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Exhibit 10.3  

 
 

FORM OF
  REGISTRATION RIGHTS AGREEMENT    
    
    by and among    
    
    ATLAS INDUSTRIES HOLDINGS LLC,    
    
    ATLAS TITAN INVESTMENTS LLC,    
    
    ATLAS TITAN MANAGEMENT
INVESTMENTS LLC,    
    
    JOHN HANCOCK LIFE INSURANCE COMPANY,    
    
    HANCOCK MEZZANINE PARTNERS III, L.P.,    
    
    ALLSTATE LIFE INSURANCE COMPANY    
    
    and    
    
    JOHN HANCOCK VARIABLE LIFE
INSURANCE COMPANY    
    
    Dated                        , 2007    
    

  

 
 

REGISTRATION RIGHTS AGREEMENT    
    

        THIS REGISTRATION RIGHTS AGREEMENT (this  "Agreement") is entered into as of the            day of            , 2007, by and among: Atlas
Industries Holdings LLC, a Delaware limited liability company (the "Company"), and each of the undersigned parties listed under "Shareholders" on the
signature page hereto (such parties and any permitted transferee of such parties, collectively, the  "Shareholders" and each individually, a
 "Shareholder").

        WHEREAS, the Company has issued and the Shareholders, collectively, have acquired and hold as of the date hereof that number of common
shares representing limited liability company interests of the Company (the "Shares") set beside their respective names on  Schedule A hereto; 

        WHEREAS, the parties hereto desire to enter into this Agreement to provide the Shareholders with certain rights relating to the
registration of the Restricted Shares; 

        NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

	1.
	DEFINITIONS.
Except as otherwise noted, for all purposes of this Agreement, the following terms shall have the respective meanings set forth in this Agreement, which meanings shall
apply equally to the singular and plural forms of the terms so defined and the words "herein," "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole: The
following capitalized terms used herein have the following meanings: 

        "Agreement" means this Agreement, as amended, restated, supplemented, or otherwise
modified from time to time. 

        "Business Day" means any day other than a Saturday, a Sunday or a day on which banks in
the City of New York are required, permitted or authorized, by applicable law or executive order, to be closed for regular banking business. 

        "Commission" means the United States Securities and Exchange Commission, or such successor
federal agency or agencies as may be established in lieu thereof. 

        "Company" is defined in the preamble to this Agreement. 

        "Demand Registration" is defined in Section 2.2.1. 

        "Demanding Holder" is defined in Section 2.2.1. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder. 

        "Indemnified Party" is defined in Section 4.3. 

        "Indemnifying Party" is defined in Section 4.3. 

        "Initial Filing Date" is defined in Section 2.1.1. 

        "Initial Registration Period" is defined in Section 2.1.1. 

        "Maximum Number of Shares" is defined in Section 2.2.5. 

        "Notices" is defined in Section 6.2. 

        "Piggy-Back Registration" is defined in Section 2.3.1. 

        "Prospectus" means a prospectus relating to a Registration Statement, as amended or
supplemented, and all materials incorporated by reference in such Prospectus. 

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        "Register", "registered" and "registration"
mean a registration effected by preparing and filing a registration statement or similar document under the Securities Act and such registration statement becoming effective. 

        "Registration Statement" means a registration statement filed by the Company with the
Commission in compliance with the Securities Act and the rules and regulations promulgated thereunder for a public offering and sale of Shares (other than a registration statement on
Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of
another entity). 

        "Restricted Shares" mean all of the Shares owned or held by Shareholders or their
permitted transferees; provided, that such Shares shall cease to be Restricted Shares hereunder, as of any date, when: (a) a Registration
Statement with respect to the sale of such Restricted Shares shall have become effective under the Securities Act (as defined below) and such Restricted Shares shall have been sold, transferred,
disposed of or exchanged in accordance with such Registration Statement as of such date; (b) such Restricted Shares shall have been otherwise transferred pursuant to Rule 144 under the
Securities Act (or any similar provisions thereunder, but not Rule 144A), and new certificates for them not bearing a legend restricting further transfer shall have been delivered by the
Company and subsequent public distribution of them shall not require registration under the Securities Act, in each case, as of such date; or (c) such Restricted Securities are saleable
pursuant to Rule 144 under the Securities Act; or (d) such Restricted Shares shall have ceased to be outstanding as of such date. 

        "Securities Act" means the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder. 

        "Shareholder" and "Shareholders" are
defined in the preamble to this Agreement. 

        "Shareholder Indemnified Party" is defined in Section 4.1. 

        "Shares" is defined in the recitals of this Agreement. 

        "Shelf Registration Effective Date" is defined in Section 2.1.1. 

        "Shelf Registration Statement" is defined in Section 2.1.1. 

        "Underwriter" means a securities dealer who purchases any Restricted Shares as principal
in an underwritten offering and not as part of such dealer's market-making activities. 

	2.
	REGISTRATION
RIGHTS. 

        2.1    Mandatory Shelf Registration.    

        2.1.1    Filing of Shelf Registration Statement.    Unless a Registration Statement with respect to a Demand
Registration or Piggy-Back Registration has been sooner filed in accordance with Section 2.2 or 2.3 hereof, respectively, and is still effective on the fifteenth (15th) month
anniversary of the date of this Agreement (which Demand Registration or Piggy-Back Registration may or may not involve a "shelf" or "delayed" offering), the Company shall use commercially
reasonable efforts to prepare, and, promptly following the fifteenth (15th) month anniversary of the date of this Agreement, file with the Commission a Registration Statement or Registration
Statements (as is necessary) on Form S-3 or, if such form is unavailable for such a registration, on such other form as is available for such a registration (the form or forms so
filed referred to collectively as the "Shelf Registration Statement"), covering the resale of Restricted Shares if any are then outstanding, the amount
of which shall be governed by Section 2.1.2 hereof. In the event a Registration Statement with respect to a Demand Registration or Piggy-Back Registration has been filed prior to,
and is still effective on, the fifteenth (15th) month anniversary of the date of this Agreement, the Company shall prepare and file the Shelf Registration Statement at the following times, and with
respect to the following number of Restricted Shares: (i) if the maximum number 

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of
Restricted Shares that could be registered pursuant to Section 2.1.2 hereof have been registered in such Demand Registration or Piggy-Back Registration, as applicable, the
Company shall file the Shelf Registration Statement promptly following the termination of the Demand Registration or Piggy-Back Registration, as applicable, with respect to the maximum
number of Restricted Shares that may be registered pursuant to Section 2.1.2 hereof (taking into account the number of Shares previously sold in such Demand Registration or
Piggy-Back Registration, as applicable); and (ii) if the maximum number of Restricted Shares that could be registered pursuant to Section 2.1.2 hereof have not been
registered in such Demand Registration or Piggy-Back Registration, as applicable, then (A) the Company shall file a Shelf Registration Statement promptly following the
fifteenth (15th) month anniversary of the date of this Agreement with respect to the Restricted Shares that may be registered under Section 2.1.2 hereof and are not being offered pursuant to
the then-effective Demand Registration or Piggy-Back Registration, as applicable, and (B) the Company shall file a Shelf Registration Statement promptly following
the termination of the offering made pursuant to such Demand Registration or Piggy-Back Registration, as applicable, with respect to the Restricted Shares that were registered, but not
sold, under such Demand Registration or Piggy-Back Registration, as applicable. In each case above, the number of Restricted Shares to be registered on the Shelf Registration Statement
shall take into account the limitations of Section 2.1.2 hereof and the amount of Restricted Shares previously sold pursuant to any Demand Registration or Piggy-Back Registration.
The date upon which the Shelf Registration Statement is actually filed is referred to herein as the "Initial Filing Date." The Company shall use
commercially reasonable efforts to have the Shelf Registration Statement declared effective by the Commission within one hundred twenty (120) days after the Initial Filing Date. The Company
further undertakes to use commercially reasonable efforts to keep the Shelf Registration Statement effective during the Initial Registration Period (as defined below) with respect to all Restricted
Shares that may then be sold pursuant to Section 2.1.2 and the resale thereof at all times during the Initial Registration Period. The Shelf Registration Statement (including each amendment or
supplement thereto, and each request for acceleration of effectiveness thereof) shall be provided to and approved by the Shareholders and one legal counsel selected by all such Shareholders prior to
the Company's filing or other submission (such approval not to be unreasonably withheld, conditioned or delayed) and the Company will not file any document in a form to which such counsel reasonably
objects. For purposes hereof, the term "Initial Registration Period"shall mean the period beginning on the date the Shelf Registration Statement is
declared effective by the Commission (the "Shelf Registration Effective Date") and ending on the first to occur of (i) the date on which all
Restricted Shares have been sold, (ii) the date on which
the Shelf Registration Statement is no longer effective, or (iii) the date that is three (3) years from the Shelf Registration Effective Date. 

        2.1.2    Shares to be Registered.    To the extent permitted by the Securities Act and the regulations thereunder
(including without limitation Rule 415) and the rules governing the use of a particular form of Registration Statement, the Company shall include all Restricted Shares in the Shelf Registration
Statement; provided, however, that the number of Restricted Shares that may be offered and sold hereunder at any time, after giving effect to the number
of Restricted Shares that may be offered and sold pursuant to any Shelf Registration Statement in accordance with this Section 2.1 together with the number of Restricted Shares that may be
offered and sold pursuant to any Demand Registration in accordance with Section 2.2, shall be subject to the following limitations: 

        (a)   until
the date that is eighteen (18) months from the date hereof, in no event may the number of Restricted Shares offered for resale on behalf of a Shareholder
pursuant to the Shelf Registration Statement or a Demand Registration made in accordance with Section 2.2 hereof, exceed fifty percent (50%) of the Restricted Shares initially held by the
relevant Shareholder; and 

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        (b)   thereafter,
all previously unsold Restricted Shares may be offered and sold on behalf of a Shareholder pursuant to the Shelf Registration Statement. 

        2.1.3    Additional Shelf Registration.    In the event that the Securities Act or the rules governing the use of a
particular form of Registration Statement prohibit the registration of all Restricted Shares on the Shelf Registration Statement, or if following the Initial Registration Period any Restricted Shares
registered thereon remain unsold, the Company shall promptly use commercially reasonable efforts to prepare, file with the Commission, and cause to become effective a Registration Statement or
Registration Statements (as is necessary) on Form S-3 (or, if such form is unavailable for such a registration, on such other form as is available for such a registration) covering
the resale of the then-unsold Restricted Shares, and to keep such Registration Statement effective until such time as all Restricted Shares have been sold. 

        2.2    Demand Registration.    

        2.2.1    General Request for Registration.    At any time, any one or more Shareholders may make a written demand for
registration under the Securities Act of all or part of their Restricted Shares (a "Demand
Registration"); provided, however, that the amount of Restricted Shares that may be offered in
connection with such Demand Registration shall be subject to the limitations set forth in Section 2.1.2 hereof. Subject to the limitations set forth in Section 2.1.2 hereof, any demand
for a Demand
Registration shall specify the number of Restricted Shares proposed to be sold and the intended method(s) of distribution thereof. The Company will notify all other holders of Restricted Shares of any
demand pursuant to this Section 2.2.1, or pursuant to Section 2.2.2 hereof, as the case may be, within five (5) Business Days, and each holder of Restricted Shares who wishes to
include all or a portion of such holder's Restricted Shares in such Demand Registration, as the case may be, and is otherwise permitted to do so under this Agreement (each Shareholder making such
demand or other holder including shares of Restricted Shares in such Demand Registration, a "Demanding
Holder") shall so notify the Company within ten (10) Business Days after the receipt by the holder of the notice from the Company;  provided,
that if any such holder fails to participate in such Demand Registration, then such holder may not make a written demand for registration of
Restricted Securities under this Section 2.2 until thirty (30) days after the Registration Statement filed with the Commission with respect to such Demand Registration is declared
effective. Upon any such request, the Demanding Holders shall be entitled to have their Restricted Shares included in the Demand Registration, subject to Sections 2.1.2, 2.2.5 and 3.1.1 hereof. The
Company shall not be obligated to pursue and effect more than two (2) Demand Registrations under this Section 2.2.1; provided, however,
that the number of Demand Registrations permitted hereby shall be subject to the provisions set forth in Section 2.2.2 hereof. Notwithstanding anything else herein to the contrary, the Company
shall not be obligated to pursue a Demand Registration unless Demanding Holders have demanded the registration of at least $5.0 million of Restricted Shares, determined at the time of the
initial written demand. 

        2.2.2    Effective Registration.    A registration will not count as a Demand Registration until the Registration
Statement filed with the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations under this Agreement with respect
thereto; provided, however, that if, after such Registration Statement has been declared effective, the
offering of Restricted Shares pursuant to a Demand Registration, is subject to any stop order or injunction of the Commission or any other governmental agency or court, the Registration Statement with
respect to such Demand Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and
(ii) with respect to a Demand Registration, the Shareholders initiating the Demand Registration thereafter elects to continue the offering;  provided, further, that the Company shall not be obligated to file a second Registration
Statement with respect to such Demand Registration until the Registration Statement that had been filed 

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with
respect to such Demand Registration is counted as a Demand Registration hereunder, or is otherwise terminated. 

        2.2.3    Underwritten Offering.    If Demanding Holders representing a majority of Restricted Shares to be included in
the Demand Registration so elect and such holders so advise the Company as part of their written demand for a Demand Registration, the offering of such Restricted Shares pursuant to such Demand
Registration shall be in the form of an underwritten offering. In each such case, the right of any holder to include such holder's Restricted Shares in such registration shall be conditioned upon such
holder's participation in such underwriting and the inclusion of such holder's Restricted Shares in the underwriting to the extent provided herein. All Demanding Holders who propose to distribute
their Restricted Shares through such an underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such underwriting by the
Shareholders initiating the Demand Registration and complete and execute any questionnaires, powers
of attorney, indemnities, lock-up agreements, securities escrow agreements and other documents reasonably required or which are otherwise customary under the terms of such underwriting
agreement, and furnish to the Company such information as the Company may reasonably request in writing for inclusion in the Registration Statement. 

        2.2.4    Reduction of Offering.    If the managing Underwriter or Underwriters for a Demand Registration that is to be
an underwritten offering advises the Company and the Demanding Holders that the dollar amount or number of Restricted Shares which the Demanding Holders desire to sell taken together with all other
shares or other securities which the Company desires to sell and the Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back registration
rights held by other holders of the Company's securities who desire to sell securities, exceeds the maximum dollar amount or maximum number of shares that can be sold in such offering without
adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares or other
securities, as applicable, the "Maximum Number of Shares"), then the Company shall include in such
registration: (i) first, in the case of a Demand Registration, the Restricted Shares which the Demanding Shareholders have requested be included in the Demand Registration
(pro rata in accordance with the number of Restricted Shares which such Demanding Holder has requested be included in such registration, regardless of
the number of shares of Restricted Shares held by each Demanding Holder); (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clause (i), the Shares or other securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Shares; (iii) third, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clauses (i) and (ii), the Shares or other securities for the account of other persons that the Company is obligated to register
pursuant to written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of
Shares have not been reached under the foregoing clauses (i), (ii), and (iii), the Shares that other shareholders desire to sell that can be sold without exceeding the Maximum Number of Shares. 

        2.2.5    Withdrawal.    In the case of a Demand Registration, if Demanding Holders representing a majority of
Restricted Shares requested to be included in the Demand Registration disapprove of the terms of any underwriting or are not entitled to include all of their Restricted Shares in any offering, such
Demanding Holders may elect to withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the
Registration Statement filed with the Commission with respect to such Demand Registration. In such event, the Company need not seek effectiveness of such Registration Statement for the benefit of any
other Shareholders who are Demanding 

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Holders.
If Demanding Holders representing a majority of Restricted Shares requested to be included in the Demand Registration withdraw from a proposed offering relating to a Demand Registration, then
such registration shall not count as a Demand Registration provided for in Sections 2.2.1 and 2.2.2 hereof, respectively. 

        2.3    Piggy-Back Registration.    

        2.3.1    Piggy-Back Rights.    If at any time on or after the date that is six (6) months from the
date hereof, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or
exchangeable for, or convertible into, equity securities, by the Company for its own account or for Shareholders of the Company for their account (or by the Company and by Shareholders, including,
without limitation, pursuant to Section 2.2), other than a Registration Statement (i) filed in connection with any employee benefit plan, (ii) for an exchange offer or offering of
securities solely to the Company's existing Shareholders, (iii) for an offering of debt securities including that are convertible into equity securities of the Company, (iv) for a
dividend reinvestment plan or (v) filed on From S-4, then the Company shall (x) give written notice of such proposed filing to the holders of Restricted Shares as soon as
practicable but in no event less than ten (10) Business Days before the anticipated filing date, which notice shall describe the amount and type of securities to be included in such offering,
the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Restricted Shares in such
notice the opportunity to register the sale of such number of Restricted Shares as such holders may request in writing within five (5) Business Days following receipt of such notice (a  "Piggy-Back Registration"). The Company shall cause such Restricted Shares to be included in
such registration and shall use commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed underwritten offering to permit the Restricted Shares requested to be
included in a Piggy-Back Registration to be included on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such
Restricted Shares in accordance with the intended method(s) of distribution thereof. All holders of Restricted Shares who propose to distribute securities through a Piggy-Back Registration
that involves an Underwriter or Underwriters shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration and
complete and execute any questionnaires, powers of attorney, indemnities, lock-up agreements, securities escrow agreements and other documents reasonably required or which are otherwise
customary under the terms of such underwriting agreement, and furnish to the Company such information as the Company may reasonably request in writing for inclusion in the Registration Statement or
such information that is otherwise customary. 

        2.3.2    Reduction of Offering.    If the managing Underwriter or Underwriters for a Piggy-Back
Registration that is to be an underwritten offering advises the Company and the holders of Restricted Shares that the dollar amount or number of Shares or other securities which the Company desire to
sell, taken together with Shares or other securities, if any, as to which registration has been demanded pursuant to written contractual arrangements with persons other than the holders of Restricted
Shares hereunder, the Restricted Shares as to which registration has been requested under this Section 2.3, and the Shares or other securities, if any, as to which registration has been
requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in
any such registration: 

        (a)   If
the registration is undertaken for the Company's account: (i) first, the shares or other securities that the Company desire to sell that can be sold without
exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause (i), the shares or other securities,
if any, including the 

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Restricted
Shares as to which registration has been requested pursuant to written contractual piggy-back registration rights of security holders (pro
rata in accordance with the number of Shares or other securities which each such person has actually requested to be included in such registration, regardless of the number of
shares or other securities with respect to which such persons have the right to request such inclusion) that can be sold without exceeding the Maximum Number of Shares; and 

        (b)   If
the registration is a "demand" registration undertaken at the demand of persons other than the Shareholders pursuant to written contractual arrangements with such
persons, (i) first, the Shares or other securities for the account of the demanding persons that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent
that the Maximum Number of Shares has not been reached under the foregoing clause (i), the Shares or other securities that the Company desire to sell that can be sold without exceeding the
Maximum Number of Shares; and (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i) and (ii), the shares or other securities,
if any, as to which registration has been requested pursuant to written contractual piggy-back registration rights which other security holders desire to sell (pro
rata in accordance with the number of Shares or other securities which each such person has actually requested to be included in such registration, regardless of the number of
shares or other securities with respect to which such persons have the right to request such inclusion) that can be sold without exceeding the Maximum Number of Shares. 

        2.3.3    Withdrawal.    Any holder of Restricted Shares may elect to withdraw such holder's request for inclusion of
Restricted Shares in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness of the Registration Statement. The Company
may also elect to withdraw a registration statement at any time prior to the effectiveness of the Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses
incurred by the holders of Restricted Shares in connection with such Piggy-Back Registration as provided in Section 3.3 hereof. 

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        3.    REGISTRATION PROCEDURES.    

        3.1    Filings; Information.    Whenever the Company is required to effect the registration of any Restricted Shares
pursuant to Section 2 hereof, the Company shall use commercially reasonable efforts to effect the registration and sale of such Restricted Shares in accordance with the intended method(s) of
distribution thereof as expeditiously as practicable, and in connection with any such request. 

        3.1.1    Filing Registration Statement.    The Company shall, as expeditiously as possible and in any event within
ninety (90) days after receipt of a request for a Demand Registration pursuant to Section 2.2 hereof, prepare and file with the Commission a Registration Statement on any form for which
the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of all Restricted Shares to be registered thereunder in accordance
with Section 2.1.2 hereof and the intended method(s) of distribution thereof, and shall use commercially reasonable efforts to cause such Registration Statement to become and remain effective
for the period required by Section 3.1.3 hereof; provided, however, that the Company shall have
the right to defer any Demand Registration for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration
to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by the Chief Executive Officer of the Company stating that, in
the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company and its Shareholders for such Registration Statement to be effected at such time;  provided,
further, however, that the Company shall not have the right to exercise the right set forth in
the immediately preceding proviso for more than one hundred and twenty (120) days in any 365-day period in respect of a Demand Registration hereunder;  provided, further,
 that the Shareholders shall provide at least fifteen (15) Business Days notice
of the date on which they wish the Company to prepare and file a Registration Statement with the Commission in accordance with this Agreement. 

        3.1.2    Copies.    The Company shall, prior to filing a Registration Statement or Prospectus, or any amendment or
supplement thereto, furnish without charge to the holders of Restricted Shares included in such registration, and such holders' legal counsel, copies of such Registration Statement as proposed to be
filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such
Registration Statement (including each preliminary Prospectus), and such other documents as the holders of Restricted Shares included in such registration or legal counsel for any such holders may
reasonably request in order to facilitate the disposition of the Restricted Shares owned by such holders. 

        3.1.3    Amendments and Supplements.    The Company shall prepare and file with the Commission such amendments,
including post-effective amendments, and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective and in compliance with the provisions of the Securities Act until all Restricted Shares, and all other securities covered by such Registration Statement, have been disposed of in accordance
with the intended method(s) of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days plus any period during which any
such disposition is interfered with by any stop order or injunction of the Commission or any governmental agency or court) or such securities have been withdrawn. 

        3.1.4    Notification.    After the filing of a Registration Statement, the Company shall promptly, and in no event
more than two (2) Business Days after such filing, notify the 

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holders
of Restricted Shares included in such Registration Statement of such filing, and shall further notify such holders promptly and confirm such advice in writing in all events within two
(2) Business Days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such
Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take all actions required to prevent the entry of
such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement to such Registration Statement or any Prospectus relating thereto or for
additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of the securities
covered by such Registration Statement, such Prospectus will not contain an 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 promptly make available to the holders of Restricted Shares included in such Registration Statement any such supplement or amendment; except that before
filing with the Commission a Registration Statement or Prospectus or any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the holders of
Restricted Shares included in such Registration Statement and to the legal counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide
such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration Statement or Prospectus or amendment or
supplement thereto, including documents incorporated by reference, to which such holders or their legal counsel shall reasonably object. 

        3.1.5    State Securities Laws Compliance.    The Company shall use commercially reasonable efforts to
(i) register or qualify the Restricted Shares covered by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States as the holders of
Restricted Shares included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Restricted Shares
covered by the Registration Statement to be registered with or approved by such other federal or state authorities as may be necessary by virtue of the business and operations of the Company and do
any and all other acts and things that may be necessary or advisable to enable the holders of Restricted Shares included in such Registration Statement to consummate the disposition of such Restricted
Shares in such jurisdictions; provided, however, that the Company shall not be required to qualify
generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this Section 3.1.5 or subject itself to taxation in any such jurisdiction. 

        3.1.6    Agreements for Disposition.    The Company shall enter into customary agreements (including, if applicable,
an underwriting agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such Restricted Shares. The representations,
warranties and covenants of the Company in any underwriting agreement which are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of
the holders of Restricted Shares included in such registration statement. For the avoidance of doubt, the holders of Restricted Shares may not require the Company to accept terms, conditions or
provisions in any such agreement which the Company determine is not reasonably acceptable to the Company, notwithstanding any agreement to the contrary herein. No holder of Restricted Shares included
in such registration statement shall be required to make any representations or warranties in the underwriting agreement except as reasonably requested by the Company and, if applicable, with respect
to such holder's organization, good standing, authority, title to Restricted Shares, lack of conflict of such sale with such holder's material agreements and 

9

 

organizational
documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly for inclusion in such Registration Statement. 

        3.1.7    Cooperation.    The Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer
of the Company and all other officers and members of the management of the Company, seconded or otherwise, shall cooperate fully in any offering of Restricted Shares hereunder, which cooperation shall
include, without limitation, the preparation of the Registration Statement with respect to such offering and all other offering materials and related documents, and participation in meetings with
Underwriters, attorneys, accountants and potential investors. Holders of Restricted Shares shall not be required to make any representations or warranties to or agreements with the Company or the
underwriters except as they may relate to such holders, their intended methods of distribution. Such holders, however, shall agree to such covenants and indemnification and contribution obligations
for selling stockholders as are reasonable and customarily contained in agreements of that type. Further, such holders shall cooperate fully in the preparation of the registration statement and other
documents relating to any offering in which they include securities pursuant to this Section 3 hereof. Each holder shall also furnish to the Company such information regarding itself, the
Restricted Shares held by such holder, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of the Restricted Shares. 

        3.1.8    Records.    The Company shall make available for inspection by the holders of Restricted Shares included in
such Registration Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other professional retained by any holder of
Restricted Shares included in such Registration Statement or any Underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as shall be necessary to
enable them to exercise their due diligence responsibility, and cause the Company's officers, directors and employees to supply all information reasonably requested by any of them in connection with
such Registration Statement. 

        3.1.9    Opinions and Comfort Letters.    The Company shall use commercially reasonable efforts to furnish to each
holder of Restricted Shares included in any Registration Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and
(ii) any comfort letter from the Company's independent public accountants delivered to any Underwriter; provided,  however, that counsel to the
Underwriter shall have exclusive authority to negotiate the terms thereof. In the event no legal opinion is delivered to
any Underwriter, the Company shall furnish to each holder of Restricted Shares included in such Registration Statement, at any time that such holder elects to use a Prospectus, an opinion of counsel
to the Company to the effect that the Registration Statement containing such Prospectus has been declared effective and that no stop order is in effect. 

        3.1.10    Earnings Statement.    The Company shall comply with all applicable rules and regulations of the Commission
and the Securities Act, and make generally available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, beginning within six
(6) months after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder. 

        3.1.11    Listing.    The Company shall use commercially reasonable efforts to cause all Restricted Shares included in
any registration to be listed on such exchanges or otherwise designated for trading in the same manner as similar Shares of the Company are then listed 

10

 

or
designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the Shareholders initiating a Demand Registration or, if otherwise, the holders of a majority
of the Restricted Shares that are included in such registration. 

        3.2    Obligation to Suspend Distribution.    Upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 3.1.4(iv) hereof, or, in the case of a resale registration pursuant to Section 2.1 hereof, upon any suspension by the Company, pursuant to a
written insider trading compliance program adopted by the Company's board of directors, of the ability of all "insiders" covered by such program to transact in the Company's securities because of the
existence of material non-public information, each holder of Restricted Shares included in any registration shall immediately discontinue disposition of such Restricted Shares pursuant to
the Registration Statement covering such Restricted Shares until such holder receives the supplemented or amended Prospectus contemplated by Section 3.1.4(iv) hereof or the restriction
on the ability of "insiders" to transact in the Company's securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver to the Company all copies, other than
permanent file copies then in such holder's possession, of the most recent Prospectus covering such Restricted Shares at the time of receipt of such notice. 

        3.3    Registration Expenses.    The Company shall bear all customary costs and expenses incurred in connection with
any shelf registration effected pursuant to Section 2.1 hereof, any Demand Registration effected pursuant to Section 2.2 hereof, and any Piggy-Back Registration effected
pursuant to Section 2.3 hereof, and all reasonable expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration Statement
becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance with securities or "blue sky" laws (including fees and
disbursements of counsel in connection with blue sky qualifications of the Restricted Shares, subject to the limit set forth in paragraph (ix) below); (iii) printing expenses;
(iv) the Company's internal expenses (including, without limitation, all fees, salaries and expenses of its officers, employees and management); (v) the fees and expenses incurred in
connection with the listing of the Restricted Shares, as required by Section 3.1.11 hereof; (vi) National Association of Securities Dealers, Inc. fees; (vii) fees and
disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including the expenses or costs associated with the delivery of any
opinions or comfort letters requested pursuant to Section 3.1.9 hereof); (viii) the fees and expenses of any special experts retained by the Company in connection with such registration
and (ix) the fees and expenses of one legal counsel selected by the Shareholders initiating a Demand Registration or, if otherwise, the holders of a majority-in-interest
of the Restricted Shares that are included in such registration (not to exceed, including the reasonable fees and disbursements to counsel in paragraph (ii) above, $20,000. The Company shall
have no obligation to pay any underwriting discounts or selling commissions attributable to the Restricted Shares being sold by the holders thereof, which underwriting discounts or selling commissions
shall be borne solely by such holders. Additionally, in an underwritten offering, all selling shareholders and the Company shall bear the expenses of the underwriter pro
rata in proportion to the respective amount of shares each is selling in such offering. 

        3.4    Information.    The holders of Restricted Shares shall provide such information as may reasonably be requested
by the Company, or the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements thereto, in order to effect the registration
of any Restricted Shares under the Securities Act pursuant to Section 2 hereof and in connection with the Company's obligation to comply with federal and applicable state securities laws. 

11

 

        3.5    Holder Obligations.    No holder of Restricted Shares may participate in any underwritten offering pursuant to
Section 2 unless such holder (i) agrees to sell only such holder's Restricted Shares on the basis reasonably provided in any underwriting agreement, and (ii) completes, executes
and delivers any and all questionnaires, lock-up agreements, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents reasonably or customarily
required by or under the terms of any underwriting agreement or as reasonably requested by the Company. 

        4.    INDEMNIFICATION AND CONTRIBUTION.    

        4.1    Indemnification by the Company.    The Company agrees to indemnify and hold harmless each Shareholder and each
other holder of Restricted Shares, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each person, if any, who controls a Shareholder
and each other holder of Restricted Shares (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, a  "Shareholder Indemnified
Party"), from and against any expenses, losses, judgments, claims, damages or
liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under which the sale
of such Restricted Shares was registered under the Securities Act, any preliminary Prospectus, final Prospectus or summary Prospectus contained in the Registration Statement, or any amendment or
supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary to make the statements
therein not misleading, except insofar as such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue statement or omission or alleged
omission made in such Registration Statement, preliminary Prospectus, final Prospectus, or summary Prospectus, or any such amendment or supplement, in reliance upon and in conformity with information
furnished to the Company, in writing, by such selling holder expressly for use therein, the use of any Registration Statement, any preliminary Prospectus, final Prospectus or summary Prospectus during
a period when a stop order has been issued in respect thereof or any proceeding for that purpose have been initiated, or the use of any Registration Statement, any preliminary Prospectus, final
Prospectus or summary Prospectus has been suspended by the Company pursuant to the terms of this Agreement; provided,  however, that the foregoing indemnity
shall not inure to the benefit of any holder (or to the benefit of any person controlling such holder) from whom
the person asserting such losses, claims or liabilities purchased the Restricted Shares, if a copy of the Prospectus (as then amended or supplemented if the Company shall have furnished any amendments
or supplements thereto) was not sent or given by or on behalf of such holder to such person, if required by law so to have been delivered at or prior to the written confirmation of the sale of the
Restricted Shares to such person, and if the Prospectus (as so amended or supplemented) would have cured the defect giving wise to such losses, claims, damages or liabilities, unless such failure is
the result of noncompliance by the Company with Section 3.1.3 hereof. 

        4.2    Indemnification by Holders of Restricted Shares.    Each selling holder of Restricted Shares will, with respect
to any Registration Statement where Restricted Shares were registered under the Securities Act, indemnify and hold harmless the Company, each of the Company's directors and officers, and each other
person, if any, who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), against any losses, claims, judgments, damages or
liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of such Restricted Shares was registered under the Securities Act, any preliminary
Prospectus, final Prospectus or summary Prospectus contained in the Registration 

12

 

Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or the alleged omission to state a material fact required to be stated therein
or necessary to make the statement therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by such selling
holder expressly for use therein, and shall reimburse the Company, the Company's directors and officers, and each such controlling person for any legal or other expenses reasonably incurred by any of
them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder's indemnification obligations hereunder shall be several and not joint and
shall be limited to the amount of any net proceeds actually received by such selling holder. 

        4.3    Conduct of Indemnification Proceedings.    Promptly after receipt by any person of any notice of any loss,
claim, damage or liability or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2 hereof, such person (the  "Indemnified Party") shall, if a claim in respect thereof is to be made against any other person for
indemnification hereunder, promptly notify such other person (the "Indemnifying Party") in writing of
the loss, claim, judgment, damage, liability or action. If the Indemnified Party is seeking indemnification with respect to any claim or action brought against the Indemnified Party, then the
Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent that it elects, retain counsel reasonably satisfactory to the Indemnified Party to represent the
Indemnified Party, and any others the Indemnifying Party may designate in such proceeding and shall pay the reasonable fees and disbursements of such counsel related to such proceeding. In any such
proceeding, the Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the
Indemnified Party and the Indemnifying Party shall have mutually agreed to the retention of such counsel, or (ii) the named parties to any such proceeding (including any impleaded parties)
include both the Indemnified Party and the Indemnifying Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them.
The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or there is a final judgment for the plaintiff,
the Indemnifying Party agrees to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an Indemnified Party shall have requested an Indemnifying Party to reimburse the Indemnified Party for fees and expenses of counsel as contemplated in this Section 4.3 hereof, the Indemnifying
Party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (x) such settlement is entered into more than thirty (30) days after
receipt by such Indemnifying Party of the aforesaid request, and (y) such Indemnifying Party shall not have reimbursed the Indemnified Party in accordance with such request prior to the date of
such settlement (other than reimbursement for fees and expenses the Indemnifying Party is contesting in good faith). No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified
Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or settlement includes an unconditional release of such Indemnified
Party from all liability arising out of such claim or proceeding. 

        4.4    Contribution.    

        4.4.1   If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 hereof is unavailable to any Indemnified Party in respect of any loss,
claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such
Indemnified Party 

13

 

as
a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative benefits received by the Indemnified Parties on the one hand and the
Indemnifying Parties on the other from the offering. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law or if the Indemnified Party failed to
give the notice required under Section 4.3 hereof, then each Indemnifying Party shall contribute to such amount paid or payable by such Indemnified Party in such proportion as is appropriate to
reflect not only such relative benefits but also the relative fault of the Indemnified Parties on the one hand and the Indemnifying Parties on the other in connection with the actions or omissions
which resulted in such loss, claim, damage, liability or action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party 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 such Indemnified Party or such Indemnifying Party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        4.4.2   The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by  pro rata allocation or by any other method of allocation which does not
take account of the equitable considerations referred to in the immediately
preceding Section 4.4.1 hereof. The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the immediately preceding paragraph
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 4.4, no holder of Restricted Shares shall be required to contribute any amount in excess of the dollar amount of the net proceeds (after
payment of any underwriting fees, discounts, commissions or taxes) actually received by such holder from the sale of Restricted Shares which gave rise to such contribution obligation. 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. 

        5.    UNDERWRITING AND DISTRIBUTION.    

        5.1    Rule 144.    The Company covenants that it shall file all reports required to be filed by it under the
Securities Act and the Exchange Act and shall take such further action as the holders of Restricted Shares may reasonably request, all to the extent required from time to time to enable such holders
to sell Restricted Shares without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, or any similar provision thereto,
but not Rule 144A. 

14

   
        6.    MISCELLANEOUS.    

        6.1    Assignment; No Third Party Beneficiaries.    This Agreement and the rights, duties and obligations of the
Company hereunder may not be assigned or delegated by the Company in whole or in part and shall be binding on its successors. This Agreement and the rights, duties and obligations of the holders of
Restricted Shares hereunder may be freely assigned, transferred or delegated by such holder of Restricted Shares, in whole or in part, in conjunction with and to the extent of any permitted transfer
of Restricted Shares by any such holder in accordance with applicable law whereupon any such assignee, transferee or delegable would have all rights, duties and obligations hereunder in addition to
the assignor to the extent that the assignor continues to own Restricted Shares; provided, however, that
the rights, duties and obligations hereunder relating to a particular Restricted Share may not be assigned, transferred or delegated more than three (3) times;  provided, further that upon any such permitted assignment, transfer or delegation that
Schedule A should be amended to reflect such assignment, transfer of delegation; provided, that
failure to make such an amendment shall not alter, modify or otherwise affect the rights, duties or obligations or any permitted assignee, transferee or delegate hereunder. This Agreement is not
intended to confer any rights or benefits on any persons that are not party hereto other than the Shareholders and as expressly set forth in Section 4 hereof and this Section 6.1. 

        6.2    Notices.    All notices, demands, requests, consents, approvals or other communications (collectively,  "Notices") required or permitted to be given hereunder or which are given with respect to this Agreement
shall be in writing and shall be personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile, addressed as set
forth below, or to such other address as such party shall have specified most recently by written notice provided in accordance with this Section 6.2. Notice shall be deemed given on the date
of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided, that if such service or transmission is not on
a Business Day or is after normal business hours, then such notice shall be deemed given on the next Business Day. Notice otherwise sent as provided herein shall be deemed given on the next Business
Day following timely delivery of such notice to a reputable air courier service with an order for next-day delivery. 

        To
the Company: 

Atlas
Industries Holdings LLC

One Sound Shore Drive, Suite 302

Greenwich, CT 06830

Attention: Chief Executive Officer 

with
a copy to: 

McDermott
Will & Emery LLP

600 Thirteenth Street, NW

Washington, DC 20005

Attention: Christopher M. Zochowski 

        To
a Shareholder, to the address specified in writing from time to time by such Shareholder sent to the Company in accordance with this Section 6.2. 

        6.3    Severability.    This Agreement shall be deemed severable, and the invalidity or unenforceability of any term
or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, if any term or provision hereof shall be deemed to be
invalid or unenforceable, the parties hereto shall mutually agree upon an amendment to this Agreement to include a term or provision as similar in purpose to 

15

 

such
invalid or unenforceable term or provision as may be reasonably possible and which term or provision is valid and enforceable. 

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

        6.5    Entire Agreement.    This Agreement (including all agreements entered into pursuant hereto and all certificates
and instruments delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements,
representations, understandings, negotiations and discussions between the parties, whether oral or written. 

        6.6    Modifications and Amendments.    No amendment, modification or termination of this Agreement shall be binding
upon any party unless executed in writing by such party. 

        6.7    Titles and Headings.    Titles and headings of sections of this Agreement are for convenience only and shall
not affect the construction of any provision of this Agreement. 

        6.8    Waivers and Extensions.    Any party entitled to benefits under this Agreement may waive any right, breach or
default which such party has the right to waive; provided, that such waiver will not be effective against the waiving party unless it is in writing, is
signed by such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be
conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision
herein contained. No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts. 

        6.9    Remedies Cumulative.    In the event that the Company fails to observe or perform any covenant or agreement to
be observed or performed under this Agreement, any Shareholder or any other holder of Restricted Shares may proceed to protect and enforce its rights by suit in equity or action at law, whether for
specific performance of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any
other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be
mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available at
law, in equity, by statute or otherwise. 

        6.10    Governing Law.    This Agreement shall be governed by and interpreted and construed in accordance with the
laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflicts of law provisions thereof to the extent such
principles or rules would require or permit the application of the laws of another jurisdiction. The Company and the holders of the Restricted Shares irrevocably and unconditionally submit to the
exclusive jurisdiction of the United States District Court for the Southern District of New York or, if such court does not have jurisdiction, the New York State Supreme Court in the Borough of
Manhattan, in any action arising out of or relating to this Agreement, agree that all claims in respect of the action may be heard and determined in any such court and agree not to bring any action
arising out of or relating to this Agreement in any other court. In any action, the Company and the holders of the Restricted Shares irrevocably and unconditionally waive and agree not to assert by
way of motion, as a defense or otherwise any claims that it is not subject to the jurisdiction of the above court, that such action is brought in an 

16

 

inconvenient
forum or that the venue of such action is improper. Without limiting the foregoing, the Company and the holders of the Restricted Shares agree that service of process at each parties
respective addresses as provided for in Section 6.2 hereof shall be deemed effective service of process on such party. 

        6.11    Waiver of Trial by Jury.    Each party hereby irrevocably and unconditionally waives the right to a trial by
jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated
hereby, or the actions of the Shareholders in the negotiation, administration, performance or enforcement hereof. 

        6.12    Lock-Up Period.    The Shareholders and their transferees hereby agree that in no event may any
Restricted Shares be offered for resale on behalf of such Shareholders or transferees pursuant to the terms hereof in violation of the terms and conditions of any lock-up agreement to
which they may be subject from time to time. 

[Signature Page Follows]

17

        IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized
representatives as of the date first written above. 

	

 	
 	
ATLAS INDUSTRIES HOLDINGS LLC
	

 	
 	

    
 Name: Andrew M. Bursky

Title:  Chief Executive Officer
	

 	
 	
SHAREHOLDERS:
	

 	
 	
ATLAS TITAN INVESTMENTS LLC
	

 	
 	

By:	

    

	 	 	 	Name:	 	Margaret DeFonce
	 	 	 	Title:	 	Administrator
	

 	
 	
ATLAS TITAN MANAGEMENT INVESTMENTS LLC
	

 	
 	

By:	

    

	 	 	 	Name:	 	Timothy J. Fazio
	 	 	 	Title:	 	Administrator
	

 	
 	
JOHN HANCOCK LIFE INSURANCE COMPANY
	

 	
 	

By:	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	
 	
HANCOCK MEZZANINE PARTNERS III, L.P.
	

 	
 	

By: Hancock Mezzanine Investments III LLC, its General Partner
	

 	
 	

By: John Hancock Life Insurance Company, as Investment Manager
	

 	
 	

By:	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	
 	
ALLSTATE LIFE INSURANCE COMPANY
	

 	
 	

By: John Hancock Life Insurance Company, as its Attorney in Fact
	

 	
 	

By:	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	

 	
 	
JOHN HANCOCK VARIABLE LIFE INSURANCE

    COMPANY
	

 	
 	

By:	

    

	 	 	 	Name:	 	 
	 	 	 	Title:	 	 

 
 

Schedule A
  
    To
  
    Registration Rights Agreement    
    

	Shareholders
 
	 	Number of

Restricted Shares
	 	% of Class
	 
	Atlas Titan Investments LLC	 	 	 	        	%
	

Atlas Titan Management Investments LLC	
 	

 	
 	

        	
%
	

John Hancock Life Insurance Company	
 	

 	
 	

        	
%
	

Hancock Mezzanine Partners III, L.P.	
 	

 	
 	

        	
%
	

Allstate Life Insurance Company	
 	

 	
 	

        	
%
	

John Hancock Variable Life Insurance Company	
 	

 	
 	

        	
%

QuickLinks

FORM OF REGISTRATION RIGHTS AGREEMENT by and among ATLAS INDUSTRIES HOLDINGS LLC, ATLAS TITAN INVESTMENTS LLC, ATLAS TITAN MANAGEMENT INVESTMENTS LLC, JOHN HANCOCK LIFE INSURANCE COMPANY, HANCOCK MEZZANINE
PARTNERS III, L.P., ALLSTATE LIFE INSURANCE COMPANY and JOHN HANCOCK VARIABLE LIFE INSURANCE COMPANY Dated , 2007

REGISTRATION RIGHTS AGREEMENT

Schedule A To Registration Rights AgreementQuickLinks
 -- Click here to rapidly navigate through this document
Exhibit 10.5  

CONFIDENTIAL  

October 8,
2007 

Atlas
Industries Holdings LLC

c/o Atlas Holdings LLC

One Sound Shore Drive, Suite 302

Greenwich, CT 06830

Attention: Timothy J. Fazio 

	Re:
	Commitment Letter

        Madison
Capital Funding LLC ("Madison") and The CIT Group/Business Credit Inc. ("CIT") (together as "Agents") are pleased to advise
you that they are willing to commit $75,000,000 each, or $150,000,000 in aggregate (the "Commitment"), toward senior secured credit facilities (the
"Facilities") as outlined in the attached term sheet. The Commitment of Madison and CIT are several and not joint and several, and neither Madison nor
CIT shall have any liability for the failure of the other to provide its respective commitment. The Facilities will consist of a $100,000,000 revolving credit facility and a $50,000,000
last-out term loan, to be used in conjunction with the initial public offering of Atlas Industries Holdings LLC (the "Borrower") and, in the
case of the revolving credit facility, the subsequent operations of the Borrower. The Commitment is subject to the terms and conditions of this commitment letter (the
"Commitment Letter") and the attached term sheet (the "Term Sheet"). 

        Upon
your acceptance of this Commitment Letter, Madison will serve the role of Syndication Agent with the purpose of forming a group of financial institutions (together with Madison and
CIT, the
"Lenders"), to provide a portion of the Facilities. CIT will serve the role of Administrative Agent and Collateral Agent for the Facilities. You
authorize Agents and their affiliates to commence syndication efforts immediately and agree to actively assist Agents in achieving a syndication that is satisfactory to Agents and you. Agents reserve
the right to allocate the commitments offered by the Lenders. 

        Agents
will syndicate the Facilities with the assistance of Borrower, Sponsor and management, such assistance to include, without limitation (a) prompt assistance in preparation
of an information memorandum and verification of completeness and accuracy of information contained therein, (b) preparation of other materials and projections by Borrower and its advisors
taking into account the proposed Facilities and related transactions, (c) providing Agents' with all information reasonably deemed necessary by Agents to successfully complete syndication,
(d) confirmation as to accuracy and completeness of such materials, information and projections, (e) participation of the senior management of Borrower and its affiliates in meetings and
conference calls with potential Lenders at such times and places as Agents may reasonably request and (f) using best efforts to ensure that Agents' syndication efforts benefit from Borrower's
existing banking relationships. 

        You
hereby represent and covenant that (a) all information (other than projections) that has been or will be made available to Agents by you or any of your representatives is or
will be complete and correct in all material respects and does not or will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements contained therein not materially misleading in light of the circumstances under which such statements are made and (b) all projections that have been or will be made available to
Agents by you or any of your representatives have been or will be prepared in good faith based upon assumptions you believe to be reasonable (it being understood that projections are subject to
uncertainties and contingencies, many of which are beyond your control, and that no assurance can be given that such projections will be realized). You understand that in arranging and syndicating the
Facilities, we may use and rely on the information and projections without independent verification thereof. 

        You
hereby agree to indemnify and hold harmless Agents and their affiliates and their respective directors, officers, employees and affiliates (each an
"indemnified person") from and against any and all 

 

losses,
claims, damages, liabilities, actions or other proceedings and expenses (collectively "indemnified liabilities") that arise out of, result from
or in any way relate to this Commitment Letter or the providing or syndication of the Facilities, and to reimburse each indemnified person, upon its demand, for any legal or other expense incurred in
connection with investigating, defending or participating in any such indemnified liability (whether or not such indemnified person is a party to any action or proceeding out of which any such
expenses arise), other than any of the foregoing incurred to the extent incurred by reason of the gross negligence or willful misconduct of such indemnified person. No indemnified person shall be
responsible or liable to you or any of your affiliates for any consequential, punitive or exemplary damages which may be alleged in connection with this Commitment Letter or the Facilities or the
syndication thereof. Your obligations under this paragraph shall expire upon the execution and delivery by the Borrower and Agents of definitive loan documentation, but otherwise will survive the
termination of this Commitment Letter. 

        The
reasonable out-of-pocket costs and expenses (including legal fees and expenses) incurred by Agents in connection with the Facilities shall be payable upon
demand by (x) you, if the transactions contemplated hereby are not consummated and (y) the Borrower, if the transactions contemplated hereby are consummated. Upon your acceptance and
return of this Commitment Letter, you will be required to provide Agents' a nonrefundable deposit ("Deposit Fee") equal to $100,000. The Agents will split the Deposit Fee equally and will apply this
amount to the Structuring and Arrangement Fee due at Closing. The fees payable to Agents in connection with the Facilities are set forth in a separate fee and syndication letter of even date herewith
(the "Fee Letter"). 

        The
terms contained in this Commitment Letter, the Fee Letter and the Term Sheet are confidential and, except for disclosure to your board of directors or managers, officers and
employees, to professional advisors retained by you in connection with this transaction or as may be required by law or court order, may not be disclosed in whole or in part to any other person or
entity without Agents' prior written consent. No disclosure permitted above shall create any third-party beneficiary as to the Commitment. This paragraph shall survive any termination of this
Commitment Letter. 

        This
Commitment Letter will terminate on October 12, 2007, unless on or before that date you sign and return an enclosed counterpart of this Commitment Letter and the Fee Letter
and pay the initial fee as required under the Fee Letter, and it will expire on November 30, 2007, if the Facilities has not closed on or before that date. 

        If
the foregoing is satisfactory to you, please indicate your agreement and acceptance below and return a copy of this Commitment Letter to us, together with the signed Fee Letter and
payment of the initial fee set forth in the Fee Letter. Upon our receipt of such deliveries, this Commitment Letter shall become a binding agreement under Illinois law as of the date so accepted. 

2

 

        We
look forward to working with you towards a successful closing of the Facilities. 

	

 	
 	

 	
 	

Madison Capital Funding LLC
	

 	
 	

 	
 	

By	
 	

/s/  DEVON RUSSELL      
Authorized Representative
	

 	
 	

 	
 	

The CIT Group/Business Credit Inc.
	

 	
 	

 	
 	

By	
 	

/s/  BRIAN RUJAWITZ      
Authorized Representative
	

Agreed and Accepted:	
 	

 	
 	

 
	

Atlas Holdings LLC	
 	

 	
 	

 
	

By:	
 	

/s/  TIMOTHY J. FAZIO      
	
 	

 	
 	

 
	Title:	 	Managing Partner	 	 	 	 
	

Atlas Industries Holdings LLC	
 	

 	
 	

 
	

By:	
 	

/s/  TIMOTHY J. FAZIO      
	
 	

 	
 	

 
	Title:	 	President	 	 	 	 

3

  

 
 

Atlas Industries Holdings LLC
  Senior Secured Credit Facilities
  Term Sheet    
    
    October 8, 2007    
    

	Borrower:	 	Atlas Industries Holdings LLC
	

Syndication Agent & Co-Lead Arranger:	
 	

Madison Capital Funding LLC (individually, "Madison"). Madison to serve the role of Syndication Agent (together with the Administrative Agent, the "Agents")
including but not limited to the role of serving as the primary arranger of all capital for the Borrower.
	

Administrative Agent & Co-Lead Arranger:	
 	

The CIT Group/Business Credit, Inc. (individually, "CIT"). CIT to serve the role of Administrative Agent (together with the Syndication Agent, the "Agents")
and Collateral Agent.
	

Lenders:	
 	

A syndicate of financial institutions (including Madison and CIT) arranged by Agents and reasonably acceptable to Borrower.
	

Facilities:	
 	

$150,000,000, comprised of a $100,000,000 Revolving Loan Facility and a $50,000,000 Last-Out Term Loan.
	

 	
 	

Letters of credit issued or guaranteed under the Revolving Loan Facility up to an amount to be determined, with outstanding letters of credit reserved from Revolving Loan Availability.
	

Increase Options:	
 	

Provided there is no Event of Default, for a period of 24 months after the closing date, the Borrower may, without prior consent of the Lenders, increase the size of the Facilities by an aggregate amount not to exceed $75,000,000. No Lender is in any
way obligated to participate in any such increases to the Facilities.
	

Term:	
 	

Revolving Loan Facility: To expire 5.0 years from the closing date.

Last-Out Term Loan: To mature 6.0 years from the closing date.
	

Revolving Loan Availability:	
 	

Aggregate Revolving Loan outstandings and letters of credit not to exceed the lesser of: (i) the amount of the Revolving Loan Facility or (ii) Combined Eligible Availability minus total debt (excluding intercompany debt and outstandings under the
Facilities).
	

Last-Out Term Loan Availability:	
 	

The original principal amount of the Last-Out Term Loan to be funded on the closing date upon satisfaction of the Closing Conditions detailed below.
	

Amortization of Last-Out Term Loan:	
 	

The full principal balance of the Last-Out Term Loan will be due at maturity.
	

Prepayment:	
 	

Borrower may prepay all or part of the Facilities, with concurrent payment of applicable LIBOR breakage costs, if any, if not paid on the specified interest payment date in the relevant interest period.
	 	 	 

4

 

	

 	
 	

Borrower to prepay the Facilities: (a) upon receipt thereof, in an amount equal to the net proceeds of (i) any sale, transfer or other disposition of any assets of Borrower or its subsidiaries (net of amounts required to pay taxes or other
costs applicable to such disposition, including permitted payments pursuant to the Management Agreement and subject to reinvestment baskets to be agreed), other than certain dispositions to be agreed (including, by way of example, dispositions of
obsolete or excess assets, not used or useful to the business), (ii) casualty, loss or condemnation proceeds (with an appropriate de minimis basket to be agreed), and (iii) any sale or issuance of equity securities of Borrower equal to 50%
and (b) to the extent necessary to repay any amounts outstanding in excess of Revolving Loan Availability.
	

 	
 	

Prepayments applied will be applied first, to reduce the outstanding principal balance of the Revolving Loans with, at the Borrower's discretion, a concurrent permanent reduction of the Revolving Loan
Facility and second, to repay the outstanding principal balance of the Last-Out Term Loan on a pro rata basis among the holders of the Last-Out Term Loan.
	

Application Priority Upon Acceleration Event:	
 	

Upon an Acceleration Event (to be defined in the loan documentation), applications as between the Revolving Loans and the Last-Out Term Loan shall be made first, to the outstanding principal balance of
the Revolving Loans and second, to the outstanding principal balance of the Last-Out Term Loan.
	

Interest:	
 	

The Last-Out Term Loan to bear interest at a rate per annum of 3.25% over the Prime Rate or 4.25% over the LIBOR Rate.
	

 	
 	

Revolving Loans to bear interest at a rate per annum according to the following grid based on the most recent quarter end amount of Revolving Loan Availability:

	 
	 	Revolving Loan Interest
	 
	
Revolving Loan Availability(1)
 
	
 
	 	Prime +
	 	LIBOR +
	 
	3 $100,000,000	 	1.75	%	2.75	%
	3 $50,000,000	 	2.25	%	3.25	%
	< $50,000,000	 	2.75	%	3.75	%

	(1)
	Based
on Combined Eligible Availability only and without regard to the amount of the Revolving Loan Facility. 

	

 	
 	

For the first six months after closing, pricing for the Revolving Loans will be no lower than the middle tier of the grid.
	 	 	 

5

 

	

 	
 	

The "Prime Rate" will mean the greater of: (i) the rate of interest per annum announced by JPMorgan Chase Bank from time to time as its prime rate in effect at its principal office in the City of New York (or if such rate is at any time not
available, the prime rate so quoted by any banking institution selected by Agent), which rate is not intended to be the lowest rate charged by JPMorgan Chase Bank (or any such other banking institution) to its borrowers or (ii) the Federal Funds
Effective Rate per annum plus 0.50%. Interest on Prime Rate loans will be computed and payable monthly in arrears on the basis of a 360 day year and based on the actual number of days elapsed.
	

 	
 	

"LIBOR" will mean the London Interbank Offered Rate adjusted for applicable reserves.
	

 	
 	

Interest Period means, with respect to any LIBOR Rate Loan, the period commencing on the business day the Loan is made, converted or continued as a LIBOR Rate Loan and ending on the date one, two, three, or six months thereafter, as selected by
Borrower. No more than five Interest Periods to be in effect at any time.
	

 	
 	

No Loan shall be made as, converted or continued as a LIBOR Rate Loan during any default. Failure to borrow, or payment (or conversion) of, a LIBOR Rate Loan other than at the end of its Interest Period, subject to customary breakage
provisions.
	

 	
 	

Interest on Prime Rate Loans payable monthly in arrears. Interest on LIBOR Rate Loans payable at the end of each Interest Period or at the end of three months in the case of a LIBOR period of six months. Interest based on LIBOR Rate calculated using
a 360-day year and actual days elapsed. Interest based on the Prime Rate calculated using a 365/366-day year and actual days elapsed.
	

 	
 	

At election of Required Lenders, upon the occurrence and during the continuance of an event of default (but, without any election for payment or insolvency default), the obligations under the Facilities shall bear interest at a rate equal to an
additional two percent (2%) per annum over the rate otherwise applicable, with such interest payable on demand.
	

Fees:	
 	

Unused Fee on the average unused daily Revolving Loan balance (less outstanding letters of credit) at a rate per annum according to the following grid.

	
Revolver Usage
 
	
 	

Unused Fee
	
 
	£ 33.3%	 	1.25	%
	> 33.3% but £ 66.6%	 	1.00	%
	> 66.6%	 	0.75	%

	

 	
 	

For the first six months after closing, the Unused Fee will be 0.50%.
	

 	
 	

Letter of Credit Fees on the outstanding face amount of all letters of credit under the Revolving Loan Facility in an amount equal to the applicable margin on LIBOR Rate Revolving Loans.
	 	 	 

6

 

	

 	
 	

A New Portfolio Company Availability Fee payable to Lenders to be paid upon the initial designation of a New Portfolio Company as a Cash-Flow Portfolio Company or an Asset-Based Portfolio Company.
	

 	
 	

Other fees as outlined in the accompanying Fee Letter.
	

 	
 	

All fees (other than Administrative Fee) calculated using a 360-day year and actual days elapsed.
	

 	
 	

Upon written acceptance of this Term Sheet, Borrower and/or Atlas Holdings LLC to pay all reasonable costs and expenses associated with the preparation, due diligence, administration, syndication and enforcement of all documentation executed in
connection with the Facilities, including without limitation, reasonable legal fees of counsel to Agents regardless of whether or not the Facilities close and other out of pocket expenses of the Agents to the extent incurred from and after the
signing date hereof regardless of whether or not the Facilities close. Agents agree to obtain approval for specific costs and expenses from Borrower before incurring such costs and expenses.
	

Use of Proceeds:	
 	

To provide funds to Borrower for the purpose of refinancing existing indebtedness of Portfolio Companies, financing permitted acquisitions, paying permitted dividends, general corporate purposes, and satisfying certain fees and expenses associated
with the closing of the Facilities.
	 	 	 

7

 

	

Permitted Acquisitions:	
 	

Borrower may consummate acquisitions and fund them under the Revolving Loan Facility, subject to conditions in the loan documents, including without limitation: (a) acquired operations limited to companies located and organized within the United
States and Canada, (b) acquisition to be consensual, (c) no actual or pro forma default, (d) pro forma financial covenant compliance, (e) pro forma Revolving Loan Availability of no less than 15% of the committed Revolving Loan
Facility, (f) with certain exceptions to be agreed upon with respect to any proposed acquisitions involving a purchase price less than a mutually agreed upon amount, prior receipt of acquisition documents, including any intercompany loan
agreements and collateral documents, and acquisition summary, including, but not limited to, an EBITDA calculation acceptable to Agents, with any requested adjustments to EBITDA to be allowed so long as such adjustments are verified in a manner
reasonably acceptable to the Agents and are reflected in the preparation of the pro forma financial information in accordance with the requirements of GAAP and either (i) in compliance with Article XI of regulation S-X under the Securities
Exchange Act of 1934, as amended or (ii) approved by Agents in their reasonable discretion, (g) acquired operations will have trailing twelve month ("TTM") EBITDA (with adjustments permitted per the terms of (f) above) acceptable to the
Agents, (h) acquired operations with negative TTM EBITDA as long as negative TTM EBITDA is less than 10% of Consolidated EBITDA, (i) consent to collateral assignment to Collateral Agent of Borrower's rights under acquisition documents and
to Collateral Agent's reliance on opinions (to the extent given) delivered in acquisition, (j) prior receipt of an updated borrowing base setting forth the proforma Revolving Loan Availability, (k) debt other than the amounts funded under
the Facilities and Intercompany Debt ("Outside Debt") can be incurred to finance acquisitions so long as the amount of the Outside Debt incurred for each acquired operation does not exceed the lesser of (i) $5,000,000 and (ii) TTM EBITDA of
the acquired operation times 0.25, in the case of Cash-Flow Portfolio Companies, and 1.00, in the case of Asset-Based Portfolio Companies, (l) the incurrence of Outside Debt at levels in excess of
the levels permitted in section (k) above shall be permitted to finance acquisitions so long as such acquired operations are excluded from Combined Eligible Availability, (m) for Portfolio Company Add-On Acquisitions, acquired company to be
in a similar line of business as the existing Portfolio Company or a business reasonably related thereto in the good faith judgment of the directors or managers of the Borrower, and (n) receipt and satisfactory review by Agents of third party
due diligence with respect to environmental, insurance and management background checks (with a more limited review to be agreed for certain smaller permitted acquisitions). Such due diligence to be performed by a third party acceptable to the Agents
and in form and content reasonably acceptable to Agents. Such due diligence shall not contain any findings that, in the opinion of the Agents, could reasonably be expected to result in a material adverse effect (to be defined in the loan
agreement).
	 	 	 

8

 

	

 	
 	

Agents and Lenders agree to use reasonable efforts to utilize the acquisition due diligence information that is prepared by third parties commissioned by the Borrower and acceptable to Agents. Agents and Lenders also agree to use reasonable efforts
to approve all acquisitions within the notification period agreed to between the Borrower and Agents in the loan agreement. For add-on acquisitions by Portfolio Companies below a threshold to be determined, certain reporting and deliverable
requirements to fund will be limited.
	

Financial Covenants:	
 	

To include (without limitation) Minimum Fixed Charge Coverage of 1.40x, and Minimum Interest Coverage of 3.00x.
	

Financial Reporting:	
 	

Internally prepared monthly and quarterly consolidated and consolidating balance sheet and income statement and cash flow statements. Audited annual consolidated and consolidating financial statements prepared by a nationally recognized accounting
firm reasonably acceptable to Agents, with an annual consolidated and consolidating budget and operating profit and cash flow projections for the forthcoming year on a month-by-month basis.
	

 	
 	

Borrowing Base certificates provided monthly and such other information and reports as may be reasonably requested by Agents.
	

 	
 	

All reports and financial statements to be in form and scope reasonably acceptable to Agents, compared to budget and prior comparable period.
	

Security:	
 	

Administrative Agent, for itself and Lenders, to receive a first priority perfected security interest in substantially all present and future assets (real and personal) of Borrower (including without limitation, (i) for each Portfolio Company, a
collateral assignment of the inter-company loan facility between Borrower, as lender, and an intermediate holding company (each such intermediate holding company, an "Acquisition Subsidiary") that shall be a direct subsidiary of Borrower and the
parent of the applicable Portfolio Company, as borrower, and with the applicable Portfolio Company and each of its subsidiaries as guarantors of such inter-company loan facility, with each such inter-company loan facility to be secured by a first
priority perfected security interest in all of the assets of the applicable Portfolio Company and its subsidiaries and all of the equity interests owned by the applicable Acquisition Subsidiary, (ii) all accounts receivable, inventory, equipment,
contracts, intellectual property, investment property, deposit accounts (with springing control arrangements) and general intangibles of Borrower and (iii) all equity interests owned by Borrower, in Acquisition Subsidiaries or otherwise, subject in
the case of this clause (iii) to limitations of Internal Revenue Code §956 where the failure to comply with such limitations would have a material adverse tax consequence for Borrower) and all products and proceeds (including insurance proceeds)
thereof, subject only to permitted liens on certain assets.
	 	 	 

9

 

	

Documentation:	
 	

Loan, security and closing documents in form and substance reasonably acceptable to Agents and Lenders and to contain conditions precedent, representations, warranties, affirmative, negative and financial covenants, last out provisions with respect
to the Last-Out Term Loan, Agent and Lender indemnity and reimbursement provisions, events of default, remedies, and other customary provisions. All other documents, agreements, certificates and opinions to be executed or delivered, or relating to
the transactions contemplated, on or prior to the closing date to be in form and substance reasonably acceptable to Agents and Lenders.
	

Other Terms and Conditions:	
 	

Other terms and conditions to include, without limitation:
	

 	
 	

Limitations on transactions between Borrower and its officers, directors, employees and affiliates. Limitations on transactions and agreements between Borrower and Atlas Industries Holdings Management LLC ("Manager").
	

 	
 	

Limitations on amendments to key documents including intercompany loan agreements and management agreements.
	

 	
 	

Limitations on indebtedness and liens at the level of the Portfolio Companies and their subsidiaries (without restriction, however, in respect of secured inter-company loan obligations as described under "Security" above except for solvency related
tests to be mutually agreed upon).
	

 	
 	

Payment of dividends and Management Distributions provided for under the Borrower's operating agreement permitted so long as no default exists or would result therefrom, subject to pro forma Revolving Loan Availability of no less than $20,000,000. In
the event that Revolving Loan Availability is less than $20,000,000, Borrower may pay dividends and Management Distributions provided for under the Borrower's operating agreement so long as the Fixed Charge Coverage Ratio, pro forma for payment of
the last twelve months of dividend payments and Management Distributions inclusive of the contemplated payments (with such dividend payments and Management Distributions counting as fixed charges for purposes of this calculation), is greater than
1.00x. Notwithstanding the foregoing, at no time can the Borrower pay a dividend or Management Distribution if, after giving effect to the dividend payment and Management Distribution, the Revolving Loan Availability is less than
$10,000,000.
	

 	
 	

No mergers or sale or other disposition of Borrower or any of its subsidiaries, or of any portion of Borrower's assets, subject to permitted exceptions.
	

 	
 	

Borrower to maintain voting control over each Portfolio Company, subject to limitations to be determined.
	

 	
 	

Borrower and Manager to maintain the Management Agreement.
	

 	
 	

Limitations on acquisitions funded with debt outside of the Facilities and Intercompany Debt.
	 	 	 

10

 

	

Closing Conditions:	
 	

Closing conditions to include, without limitation:
	

 	
 	

The concurrent completion of the initial public offering transaction for Borrower's equity interests in amounts and on terms reasonably acceptable to Agents and Lenders.
	

 	
 	

There shall have been no material adverse change (x) in the business, assets properties, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects of the Borrower and its subsidiaries taken as a whole since
the most recently completed audited financial statements reviewed and approved by the Agents or (y) in the facts and information regarding such entities as represented to date.
	

 	
 	

Revolving Loan Availability (net of past due trade payables of the Portfolio Companies) as of the closing date to be greater than $75,000,000.
	

 	
 	

Minimum TTM EBITDA of Forest Resources LLC ("Forest") of $10,000,000, minimum TTM EBITDA of CanAmPac ULC ("CanAmPac") of $7,000,000, minimum TTM EBITDA of Capital Equipment Resources LLC ("Pangborn") of $3,750,000 and minimum TTM EBITDA of Michigan
Seamless Tube LLC ("MST") of $15,000,000.
	

 	
 	

Satisfactory completion of legal due diligence, including, but not limited to a satisfactory review of (i) all intercompany loan agreements and (ii) the ownership, corporate, legal, tax, management, and capital structure of the Borrower and
its subsidiaries.
	 	 	 

11

 

	

 	
 	

Receipt of and reasonable satisfaction with, the updated appraisals indicating (i) the fair market value ("FMV") of the real estate of the initial Asset-Based Portfolio Companies ("RE") and (ii) the net orderly liquidation value ("NOLV") of
the machinery and equipment of the initial Asset-Based Portfolio Companies ("M&E") and inventory, and (iii) Agent's reasonable satisfaction with books, records, and collateral. The appraisals must be performed by an appraiser mutually agreed
upon who will be retained by the Administrative Agent, but paid by the Borrower.
	

 	
 	

Completion of collateral audits for the Asset-Portfolio Companies, with the results thereof to be reasonably satisfactory to Agents.
	

 	
 	

As required, environmental reviews of each Portfolio Company and subsidiaries in form and substance reasonably acceptable to Agents and Lenders.
	

 	
 	

Receipt of financial statements for each Portfolio Company and subsidiaries as of a month end date that is no more than 45 days prior to the closing date, in each case in a form reasonably satisfactory to Agents.
	

 	
 	

Receipt of insurance information and documentation that (i) shows for Borrower and each Portfolio Company an amount and scope of insurance that is customary for similarly situated companies and reasonable for the business and assets of such
person and (ii) includes lender endorsements and certificates that are reasonable and customary for a senior secured financing comparable to the Facilities.
	

 	
 	

Agents shall have reasonably concluded that there are no material issues regarding the repatriation of foreign cash flow to the U.S. within the context of the loan structure for the Facilities and/or the corporate structure for Borrower and its
subsidiaries.
	

 	
 	

Execution and delivery of loan documentation that is consistent with the section above titled "Documentation".
	

 	
 	

There shall not have occurred and be continuing a material disruption or material adverse change in the financial, banking or capital markets generally affecting credit facilities similar to the Facilities and occurring after the date hereof which,
in Agents' reasonable judgment, could reasonably be expected to materially impair the syndication of the Facilities.
	

 	
 	

Payment of all fees and expenses.
	 	 	 

12

 

	

Voting:	
 	

Required Lenders generally equal to Lenders holding 50.1% of the Revolving Loan Facility plus Lenders holding 50.1% of the Last-Out Term Loan. Consent of all Lenders directly affected thereby to increase commitments, reduce principal, interest or
fees, extend scheduled payments, release guarantees and release all or substantially all collateral (subject to the remedial rights of Lenders under the Revolving Loan Facility against the Collateral as indicated below). Consent of all Lenders under
the Revolving Loan Facility to change the definition of Revolving Loan Availability. Consent of Lenders having 50.1% of the Revolving Loan Facility to control acceleration of Revolving Loans upon the occurrence and continuance of event of default and
to control exercise of remedies against the Collateral. Consent of Lenders having 50.1% of the Last-Out Term Loan to control acceleration of the Last-Out Term Loan upon the occurrence and continuance of an Event of Default.
	

Buyout Option:	
 	

The holders of the Last-Out Term Loan to have the option to purchase all of the Revolving Loans at par upon the occurrence and the continuance of an Acceleration Event.
	

Assignments and Participations:	
 	

Assignments in minimum acceptable amounts by Lenders to financial institutions with Agent's approval, such approval not unreasonably withheld. Participations by Lenders with voting rights limited to matters subject to consent of all
Lenders.
	

Governing Law:	
 	

Illinois.
	

Exclusivity:	
 	

From the date of acceptance of the term sheet, there shall be no competing offer, placement or arrangement of any senior credit financing by or on behalf of Borrower, and Borrower will immediately advise the Agents if any such transaction is
contemplated.
	

Equity Co-Investment:	
 	

The Agents and each Lender request the opportunity to co-invest equity in new Portfolio Company acquisitions on the same terms as Borrower.

        This Term Sheet does not attempt to describe all of the terms, conditions and requirements that would pertain to the Facility, but rather is intended to outline certain
basic items around which the Facility will be structured. This Term Sheet is not intended to limit the scope of discussions of any and all matters not inconsistent with the specific matters set forth
herein. 

13

  

 
 

Definitions    
    

        These definitions are solely used to clarify the discussion of this terms sheet. Final definitions that will appear in the definitive loan agreement may differ. 

        "Asset-Based
Portfolio Company" means a Portfolio Company that is designated by Borrower to be measured by Eligible Asset Availability. 

        "Atlas
Owned EBITDA" means the product of the respective Portfolio Company EBITDA times the percentage equity interest in such Portfolio Company that is owned and controlled by Borrower. 

        "Borrower
Operating Expenses" means the total general, administrative and operating expenses of Borrower. 

        "Cash-Flow
Portfolio Company" means a Portfolio Company that is designated by Borrower to be measured by Eligible Cash Flow Availability. 

        "Combined
Eligible Availability" means the lesser of (y) the sum of: (i) the aggregate amount of Eligible Cash Flow Availability for all designated Portfolio Companies,
plus (ii) the aggregate amount of Eligible Asset Availability for all designated Portfolio Companies and (z) total Intercompany Debt. For purposes of this calculation, no single
Portfolio Company will be allowed to account for more than 35% of the Combined Eligible Availability (such percentage to be 40% for MST). After the three month anniversary of the acquisition of each
New Portfolio Company, Borrower may change the designation (Cash-Flow Portfolio Company versus Asset-Based Portfolio Company) of any Portfolio Company no more than once per annum. 

        "Consolidated
EBITDA" means the sum of the EBITDA for each Portfolio Company less the portion of net income allocable to minority interests. 

        "Eligible
Asset Availability" means, for each Asset-Based Portfolio Company, the lesser of: (a) (i) 85% of eligible accounts receivable plus (ii) the lesser of
(x) 65% of the value of eligible inventory (valued at the lower of cost or market on a first in first out basis) or (y) 85% of NOLV of eligible inventory plus (iii) 80% of the
appraised NOLV of M&E, plus (iv) 70% of the appraised FMV of RE minus (iv) any applicable reserves and (b) the aggregate amount of the intercompany debt owed by such Asset-Based
Portfolio Company. The aggregate advance on M&E and RE ("Fixed Asset Availability") will be limited to 33% of Combined Eligible Availability. Fixed Asset Availability will reduce in equal quarterly
installments over a seven year period. 

        "Eligible
Cash Flow Availability" means, for each Cash-Flow Portfolio Company, the lesser of: (i) a multiple of up to 3.0 times (as determined by Required Lenders at
the closing of such acquisitions) multiplied by the EBITDA of such company for the TTM period ended the most recent fiscal month (including the actual EBITDA earned of any companies acquired by such
Cash-Flow Portfolio Company in add-on acquisitions for which the lending multiple has not yet been determined and approved by Required Lenders) by Required Lenders and,
(ii) the sum of (a) the amount of any intercompany loans owed by such company and (b) the product of (y) the cash flow multiple determined by Required Lenders at the
closing of such acquisitions for such company minus the ratio of the intercompany loans owed by such company to the TTM EBITDA of such company and (z) the amount of Atlas Owned EBITDA for such
company. In the event that any Portfolio Company becomes subject to any bankruptcy, insolvency, reorganization or similar procedure, the value of this calculation for such company will be deemed to be
$0. 

        "Existing
Portfolio Companies" means each of Forest, CanAmPac, Pangborn and MST. 

        "Fixed
Charge Coverage" means the remainder of (i) Consolidated EBITDA, less (ii) total capital expenditures for Borrower and subsidiaries (excluding profit improvement
capital expenditures agreeable to Requisite Lenders), less (iii) cash Management Fees, less (iv) taxes and tax distributions 

14

 

paid
in cash by Borrower and subsidiaries, less (v) Borrower Operating Expenses to the sum of (a) total interest expense paid in cash by Borrower and subsidiaries (excluding interest
paid with respect to the intercompany loans), plus (b) any scheduled payments of total debt (excluding scheduled payments with respect to intercompany loans). All amounts discussed above will
be based upon the trailing twelve months and will be proforma for acquisitions and divestitures. 

        "Interest
Coverage" means the remainder of: (i) Consolidated EBITDA, less (ii) cash Management Fees, less (iii) Borrower Operating Expenses to total interest expense
paid in cash by Borrower and subsidiaries (excluding interest paid with respect to the intercompany loans). All amounts above will be based upon the trailing twelve months and will be proforma for
acquisitions and divestitures. 

        "New
Portfolio Company" means any portfolio company subsidiary of Borrower that is acquired pursuant to a Permitted Acquisition after the closing date (subject to the determination and
approval of a lending multiple of up to 3.0 times by Required Lenders if such new portfolio company subsidiary is to be designated as a Cash-Flow Portfolio Company), or any company that is
purchased pursuant to a Permitted Acquisition by a Portfolio Company as an add-on acquisition (in each case where such add-on acquisition is being made by a
Cash-Flow Portfolio Company, subject to Required Lender approval of the lending multiple applicable to such Cash-Flow Portfolio Company for the target in such
add-on acquisition). 

        "New
Portfolio Company Availability Fee" means, for each New Portfolio Company, a fee paid to Lenders equal to the product of: (a) 0.25% and (b) the amount of availability
provided by such New Portfolio Company. 

        "Portfolio
Companies" means, collectively, Existing Portfolio Companies and New Portfolio Companies, and, individually, an Existing Portfolio Company or a New Portfolio Company (as
applicable). 

15

QuickLinks

Atlas Industries Holdings LLC Senior Secured Credit Facilities Term Sheet October 8, 2007

Definitions

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