Securities, the
Company will within 60 days after such request file with the Commission a
registration statement on Form S-3 (or Form S-1 if Form S-3 is not then
available to the Company) and shall use all reasonable efforts to have such
registration statement declared effective in such form as would permit the sale
and distribution of the Registrable Securities then held by the Holder pursuant
to Rule 415 under the Securities Act, and to keep such registration statement
effective until the date the Registrable Securities then Beneficially Owned by
the Holder constitute less than 10% of the then outstanding Common Stock.

                  (b) Subject to compliance with Section 5 hereof, the Holder
shall be entitled to an aggregate of two Underwritten Offerings and/or DECS
Offerings in connection with a registration under Section 4(a); provided,
however, that if the Company has effected a registration pursuant to Section
3(b) then the Holder shall be entitled to only one Underwritten Offering or DECS
Offering in connection with a registration under Section 4(a). Otherwise, the
distribution of Registrable Securities pursuant to a registration under Section
4(a) shall be effected, from time to time or at one time, only by or through
such investment banking firm or firms (acting as broker, dealer, agent,
principal or otherwise) as may be reasonably acceptable to the Holder and the
Company.

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                  (c) At least five days prior to any sale of Registrable
Securities pursuant to a registration under Section 4(a) (other than a sale in
an Underwritten Offering or a DECS Offering), the Holder shall advise the
Company in writing of the terms of its arrangements, if any, with any investment
banking firm or firms agreed upon in accordance with Section 4(b), including the
capacity in which such firm or firms will act, the proposed manner of
distribution of the Registrable Securities and compensation terms.

         5. Underwritten Offerings and DECS Offerings.

                  (a) If the Company receives from the Holder a written notice
that the Holder desires to effect a distribution of a number of Registrable
Securities having a market value on the date of such notice of at least
$20,000,000 in an Underwritten Offering or DECS Offering pursuant to the Shelf
Registration Statement, the Company shall file with the Commission within 60
days after such notice (but, in the case of a DECS Offering, not before the date
a registration statement for the debt securities of the Holder is filed) a
prospectus supplement that satisfies the requirements of Rule 424 under the
Securities Act or a post-effective amendment to the Shelf Registration Statement
so as to permit the sale of such Registrable Securities in an Underwritten
Offering or the offering of such Registrable Securities in a DECS Offering.
Notwithstanding the foregoing, the Company will not be obligated to effect an
Underwritten Offering or a DECS Offering under the Shelf Registration Statement:

                           (i)      If, at such time as a notice of an
                                    Underwritten Offering or DECS Offering is
                                    delivered to the Company pursuant to this
                                    Section 5(a), (A) the Company has effected
                                    (x) a registration pursuant to Section 3(a)
                                    or Section 3(b) or an Underwritten Offering
                                    or DECS Offering under the Shelf
                                    Registration Statement within the four month
                                    period prior to its receipt of such notice
                                    or (y) three Underwritten Offerings and/or
                                    DECS Offerings (including registrations
                                    pursuant to Section 3(a) and Section 3(b))
                                    or (B) a Holder has withdrawn a prior
                                    request for an Underwritten Offering or DECS
                                    Offering within the four month period prior
                                    to the Company's receipt of such notice. For
                                    purposes of Section 4(b) and this subsection
                                    (a)(ii), an Underwritten Offering shall be
                                    deemed to be effected upon the sale of any
                                    Registrable Securities therein, a DECS
                                    Offering shall be deemed to be effected upon
                                    the sale of any debt securities for which
                                    the Registrable Securities are exchangeable,
                                    and any request for an Underwritten Offering
                                    or DECS Offering that is withdrawn prior to
                                    the sale of Registrable Securities or debt
                                    securities therein, as the case may be,
                                    nonetheless shall be deemed to be

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                                    an Underwritten Offering or DECS Offering,
                                    as the case may be;

                           (ii)     During the period starting with the date 60
                                    days prior to the filing of, and ending on a
                                    date 90 days following the effective date
                                    of, a registration statement filed by the
                                    Company as permitted by this Agreement
                                    (other than a registration statement
                                    relating to a business combination
                                    transaction, an offering solely to employees
                                    or directors or pursuant to a dividend
                                    reinvestment plan or any other registration
                                    which is not appropriate for the
                                    registration of Shares); or

                           (iii)    For a period of up to 30 days if the
                                    Company's Board of Directors determines that
                                    such a delay would be in the best interests
                                    of the Company and its shareholders;
                                    provided, however, that no such delay shall
                                    occur more than once within any twelve month
                                    period.

                  (b) The Company and the Company's other shareholders shall
have the right to include shares of Common Stock in any Underwritten Offering
effected pursuant to the Shelf Registration Statement, subject to the provisions
of Section 6.

         6. Underwriting. If the Holder proposes to distribute Registrable
Securities registered pursuant to the Shelf Registration Statement by means of
an Underwritten Offering or a DECS Offering, and in connection with a
registration effected pursuant to Section 3, the Company and the Holder (and any
other holder of Common Stock participating in an Underwritten Offering) shall
enter into an underwriting agreement in customary form with the managing
underwriter or underwriters selected for such underwriting (i) by the Company in
the case of an Underwritten Offering (which managing underwriter(s) each shall
be a nationally recognized investment banking firm reasonably acceptable to the
Holder) or (ii) by the Holder in the case of a DECS Offering (which managing
underwriter(s) each shall be a nationally recognized investment banking firm
reasonably acceptable to the Company). Notwithstanding any other provision of
Sections 3, 4 or 5, if the lead managing underwriter advises the Holder and the
Company in writing on or before the date five days prior to the date then
scheduled for such offering that, in its opinion, the amount of Common Stock to
be included in such offering exceeds the amount which can be sold in such
offering without adversely affecting the distribution of the Common Stock being
offered, then such offering will include only the amount of Common Stock that
the lead managing underwriter has so advised can be sold in such offering;
provided, however, that the Company shall be required to include first in an
Underwritten Offering pursuant to the Shelf Registration Statement all
Registrable Securities requested to be included by the Holder.

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         7. Incidental Registration.

                  (a) Notice of Registration. If, at any time or from time to
time (x) prior to the fifth anniversary of the date hereof and (y) after the
fifth anniversary of the date hereof if the Holder is not then eligible to sell
Registrable Securities pursuant to Rule 144(k) under the Securities Act, the
Company shall determine to register any of its Common Stock for sale in an
Underwritten Offering, either for its own account or the account of a security
holder or holders (other than the Holder) exercising their respective demand
registration rights as permitted by this Agreement, other than a registration
relating to a business combination transaction or an offering solely to
employees or directors or pursuant to a dividend reinvestment plan, the Company
will promptly give to the Holder written notice thereof, and include in such
registration (subject to Section 7(b)) all the Registrable Securities specified
in a written request made by the Holder within ten days after its receipt of
such written notice from the Company. The right of the Holder to have
Registrable Securities included in a registration pursuant to this Section 7(a)
shall be conditioned upon its entering into (together with the Company and the
other holders distributing their securities through such underwriting) an
underwriting agreement in customary form with the managing underwriter or
underwriters selected for such underwriting by the Company (or by the
shareholders who have demanded such registration). The registration rights
granted pursuant to the provisions of this Section 7(a) shall be in addition to
the registration rights granted pursuant to the other provisions of this
Agreement.

                  (b) If the lead managing underwriter of an offering covered by
Section 7(a) shall advise the Company in writing (with a copy to the Holder) on
or before the date five days prior to the date then scheduled for such offering
that, in its opinion, the amount of Common Stock (including Registrable
Securities) requested to be included in such registration exceeds the amount
which can be sold in such offering without adversely affecting the distribution
of the Common Stock being offered, then (i) prior to the earlier to occur of the
second anniversary of this Agreement and the date on which the Registrable
Securities then Beneficially Owned by the Holder constitute less than 10% of the
outstanding Common Stock at the date hereof (the "Threshold Date") the Company
(A) in a registration for its own account, will include in such registration,
first, any shares proposed to be offered by the Company; second, Registrable
Securities requested to be registered by the Holder; and third, the other shares
requested to be included in such registration that the Company is so advised can
be sold in such offering and (B) in a registration for the account of a security
holder or holders other than the Holder exercising its or their respective
demand registration rights to the extent permitted by this Agreement, will
include in such registration, first, any shares requested to be registered by
the requesting security holder or holders; second, any shares (or, in the case
of the Holder, Registrable Securities) proposed to be offered by the Company and
the Holder, allocated evenly between the Company and the Holder; and third, the
other shares requested to be included in such registration that the Company is
so advised can be sold in such offering, allocated, if necessary, pro rata among
the holders thereof requesting such registration on the basis of the number of
the shares Beneficially Owned at the time by the holders requesting inclusion of
their shares and (ii) from and after the Threshold Date, the Company will
include shares of Common Stock (including Registrable Securities) in the same
order of priority set forth in subsection (i) of this Section 7(b), except that
Registrable Securities shall be included in any such registration on a parri
passu basis with any

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holders of Common Stock including shares in such registration by reason of their
exercise of incidental registration rights (allocated, if necessary, pro rata
among the holders (including the Holder) thereof requesting such registration on
the basis of the number of the shares (including Registrable Securities)
Beneficially Owned at the time by the holders (including the Holder) requesting
inclusion of their shares; provided, however, that in the event the Company will
not, by virtue of this paragraph, include in any such registration all of the
Registrable Securities requested to be included in such registration, the Holder
may, upon written notice to the Company given within three days of the time the
Holder first is notified of such matter, reduce the amount of Registrable
Securities it desires to have included in such registration, whereupon only the
Registrable Securities, if any, it desires to have included will be so included.

                  (c) The Company shall have the right to terminate or withdraw
any registration initiated by it under this Section 7 prior to the effectiveness
of such registration whether or not a Holder has elected to include Registrable
Securities in such registration.

         8. Expenses of Registration. All Registration Expenses incurred in
complying with Section 3, Section 4 and Section 7 hereof shall be borne by the
Company. Notwithstanding the foregoing, any registration, qualification and
filing fees that relate to Shares in respect of which the Company has previously
paid a registration, qualification or filing fee shall be borne by the Holder.
All Selling Expenses shall be borne by the Holder.

         9. Indemnification.

                  (a) The Company will indemnify to the fullest extent permitted
by law the Holder, each of its officers, directors, affiliates, employees,
advisors and agents and each person controlling the Holder within the meaning of
Section 15 of the Securities Act, with respect to which registration has been
effected pursuant to this Agreement, against all expenses, claims, losses,
damages or liabilities (or actions in respect thereof), including reasonable
costs of investigation and any of the foregoing incurred in settlement of any
litigation, commenced or threatened, arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any
amendment or supplement thereto, incident to any such registration, or based on
any omission (or alleged omission) to state therein a material fact required to
be stated therein or necessary to make the statements therein, in the light of
the circumstances in which they were made, not misleading, or any violation by
the Company of any rule or regulation promulgated under the Securities Act or
any other federal, state or common law rule or regulation applicable to the
Company in connection with any such registration, and the Company will reimburse
the Holder, each of its officers, directors, affiliates, employees, advisors and
agents and each person controlling the Holder, for any legal and any other
expenses reasonably incurred in connection with investigating, preparing or
defending any such claim, loss, damage, liability or action; provided that the
Company will not be liable in any such case to the extent that any such claim,
loss, damage, liability or expense arises out of or is based on any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by the
Holder or other such person and stated to be specifically for use therein.

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                  (b) The Holder will, if Shares held by it are included in the
securities as to which such registration is being effected, indemnify the
Company, each of its directors, officers, affiliates, employees, advisors and
agents, each underwriter, if any, of the Company's securities covered by such a
registration statement and each person who controls the Company or such
underwriter within the meaning of Section 15 of the Securities Act, against all
claims, losses, damages and liabilities (or actions in respect thereof) arising
out of or based on any untrue statement (or alleged untrue statement) of a
material fact contained in any such registration statement, prospectus, offering
circular or other document, or any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading and will reimburse the Company, each
underwriter and such directors, affiliates, officers, employees, advisors,
agents and control persons for any legal or any other expenses reasonably
incurred in connection with investigating or defending any such claim, loss,
damage, liability or action, in each case to the extent, but only to the extent,
that such untrue statement (or alleged untrue statement) or omission (or alleged
omission) is made in such registration statement, prospectus, offering circular
or other document in reliance upon and in conformity with written information
furnished to the Company by the Holder and stated to be specifically for use
therein; provided, however, that the obligation of the Holder shall be limited
to an amount equal to the net proceeds to the Holder from Shares sold in
connection with such registration.

                  (c) Each party entitled to indemnification under this Section
9 (the "Indemnified Party") shall give written notice to the party required to
provide indemnification (the "Indemnifying Party") promptly after such
Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any
such claim or any litigation resulting therefrom, provided that counsel for the
Indemnifying Party, who shall conduct the defense of such claim or litigation,
shall be approved by the Indemnified Party (whose approval shall not
unreasonably be withheld), and the Indemnified Party may participate in such
defense at such party's expense, unless (i) the Indemnifying Party fails to
assume the defense of such action with counsel satisfactory to the Indemnified
Party in its reasonable judgment or (ii) the named parties to any such actions
(including any impleaded parties) have been advised by counsel that either (A)
representation of the Indemnified Party and the Indemnifying Party by the same
counsel would otherwise be inappropriate under applicable standards of
professional conduct or (B) there may be one or more legal defenses available to
the Indemnified Party that are different from or additional to those available
to the Indemnifying Party, in which event the Indemnifying Party shall pay for
one counsel (and any necessary additional local counsel) for the Indemnified
Party; and provided further that the failure of any Indemnified Party to give
notice as provided herein shall not relieve the Indemnifying Party of its
obligations under this Agreement unless the failure to give such notice is
materially prejudicial to an Indemnifying Party's ability to defend such action.
No Indemnifying Party, in the defense of any such claim or litigation, shall,
except with the consent of each Indemnified Party, consent to entry of any
judgment or enter into any settlement which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party
of a release from all liability in respect of such claim or litigation.

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                  (d) In order to provide for just and equitable contribution to
joint liability under the Securities Act in any case in which any holder of
Shares exercising rights under this Agreement, or any officer, director,
affiliate, employee, advisors, agent or controlling person of any such holder,
makes a claim for indemnification pursuant to this Section 9 but it is
determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last
right of appeal) that such indemnification may not be enforced in such case
notwithstanding the fact that this Section 9 provides for indemnification in
such case, then, the Company and the Holder will contribute to the aggregate
losses, claims, damages or liabilities to which they may be subject (after
contribution from others) in such proportion so that the Holder is responsible
for the portion represented by the percentage that the public offering price of
its Shares offered by the registration statement bears to the public offering
price of all securities offered by such registration statement; and the Company
is responsible for the remaining portion; provided, however, that, in any such
case, (A) the Holder will not be required to contribute any amount in excess of
the net proceeds to the Holder from the sale of Shares offered by it pursuant to
such registration statement; and (B) no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

         10. Certain Restrictions.

                  (a) The Company will not grant registration rights with
respect to Common Stock that become exerciseable prior to the Threshold Date,
and the Company represents and warrants that is has not previously entered into
any such agreement. Nothing in this Agreement shall prohibit the Company from
granting registration rights that are exercisable from and after the Threshold
Date to any person who becomes an owner of shares of Common Stock after the date
hereof (including granting incidental registration rights with respect to any
Underwritten Offering required to be made hereunder other than pursuant to
Section 3).

                  (b) If requested by the lead managing underwriter in an
Underwritten Offering pursuant to the Shelf Registration Statement, the Company
agrees not to effect any registered sales in the public markets of Common Stock
for its own account (other than registrations relating to a business combination
transaction or an offering solely to employees or directors or pursuant to a
dividend reinvestment plan) during the period commencing on the date the Company
receives a notice from the Holder pursuant to Section 5(a) and continuing until
90 days after commencement of the Underwritten Offering (or such shorter period
as the lead managing underwriter shall request).

         11. Obligations of the Company. Whenever required under this Agreement
to effect the registration of any Registrable Securities, the Company shall, as
expeditiously as reasonably possible:

                  (a) Prepare and file with the Commission a registration
statement with respect to such Registrable Securities and use all reasonable
efforts to have such registration statement declared effective.

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                  (b) Prepare and file with the Commission such amendments and
supplements to such registration statement as may be necessary (i) to update and
keep such registration statement effective as provided in Section 11(a) above,
(ii) to comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such registration statement and (iii)
to reflect a modification in the manner of distribution of the Registrable
Securities and, to the extent that such distribution is modified to employ an
underwriter, to supplement or amend the registration statement in the manner
required by such underwriter. Notwithstanding anything else to the contrary
contained herein, the Company shall not be required to disclose in any
prospectus or any amendment or supplement thereto prepared pursuant to Section 4
or Section 5(a) hereof (x) any confidential information concerning any matter
which is the subject of a notice given under Section 11(f) as to which the
Company has a bona fide interest in withholding disclosure, or (y) historical
financial statements or pro forma financial information required by Regulation
S-X of the Commission in connection with a business acquisition or disposition
prior to the date when such information would otherwise be required to be filed
with the Commission (including extensions pursuant to Item 7(a)(4) of Form 8-K).

                  (c) Furnish to the Holder such numbers of copies of a
prospectus, including a preliminary prospectus and any amendments or supplements
thereto, in conformity with the requirements of the Securities Act, and such
other documents as it may reasonably request in order to facilitate the
disposition of Registrable Securities owned by it.

                  (d) Use all reasonable efforts to register and qualify the
securities covered by such registration statement under such other securities or
blue sky laws of such jurisdictions as shall be reasonably requested by the
Holder, provided that the Company shall not be required in connection therewith
or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions unless it is already
subject to such jurisdiction.

                  (e) In the event of any Underwritten Offering or DECS
Offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing underwriter or
underwriters of such offering. The Holder shall also enter into and perform its
obligations under such an agreement.

                  (f) Notify the Holder, at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, of the happening
of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances
under which the prospectus is used.

                  (g) Take all such other actions (including, without
limitation, causing representatives of the Company to participate in any "road
show" or "road shows" in connection with an Underwritten Offering or DECS
Offering) as the Holder or the underwriters, if any, reasonably request in order
to expedite or facilitate the disposition of such Registrable Securities.

                                       11
<PAGE>   13

                  (h) In connection with an Underwritten Offering or DECS
Offering, obtain a "cold comfort" letter from the Company's independent public
accountants in customary form and covering such matters of the type customarily
covered by "cold comfort" letters, as the Holder's counsel or the managing
underwriter reasonably request.

                  (i) Cause all such Registrable Securities to be listed on each
securities exchange on which similar securities issued by the Company are then
listed.

                  (j) Use reasonable efforts to take all other steps necessary
to effect the registration of the Registrable Securities contemplated hereby.

         12. Information by the Holder. The Holder shall furnish to the Company
such information regarding the Holder, the shares of Common Stock or other
securities of the Company held by it and the distribution proposed by it as the
Company may reasonably request in writing and as shall be reasonably required in
connection with any registration referred to in this Agreement.

         13. Securities Law Compliance.

                  (a) The Holder covenants that it will comply with the
Securities Act and with the Exchange Act with respect to Registrable Securities
included in any registration pursuant to this Agreement, recognizing that under
certain circumstances set forth in Section 11(f) hereof, the Company may notify
the Holder that the registration statement is not then current.

                  (b) The Holder agrees that, immediately upon receipt of a
notification as referred to in subparagraph (a) of this Section 13, it will
refrain from selling Registrable Securities under the Shelf Registration
Statement until (i) subsequently notified by the Company that the Shelf
Registration Statement is current or (ii) receipt of a favorable opinion of
counsel as hereinbelow provided. The Company agrees that it will consult with
the Holder following the giving of any such notification, and that in the event
the Holder is of the view that its securities could be sold in compliance with
the Securities Act and the Exchange Act without disclosure of the nonpublic
information which is the subject of the notification, the parties hereto agree
to be bound by an opinion of counsel reasonably satisfactory both to the Holder
and to the Company as to whether such sales can be made without violation of the
Securities Act or the Exchange Act.

         14. Standoff Agreement. The Holder agrees that, upon request of the
lead managing underwriter of any Underwritten Offering of the Company's
securities, not to sell, make any short sale of, loan, grant any option for the
purchase of, or otherwise dispose of any Shares (other than those included in
such registration), except in a private sale or transfer or pursuant to a tender
offer, without the prior written consent of the Company or such underwriter, as
the case may be, for such period of time (not to exceed 90 days) from the
effective date of such registration as may be requested by the Company or such
lead managing underwriter.

         15. Rule 144 Requirements. The Company agrees to:

                                       12
<PAGE>   14

                  (a) comply with the requirements of Rule 144(c) under the
Securities Act with respect to current public information about the Company;

                  (b) file with the Commission in a timely manner all reports
and other documents required of the Company under the Securities Act and the
Exchange Act; and

                  (c) furnish to the Holder upon request (i) a written statement
by the Company as to its compliance with the requirements of said Rule 144(c),
and the reporting requirements of the Securities Act and the Exchange Act, (ii)
a copy of the most recent annual or quarterly report of the Company, and (iii)
such other reports and documents of the Company as the Holder may reasonably
request to avail itself of any similar rule or regulation of the Commission
allowing itself to sell any such securities without registration.

         16. Board Representation. The Company and the Purchaser acknowledge
that the nine-member Board of Directors of the Company on the date hereof
includes three designees of the Purchaser, and that it is intended that during
such time as the Registrable Securities Beneficially Owned by the Purchaser and
its Affiliates constitute at least 30%, 20%, or 10%, respectively, of the then
outstanding Common Stock, the Purchaser shall be entitled to designate for
nomination by the Board of Directors three, two and one director(s),
respectively, and to designate a successor in the case of any vacancy resulting
from the death, resignation or removal of any such designee prior to the
expiration of his or her term.

         17. Voting

                  (a) During the period ending on the date that the Registrable
Securities Beneficially Owned by the Purchaser and its Affiliates constitute
less than 10% of the then outstanding Common Stock (the "Standstill Period"),
the Purchaser shall take such action as may be required so that all Voting
Securities owned by the Purchaser and its Affiliates are voted at any annual or
special meeting of the stockholders of the Company for the Board of Directors'
nominees for election to the Board of Directors of the Company (provided that
the Purchaser shall in any case be permitted to vote for its designees to be
nominated pursuant to Section 16 hereof).

                  (b) During the Standstill Period, the Purchaser, for itself
and its Affiliates, as holders of Voting Securities, agrees to be present, in
person or by proxy, at all meetings of stockholders of the Company so that all
Voting Securities beneficially owned by them may be counted for the purpose of
determining the presence of a quorum at such meetings.

         18. Amendment of Rights Agreement. During the Standstill Period,
without the prior written consent of the Purchaser the Company shall not amend
the Rights Agreement so as to reduce below 20% the level at which a Person (as
defined in the Rights Agreement) shall become an Acquiring Person (as defined in
the Rights Agreement).

         19. Notices Under Ancillary Agreements. During the Standstill Period
(so long as one designee of Purchaser is a member of the Company Board of
Directors), the Company shall provide copies to Purchaser of each written notice
sent or received by it under the notice

                                       13
<PAGE>   15

provisions of the Distribution Agreement between Crane Co. and the Company dated
December 6, 1999 and the Employee Matters Agreement and Tax Allocation Agreement
each between Crane Co. and the Company dated December 16, 1999.

         20. Restrictive Legends.

                  (a) Each certificate representing Shares or any securities
issued in respect of the Shares upon any stock split, stock dividend,
recapitalization, merger or similar event, shall (unless otherwise permitted by
the provisions of Section 2) be stamped with the following legend:

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN
         ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED. SUCH SECURITIES MAY NOT BE SOLD,
         TRANSFERRED OR PLEDGED IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS
         THE COMPANY RECEIVES AN OPINION OF COUNSEL (WHICH MAY BE COUNSEL FOR
         THE COMPANY) REASONABLY ACCEPTABLE TO IT STATING THAT SUCH SALE OR
         TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
         REQUIREMENTS OF SAID ACT.

                  (b) Each certificate representing Shares shall also be stamped
with the following legend:

                  THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
         THE TERMS AND CONDITIONS OF AN AGREEMENT BETWEEN THE SHAREHOLDER AND
         THE COMPANY WHICH INCLUDES CERTAIN RESTRICTIONS ON SALES OF THE
         SECURITIES. COPIES OF THE AGREEMENT MAY BE OBTAINED UPON WRITTEN
         REQUEST TO THE SECRETARY OF THE COMPANY.

                  (c) The Holder consents to the Company's making a notation on
its records and giving instructions to any transfer agent of the Shares in order
to implement the restrictions on transfer established in this Agreement. The
legend placed on any certificate pursuant to Section 20(a) and any notations or
instructions with respect to the Shares represented by such certificate will be
promptly removed, and the Company will promptly issue a certificate without such
legend to the Holder (x) if such Shares are registered under the Securities Act
in connection with a sale of such securities and a prospectus meeting the
requirements of Section 10 of the Securities Act is available, or (y) if the
Holder satisfies the requirements of Rule 144(k) and, where deemed necessary by
the Company in its sole discretion, provides the Company with an opinion of
counsel for the Holder who is, and whose legal opinion shall be, reasonably
satisfactory to the Company, to the effect that the Holder meets the
requirements of Rule 144(k).

                                       14
<PAGE>   16

         21. Notices, etc. All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered (by hand or courier service) with signed confirmation of
receipt, addressed as follows:

                  if to the Purchaser:

                  Rugby PLC
                  Crown House
                  Rugby
                  CV212DT
                  England
                  Attn:  Group Finance Director

                  with a copy to:

                  Paul, Weiss, Rifkind, Wharton & Garrison
                  1285 Avenue of the Americas
                  New York, New York 10019-6064
                  Attention:  Toby S. Myerson, Esq.
                  Facsimile No.: (212) 757-3990

                  if to the Company:

                  Huttig Building Products, Inc.
                  Lakeview Center, Suite 400
                  14500 South Outer Forty Road
                  Chesterfield, Missouri  63017
                  Attn:  Chief Executive Officer

                  with a copy to:  General Counsel

or to such other address of a party of which such party has given notice to the
other parties pursuant to this Section.

         22. Nontransferability. It is acknowledged and agreed by the Purchaser
that, except as expressly provided in this Agreement, its rights and benefits
hereunder may not be assigned or transferred to or held for the benefit of any
other person.

         23. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws (other than those with respect to choice of law) of the
State of Delaware. Each of the parties hereto agrees that all claims in any
action or proceeding arising out of or related to this Agreement may be heard
and determined in any Delaware state court or federal court sitting in the State
of Delaware.

                                       15
<PAGE>   17

         24. Severability. The provisions of this Agreement are severable, and
in the event that any one or more provisions are deemed illegal or
unenforceable, the remaining provisions shall remain in full force and effect.

         25. Successors. This Agreement shall be binding upon, shall be
enforceable against and shall inure to the benefit of any successor of the
Purchaser.

         26. Counterparts. This Agreement may be executed simultaneously in
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                  [remainder of page intentionally left blank]

                                       16
<PAGE>   18

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

                                     HUTTIG BUILDING PRODUCTS, INC.

                                     By: Barry J. Kulpa
                                         -------------------------------------
                                         Barry J. Kulpa
                                         President and Chief Executive Officer

                                     THE RUGBY GROUP PLC

                                     By: James J. Jordan
                                         -------------------------------------
                                         James J. Jordan
                                         Solicitor
                                         Group Legal Manager

                                       17<PAGE>   1
[RESTRICTED STOCK AGREEMENT]                                       Exhibit 10.15
[TIME-BASED]

                           RESTRICTED STOCK AGREEMENT-
            HUTTIG BUILDING PRODUCTS, INC. 1999 STOCK INCENTIVE PLAN

                                January 24, 2000

         The parties to this Restricted Stock Agreement (the "Agreement") are
Huttig Building Products, Inc., a Delaware corporation (the "Corporation") and
Barry J. Kulpa, an employee of the Corporation (the "Participant").

         Pursuant to the terms of the Huttig Building Products, Inc. 1999 Stock
Incentive Plan (the "Plan"), the Corporation, through the Organization and
Compensation Committee of its Board of Directors (the "Committee"), has
determined to award to the Participant 65,000 shares of restricted stock subject
to the terms of the Plan, as of the date of this Agreement (the "Grant Date").

         As a condition to such award and pursuant to Section 8(a) of the Plan,
the Corporation and the Participant hereby enter into this Agreement and agree
to the terms and conditions set forth herein.

1.  DEFINITIONS.

         Capitalized terms in this Agreement not otherwise defined herein shall
have the meanings contained in the Plan. For purposes of this Agreement, and for
purposes of interpreting the terms of the Plan, the following terms shall have
the following meanings:

         (a)      "Restriction Period" shall mean a period commencing on the
                  Grant Date and ending for 20% of the grant on each subsequent
                  anniversary date for five years ending January 24, 2000.

2.  AWARD OF HUTTIG SHARES.

         Pursuant to the provisions of the Plan and this Agreement and by the
authority of the Committee, the Corporation awards 65,000 shares (the
"Restricted Stock") of Huttig Building Products, Inc. common stock, par value
$.01 per share ("Huttig Shares"), to the Participant.

3.  RESTRICTIONS AND RIGHTS.

         (a)      During the Restriction Period, the Restricted Stock is subject
                  to forfeiture in the event that the Participant attempts to
                  sell, transfer, assign or pledge the Restricted Shares (the
                  "Restrictions") or the Participant violates one of the
                  covenants contained in Section 6 of this Agreement. Except as
                  provided under Section 5 of

<PAGE>   2

                  this Agreement, the Restrictions on the Restricted Stock shall
                  automatically lapse:

                  (i)      upon expiration of the Restriction Period;

                  (ii)     in the event of the Participant's Retirement,
                           Permanent Disability, or death or in the event of a
                           Change-in-Control; provided, however, that in the
                           event the Participant requests early retirement or
                           otherwise leaves the employ of the Corporation, the
                           Committee may, upon the Participant's request and in
                           the Committee's sole discretion, waive or revise this
                           provision to permit the lapse of Restrictions on all
                           or a portion of the Restricted Stock awarded
                           hereunder on or prior to such early retirement or
                           other departure from the employ of the Corporation;
                           or

                  (iii)    as may be otherwise provided under the terms of the
                           Plan.

         (b)      During the Restriction Period, the Participant will be
                  entitled to all other rights of a shareholder of the
                  Corporation with respect to the Restricted Stock, including
                  the right to vote the Restricted Stock and receive dividends
                  and other distributions thereon.

4.  STOCK CERTIFICATE.

         Each stock certificate evidencing an award of Restricted Stock shall be
registered in the name of the Participant, and shall bear an appropriate legend
referring to the terms, conditions and restrictions applicable to such award
substantially in the following form (the "Legend"):

         "The transferability of this certificate and the shares of stock
         represented hereby are subject to the terms and conditions (including
         forfeiture) of the Huttig Building Products, Inc. 1999 Stock Incentive
         Plan and an Agreement entered into between the registered owner and
         Huttig Building Products, Inc. Copies of such Plan and Agreement are on
         file in the offices of Huttig Building Products, Inc., Lakeview Center,
         Suite 400, 14500 South Outer Forty Road, Chesterfield, MO 63017."

5.  TERMINATION OF EMPLOYMENT.

         The Participant's termination of employment during the Restriction
Period shall result in the forfeiture of all Restricted Stock as to which the
Restrictions have not lapsed, and the Participant shall be required to return
all applicable stock certificates to the Corporation.

6.  COVENANTS.

         (a)      The Participant agrees to be bound by all terms and provisions
                  of the Plan, and all such provisions shall be deemed a part of
                  this Agreement for all purposes.

                                      -2-
<PAGE>   3

         (b)      The Participant agrees to provide the Corporation, when and if
                  requested, with any information or documentation which the
                  Corporation believes necessary or advisable in connection with
                  the administration of the Plan, including data required to
                  assure compliance with the requirements of the Securities and
                  Exchange Commission, of any stock exchange upon which the
                  Huttig Shares are then listed, or of any applicable federal,
                  state or other law.

         (c)      The Participant agrees, upon due notice and demand, to
                  promptly pay to the Corporation the cash amount of any taxes
                  which are required to be withheld by the Corporation either at
                  the time the Restriction Period lapses or at the time of award
                  (in cases where the Participant duly elects to be taxed at
                  such earlier time); provided, however, the Corporation, in its
                  sole discretion, may accept Restricted Stock awarded hereunder
                  or Huttig Shares otherwise previously acquired in satisfaction
                  thereof.

7.  NO COVENANT OF EMPLOYMENT.

         Neither the execution and delivery of this Agreement nor the granting
of any award evidenced by this Agreement shall constitute, or be evidence of,
any agreement or understanding, express or implied, on the part of the
Corporation or any of its subsidiaries to employ the Participant for any
specific period.

8.  ADMINISTRATION AND INTERPRETATION OF PLAN AND AGREEMENT.

         In the event of any conflict between the terms of this Agreement and
those of the Plan, the provisions of the Plan shall prevail.

         The Committee shall have full authority and discretion, subject only to
the terms of the Plan, to decide all matters relating to the administration or
interpretation of the Plan and this Agreement, and all such action by the
Committee shall be final, conclusive, and binding upon the Corporation and the
Participant. The Committee shall have full authority and discretion to modify at
any time the Restriction Period, the Restrictions, the other terms and
conditions of this Agreement, the Legend and any other instrument evidencing
this award, provided that no such modification shall increase the benefit under
such award beyond that which the Committee could have originally granted at the
time of the award, or shall impair the rights of the Participant under such
award except in accordance with the Plan, or any applicable agreement or
applicable law, or with consent of the Participant.

         This Restricted Stock Agreement is deemed to be issued in, the award
evidenced hereby is deemed to be granted in, and both shall be governed by the
laws of, the State of Delaware. There have been no representations to the
Participant other than those contained herein.

                                      -3-
<PAGE>   4

9.  DELIVERY.

         All certificates for Restricted Stock delivered under the Plan shall be
subject to such stop-transfer orders and other restrictions as the Committee may
deem advisable under the rules, regulations, and other requirements of the
Securities and Exchange Commission, any stock exchange upon which Huttig Shares
are then listed and any applicable federal or state securities law, and the
Committee may cause a legend or legends to be put on any such certificates to
make appropriate reference to such restrictions.

         The stock certificates evidencing the Restricted Stock shall be held in
custody by the Corporation or its designee until the Restrictions thereon shall
have lapsed and the Committee may require, as a condition of any award, that the
Participant shall have delivered a stock power endorsed in blank relating to the
Restricted Stock covered by such award.

         As soon as administratively practicable following the lapse of the
Restrictions with respect to any of the Restricted Stock without a forfeiture,
and upon the satisfaction of all other applicable conditions as to the
Restricted Stock, including, but not limited to, the payment by the Participant
of all applicable withholding taxes, the Corporation shall deliver or cause to
be delivered to the Participant a certificate or certificates for the applicable
Restricted Stock which shall not bear the Legend required under Section 4 of the
Agreement.

10.  AMENDMENT.

         The terms of this Agreement shall be subject to the terms of the Plan
as the Plan may be amended from time to time by the Board of Directors of the
Corporation unless any such amendment by its terms or by its clear intent is
inapplicable to this Agreement.

11.  NOTICE.

         Any notice to the Corporation provided for in this Agreement shall be
in writing and addressed to it in care of the Secretary of the Corporation, and
any notice to the Participant shall be in writing and addressed to the
Participant at the address contained in payroll records at the time or to such
other address designated in writing by the Participant.

         IN WITNESS WHEREOF, the parties have executed this Restricted Stock
Agreement effective the day and year first above written.

                                                  HUTTIG BUILDING PRODUCTS, INC.

                                                  By: /s/ Gregory Lambert
                                                     ---------------------------

                                                  Title: Vice-President
                                                        ------------------------

                                                  PARTICIPANT

                                                  /s/ Barry J. Kulpa
                                                  ------------------------------

                                      -4-

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