Document:

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                                                                EXHIBIT 10.47(b)

                               MEGAPRO TOOLS, INC.

                             STOCKHOLDERS' AGREEMENT

      STOCKHOLDERS' AGREEMENT, dated as of September 6, 2002 (this "AGREEMENT"),
by and among Megapro Tools, Inc., a Nevada corporation (the "COMPANY"), and the
stockholders party to this Agreement listed in Schedule 1 (the "STOCKHOLDERS").
Capitalized terms used herein are defined in Section 1.

                              PRELIMINARY STATEMENT

      The Company and its Stockholders desire to promote their mutual interests
by imposing certain restrictions and obligations on the Company, and its
Stockholders with respect to the Company Securities held by such Stockholders.

      NOW, THEREFORE, in consideration of the mutual agreements and covenants
contained herein, the parties hereby agree as follows:

      1. DEFINITIONS.

            (a) For the purposes of this Agreement, the terms listed below shall
be defined as follows:

            "AFFILIATE" means, as to any Person, any entity which controls, is
controlled by, or is under common control with, such Person or any entity formed
as a result of a reorganization of such Person. Anything in this Agreement to
the contrary notwithstanding, for the purposes of this Agreement, no USI Holder
shall be deemed an Affiliate of the Company.

            "AGREEMENT" has the meaning set forth in the introductory paragraph.

            "BOARD" means the Board of Directors of the Company.

            "COMPANY" has the meaning set forth in the introductory paragraph.

            "COMPANY SECURITIES" means the authorized, issued and outstanding
common stock or any other equity securities (including, any security convertible
into any equity security) issued by the Company.

            "CROWLEY" means Dennis Crowley.

            "CROWLEY HOLDERS" means collectively, Crowley, any Immediate Family
member of Crowley, any Estate Planning Vehicle of Crowley and any majority-owned
Affiliate of Crowley, (including, without limitation, PNC) in each case to whom
is directly or indirectly transferred Company Securities.

            "ESTATE PLANNING VEHICLE" means, with respect to any Stockholder
that is a natural person, a Person formed for the estate planning purposes of
such Stockholder and for the benefit of one or more members of the Immediate
Family of such Stockholder.
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            "IMMEDIATE FAMILY" means, with respect to any Stockholder that is a
natural person, any spouse, parent or descendant (adopted or natural) or sibling
of such Stockholder, or any custodian or trustee for the account or benefit of
such Person.

            "MAJORITY CROWLEY HOLDERS" means, at any time, Crowley Holders
holding Voting Securities representing a majority of the Voting Securities then
held by all Crowley Holders.

            "MAJORITY HOLDERS" means, at any time, Stockholders holding a
majority in interest of the Voting Securities at such time.

            "MAJORITY USI HOLDERS" means, at any time, USI Holders holding
Voting Securities representing a majority of Voting Securities then held by all
USI Holders.

            "NOTICE OF ACCEPTANCE" has the meaning set forth in Section 6(a).

            "OFFER" has the meaning set forth in Section 6(a).

            "OFFERED SECURITIES" has the meaning set forth in Section 6(a).

            "OTHER STOCKHOLDERS" has the meaning set forth in Section 3.

            "PARTICIPATION OFFER" has the meaning set forth in Section 3.

            "PERSON" means any corporation, partnership (including, without
limitation, a limited partnership), limited liability company, limited liability
partnership, business trust, individual, trust, estate, legal representative or
other entity.

            "PNC" means PNC Tool Holdings LLC, a Neveda limited liability
company.

            "SECTION 3 NOTICE" has the meaning set forth in Section 3.

            "SECTION 3 SALE" has the meaning set forth in Section 3.

            "SECTION 3 TRANSFEROR" has the meaning set forth in Section 3.

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

            "STOCKHOLDER" means any Person that owns any Company Securities and
that is a party to this Agreement.

            "STOCK PURCHASE AGREEMENT" has the meaning set forth in Section 5.

            "TRANSFER" means the transfer, sale, gift, bequest, exchange,
assignment, mortgage, pledge, encumbrance or any other disposition, whether
voluntary or involuntary, of any nature whatsoever, affecting title to Company
Securities or any interest therein.

            "USI" means USI Mayfair Limited, a company organized under the laws
of England.

            "USI DIRECTOR" has the meaning set forth in Section 5(a).

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            "USI HOLDERS" means, collectively, USI or any of its Affiliate, in
each case to whom is directly or indirectly Transferred Company Securities.

            "UNRESTRICTED TRANSFERS" has the meaning set forth in Section 4

            "VOTING SECURITIES" means, at any time, the then issued and
outstanding shares of voting common stock of the Company plus all other shares
of voting Company Securities then outstanding..

            (b) Unless the context otherwise requires (i) a term has the meaning
assigned to it; (ii) words in the singular include the plural, and words in the
plural include the singular; (iii) provisions apply to successive events and
transactions; and (iv) "herein," "thereof" and other words of similar import
refer to this Agreement as a whole and not to any particular Section or other
subdivision.

      2. TRANSFERS OF STOCK - GENERAL.

            (a) Except for any Unrestricted Transfer, each Stockholder agrees
that it shall not Transfer any Company Securities during the period (the
"LOCK-UP PERIOD") commencing on the date hereof and ending on the two year
anniversary of the date hereof; it being agreed that any Transfer of any Company
Securities made in violation of this Agreement shall not be effective and shall
not be recorded on the stock record books of the Company. Without limiting the
generality of the foregoing, the parties agree that any modification to the
beneficial ownership of any Crowley Holder (other than a Crowley Holder that is
an individual) shall constitute a Transfer of Company Securities in violation of
this Section 2(a) unless such would otherwise constitute an Unrestricted
Transfer and complies with Section 2(b) - it being agreed that each beneficial
owner of each Crowley Holder shall unconditionally and absolutely guarantee the
obligations of such Crowley Holder hereunder, in form and substance reasonably
satisfactory to the Majority USI Holders.

            (b) Any Stockholder anticipating making a Transfer of Company
Securities shall promptly notify the Company, and the Company shall promptly
notify the other Stockholders of the name of each transferee and the anticipated
date of such proposed Transfer. In addition to the other terms and conditions
precedent to the Transfer of any Company Securities set forth in this Agreement
(and notwithstanding anything in this Agreement to the contrary), no Stockholder
shall Transfer any Company Securities to any Person during the Lock-Up Period
unless such Person shall become a party to this Agreement, and thereby agrees in
writing to be bound by all the terms hereof. For the avoidance of doubt, the
foregoing condition shall apply to all Transfers including, without limitation,
Unrestricted Transfers.

      3. TAG-ALONG RIGHTS. Except in the case of an (y) Unrestricted Transfer or
(z) a Transfer of Company Securities registered under the Securities Act to a
non-Affiliated third Person effected through an ordinary course open market
transaction, if at any time after the Lock-Up Period, one or more Stockholders
(a "SECTION 3 TRANSFEROR") propose to Transfer to one or more Persons any
Company Securities in one or a series of more than one transactions where the
consideration (whether in cash or in-kind) being paid for such Company
Securities is in excess of $10,000 (a "SECTION 3 SALE"), then the Section 3
Transferor shall give written notice (the "SECTION 3 NOTICE") to the other
Stockholders holding such Company Securities (the "OTHER STOCKHOLDERS") of such
proposal at least thirty (30) days prior to effecting such Section 3 Sale. The
Section 3 Notice shall specify (i) the Company Securities proposed to be
Transferred and the consideration for which the Section 3 Transferor proposes to
make such Section 3 Sale and (ii) that each Other Stockholder may request to
have included in the proposed Section 3 Sale such Other Stockholder's pro rata
portion (based on such Other Stockholder's aggregate holdings of such Company
Securities relative the aggregate holdings of all such Company Securities held
by all the Stockholders) of the Company Securities to be Transferred (the
"PARTICIPATION OFFER"). At any time after

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receipt of the Section 3 Notice (but in no event more than 10 days), if any
Other Stockholder shall accept the Participation Offer, the Section 3 Transferor
shall reduce, to the extent necessary, the number of shares of Company
Securities it otherwise would have sold in the proposed Transfer so as to permit
those Other Stockholders who have accepted the Participation Offer to sell the
number of shares of Company Securities, if applicable, that they are entitled to
sell under this Section 3. If the Participation Offer has been accepted with
respect to any Company Securities proposed to be Transferred, then the Section 3
Transferor may not effect any Transfer of any Company Securities to any
transferee unless such transferee shall also purchase from the Other
Stockholders accepting such Participation Offer the Company Securities permitted
to be included by such Other Stockholders in such Transfer pursuant to this
Section 3; provided, however, that such transferee need not purchase any Company
Securities from any particular Other Stockholder (and may instead purchase a
like number of such Company Securities at the same price from the Section 3
Transferor) if such Other Stockholder who has accepted such Participation Offer
refuses to enter into any applicable agreements between the Section 3 Transferor
and the transferee on the same terms as are applicable to the Section 3
Transferor.

      4. UNRESTRICTED TRANSFERS. The following Transfers ("UNRESTRICTED
TRANSFERS") are excepted from the operation of the restrictions provided for in
Sections 2(a) and 3 of this Agreement; provided, that in the event of any such
Transfer, all references to the Company Securities of a Stockholder in this
Agreement shall be deemed to include all Company Securities so Transferred and
all references to a Stockholder in this Agreement shall be deemed to include any
and all Persons to whom such Company Securities are Transferred:

            (a) Transfers from any Stockholder to any majority-owned (directly
or indirectly) Affiliate of such Stockholder;

            (b) Transfers from any Stockholder to any other Stockholder;

            (c) Transfers from Crowley to any member of the Immediate Family of
Crowley or any Estate Planning Vehicle of Crowley;

            (d) Transfers (as collateral security) by any USI Holder to one or
more third party banks or financial institutions; and

            (e) In the case of any Stockholder that is not natural persons,
Transfers to non-Affiliates of such Stockholder resulting from a bona fide
merger, stock sale, sale of all or substantially all the assets of such
Stockholder or other business combination transaction involving such
Stockholder, provided, that the provisions of this clause (e) shall not apply in
the case of any such transaction effected with the intent of circumventing the
Transfer restrictions this Agreement (it being agreed that in the case of a
dispute relating to this clause (e) the burden of proof as to whether any
transaction was effected with the intent of not circumventing this Agreement
shall be borne by the Stockholder proposing to effect such transaction).

      5. CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS. Crowley represents,
warrants and covenants to USI that (a) he is the 100 percent beneficial owner of
PNC and no other person or entity has any equity interest of any kind or nature
in or to PNC on the date hereof; (b) except as disclosed in the Stock Purchase
Agreement, dated August 23, 2002 (the "STOCK PURCHASE AGREEMENT") by and among,
the Company, USI and S and J Acquisition Corp., he has no interest (equity or
debt) in the Company of any kind or nature, (c) he unconditionally and
absolutely guarantees all the obligations of each Crowley Holder and the Company
hereunder and the obligations of the Company under Section 6.06 of the Stock
Purchase Agreement- it being agreed that such guarantee shall constitute a
primary obligation of Crowley (as if he were the obligor in each such case) and
shall not be subject to any off-set or defense of any kind

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or nature (all of same being irrevocably waived by Crowley), provided that the
foregoing guarantee shall not apply to the extent that the facts or
circumstances given rise to such guarantee obligation are outside the control of
Crowley and in all events such guarantee obligation shall expire on the two year
anniversary of the date hereof (except that claims made prior to such two year
anniversary under this guarantee shall expire upon the final resolution of such
claims); (d) the Crowley Holders do not own at least 5% of the stock of USI or
U.S. Industries, Inc. for the purposes of Section 304(c)(3)(B) of the Internal
Revenue Code of 1986, as amended; (e) the Crowley Holders have no present plan
or intention to acquire additional equity securities of Seller USI or the
Company; and (f) the Crowley Holders will not acquire any additional equity
securities of USI, U.S. Industries, Inc. or the Company during the four months
period after the date hereof without having received USI's prior written consent
to such acquisition, which consent may be granted or withheld by USI in its sole
and absolute discretion.

      6. PRE-EMPTIVE RIGHTS.

            (a) Subject to Section 6(e), the Company shall not issue, sell or
exchange, agree to issue, sell or exchange, or reserve or set aside for
issuance, sale or exchange, (i) any Company Securities or (ii) any option,
warrant or other right to subscribe for, purchase or otherwise acquire any
Company Securities, (collectively, the "OFFERED SECURITIES"), unless in each
such case the Company shall have first complied with this Section 6. The Company
shall deliver to the Stockholders a written notice of any proposed or intended
issuance, sale or exchange of Offered Securities (the "OFFER"), which Offer
shall (A) identify and describe the Offered Securities, (B) describe the price
and other terms upon which the Offered Securities are to be offered, issued,
sold or exchanged, and (C) offer to issue and sell to or exchange with the
Stockholders up to their respective pro rata portion of such Offered Securities.
Subject to the last sentence of this Section 6(a), each Stockholder's pro rata
portion of the Offered Securities shall be determined by multiplying
seventy-five percent (75%) of the aggregate amount of the Offered Securities by
a fraction, the numerator of which is the number of shares of Voting Securities
then held by such Stockholder and the denominator of which is the number of
shares of Voting Securities then outstanding. Each Stockholder shall have the
right, for a period of twenty (20) days following delivery of the Offer, to
purchase or acquire such Stockholder's pro rata portion of the Offered
Securities at the price and upon the other terms specified in the Offer. The
Offer, by its terms, shall remain open and irrevocable for such twenty (20) day
period. To accept an Offer, in whole or in part (provided, however, that the
Stockholders may only elect to purchase part of the Offered Securities if the
Offer is not contingent on the sale to the prospective purchaser of all of the
Offered Securities), such Stockholder must deliver a written notice ("NOTICE OF
ACCEPTANCE") to the Company prior to the end of the twenty (20) day period of
the Offer, setting forth the portion (or all, if the Offer is contingent upon
the sale to the prospective purchaser of all of the Offered Securities) of such
Stockholder's pro rata portion of the Offered Securities that such Stockholder
elects to purchase. In addition, each Stockholder shall have the right to
purchase (which right shall be exercised by notice to such effect in the Notice
Of Acceptance) any Offered Securities not accepted by any other Stockholder, in
which case the Offered Securities not accepted by any such other Stockholders
shall be deemed, on the same terms and conditions, to be offered from time to
time during such twenty (20) day period to and accepted by such Stockholders who
exercised their options under this sentence ratably based on their interests in
the Company or as they may otherwise agree.

            (b) If a Notice of Acceptance is not given by a Stockholder in
respect of such Stockholder's pro rata portion of the Offered Securities, the
Company shall have ninety (90) days from the expiration of the twenty (20) day
period to issue, sell or exchange all or any part of such Offered Securities as
to which a Notice of Acceptance has not been given, but only to the offerees or
purchasers described in the Offer and only upon terms and conditions (including,
without limitation, price per share) which are not more favorable, in the
aggregate, to the acquiring Person or Persons or less favorable to the Company
than those set forth in the Offer.

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            (c) Upon the closing of the issuance, sale or exchange of the
Offered Securities that are subject to a Notice of Acceptance, the Stockholders
shall acquire from the Company, and the Company shall issue to the Stockholders,
the number of Offered Securities specified in the Notice of Acceptance, upon the
terms and conditions specified in the Offer. The purchase by the Stockholders of
any Offered Securities is subject in all cases to the preparation, execution and
delivery by the Company and the Stockholders of a purchase agreement relating to
such Offered Securities that is reasonably satisfactory in form and substance to
the Stockholders and their counsel and in compliance with all applicable
securities laws.

            (d) Any Offered Securities that are not acquired by the Stockholders
or the offerees or purchasers described in the Offer in accordance with this
Section 6 may not be issued, sold or exchanged until they are again offered to
the Stockholders under the procedures specified in this Section 6.

            (e) Notwithstanding the foregoing, the pre-emptive rights of the
Stockholders arising under this Section 6 shall not apply to: (i) the issuance
by the Company of Offered Securities to employees, directors or consultants of
the Company pursuant to any Company stock option or other equity incentive plan,
in connection with an employment or consulting agreement or arrangement with the
Company, or in exchange for other securities of the Company (including, without
limitation, options granted under option plans) held by any such employees,
directors or consultants; or (ii) Offered Securities issued in connection with
the acquisition of the business of another entity, whether by the purchase of
equity securities, assets or otherwise; or (iii) Offered Securities issued as a
stock dividend to Stockholders or upon any subdivision or combination of Company
Securities; or (iii) Offered Securities issued pursuant to or as contemplated by
that certain Stock Purchase Agreement, dated as of the August 23, 2002 by and
between USI and the Company; or (iv) Offered Securities sold by the Company in
an underwritten public offering pursuant to an effective registration statement
under the Securities Act; or (v) capital stock or securities exercisable for or
convertible into such capital stock issued in connection with any equipment
leases or borrowings, direct or indirect, from third-party financial or other
institutions regularly engaged in such businesses; or (vi) any warrants issued
without consideration or for nominal consideration in connection with any
third-party debt financings; or (vii) any performance-based equity issued to
third-parties in connection with strategic relationships.

            (f) The failure of any Stockholder to exercise its rights under this
Section 6 shall not be deemed to be a waiver of its rights hereunder in
connection with any subsequent issuance, sale or exchange, or agreement to
issue, sell or exchange, or reservation or setting aside for issuance, sale or
exchange, of Offered Securities.

      7. NOTATION ON CERTIFICATES. The certificates representing Company
Securities held by the Stockholder(s) shall be endorsed with appropriate legends
referring to the federal securities laws and any applicable state securities
laws and they shall also be endorsed with a legend that is to read substantially
as follows:

            "THIS CERTIFICATE IS TRANSFERABLE ONLY UPON COMPLIANCE WITH THE
            PROVISIONS AND TRANSFER RESTRICTIONS OF A STOCKHOLDERS' AGREEMENT,
            BETWEEN THE ISSUER OF THIS CERTIFICATE AND ITS STOCKHOLDERS, A COPY
            OF WHICH IS ON FILE IN THE OFFICE OF THE SECRETARY OF THE ISSUER OF
            THIS CERTIFICATE. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
            SUBJECT TO SIGNIFICANT RESTRICTIONS, INCLUDING, WITHOUT LIMITATION,
            CERTAIN TAG-ALONG

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            RIGHTS THAT ARE SET FORTH IN SUCH STOCKHOLDERS' AGREEMENT."

      8. INFORMATION RIGHTS. The Company will permit each Stockholder on
reasonable notice to visit and inspect during normal business hours any of the
properties of the Company and to examine its books and records, and to discuss
with its officers the business and affairs of the Company, at such reasonable
times as such persons may desire without disruption of the Company's normal
business and affairs for any reasonable purpose relating to its investment in
the Company. As soon as available, the Company will deliver to each Stockholder
copies of all reports, filings and other documents filed by the Company at the
Securities Exchange Commission or any other governmental authority, or to the
extent made available to the Company, filed by any person or entity in respect
of the Company at the Securities Exchange Commission or any other governmental
entity.

      9. WAIVER AND MODIFICATION. The Company by majority vote of its directors,
or any Stockholder by written consent, may waive its respective rights hereunder
either generally or with respect to one or more specific Transfers which have
been proposed, attempted or made. This Agreement may be modified by majority
vote of the directors of the Company and the written consent of the Majority USI
Holders and the Majority Crowley Holders; provided, that if any such
modification is detrimental in any material respect to any Stockholder (other
than any USI Holder or any Crowley Holder), then such modification shall require
the written consent of such Stockholder.

      10. ADDITIONAL STOCK; LEGAL OPINION. This Agreement shall include and
apply to any additional Company Securities hereafter acquired by any Stockholder
or any subsequent party to this Agreement. If requested in writing by a
Stockholder, the Company shall deliver to such Stockholder a legal opinion from
counsel reasonably acceptable to such Stockholder to the effect that (a) the
Company had full corporate power and authority to issue such Company Securities,
(b) the issuance of such Company Securities was duly authorized by all necessary
corporate action of the Company, (c) the issuance of such Company Securities did
not conflict with, violate (or otherwise create a default under) the Articles of
Incorporation or bylaws of the Company, or, to the knowledge of such counsel,
the terms of any contract or other binding arrangement to which the Company was
a party or otherwise bound at the time of such issuance, and (d) such Company
Securities were validly issued, fully paid and non-assessable.

      11. BINDING EFFECT; FURTHER ASSURANCES. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors, permitted assigns and other
transferees, including Persons who purchase or receive any Company Securities
from a Stockholder, and the parties hereto agree for themselves and their
respective heirs, executors, administrators, successors, permitted assigns and
other transferees to execute any instruments which may be necessary or proper to
carry out the purposes and intent of this Agreement.

      12. NOTICES. All notices hereunder shall be in writing and shall be hand
delivered or sent by express, registered or certified mail, postage prepaid,
return receipt requested, or reputable overnight courier service, to the Company
at its address as set forth in the signature page hereto, and to the
Stockholders at their last addresses shown on the records of the Company. All
such notices shall be deemed to have been duly given (a) if delivered by hand,
when delivered, (b) if delivered by express mail or reputable overnight courier
service, when delivered, and (c) if sent by registered or certified mail, five
(5) days after being deposited in the mail.

      13. TERM. This Agreement shall terminate on the earliest of (a) upon the
dissolution, bankruptcy, or insolvency of the Company, or any assignment of all
or substantially all of the Company's assets for the benefit of any creditor of
the Company, (b) by mutual agreement of the Company, the

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Majority USI Holders and the Majority Crowley Holder and (c) the five year
anniversary of the date hereof. In addition, if at any time, any one Stockholder
ceases to beneficially own at least five percent (5%) of the Voting Securities,
then the rights and obligations of such Stockholder hereunder shall
automatically terminate for so long as such Stockholder continues to
beneficially own less than five (5%) of the Voting Securities; provided, that
for the purposes of this sentence all USI Holders shall be deemed to be one
Stockholder, all Crowley Holders shall be deemed one Stockholder. For the
avoidance of doubt, if the rights and obligations of any one Stockholder shall
automatically terminate pursuant to the immediately preceding sentence, then
this Agreement shall automatically be deemed modified to delete all references
such Stockholder in this Agreement.

      14. GOVERNING LAW; WAIVER OF JURY TRIAL. This Agreement shall be construed
under and governed by the laws of the State of Nevada, without giving effect to
its conflicts of laws principles. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

      15. ENTIRE AGREEMENT; SEVERABILITY. This Agreement constitute the entire
agreement between the parties with respect to the subject matter of this
Agreement and supersedes all prior agreements and understandings, both oral and
written, between the parties with respect to the subject matter of this
Agreement. Should any part of this Agreement for any reason be declared by any
court of competent jurisdiction to be invalid, that decision shall not affect
the validity of the remaining portion, which shall continue in full force and
effect as if this Agreement had been executed with the invalid portion
eliminated, it being the intent of the parties that they would have executed the
remaining portion of the Agreement without including any part or portion that
may for any reason be declared invalid.

      16. COUNTERPARTS; FACSIMILE EXECUTION. This Agreement may be signed in any
number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument. This
Agreement shall become effective when each party hereto shall have received a
counterpart hereof signed by the other parties hereto. Facsimile execution and
delivery of this Agreement shall be legal, valid and binding execution and
delivery for all purposes.

      17. SPECIFIC PERFORMANCE. Each of the parties agrees that damages for a
breach of or default under this Agreement would be inadequate and that in
addition to all other remedies available at law or in equity that the parties
and their successors and assigns shall be entitled to specific performance or
injunctive relief, or both, in the event of a breach or a threatened breach of
this Agreement.

                            [signature pages follow]

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      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                       USI MAYFAIR LIMITED

                                       By:  /s/ Steven C. Barre
                                          ------------------------------------
                                       Name: Steven C. Barre
                                       Title: Director

                                       MEGAPRO TOOLS, INC.

                                       By:  /s/ Neil Morgan
                                          ------------------------------------
                                       Name: Neil Morgan
                                       Title: President

                                       PNC TOOL HOLDINGS LLC

                                       By:  /s/ Dennis Crowley
                                          ------------------------------------
                                       Name: Dennis Crowley
                                       Title: President

                                       By:  /s/ Dennis Crowley
                                          ------------------------------------
                                          Dennis Crowley

                                       9<PAGE>
                                                           EXHIBIT 10.48

                              STANDSTILL AGREEMENT

                                   dated as of

                                December 5, 2002

                                     between

                              U.S. Industries, Inc.

                                       and

                       Southeastern Asset Management, Inc.

<PAGE>

(
                              STANDSTILL AGREEMENT

         AGREEMENT dated as of December 5, 2002 between U.S. Industries, Inc., a
Delaware corporation (the "COMPANY"), and Southeastern Asset Management, Inc., a
Tennessee corporation ("SHAREHOLDER").

         WHEREAS Shareholder has requested that its Longleaf Partners Small-Cap
Fund and other managed funds be permitted to own beneficially in the aggregate
up to 19.9% of the outstanding Voting Securities (as defined below); and

         WHEREAS, the Board of Directors of the Company has determined that it
would be in the best interests of the Company and its shareholders to permit
Shareholder to increase its beneficial ownership on the terms and conditions
stated herein.

         Therefore, in consideration of the covenants and undertakings set for
the herein, the parties hereto agree as follows:

                                   ARTICLE 1
                                  DEFINITIONS

SECTION 1.01.  DEFINITIONS.

(a)      The following terms, as used herein, have the following meanings:

         "AFFILIATE" means, with respect to any Person, any Person directly or
indirectly controlling, controlled by, or under common control with, such other
Person. For the purposes of this definition, "control" when used with respect to
any Person, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or otherwise; the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

         "ACQUISITION PROPOSAL" means any offer or proposal for, or any
indication of interest in, a merger or other business combination involving the
Company or any subsidiary of the Company or the acquisition of any equity
interest in, or a substantial portion of the assets of, the Company or any
subsidiary of the Company.

         "BENEFICIAL OWNERSHIP" and "BENEFICIALLY OWN" shall be determined in
accordance with Rules 13d-3 and 13d-5 under the Exchange Act.

         "BUSINESS DAY" means any day except a Saturday, Sunday or other day on
which commercial banks in New York are authorized by law to close.

<PAGE>

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

         "PERSON" means an individual, a corporation, a partnership, an
association, a trust or other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof, including its
Affiliates.

         "COVERED SECURITIES" means any Voting Securities and any other
securities or rights convertible into or exchangeable or exercisable (whether
immediately or otherwise) for such Voting Securities.

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

         "SHAREHOLDER GROUP" means Shareholder and its Affiliates.

         "TOTAL VOTING POWER" means the aggregate number of votes which may be
cast by holders of outstanding Voting Securities.

         "VOTING SECURITIES" means all securities of the Company entitled, in
the ordinary course, to vote in the election of directors of the Company.

                                   ARTICLE 2
                            COVENANTS OF SHAREHOLDER

         During the term of this Agreement, Shareholder agrees that:

         SECTION 2.01 . Acquisition of Voting Securities. Shareholder will not,
and will not permit its Affiliates to, purchase or otherwise acquire, or agree
or offer to purchase or otherwise acquire, beneficial ownership of any Voting
Securities, if after giving effect thereto Shareholder would beneficially own
Voting Securities representing more than 19.9% of Total Voting Power; PROVIDED
that the Shareholder Group shall not be deemed to have violated this Section
2.01 if the Shareholder Group beneficially owns Voting Securities representing
more than 19.9% of Total Voting Power as a result of a recapitalization of the
Company, a repurchase or redemption of securities by the Company or any other
action taken by the Company.

         SECTION 2.02 . Sale or Transfer of Covered Securities. Shareholder will
not, and will not permit its Affiliates to, sell, or otherwise transfer, or
agree to sell, or otherwise transfer, directly or indirectly, any Covered
Securities, except:

         (a)      to any Person; provided that such Person (1) agrees in writing
                  to be bound by the terms of this Agreement and (2) after
                  giving effect to such sale or transfer, would beneficially own
                  Voting Securities representing in the aggregate not more than
                  19.9% of Total Voting Power;

                                      2
<PAGE>

         (b)      to any Person who, after giving effect to such sale or
                  transfer, would beneficially own Voting Securities
                  representing in the aggregate not more than 14.9% of Total
                  Voting Power;

         (c)      in the open market in the ordinary course of business so long
                  as the provisions of paragraph (b) of this Section 2.02 are
                  satisfied;

         (d)      pursuant to a tender or exchange offer made by the Company or
                  recommended by the Company's board of directors to the
                  Company's stockholders; or

         (e)      with the prior written consent of the Company, which consent
                  shall not be unreasonably withheld.

Notwithstanding anything contained in this Section 2.02, neither the Company nor
its board of directors shall not be obligated to approve any Person for purposes
of Section 203 of the Delaware General Corporation Law or the Company's rights
plan referred to below in Section 2.03(f).

         Section 2.03. Certain Actions. Shareholder will not, and will not
permit its Affiliates to:

         (a)      make, or take any action to solicit, initiate or encourage, an
                  Acquisition Proposal;

         (b)      "solicit", or become a "participant" in any "solicitation" of,
                  any "proxy" (as such terms are defined in Regulation 14A under
                  the Exchange Act) from any holder of Voting Securities in
                  connection with any vote on any matter, or agree or announce
                  its intention to vote with any Person undertaking a
                  "solicitation";

         (c)      form, join or in any way participate in a "group" (within the
                  meaning of Section 13(d)(3) of the Exchange Act) with respect
                  to any Voting Securities;

         (d)      grant any proxies with respect to any Voting Securities to any
                  Person (other than as recommended by the Board of Directors of
                  the Company) or deposit any Voting Securities in a voting
                  trust or enter into any other arrangement or agreement with
                  respect to the voting thereof;

         (e)      propose any amendment to this Agreement that is or may be
                  required to be publicly disclosed; or

         (f)      request the Company or the Company's Board of Directors to
                  redeem the rights issued pursuant to the Rights Agreement
                  dated as of October 15, 1998 between the Company and Chase
                  Manhattan Bank, as Rights Agent, or any successor or similar
                  rights plan in effect from time to time, or challenge the
                  validity of any such rights plan.

                                      3
<PAGE>

         Section 2.04 . Voting Arrangements. Shareholder shall vote or cause to
be voted all Voting Securities beneficially owned by the Shareholder Group in
excess of 15% of Total Voting Power on all matters submitted to the holders of
Voting Securities either in accordance with the recommendation of the Company's
Board of Directors or in proportion to votes cast by the other holders of Voting
Securities (excluding, for these purposes, all Voting Securities beneficially
owned by the Shareholder Group, and, at Shareholder's option, any votes cast by
any Person or group (within the meaning of Rule 13d-3 under the Exchange Act)
that beneficially owns Voting Securities representing at least 10% of Total
Voting Power). Shareholder shall cause all Voting Securities owned by the
Shareholder Group to be represented, in person or by proxy, at all meetings of
holders of Voting Securities of which Shareholder has actual notice, so that
such Voting Securities may be counted for the purpose of determining the
presence of a quorum at such meetings.

                                   ARTICLE 3
                                  TERMINATION

         SECTION 3.01 . Termination. This Agreement shall terminate upon the
occurrence of any of the following:

         (a)      the written agreement of the Company and Shareholder to
                  terminate this Agreement;

         (b)      the tenth anniversary of the date hereof;

         (c)      Shareholder shall beneficially own Covered Securities
                  representing less than 15% of Total Voting Power; PROVIDED
                  that if Shareholder shall again beneficially own Covered
                  Securities representing 15% or more of Total Voting Power
                  prior to the tenth anniversary of the date of this Agreement,
                  this Agreement shall be reinstated;

         (d)      any Person shall have acquired Voting Securities representing
                  more than 50% of Total Voting Power; or

         (e)      the dissolution, liquidation or winding up of the Company.

                                   ARTICLE 4
                                MISCELLANEOUS

SECTION 4.01.  Stop Transfer Order.

                                      4
<PAGE>

         Shareholder agrees to the entry of a stop transfer order with the
transfer agent and registrar of the stock subject to this Agreement against
transfer of stock held by the Shareholder Group if such transfer would not be in
compliance with the requirements of this Agreement.

         Section 4.02. Specific Performance. Shareholder agrees that any breach
by it of any provision of this Agreement would irreparably injure the Company
and that money damages would be an inadequate remedy therefor. Accordingly,
Shareholder agrees that the Company shall be entitled to one or more injunctions
enjoining any such breach and requiring specific performance of this Agreement
and consents to the entry thereof, in addition to any other remedy to which the
Company is entitled at law or in equity.

         SECTION 4.03. Notices. All notices, requests and other communications
to either party hereunder shall be in writing (including telecopy or similar
writing) and shall be given,

         if to the Company, to:

                  U.S. Industries, Inc.
                  Phillips Point - West Tower
                  777 South Flagler Drive
                  Suite 1108
                  West Palm Beach, FL  33401
                  Attention:  Steven C. Barre,
                              General Counsel
                  Telecopier: 561-514-3846

         if to Shareholder, to:

                  Southeastern Asset Management, Inc.
                  6410 Poplar Ave., Suite 900
                  Memphis, TN  38119
                  Attention: G. Staley Cates
                  Telecopier: 901-818-5210

                  With a copy to:

                  Southeastern Asset Management, Inc.
                  6410 Poplar Ave., Suite 900
                  Memphis, TN  38119
                  Attention: General Counsel
                  Telecopier: 901-818-5210

or such other address or telecopier number as such party may hereafter specify
for the purpose by notice to the other party hereto. Each such notice, request
or other communication shall be effective when delivered at the address
specified in this Section 4.03.

                                      5
<PAGE>

         SECTION 4.04.  Amendments; No Waivers.

         (a)      Any provision of this Agreement may be amended or waived if,
                  and only if, such amendment or waiver is in writing and
                  signed, in the case of an amendment, by Shareholder and the
                  Company, or in the case of a waiver, by the party against whom
                  the waiver is to be effective.

         (b)      No failure or delay by any party in exercising any right,
                  power or privilege hereunder shall operate as a waiver thereof
                  nor shall any single or partial exercise thereof preclude any
                  other or further exercise thereof or the exercise of any other
                  right, power or privilege. The rights and remedies herein
                  provided shall be cumulative and not exclusive of any rights
                  or remedies provided by law.

         Section 4.05. Expenses. Except as otherwise provided herein and in
Exhibit A hereto, all costs and expenses incurred in connection with this
Agreement shall be paid by the party incurring such cost or expense.

         Section 4.06. Successors and Assigns. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; PROVIDED that, except as provided in Section
2.02(a) hereof, neither of the parties may assign, delegate or otherwise
transfer any of its rights or obligations under this Agreement without the
written consent of the other party hereto. Neither this Agreement nor any
provision hereof is intended to confer upon any Person other than the parties
hereto any rights or remedies hereunder.

         Section 4.07. Counterparts; Effectiveness. This Agreement may be signed
in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.
This Agreement shall become effective when each party hereto shall have received
a counterpart hereof signed by the other party hereto.

         SECTION 4.08. Entire Agreement. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all prior agreements, understandings and negotiations, both written
and oral, between the parties with respect thereto. No representation,
inducement, promise, understanding, condition or warranty not set forth herein
has been made or relied upon by any of the parties hereto.

         SECTION 4.09. Governing Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of Delaware, without
regard to the conflicts of law rules of such state.

                                      6
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                   U.S. Industries, Inc.
                                   By:    /s/ Steven C. Barre
                                        ----------------------------------------
                                        Name: Steven C. Barre
                                        Title: Senior Vice President

                                   Southeastern Asset Management, Inc.
                                   By:    /s/ G. Staley Cates
                                        ----------------------------------------
                                        Name: G. Staley Cates
                                        Title: President

                                      7

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