Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 TAX
RECEIVABLE (TRIMARANCONTRIBUTION) TERMINATION AGREEMENT 
 This Tax Receivable (Trimaran Contribution) Termination Agreement (the
“Agreement”) is entered into as of March 30, 2015 by and among Trimaran Fund II, L.L.C. (the “Trimaran Cabinet Representative”), Trimaran Capital, L.L.C., Trimaran Parallel Fund II, L.P., CIBC Private Equity
Fund Partners and CIBC Capital Corporation (each a “Trimaran Shareholder” and collectively, with the Trimaran Cabinet Representative, the “Trimaran Shareholders”) and Norcraft Companies, Inc., a Delaware corporation
(“Norcraft,” and together with the Trimaran Shareholders, the “Parties”). 
 RECITALS 

WHEREAS, Norcraft, Fortune Brands Home & Security, Inc., a Delaware corporation, and Tahiti Acquisition Corp., a Delaware corporation
entered into that certain Agreement and Plan of Merger, dated as of March 30, 2015 (the “Merger Agreement”); 

WHEREAS, Norcraft, the Trimaran Cabinet Representative and certain other persons entered into that certain Tax Receivable Agreement (Trimaran
Contribution), dated as of November 13, 2013 (the “TRA”); 
 WHEREAS, Article IV of the TRA provides for an Early
Termination Payment in the event of a Change in Control; 
 WHEREAS, Section 4.3 of the TRA provides the method for calculating the
Early Termination Payment required under Article IV; 
 WHEREAS, Norcraft shall make payments contemplated by the TRA for the 2014
taxable year prior to the consummation of the transactions contemplated by the Merger Agreement and the payments contemplated herein are in addition to, not in lieu of, those payments; 

WHEREAS, Norcraft desires to terminate the obligations owed to the Shareholders under the TRA, including the obligations under Article IV, and
the Shareholders will accept payment for such termination of the TRA and will release Norcraft from all obligations thereunder, as specified in this Agreement; and 

WHEREAS, the Parties desire to terminate the TRA. 

NOW, THEREFORE, in consideration of the promises and the mutual agreements and covenants hereinafter set forth, and intending to be legally
bound, the Parties hereby agree to amend receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

1. Definitions; References. Unless otherwise specifically defined herein, each capitalized term used herein but not otherwise defined
herein shall have the meaning assigned to such term in the TRA. To the extent there is a conflict or inconsistency between the terms of this Agreement and the terms of the TRA (prior to giving effect to this Agreement), this Agreement shall
constitute an amendment of the TRA. 

  
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 2. TRA Termination. The Parties agree that the consummation of the transactions
contemplated by the Merger Agreement will give rise to a Change in Control. Furthermore, the Parties agree that the TRA shall be terminated in its entirety upon payment of the Termination Payments, and thereafter no party shall have any further
obligations under the TRA other than those obligations set forth in this Agreement. 
 3. Payment. The Parties agree that Norcraft
shall make a payment to each Shareholder, on the date of and immediately after the consummation of the Merger Closing (as that term is defined in the Merger Agreement), equal to the amount reflected opposite such Shareholder’s name on Schedule
I of this Agreement (“Termination Payment”, and collectively for all the Shareholders, the “Termination Payments”). Schedule I shall not be adjusted without the consent of all Parties. Prior to the Merger Closing the Trimaran
Cabinet Representative shall provide to Tahiti the bank account information where the Termination Payments will be sent by wire transfer. Each Shareholder hereby waives its right to receive the additional schedules and documentations described in
Article IV of the TRA relating to the calculation and payment of any Early Termination Payment. Upon receipt by the Shareholders of their Termination Payments, Norcraft shall have no further obligation under the TRA to any Shareholder or any other
person claiming through any Shareholder on account of such Shareholder’s interest in the TRA, and each Shareholder hereby releases, remises and forever discharges Norcraft, its Affiliates, shareholders, directors, officers and employees from
any such obligation under the TRA. 
 4. Intended Tax Treatment. Consistent with the terms of the TRA, the payments to each
Shareholder contemplated hereunder are intended to be treated for all tax purposes as payments described in Section 351(b) of the Code, unless otherwise required by law to be treated as imputed interest, as reasonably determined by Norcraft,
and neither Tahiti nor any of its affiliates will take a position for tax reporting purposes inconsistent therewith, except upon a final determination by an applicable taxing authority. Norcraft will promptly provide Trimaran Cabinet Representative
with such additional information and assistance as the Trimaran Cabinet Representative may reasonably request in connection with tax reporting matters relating to the payments contemplated by this Agreement and the Merger Agreement. 

5. Agreement Termination. This Agreement shall terminate and be of no force and effect upon (i) the termination of the Merger
Agreement pursuant to its terms or (ii) an amendment to the Merger Agreement that changes the price payable per share of Common Stock of the Company. For the avoidance of doubt, the termination of this Agreement shall not by itself constitute a
termination of the TRA. 
 6. Representations and Warranties of Norcraft. Norcraft represents and warrants to the Trimaran
Shareholders as follows: 
 (a) Authorization of Transaction. Norcraft has all requisite corporate power and authority
to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by Norcraft of this Agreement and the 

  
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performance by Norcraft of this Agreement and the consummation by Norcraft of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the
part of Norcraft. This Agreement has been duly and validly executed and delivered by Norcraft and constitutes a valid and binding obligation of Norcraft, enforceable against Norcraft in accordance with its terms, except as such enforcement may be
limited by general equitable principles or by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and judicial decisions from time to time in effect which affect creditors’ rights generally.

 (b) Noncontravention. Neither the execution and delivery by Norcraft of this Agreement, nor the consummation by
Norcraft of the transactions contemplated hereby, will (i) conflict with or violate any provision of the organizational documents of Norcraft, (ii) require on the part of Norcraft any notice to or filing with, or any permit, authorization,
consent or approval of, any governmental entity or (iii) violate any order, writ, injunction, decree, statute, rule or regulation applicable to Norcraft or any of its properties or assets. 

(c) No Additional Representations. Norcraft acknowledges that no person has made any representation or warranty, express
or implied, as to the accuracy or completeness of any information regarding the Trimaran Shareholders furnished or made available to Norcraft and its representatives except as expressly set forth in this Agreement. 

7. Representations and Warranties of the Trimaran Shareholders. Each Trimaran Shareholder represents and warrants to the other Parties
hereto as follows: 
 (a) Authorization of Transaction. Such Trimaran Shareholder has all requisite corporate power
and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by such Trimaran Shareholder of this Agreement and the performance by such Trimaran Shareholder of this Agreement and the
consummation by such Trimaran Shareholder of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of such Trimaran Shareholder. This Agreement has been duly and validly executed and
delivered by such Trimaran Shareholder and constitutes a valid and binding obligation of such Trimaran Shareholder, enforceable against such Trimaran Shareholder in accordance with their terms, except as such enforcement may be limited by general
equitable principles or by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and judicial decisions from time to time in effect which affect creditors’ rights generally. 

(b) Noncontravention. Neither the execution and delivery by such Trimaran Shareholder of this Agreement, nor the
consummation by such Trimaran Shareholder of the transactions contemplated hereby, will (i) conflict with or violate any provision of the organizational documents of such Trimaran Shareholder, (ii) require on the part of such Trimaran
Shareholder any notice to or filing with, or any permit, authorization, consent or approval of, any governmental entity or (iii) violate any order, writ, injunction, decree, statute, rule or regulation applicable to such Trimaran Shareholder or
any of its properties or assets. 

  
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 (c) No Additional Representations. Such Trimaran Shareholder acknowledges
that no person has made any representation or warranty, express or implied, as to the accuracy or completeness of any information regarding Norcraft furnished or made available to such Trimaran Shareholder and its representatives except as expressly
set forth in this Agreement. 
 [Signature Page Follows] 

  
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 IN WITNESS THEREOF, the undersigned has executed this Agreement as of the day and year first
above written. 
  

			
	NORCRAFT COMPANIES, INC.
	a Delaware Corporation
		
	By:		 /s/ Mark Buller

	Name:		Mark Buller
	Title:		Chief Executive Officer
	
	Trimaran Fund II, L.L.C.
		
	By:		 /s/ Dean C. Kehler

	Name:		Dean C. Kehler
	Title:		
	
	Trimaran Capital, L.L.C.
		
	By:		 /s/ Dean C. Kehler

	Name:		Dean C. Kehler
	Title:		
	
	Trimaran Parallel Fund II, L.P.
		
	By:		
			its general partner
		
	By:		 /s/ Dean C. Kehler

	Name:		Dean C. Kehler
	Title:		
	
	CIBC Employee Private Equity Fund (Trimaran) Partners
		
	By:		 /s/ Dean C. Kehler

	Name:		Dean C. Kehler
	Title:		

  
 [Signature Page to the
Tax Receivable Termination Agreement] 

			
	CIBC Capital Corporation
		
	By:		 /s/ Dean C. Kehler

	Name:		Dean C. Kehler
	Title:		

  
 [Signature Page to the
Tax Receivable Termination Agreement] 

 Schedule I 
  

					
	 Total Termination Payments to the Shareholders of Trimaran:
		$	7,934,000EX-10.4

 Exhibit 10.4 

March 30, 2015 
 Mark Buller 

4005 Henderson Highway 
 East St. Paul 

Manitoba, R2E1B3, Canada 
 Dear Mark: 

This letter agreement (this “Amendment”) confirms our agreement to amend the employment letter between you and Norcraft
Companies, L.P. (Holdings”), dated as of October 21, 2003 and amended as of August 17, 2004 (the “Employment Letter”). Capitalized terms not defined in this Amendment have the respective meanings ascribed to
them in the Employment Letter. Except as expressly modified herein, the Employment Letter remains in full force and effect, and is binding on you and Holdings in accordance with its terms. 

1. Definitions. Section 6 of the Employment Letter is amended by inserting the following new sentence at the end of the second
paragraph: 
 The base salary continuation contemplated by this paragraph is hereinafter referred to as the “Severance
Payment”. 
 2. Termination Payments. Section 6 of the Employment Letter is further amended by inserting the following
new paragraphs below the fourth paragraph: 
 Notwithstanding the foregoing, if Holdings terminates your employment other than for Cause or
you terminate your employment for any reason, in either case within twelve (12) months following a Change-in-Control (as defined below), you will receive a one-time payment of $1,607,000 (the “CIC Severance Payment”) in lieu of
the Severance Payment. For the avoidance of doubt, the CIC Severance Payment will be in addition to any other payments or benefits contemplated by the second and third paragraphs of this Section 6. Any CIC Severance Payment will be paid to you
in a single lump sum within ten (10) business days following the termination of your employment. Notwithstanding the foregoing, no transaction or series of transactions shall constitute a Change-in-Control for purposes of this Amendment unless
such transaction or series of transactions constitutes a “change in control event” within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i). 

For purposes of this Agreement, (a) “Change-in-Control” means the occurrence, following the date of this Agreement, of
(i) a sale or transfer (other than by way of merger or consolidation), of all or substantially all of the assets of Norcraft 

 
Companies, Inc. (“Norcraft”) to any Person, (ii) any merger, consolidation or other business combination transaction of Norcraft with or into another corporation, entity or
Person, other than a transaction in which the holders of at least a majority of the shares of voting capital stock of Norcraft outstanding immediately prior to such transaction continue to hold (either by such shares remaining outstanding or by
their being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power represented by the shares of voting capital stock of Norcraft (or the surviving entity) outstanding immediately after such
transaction, or (iii) the direct or indirect acquisition (including by way of a tender or exchange offer) by any Person, or Persons acting as a group, of beneficial ownership or a right to acquire beneficial ownership of shares representing
more than 50% of the total voting power of the then-outstanding shares of capital stock of Norcraft, and (b) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a
trust or any other entity or organization. 
 Notwithstanding the foregoing, if any portion of the payments and benefits described in the
second and fourth paragraphs of this Section 6 would, taken together with any other payments or benefits that are contingent on a Change-in-Control (such payments and benefits together with such payments and benefits described in the second and
fourth paragraphs of this Section 6 collectively, the “Parachute Payments”), exceed an amount equal to 2.99 times your “base amount” (the “Safeharbor Amount”), as defined in Section 280G(b)(3)(A)
of the Internal Revenue Code of 1986, as amended (the “Code”), you shall only be entitled to receive a portion of the Parachute Payments equal to the Safeharbor Amount, and shall have not further rights with respect to any Parachute
Payments in excess of the Safeharbor Amount. 
 Notwithstanding anything to the contrary in this Agreement, if at the time your employment
terminates, you are a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would (but for this provision) be payable within six (6) months following
the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon your death; except (A) to the extent of amounts that do not constitute a deferral of
compensation within the meaning of Treasury regulation Section 1.409A-1(b) (including without limitation by reason of the safe harbor set forth in Section 1.409A-1(b)(9)(iii), as determined by Holdings in its reasonable good faith discretion);
(B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section 1.409A-1(a)(5); or (C) other amounts or benefits that are not subject to the requirements of Section 409A of the Code. 

For purposes of this Agreement, all references to “termination of employment” and correlative phrases shall be construed to require a
“separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual who is a specified
employee under Treasury regulation Section 1.409A-l(i). 

 Each payment made under this Agreement shall be treated as a separate payment and the right to a
series of installment payments under this Agreement is to be treated as a right to a series of separate payments. 
 3. Restricted
Activities. 
 (a) Section 8 of the Employment Letter is amended by inserting the following new sentence at the end of such
Section 8: 
 Notwithstanding the foregoing, following a Change-in-Control, nothing contained in this Section 8 will prevent you
from engaging in any business, competitive or otherwise, in any capacity, anywhere in Canada following the termination of your employment with Holdings. 

4. Miscellaneous. This Amendment may only be amended by a writing signed by you and a duly authorized representative of Holdings. This
Amendment embodies the entire agreement between the parties with respect to amending your Employment Agreement and supersedes all prior communications, agreements and understandings, whether written or oral, with respect to the same. This Amendment
may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument. This Amendment will be governed by and construed in accordance with the laws
of the State of Minnesota, without regard to any conflict of law principles that would result in the application of the laws of any other jurisdiction 

If the foregoing is acceptable to you, please sign this Amendment in the space provided below. At the time you sign and return it, this
Amendment will take effect as a binding agreement between you and Holdings, subject to the terms and conditions set forth above. The enclosed copy is for your records. 

 

			
	 Sincerely,
 NORCRAFT COMPANIES,
L.P.

		
	By:		/s/ Christopher Reilly
		 	  

			Christopher Reilly
			Authorized Person

  

			
	Accepted and agreed:
		
	Signature:		/s/ Mark Buller
		 	  

			Mark Buller
		
	Date:		 3/30/2015

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