Document:

EX-10.22

 Exhibit 10.22 

FORM OF 
 REGISTRATION
RIGHTS AGREEMENT 
 by and among 

Norcraft Companies Inc., 
 Certain
Stockholders of Norcraft Companies Inc. 
 and 

Certain other parties hereto. 

Dated as of             , 2013 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I EFFECTIVENESS; DEFINITIONS
	  	 	2	  
			
	 1.1
	  	 Effectiveness
	  	 	2	  
			
	 1.2
	  	 Definitions
	  	 	2	  
		
	 ARTICLE II REGISTRATION RIGHTS
	  	 	2	  
			
	 2.1
	  	 Demand Registration Rights
	  	 	2	  
			
	 2.2
	  	 Piggyback Registration Rights
	  	 	3	  
			
	 2.3
	  	 Indemnification and Contribution
	  	 	5	  
			
	 2.4
	  	 Certain Other Provisions
	  	 	8	  
		
	 ARTICLE III REMEDIES
	  	 	8	  
			
	 3.1
	  	 Generally
	  	 	8	  
		
	 ARTICLE IV PERMITTED REGISTRATION RIGHTS ASSIGNEES
	  	 	8	  
		
	 ARTICLE V AMENDMENT, TERMINATION, ETC.
	  	 	9	  
			
	 5.1
	  	 Oral Modifications
	  	 	9	  
			
	 5.2
	  	 Written Modifications
	  	 	9	  
			
	 5.3
	  	 Effect of Termination
	  	 	9	  
		
	 ARTICLE VI DEFINITIONS
	  	 	9	  
			
	 6.1
	  	 Certain Matters of Construction
	  	 	9	  
			
	 6.2
	  	 Definitions
	  	 	10	  
		
	 ARTICLE VII MISCELLANEOUS
	  	 	12	  
			
	 7.1
	  	 Authority: Effect
	  	 	12	  
			
	 7.2
	  	 Notices
	  	 	13	  
			
	 7.3
	  	 Merger: Binding Effect, Etc.
	  	 	14	  
			
	 7.4
	  	 Descriptive Headings
	  	 	14	  
			
	 7.5
	  	 Counterparts
	  	 	14	  
			
	 7.6
	  	 Severability
	  	 	14	  
			
	 7.7
	  	 No Recourse
	  	 	14	  
		
	 ARTICLE VIII GOVERNING LAW
	  	 	15	  
			
	 8.1
	  	 Governing Law
	  	 	15	  
			
	 8.2
	  	 Consent to Jurisdiction
	  	 	15	  
			
	 8.3
	  	 WAIVER OF JURY TRIAL
	  	 	16	  
			
	 8.4
	  	 Exercise of Rights and Remedies
	  	 	16	  

  
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 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made as of
            , 2013 by and among: 
  

	 	(i)	Norcraft Companies Inc. (the “Company”); and 

  

	 	(ii)	SKM Equity Fund III, L.P., a Delaware limited partnership (“SKM Equity”), SKM Investment Fund, a Delaware general partnership (“SKM Investment”), Auda Partners, L.P., a Delaware limited
partnership (“Auda”), Auda Partners Beteiligungen GmbH & Co. KG, a German limited partnership (“APB”), Vesey Street Fund, L.P., a Delaware limited partnership (“Vesey SF”), Arthur Street Fund,
L.P., a Delaware limited partnership (“Arthur SF”), Vesey Street Portfolio, L.P., a Cayman Islands limited partnership (“Vesey SP”), Arthur Street Portfolio, L.P., a Cayman Islands limited partnership
(“Arthur SP”), Passage Portfolio, L.P., a Cayman Islands limited partnership (“Passage” and, together with SKM Equity, SKM Investment, Auda, APB, Vesey SF, Arthur SF, Vesey SP and Arthur SP, the “SKM
Entities”), Trimaran Fund II, L.L.C., a Delaware limited liability company (“Trimaran Fund”), Trimaran Capital, L.L.C., a Delaware limited liability company (“Trimaran Capital”), Trimaran Parallel Fund II,
L.P., a Delaware limited partnership (“Trimaran Parallel”), CIBC Employee Private Equity Fund (Trimaran) Partners, a
[                    ] (“CIBC EPEF”), CIBC Capital Corporation, a Delaware corporation (“CIBC CC” and, together
with Trimaran Fund, Trimaran Capital, Trimaran Parallel and CIBC EPEF, the “Trimaran Entities”) (collectively the SKM Entities, the Trimaran Entities and their respective Permitted Registration Rights Assignees, the
“Investors”); and 

  

	 	(iii)	Mark Buller, each person listed as a Buller Norcraft Holdings LLC party on the signature pages hereto (collectively, the “Buller Norcraft Parties”) and each Person executing this Agreement and listed as
a management party on the signature pages hereto (collectively, the “Management Parties”, and together with Mark Buller and the Buller Norcraft Parties, and their respective Permitted Registration Rights Assignees, the
“Management and Buller Parties”). 

 RECITALS 

1. The Company is contemplating an underwritten Initial Public Offering of shares of its Common Stock registered on Form S-1 under the
Securities Act (the “IPO”). 
 2. In connection with the IPO, the parties hereto have agreed to set forth their agreements
regarding registration rights with respect to the Common Stock and certain other matters following the IPO. 

  
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 AGREEMENT 

Therefore, the parties hereto hereby agree as follows: 

ARTICLE I 

EFFECTIVENESS; DEFINITIONS. 

1.1 Effectiveness. This Agreement shall become effective upon consummation of the closing of the IPO (the “Closing”).

 1.2 Definitions. Certain terms are used in this Agreement as specifically defined herein. These definitions are set forth or
referred to in Section 6 hereof. 
 ARTICLE II 

REGISTRATION RIGHTS. 
 The
Company will perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to
such Holder. 
 2.1 Demand Registration Rights. The Investors or the Buller Norcraft Parties, at any time more than 180 days after
the Initial Public Offering may, by written notice to the Company, request that the Company effect the registration for a Public Offering of Registrable Shares having an anticipated net aggregate offering price of at least $10,000,000 ($25,000,000
in the case of an underwritten offering) (for the avoidance of doubt, the Investors or the Buller Norcraft Parties may deliver a demand for registration under this Section 2.1 whether or not such Investor or Buller Norcraft Party owns
Registrable Shares at the time of such request). If the Investors or Buller Norcraft Parties initiating the registration intend to distribute the Registrable Shares in an underwritten offering, they will so advise the Company in their request.
Promptly after receipt of notice requesting registration pursuant to this Section 2.1, the Company will give written notice of such requested registration to all other holders of Registrable Shares. Subject to the limitations set forth in
Sections 2.1.1, the Company will use its commercially reasonable efforts to effect the registration under the Securities Act of the Registrable Shares that the Company has been requested to register by the Investor or Buller Norcraft Party
requesting such registration and all other Registrable Shares that the Company has been requested to register by other holders of Registrable Shares by notice delivered to the Company within 20 days after the giving of such notice by the Company.

 2.1.1 Limitations. The Company will not be required to effect (i) more than three registrations at the request
of the Trimaran Entities, (ii) more than three registrations at the request of the Buller Norcraft Parties, (iii) more than five registrations at the request of an SKM Entities or (iv) more than one registration in any 180-day period;
provided, that, an Investor or Buller Norcrafty Party shall be charged with a request only if a Registration Statement covering at least 25% of the applicable Registrable Shares shall have (a) become effective or (b) been withdrawn
at the request of the holders of a majority of the Registrable Shares initiating such registration (other than as a result of information that, in the initiating Investors’ or Buller Norcraft Parties’ reasonable good faith judgment, will
have a material adverse effect on the business or 

  
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financial condition of the Company and which is made known to the initiating Investors or Buller Norcraft Parties after the date on which such registration was requested). If from the time of any
request to register Registrable Shares pursuant to this Section 2.1 to but not including the date when such registration becomes effective, the Company is engaged or has firm plans to engage within 90 days of the time of such request in a
registered public offering as to which the holders may include Registrable Shares pursuant to Section 2.2, then the Company may at its option decline such request. 

2.2 Piggyback Registration Rights. 

2.2.1 Piggyback Registration. Whenever the Company (for itself or for any other shareholder) proposes to register any of
its equity securities under the Securities Act on a form of Registration Statement that would allow registration of Registrable Shares for sale to the public (except with respect to Registration Statements on Form S-4, Form S-8 or their respective
successor forms) the Company will, prior to such filing, give written notice to each Investor and Management and Buller Party of the Company’s intention to so register. Upon the written request of any Investor or Management and Buller Party
given within 10 days after the Company provides such notice, the Company shall use reasonable efforts to cause all of such parties’ requested Registrable Shares to be registered under the Securities Act; provided, however, that the
Company shall have the right to postpone or withdraw any registration proposed pursuant to this Section 2.2 without obligation to any Investor or Management and Buller Party. 

2.2.2 Selection of Underwriter. In the case of any offering under this Section 2.2 involving an underwriting, the
Board shall have the right to designate the managing underwriter; provided, however, that such managing underwriter shall be an investment bank of national reputation. 

2.2.3 Allocation of Shares. In connection with any offering under this Section 2.2 involving an underwriting, the
Company shall not be required to include any Registrable Shares in such underwriting unless the holders thereof accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it. Further, if the managing
underwriter advises the Company that, in its view, the number of Registrable Shares requested to be included in such registration exceeds the Maximum Offering Size, the Company will include in such registration, in the following priority, up to the
Maximum Offering Size: first, so many shares of Common Stock proposed to be registered by the Company as would not cause the offering to exceed the Maximum Offering Size; and second, any Registrable Shares requested to be included in such
registration by the Investors and Management and Buller Parties, allocated, if necessary, pro rata on the basis of their relative number of Registrable Shares so held. 

  
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 2.2.4 Registration and Offering Procedures. In connection with the
registration of Registrable Shares under the Securities Act, the Company shall: 
 (a) Prepare and file with the Commission
the Registration Statement and use its commercially reasonable efforts to cause such Registration Statement to become effective. 

(b) Following the effectiveness of the Registration Statement, use its commercially reasonable efforts to prepare and file with
the Commission any amendments and supplements to the Registration Statement and the prospectus included in the Registration Statement as may be necessary to keep the Registration Statement continuously effective under the Securities Act until the
Registrable Shares requested to be registered thereunder are sold; provided further that the Company shall promptly amend, renew or replace, as necessary, any Registration Statement that shall have expired or otherwise been deemed unusable and shall
use its commercially reasonable efforts to keep such amended, renewed or replaced Registration Statement continuously effective under the Securities Act until the Registrable Shares requested to be registered thereunder are sold. 

(c) Furnish to each selling Investor or Management Party and Buller Party such reasonable numbers of copies of the prospectus
included in the Registration Statement, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as the selling Investor or Management and Buller Party may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Shares owned by such selling Investor or Management and Buller Party; 

(d) Use commercially reasonable efforts to promptly remove restrictive legends from any Registrable Shares to be sold pursuant
to the Registration Statement. 
 (e) Use commercially reasonable efforts to register or qualify the Registrable Shares
covered by the Registration Statement under the securities or blue sky laws of such states as the selling Investor or Management and Buller Party shall reasonably request, and do any and all other acts and things that may be necessary or desirable
to enable the selling Investor or Management and Buller Party to consummate the public sale or other disposition within such states of the Registrable Shares owned by the selling Investor or Management and Buller Party; provided, however,
that the Company shall not be required in connection with this paragraph (e) to qualify as a foreign corporation in any jurisdiction, execute a general consent to service of process in any jurisdiction, or subject itself to taxation in any
jurisdiction; 
 (f) Enter into customary agreements (including an underwriting agreement in customary form) and take such
other actions as are reasonably required in order to expedite or facilitate the sale of such Registrable Shares, including without limitation providing reasonable access for due diligence, including such information in the prospectus as is
reasonably requested by the managing underwriter and making management available to participate in a “roadshow” as reasonably requested by the managing underwriter; 

(g) To the extent practicable, provide legal opinions covering the matters customarily covered in opinions requested in
underwritten offerings and such other matters as may be reasonably requested by the holders of Registrable Shares and the underwriter, and an auditor’s “comfort letter” addressed to the selling Investor or Management and Buller Party;

  
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 (h) Following a Public Offering , provide adequate current public information
necessary for compliance with Rule 144(c) of the Securities Act; and 
 (i) Otherwise cooperate reasonably with, and take
such customary actions as may reasonably be requested by the holders of Registrable Shares in connection with such registration. 

2.2.5 Amended Prospectus. If the Company has delivered preliminary or final prospectuses to the selling Investors or
Management and Buller Parties and after having done so the prospectus is amended to comply with the requirements of the Securities Act, the Company shall promptly notify the selling Investors or Management and Buller Parties and, if requested, the
selling Investors or Management and Buller Parties shall immediately cease making offers of Registrable Shares and return all prospectuses to the Company. The Company shall promptly provide the selling Investors or Management and Buller Parties with
revised prospectuses and, following receipt of the revised prospectuses and compliance with any related requirements of the Securities Act and any applicable state securities or blue sky laws, the selling Investors or Management and Buller Parties
shall be free to resume making offers of the Registrable Shares. Any period during which a prospectus is unusable pursuant to this Section 2.2 shall be added to the 180-day period in Section 2.2.4(b). 

2.2.6 Allocation of Expenses. The Company will pay all expenses incurred by the Company in complying with this Article
II, including all registration and filing fees, exchange listing fees, printing expenses, New York Stock Exchange fees, fees of accountants for the Company, fees and disbursements of counsel of the Company and the reasonable fees and expenses of one
counsel selected by the holder(s) of a majority of the Registrable Shares included in such registration, state securities or blue sky reasonable fees and expenses, and the expense of any special audits incident to or required by any such
registration, but excluding underwriting discounts, selling commissions or any other brokerage or underwriting fees and expenses and the fees and expenses of the selling Investors’ or Management and Buller Parties’ own counsel (other than
the one counsel selected as provided above and, if an additional counsel to certain selling Investors or Management and Buller Parties is used that is also counsel to the Company, such counsel). 

2.3 Indemnification and Contribution. 

2.3.1 Indemnities by the Company. The Company will indemnify and hold harmless each seller of Registrable Shares, each
underwriter of Registrable Shares, and each other person, if any, who controls any such seller or underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934 against any losses, claims, damages or liabilities, joint
or several, to which such seller, underwriter or controlling person may become subject under the Securities Act, the Exchange Act, state securities or blue sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement including 

  
 -5- 

 
such Registrable Shares, any preliminary prospectus or final prospectus contained in such Registration Statement, any amendment or supplement to such Registration Statement, or any other
disclosure document, or arise out of or are based upon the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and, the Company will reimburse each such
seller, underwriter and each such controlling person for any legal or any other expenses reasonably incurred by such seller, underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon (a) any untrue statement or omission made in such Registration
Statement, preliminary prospectus or prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, relating to such seller by or on behalf of such seller, underwriter or
controlling person specifically for use in the preparation thereof or (b) the failure of such seller to deliver copies of the prospectus in the manner required by the Securities Act. 

2.3.2 Indemnities to the Company. Each seller of Registrable Shares, severally (and not jointly or jointly and
severally), will indemnify and hold harmless the Company, each of its directors and officers and each underwriter, if any, and each person, if any, who controls the Company or any such underwriter within the meaning of the Securities Act or the
Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which the Company, such director, officer, underwriter or controlling person may become subject under the Securities Act, Exchange Act, state securities or blue
sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement
under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or any other
disclosure document, or arise out of or are 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, if the statement or omission was made in
reliance upon and in conformity with information furnished in writing to the Company relating to such seller by or on behalf of such seller, specifically for use in connection with the preparation of such Registration Statement, prospectus,
amendment, supplement or other disclosure document; provided, however, that the obligations of an Investor or Management and Buller Party hereunder shall be limited to an amount equal to the net proceeds to the Investors and Management
and Buller Parties arising from the sale of Registrable Shares as contemplated herein. 
 2.3.3 Notice of Claims. Each
party entitled to indemnification under this Section 2.3.3 (the “Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) within a reasonable period of
time after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided,
however, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be 

  
 -6- 

 
approved by the Indemnified Party (whose approval shall not be withheld unreasonably). The Indemnified Party may participate in such defense at such party’s expense; provided,
however, that the Indemnifying Party shall pay such expense if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to actual or potential differing interests between the
Indemnified Party and any other party represented by such counsel in such proceeding. No Indemnifying Party in the defense of any such claim or litigation shall, except with the prior written consent of each Indemnified Party, consent to entry of
any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation, and no
Indemnified Party shall consent to entry of any judgment or settle such claim or litigation without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld). 

2.3.4 Contribution. If the indemnification provided for herein is for any reason unavailable to the Indemnified Parties
in respect of any losses, claims, damages or liabilities referred to herein, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, will contribute to the amount paid or payable by such Indemnified Party as a result of such
losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the Company, the sellers of Registrable Shares and any underwriter in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company, the sellers of Registrable Shares and any underwriter will 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 party, and the parties relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission. The Company and sellers of Registrable Shares agree that it would not be just and equitable if contribution pursuant to this Section 2.3.4 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 sentence. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities referred
to in the immediately preceding sentence will be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 2.3.4, no seller of Registrable Shares will be required to contribute any amount in excess of the amount by which the total price at which the Registrable Shares of such seller of
Registrable Shares was offered to the public (less underwriters discounts and commissions) exceeds the amount of any damages which such seller of Registrable Shares has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. 

  
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 2.4 Certain Other Provisions. 

2.4.1 Information by Holder. Each holder of Registrable Shares included in any registration shall furnish to the Company
such information regarding such holder and the distribution proposed by such holder as the Company may reasonably request in writing if it is required in connection with any registration, qualification or compliance referred to in this Article II.

 2.4.2 Lock-Up. Each Investor and Management and Buller Party, if requested by the Board and an underwriter of
Common Stock or other securities of the Company, shall agree pursuant to a written agreement not to sell or otherwise transfer or dispose of any Registrable Shares or other securities of the Company held by such Investor or Management and Buller
Party for a specified period of time (not longer than seven days) prior to the effective date of a Registration Statement and for a specified period of time (not longer than 180 days) following the effective date of a Registration Statement;
provided, however, that such agreement shall not apply to any Registrable Shares (or other securities of the Company) held by such Investors or Management and Buller Parties if they are included in the Registration Statement. The
Company may impose stop transfer instructions with respect to the Registrable Shares or other securities subject to the foregoing restrictions, until the end of the lock-up period. The written agreement referred to in the first sentence of this
Section 2.4.2 is in addition to and not in replacement of other transfer restrictions contained in this Agreement. 
 ARTICLE III

 REMEDIES. 
 3.1
Generally. The parties shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of
this Agreement, in addition to any other remedies which may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies
(including preliminary or temporary relief) as may be appropriate in the circumstances. 
 ARTICLE IV 

PERMITTED REGISTRATION RIGHTS ASSIGNEES. 

4.1 The rights of an Investor or Management and Buller Party hereunder to cause the Company to register its Registrable Securities pursuant to
Section 2.1 or Section 2.2 may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of such Shares effected in accordance with the terms of this Agreement to a Permitted Registration Rights
Assignee of such Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this Section 4 shall be effective unless the Permitted Registration
Rights Assignee, if not a Stockholder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Shares in respect of which

  
 -8- 

 
such assignment is made shall continue to be deemed Shares and shall be subject to all of the provisions of this Agreement relating to Shares and that such Permitted Registration Rights Assignee
shall be bound by, and shall be a party to, this Agreement. A Permitted Registration Rights Assignee to whom rights are transferred pursuant to this Section 4 may not again Transfer such rights to any other Permitted Registration Rights
Assignee, other than as provided in this Section 4. 
 ARTICLE V 

AMENDMENT, TERMINATION, ETC. 

5.1 Oral Modifications. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of
its terms be effective. 
 5.2 Written Modifications. This Agreement may be amended, modified, extended or terminated, and the
provisions hereof may be waived, only by an agreement in writing signed by the Company and the Stockholders that hold a majority of the Shares held by all Stockholders: provided, however, that any amendment, modification, extension,
termination or waiver (an “Amendment”) shall also require the consent of any Stockholder who would be disproportionately and adversely affected thereby. Each such Amendment shall be binding upon each party hereto and each holder of
Shares subject hereto. In addition, each party hereto and each holder of Shares subject hereto may waive any right hereunder by an instrument in writing signed by such party or holder. 

5.3 Effect of Termination. No termination under this Agreement shall relieve any Person of liability for breach prior to termination.
In the event this Agreement is terminated, each party hereto shall retain the indemnification rights pursuant to Section 2.3 hereof with respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior
to such termination. 
 ARTICLE VI 

DEFINITIONS. 
 For purposes
of this Agreement: 
 6.1 Certain Matters of Construction. In addition to the definitions referred to or set forth below in this
Section 6: 
 (i) The words “hereof’, “herein”, “hereunder” and words of similar import
shall refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of this Agreement shall include all subsections thereof; 

(ii) The word “including” shall mean including, without limitation; 

  
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 (iii) Definitions shall be equally applicable to both nouns and verbs and the
singular and plural forms of the terms defined; and 
 (iv) The masculine, feminine and neuter genders shall each include
the other. 
 6.2 Definitions. The following terms shall have the following meanings: 

“Affiliate” shall mean, with respect to any specified Person, any Person that directly or through one or more intermediaries
controls or is controlled by or is under common control with the specified Person (as used in this definition, the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through ownership of voting securities, by contract or otherwise). 
 “Agreement” shall
have the meaning set forth in the Preamble. 
 “Amendment” shall have the meaning set forth in Section 5.2. 

“Board” shall mean the board of directors of the Company. 

“Buller Norcraft Parties” shall have the meaning set forth in the Preamble. 

“business day” shall mean any jay that is not a Saturday, a Sunday or other day on which banks are required or authorized by
law to be closed in the City of New York. 
 “Closing” shall have the meaning set forth in Section 1. 

“Commission” shall mean the Securities and Exchange Commission. 

“Common Stock” shall mean the common stock of the Company, par value $0.01 per share. 

“Company” shall have the meaning set forth in the Preamble. 

“Convertible Securities” shall mean any evidence of indebtedness, shares of stock (other than Common Stock) or other
securities (other than Options and Warrants) which are directly or indirectly convertible into or exchangeable or exercisable for shares of Common Stock. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as in effect from time to time. 

“Exchange Agreement” shall mean the Exchange Agreement, dated
            , 2013, by and among the Company and certain holders of Norcraft Holdings, L.P. common units as set forth therein. 

“Holders” shall mean the holders of Registrable Securities under this Agreement. 

“Indemnitee” shall have the meaning set forth in Section 2.3.3. 

  
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 “Initial Public Offering” shall mean the initial Public Offering of the Company
with an aggregate public offering price of at least $50,000,000 and an initial Public Offering price equivalent to at least $2.50 per share of Common Stock. 

“Investors” shall have the meaning set forth in the Preamble. 

“IPO” shall have the meaning set forth in the Recitals. 

“Management Parties” shall have the meaning set forth in the Preamble. 

“Management and Buller Parties” shall have the meaning set forth in the Preamble. 

“Maximum Offering Size” shall mean the largest aggregate number of shares which can be sold without having a material adverse
effect on such offering, as determined by the managing underwriter. 
 “Members of the Immediate Family” shall mean, with
respect to any individual, (i) each spouse, or natural or adopted child or grandchild of such individual or natural or adopted child or grandchild of such individual’s spouse, (ii) each trust created solely for the benefit of one or
more of such individual and the Persons listed in clause (i) above, and solely for estate planning purposes, (iii) each custodian or guardian of any property of one or more of the Persons listed in clause (i) above, in his capacity as
such custodian or guardian and (iv) each corporation, limited partnership or limited liability company controlled by such individual or one or more of the Persons listed in clause (i) above for the benefit of one or more of such Persons.

 “Options” shall mean any options to subscribe for, purchase or otherwise directly acquire Common Stock, other than any
such option held by the Company or any right to purchase shares pursuant to this Agreement. 
 “Permitted Registration Rights
Transferee” shall mean a transfer: (a) with respect to each holder which is not a natural person, to any Affiliate or to a Person for whom such holder (or an Affiliate of such holder) acts as investment advisor or investment manager
and (x) with respect to an SKM Entity only, any limited partner of SKM Equity Fund III, L.P. and (y) with respect to a Trimaran Entity only, any direct or indirect investor in the Trimaran Fund II, LLC investment program; (b) with
respect to each holder who is a natural person: (i) to a Member of the Immediate Family of such holder; or (ii) and upon the death of a holder, pursuant to the will or other instrument of such holder or by applicable laws of descent and
distribution to such holder’s estate, executors, administrators and personal representatives, and then to such holder’s heirs, legatees or distributees, whether or not such recipients are Members of the Immediate Family of such holder;
provided, however no part of an Interest may be transferred to a minor or an incompetent except in trust or pursuant to the Uniform Gifts to Minors Act. 

“Person” shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability
company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 

“Public Offering” shall mean a public offering and sale of Common Stock for cash pursuant to an effective registration
statement under the Securities Act. 

  
 -11- 

 “Registrable Shares” shall mean (i) the shares of Common Stock issued to
the SKM Entities or Trimaran Entities in connection with the Reorganization, and (ii) any shares of Common Stock issued or issuable upon conversion or exchange of common units of Norcraft Companies, LLC (“Common Units”) in accordance
with the Exchange Agreement; provided, however, that shares of common stock which are Registrable Shares shall cease to be Registrable Shares (a) upon any sale pursuant to a Registration Statement, Section 4(1) of the
Securities Act or Rule 144 under the Securities Act or any successor rule under the Securities Act, or (b) at such time as such securities may be distributed without volume limitation or other restrictions on transfer under Rule 144 (including
without application of paragraphs (c), (e) (f) and (h) of Rule 144). 
 “Registration Statement” means a
registration statement (on Form S-1 or Form S-3) filed by the Company with the Commission for a public offering and sale of securities of the Company. 

“Reorganization” means the reorganization of the Company and Norcraft Holdings, L.P. in connection with the Company’s
IPO, pursuant to the Reorganization Agreement, dated             , 2013. 

“Rule 144” shall mean Rule 144 under the Securities Act (or any successor Rule). 

“Securities Act” shall mean the Securities Act of 1933, as in effect from time to time. 

“Shares” shall mean all shares of Common Stock held by a Stockholder, whenever issued, including all shares of Common Stock
issued upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities. 
 “Stockholders”
shall mean the Investors and Management and Buller Parties. 
 “Transfer” shall mean any sale, pledge, assignment,
encumbrance or other transfer or disposition of any Shares to any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. 

“Warrants” shall mean any warrants to subscribe for, purchase or otherwise directly acquire Common Stock. 

ARTICLE VII 

MISCELLANEOUS. 
 7.1
Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on
behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the
parties hereto, or to constitute any of such parties members of a joint venture or other association. 

  
 -12- 

 7.2 Notices. Any notices, requests, demands, claims and other communications required or
permitted to be delivered, given or otherwise provided under this Agreement shall be in writing and shall be (a) delivered or given personally, (b) sent by facsimile or email, or (c) sent by overnight courier in each case, to the
address (or facsimile number) listed below: 
 If to the Company: 

Norcraft Companies, Inc. 
 3020
Denmark Avenue 
 Suite 100 

Eagan, Minnesota 55121 

Attention: 
 Email: 

Facsimile: 
 If to an SKM Entity:

 [        ] 

Attention: 
 Email: 

Facsimile: 
 with a copy to: 

Ropes & Gray LLP 
 1211
Avenue of the Americas 
 New York, New York 10007 

Attention: Carl Marcellino 

Email: carl.marcellino@ropesgray.com 

Facsimile: (212) 841-0623 

If to a Trimaran Entity: 

[        ] 

Attention: 
 Facsimile: 

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

New York, New York 10007 

Attention: Carl Marcellino 

Email: carl.marcellino@ropesgray.com 

Facsimile: (212) 841-0623 

  
 -13- 

 If to Mark Buller or a Management and Buller Party, to the most recent address of such Management
Party shown on the records of the Company. 
 Notice to the holder of record of any shares of capital stock shall be deemed to be notice to
the holder of such shares for all purposes hereof. 
 Unless otherwise specified herein, such notices or other communications shall be
deemed effective (a) on the date received, if personally delivered, (b) on the date received if delivered by facsimile or email on a business day, or if delivered on other than a business day, on the first business day thereafter and
(c) 2 business days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 

7.3 Merger: Binding Effect, Etc. This Agreement, together with the Stockholders Agreement and Exchange Agreement, constitute the entire
agreement of the parties with respect to their subject matter, supersede all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties
hereto and thereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Stockholder or other party hereto may assign any of its respective rights or delegate any of its
respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

7.4 Descriptive Headings. The descriptive headings of this Agreement are for convenience of reference only, are not to be considered a
part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 
 7.5 Counterparts. This Agreement
may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one instrument. 

7.6 Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such
provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should
be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 

7.7 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, the Company and each Stockholder
covenant, agree and acknowledge that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer, employee, general or limited partner,
member or stockholder of any Stockholder or of any Affiliate or assignee 

  
 -14- 

 
thereof, as such, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed
and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future director, officer, employee, partner, member or stockholder of any Stockholder or of any Affiliate or assignee
thereof, as such, for any obligation of any Stockholder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

ARTICLE VIII 
 GOVERNING
LAW. 
 8.1 Governing Law. This Agreement shall be governed by and construed in accordance with the domestic substantive laws of
the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

8.2 Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon
this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or
otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named
courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts, whether on the grounds of
inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this Agreement, the court in which
such litigation is being heard shall be deemed to be included in clause (a) above. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of process by
registered or certified mail, return receipt requested, at its address specified pursuant to Section 7.4 hereof is reasonably calculated to give actual notice. The provisions of this Section 8.2 shall not restrict the ability of any party
to enforce in any court any judgment obtained in a federal or state court of the State of Delaware. 

  
 -15- 

 8.3 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE
WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT
OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 8.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT.
ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 8.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

8.4 Exercise of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a
result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default
occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 

[remainder of page intentionally left blank.] 

  
 -16- 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused
this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) as of the date and year first above written. 
  

							
	COMPANY:	 		 	NORCRAFT COMPANIES, INC.
				
		 		 	By:	 	  

		 		 	Name:	 	Mark Buller
		 		 	Title:	 	Chief Executive Officer

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	SKM EQUITY FUND III, L.P.
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	SKM INVESTMENT FUND
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	AUDA PARTNERS, L.P.
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	AUDA PARTNERS BETEILIGUNGEN GmbH & Co. KG
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	VESEY STREET FUND, L.P.
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	ARTHUR STREET FUND, L.P.
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	VESEY STREET PORTFOLIO, L.P.
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	ARTHUR STREET PORTFOLIO, L.P.
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	PASSAGE PORTFOLIO, L.P.
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	TRIMARAN FUND II, L.L.C.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	TRIMARAN CAPITAL, L.L.C.
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	TRIMARAN PARALLEL FUND II, L.P.
				
		 		 	By:	 	
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	 CIBC EMPLOYEE PRIVATE EQUITY FUND

(TRIMARAN) PARTNERS

				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

							
	INVESTOR:	 		 	CIBC CAPITAL CORPORATION
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	Authorized Signatory

  
 Signature Page
to Registration Rights Agreement 

 
			
	MARK BULLER
		
	By:	 	  

  
 Signature Page
to Registration Rights Agreement 

					
	BULLER NORCRAFT HOLDINGS LLC PARTIES:	 		 	
			
		 		 	  

		 		 	Herb Buller
			
		 		 	  

		 		 	Erna Buller
			
		 		 	  

		 		 	Philip Buller
			
		 		 	  

		 		 	James Buller
			
		 		 	  

		 		 	David Buller
			
		 		 	  

		 		 	Mark Buller

  
 Signature Page
to Registration Rights Agreement 

					
	MANAGEMENT PARTIES:	 		 	  

		 		 	Albert Loewen
			
		 		 	  

		 		 	Cathie Austen
			
		 		 	  

		 		 	Chris Reynolds
			
		 		 	  

		 		 	Clement Michaud
			
		 		 	  

		 		 	Clyde Clement
			
		 		 	  

		 		 	Daren Drewlo
			
		 		 	  

		 		 	David Buller
			
		 		 	  

		 		 	David Wylie
			
		 		 	  

		 		 	Doug Broberg
			
		 		 	  

		 		 	Eric Tanquist
			
		 		 	  

		 		 	Grant Fisher

  
 Signature Page
to Registration Rights Agreement 

	
	
	  

	Jack Laninga
	
	  

	James Buller
	
	  

	Jason Flagstad
	
	  

	John Coady
	
	  

	John Loucks
	
	  

	John Swedeen
	
	  

	Justin Wanninger
	
	  

	Kevin Andersen
	
	  

	Kurt Wanninger
	
	  

	Larry Pingston
	
	  

	Leigh Ginter

  
 Signature Page
to Registration Rights Agreement 

	
	
	  

	Mark Buller
	
	  

	Mark Clements
	
	  

	Mark Pyle
	
	  

	Monte Young
	
	  

	Norman Krogh
	
	  

	Paul Maassen
	
	  

	Pete Bendix
	
	  

	Robert Kerr
	
	  

	Rodney Brewer
	
	  

	Ron Carr
	
	  

	Tim Jordan

  
 Signature Page
to Registration Rights Agreement 

	
	
	  

	Wayne Steinhauer
	
	  

	William Darragh

  
 Signature Page
to Registration Rights Agreement 

	
	Andrew Quacinella, IRA:
	
	  

	Andrew Quacinella
	
	  

	Trustee
	
	Anthony Zellars, IRA:
	
	  

	Anthony Zellars
	
	  

	Trustee
	
	Brian Robinson, IRA:
	
	  

	Brian Robinson
	
	  

	Trustee
	
	Chuck Schleifer, IRA:
	
	  

	Chuck Schleifer
	
	  

	Trustee

  
 Signature Page
to Registration Rights Agreement 

	
	David Littlefield, IRA:
	
	  

	David Littlefield
	
	  

	Trustee
	
	Eric Tanquist, IRA:
	
	  

	Eric Tanquist
	
	  

	Trustee
	
	James A. Mullen, IRA:
	
	  

	James A. Mullen
	
	  

	Trustee
	
	Jeff Lukes, IRA:
	
	  

	Jeff Lukes
	
	  

	Trustee

  
 Signature Page
to Registration Rights Agreement 

 
	
	Jerry Riley, IRA:
	
	  

	Jerry Riley
	
	  

	Trustee
	
	John Loucks, IRA:
	
	  

	John Loucks
	
	  

	Trustee
	
	John Swedeen, IRA:
	
	  

	John Swedeen
	
	  

	Trustee
	
	Kevin Andersen, IRA:
	
	  

	Kevin Andersen
	
	  

	Trustee

  
 Signature Page
to Registration Rights Agreement 

 
	
	Kurt Wanninger, IRA:
	
	  

	Kurt Wanninger
	
	  

	Trustee
	
	Larry Pingston, IRA:
	
	  

	Larry Pingston
	
	  

	Trustee
	
	Monte Young, IRA:
	
	  

	Monte Young
	
	  

	Trustee
	
	Norman Krogh, IRA:
	
	  

	Norman Krogh
	
	  

	Trustee

  
 Signature Page
to Registration Rights Agreement 

 
	
	Paul Maassen, IRA:
	
	  

	Paul Maassen
	
	  

	Trustee
	
	Pete Bendix, IRA:
	
	  

	Pete Bendix
	
	  

	Trustee
	
	Raymond E. Waite, IRA:
	
	  

	Raymond E. Waite
	
	  

	Trustee
	
	Reggie Graham, IRA:
	
	  

	Reggie Graham
	
	  

	Trustee

  
 Signature Page
to Registration Rights Agreement 

 
	
	Robert Kerr, IRA:
	
	  

	Robert Kerr
	
	  

	Trustee
	
	Rodney Brewer, IRA:
	
	  

	Rodney Brewer
	
	  

	Trustee
	
	Rodney Heibult, IRA:
	
	  

	Rodney Heibult
	
	  

	Trustee
	
	Ron Carr, IRA:
	
	  

	Ron Carr
	
	  

	Trustee

  
 Signature Page
to Registration Rights Agreement 

 
			
	Ronald J. Adams, IRA:
	
	  

	Ronald J. Adams
	
	  

	Trustee
	
	Simon Solomon, IRA:
	
	  

	Simon Solomon
	
	  

	Trustee
	
	Steve Woolard, IRA:
	
	  

	Steve Woolard
	
	  

	Trustee
	
	Carl Bohn Family Trust
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Signature Page
to Registration Rights AgreementEX-10.23

 Exhibit 10.23 

FORM OF 
 EXCHANGE
AGREEMENT 
 EXCHANGE AGREEMENT (this “Agreement”), dated as of
            , 2013, among Norcraft Companies, Inc., a Delaware corporation (the “Corporation”), SKM Norcraft Corp., Trimaran Cabinet Corp. and the holders of LLC Units (as
defined herein) from time to time party hereto. 
 WHEREAS, the parties hereto desire to provide for the exchange of LLC Units for shares of
Common Stock (as defined herein) or for cash, on the terms and subject to the conditions set forth herein; and 
 WHEREAS, the parties
intend that an Exchange (as defined herein) consummated hereunder be treated for U.S. federal income tax purposes, to the extent permitted by law, as a taxable sale of the applicable LLC Units to the Corporation; 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

SECTION 1.1. Definitions 

The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this
Agreement. 
 “Cash Exchange Payment” means an amount in cash equal to the product of (x) the number of LLC Units
Exchanged and (y) the average of the daily VWAP of a share of Common Stock for the 15 Trading Days immediately prior to (A) in the case of a Voluntary Exchange, the date of delivery of the relevant Exchange Notice, (B) in the case of
a Mandatory Exchange in connection with a Change in Control, the date of the consummation of the Change in Control (and, in the case of a Change in Control described in (i), (ii) or (iii) of the definition of Change in Control set forth in
Section 1.1 of this Agreement, the date of the consummation of the transaction approved thereby) or (C) in the case of a Mandatory Exchange in connection with the termination of a Terminated Employee-Member (as defined below), the date of
the consummation of the termination of employment; provided that in calculating such average, (i) the VWAP for any Trading Day during the 15 Trading Day period prior to the ex-date of any extraordinary distributions made on the Common Stock
during the 15 Trading Day period shall be reduced by the value of such distribution per share of Common Stock, and (ii) the VWAP for any Trading Day during the 15 Trading Day period prior to the date of a subdivision or combination, by reverse
split, dividend reclassification, recapitalization or otherwise, of Common Stock during the 15 Trading Day period shall automatically be adjusted in inverse proportion to such subdivision or combination. 

 A “Change in Control” shall be deemed to have occurred if or upon: 

(i) the stockholders of the Corporation approve the sale, lease or transfer, in one or a series of related transactions, of all or
substantially all of the Corporation’s assets (determined on a consolidated basis) to any person or group (as such term is used in Section 13(d)(3) of the Exchange Act) other than to any subsidiary of the Corporation; provided, that, for
clarity and notwithstanding anything to the contrary, neither the approval of nor consummation of a transaction treated for U.S. federal income tax purposes as a liquidation into the Corporation of its wholly-owned Subsidiaries or merger of such
entities into one another or the Corporation will constitute a “Change in Control”; 
 (ii) the stockholders of the Corporation
approve a merger or consolidation of the Corporation with any other person, other than a merger or consolidation which would result in the Voting Securities of the Corporation outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 50.1% of the total voting power represented by the Voting Securities of the Corporation or such surviving entity outstanding immediately after such
merger or consolidation; 
 (iii) the stockholders of the Corporation approve the adoption of a plan the consummation of which would result
in the liquidation or dissolution of the Corporation; 
 (iv) the acquisition, directly or indirectly, by any person or group (as such term
is used in Section 13(d)(3) of the Exchange Act) (other than (a) a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation; (b) a corporation or other entity owned, directly or indirectly, by
the stockholders of the Corporation in substantially the same proportions as their ownership of stock of the Corporation; (c) SKM Equity Fund III, L.P. and its Affiliates ((a) through (c) collectively are referred to herein as
“Exempt Persons”)) of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of more than 50.01% of the aggregate voting power of the Voting Securities of the Corporation; or 

(v) during any 12 month period, individuals who at the beginning of such period composed the Board of Directors of the Corporation (together
with any new directors whose election by such Board of Directors or whose nomination for election by the stockholders of the Corporation was approved by a vote of 66 2/3% of the directors of the Corporation then still in office who were either
directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors of the Corporation then in office. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Common Stock” means the common stock, par value $0.01 per share, of the Corporation. 

“Corporation” has the meaning set forth in the Recitals hereto. 

“Exchange” has the meaning set forth in Section 2.1(a)(ii) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  
 -2- 

 “Exchange Notice” means a written election of Exchange substantially in the form
of Exhibit A, duly executed by the exchanging LLC Unitholder. 
 “Exchange Rate” means the number of shares of
Common Stock for which an LLC Unit is entitled to be Exchanged. On the date of this Agreement, the Exchange Rate shall be 1 for 1, subject to adjustment pursuant to Section 2.2 of this Agreement. 

“Governmental Entity” means the United States of America or any other nation, any state or other political subdivision
thereof, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of government, including any court, in each case, having jurisdiction over Norcraft LLC or any of its Subsidiaries or any of the property or
other assets of Norcraft LLC or any of its subsidiaries. 
 “IPO” has the meaning set forth in Section 2.1(a)(i) of
this Agreement. 
 “LLC Unit” means (i) each Common Unit (as such term is defined in the Norcraft LLC Agreement)
issued as of the date hereof and (ii) each Common Unit or other interest in Norcraft LLC that may be issued by Norcraft LLC in the future that is designated by the Corporation as an “LLC Unit”. 

“LLC Unitholder” means each holder of one or more LLC Units that may from time to time be a party to this Agreement. 

“Mandatory Exchange” has the meaning set forth in Section 2.1(a)(ii) of this Agreement. 

“Norcraft LLC” means Norcraft Companies LLC, a Delaware limited liability company, and any successor thereto. 

“Norcraft LLC Agreement” means the Limited Liability Agreement of Norcraft LLC, dated on or about the date hereof, as such
agreement may be amended from time to time. 
 “Person” means an individual, a partnership (including a limited
partnership), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, association or other entity or Governmental Entity. 

“Registration Rights Agreement” means the registration rights agreement by and among the Corporation and the parties named
therein, dated as of              , 2013. 
 “Securities Act”
means the Securities Act of 1933, as amended. 
 “Subsidiaries” means, with respect to any Person, any corporation, limited
liability company, partnership, association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association or other business entity (other than a corporation), a majority of partnership or other similar ownership interest thereof is at the time owned or controlled, directly 

  
 -3- 

 
or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Peron or Persons shall be deemed to have a majority ownership interest in
a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains
or losses or shall control the management of any such limited liability company, partnership, association or other business entity. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such times
that such Person has one or more Subsidiaries and, unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 

“Unvested Common Units” has the meaning given to such term in the Norcraft LLC Agreement. 

“Voluntary Exchange” has the meaning set forth in Section 2(a)(i) of this Agreement. 

“Voting Securities” shall mean any securities of the Corporation which are entitled to vote generally in matters submitted
for a vote of the Corporation’s stockholders or generally in the election of the Corporation’s board of directors. 

“VWAP” means the daily per share volume-weighted average price of the Common Stock as displayed under the heading Bloomberg
VWAP on the Bloomberg page designated for the Common Stock (or its equivalent successor if such page is not available) in respect of the period from the open of trading on such day until the close of trading on such day (or if such volume-weighted
average price is unavailable, (x) the per share volume-weighted average price of such Common Stock on such day (determined without regard to afterhours trading or any other trading outside the regular trading session or trading hours), or
(y) if such determination is not feasible, the market price per share of Common Stock, in either case as determined by a nationally recognized independent investment banking firm retained for this purpose by the Corporation). 

ARTICLE II 
 SECTION 2.1.
Exchange of LLC Units for Common Stock. 
 (a) (i) Voluntary Exchange. From and after the first anniversary of the date of the
closing of the initial public offering and sale of Common Stock (as contemplated by the Corporation’s Registration Statement on Form S-1 (File No. 333-191607) (the “IPO”), in the event that any LLC Unitholder wishes to
effect an exchange pursuant to this Section 2.1(a)(i) with respect to any of its LLC Units (other than Unvested Common Units), such LLC Unitholder shall (A) deliver to Norcraft LLC an Exchange Notice and (B) surrender such LLC Units
(other than Unvested Common Units) to the Corporation (in each case, free and clear of all liens, encumbrances, rights of first refusal and the like) in consideration for, at the option of the Corporation, either: (x) a Cash Exchange Payment
calculated with respect to such surrendered LLC Units by the Corporation, payable in accordance with the instructions provided in the Exchange Notice or (y) the issuance by the Corporation to such LLC Unitholder a number of shares of Common
Stock that is equal to the product of the number of LLC Units surrendered 

  
 -4- 

 
multiplied by the Exchange Rate (any exchange pursuant to (x) or (y), a “Voluntary Exchange”); provided, that any such exchange pursuant to this
Section 2.1(a)(i) is for a minimum of the lesser of 1,000 LLC Units or all of the LLC Units (other than Unvested Common Units) held by such LLC Unitholder. 

(ii) Mandatory Exchange. Notwithstanding any other provision of this Agreement, upon the occurrence of any Change in Control, all LLC
Units shall be automatically surrendered to the Corporation (in each case, free and clear of all liens, encumbrances, rights of first refusal and the like), and in consideration for such surrender to be delivered on the consummation of such Change
in Control (and, in the case of a Change in Control described in (i), (ii) or (iii) of the definition of Change in Control set forth in Section 1.1 of this Agreement, the surrender and delivery of consideration shall be contingent
upon the consummation of the transaction approved thereby), the Corporation shall provide, at its option and upon the terms and subject to the conditions hereof, either: (x) a Cash Exchange Payment calculated with respect to such surrendered
LLC Units by the Corporation or (y) the issuance by the Corporation to such LLC Unitholder a number of shares of Common Stock that is equal to the product of the number of LLC Units surrendered multiplied by the Exchange Rate. In addition, in
the case of a holder of LLC Units who is an employee of, or who provides services to or on behalf of, the Company or an Affiliate thereof, upon the termination of employment or the performance of services of such LLC Unitholder for any reason (a
“Terminated Employee-Member”), upon notice from the Corporation, delivered at the Corporation’s option, each vested LLC Unit held by such Terminated Employee-Member at the time of termination shall be automatically surrendered
to the Corporation (in each case, free and clear of all liens, encumbrances, rights of first refusal and the like) in consideration for such surrender to be delivered within three (3) business days following such termination, at the option of
the Corporation, either: (x) a Cash Exchange Payment calculated with respect to such surrendered Common Units by the Corporation or (y) the issuance by the Corporation to such holder of Common Units a number of shares of Common Stock that
is equal to the product of the number of Common Units surrendered multiplied by the Exchange Rate. (Any exchange described in this Section 2.1(a)(ii), a “Mandatory Exchange” and, such a Mandatory Exchange or a Voluntary
Exchange, an “Exchange”). Each Unvested Common Unit held by such Terminated Employee-Member shall be automatically cancelled. 

(b) The shares of Common Stock issued upon an Exchange shall bear a legend in substantially the following form: 

THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY
OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 

(c) If (i) any shares of Common Stock may be sold pursuant to a registration statement that has been declared effective by the Securities
and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met, or (iii) if an LLC Unitholder otherwise requests removal of the legend, the Corporation, upon the written request of the LLC Unitholder thereof

  
 -5- 

 
and, in the case of clauses (ii) and (iii), receipt of an opinion of counsel to such LLC Unitholder reasonably acceptable to the Corporation, shall take all necessary action promptly to
remove such legend (in the case of clause (i), with respect to any such shares) and, if the shares of Common Stock are certificated, issue to such LLC Unitholder new certificates evidencing such shares of Common Stock without the legend. 

(d) If the Corporation elects to issue Common Stock in a Voluntary Exchange pursuant to Section 2.1(a)(i) above, as promptly as
practicable following the delivery of the Exchange Notice, and in any event within three (3) business days, the Corporation shall deliver or cause to be delivered at the offices of the then-acting registrar and transfer agent of the Common
Stock or, if there is no then-acting registrar and transfer agent of the Common Stock, at the principal executive offices of the Corporation, the number of shares of Common Stock deliverable upon such Exchange, registered in the name of the relevant
exchanging LLC Unitholder. To the extent the Common Stock is settled through the facilities of The Depository Trust Company, the Corporation will, subject to Section 2.1(e) below, upon the written instruction of an exchanging LLC Unitholder,
use its reasonable best efforts to deliver the shares of Common Stock deliverable to such exchanging LLC Unitholder, through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company designated
by such exchanging LLC Unitholder. 
 (e) The Corporation and each exchanging LLC Unitholder shall bear their own expenses in connection
with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated, except that the Corporation shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of,
any Exchange; provided, however, that if any shares of Common Stock are to be delivered in a name other than that of the LLC Unitholder that requested the Exchange, then such LLC Unitholder and/or the person in whose name such shares are to be
delivered shall pay to the Corporation the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Corporation
that such tax has been paid or is not payable. 
 (f) Notwithstanding anything to the contrary herein, if the Board of Directors of the
Corporation, after consultation with its outside legal counsel and tax advisor, shall determine in good faith that Norcraft LLC (and interests in Norcraft LLC) do not (or are not reasonably expected to) for any taxable year meet the requirements of
Treasury Regulation Section 1.7704-1(h), the Corporation may impose such restrictions on Exchanges for such taxable year as the Corporation may reasonably determine to be necessary or advisable so that Norcraft LLC is not subject to any
material risk that it may treated as a “publicly traded partnership” under Section 7704 of the Code. 
 (g) For the avoidance
of doubt, and notwithstanding anything to the contrary herein, an LLC Unitholder shall not be entitled to a Voluntary Exchange to the extent the Corporation reasonably determines in good faith that such Exchange (i) would be prohibited by law
or regulation or (ii) would not be permitted under any other agreement with the Corporation or its subsidiaries to which such LLC Unitholder is then subject (including the Norcraft LLC Agreement) or any written policies of the Corporation
relating to insider trading then applicable to such LLC Unitholder. For avoidance of doubt, no Exchange shall be deemed to be prohibited by any law or regulation pertaining to the registration of securities if such securities have been so registered
or if any exemption from such registration requirements is reasonably available. 

  
 -6- 

 (h) The Corporation and any applicable withholding agent shall be entitled to deduct and withhold
from any amounts required to be paid or delivered under this Agreement any amounts required by applicable law to be withheld. To the extent that amounts are so deducted or withheld by the Corporation or other applicable withholding agent, such
deducted or withheld amounts shall be treated for all purposes of this Agreement as having been paid to the person in respect of which such deduction and withholding was made. 

SECTION 2.2. Adjustment. 

(a) The Exchange Rate shall be adjusted accordingly if there is: (a) any subdivision (by any unit split, unit distribution,
reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the LLC Units that is not accompanied by an identical subdivision or
combination of the Common Stock; or (b) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification,
reorganization, recapitalization or otherwise) of the Common Stock that is not accompanied by an identical subdivision or combination of the LLC Units. If there is any reclassification, reorganization, recapitalization or other similar transaction
in which the Common Stock are converted or changed into another security, securities or other property, then upon any subsequent Exchange, an exchanging LLC Unitholder shall be entitled to receive the amount of such security, securities or other
property that such exchanging LLC Unitholder would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other similar transaction, taking into account any
adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of such security,
securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if there is any reclassification, reorganization, recapitalization
or other similar transaction in which the Common Stock are converted or changed into another security, securities or other property, this Section 2.2 shall continue to be applicable, mutatis mutandis, with respect to such security or other
property. This Agreement shall apply to the LLC Units held by the LLC Unitholders as of the date hereof, as well as any LLC Units hereafter acquired by a LLC Unitholder. This Agreement shall apply to, mutatis mutandis, and all references to
“LLC Units” shall be deemed to include, any security, securities or other property of Norcraft LLC which may be issued in respect of, in exchange for or in substitution of LLC Units by reason of any distribution or dividend, split, reverse
split, combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction. 

SECTION 2.3. Common Stock to be Issued. 

(a) The Corporation shall at all times reserve and keep available out of its authorized but unissued Common Stock, solely for the purpose of
issuance upon an Exchange, such number of shares of Common Stock as may be deliverable upon any such Exchange; provided that 

  
 -7- 

 
nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Exchange by delivery of purchased shares of Common Stock (which may
or may not be held in the treasury of the Corporation or any subsidiary thereof) or cash. 
 (b) Subject to the terms of the Registration
Rights Agreement, the Corporation covenants and agrees to deliver shares of Common Stock, if requested, pursuant to an effective registration statement under the Securities Act with respect to any Exchange to the extent that a registration statement
is effective and available for such shares. In the event that any Exchange in accordance with this Agreement is to be effected at a time when any required registration has not become effective or otherwise is unavailable, the rights of any LLC
Unitholders shall be as set forth in the Registration Rights Agreement. 
 (c) If any Takeover Law or other similar law or regulation
becomes or is deemed to become applicable to this Agreement or any of the transactions contemplated hereby, the Corporation shall use its reasonable best efforts to render such law or regulation inapplicable to all of the foregoing. 

(d) The Corporation covenants that all Common Stock issued upon an Exchange will, upon issuance, be validly issued, fully paid and
non-assessable and not subject to any preemptive right of stockholders of the Corporation or to any right of first refusal or other right in favor of any person or entity. 

ARTICLE III 
 SECTION 3.1.
Representations and Warranties of the Corporation. The Corporation represents and warrants that (i) it is a corporation duly incorporated and is existing in good standing under the laws of the State of Delaware, (ii) it has all
requisite corporate power and authority to enter into and perform this Agreement and to consummate the transactions contemplated hereby and to issue the Common Stock in accordance with the terms hereof, (iii) the execution and delivery of this
Agreement by the Corporation and the consummation by it of the transactions contemplated hereby (including the issuance of the Common Stock) have been duly authorized by all necessary corporate action on the part of the Corporation, including but
not limited to all actions necessary to ensure that the acquisition of shares Common Stock pursuant to the transactions contemplated hereby, to the fullest extent of the Corporation’s Board of Directors’ power and authority and to the
extent permitted by law, shall not be subject to any “moratorium,” “control share acquisition,” “business combination,” “fair price” or other form of anti-takeover laws and regulations of any jurisdiction that
may purport to be applicable to this Agreement or the transactions contemplated hereby (collectively, “Takeover Laws”) and (iv) this Agreement constitutes a legal, valid and binding obligation of the Corporation enforceable
against the Corporation in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.

 SECTION 3.2. Representations and Warranties of the LLC Unitholders. Each LLC Unitholder, severally and not jointly, represents and
warrants that (i) if it is not a natural person, that it is duly incorporated or formed and, the extent such concept exists in its jurisdiction of 

  
 -8- 

 
organization, is in good standing under the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and to consummate the
transactions contemplated hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the
part of such LLC Unitholder and (iv) this Agreement constitutes a legal, valid and binding obligation of such LLC Unitholder enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by
bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally. 
 ARTICLE IV

 SECTION 4.1. Addresses and Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing
and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 4.1): 

(a) If to the Corporation, to: 

Norcraft Companies, Inc. 
 3020
Denmark Avenue 
 Suite 100 

Eagan, MN 55121 
 Attention: Chief
Financial Officer 
 Fax: (651) 234-3315 

Electronic Mail: leigh.ginter@norcraftcompanies.com 

(b) If to any LLC Unitholder, to the address and other contact information set forth in the records of Norcraft LLC from time to time. 

SECTION 4.2. Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain from
taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 SECTION 4.3. Binding Effect. This
Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

SECTION 4.4. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner
materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

  
 -9- 

 SECTION 4.5. Terms Generally. In this Agreement, unless otherwise specified or where the
context otherwise requires: 
 (a) the headings of particular provisions of this Agreement are inserted for convenience only and will not be
construed as a part of this Agreement or serve as a limitation or expansion on the scope of any term or provision of this Agreement; 
 (b)
words importing any gender shall include other genders; 
 (c) words importing the singular only shall include the plural and vice versa;

 (d) the words “include,” “includes” or “including” shall be deemed to be followed by the words
“without limitation;” 
 (e) the words “hereof,” “herein” and “herewith” and words of similar import
shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(f) references to “Exhibits” or “Sections” shall be to Exhibits or Sections of or to this Agreement; 

(g) references to any Person include the successors and permitted assigns of such Person; 

(h) the use of the words “or,” “either” and “any” shall not be exclusive; 

(i) references to “$” or “dollars” means the lawful currency of the United States of America; 

(j) references to any agreement, or contract, unless otherwise stated, are to such agreement, or contract as amended, modified or supplemented
from time to time in accordance with the terms hereof and thereof; and 
 (k) the parties hereto have participated collectively in the
negotiation and drafting of this Agreement; accordingly, in the event an ambiguity or question of intent or interpretation arises, it is the intention of the parties that this Agreement shall be construed as if drafted collectively by the parties
hereto, and that no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provisions of this Agreement. 

SECTION 4.6. Amendment. The provisions of this Agreement may be amended only by the affirmative vote or written consent of each of
(i) the Corporation and (ii) LLC Unitholders holding at least a majority of the then outstanding LLC Units (excluding LLC Units held by the Corporation). 

  
 -10- 

 SECTION 4.7. Waiver. No failure by any party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition. 

SECTION 4.8. Submission to Jurisdiction; Waiver of Jury Trial. 

(a) (1) EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN DELAWARE FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING
BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 4.8, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include
any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that each party designated by this paragraph (a) has a
reasonable relation to this Agreement, and to the parties’ relationship with one another. 
 (i) The parties hereby waive, to the
fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding
paragraph of this Section 4.8 and such parties agree not to plead or claim the same. 
 SECTION 4.9. Counterparts. This
Agreement may be executed and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when
executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, by e-mail delivery of a “.pdf” format data file
or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 4.9. 

SECTION 4.10. Tax Treatment. This Agreement shall be treated as part of the Norcraft LLC Agreement as described in Section 761(c)
of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. Except as otherwise required by applicable law: (a) the parties shall report an Exchange consummated hereunder as a taxable sale of
the applicable LLC Units by an LLC Unitholder to the Corporation; and (b) no party shall take a contrary position on any tax return. 

SECTION 4.11. Specific Performance. The parties hereto agree that irreparable damage would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance of the terms and provisions hereof, in addition
to any other remedy to which they are entitled at law or in equity. 
 SECTION 4.12. Independent Nature of LLC Unitholders’ Rights
and Obligations. The obligations of each LLC Unitholder hereunder are several and not joint with the obligations of any other LLC Unitholder, and no LLC Unitholder shall be responsible in any way for the

  
 -11- 

 
performance of the obligations of any other LLC Unitholder under hereunder. The decision of each LLC Unitholder to enter into to this Agreement has been made by such LLC Unitholder independently
of any other LLC Unitholder. Nothing contained herein, and no action taken by any LLC Unitholder pursuant hereto, shall be deemed to constitute the LLC Unitholders as a partnership, an association, a joint venture or any other kind of entity, or
create a presumption that the LLC Unitholders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Corporation acknowledges that the LLC Unitholders are not acting in concert
or as a group, and the Corporation will not assert any such claim, with respect to such obligations or the transactions contemplated hereby. 

SECTION 4.13. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware.

  
 -12- 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all
as of the date first set forth above. 
  

					
	NORCRAFT COMPANIES, INC.
		
	By:	 	  

		 	Name:	 	Mark Buller
		 	Title:	 	Chief Executive Officer

  
 [Signature Page to
Exchange Agreement] 

 
			
	SKM NORCRAFT CORP.
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Exchange Agreement] 

 
			
	TRIMARAN CABINET CORP.
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Exchange Agreement] 

 HOLDERS OF LLC UNITS: 

 

	
	  

	Mark Buller
	
	  

	Herb Buller
	
	  

	Erna Buller
	
	  

	Philip Buller
	
	  

	James Buller
	
	  

	David Buller

  
 [Signature Page to
Exchange Agreement] 

 HOLDERS OF LLC UNITS: 

 

	
	  

	Albert Loewen
	
	  

	Cathie Austen
	
	  

	Chris Reynolds
	
	  

	Clement Michaud
	
	  

	Clyde Clement
	
	  

	Daren Drewlo
	
	  

	David Wylie
	
	  

	Doug Broberg
	
	  

	Eric Tanquist
	
	  

	Grant Fisher

  
 [Signature Page to
Exchange Agreement] 

 
	
	  

	Jack Laninga
	
	  

	Jason Flagstad
	
	  

	John Coady
	
	  

	John Loucks
	
	  

	John Swedeen
	
	  

	Justin Wanninger
	
	  

	Kevin Andersen
	
	  

	Kurt Wanninger
	
	  

	Larry Pingston
	
	  

	Leigh Ginter

  
 [Signature Page to
Exchange Agreement] 

 
	
	  

	Mark Clements
	
	  

	Mark Pyle
	
	  

	Monte Young
	
	  

	Norman Krogh
	
	  

	Paul Maassen
	
	  

	Pete Bendix
	
	  

	Robert Kerr
	
	  

	Rodney Brewer
	
	  

	Ron Carr
	
	  

	Tim Jordan

  
 [Signature Page to
Exchange Agreement] 

 
	
	  

	Wayne Steinhauer
	
	  

	William Darragh

  
 [Signature Page to
Exchange Agreement] 

 
	
	Andrew Quacinella, IRA:
	
	  

	Andrew Quacinella
	
	  

	Trustee
	
	Anthony Zellars, IRA:
	
	  

	Anthony Zellars
	
	  

	Trustee
	
	Brian Robinson, IRA:
	
	  

	Brian Robinson
	
	  

	Trustee
	
	Chuck Schleifer, IRA:
	
	  

	Chuck Schleifer
	
	  

	Trustee

  
 [Signature Page to
Exchange Agreement] 

 
	
	David Littlefield, IRA:
	
	  

	David Littlefield
	
	  

	Trustee
	
	Eric Tanquist, IRA:
	
	  

	Eric Tanquist
	
	  

	Trustee
	
	James A. Mullen, IRA:
	
	  

	James A. Mullen
	
	  

	Trustee
	
	Jeff Lukes, IRA:
	
	  

	Jeff Lukes
	
	  

	Trustee

  
 [Signature Page to
Exchange Agreement] 

 
	
	Jerry Riley, IRA:
	
	  

	Jerry Riley
	
	  

	Trustee
	
	John Loucks, IRA:
	
	  

	John Loucks
	
	  

	Trustee
	
	John Swedeen, IRA:
	
	  

	John Swedeen
	
	  

	Trustee
	
	Kevin Andersen, IRA:
	
	  

	Kevin Andersen
	
	  

	Trustee

  
 [Signature Page to
Exchange Agreement] 

 
	
	Kurt Wanninger, IRA:
	
	  

	Kurt Wanninger
	
	  

	Trustee
	
	Larry Pingston, IRA:
	
	  

	Larry Pingston
	
	  

	Trustee
	
	Monte Young, IRA:
	
	  

	Monte Young
	
	  

	Trustee
	
	Norman Krogh, IRA:
	
	  

	Norman Krogh
	
	  

	Trustee

  
 [Signature Page to
Exchange Agreement] 

 
	
	Paul Maassen, IRA:
	
	  

	Paul Maassen
	
	  

	Trustee
	
	Pete Bendix, IRA:
	
	  

	Pete Bendix
	
	  

	Trustee
	
	Raymond E. Waite, IRA:
	
	  

	Raymond E. Waite
	
	  

	Trustee
	
	Reggie Graham, IRA:
	
	  

	Reggie Graham
	
	  

	Trustee

  
 [Signature Page to
Exchange Agreement] 

 
	
	Robert Kerr, IRA:
	
	  

	Robert Kerr
	
	  

	Trustee
	
	Rodney Brewer, IRA:
	
	  

	Rodney Brewer
	
	  

	Trustee
	
	Rodney Heibult, IRA:
	
	  

	Rodney Heibult
	
	  

	Trustee
	
	Ron Carr, IRA:
	
	  

	Ron Carr
	
	  

	Trustee

  
 [Signature Page to
Exchange Agreement] 

 
	
	Ronald J. Adams, IRA:
	
	  

	Ronald J. Adams
	
	  

	Trustee
	
	Simon Solomon, IRA:
	
	  

	Simon Solomon
	
	  

	Trustee
	
	Steve Woolard, IRA:
	
	  

	Steve Woolard
	
	  

	Trustee

  

			
	Carl Bohn Family Trust
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [Signature Page to
Exchange Agreement] 

 EXHIBIT A 

[FORM OF] 
 EXCHANGE NOTICE 

Norcraft Companies, Inc. 
 3020 Denmark Avenue 

Suite 100 
 Eagan, MN 55121 

Attention: Chief Financial Officer 
 Reference is
hereby made to the Exchange Agreement, dated as of [            ], 2013 (the “Exchange Agreement”), among Norcraft Companies, Inc., a Delaware corporation, and the holders
of LLC Units (as defined herein) from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement. 

The undersigned LLC Unitholder hereby transfers to the Corporation the number of LLC Units set forth below in exchange for a Cash Exchange
Payment to the account set forth below or for shares of Common Stock to be issued in its name as set forth below, as set forth in the Exchange Agreement. 
  

			
	Legal Name of LLC Unitholder:	 	  

 

			
	Address:	 	  

 

			
	Number of LLC Units to be Exchanged:	 	  

 

			
	Cash Exchange Payment Instructions:	 	  

 The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to execute and deliver
this Exchange Notice and to perform the undersigned’s obligations hereunder; (ii) this Exchange Notice has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of the undersigned enforceable
against it in accordance with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable remedies; (iii) the LLC
Units subject to this Exchange Notice are being transferred to the Corporation free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and (iv) no consent, approval, authorization, order, registration or
qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the LLC Units subject to this Exchange Notice is required to be obtained by the undersigned for the transfer of such LLC
Units to the Corporation. 
 The undersigned hereby irrevocably constitutes and appoints any officer of the Corporation as the attorney of the undersigned,
with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to the Corporation the LLC Units subject to this Exchange Notice and to deliver to the
undersigned the shares of Common Stock or cash to be delivered in Exchange therefor. 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Exchange Notice to
be executed and delivered by the undersigned or by its duly authorized attorney. 
  

			
	  

	Name:	 	
		
	Dated:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00222-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00222-of-00352.parquet"}]]