Document:

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                                                                   Exhibit 10.14

                                GREAT LAKES REIT
                      LIMITED PURPOSE EMPLOYEE LOAN PROGRAM

                             LOAN SECURITY AGREEMENT

         This Agreement is made as of ________________, 2000 between EMPLOYEE
NAME, residing at __________________ ___________ ("Employee"), and Great Lakes
REIT, a Maryland real estate investment trust, having its principal office at
823 Commerce Drive, Oak Brook, Illinois 60523 ("GLR").

         WHEREAS, Employee has executed a notice of option exercise for the
purchase of _____________ shares of GLR Common Shares of Beneficial Interest
(the "Shares") pursuant to stock options that GLR has previously granted
Employee (the "Options"). The purchase price is $_______, [and income taxes
related to the exercise of $___________] together totaling $___________ which
Employee desires to finance by a loan from GLR.

         AND WHEREAS, Employee desires to borrow from GLR, and GLR is willing to
lend the sum of $____________ to Employee as permitted under the Great Lakes
REIT Limited Purpose Employee Loan Program (the "Loan Program"), subject to the
terms and conditions set forth in this Agreement.

         NOW THEREFORE in consideration of their mutual promises, the parties
agree as follows:

         1. AGREEMENT TO BORROW AND LEND. Employee agrees to borrow from GLR,
and GLR agrees to lend to Employee, the sum of $__________ under the general
terms specified in the promissory note (the "Note") in the form attached hereto
as EXHIBIT A. The sum borrowed by Employee will be paid to GLR on behalf of and
for the account of Employee.

         2. DOCUMENTS TO BE DELIVERED TO GLR. Concurrently with the execution
and delivery of this Agreement, Employee shall execute and deliver to GLR:

            (a) the Note; and

            (b) stock powers for collateral assignment only (the "Stock Power"),
                substantially in the form attached hereto as EXHIBIT B, executed
                in blank by Employee.

         Employee covenants to GLR that, when GLR's share transfer agent issues
any certificate or certificates evidencing any Collateral (as defined herein),
Employee will promptly deliver, or cause to be promptly delivered, such
certificate(s) to the then-serving Secretary of GLR. Employee covenants that
Employee will cause GLR's share transfer agent to deliver such certificate(s)

<PAGE>

directly to the then-serving Secretary of GLR upon GLR's written notice to
Employee that GLR requires such delivery of the certificate(s).

         3. SECURITY INTEREST. Employee grants GLR, as collateral security for
Employee's Obligations (as defined herein), a continuing security interest in
Employee's right, title, and interest in the Collateral and any proceeds
thereof. On Employee's performance in full of the Obligations secured in this
Agreement, the Collateral and the other documents referred to in Paragraph 2 of
this Agreement will be returned to Employee and the security interest created by
this Agreement, as well as this Agreement, will terminate, without further
liability on the part of either party.

            (a) For purposes of this Agreement, the term "Collateral" means all
                of the Shares, together with all stock and other non-cash
                dividends paid and non-cash distributions made upon the Shares,
                all securities and other property received in addition to or in
                exchange for the Shares, all rights to subscribe for securities
                incident to the Shares, all other proceeds of any of the
                foregoing, and any certificate(s) evidencing any of the
                foregoing.

            (b) For purposes of this Agreement, the term "Obligations" means all
                of Employee's indebtedness, obligations and/or liabilities (i)
                under the Note and (ii) under this Agreement.

         4. EVENTS OF DEFAULT. If any one or more of the events set forth below
occurs (each an "Event of Default"), then, GLR shall, subject to Paragraph 5 of
this Agreement, have such rights and remedies with respect to the Collateral or
any part thereof and the proceeds thereof as are provided by the Uniform
Commercial Code and such other rights and remedies with respect thereto which it
may have at law or in equity or under this Agreement:

            (a) NONPAYMENT OF THE NOTE. Employee is in default of any payment of
                interest and/or principal due on the Note if such default shall
                not be cured within 10 business days following written notice of
                such default to Employee;

            (b) ASSIGNMENT OF THE COLLATERAL. Employee transfers, sells or
                grants a security interest in the Collateral during the term of
                this Agreement; or

            (c) BREACH OF OBLIGATIONS. Employee breaches his material
                obligations, covenants, or undertakings under this Agreement if
                such breach shall not be cured within 10 business days following
                written notice of such breach to Employee.

         5. NOTICE OF DEFAULT AND POWER TO SELL. If an Event of Default occurs,
GLR will give written notice of such Event of Default to Employee. Such notice
will specify the amount of principal and accrued interest due under the Note. If
Employee fails to pay such principal and accrued interest within ________ days
of Employee's receipt of such notice, then GLR may (but

<PAGE>

is not obligated to) execute a market sale of the Shares and deliver the
Collateral to settle any such sale.

         In case of any sale, GLR may first deduct all expenses of the sale, and
delivery of the Collateral, and any incidental expenses, including reasonable
attorney's fees and brokerage commissions. GLR will then apply the residue to
any amounts due and unpaid on the Obligations, and will return the surplus, if
any, to Employee. Any sale conducted pursuant to this Paragraph 5 will be deemed
commercially reasonable.

         If GLR does not start to sell the Collateral within ninety (90) days
after GLR's right to sell it accrues, as per this Paragraph 5, then Employee
will have the right to request that GLR sell the Collateral or that Employee, at
his own expense, be allowed to sell it. If Employee requests that GLR sell the
Collateral, GLR will not be obligated to do so unless the net proceeds to be
received from such disposition will be sufficient to fully satisfy the
Obligations of Employee to GLR. If Employee requests that he be allowed to sell
the Collateral, any disposition must be on terms and conditions approved by GLR,
in its sole discretion; PROVIDED, HOWEVER, that GLR is obligated to give such
approval if the disposition fully satisfies the Obligations of Employee to GLR.
GLR will not be liable to Employee for any agents' or brokers' fees in the event
Employee sells the Collateral. In connection with any sale or disposition of the
Collateral, GLR will have the absolute right to present the Stock Power for the
purpose of effecting the transfer of the Collateral.

         6. EMPLOYEE'S REMEDIES AGAINST GLR.  Employee agrees that he will not
assert, against GLR or the Collateral, any claim or demand arising out of his
option exercise.

         7. TRANSFER AGENT'S RESPONSIBILITY TO EMPLOYEE. Employee agrees that
GLR's transfer agent, its officers, agents, servants, employees, and/or
attorneys, will have no responsibility to him under this Agreement other than to
deliver the Collateral to GLR, or to return it to Employee, in accordance with
this Agreement.

         8. SUCCESSORS AND ASSIGNS. This Agreement shall be binding on the
parties hereto, their respective legal representatives, heirs, administrators,
executors, successors and permitted assigns, as the case may be.

         9. JOINT AND SEVERAL LIABILITY. In the event any of the Collateral is
titled in joint tenancy or tenancy in common, the term "Employee" encompasses
all Collateral owners, and in such event, the Obligations of Employee and the
other joint owners of such Collateral will be joint and several.

         10. ASSIGNMENT OF RIGHTS. Employee may not assign his rights or
obligations under this Agreement without GLR's prior written consent. Any
assignment in contravention of this Agreement shall be null and void. GLR may
assign this Agreement and all of its rights, title, and interest in the
Collateral without Employee's consent.

<PAGE>

         11. WAIVER OF TRIAL BY JURY. Except as prohibited by statute, the
parties to this Agreement waive trial by jury in any action brought by any of
the parties against the other, on any matter whatsoever, arising out of this
Agreement. With respect to any matter for which a jury trial cannot be waived,
the parties agree not to assert any counterclaims nor move to consolidate any
claim with any action in which a jury trial is waived.

         12. RIGHTS OF EMPLOYEE AS TO COLLATERAL. Subject to any limitations
under GLR's compensation or benefits plans pursuant to which the Options were
granted and until GLR makes a demand for payment pursuant to Paragraph 5
following an Event of Default, Employee shall have the right to exercise all
voting rights with respect to the Collateral and to receive and retain all cash
dividends paid upon any of the Collateral.

         13. MERGER AND MODIFICATIONS. This Agreement, the Note, and the Loan
Program contain the entire agreement and understanding of the parties with
respect to the subject matter hereof, and no representations, promises,
agreements or understandings, written or oral, not contained herein shall be of
any force or effect. No change, modification or waiver of any provision of this
Agreement shall be valid or binding unless it is in writing dated subsequent to
the date hereof and signed by the parties; provided, however, that GLR may, in
its sole discretion, modify this Agreement so that the Agreement complies with
the terms and conditions of the Loan Program.

         14. WAIVER. No failure or delay on the part of GLR in exercising any
right, remedy, power or privilege hereunder shall operate as a waiver thereof or
of any other right, remedy, power or privilege of GLR hereunder, nor shall any
single or partial exercise of any such right, remedy, power or privilege
preclude any other or further exercise thereof or the exercise of any other
right, remedy, power or privilege. The rights and remedies of GLR under this
Agreement are cumulative and not exclusive of any rights or remedies that it may
otherwise have.

         15. NOTICES. All consents, notices, or other communications required
under this Agreement shall be in writing. Any notice, if mailed, shall be deemed
given three (3) days after being deposited in the United States mail, registered
or certified mail, postage prepaid, addressed to the recipient at its address
shown below (or any other address that it designates to the other party), by
proper notice hereunder, as its address for the receipt of notices hereunder,
and if personally delivered, shall be deemed given when delivered to the address
shown below addressed to the recipient:

         To GLR at:                 823 Commerce Drive
                                     Oak Brook, Illinois 60523
                                    Attn:  Secretary or Assistant Secretary

         And to Employee at:                _____________________________

                                            _____________________________

                                            _____________________________

<PAGE>

         16. OTHER ACTS. Employee will faithfully preserve and protect GLR's
security interest in the Collateral and will do all such other acts and things
and will, within a reasonable time after a request by GLR, execute and deliver
all such other documents and instruments, including without limitation further
pledges and assignments with respect to the Collateral consistent with the terms
of this Agreement, as GLR reasonably may deem necessary or advisable from time
to time in order to preserve, perfect and protect said security interest.

         17. GOVERNING LAW. This Agreement shall be construed in accordance with
the laws of the State of Illinois without reference to its choice of law or
conflict of laws rules.

         18. INVALIDITY OF PROVISIONS. If any provision of this Agreement shall
be held invalid or unenforceable, the remainder nevertheless shall remain in
full force and effect. If any provision is held invalid or unenforceable with
respect to particular circumstances, it nevertheless shall remain in full force
and effect in all other circumstances.

         19. COUNTERPARTS. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same instrument.

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

                                      GREAT LAKES REIT

                                      By:      __________________________

                                      Its:     ___________________________

                                      EMPLOYEE:

                                      ____________________________________

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                                    EXHIBIT A

                                GREAT LAKES REIT
                      LIMITED PURPOSE EMPLOYEE LOAN PROGRAM

                                 PROMISSORY NOTE

$__________                                            Date ______________

         ______________________ ("Employee") in consideration of the receipt of
$_____________ __________________ from Great Lakes REIT ("GLR") promises to pay
to the order of GLR and its successors and assigns, the sum of _____________ and
__/100 Dollars ($___________) on _ (the "Maturity Date"), together with interest
on the outstanding principal balance remaining unpaid hereunder from the date of
this Note. Accrued unpaid interest shall be payable on the tenth (10th) day of
each calendar quarter at a per annum rate equal to the rate GLR pays on its
borrowed funds from its principal lender, such interest rate being adjusted
quarterly.

         To secure payment of all Employee's indebtedness, liabilities, and
obligations under this Note, Employee has granted GLR a continuing security
interest in and to __________________ shares of GLR Common Shares of Beneficial
Interest pursuant to that certain Loan Security Agreement dated as of the same
date as this Note, by and between Employee and GLR (the "Security Agreement").

         At the option of the GLR and without demand or notice of any kind to
Employee or any other person, the remaining unpaid principal and any accrued
interest shall all be immediately due and payable in full upon the first to
occur of: (a) the date sixty (60) days following the day Employee ceases to be
an employee of GLR; (b) the date that Employee transfers, sells or grants a
security interest in the Collateral (as defined in the Security Agreement)
during the term of the Security Agreement; or (c) Employee's continued breach of
his obligations under this Note or of his material obligations, covenants, or
undertakings under the Security Agreement if such breach shall not be cured
within ten (10) business days following written notice of such breach to
Employee.

         No delay on the part of GLR in the exercise of any power or right under
this Note, or under any other instrument executed pursuant hereto, shall operate
as a waiver thereof, nor shall a single or partial exercise of any such power or
right preclude any other or further exercise thereof or the exercise of any
other right or power hereunder.

         All payments hereunder shall be applied first to interest on the unpaid
balance at the rate herein specified and then to principal.

         All payments of principal and interest on this Note shall be payable in
lawful money of the United States of America. Principal and interest shall be
paid to GLR at its principal office in Illinois or at such other place as the
holder of this Note may designate in writing to the

<PAGE>

undersigned. This Note may be prepaid in whole or in part at any time or from
time to time without premium or penalty.

         Presentment for payment, notice of dishonor, protest and notice of
protest are hereby waived. Employee will pay all reasonable attorneys' fees and
other costs of collection incurred by GLR to collect any unpaid sums due and
owing pursuant to this Note.

         In the event any one or more of the provisions of this Note shall for
any reason be held to be invalid, illegal or unenforceable, in whole or in part
or in any respect, or in the event any one or more of the provisions of this
Note operate or would prospectively operate to invalidate this Note, then, and
in either of such events, such provision or provisions only shall be deemed null
and void and shall not affect any other provision of this Note, and the
remaining provisions of this Note shall remain operative and in full force and
effect.

         This Note has been executed and delivered in Illinois, and shall be
governed by and construed in accordance with the internal laws of the State of
Illinois.

         Employee acknowledges that the credit accommodation evidenced by this
Note is for the purposes specified in 815 ILCS 205/4(1)(c), Illinois Compiled
Statutes, as amended from time to time; and that the principal obligation
evidenced hereby constitutes a business loan within the purview and operation of
said section.

         This Note shall be binding upon Employee and his/her legal
representatives, heirs, administrators, executors, successors and assigns.

_____________________________
Employee

<PAGE>

                                    EXHIBIT B

                                GREAT LAKES REIT
                      LIMITED PURPOSE EMPLOYEE LOAN PROGRAM

                                   STOCK POWER

I, _____________________________ ("Employee"), hereby sell, assign, and transfer
to Great Lakes REIT, a Maryland real estate investment trust ("GLR"), the
following: __________ shares of Great Lakes REIT Common Shares of Beneficial
Interest (par value $.0l) (the "Shares") which are held of record by Employee on
the books and records of the transfer agent of GLR, as represented by
Certificate No. _________, and appoint Richard L. Rasley and Adam E. Berman,
Secretary and Assistant Secretary of GLR, respectively, and any succeeding
Secretary or Assistant Secretary, as my attorney-in-fact (my "agent") to
transfer the Shares on the books of GLR or any share transfer agent, with full
power of substitution to act for me and in my name (in any way I could act in
person) with respect to the Shares.

_____________________________
(Employee Signature)

_____________________________
(Signature of Joint Tenant)

State of Illinois:      )
                        )SS.
County of Du Page       )

The undersigned, a notary public in and for the above county and state,
certifies that ______________ is known to me to be the same person(s) whose
name(s) is/are subscribed as Employee to the foregoing power of attorney,
appeared before me in person and acknowledged signing the delivering the
instrument as his/her free and voluntary act for the uses and purposes therein
set forth.

Subscribed and Sworn to
before me this ______
day of ___________, 2000

_____________________________
Notary PublicPrepared by MERRILL CORPORATION www.edgaradvantage.com

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Exhibit 4.7

DATED NOVEMBER 18, 1999

AMONG

EURAMAX INTERNATIONAL LIMITED

EURAMAX EUROPEAN HOLDING PLC

EURAMAX EUROPEAN HOLDINGS, B.V.,

AS ISSUERS

AMERIMAX HOLDINGS, INC.,

AS GUARANTOR

–and–

THE CHASE MANHATTAN BANK,

AS TRUSTEE

SUPPLEMENTAL INDENTURE

in respect of

EURAMAX INTERNATIONAL LIMITED,

EURAMAX EUROPEAN HOLDINGS PLC

EURAMAX EUROPEAN HOLDINGS, B.V.

AMERIMAX HOLDINGS, INC.

$135,000,000 11 3% SENIOR SUBORDINATED NOTES DUE 2006

2

SUPPLEMENTAL INDENTURE (the "Supplemental Indenture"), dated as of
November 18, 1999, by and among EURAMAX INTERNATIONAL LIMITED, a private limited company organized under the laws of England and Wales
("Euramax"), EURAMAX EUROPEAN HOLDINGS PLC, a public limited company organized under the laws of England and Wales ("Euramax
U.K."), EURAMAX EUROPEAN HOLDINGS, B.V. ("Euramax, B.V." and, together with Euramax and Euramax U.K., the
"Issuers"), AMERIMAX HOLDINGS, INC., a Delaware corporation ("Amerimax" or the "Guarantor"), and
THE CHASE MANHATTAN BANK, as Trustee (the "Trustee"), under the Indenture, dated as of September 25, 1996 (the
"Indenture") pursuant to which $135,000,000 113% Senior Subordinated Notes due 2006 have been issued (the
"Securities").

WHEREAS, the Euramax group proposes to undergo a reorganization (the "Reorganization") by which
(i) Euramax International plc has re-registered as a private company, Euramax International Limited;
(ii) a new Delaware corporation, Euramax International, Inc. ("Euramax U.S.") is organized and interposed between Euramax and its
shareholders by means of a scheme of arrangement under Section 425 of the United Kingdom Companies Act of 1985 (the "Scheme of Arrangement");
(iii) a further intermediate holding company organized under the laws of England and Wales, Broomco (1868) Limited ("Newco U.K."), is interposed
between Euramax U.S. and Euramax; (iv) Euramax distributes to Newco U.K. its shares in Amerimax; (v) Amerimax transfers the shares of its subsidiary, Amerimax Fabricated
Products, Inc. ("AFP") to Euramax U.S. for fair market value; and (vi) a further intermediate holding company organized under the laws of
England and Wales, Broomco (1953) Limited ("Newco U.K. II") will be interposed between Euramax and Euramax, B.V.

WHEREAS, as a result of the Reorganization, (i) the following four companies will be added as guarantors under the Indenture: Euramax U.S., Newco
U.K., AFP, and Newco U.K. II and (ii) each new guarantee will be effective as soon as each of Euramax U.S., Newco U.K., AFP, and Newco U.K. II is set in place under the Reorganization, after
which said company shall further evidence its guarantee of the Securities by executing a guarantee in substantially the form set forth in Exhibit A to the Indenture.

WHEREAS, the Issuers and Amerimax, when authorized by resolutions of their respective Boards of Directors, and the Trustee may amend or supplement the
Indenture with the written consent of the holders of at least a majority in aggregate principal amount of the Securities issued under the Indenture.

WHEREAS, the Issuers issued a Consent Solicitation Statement dated November 4, 1999, soliciting the consent of the holders of the Securities to
certain amendments to the Indenture substantially in the form set out in Article Two hereof.

WHEREAS, the Trustee is in receipt of such written consents.

NOW, the Issuers, the Guarantor and the Trustee hereby amend the Indenture as follows:

  ARTICLE ONE
 DEFINITIONS  

SECTION 1.01

Expressions defined in the Indenture shall have the same meanings when used herein save to the extent supplemented or modified hereby.

SECTION 1.02

Except as otherwise provided herein, the terms of the Indenture shall apply to this Supplemental Indenture as if they were set out herein and the Indenture shall be read and
construed, in relation to the Securities, as one document with this Supplemental Indenture.

3

  ARTICLE TWO
 AMENDMENTS  

SECTION 2.01

The definitions of the Preamble in the Indenture and Section 1.01 of the Indenture are hereby amended as follows:

(1)
(1) References to the "Company" shall now be understood as references to "Euramax U.S.", except in the following definitions and sections of the Indenture, in which "the Company" shall be deleted
and replaced with "Euramax":

In
the third and seventh line of the preamble of the Indenture;

Section 1.01
for the definitions of: "Consolidated Interest Expense"; "Corporate Trust Office of the Trustee"; "Credit Agreement" in the fifth line of the definition; "Fabricated Products
Business"; "Offer to Purchase"; and "Restricted Subsidiary" in part (ii) of the definition;

Section 2.03;

Section 2.04;

Section 2.05;

Section 2.06(a), 2.06(b) subsection (iii)(C) and 2.06(i) subsections (ii) and (iii);

Section 2.07;

Section 2.12;

Section 2.13;

Section 3.01;

Section 3.03;

Section 3.07;

Section 4.02;

Section 4.05(b) and (c);

Section 4.09;

Section 6.04;

Section 7.01(e);

Section 7.07;

Section 8.06;

Section 8.15;

Section 9.01;

Section 10.02;

Section 10.04;

Section 12.06;

Section 13.02; and

Section 13.04.

(2)
In addition, the phrase "Euramax or" should be added immediately before the term "the Company" in the following sections:

(a)
In the following definitions in Section 1.01 of the Indenture:

"Company Request";

"Credit Agreement" in the twenty fifth line of the definition;

"Designated Senior Debt";

"Opinion of Counsel"; and

"Unrestricted Subsidiary" in the second line of the definition.

(b)
In Section 6.01(8) of the Indenture; and

4

(c)
In Section 6.01(9) of the Indenture.

(3)
The word "Issuers" or "Issuer" shall be deleted and replaced with "Company" preceded by the appropriate word in the negative form where applicable and followed with the appropriate word in
singular form where applicable, in the following cases:

Section 4.03;

Section 4.04, except in subsection (viii);

Section 4.05, except in the last paragraph of Section 4.05(a), (the word "Company" to the extent replacing the word "Issuers" in Section 4.05, to mean "Euramax");

Section 4.06;

Section 4.07, except in the eleventh line thereof;

Section 4.08;

Section 4.09;

Section 4.10;

Section 4.16;

Section 4.17;

Section 4.18, except in the third line (to the extent relating to property or assets owned on the Issue Date);

Section 5.01, except in clause (ii)(a) and (iii) thereof; and

Section 5.02.

(2)
The following new definitions should be added in Section 1.01 of the Indenture:

"AFP" means Amerimax Fabricated Products Inc., a company incorporated in Delaware."

"Amerimax" means Amerimax Holdings Inc., a company incorporated in Delaware."

"Euramax" means Euramax International Limited, a company incorporated in England and Wales and formerly known as Euramax International plc."

"Euramax U.S." or the "Company" means Euramax International, Inc., a company incorporated in
Delaware."

"Newco U.K." means Broomco (1868) Limited, a company incorporated under the laws of England and Wales which will be the direct parent of Euramax at the
end of the Reorganization."

"Newco U.K. II" means Broomco (1953) Limited, a company incorporated under the laws of England and Wales which will be the direct parent of Euramax,
B.V. at the end of the Reorganization."

"Reorganization" has the meaning set forth in the preamble of the Supplemental Indenture, dated as of November 18, 1999."

"Scheme of Arrangement" has the meaning set forth in the preamble of the Supplemental Indenture, dated as of November 18, 1999."

(3)
The definition of "Continuing Director" shall be deleted and replaced with the following:

"Continuing Director" means a director who either was a member of the Board of Directors of Euramax on the Issue Date or who became a director of
Euramax or of the Company subsequent to the Issue Date and whose election, or nomination for election by the stockholders of Euramax or by the stockholders of the Company, was duly approved by a
majority of the Continuing Directors then on the Board of Directors of Euramax or of the Company, either by a specific vote or by approval of the proxy statement issued by Euramax or by the Company on
behalf of the entire Board of Directors of Euramax or of the Company in which such individual is named as nominee for director."

5

(4)
(1) The definition of "Guarantor" in Section 1.01 of the Indenture shall be deleted and replaced with the following:

"Guarantors" means (i) Amerimax, (ii) Euramax U.S., (iii) Newco U.K., (iv) Newco U.K. II and (v) AFP."

(2)
References to the "Guarantor" in the Indenture shall be understood as references to the "Guarantors"
as newly defined, to each individually and to all in the aggregate, and the former use of the singular form shall be replaced by the plural form wherever appropriate. The obligations of the Guarantors
hereunder shall be joint and several.

(3)
In the following cases, however, the word "the Guarantor" shall be deleted and replaced with
"Amerimax":

Section 1.01
for the definition of the "Credit Agreement"; and Section 11.04.

(5)
(1) The definition of "Guarantee" in Section 1.01 of the Indenture shall be deleted and replaced with the following:

"Guarantees" means the guarantees of the Securities by the Guarantors under this Indenture."

(2)
References to the "Guarantee" in the Indenture shall be understood as references to the "Guarantees"
as newly defined, and the former use of the singular form shall be replaced by the plural form wherever appropriate.

SECTION 2.02

(1) The term "Subsidiaries" in Section 2.04 of the Indenture shall be deleted and replaced with "Affiliates".

(2)
The second paragraph of Section 4.03 of the Indenture is hereby amended by (i) deleting the word "and" immediately preceding
clause (iv), and (ii) adding thereto, immediately after the end of clause (iv) thereof, the phrase "and (v) the cancellation of shares in Euramax and the interposition of
Euramax U.S. between Euramax and its shareholders, pursuant to the Scheme of Arrangement".

(3)
The first sentence of the second paragraph in Section 4.06 of the Indenture is hereby amended by (i) deleting the word "and"
immediately preceding clause (x) thereof, and (ii) adding immediately after the end of clause (x) thereof, the phrase "and (xi) the cancellation of shares in Euramax and
the interposition of Euramax U.S. between Euramax and its shareholders, pursuant to the Scheme of Arrangement".

(4)
(1) The first sentence of Section 5.01 of the Indenture is hereby amended by adding in clause (ii)(b) thereof after the words
"involved the Guarantor", the phrase "or all or substantially all of the Company's assets were sold, assigned, leased, conveyed or otherwise disposed of".

(2)
The following phrase in the parenthetical in Section 5.01(iii) shall be deleted: "other than the Company".

(3)
The following sentence shall be added at the end of Section 5.01 of the Indenture: "The provisions of this Section 5.01 shall not be applicable to any of the events contemplated by
the Reorganization."

6

  ARTICLE THREE
 MISCELLANEOUS  

SECTION 3.01

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

SECTION 3.02

This Supplemental Indenture shall come into effect after the Scheme of Arrangement becomes effective. Euramax shall give prompt written notice to the Trustee of such
effectiveness and of the effectiveness of the Reorganization.

SECTION 3.03

Concurrently with the execution by each of Euramax U.S., Newco U.K., AFP and Newco U.K. II of their respective guarantee, the Issuers and the Guarantor will cause each of
Euramax U.S., Newco U.K., AFP and Newco U.K. II to provide to the Trustee such certificates and opinions with respect thereto and to their guarantees as the Trustee shall reasonably request.

SECTION 3.04

This Supplemental Indenture and each and every provision hereof shall be deemed to be a contract made under the laws of the State of New York and for
all purposes shall be construed in accordance with the laws of such State.

SECTION 3.05

In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee.

SECTION 3.06

The recitals contained herein are made by the Issuers and the Guarantor and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The
Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture.

SECTION 3.07

Upon the effectiveness of this Supplemental Indenture, each reference in the Indenture to "this Indenture", "hereunder", "herein", or words of like import shall mean and be a
reference to such Indenture as amended hereby.

*  *  *  * 

7

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

	 	 	EURAMAX INTERNATIONAL LIMITED
	 

 	 
 	 

By:	 
 	 

	 	 	Name:	 	

	 	 	Title:	 	

	 

 	 
 	 
 EURAMAX EUROPEAN HOLDINGS PLC
	 

 	 
 	 

By:	 
 	 

	 	 	Name:	 	

	 	 	Title:	 	

	 

 	 
 	 
 EURAMAX EUROPEAN HOLDINGS, B.V.

	 

 	 
 	 

By:	 
 	 

	 	 	Name:	 	

	 	 	Title:	 	

	 

 	 
 	 

By:	 
 	 

	 	 	Name:	 	

	 	 	Title:	 	

	 

 	 
 	 
 AMERIMAX HOLDINGS, INC.
	 

 	 
 	 

By:	 
 	 

	 	 	Name:	 	

	 	 	Title:	 	

	 

 	 
 	 
 THE CHASE MANHATTAN BANK, as Trustee

	 

 	 
 	 

By:	 
 	 

	 	 	Name:	 	

	 	 	Title:	 	

8

QuickLinks

ARTICLE ONE DEFINITIONS

ARTICLE TWO AMENDMENTS

ARTICLE THREE MISCELLANEOUS

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