Document:

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                                                                   Exhibit 10.20

                                                                  Execution Copy

                            SECURITYHOLDERS AGREEMENT

                             Dated November 20, 2003

                                      Among

                              THL-MF INVESTORS, LLC

                                       AND

                            THE OTHER PARTIES HERETO

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                               Table of Contents
                                                                            Page
                                                                            ----

ARTICLE I     REPRESENTATIONS AND WARRANTIES OF THE PARTIES....................1
   1.1   Representations and Warranties of the Company.........................1
   1.2   Representations and Warranties of the Securityholders.................2
ARTICLE II    VOTING AGREEMENTS................................................2
   2.1   Election of Management Committee Members and Directors................2
   2.2   Other Voting Matters..................................................3
ARTICLE III   TRANSFERS OF SECURITIES..........................................4
   3.1   Restrictions on Transfer of Securities................................4
   3.2   Restrictions on Transfers of THL Securities...........................4
   3.3   Securities Act Compliance.............................................7
   3.4   Certain Transferees Bound by Agreement................................7
   3.5   Transfers in Violation of Agreement...................................7
ARTICLE IV    TAKE-ALONG RIGHTS ON APPROVED SALE...............................8
   4.1   Take-Along Right......................................................8
ARTICLE V     REGISTRATION RIGHTS..............................................9
   5.1   Demand Registrations..................................................9
   5.2   Incidental Registration..............................................11
   5.3   Holdback Agreements..................................................13
   5.4   Registration Procedures..............................................13
   5.5   Registration Expenses................................................16
   5.6   Indemnification; Contribution........................................17
   5.7   Rule 144.............................................................20
   5.8   Underwritten Registrations...........................................20
   5.9   No Inconsistent Agreements...........................................20
ARTICLE VI    PRE-EMPTIVE RIGHTS..............................................20
   6.1   Issuance of New Securities to Affiliates.............................20
ARTICLE VII   AMENDMENT AND TERMINATION.......................................22
   7.1   Amendment and Waiver.................................................22
   7.2   Termination of Certain Provisions....................................22

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   7.3   Termination of Agreement.............................................22
   7.4   Termination as to a Party............................................22
ARTICLE VIII  MISCELLANEOUS...................................................22
   8.1   Certain Defined Terms................................................22
   8.2   Legends..............................................................28
   8.3   Severability.........................................................29
   8.4   Entire Agreement.....................................................29
   8.5   Successors and Assigns...............................................29
   8.6   Counterparts.........................................................29
   8.7   Remedies.............................................................30
   8.8   Notices..............................................................30
   8.9   Governing Law........................................................31
   8.10  Descriptive Headings.................................................31

                                      -ii-

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                            SECURITYHOLDERS AGREEMENT
                            -------------------------

          THIS SECURITYHOLDERS AGREEMENT (this "Agreement") is entered into as
of November 20, 2003 by and among (i) THL-MF Investors, LLC, a Delaware limited
liability company (the "Company"), (ii) Thomas H. Lee Equity Fund V, L.P., a
Delaware limited partnership, Thomas H. Lee Parallel Fund V, L.P., Thomas H. Lee
Cayman Fund V, L.P, 1997, Thomas H. Lee Nominee Trust, Thomas H. Lee Investors
Limited Partnership, Putnam Investments Holdings, LLC, Putnam Investments
Employees' Securities Company I LLC, Putnam Investments Employees' Securities
Company II, LLC (each a "THL Holder" and collectively "THL"), (iii) the initial
parties to this Agreement who are identified as Employees on the signature pages
hereto (each, an "Employee," collectively, the "Employees"), and (iv) each other
holder of Securities who hereafter executes a separate agreement to be bound by
the terms hereof (which holder (unless such holder is an employee of the Company
or its Affiliates in which case such holder, after executing a separate
agreement to be bound by the terms hereof, shall be treated as a holder of
Employee Securities hereunder) shall be treated similar to a holder of THL
Securities except that such holder shall not be entitled to demand registration
rights) (THL, the Employees and each other Person that is or may become a party
to this Agreement as contemplated hereby are sometimes referred to herein
collectively as the "Securityholders" and individually as a "Securityholder").
Certain capitalized terms used herein are defined in Section 8.1.

          The parties hereto agree as follows:

                                    ARTICLE I
                  REPRESENTATIONS AND WARRANTIES OF THE PARTIES

          1.1   Representations and Warranties of the Company. The Company
hereby represents and warrants to the Securityholders that as of the date of
this Agreement:

          (a)   it is a limited liability company duly organized, validly
existing and in good standing under the laws of the State of Delaware, it has
full power and authority to execute, deliver and perform this Agreement and to
consummate the transactions contemplated hereby, and the execution, delivery and
performance by it of this Agreement and the consummation of the transactions
contemplated hereby have been duly authorized by all necessary limited liability
company action;

          (b)   this Agreement has been duly and validly executed and delivered
by the Company and constitutes a legal and binding obligation of the Company,
enforceable against the Company in accordance with its terms; and

          (c)   the execution, delivery and performance by the Company of this
Agreement and the consummation by the Company of the transactions contemplated
hereby will not, with or without the giving of notice or lapse of time, or both
(i) violate any provision of law, statute, rule or regulation to which the
Company is subject, (ii) violate any order, judgment or decree applicable to the
Company or (iii) conflict with, or result in a breach or default under, any

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term or condition of the Company's organizational documents or any agreement or
instrument to which the Company is a party or by which it is bound.

          1.2   Representations and Warranties of the Securityholders. Each
Securityholder (as to himself or itself only) represents and warrants to the
Company and the other Securityholders that, as of the time such Securityholder
becomes a party to this Agreement:

          (a)   this Agreement (or the separate joinder agreement executed by
such Securityholder) has been duly and validly executed and delivered by such
Securityholder, and this Agreement constitutes a legal and binding obligation of
such Securityholder, enforceable against such Securityholder in accordance with
its terms; and

          (b)   the execution, delivery and performance by such Securityholder
of this Agreement (or any joinder to this Agreement, if applicable) and the
consummation by such Securityholder of the transactions contemplated hereby (and
thereby, if applicable) will not, with or without the giving of notice or lapse
of time, or both, (i) violate any provision of law, statute, rule or regulation
to which such Securityholder is subject, (ii) violate any order, judgment or
decree applicable to such Securityholder or (iii) conflict with, or result in a
breach or default under, any term or condition of any agreement or other
instrument to which such Securityholder is a party or by which such
Securityholder is bound.

                                   ARTICLE II
                                VOTING AGREEMENTS

          2.1   Election of Management Committee Members and Directors.

          (a)   Each Person, other than the Company, that is a party to this
Agreement hereby agrees that such Person will vote, or cause to be voted, all
voting securities of the Company over which such Person has the power to vote or
direct the voting, and will take all other necessary or desirable action within
such Person's control, and the Company will take all necessary and desirable
actions within its control, to cause the authorized number of members or
directors for each of the respective management committees or boards of
directors of the Company and its Subsidiaries to be established at up to five
directors, and to elect or cause to be elected to the respective management
committees or boards of directors of the Company and each of its Subsidiaries
and cause to be continued in office, the following individuals:

          (i)   one (1) member/director designated by the Thomas H. Lee Equity
                Fund V, L.P.;

          (ii)  one (1) member/director designated by Thomas H. Lee Parallel
                Fund V, L.P.;

          (iii) one (1) member/director designated by Thomas H. Lee Cayman Fund
                V, L.P. (together with the members/directors designated pursuant
                to clauses (i) and (ii) above (the "THL Directors");

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          (iv)  one (1) member/director, who shall be the chief executive
                officer of the Company (the "Management Director"); and

          (v)   one (1) member/director designated by the chief executive
                officer of the Company; provided that such member/director is
                not a member, or former member, of the Company's or its
                Subsidiaries' management or an employee or officer or former
                employee or officer of the Company or its Subsidiaries (the "CEO
                Designated Director").

          (b)   If at any time either the THL Majority Holders, or the chief
executive officer of the Company, as the case may be, shall notify the other
parties to this Agreement of their desire to remove, with or without cause, any
individual from a Company or Subsidiary membership/directorship for which such
Person or Persons have designation rights pursuant to paragraph (a) above, all
such parties so notified will vote, or cause to be voted, all voting securities
of the Company and its Subsidiaries over which they have the power to vote or
direct the voting, and shall take all such other actions promptly as shall be
necessary or desirable to cause the removal of such member/director. If the
Management Director ceases to be employed by the Company or its Subsidiaries,
such Management Director and the CEO Designated Director shall be removed
promptly after such time from each board and management committee.

          (c)   If at any time any THL Director, or the CEO Designated Director
ceases to serve on the management committee or board of directors of the Company
or any Subsidiary of the Company (whether due to resignation, removal or
otherwise), the Securityholders entitled to designate the THL Directors, or the
CEO Designated Director as appropriate, shall be entitled to designate a
successor member/director to fill the vacancy created thereby on the terms and
subject to the conditions of paragraph (a) above. Each Person that is a party
hereto agrees to vote, or cause to be voted, all voting securities of the
Company and its Subsidiaries over which such Person has the power to vote or
direct the voting, and shall take all such other actions as shall be necessary
or desirable to cause the designated successor to be elected to fill such
vacancy.

          (d)   Nothing in this Agreement shall be construed to impair any
rights that the unitholders or stockholders of the Company or any Subsidiary of
the Company may have to remove any director for cause under applicable law, the
LLC Agreement of the Company or the organizational documents of such Subsidiary,
as the case may be. No such removal of an individual designated pursuant to this
Section 2.1 for cause shall affect any of the Securityholders' rights to
designate a different individual pursuant to this Section 2.1 to fill the
position from which such individual was removed.

          (e)   Subject to Section 7.2, the provisions of this Section 2.1 shall
remain in effect following the first Public Offering.

          2.2   Other Voting Matters. In order to effectuate the provisions of
Sections 2.1, 2.2 and 4.1, each holder of Employee Securities hereby grants to
Gregg A. Ostrander, or if Gregg A. Ostrander shall cease to be the chief
executive officer of Michael Foods, Inc., to his

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successor in such position with Michael Foods, Inc., or if the chief executive
officer of Michael Foods, Inc. shall be unable to exercise this proxy due to
illness or absence or if the position of chief executive officer of Michael
Foods, Inc. shall be vacant, to the chief financial officer of Michael Foods,
Inc., a proxy to vote at any annual or special meeting of Securityholders, or to
take any action by written consent in lieu of such meeting with respect to, or
to otherwise take action in respect of, all of the Securities owned or held of
record by such holder in connection with the matters set forth in Sections 2.1
and 2.2 in accordance with the provisions of Sections 2.1 and 2.2. EACH OF THE
PROXIES GRANTED HEREBY IS IRREVOCABLE AND IS COUPLED WITH AN INTEREST. To
effectuate the provisions of this Section 2, the secretary of each of the
Company and each Subsidiary of the Company, or if there be no secretary such
other officer or employee of the Company or such Subsidiary as the management
committee or board of directors of the Company or such Subsidiary may appoint to
fulfill the duties of the Secretary, shall not record any vote or consent or
other action contrary to the terms of this Section 2.

                                   ARTICLE III
                             TRANSFERS OF SECURITIES

          3.1   Restrictions on Transfer of Securities. Prior to the completion
of the Company's first Public Offering, no holder of Employee Securities may
Transfer any Employee Securities, except in an Exempt Transfer or otherwise
provided by this Agreement.

          3.2   Restrictions on Transfers of THL Securities.

          (a)   Tag-Along Rights. Prior to making any Transfer of THL Securities
(other than a Transfer described in Section 3.2(b)) any holder of THL Securities
proposing to make such a Transfer (for purposes of this Section 3.2, a "Selling
Holder") shall give at least 30 days prior written notice to each holder of
Employee Securities (for purposes of this Section 3.2, each an "Other Holder")
and the Company, which notice (for purposes of this Section 3.2, the "Sale
Notice") shall identify the type and amount of THL Securities to be sold (for
purposes of this Section 3.2, the "Offered Securities"), describe in reasonable
detail the terms and conditions of such proposed Transfer and identify each
prospective Transferee. Any of the Other Holders may, within 15 days of the
receipt of the Sale Notice, give written notice (each, a "Tag-Along Notice") to
the Selling Holder that such Other Holder wishes to participate in such proposed
Transfer upon the terms and conditions set forth in the Sale Notice, which
Tag-Along Notice shall specify the Employee Securities such Other Holder desires
to include in such proposed Transfer; provided, however, that (1) each Other
Holder shall be required, as a condition to being permitted to sell Employee
Securities pursuant to this Section 3.2(a) in connection with a Transfer of
Offered Securities, to elect to sell Employee Securities of the same type and
class and in the same relative proportions (which proportions shall be
determined on a unit for unit or, as the case may be, share for share basis and
on the basis of aggregate liquidation value with respect to Preferred Units or
Stock) as the Securities which comprise the Offered Securities, (2) only
Employee Securities in an amount equal to the Applicable Percentage (as defined
in the Management Subscription Agreement) multiplied by all Employee Securities
held by such Employee shall be entitled to be sold pursuant to this Section
3.2(a) and (3) to exercise its tag-along rights hereunder, each Other Holder
must agree to make to the Transferee the same

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representations, warranties, covenants, indemnities and agreements as the
Selling Holder agrees to make in connection with the Transfer of the Offered
Securities (except that in the case of representations and warranties pertaining
specifically to, or covenants made specifically by, the Selling Holder, the
Other Holders shall make comparable representations and warranties pertaining
specifically to (and, as applicable, covenants by) themselves), and must agree
to bear his or its ratable share (which shall be proportionate based on the
value of Securities that are Transferred but shall not exceed the amount of
proceeds received in connection with such Transfer) of all liabilities to the
Transferees arising out of representations, warranties and covenants (other than
those representations, warranties and covenants that pertain specifically to a
given Securityholder, who shall bear all of the liability related thereto),
indemnities or other agreements made in connection with the Transfer. Each
Securityholder will bear (x) its or his own costs of any sale of Securities
pursuant to this Section 3.2(a) and (y) its or his pro-rata share (based upon
the relative amount of Securities sold) of any of the other costs of any
reasonable and customary sale of Securities pursuant to this Section 3.2(a) to
the extent such costs are incurred for the benefit of all Securityholders and
are not otherwise paid by the Transferee.

          If none of the Other Holders gives the Selling Holder a Tag-Along
Notice prior to the expiration of the 15-day period for giving Tag-Along notices
with respect to the Transfer proposed in the Sale Notice, then (notwithstanding
the first sentence of this Section 3.2(a)) the Selling Holder may Transfer such
Offered Securities on the terms and conditions set forth, and to or among any of
the Transferees identified (or Affiliates of Transferees identified), in the
Sale Notice at any time within 180 days after expiration of the 15-day period
for giving Tag-Along Notices with respect to such Transfer. Any such Offered
Securities not Transferred by the Selling Holder during such 180-day period will
again be subject to the provisions of this Section 3.2(a) upon subsequent
Transfer. If one or more Other Holders give the Selling Holder a timely
Tag-Along Notice, then the Selling Holder shall use all reasonable efforts to
obtain the agreement of the prospective Transferee(s) to the participation of
the Other Holders in any contemplated Transfer, on the same terms and conditions
as are applicable to the Offered Securities, and no Selling Holder shall
transfer any of its shares to any prospective Transferee if such prospective
Transferee(s) declines to allow the participation of the Other Holders. If the
prospective Transferee(s) is unwilling or unable to acquire all of the Offered
Securities and all of the Employee Securities specified in a timely Tag-Along
Notice upon such terms, then the Selling Holder may elect either to cancel such
proposed Transfer or to allocate the maximum number of each class of Securities
that the prospective Transferees are willing to purchase (the "Allocable
Shares") among the Selling Holder and the Other Holders giving timely Tag-Along
Notices as follows (it being understood that the prospective Transferees shall
be required to purchase Securities of the same class on the same terms and
conditions taking into account the provisions of clause (1) of the first
paragraph of this Section 3.2(a), and to consummate such Transfer on those terms
and conditions):

          (i)   each participating Securityholder (including the Selling Holder)
                shall be entitled to sell a number of shares of each class of
                Securities (taking into account the provisions of clause (1) of
                the first paragraph of this Section 3.2(a)) (not to exceed, for
                any Other Holder, the number of shares of such class of
                Securities identified in such Other Holder's Tag-Along Notice)
                equal to the product of (A) the number of Allocable Shares of
                such class

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                of Securities and (B) a fraction, the numerator of which is such
                Securityholder's Ownership Percentage of such class of
                Securities and the denominator of which is the aggregate
                Ownership Percentage for all participating Securityholders of
                such class of Securities; and

          (ii)  if after allocating the Allocable Shares of any class of
                Securities to such Securityholders in accordance with clause (i)
                above, there are any Allocable Shares of such class that remain
                unallocated, then they shall be allocated (in one or more
                successive allocations on the basis of the allocation method
                specified in clause (i) above) among the Selling Holder and each
                such Other Holder that has elected in its Tag-Along Notice to
                sell a greater number of shares of such class of Securities than
                previously has been allocated to it pursuant to clause (i) and
                this clause (ii) (all of whom (but no others) shall, for
                purposes of clause (i) above, be deemed to be the participating
                Securityholders) until all such Allocable Shares have been
                allocated in accordance with this clause (ii).

          (b)   Excluded Transfers. The rights and restrictions contained in
Section 3.2(a) shall not apply with respect to any of the following Transfers of
Securities:

          (i)   any Transfer of THL Securities in a Public Sale;

          (ii)  any Transfer of THL Securities to and among the partners of THL
                and the partners (including, without limitation, any Limited
                Partner), securityholders and employees of such partners
                (subject to compliance with Sections 3.3 and 3.4);

          (iii) any Transfer of THL Securities in accordance with Section 4.1;

          (iv)  any Transfer of THL Securities incidental to the exercise,
                conversion or exchange of such securities in accordance with
                their terms, any combination of shares (including any reverse
                stock split) or any recapitalization, reorganization or
                reclassification of, or any merger or consolidation involving,
                the Company;

          (v)   any Transfer of THL Securities to employees or directors of, or
                consultants to, any of the Company and its Subsidiaries;

          (vi)  any Transfer constituting an Exempt Individual Transfer; and

          (vii) any Transfer of THL Securities pursuant to a pledge of such THL
                Securities to an unaffiliated financial institution.

          (c)   Excluded Securities. No Securities that have been transferred by
the Selling Holder or an Other Holder in a Transfer pursuant to the provisions
of Section 3.2(a) ("Excluded Securities") shall be subject again to the
restrictions set forth in Section 3.2(a), nor shall any Securityholder holding
Excluded Securities be entitled to exercise any rights as an

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Other Holder under Section 3.2(a) with respect to such Excluded Securities, and
no Excluded Securities held by a Selling Holder or any Other Holder shall be
counted in determining the respective participation rights of such Holders in a
Transfer subject to Section 3.2(a).

          (d)   Upon the occurrence of any event which gives rise to a
Securityholder's ability or requirement to transfer (including by operation of
law) such Securityholder's interests in the Company or a Subsidiary of the
Company to a third party in exchange for consideration pursuant to this
Agreement, at the election of such Securityholder, the Company shall take, and
shall cause its Subsidiaries to take, all actions necessary to convert
Securities then held by such Securityholder into the appropriate type of
security to permit the Securityholder to transfer such Securities to such third
party.

          (e)   The provisions of this Section 3.2 shall remain in effect
following the first Public Offering.

          3.3   Securities Act Compliance. No Securities may be transferred by
a Securityholder (other than pursuant to an effective registration statement
under the Securities Act) unless such Securityholder first delivers to the
Company an opinion of counsel, which opinion and counsel shall be reasonably
satisfactory to the Company, to the effect that such Transfer is not required to
be registered under the Securities Act.

          3.4   Certain Transferees Bound by Agreement. Subject to compliance
with the other provisions of this Article III, any Securityholder may Transfer
any Securities held by such Securityholder in accordance with applicable law;
provided, however, that if the Transfer is not made pursuant to a Public Sale or
a transaction the consummation of which will cause the termination of this
Agreement pursuant to Article VII, then the Transferor of such Security shall
first deliver to the Company a written agreement of the proposed Transferee
(excluding a Transferee that is a Limited Partner) to become a Securityholder
and to be bound by the terms of this Agreement (unless such proposed Transferee
is already a Securityholder). All Employee Securities will continue to be
Employee Securities in the hands of any Transferee (other than the Company, THL
or any Transferee in a Public Sale); provided that Employee Securities
Transferred pursuant to an exercise of tag-along rights as an Other Holder under
Section 3.2(a) shall not be subject to the provisions of Section 3.1 in the
hands of the Transferee or any subsequent Transferee. All THL Securities will
continue to be THL Securities in the hands of any Transferee (other than the
Company, a Limited Partner or the Employees or a Transferee in a Public Sale).

          3.5   Transfers in Violation of Agreement. Any Transfer or attempted
Transfer of any Securities in violation of any provision of this Agreement shall
be void, and the Company shall not record such Transfer on its books or treat
any purported transferee of such Securities as the owner of such Securities for
any purpose.

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                                   ARTICLE IV
                       TAKE-ALONG RIGHTS ON APPROVED SALE

          4.1   Take-Along Right.

          (a)   If THL elects to consummate, or to cause the Company to
consummate, a transaction constituting a Sale of the Company, THL shall notify
the Company and the other Securityholders in writing of that election, the other
Securityholders will consent to and raise no objections to the proposed
transaction, and the Securityholders and the Company will take all other actions
reasonably necessary or desirable to cause the consummation of such Sale of the
Company on the terms proposed by THL. Without limiting the foregoing, (i) if the
proposed Sale of the Company is structured as a sale of assets or a merger or
consolidation, or otherwise requires equityholder approval, the Securityholders
and the Company will vote or cause to be voted all Securities that they hold or
with respect to which such Securityholder has the power to direct the voting and
which are entitled to vote on such transaction in favor of such transaction and
will waive any appraisal rights which they may have in connection therewith and
(ii) if the proposed Sale of the Company is structured as or involves a sale or
redemption of Securities, the Securityholders will agree to sell their pro-rata
share of the Securities being sold in such Sale of the Company on the terms and
conditions approved by THL, and the Securityholders will execute any merger,
asset purchase, security purchase, recapitalization or other sale agreement
approved by THL in connection with such Sale of the Company.

          (b)   The obligations of the Securityholders with respect to the
Sale of the Company are subject to the satisfaction of the following conditions:
(i) upon the consummation of the Sale of the Company, all of the holders of a
particular class or series of Securities shall receive the same form and amount
of consideration per share, unit or amount of Securities, or if any holders of a
particular class or series of Securities are given an option as to the form and
amount of consideration to be received, all holders of such class or series will
be given the same option and (ii) all holders of rights without regard to
vesting or exercise restrictions to acquire a particular class or series of
Securities will be given an opportunity to either (A) exercise such rights prior
to the consummation of the Sale of the Company and participate in such sale as
holders of such Securities or (B) upon the consummation of the Sale of the
Company, receive in exchange for such rights consideration equal to the amount
determined by multiplying (1) the same amount of consideration per share, unit
or amount of Securities received by the holders of such type and class of
Securities in connection with the Sale of the Company less the exercise price
per share, unit or amount of such rights to acquire such Securities by (2) the
number of shares, units or aggregate amount of Securities represented by such
rights.

          (c)   Each Securityholder will bear its or his pro-rata share (based
upon the relative amount of Securities sold) of the reasonable and customary
costs of any sale of Securities pursuant to a Sale of the Company to the extent
such costs are incurred for the benefit of all Securityholders and are not
otherwise paid by the Company or the acquiring party (it being understood that
the reasonable and documented legal fees of one counsel for the holders of
Employee Securities up to a cap as determined by the Company's management
committee prior to the Sale of the Company shall be deemed costs for the benefit
of all Securityholders). Costs incurred by or on behalf of a Securityholder for
its or his sole benefit will not be considered costs

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of the transaction hereunder. In the event that any transaction that THL elects
to consummate or cause to be consummated pursuant to this Section 4.1 is not
consummated for any reason, the Company will reimburse THL for all actual and
reasonable expenses paid or incurred by THL in connection therewith.

          (d)   Notwithstanding any provision in this Agreement to the contrary,
THL Managers V, LLC shall be entitled to be paid customary and reasonable fees
by the Company for any investment banking services provided by it in connection
with a Sale of the Company. The provisions of this Section 4.1 shall remain in
effect following the first Public Offering.

          (e)   In the event of a sale or exchange by the Securityholders of all
or substantially all of the Securities held by the Securityholders (whether by
sale, merger, recapitalization, reorganization, consolidation, combination or
otherwise), each Securityholder shall receive in exchange for the Securities
held by such Securityholder the same portion of the aggregate consideration from
such sale or exchange that such Securityholder would have received if such
aggregate consideration had been distributed by the Company in complete
liquidation pursuant to the rights and preferences set forth in the LLC
Agreement as in effect immediately prior to such sale or exchange. Each
Securityholder shall take all necessary or desirable actions in connection with
the distribution of the aggregate consideration from such sale or exchange as
requested by the Company.

                                    ARTICLE V
                               REGISTRATION RIGHTS

          5.1   Demand Registrations.

          (a)   Requests for Registration. Subject to the provisions of this
Article V, the holders of a majority of THL Securities that constitute
Registrable Securities shall have the right (the "THL Demand Right") to request
registration under the Securities Act of all or any portion of the Registrable
Securities held by the THL Holders (the "Requesting Holders") by delivering a
written notice to the principal business office of the Company, which notice
identifies the Requesting Holders and specifies the number of Registrable
Securities to be included in such registration (the "Registration Request").
Subject to the restrictions set forth in Section 5.1(d), the Company will give
prompt written notice of such Registration Request (the "Registration Notice")
to all other holders of Registrable Securities and will thereupon use its
commercially reasonable efforts to effect the registration (a "Demand
Registration") under the Securities Act on any form available to the Company of:

          (i)   the Registrable Securities requested to be registered by the
                Requesting Holders;

          (ii)  all other Registrable Securities of the same type and class
                which the Company has received a written request to register
                within 30 days after the Registration Notice is given and any
                securities of the Company proposed to be included in such
                registration by the Company for its own account; and

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          (iii) any securities of the Company proposed to be included in such
                registration by the holders of registration rights granted other
                than pursuant to this Agreement ("Other Registration Rights").

          (b)   Preservation of Demand Registration. A registration undertaken
by the Company at the request of the Requesting Holder will not count as a
Demand Registration:

          (i)   if, pursuant to the THL Demand Right, the Requesting Holders
                fail to register and sell at least 75% of the Registrable
                Securities requested to be included in such registration by
                them, unless such failure results from any act of, or failure to
                act by, any of the Requesting Holders (provided that if the
                Requesting Holders withdraw their Registration Request prior to
                the time the registration statement therefor is declared
                effective and promptly reimburse the Company for all
                Registration Expenses incurred by the Company in connection with
                effecting such registration, such Registration Request shall not
                count as a Demand Registration); or

          (ii)  if the Requesting Holders withdraw a Registration Request (A)
                upon the determination of the management committee or, as the
                case may be, board of directors of the Company to postpone the
                filing or effectiveness of a Registration Statement pursuant to
                Section 5.1(d) or (B) within 10 days of receiving notice from
                the Company of its intent to exercise its Priority Right in
                connection with such registration.

          (c)   Priority on Demand Registration. If the sole or managing
underwriter of a Demand Registration advises the Company in writing that in its
opinion the number of Registrable Securities and other securities requested to
be included exceeds the number of Registrable Securities and other securities
which can be sold in such offering without adversely affecting the distribution
of the securities being offered, the price that will be paid in such offering or
the marketability thereof, the Company will include in such registration the
greatest number of (i) Registrable Securities proposed to be registered by the
holders thereof, (ii) securities having Other Registration Rights that are pari
passu with the demand rights granted in respect of Registrable Securities
hereunder proposed to be registered by the holders thereof and (iii) securities
proposed to be registered by the Company for its own account which in the
opinion of such underwriters can be sold in such offering without adversely
affecting the distribution of the securities being offered, the price that will
be paid in such offering or the marketability thereof, ratably among the holders
of Registrable Securities, the holders of such Other Registration Rights and the
Company, based (A) as between the Company and such holders requesting
registration, on the respective amounts of securities requested to be registered
and (B) as among the holders requesting registration, on the respective amounts
of Registrable Securities (whether requested to be registered pursuant to
Section 5.1 or 5.2) and securities subject to such Other Registration Rights, as
the case may be, held by each such holder; provided, however, that the
Requesting Holders shall have the right (the "Priority Right") to receive
priority over all other holders of Registrable Securities and the Company in any
Demand Registration to be effected under this Section 5.1 with respect to
securities that the Requesting Holders propose to include in such registration
by giving written notice of its election to exercise

                                      -10-

<PAGE>

such Priority Right to the other holders of Registrable Securities and the
Company requesting registration thereof.

          (d)   Restrictions on Demand Registrations. Except as otherwise
provided in this Section 5.1(d), the Company shall be obligated to effect six
Demand Registrations pursuant to a THL Demand Right. Any Demand Registration
requested must be for a firmly underwritten public offering of Registrable
Securities with an expected value of at least $25 million to be managed by an
underwriter or underwriters of recognized national standing selected by the
Requesting Holders and reasonably acceptable to the Company. The Company shall
not be obligated to effect a Demand Registration if after a request is made, the
Company has determined in good faith that the filing of a registration request
would require disclosure of material information which the Company has a bona
fide business purpose for preserving as confidential, the Company shall not be
obligated to effect the registration until the earlier of (A) the date upon
which such material information is disclosed to the public or is no longer
material or (B) 120 days after the Company first makes such good faith
determination.

          (e)   Stock Splits. In connection with any Demand Registration
pursuant to this Section 5.1, each party to this Agreement will vote, or cause
to be voted, all securities of the Company over which it has the power to vote
or direct the voting to effect any stock split which, in the opinion of the sole
or managing underwriter, is necessary to facilitate the effectiveness of such
Demand Registration.

          (f)   Other Registration Rights. Except as provided in this Agreement,
the Company shall not grant to any Persons the right to request the Company to
register any equity securities of the Company, or any securities convertible or
exchangeable into or exercisable for such securities, without the prior written
consent of the holders of at least a majority of the Registrable Securities;
provided that the Company may grant rights to other Persons to participate in
Incidental Registrations so long as such rights are subordinate to the rights of
the holders of Registrable Securities with respect to such Incidental
Registrations.

          5.2   Incidental Registration.

          (a)   Requests for Incidental Registration. At any time the Company
proposes to register any shares of Common Stock under the Securities Act (other
than registrations on such form(s) solely for registration of Common Stock in
connection with any employee benefit plan or dividend reinvestment plan or a
merger or consolidation), including registrations pursuant to Section 5.1(a),
whether or not for sale for its own account, the Company will give written
notice to each holder of Registrable Securities at least 30 days prior to the
initial filing of such Registration Statement with the SEC of its intent to file
such registration statement and of such holder's rights under this Section 5.2.
Upon the written request of any holder of Registrable Securities made within 20
days after any such notice is given (which request shall specify the Registrable
Securities intended to be disposed of by such holder), the Company will use its
commercially reasonable efforts to effect the registration (an "Incidental
Registration") under the Securities Act of all Registrable Securities which the
Company, as the case may be, has been so requested to register by the holders
thereof; provided, however, that if, at any time after giving written notice of
its intention to register any securities and prior to the effective date of the

                                      -11-

<PAGE>

Registration Statement filed in connection with such Incidental Registration
(each an "Incidental Registration Statement"), the Company shall determine for
any reason not to register or to delay registration of such securities, the
Company may, at its election, give written notice of such determination to each
holder of Registrable Securities and, thereupon, (a) in the case of a
determination not to register, the Company shall be relieved of its obligation
to register any Registrable Securities under this Section 5.2 in connection with
such registration (but not from its obligation to pay the expenses incurred in
connection therewith) and (b) in the case of a determination to delay
registration, the Company shall be permitted to delay registering any
Registrable Securities under this Section 5.2 during the period that the
registration of such other securities is delayed.

          (b)   Priority on Incidental Registration. If the sole or managing
underwriter of a registration advises the Company in writing that in its opinion
the number of Registrable Securities and other securities requested to be
included exceeds the number of Registrable Securities and other securities which
can be sold in such offering without adversely affecting the distribution of the
securities being offered, the price that will be paid in such offering or the
marketability thereof, the Company will include in such registration the
Registrable Securities and other securities of the Company in the following
order of priority:

          (i)   first, the greatest number of securities of the Company proposed
                to be included in such registration by the Company for its own
                account and by holders of Other Registration Rights that have
                priority over the incidental registration rights granted to
                holders of Registrable Securities under this Agreement, which in
                the opinion of such underwriters can be so sold; and

          (ii)  second, after all securities that the Company proposes to
                register for its own account or for the accounts of holders of
                Other Registration Rights that have priority over the incidental
                registration rights under this Agreement have been included, the
                greatest amount of Registrable Securities and securities having
                Other Registration Rights that are pari passu with Registrable
                Securities, in each case requested to be registered by the
                holders thereof which in the opinion of such underwriters can be
                sold in such offering without adversely affecting the
                distribution of the securities being offered, the price that
                will be paid in such offering or the marketability thereof,
                ratably among the holders of Registrable Securities (whether
                requested to be registered pursuant to Section 5.1 or 5.2) and
                securities subject to such Other Registration Rights based on
                the respective amounts of Registrable Securities and securities
                subject to such Other Registration Rights held by each such
                holder.

          (c)   Upon delivering a request under this Section 5.2, a
Securityholder (excluding THL and its Affiliates, but including any other
Permitted Transferee of any thereof) will, if requested by the Company, execute
and deliver a custody agreement and power of attorney in form and substance
reasonably satisfactory to the Company and one of the THL Directors with respect
to such Securityholder's Securities to be registered pursuant to this Section
5.2 (a "Custody Agreement and Power of Attorney"). The Custody Agreement and

                                      -12-

<PAGE>

Power of Attorney will provide, among other things, that the Securityholder will
deliver to and deposit in custody with the custodian and attorney-in-fact named
therein (who shall be reasonably satisfactory to one of the THL Directors) a
certificate or certificates representing such Securities (duly endorsed in blank
by the registered owner or owners thereof or accompanied by duly executed stock
powers in blank) and irrevocably appoint said custodian and attorney-in-fact
with full power and authority to act under the Custody Agreement and Power of
Attorney on such Securityholder's behalf with respect to the matters specified
therein. Such Securityholder also agrees to execute such other agreements as the
Company may reasonably request to further evidence the provisions of this
Section 5.2.

          5.3   Holdback Agreements.

          (a)   Each holder of Registrable Securities agrees that if requested
in connection with an underwritten offering made pursuant to a Registration
Statement for which such Securityholder has registration rights pursuant to this
Article V by the managing underwriter or underwriters of such underwritten
offering, such holder will not effect any Public Sale or distribution of any of
the securities being registered or any securities convertible or exchangeable or
exercisable for such securities (except as part of such underwritten offering),
during the period beginning 10 days prior to, and ending 180 days after, the
closing date of each underwritten offering made pursuant to such Registration
Statement (or for such shorter period as to which the managing underwriter or
underwriters may agree, provided that such shorter period applies equally to all
holders of Registrable Securities).

          (b)   The Company agrees (i) not to effect any public sale or
distribution of its equity securities, or any securities convertible into or
exchangeable or exercisable for such securities, during the 7 days prior to and
during the 180-day period beginning on the effective date of any underwritten
Demand Registration (or for such shorter period as to which the managing
underwriter or underwriters may agree), except as part of such Demand
Registration or in connection with any employee benefit or similar plan, any
dividend reinvestment plan, or a business acquisition or combination and (ii) to
use all reasonable efforts to cause each holder of at least 1% (on a
fully-diluted basis) of its equity securities, or any securities convertible
into or exchangeable or exercisable for such securities, which are or may be
purchased from the Company at any time after the date of this Agreement (other
than in a registered offering) to agree not to effect any sale or distribution
of any such securities during such period (except as part of such underwritten
offering, if otherwise permitted).

          5.4   Registration Procedures. In connection with the registration of
any Registrable Securities, the Company shall effect such registrations to
permit the sale of such Registrable Securities in accordance with the intended
method or methods of disposition thereof, and pursuant thereto the Company shall
as expeditiously as possible:

          (a)   Prepare and file with the SEC a Registration Statement or
Registration Statements on a form available for the sale of the Registrable
Securities by the holders thereof in accordance with the intended method of
distribution thereof, and use its commercially reasonable efforts to cause each
such Registration Statement to become effective;

                                      -13-

<PAGE>

          (b)   Prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary to keep such
Registration Statement continuously effective for a period ending on the earlier
of (i) 90 days from the effective date and (ii) such time as all of such
securities have been disposed of in accordance with the intended method of
disposition thereof; cause the related prospectus to be supplemented by any
required prospectus supplement, and as so supplemented to be filed pursuant to
Rule 424 (or any similar provisions then in force) under the Securities Act; and
comply with the provisions of the Securities Act, the Exchange Act and the rules
and regulations of the SEC promulgated thereunder applicable to it with respect
to the disposition of all securities covered by such Registration Statement as
so amended or in such prospectus as so supplemented.

          (c)   Notify the selling holders of Registrable Securities promptly
(but in any event within 2 business days), and confirm such notice in writing,
(i) when a prospectus or any prospectus supplement or post-effective amendment
has been filed, and, with respect to a Registration Statement or any
post-effective amendment, when the same has become effective, (ii) of the
issuance by the SEC of any stop order suspending the effectiveness of a
Registration Statement or of any order preventing or suspending the use of any
preliminary prospectus, (iii) if at any time when a prospectus is required by
the Securities Act to be delivered in connection with sales of Registrable
Securities the Company becomes aware that the representations and warranties of
the Company contained in any agreement (including any underwriting agreement)
contemplated by Section 5.4(h) below cease to be true and correct in all
material respects, (iv) of the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification
of a Registration Statement or any of the Registrable Securities for offer or
sale in any jurisdiction, (v) if the Company becomes aware of the happening of
any event that makes any statement made in such Registration Statement or
related prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making
of any changes in such Registration Statement, prospectus or documents so that,
in the case of such Registration Statement, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and
that in the case of the prospectus, it will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

          (d)   Use its commercially reasonable efforts to prevent the issuance
of any order suspending the effectiveness of a Registration Statement or of any
order preventing or suspending the use of a prospectus or suspending the
qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, and, if any such order is issued, to
obtain the withdrawal of any such order at the earliest possible moment.

          (e)   Deliver to each selling holder of Registrable Securities and the
underwriters, if any, without charge, as many copies of the prospectus or
prospectuses (including each form of prospectus) and each amendment or
supplement thereto as such Persons may reasonably request; and the Company
hereby consents to the use of such prospectus and each amendment or supplement
thereto by each of the selling holders of Registrable Securities and the

                                      -14-

<PAGE>

underwriters or agents, if any, in connection with the offering and sale of the
Registrable Securities covered by such prospectus and any amendment or
supplement thereto.

          (f)   Prior to any public offering of Registrable Securities, to use
its commercially reasonable efforts to register or qualify, and cooperate with
the selling holders of Registrable Securities, the underwriters, if any, the
sales agents and their respective counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or "blue sky"
laws of such jurisdictions within the United States as any selling holder or the
managing underwriters reasonably request in writing; provided, however, that the
Company will not be required to (i) qualify generally to do business in any
jurisdiction where it is not then so qualified or (ii) take any action that
would subject it to general service of process in any such jurisdiction where it
is not then so subject.

          (g)   Upon the occurrence of any event contemplated by Section
5.4(c)(v) above, as promptly as practicable prepare a supplement or
post-effective amendment to the Registration Statement or a supplement to the
related prospectus or any document incorporated or deemed to be incorporated
therein by reference, or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Securities being sold thereunder,
such prospectus will not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.

          (h)   Enter into an underwriting agreement in form, scope and
substance as is customary in underwritten offerings and take all such other
actions as are reasonably requested by the managing or sole underwriter in order
to expedite or facilitate the registration or the disposition of such
Registrable Securities, and in such connection, (i) make such representations
and warranties to the underwriters, with respect to the business of the Company
and its subsidiaries, and the Registration Statement, prospectus and documents,
if any, incorporated or deemed to be incorporated by reference therein, in each
case, in form, substance and scope as are customarily made by issuers to
underwriters in underwritten offerings, and confirm the same if and when
requested, (ii) obtain opinions of counsel to the Company and updates thereof
(which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the managing underwriters), addressed to the underwriters
covering the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by underwriters,
(iii) obtain "cold comfort" letters and updates thereof from the independent
certified public accountants of the Company (and, if necessary, any other
independent certified public accountants of any Subsidiary of the Company or of
any business acquired by the Company for which financial statements and
financial data are, or are required to be, included in the Registration
Statement), addressed to each of the underwriters, such letters to be in
customary form and covering matters of the type customarily covered in "cold
comfort" letters in connection with underwritten offerings and (iv) if an
underwriting agreement is entered into, the same shall contain indemnification
provisions and procedures no less favorable to the holders of Registrable
Securities than those set forth in Section 5.6 hereof (or such other provisions
and procedures acceptable to holders of a majority of the Registrable Securities
covered by such Registration Statement and the managing underwriters or agents)
with respect to

                                      -15-

<PAGE>

all parties to be indemnified pursuant to said Section. The above shall be done
at each closing under such underwriting agreement, or as and to the extent
required thereunder.

          (i)   Comply with all applicable rules and regulations of the SEC and
make generally available to its Securityholders earnings statements satisfying
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any similar rule promulgated under the Securities Act) no later than 45 days
after the end of any 12-month period (or 90 days after the end of any 12-month
period if such period is a fiscal year) (i) commencing at the end of any fiscal
quarter in which Registrable Securities are sold to underwriters in a firm
commitment or best efforts underwritten offering and (ii) if not sold to
underwriters in such an offering, commencing on the first day of the first
fiscal quarter of the Company after the effectiveness of a Registration
Statement, which statements shall cover said 12-month periods.

          (j)   (i) Use its commercially reasonable efforts to cause all such
Registrable Securities covered by such registration statement to be listed on
the principal securities exchange on which Common Stock is then listed (if any),
if the listing of such Registrable Securities is then permitted under the rules
of such exchange, or (ii) if no Common Stock is then so listed, use its
commercially reasonable efforts to, either (as the Company may elect) (x) cause
all such Registrable Securities to be listed on a national securities exchange
or (y) secure designation of all such Registrable Securities as a NASDAQ
"national market system security" within the meaning of Rule 11Aa2-1 or, failing
that, to secure NASDAQ authorization for such shares and, without limiting the
generality of the foregoing, to arrange for at least two market makers to
register as such with respect to such shares with the National Association of
Securities Dealers, Inc. ("NASD").

The Company may require each holder of Registrable Securities as to which any
registration is being effected to furnish to the Company such information
regarding such holder and the distribution of such Registrable Securities as the
Company may, from time to time, reasonably request in writing; provided that
such information shall be used only in connection with such registration. The
Company may exclude from such registration the Registrable Securities of any
holder who unreasonably fails to furnish such information promptly after
receiving such request. Each holder agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section
5.4(c)(ii), 5.4(c)(iv) or 5.4(c)(v), such holder will forthwith discontinue
disposition of such Registrable Securities covered by such Registration
Statement or prospectus until such holder's receipt of the copies of the
supplemented or amended prospectus contemplated by Section 5.4, or until it is
advised in writing by the Company that the use of the applicable prospectus may
be resumed, and has received copies of any amendments or supplements thereto.

          5.5   Registration Expenses. Subject to Section 5.1(b)(i), all fees
and expenses incident to the performance of or compliance with this Agreement by
the Company shall be borne by the Company, whether or not any Registration
Statement is filed or becomes effective, including, without limitation, (i) all
registration and filing fees (including, without limitation, (A) fees with
respect to filings required to be made with the NASD in connection with an
underwritten offering and (B) fees and expenses of compliance with state
securities or "blue sky" laws), (ii) reasonable messenger, telephone and
delivery expenses, (iii) fees and disbursements of

                                      -16-

<PAGE>

counsel for the Company, (iv) fees and disbursements of all independent
certified public accountants referred to in Section 5.4(h), (v) underwriters'
fees and expenses (excluding discounts, commissions, or fees of underwriters,
selling brokers, dealer managers or similar securities industry professionals
relating to the distribution of the Registrable Securities), (vi) Securities Act
liability insurance, if the Company so desires such insurance, (vii) internal
expenses of the Company, (viii) the expense of any annual audit, (ix) the fees
and expenses incurred in connection with the listing of the securities to be
registered on any securities exchange and (x) the fees and expenses of any
Person, including special experts, retained by the Company. In connection with
any Demand Registration or Incidental Registration hereunder, the Company shall
reimburse the holders of the Registrable Securities being registered in such
registration for the reasonable fees and disbursements of not more than one
counsel (together with appropriate local counsel) chosen by the Requesting
Holders, and other reasonable out-of-pocket expenses of the holders of
Registrable Securities incurred in connection with the registration of the
Registrable Securities.

          5.6   Indemnification; Contribution.

          (a)   Indemnification by the Company. The Company shall, without
limitation as to time, indemnify and hold harmless, to the full extent permitted
by law, each holder of Registrable Securities, the officers, directors, agents
and employees of each of them, each Person who controls each such holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act), the officers, directors, agents and employees of each such controlling
person and any financial or investment adviser (each, an "Indemnified Party"),
to the fullest extent lawful, from and against any and all losses, claims,
damages, liabilities, actions or proceedings (whether commenced or threatened)
reasonable costs (including, without limitation, reasonable costs of preparation
and reasonable attorneys' fees) and reasonable expenses (including reasonable
expenses of investigation) (collectively, "Losses"), as incurred, arising out of
or based upon (i) any untrue or alleged untrue statement of a material fact
contained in any Registration Statement, prospectus or form of prospectus or in
any amendment or supplements thereto or in any preliminary prospectus, or
arising out of or based upon any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, except to the extent that the same arise out of or are based upon
information furnished in writing to the Company by such Indemnified Party or the
related holder of Registrable Securities expressly for use therein or (ii) any
violation by the Company of any federal, state or common law rule or regulation
applicable to the Company and relating to action required of or inaction by the
Company in connection with any such registration; provided, however, that the
Company shall not be liable to any Person who participates as an underwriter in
the offering or sale of Registrable Securities or any other Person, if any, who
controls such underwriters within the meaning of the Securities Act to the
extent that any such Losses arise out of or are based upon an untrue statement
or alleged untrue statement or omission or alleged omission made in any
preliminary prospectus if (i) such Person failed to send or deliver a copy of
the prospectus with or prior to the delivery of written confirmation of the sale
by such Person to the Person asserting the claim from which such Losses arise,
(ii) the prospectus would have corrected such untrue statement or alleged untrue
statement or such omission or alleged omission, and (iii) the Company has
complied with its obligations under Section 5.4(c). Each

                                      -17-

<PAGE>

indemnity and reimbursement of costs and expenses shall remain in full force and
effect regardless of any investigation made by or on behalf of such indemnified
party.

          (b)   Indemnification by Holders. In connection with any Registration
Statement in which a holder of Registrable Securities is participating, such
holder, or an authorized officer of such holder, shall furnish to the Company in
writing such information as the Company reasonably requests for use in
connection with any Registration Statement or prospectus and agrees, severally
and not jointly, to indemnify, to the full extent permitted by law, the Company,
its directors, officers, agents and employees, each Person who controls the
Company (within the meaning of Section 15 of the Securities Act and Section 20
of the Exchange Act), and the directors, officers, agents or employees of such
controlling persons, from and against all Losses arising out of or based upon
any untrue or alleged untrue statement of a material fact contained in any
Registration Statement, prospectus, or form of prospectus, or arising out of or
based upon any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, to
the extent, but only to the extent, that such untrue or alleged untrue statement
is contained in, or such omission or alleged omission is required to be
contained in, any information so furnished in writing by such holder to the
Company expressly for use in such Registration Statement or prospectus and that
such statement or omission was relied upon by the Company in preparation of such
Registration Statement, prospectus or form of prospectus; provided, however,
that such holder of Registrable Securities shall not be liable in any such case
to the extent that the holder has furnished in writing to the Company within a
reasonable period of time prior to the filing of any such Registration Statement
or prospectus or amendment or supplement thereto information expressly for use
in such Registration Statement or prospectus or any amendment or supplement
thereto which corrected or made not misleading, information previously furnished
to the Company, and the Company failed to include such information therein. In
no event shall the liability of any selling holder of Registrable Securities
hereunder be greater in amount than the dollar amount of the proceeds (net of
payment of all expenses) received by such holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation. Such
indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of such indemnified party.

          (c)   Conduct of Indemnification Proceedings. If any Person shall be
entitled to indemnity hereunder (an "indemnified party"), such indemnified party
shall give prompt notice to the party or parties from which such indemnity is
sought (the "indemnifying parties") of the commencement of any action, suit,
proceeding or investigation or written threat thereof (a "Proceeding") with
respect to which such indemnified party seeks indemnification or contribution
pursuant hereto; provided, however, that the failure to so notify the
indemnifying parties shall not relieve the indemnifying parties from any
obligation or liability except to the extent that the indemnifying parties have
been prejudiced by such failure. The indemnifying parties shall have the right,
exercisable by giving written notice to an indemnified party promptly after the
receipt of written notice from such indemnified party of such Proceeding, to
assume, at the indemnifying parties' expense, the defense of any such
Proceeding, with counsel reasonably satisfactory to such indemnified party;
provided, however, that an indemnified party or parties (if more than one such
indemnified party is named in any Proceeding) shall have the right to employ
separate counsel in any such Proceeding and to participate in the defense
thereof, but the fees

                                      -18-

<PAGE>

and expenses of such counsel shall be at the expense of such indemnified party
or parties unless: (i) the indemnifying parties agree to pay such fees and
expenses; (ii) the indemnifying parties fail promptly to assume the defense of
such Proceeding or fail to employ counsel reasonably satisfactory to such
indemnified party or parties; or (iii) the named parties to any such Proceeding
(including any impleaded parties) include both such indemnified party or parties
and the indemnifying parties or an affiliate of the indemnifying parties or such
indemnified parties, and there may be one or more defenses available to such
indemnified party or parties that are different from or additional to those
available to the indemnifying parties, in which case, if such indemnified party
or parties notifies the indemnifying parties in writing that it elects to employ
separate counsel at the expense of the indemnifying parties, the indemnifying
parties shall not have the right to assume the defense thereof and such counsel
shall be at the expense of the indemnifying parties, it being understood,
however, that, unless there exists a conflict among indemnified parties, the
indemnifying parties shall not, in connection with any one such Proceeding or
separate but substantially similar or related Proceedings in the same
jurisdiction, arising out of the same general allegations or circumstances, be
liable for the fees and expenses of more than one separate firm of attorneys
(together with appropriate local counsel) at any time for such indemnified party
or parties. Whether or not such defense is assumed by the indemnifying parties,
such indemnifying parties or indemnified party or parties will not be subject to
any liability for any settlement made without its or their consent (but such
consent will not be unreasonably withheld). The indemnifying parties shall not
consent to entry of any judgment or enter into any settlement which (i) provides
for other than monetary damages without the consent of the indemnified party or
parties (which consent shall not be unreasonably withheld or delayed) or (ii)
does not include as an unconditional term thereof the giving by the claimant or
plaintiff to such indemnified party or parties of a release, in form and
substance satisfactory to the indemnified party or parties, from all liability
in respect of such Proceeding for which such indemnified party would be entitled
to indemnification hereunder.

          (d)   Contribution. If the indemnification provided for in this
Section 5.6 is unavailable to an indemnified party or is insufficient to hold
such indemnified party harmless for any Losses in respect of which this Section
5.6 would otherwise apply by its terms, then each applicable indemnifying party,
in lieu of indemnifying such indemnified party, shall have a joint and several
obligation to contribute to the amount paid or payable by such indemnified party
as a result of such Losses, in such proportion as is appropriate to reflect the
relative fault of the indemnifying party, on the one hand, and such indemnified
party, on the other hand, in connection with the actions, statements or
omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such indemnifying party, on the one hand,
and indemnified party, on the other hand, shall be determined by reference to,
among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to
state a material fact, has been taken by, or relates to information supplied by,
such indemnifying party or indemnified party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent any such
action, statement or omission. The amount paid or payable by a party as a result
of any Losses shall be deemed to include any legal or other fees or expenses
incurred by such party in connection with any Proceeding, to the extent such
party would have been indemnified for such expenses if the indemnification
provided for in Section 5.6(a) or 5.6(b) was available to such party. The
parties hereto agree that it would not be just and equitable if contribution
pursuant to

                                      -19-

<PAGE>

this Section 5.6(d) were determined by pro-rata allocation or by any other
method of allocation that does not take account of the equitable considerations
referred to in this Section 5.6(d). Notwithstanding the provisions of this
Section 5.6(d), an indemnifying party that is a selling holder of Registrable
Securities shall not be required to contribute any amount in excess of the
amount by which the net proceeds received by such indemnifying party exceeds the
amount of any damages that such indemnifying party has otherwise been required
to pay by reasons 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) shall be entitled to
contribution from any Person who was not guilty of such fraudulent
misrepresentation.

          5.7   Rule 144. At all times after the Company effects its first
Public Offering, the Company shall file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations
promulgated thereunder, and will take such further action as any holder of
Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitation of the exemptions
provided by Rule 144. Upon the request of any holder of Registrable Securities,
the Company shall deliver to such holder a written statement as to whether it
has complied with such requirements.

          5.8   Underwritten Registrations. No holder of Registrable Securities
may participate in any underwritten registration hereunder unless such holder
(a) agrees to sell such holder's Registrable Securities on the basis provided in
any underwriting arrangements approved by the Persons entitled hereunder to
approve such arrangements and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

          5.9   No Inconsistent Agreements. The Company has not and will not,
enter into any agreement with respect to the Company's securities that is
inconsistent with the rights granted to the holders of Registrable Securities in
this Article V or otherwise conflicts with the provisions hereof.

                                   ARTICLE VI
                               PRE-EMPTIVE RIGHTS

          6.1   Issuance of New Securities to Affiliates.

          (a)   If at any time after the date of this Agreement the Company
proposes to issue or sell any Units, Common Stock, Common Stock Equivalents or
Preferred Stock of the Company or Holdings proposes to issue or sell any of its
securities (collectively, "New Securities"), in each case to THL or any
Affiliate of THL, the Company shall, and in the case of a proposed issuance of
Holdings' securities, will cause Holdings to, first offer to sell to the holders
of Employee Securities a portion of each type of such New Securities equal to
the quotient determined by dividing (x) the number of Fully-Diluted Units (which
are Class A Units and Class B Units and which are held or beneficially owned by
such holder of Employee Securities), by (y) the total number of Fully-Diluted
Class A and B Units outstanding

                                      -20-

<PAGE>

immediately prior to such issuance or sale. The holders of Employee Securities
shall be entitled to purchase all or any portion of their respective portions
(as determined in the immediately preceding sentence) of such New Securities at
the most favorable price and on the most favorable terms as such New Securities
are to be offered to THL or any Affiliate of THL.

          (b)   In order to exercise its purchase rights hereunder, each holder
of Employee Securities must, within 30 days after receipt of written notice from
the Company describing in reasonable detail the New Securities being offered,
the purchase price thereof, the payment terms and the percentage of the New
Securities available to such holder pursuant to Section 6.1(a), deliver a
written notice to the Company describing its election to exercise its purchase
rights hereunder.

          (c)   Upon the expiration of the offering periods described above, the
Company shall be entitled to sell such New Securities which the holders of
Employee Securities have not elected to purchase during the 180 days following
such expiration on terms and conditions no more favorable to the purchasers
thereof than those offered to the holders of Employee Securities. Any New
Securities to be sold by the Company or Holdings to THL or any Affiliate of THL
after such 180-day period must be reoffered to the holders of Employee
Securities pursuant to the terms of this Section 6.1.

          (d)   The provisions of this Section 6.1 will not apply to the
following issuances of New Securities:

          (i)   any New Securities issued upon the conversion or exercise of any
                Common Stock Equivalents not issued in violation of this Section
                6.1;

          (ii)  any issuance of New Securities incident to the exercise,
                conversion or exchange of any securities of the Company or
                Holdings that were not issued in violation of this Section 6.1,
                a subdivision of shares (including any stock dividend or stock
                split), any combination of shares (including any reverse stock
                split) or any recapitalization, reorganization or
                reclassification of the Company or Holdings; or

          (iii) any New Securities issued to a seller(s)in connection with the
                acquisition by the Company or Holdings of another Person that is
                not an Affiliate of THL (whether by acquisition of stock or by
                merger or consolidation, or the acquisition of all or
                substantially all of such Person's assets).

          (e)   Nothing in this Section 6.1 shall be deemed to prevent THL or
any Affiliate of THL from purchasing for cash any New Securities without first
complying with the provisions of this Section 6.1; provided, that in connection
with such purchase, (a) the Company's management committee or board of directors
has determined in good faith (1) that the Company needs an immediate cash
investment, (2) that no alternative financing on terms no less favorable to the
Company in the aggregate than such purchase is available which is of a type that
could be obtained without having to comply with this Section 6.1 and (3) that
the delay caused by compliance with the provisions of this Section 6.1 in
connection with such investment

                                      -21-

<PAGE>

would be reasonably likely to cause severe and immediate harm to the Company,
(b) the Company gives prompt notice to the holders of Employee Securities of the
Purchasing Holder's investment, which notice shall describe in reasonable detail
the New Securities being purchased by the Person making such purchase (for
purposes of this Section 6.1, the "Purchasing Holder") and the purchase price
thereof and (c) the Purchasing Holder and the Company take all steps necessary
to enable the holders of Employee Securities to effectively exercise their
respective rights under this Section 6.1 with respect to their purchase of a
pro-rata share of the New Securities issued to the Purchasing Holder after such
purchase by the Purchasing Holder on the terms specified in Section 6.1(a).

                                   ARTICLE VII
                            AMENDMENT AND TERMINATION

          7.1   Amendment and Waiver. Except as otherwise provided herein, no
modification, amendment or waiver of any provision of this Agreement shall be
effective against the Company or the Securityholders unless such modification,
amendment or waiver is approved in writing by each of the Company, THL Majority
Holders and the Employee Majority Holders. The failure of any party to enforce
any of the provisions of this Agreement shall in no way be construed as a waiver
of such provisions and shall not affect the right of such party thereafter to
enforce each and every provision of this Agreement in accordance with its terms.

          7.2   Termination of Certain Provisions. The provisions of Article II
shall terminate upon the consummation of the Company's first Public Offering if,
and only to the extent, required by the managing underwriter of such Public
Offering.

          7.3   Termination of Agreement. This Agreement will terminate in
respect of all Securityholders (a) with the written consent of the Company, the
THL Majority Holders and the Employee Majority Holders, (b) upon the
dissolution, liquidation or winding-up of the Company or (c) upon the
consummation of a Sale of the Company (except with respect to the rights to
Incidental Registration under Article V, which shall survive). The termination
of this Agreement will not affect any indemnification or contribution
obligations under Section 5.6, which shall survive such termination.

          7.4   Termination as to a Party. Any Person who ceases to hold any
Securities shall cease to be a Securityholder and shall have no further rights
or obligations under this Agreement (except with respect to any indemnification
and contribution obligations under Section 5.6, which shall survive).

                                  ARTICLE VIII
                                  MISCELLANEOUS

          8.1   Certain Defined Terms. As used in this Agreement, the following
terms shall have the meanings set forth or as referenced below:

          "Affiliate" of any particular Person means any other Person
Controlling, Controlled by or under common Control with such particular Person
or, in the case of a natural Person, any other member of such Person's Family
Group.

                                      -22-

<PAGE>

          "Agreement" has the meaning set forth in the preamble.

          "Agreement of Merger" means the Agreement and Plan of Merger dated as
of October 10, 2003 by and among Holdings, Merger Corp., M-Foods Holdings, Inc.
and Michael Foods, Inc., as amended.

          "Allocable Shares" has the meaning set forth in Section 3.2(a).

          "Call Option" has the meaning given to such term in the Management
Unit Subscription Agreements.

          "CEO Designated Director" has the meaning given such term in Section
2.1(a)(v).

          "Class A Units" has the meaning set forth in the LLC Agreement.

          "Class B Units" has the meaning set forth in the LLC Agreement.

          "Class C Units" has the meaning set forth in the LLC Agreement.

          "Closing Date" has the meaning given such term in the Agreement of
Merger.

          "Common Stock" means, collectively, following the conversion of the
Company into a corporation or the Company being merged into, or otherwise
succeeded by, a corporation, the common stock of the Company and any other class
or series of authorized capital stock of the Company which is not limited to a
fixed sum or percentage of par or stated value in respect to the rights of the
holders thereof to participate in dividends or in the distribution of assets
upon any liquidation, dissolution or winding up of the successor to the Company.

          "Common Stock Equivalents" means (without duplication with any Units,
Common Stock or other Common Stock Equivalents) rights, warrants, options,
convertible securities, or exchangeable securities or indebtedness, or other
rights, exercisable for or convertible or exchangeable into, directly or
indirectly, Units, Common Stock or securities exercisable for or convertible or
exchangeable into Units or Common Stock, as the case may be, whether at the time
of issuance or upon the passage of time or the occurrence of some future event.

          "Company" has the meaning set forth in the preamble.

          "Control" (including, with correlative meaning, all conjugations
thereof) means with respect to any Person, the ability of another Person to
control or direct the actions or policies of such first Person, whether by
ownership of voting securities, by contract or otherwise.

          "Custody Agreement and Power of Attorney" has the meaning given to
such term in Section 5.2(c).

          "Demand Registration" has the meaning given to such term in Section
5.1(a).

                                      -23-

<PAGE>

          "Employee(s)" has the meaning given to such term in the preamble.

          "Employee Majority Holders" means the Person or Persons having
beneficial ownership of a majority of the securities constituting Employee
Securities.

          "Employee Securities" means (a) the Preferred Units, Class A Units,
Class B Units and Class C Units acquired by the Employees on or after the date
of this Agreement under the Management Subscription Agreements, (b) any Units,
Common Stock (including, for the purpose of this definition, common stock of
Holdings or any other common stock distributed by the Company), Common Stock
Equivalents or Preferred Stock hereafter acquired by any holder of Employee
Securities and (c) any securities of the Company issued with respect to the
securities referred to in clauses (a) or (b) above by way of a payment-in-kind,
stock dividend or stock split or in connection with a combination of shares,
exchange, conversion, recapitalization, merger, consolidation or other
reorganization.

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

          "Excluded Securities" has the meaning set forth in Section 3.2(c).

          "Exempt Transfer" means a Transfer of Employee Securities (a) pursuant
to an exercise of tag-along rights as an Other Holder under Section 3.2, (b)
pursuant to a Sale of the Company under Section 4.1 or other transaction
approved under Section 2.2, (c) to the Company pursuant to a Call Option under a
Management Subscription Agreement, (d) pursuant to a Public Sale (including
pursuant to the provisions of Article V hereof), (e) upon the death of the
holder pursuant to the applicable laws of descent and distribution, (f) solely
to or among such Person's Family Group, (g) incidental to the exercise,
conversion or exchange of such securities in accordance with their terms, any
combination of shares (including any reverse stock split) or any
recapitalization, reorganization or reclassification of, or any merger or
consolidation involving, the Company.

          "Exempt Individual Transfer" means a Transfer of THL Securities held
by a natural person (a) upon the death of the holder pursuant to the applicable
laws of descent and distribution, (b) solely to or among such natural person's
Family Group or (c) to the Company incidental to the exercise, conversion or
exchange of such securities in accordance with their terms, any combination of
shares (including any reverse stock split) or any recapitalization,
reorganization or reclassification of, or any merger or consolidation involving,
the Company.

          "Family Group" means, with respect to any individual, such
individual's spouse and descendants (whether natural or adopted) and any trust,
partnership, limited liability company or similar vehicle established and
maintained solely for the benefit of (or the sole members or partners of which
are) such individual, such individual's spouse and/or such individual's
descendants.

          "Fully-Diluted Units" means, as of any date of determination, the
number of shares of Common Stock outstanding, plus (without duplication) all
Units or, as the case may be, shares of Common Stock issuable, whether at such
time or upon the passage of time or the

                                      -24-

<PAGE>

occurrence of future events, upon the exercise, conversion or exchange of
all then-outstanding Common Stock Equivalents.

          "Holdings" means THL Food Products Holding, Co., a Delaware
corporation.

          "Incidental Registration" has the meaning given such term in Section
5.2(a).

          "Indemnified Party" has the meaning given such term in Section 5.6(a).

          "Limited Partner" means a limited partner of THL.

          "LLC Agreement" means the Amended and Restated Limited Liability
Company Agreement dated as of November 20, 2003 among the Company, THL, and the
other parties thereto.

          "Losses" has the meaning given such term in Section 5.6(a).

          "Management Subscription Agreements" mean the unit subscription
agreements between the Company and the respective Employees.

          "Merger Co." means THL Food Products, Co, a Delaware corporation and
wholly-owned subsidiary of Holdings.

          "NASD" has the meaning given such term in Section 5.4(j).

          "NASDAQ" means the National Association of Securities Dealers
Automated Quotation System.

          "New Securities" has the meaning given to such term in Section 6.1(a).

          "Offered Securities" has the meaning given to such term in Section
3.2(a).

          "Other Holder" has the meaning given such term in Section 3.2(a).

          "Other Registration Rights" has the meaning given such term in Section
5.1(a)(iii).

          "Ownership Percentage" means, for each Securityholder and with respect
to a type and class of Security, the percentage obtained by dividing the number
of units or shares of such Security held by such Securityholder by the total
number of units or shares of such Security (other than Excluded Securities)
outstanding.

          "Person" means an individual, a partnership, a joint venture, a
corporation, an association, a joint stock company, a limited liability company,
a trust, an unincorporated organization or a government or any department or
agency or political subdivision thereof.

          "Preferred Stock" means collectively, following the conversion of the
Company into a corporation or the Company being merged into, or otherwise
succeeded by, a corporation,

                                      -25-

<PAGE>

the classes or series of authorized capital stock of the Company that is limited
to a fixed sum or percentage of par value or stated value in respect of the
rights of the holders thereof to participate in dividends and in the
distribution of assets upon the voluntary or involuntary liquidation,
dissolution or winding up of the successor to the Company.

          "Preferred Units" means the Preferred Units of the Company which may
be issued pursuant to Section 6.1 of the Management Subscription Agreements.

          "Priority Right" has the meaning given such term in Section 5.1(c)(i).

          "Proceeding" has the meaning given such term in Section 5.6(c).

          "Public Offering" means a sale of Common Stock to the public in an
offering pursuant to an effective registration statement filed with the SEC
pursuant to the Securities Act, as then in effect, provided that a Public
Offering shall not include an offering made in connection with a business
acquisition or combination or an employee benefit plan.

          "Public Sale" means a sale of Securities pursuant to a Public Offering
or a Rule 144 Sale or its equivalent.

          "Purchasing Holder" has the meaning given such term in Section 6.1(e).

          "Registrable Securities" means any Securities that are of the same
type and class as the THL Securities (it being understood upon the occurrence of
any event which gives rise to a Securityholder's ability to transfer such
Securityholder's interests in the Company or a Subsidiary of the Company to a
third party in exchange for consideration pursuant to this Agreement or pursuant
to a registration right, at the election of such Securityholder, the Company
shall take, and shall cause its Subsidiaries to take, all actions necessary to
convert Securities (other than the Class C Units) then held by such
Securityholder into the appropriate type of security to permit the
Securityholder to transfer such Securities). As to any particular Registrable
Securities, such securities will cease to be Registrable Securities when they
have been (i) Transferred in a Public Sale, (ii) unless THL otherwise elects,
have been distributed to the limited partners of THL or (iii) otherwise
Transferred and new certificates not bearing the legend set forth in Section
8.2(b) hereof shall have been delivered by the Company and subsequent
disposition of such securities shall not require registration or qualification
of such securities under the Securities Act or such state securities or blue sky
laws then in force. For purposes of this Agreement, a Person will be deemed to
be a holder of Registrable Securities whenever such Person has the right to
acquire such Registrable Securities (upon conversion or exercise in connection
with a Transfer of securities or otherwise, but disregarding any restrictions or
limitations upon the exercise of such right), whether or not such acquisition
has actually been affected.

          "Registration Expenses" means all amounts payable by the Company
pursuant to Section 5.5.

          "Registration Notice" has the meaning given such term in Section
5.1(a).

                                      -26-

<PAGE>

          "Registration Request" has the meaning given such term in Section
5.1(a).

          "Registration Statement" means any registration statement of the
Company under which any of the Registrable Securities are included therein
pursuant to the provisions of this Agreement, including the prospectus,
amendments and supplements to such registration statement, including
post-effective amendments, all exhibits, and all material incorporated by
reference or deemed to be incorporated by reference in such registration
statement.

          "Requesting Holder" has the meaning given such term in Section 5.1(a).

          "Rule 144" means Rule 144 adopted under the Securities Act (or any
successor rule or regulation).

          "Rule 144 Sale" means a sale of Securities to the public through a
broker, dealer or market-maker pursuant to the provisions of Rule 144 (other
than Rule 144(k) prior to a Public Offering) adopted under the Securities Act
(or any successor rule or regulation).

          "Sale of the Company" means the consummation of a transaction, whether
in a single transaction or in a series of related transactions that are
consummated contemporaneously (or consummated pursuant to contemporaneous
agreements), with any other Person or group of related Persons on an
arm's-length basis other than an Affiliate of THL, pursuant to which such party
or parties (a) acquire (whether by merger, stock purchase, recapitalization,
reorganization, redemption, issuance of capital stock or otherwise) more than
50% of either the Fully Diluted Units or the voting stock of Holdings or (b)
acquire assets constituting all or substantially all of the assets of the
Company and its Subsidiaries on a consolidated basis; provided, however, that in
no event shall a Sale of the Company be deemed to include any transaction
effected for the purpose of (i) changing, directly or indirectly, the form of
organization or the organizational structure of the Company or any of its
Subsidiaries or (ii) contributing stock to entities controlled by the Company.

          "Sale Notice" has the meaning given such term in Section 3.2(a).

          "SEC" means the Securities and Exchange Commission.

          "Securities" means, collectively, the THL Securities and the Employee
Securities.

          "Securityholder(s)" has the meaning given such term in the preamble.

          "Securities Act" means the Securities Act of 1933, as amended from
time to time.

          "Selling Holder" has the meaning given such term in Section 3.2(a).

          "Subsidiary" means any corporation with respect to which another
specified corporation has the power to vote or direct the voting of sufficient
securities to elect directors having a majority of the voting power of the board
of directors of such corporation.

          "Tag-Along Notice" has the meaning given such term in Section 3.2(a).

                                      -27-

<PAGE>

          "Transfer" means (in either the noun or the verb form, including with
respect to the verb form, all conjugations thereof within their correlative
meanings) with respect to any security, the gift, sale, assignment, transfer,
pledge, hypothecation or other disposition (whether for or without
consideration, whether directly or indirectly, and whether voluntary,
involuntary or by operation of law) of such security or any interest therein.

          "Units" means the Company's Class A Units, Class B Units or Class C
Units.

          "THL Demand Right" has the meaning given such term in Section 5.1(a).

          "THL Directors" has the meaning given such term in Section 2.1(a)(i).

          "THL Majority Holders" means the Person or Persons holding a majority
of the THL Securities.

          "THL Securities" means (a) THL Units, (b) Units, Common Stock
(including, for the purpose of this definition, common stock of Holdings or any
other common stock distributed by the Company), Common Stock Equivalents or
Preferred Stock hereafter acquired by THL and (c) any securities of the Company
issued with respect to the securities referred to in clauses (a) or (b) above by
way of a payment-in-kind, stock dividend or stock split or in connection with a
combination of shares, exchange, conversion, recapitalization, merger,
consolidation or other reorganization.

          "THL Units" means the Class A Units issued to THL on the Closing Date.

          8.2  Legends.

          (a)  Securityholders Agreement. Each certificate or instrument
evidencing Securities and each certificate or instrument issued in exchange for
or upon the Transfer of any such Securities (if such securities remain subject
to this Agreement after such Transfer) shall be stamped or otherwise imprinted
with a legend (as appropriately completed under the circumstances) in
substantially the following form:

          "THE SECURITIES REPRESENTED BY THIS CERTIFICATE CONSTITUTE
          "THL SECURITIES" AND "EMPLOYEE SECURITIES" UNDER A CERTAIN
          SECURITYHOLDERS AGREEMENT DATED AS OF NOVEMBER 20, 2003
          AMONG THE ISSUER OF SUCH SECURITIES (THE "COMPANY") AND
          CERTAIN OF THE COMPANY'S SECURITYHOLDERS AND, AS SUCH, ARE
          SUBJECT TO CERTAIN VOTING PROVISIONS, PURCHASE RIGHTS AND
          RESTRICTIONS ON TRANSFER SET FORTH IN THE SECURITYHOLDERS
          AGREEMENT. A COPY OF SUCH SECURITYHOLDERS AGREEMENT WILL BE
          FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF
          UPON WRITTEN REQUEST."

                                      -28-

<PAGE>

          (b)  Restricted Securities. Each instrument or certificate evidencing
Securities and each instrument or certificate issued in exchange or upon the
Transfer of any Securities shall be stamped or otherwise imprinted with a legend
substantially in the following form:

          "THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
          ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT
          BE OFFERED OR SOLD UNLESS IT HAS BEEN REGISTERED UNDER THE
          SECURITIES ACT OR UNLESS AN EXEMPTION FROM REGISTRATION IS
          AVAILABLE (AND, IN SUCH CASE, AN OPINION OF COUNSEL
          REASONABLY SATISFACTORY TO THE COMPANY SHALL HAVE BEEN
          DELIVERED TO THE COMPANY TO THE EFFECT THAT SUCH OFFER OR
          SALE IS NOT REQUIRED TO BE REGISTERED UNDER THE SECURITIES
          ACT)."

          (c)  Removal of Legends. Whenever in the opinion of the Company and
counsel reasonably satisfactory to the Company (which opinion shall be delivered
to the Company in writing) the restrictions described in any legend set forth
above cease to be applicable to any Securities, the holder thereof shall be
entitled to receive from the Company, without expense to the holder, a new
instrument or certificate not bearing a legend stating such restriction.

          8.3  Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect
any other provision or any other jurisdiction, but this Agreement shall be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein.

          8.4  Entire Agreement. Except as otherwise expressly set forth herein,
this document embodies the complete agreement and understanding among the
parties hereto with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or among the
parties, written or oral, which may have related to the subject matter hereof in
any way.

          8.5  Successors and Assigns. Except as otherwise provided herein, this
Agreement shall bind and inure to the benefit of and be enforceable by the
Company and its successors and assigns and the Securityholders and any
subsequent holders of Securities and the respective successors and assigns of
each of them, so long as they hold Securities.

          8.6  Counterparts. This Agreement may be executed in separate
counterparts (including by means of telecopied signature pages) each of which
shall be an original and all of which taken together shall constitute one and
the same agreement.

                                      -29-

<PAGE>

          8.7  Remedies. The Company and the Securityholders shall be entitled
to enforce their rights under this Agreement specifically, to recover damages by
reason of any breach of any provision of this Agreement (including costs of
enforcement) and to exercise all other rights existing in their favor. The
parties hereto agree and acknowledge that money damages may not be an adequate
remedy for any breach of the provisions of this Agreement and that the Company
or any Securityholder may in its or his sole discretion apply to any court of
law or equity of competent jurisdiction for specific performance or injunctive
relief (without posting a bond or other security) in order to enforce or prevent
any violation of the provisions of this Agreement.

          8.8  Notices. Any notice provided for in this Agreement shall be in
writing and shall be either personally delivered, or mailed first class mail
(postage prepaid) or sent by reputable overnight courier service (charges
prepaid) to the Company at the address set forth below and to any other
recipient at the address indicated on the Company's records, or at such address
or to the attention of such other person as the recipient party has specified by
prior written notice to the sending party. Notices will be deemed to have been
given hereunder when sent by facsimile (receipt confirmed) delivered personally,
5 days after deposit in the U.S. mail and one day after deposit with a reputable
overnight courier service. The Company's address is:

          THL-MF Investors, LLC
          c/o Thomas H. Lee Partners, L.P.
          75 State Street
          Boston, MA 02109
          Attention: Anthony J. DiNovi
                     Kent R. Weldon
                     Todd M. Abbrecht
          Facsimile: (617) 227-5514

          with copies to:
          --------------

          Thomas H. Lee Partners, L.P.
          75 State Street
          Boston, MA 02109
          Attention: Anthony J. DiNovi
                     Kent R. Weldon
                     Todd M. Abbrecht
          Facsimile: (617) 227-3514

          and
          ---

          Weil, Gotshal & Manges LLP
          100 Federal Street
          Boston, MA 02110
          Attention: James Westra, Esq.
          Facsimile: (617) 772-8333

                                      -30-

<PAGE>

          8.9  Governing Law. The Delaware Limited Liability Company Act (and,
following the conversion of the Company into a corporation or the Company being
merged into, or otherwise succeeded by, a corporation, the relevant state
corporation law) shall govern all questions arising under this Agreement
concerning the relative rights of the Company and its stockholders. All other
questions concerning the construction, validity and interpretation of this
Agreement shall be governed by and construed in accordance with the domestic
laws of the State of Delaware applicable to contracts made and to be performed
in the State of Delaware. The parties hereto hereby irrevocably and
unconditionally submit to the exclusive jurisdiction of any State or Federal
court sitting in Wilmington, Delaware over any suit, action or proceeding
arising out of or relating to this Agreement. The parties hereby agree that
service of any process, summons, notice or document by U.S. registered mail
addressed to any such party shall be effective service of process for any
action, suit or proceeding brought against a party in any such court. The
parties hereto hereby irrevocably and unconditionally waive any objection to the
laying of venue of any such suit, action or proceeding brought in any such court
and any claim that any such suit, action or proceeding brought in any such court
has been brought in an inconvenient forum. The parties hereto agree that a final
judgment in any such suit, action or proceeding brought in any such court shall
be conclusive and binding upon any party and may be enforced in any other courts
to whose jurisdiction any party is or may be subject, by suit upon such
judgment.

          8.10 Descriptive Headings. The descriptive headings of this Agreement
are inserted for convenience only and do not constitute a part of this
Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
                            [SIGNATURE PAGES FOLLOW]

                                      -31-

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this
Securityholders Agreement on the day and year first above written.

                                        THL-MF INVESTORS, LLC

                                        By:  /s/ John D. Reedy
                                           -------------------------------------
                                           Name:  John D. Reedy
                                           Title:

                                        THOMAS H. LEE EQUITY FUND V, L.P.

                                        By:  THL Equity Advisors V, LLC, its
                                             general partners

                                        By:  Thomas H. Lee Partners, L.P., its
                                             sole member

                                        By:  Thomas H. Lee Advisors LLC, its
                                             general partner

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title: Managing Director

                                        THOMAS H. LEE PARALLEL FUND V, L.P.

                                        By:  THL Equity Advisors V, LLC, its
                                             general partner

                                        By:  Thomas H. Lee Partners, L.P., its
                                             sole member

                                        By:  Thomas H. Lee Advisors LLC, its
                                             general partner

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title: Managing Director

<PAGE>

                                        THOMAS H. LEE CAYMAN FUND V, L.P.

                                        By:  THL Equity Advisors V, LLC, its
                                             general partner

                                        By:  Thomas H. Lee Partners, L.P., its
                                             sole member

                                        By:  Thomas H. Lee Advisors LLC, its
                                             general partner

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title: Managing Director

                                        THOMAS H. LEE INVESTORS LIMITED
                                        PARTNERSHIP

                                        By:  THL Investment Management Corp.,
                                             its general partner

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name: Thomas H. Lee
                                           Title: Chief Executive Officer

                                        1997 THOMAS H. LEE NOMINEE TRUST

                                        By:  US Bank, N.A., not personally, but
                                             solely as Trustee under the 1997
                                             Thomas H. Lee Nominee Trust

                                        By:  /s/ Gerald R. Wheeler
                                           -------------------------------------
                                        Name: Gerald R. Wheeler
                                        Title: Vice President

<PAGE>

                                        PUTNAM INVESTMENTS EMPLOYEES' SECURITIES
                                        COMPANY I LLC

                                        By:  Putnam Investments Holdings, LLC,
                                             its managing member

                                        By:  Putnam Investments, LLC, its
                                             managing member

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title:

                                        PUTNAM INVESTMENTS EMPLOYEES' SECURITIES
                                        COMPANY II LLC

                                        By:  Putnam Investments Holdings, LLC,
                                             its managing member

                                        By:  Putnam Investments, LLC, its
                                             managing member

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title:

                                        PUTNAM INVESTMENTS HOLDINGS, LLC

                                        By:  Putnam Investments, LLC, its
                                             managing member

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title:

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Gregg A. Ostrander
                                        ----------------------------------------
                                        Gregg A. Ostrander

                                          /s/ John D. Reedy
                                        ----------------------------------------
                                        John D. Reedy

                                          /s/ James D. Clarkson
                                        ----------------------------------------
                                        James D. Clarkson

                                          /s/ Max R. Hoffman
                                        ----------------------------------------
                                        Max R. Hoffman

                                          /s/ James Mohr
                                        ----------------------------------------
                                        James Mohr

              [End of Signature Page to Securityholder's Agreement]

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Mark Brian Anderson
                                        ----------------------------------------
                                        Mark Brian Anderson

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Steven Todd Bacon
                                        ----------------------------------------
                                        Steven Todd Bacon

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Charles Douglas Bailey
                                        ----------------------------------------
                                        Charles Douglas Bailey

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Terry L. Baker
                                        ----------------------------------------
                                        Terry L. Baker

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Timothy James Bebee
                                        ----------------------------------------
                                        Timothy James Bebee

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Toby Lee Catherman
                                        ----------------------------------------
                                        Toby Lee Catherman

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Thomas Prescott Colwell
                                        ----------------------------------------
                                        Thomas Prescott Colwell

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Deborah Naismith Cummings
                                        ----------------------------------------
                                        Deborah Naismith Cummings

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Michael Allen Elliot
                                        ----------------------------------------
                                        Michael Allen Elliot

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Richard James Howe
                                        ----------------------------------------
                                        Richard James Howe

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Michael Lee Jaeger
                                        ----------------------------------------
                                        Michael Lee Jaeger

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Michael Frederick Johnson
                                        ----------------------------------------
                                        Michael Frederick Johnson

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Thomas Charles Kelly
                                        ----------------------------------------
                                        Thomas Charles Kelly

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Timothy Dean Larson
                                        ----------------------------------------
                                        Timothy Dean Larson

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Craig Stanley Morrill
                                        ----------------------------------------
                                        Craig Stanley Morrill

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ S. Vincent O'Brien
                                        ----------------------------------------
                                        S. Vincent O'Brien

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Stephan Jay Ostrander
                                        ----------------------------------------
                                        Stephan Jay Ostrander

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Russell P. Roedl
                                        ----------------------------------------
                                        Russell P. Roedl

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Ronald Allen Seim
                                        ----------------------------------------
                                        Ronald Allen Seim

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Steven Joseph Semmer
                                        ----------------------------------------
                                        Steven Joseph Semmer

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Diane Marie Sparish
                                        ----------------------------------------
                                        Diane Marie Sparish

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Jeffrey C. Thomas
                                        ----------------------------------------
                                        Jeffrey C. Thomas

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Vicki Lee Wass
                                        ----------------------------------------
                                        Vicki Lee Wass

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Mark W. Westphal
                                        ----------------------------------------
                                        Mark W. Westphal

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ John Hugh Wiebe
                                        ----------------------------------------
                                        John Hugh Wiebe

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Mark D. Witmer
                                        ----------------------------------------
                                        Mark D. Witmer

<PAGE>

            [Counterpart Signature Page to Securityholders Agreement]

                                          /s/ Dennis Lee Woodward
                                        ----------------------------------------
                                        Dennis Lee Woodward<PAGE>

                                                                   Exhibit 10.21

                                                                  Execution Copy

================================================================================

                      ------------------------------------

                              THL-MF INVESTORS, LLC

                      A Delaware Limited Liability Company

                      ------------------------------------

                              AMENDED AND RESTATED
                       LIMITED LIABILITY COMPANY AGREEMENT

                          Dated as of November 20, 2003

THE COMPANY INTERESTS REPRESENTED BY THIS LIMITED LIABILITY COMPANY AGREEMENT
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH INTERESTS MAY NOT
BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT
EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND
COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH
HEREIN.

THE COMPANY INTERESTS REPRESENTED BY THIS LIMITED LIABILITY COMPANY AGREEMENT
ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE
SECURITYHOLDERS AGREEMENT, DATED AS OF THE DATE HEREOF, AS AMENDED OR MODIFIED
FROM TIME TO TIME, AMONG THE COMPANY AND CERTAIN INVESTORS, AND THE COMPANY
RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH INTERESTS UNTIL SUCH TRANSFER
IS IN COMPLIANCE WITH SUCH SECURITYHOLDERS AGREEMENT. A COPY OF THE
SECURITYHOLDERS AGREEMENT SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER OF
SUCH INTERESTS UPON WRITTEN REQUEST AND WITHOUT CHARGE.

================================================================================

<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

ARTICLE I.     DEFINITIONS.....................................................1

   SECTION 1.1   Definitions...................................................1

   SECTION 1.2   Terms Generally..............................................10

ARTICLE II.    GENERAL PROVISIONS.............................................11

   SECTION 2.1   Formation....................................................11

   SECTION 2.2   Name.........................................................11

   SECTION 2.3   Term.........................................................11

   SECTION 2.4   Purpose; Powers..............................................11

   SECTION 2.5   Foreign Qualification........................................12

   SECTION 2.6   Registered Office; Registered Agent; Principal Office;
                 Other Offices................................................12

   SECTION 2.7   No State-Law Partnership.....................................12

   SECTION 2.8   Amendment and Restatement....................................12

   SECTION 2.9   Issuance of Additional Units.................................12

ARTICLE III.   MANAGEMENT.....................................................13

   SECTION 3.1   The Management Committee; Delegation of Authority
                 and Duties...................................................13

   SECTION 3.2   Establishment of Management Committee........................14

   SECTION 3.3   Management Committee Meetings................................15

   SECTION 3.4   Chairman.....................................................16

   SECTION 3.5   Approval or Ratification of Acts or Contracts................16

   SECTION 3.6   Action by Written Consent or Telephone Conference............16

   SECTION 3.7   Officers.....................................................16

   SECTION 3.8   Management Matters...........................................18

   SECTION 3.9   Securities in Holdings.......................................19

   SECTION 3.10  Liability of Unitholders.....................................19

   SECTION 3.11  Indemnification by the Company...............................20

ARTICLE IV.    CAPITAL CONTRIBUTIONS; ALLOCATIONS; DISTRIBUTIONS..............21

   SECTION 4.1   Capital Contributions........................................21

   SECTION 4.2   Capital Accounts.............................................21

   SECTION 4.3   Allocations of Net Income and Net Loss.......................21

                                        2

<PAGE>

   SECTION 4.4   Distributions................................................24

   SECTION 4.5   Security Interest and Right of Set-Off.......................27

ARTICLE V.     WITHDRAWAL; DISSOLUTION; TRANSFER OF MEMBERSHIP INTERESTS;
               ADMISSION OF NEW MEMBERS.......................................28

   SECTION 5.1   Unitholder Withdrawal........................................28

   SECTION 5.2   Dissolution..................................................28

   SECTION 5.3   Transfer by Unitholders......................................29

   SECTION 5.4   Admission or Substitution of New Members.....................29

   SECTION 5.5   Compliance with Law..........................................30

ARTICLE VI.    REPORTS TO MEMBERS; TAX MATTERS................................30

   SECTION 6.1   Books of Account.............................................30

   SECTION 6.2   Reports......................................................30

   SECTION 6.3   Fiscal Year..................................................31

   SECTION 6.4   Certain Tax Matters..........................................31

ARTICLE VII.   MISCELLANEOUS..................................................33

   SECTION 7.1   Schedules....................................................33

   SECTION 7.2   Governing Law................................................33

   SECTION 7.3   Successors and Assigns.......................................33

   SECTION 7.4   Confidentiality..............................................33

   SECTION 7.5   Amendments...................................................34

   SECTION 7.6   Notices......................................................34

   SECTION 7.7   Counterparts.................................................35

   SECTION 7.8   Power of Attorney............................................35

   SECTION 7.9   Entire Agreement.............................................35

   SECTION 7.10  Section Titles...............................................35

                                        3

<PAGE>

                              AMENDED AND RESTATED
                       LIMITED LIABILITY COMPANY AGREEMENT
                                       OF
                              THL-MF INVESTORS, LLC
                      A Delaware Limited Liability Company

          THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of
THL-MF Investors, LLC, dated and effective as of November 20, 2003 (this
"Agreement"), is adopted, executed and agreed to, for good and valuable
consideration, by and among Thomas H. Lee Equity Fund V, L.P., a Delaware
limited partnership, Thomas H. Lee Parallel Fund V, L.P., Thomas H. Lee Cayman
Fund V, L.P., Thomas H. Lee Investors Limited Partnership, 1997 Thomas H. Lee
Nominee Trust, Putnam Investments Holdings, LLC, Putnam Investments Employees'
Securities Company I, LLC, Putnam Investments Employees' Securities Company II,
LLC (collectively the "THL Holders"), the Persons listed on Schedule A attached
hereto as of the date hereof upon their execution of this Agreement, and each
other Person who at any time becomes a Member in accordance with the terms of
this Agreement and the Act. Any reference in this Agreement to THL or any other
Member shall include such Member's Successors in Interest to the extent such
Successors in Interest have become Substitute Members in accordance with the
provisions of this Agreement.

          WHEREAS, on November 6, 2003, THL formed the Company as a limited
liability company under the Delaware Limited Liability Company Act, Title 6,
Sections 18-101, et seq., as it may be amended from time to time (the "Act"), by
executing the Limited Liability Company Agreement of THL-MF Investors, LLC (the
"Original Agreement") and filing a Certificate of Formation with respect thereto
with the Delaware Secretary of State; and

          WHEREAS, THL desires to amend and restate the Original Agreement for
the purpose of setting forth the agreements governing the relations among the
Members and to admit additional members.

          NOW THEREFORE, in consideration of the mutual covenants and agreements
contained herein, the parties hereto, each intending to be legally bound, agree
as follows:

                                    ARTICLE I.
                                   DEFINITIONS
                                   -----------

          SECTION 1.1  Definitions.

          Unless the context otherwise requires, the following terms shall have
the following meanings for purposes of this Agreement:

          "Act" has the meaning set forth in the preamble above.

          "Additional Member" means any Person that has been admitted to the
Company as a Member pursuant to Section 5.4 by virtue of having received its
Membership Interest from the Company and not from any other Member or Assignee.

<PAGE>

          "Adjusted Capital Account Deficit" means, with respect to any
Unitholder, the deficit balance, if any, in such Unitholder's Capital Account as
of the end of the relevant fiscal year, after giving effect to the following
adjustments:

                    (i)  credit to such Capital Account any amounts that such
          Unitholder is obligated to restore pursuant to this Agreement or is
          deemed to be obligated to restore pursuant to Regulations Section
          1.704-1(b)(2)(ii)(c) or the penultimate sentence of each of
          Regulations Sections 1.704-2(i)(5) and 1.704-2(g)(1); and

                    (ii) debit to such Capital Account the items described in
          Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

The foregoing definition of Adjusted Capital Account Deficit is intended to
comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall
be interpreted and applied by the Management Committee consistently therewith.

          "Affiliate" when used with reference to another Person means any
Person (other than the Company), directly or indirectly, through one or more
intermediaries, controlling, controlled by, or under common control with, such
other Person. In addition, Affiliates of a Member shall include all partners,
officers, employees and former partners, officers or employees of, all
consultants or advisors to, and all other Persons who directly or indirectly
receive compensation from, such Member.

          "Assignee" means any transferee to which a Member or another Assignee
has transferred its interest in the Company in accordance with the terms of this
Agreement, but who is not a Member.

          "Bankruptcy" means, with respect to any Person, the occurrence of any
of the following events: (i) the filing of an application by such Person for, or
a consent to, the appointment of a trustee or custodian of his assets; (ii) the
filing by such Person of a voluntary petition in Bankruptcy or the seeking of
relief under Title 11 of the United States Code, as now constituted or hereafter
amended, or the filing of a pleading in any court of record admitting in writing
his inability to pay his debts as they become due; (iii) the failure of such
Person to pay his debts as such debts become due; (iv) the making by such Person
of a general assignment for the benefit of creditors; (v) the filing by such
Person of an answer admitting the material allegations of, or his consenting to,
or defaulting in answering, a Bankruptcy petition filed against him in any
Bankruptcy proceeding or petition seeking relief under Title 11 of the United
States Code, as now constituted or as hereafter amended; or (vi) the entry of an
order, judgment or decree by any court of competent jurisdiction adjudicating
such Person a bankrupt or insolvent or for relief in respect of such Person or
appointing a trustee or custodian of his assets and the continuance of such
order, judgment or decree unstayed and in effect for a period of 60 consecutive
days.

          "Capital Account" means, with respect to any Unitholder, the account
maintained for such Unitholder in accordance with the following provisions:

                                                                               2

<PAGE>

               (a)  To each Unitholder's Capital Account there shall be added
     such Unitholder's Capital Contributions, such Unitholder's allocable share
     of Net Income and any items in the nature of income or gain which are
     specially allocated to such Unitholder pursuant to Section 4.3(c) hereof,
     and the amount of any Company liabilities assumed by such Unitholder or
     which are secured by any property distributed to such Unitholder.

               (b)  To each Unitholder's Capital Account there shall be
     subtracted the amount of cash and the Gross Asset Value of any property
     distributed to such Unitholder pursuant to any provision of this Agreement,
     such Unitholder's allocable share of Net Losses and any items in the nature
     of expenses or losses which are specially allocated to such Unitholder
     pursuant to Section 4.3(c) hereof, and the amount of any liabilities of
     such Unitholder assumed by the Company or which are secured by any property
     contributed by such Unitholder to the Company.

               (c)  In the event any interest in the Company is transferred in
     accordance with the terms of this Agreement, the transferee shall succeed
     to the Capital Account of the transferor to the extent it relates to the
     transferred interest.

               (d)  In determining the amount of any liability for purposes of
     subparagraphs (a) and (b) hereof and Section 4.3(b) hereof, there shall be
     taken into account Code Section 752(c) and any other applicable provisions
     of the Code and Regulations.

               (e)  The foregoing provisions and the other provisions of this
     Agreement relating to the maintenance of Capital Accounts are intended to
     comply with Code Section 704(b) and the Regulations promulgated thereunder,
     and shall be interpreted and applied by the Management Committee in a
     manner consistent with such Regulations.

          "Capital Contribution" means, with respect to any Unitholder, the
amount of cash and the initial Gross Asset Value of any property (other than
money) contributed from time to time to the Company by such Unitholder (it being
understood that the Gross Asset Value with respect to property in respect of a
Unitholder's Initial Capital Contribution shall be as set forth on Exhibit I
hereto).

          "Certificate" has the meaning set forth in Section 2.1.

          "Class A Units" means the Class A Units of the Company.

          "Class B Units" means the Class B Units of the Company.

          "Class C Fraction" means the lesser of (A) one and (B) a fraction, the
numerator of which is the number of Class C Units outstanding at the date of any
such determination and the denominator of which is the number of Class C Units
outstanding on the date of the Initial Capital Contribution after giving effect
to the Initial Capital Contribution, as each of the numerator and denominator
may be adjusted in the event of a recapitalization, split, dividend, or other
reclassification affecting the Class C Units.

                                                                               3

<PAGE>

          "Class C Units" means the Class C Units of the Company.

          "Code" means the Internal Revenue Code of 1986, as amended from time
to time, or any successor statute. Any reference herein to a particular
provision of the Code shall mean, where appropriate, the corresponding provision
in any successor statute.

          "Company" means THL-MF Investors, LLC, a Delaware limited liability
company.

          "Company Minimum Gain" has the meaning set forth in Regulations
Section 1.704- 2(d).

          "Depreciation" means, for each fiscal year or other period, an amount
equal to the depreciation, amortization or other cost recovery deduction
allowable with respect to an asset for such year or other period, except that if
the Gross Asset Value of an asset differs from its adjusted basis for federal
income tax purposes at the beginning of such year or other period, Depreciation
shall be an amount which bears the same ratio to such beginning Gross Asset
Value as the federal income tax depreciation, amortization or other cost
recovery deduction for such year or other period bears to such beginning
adjusted tax basis; provided, however, that if the federal income tax
depreciation, amortization or other cost recovery deduction for such year is
zero, Depreciation shall be calculated with reference to such beginning Gross
Asset Value using any reasonable method selected by the Management Committee.

          "Distributable Assets" means, with respect to any fiscal period, all
cash receipts (including from any operating, investing, and financing
activities) and (if distribution thereof is determined to be necessary by a
majority of the Management Committee) other assets of the Company from any and
all sources, reduced by operating cash expenses, contributions of capital to
subsidiaries of the Company and payments (if any) required to be made in
connection with any loan to the Company and any reserve for contingencies or
escrow required, in the good faith judgment of the Management Committee, in
connection therewith.

          "Economic Interest" means a Member's or Assignee's share of the
Company's net profits, net losses and distributions pursuant to this Agreement
and the Act, but shall not include any right to participate in the management or
affairs of the Company, including the right to vote in the election of
Representatives, vote on, consent to or otherwise participate in any decision of
the Members or Representatives, or any right to receive information concerning
the business and affairs of the Company, in each case except as expressly
otherwise provided in this Agreement or required by the Act.

          "First Performance Hurdle" means, that the Target Holders shall have
received (i) on or prior to the first anniversary of the date of this Agreement,
aggregate distributions with respect to Class A Units equal to 150% of the
aggregate Capital Contributions of Target Holders, (ii) on or prior to the
second anniversary of the date of this Agreement, aggregate distributions with
respect to Class A Units equal to 175% of the aggregate Capital Contributions of
Target Holders, (iii) on or prior to the third anniversary of the date of this
Agreement, aggregate distributions with respect to Class A Units equal to 200%
of the aggregate Capital Contributions of Target Holders, (iv) on or prior to
the fourth anniversary of the date of this Agreement,

                                                                               4

<PAGE>

aggregate distributions with respect to Class A Units equal to 225% of the
aggregate Capital Contributions of Target Holders, (v) on or prior to the fifth
anniversary of the date of this Agreement, aggregate distributions with respect
to Class A Units equal to 249% of the aggregate Capital Contributions of Target
Holders or (vi) at any time after the fifth anniversary of the date of this
Agreement, aggregate distributions with respect to Class A Units equal to an
amount that would produce a Target Holders' IRR equal to or in excess of 20%; it
being understood that the terms contained in clauses (i) through (vi) of this
definition shall remain constant and in effect throughout the periods indicated.

          "Gross Asset Value" means, with respect to any asset, the asset's
adjusted basis for federal income tax purposes, except as follows:

               (a)  The initial Gross Asset Value of any asset contributed by a
     Unitholder to the Company shall be the gross fair market value of such
     asset on the date of the contribution, as determined by the contributing
     Unitholder and the Company.

               (b)  The Gross Asset Values of all Company assets shall be
     adjusted to equal their respective gross fair market values, as determined
     by the Management Committee, as of the following times:

                    (i)   the acquisition of an additional interest in the
          Company after the date hereof by a new or existing Unitholder in
          exchange for more than a de minimis Capital Contribution, if the
          Management Committee reasonably determines that such adjustment is
          necessary or appropriate to reflect the relative Economic Interests of
          the Unitholders in the Company;

                    (ii)  the distribution by the Company to a Unitholder of
          more than a de minimis amount of Company property as consideration for
          an interest in the Company, if the Management Committee reasonably
          determines that such adjustment is necessary or appropriate to reflect
          the relative Economic Interests of the Unitholders in the Company;

                    (iii) the liquidation of the Company within the meaning of
          Regulations Section 1.704-1(b)(2)(ii)(g);

                    (iv)  the grant of an interest in the Company (other than a
          de minimis interest) as consideration for the provision of services to
          or for the benefit of the Company by an existing Member acting in a
          Member capacity or by a new Member acting in a Member capacity or in
          anticipation of being a Member; and

                    (v)   such other times as the Management Committee shall
          reasonably determine necessary or advisable in order to comply with
          Regulations Sections 1.704-1(b) and 1.704-2.

               (c)  The Gross Asset Value of any Company asset distributed to a
     Unitholder shall be the gross fair market value of such asset on the date
     of distribution, as reasonably determined by the Management Committee
     taking into account the following

                                                                               5

<PAGE>

     proviso; provided that, in the case of such assets which are securities,
     the fair market value thereof shall be reduced (a) if and to the extent
     that a block sale of all of such securities is reasonably likely, in the
     good faith judgment of a registered broker-dealer affiliated with a
     reputable, nationally recognized brokerage house, to depress the trading
     price of such securities, (b) if and to the extent appropriate, in the good
     faith judgment of the Management Committee, due to illiquidity of such
     securities and (c) for any sales or other commissions reasonably likely to
     be incurred or applied in a sale of such securities.

               (d)  The Gross Asset Values of Company assets shall be increased
     (or decreased) to reflect any adjustments to the adjusted basis of such
     assets pursuant to Code Section 734(b) or Code Section 743(b), but only to
     the extent that such adjustments are taken into account in determining
     Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m);
     provided, however, that Gross Asset Values shall not be adjusted pursuant
     to this subparagraph (d) to the extent that the Management Committee
     determines that an adjustment pursuant to subparagraph (b) of this
     definition of Gross Asset Value is necessary or appropriate in connection
     with a transaction that would otherwise result in an adjustment pursuant to
     this subparagraph (d).

          "Holdings" means THL-Food Products Holding, Co., a Delaware
corporation.

          "Initial Capital Contribution" has the meaning set forth in Section
4.1.

          "Management Committee" means the Management Committee established
pursuant to Section 3.2.

          "Management Unit Subscription Agreements" has the meaning set forth in
Section 2.9.

          "Member" means each THL Holder and the Persons listed on Schedule A
attached hereto and each other Person who is hereafter admitted as a Member in
accordance with the terms of this Agreement and the Act. The Members shall
constitute the "members" (as that term is defined in the Act) of the Company.
Except as otherwise set forth herein or in the Act, the Members shall constitute
a single class or group of members of the Company for all purposes of the Act
and this Agreement.

          "Member Minimum Gain" means minimum gain attributable to Member
Nonrecourse Debt determined in accordance with Regulations Section 1.704- 2(i).

          "Member Nonrecourse Debt" has the meaning set forth in Regulations
Section 1.704-2(b)(4).

          "Member Nonrecourse Deduction" has the meaning set forth in
Regulations Section 1.704- 2(i)(2).

          "Membership Interest" means, with respect to each Member, such
Member's Economic Interest and rights as a Member.

          "Michael Foods" means Michael Foods, Inc., a Delaware corporation.

                                                                               6

<PAGE>

          "Net Income" or "Net Loss" means for each fiscal year of the Company,
an amount equal to the Company's taxable income or loss for such fiscal year,
determined in accordance with Code Section 703(a) (for this purpose, all items
of income, gain, loss, or deduction required to be stated separately pursuant to
Code Section 703(a)(1) shall be included in taxable income or loss), with the
following adjustments:

               (a)  Any income of the Company that is exempt from federal income
     tax and not otherwise taken into account in computing Net Income or Net
     Loss pursuant to this definition of Net Income or Net Loss shall be added
     to such taxable income or loss;

               (b)  Any expenditures of the Company described in Code Section
     705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
     to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into
     account in computing Net Income or Net Loss pursuant to this definition of
     Net Income or Net Loss shall be subtracted from such taxable income or
     loss;

               (c)  In the event the Gross Asset Value of any Company asset is
     adjusted pursuant to subparagraph (b) or (c) of the definition of Gross
     Asset Value, the amount of such adjustment shall be taken into account as
     gain (if the adjustment increases the Gross Asset Value of the asset) or
     loss (if the adjustment decreases the Gross Asset Value of the asset) from
     the disposition of such asset for purposes of computing Net Income or Net
     Loss;

               (d)  Gain or loss resulting from any disposition of property with
     respect to which gain or loss is recognized for federal income tax purposes
     shall be computed by reference to the Gross Asset Value of the property
     disposed of, notwithstanding that the adjusted tax basis of such property
     differs from its Gross Asset Value;

               (e)  In lieu of the depreciation, amortization, and other cost
     recovery deductions taken into account in computing such taxable income or
     loss, Depreciation shall be taken into account for such fiscal year;

               (f)  To the extent an adjustment to the adjusted tax basis of any
     Company asset pursuant to Code Section 734(b) or 743(b) is required
     pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into
     account in determining Capital Accounts as a result of a distribution other
     than in liquidation of a Unitholder's interest in the Company, the amount
     of such adjustment shall be treated as an item of gain (if the adjustment
     increases the basis of the asset) or loss (if the adjustment decreases the
     basis of the asset) from the disposition of the asset and shall be taken
     into account for purposes of computing Net Income or Net Loss; and

               (g)  Notwithstanding any other provision of this definition of
     Net Income or Net Loss, any items which are specially allocated pursuant to
     Section 4.3(c) hereof shall not be taken into account in computing Net
     Income or Net Loss. The amounts of the items of Company income, gain, loss,
     or deduction available to be

                                                                               7

<PAGE>

     specially allocated pursuant to Section 4.3(c) hereof shall be determined
     by applying rules analogous to those set forth in this definition of Net
     Income or Net Loss.

          "Nonrecourse Deductions" has the meaning set forth in Regulations
Section 1.704- 2(b).

          "Officer" means each Person designated as an officer of the Company
pursuant to and in accordance with the provisions of Section 3.7, subject to any
resolution of the Management Committee appointing such Person as an officer or
relating to such appointment.

          "Original Agreement" has the meaning set forth in the preamble above.

          "Preferred Return" with respect to each holder of Class A Units and
Class B Units means an amount, accrued on a daily basis commencing on the date
hereof and, beginning January 1, 2004, compounded quarterly on April 1, July 1,
October 1 and January 1 of each year, from the day on which such Unitholder
makes a Capital Contribution through the date of distribution equal to 8% per
annum of the excess, if any, of (i) such Unitholder's aggregate Capital
Contribution plus the aggregate amount compounded pursuant to this definition
through the end of the previous quarter on each day during such period over (ii)
the aggregate amount of all distributions made on or prior to such day to such
Unitholder. For purposes of computing the Preferred Return, each Capital
Contribution shall be treated as having been made on the last day of the
calendar month in which such Capital Contribution is received by the Company
(except for the Initial Capital Contribution, which shall be deemed to have been
made on the date hereof), and distributions shall be deemed to have been made on
the last day of the month in which they are made.

          "Proceeding" has the meaning set forth in Section 3.11.

          "Regulations" means the Income Tax Regulations, including temporary
Regulations, promulgated under the Code, as such Regulations may be amended from
time to time (including corresponding provisions of succeeding regulations).

          "Regulatory Allocations" has the meaning set forth in Section 4.3(c)
of this Agreement.

          "Representative" has the meaning set forth in Section 3.2(a) of this
Agreement.

          "Sale of the Company" shall mean a "Sale of the Company" (as defined
in the Securityholders Agreement) or a dissolution of the Company in accordance
with this Agreement (other than transactions effected for the purpose of
changing, directly or indirectly, the form of organization or the organizational
structure of the Company and/or any of its subsidiaries).

          "Second Performance Hurdle" means that the Target Holders shall have
received (i) on or prior to the first anniversary of the date of this Agreement,
aggregate distributions with respect to Class A Units equal to 200% of the
aggregate Capital Contributions of Target Holders, (ii) on or prior to the
second anniversary of the date of this Agreement, aggregate

                                                                               8

<PAGE>

distributions with respect to Class A Units equal to 225% of the aggregate
Capital Contributions of Target Holders, (iii) on or prior to the third
anniversary of the date of this Agreement, aggregate distributions with respect
to Class A Units equal to 250% of the aggregate Capital Contributions of Target
Holders, (iv) on or prior to the fourth anniversary of the date of this
Agreement, aggregate distributions with respect to Class A Units equal to 275%
of the aggregate Capital Contributions of Target Holders, (v) on or prior to the
fifth anniversary of the date of this Agreement, aggregate distributions with
respect to Class A Units equal to 305% of the aggregate Capital Contributions of
Target Holders or (vi) at any time after the fifth anniversary of the date of
this Agreement, aggregate distributions with respect to Class A Units equal to
an amount that would produce a Target Holders' IRR equal to or in excess of 25%;
it being understood that the terms contained in clauses (i) through (vi) of this
definition shall remain constant and in effect throughout the periods indicated.

          "Securities" means any debt or equity securities of any issuer,
including common and preferred stock and interests in limited liability
companies (including warrants, rights, put and call options and other options
relating thereto or any combination thereof), notes, bonds, debentures, trust
receipts and other obligations, instruments or evidences of indebtedness, other
property or interests commonly regarded as securities, interests in real
property, whether improved or unimproved, interests in oil and gas properties
and mineral properties, short-term investments commonly regarded as money market
investments, bank deposits and interests in personal property of all kinds,
whether tangible or intangible.

          "Securityholders Agreement" means the Securityholders Agreement dated
as of the date hereof among the Company and each Member, as it may be amended or
supplemented from time to time.

          "Substitute Member" means any Person that has been admitted to the
Company as a Member pursuant to Section 5.4 by virtue of such Person receiving
all or a portion of a Membership Interest from a Member or its Assignee and not
from the Company.

          "Successor in Interest" means any (i) trustee, custodian, receiver or
other Person acting in any Bankruptcy or reorganization proceeding with respect
to; (ii) assignee for the benefit of the creditors of; (iii) trustee or
receiver, or current or former officer, director or partner, or other fiduciary
acting for or with respect to the dissolution, liquidation or termination of; or
(iv) other executor, administrator, committee, legal representative or other
successor or assign of, any Unitholder, whether by operation of law or
otherwise.

          "Target Holders" means the holders of Class A Units.

          "Target Holders' IRR" shall mean the cumulative internal rate of
return of the Target Holders (calculated as provided below), as of any date,
where the internal rate of return for such Target Holders shall be the annually
compounded rate of return which results in the following amount having a net
present value equal to zero: (i) the aggregate amount of cash and Gross Asset
Value of any assets distributed to such Target Holders pursuant to Sections 4.4
and 5.2 of this Agreement and from time to time on a cumulative basis through
such date (provided that, in no circumstances shall any fees paid to such Target
Holders or expenses reimbursed to such Target Holders from time to time under
this Agreement or otherwise be included in this clause (i)), minus (ii) the
aggregate amount of the Capital Contributions made by such Target Holders from
time to time on a cumulative basis through such date. In determining the Target

                                                                               9

<PAGE>

Holders' IRR, the following shall apply: (a) any Capital Contributions under
clause (ii) above shall be deemed to have been made on the last day of the month
in which they are actually made (except for the Initial Capital Contribution (as
such term is defined herein), which shall be deemed to have been made on the
date hereof; (b) distributions under clause (i) above shall be deemed to have
been made on the last day of the month in which they are actually made; (c) all
distributions shall be based on the amount distributed prior to the application
of any U.S. federal, state, local, or foreign income taxation to the Target
Holders; and (d) the rates of return shall be per annum rates and all amounts
shall be calculated on an annually compounded basis, and on the basis of a
365-day year.

          "Tax Matters Member" has the meaning set forth in Section 6.4(b).

          "Third Performance Hurdle" means that the Target Holders shall have
received (i) on or prior to the first anniversary of the date of this Agreement,
aggregate distributions with respect to Class A Units equal to 300% of the
aggregate Capital Contributions of Target Holders, (ii) on or prior to the
second anniversary of the date of this Agreement, aggregate distributions with
respect to Class A Units equal to 325% of the aggregate Capital Contributions of
Target Holders, (iii) on or prior to the third anniversary of the date of this
Agreement, aggregate distributions (pursuant to this Agreement) with respect to
Class A Units equal to 350% of the aggregate Capital Contributions of Target
Holders, (iv) on or prior to the fourth anniversary of the date of this
Agreement, aggregate distributions with respect to Class A Units equal to 375%
of the aggregate Capital Contributions of Target Holders, (v) on or prior to the
fifth anniversary of the date of this Agreement, aggregate distributions with
respect to Class A Units equal to 448% of the aggregate Capital Contributions of
Target Holders or (vi) at any time after the fifth anniversary of the date of
this Agreement, aggregate distributions with respect to Class A Units equal to
an amount that would produce a Target Holders' IRR equal to or in excess of 35%;
it being understood that the terms contained in clauses (i) through (vi) of this
definition shall remain constant and in effect throughout the periods indicated.

          "Unitholder" means a Member or Assignee who holds an Economic Interest
in Class A Units, Class B Units or Class C Units.

          "Unpaid Preferred Return" with respect to each holder of Class A Units
and Class B Units means the excess, if any, of (i) such Unitholder's Preferred
Return as of the date of any such determination over (ii) the aggregate amount
of all distributions made to such Unitholder pursuant to or in accordance with
Section 4.4(a)(ii).

          "Unreturned Capital" with respect to each Unitholder means the excess,
if any, of (i) such Unitholder's aggregate Capital Contributions over (ii) the
aggregate amount of all distributions made to such Unitholder pursuant to or in
accordance with Section 4.4(a)(i).

          SECTION 1.2  Terms Generally. The definitions in Section 1.1 shall
apply equally to both the singular and plural forms of the terms defined.
Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The term "person" or "Person" includes
individuals, partnerships (whether general or limited), joint ventures,
corporations, limited liability companies, trusts, estates, custodians,
nominees, governments (or agencies or political subdivisions thereof) and other
associations, entities or

                                                                              10

<PAGE>

groups (as defined in the Securities Exchange Act of 1934, as amended). The
words "include," "includes" and "including" shall be deemed to be followed by
the phrase "without limitation." All terms herein that relate to accounting
matters shall be interpreted in accordance with generally accepted accounting
principles from time to time in effect. All references to "Sections" and
"Articles" shall refer to Sections and Articles of this Agreement unless
otherwise specified. The words "hereof" and "herein" and similar terms shall
relate to this Agreement.

                                   ARTICLE II.
                               GENERAL PROVISIONS
                               ------------------

          SECTION 2.1  Formation. The Company has been organized as a Delaware
limited liability company by the execution and filing of a Certificate of
Formation (the "Certificate") by THL, as an initial Member, under and pursuant
to the Act. The rights, powers, duties, obligations and liabilities of the
Members shall be determined pursuant to the Act and this Agreement. To the
extent that the rights, powers, duties, obligations and liabilities of any
Member are different by reason of any provision of this Agreement than they
would be in the absence of such provision, this Agreement shall, to the extent
permitted by the Act, control.

          SECTION 2.2  Name. The name of the Company is "MF Investors, LLC,"
and all Company business shall be conducted in that name or in such other names
that comply with applicable law as the Management Committee may select from time
to time.

          SECTION 2.3  Term. The term of the Company commenced on the date the
Certificate was filed with the office of the Secretary of State of the State of
Delaware and shall continue in existence perpetually until termination or
dissolution in accordance with the provisions of Section 5.2.

          SECTION 2.4  Purpose; Powers.

               (a)     General Powers. The nature of the business or purposes to
     be conducted or promoted by the Company is to engage in any lawful act or
     activity for which limited liability companies may be organized under the
     Act. The Company may engage in any and all activities necessary, desirable
     or incidental to the accomplishment of the foregoing. Notwithstanding
     anything herein to the contrary, nothing set forth herein shall be
     construed as authorizing the Company to possess any purpose or power, or to
     do any act or thing, forbidden by law to a limited liability company
     organized under the laws of the State of Delaware.

               (b)     Company Action. Subject to the provisions of this
     Agreement and except as prohibited by applicable law (i) the Company may,
     with the approval of the Management Committee, enter into and perform any
     and all documents, agreements and instruments contemplated thereby, all
     without any further act, vote or approval of any Member and (ii) the
     Management Committee may authorize any Person (including any Member or
     Officer) to enter into and perform any document on behalf of the Company.

               (c)     Merger. Subject to the provisions of this Agreement, the
     Company may, with the approval of the Management Committee and without the
     need for any further act, vote or approval of any Member, merge with, or
     consolidate into,

                                                                              11

<PAGE>

     another limited liability company (organized under the laws of Delaware or
     any other state), a corporation (organized under the laws of Delaware or
     any other state) or other business entity (as defined in Section 18-209(a)
     of the Act), regardless of whether the Company is the survivor of such
     merger or consolidation; provided that, to the extent applicable in
     connection with any transaction described in this Section 2.4(c), each
     Unitholder shall be afforded any rights to which it is entitled to pursuant
     to Article IV of the Securityholders Agreement.

          SECTION 2.5  Foreign Qualification. Prior to the Company's conducting
business in any jurisdiction other than Delaware, the Management Committee shall
cause the Company to comply, to the extent procedures are available and those
matters are reasonably within the control of the Officers, with all requirements
necessary to qualify the Company as a foreign limited liability company in that
jurisdiction.

          SECTION 2.6  Registered Office; Registered Agent; Principal Office;
Other Offices. The registered office of the Company required by the Act to be
maintained in the State of Delaware shall be the office of the initial
registered agent named in the Certificate or such other office (which need not
be a place of business of the Company) as the Management Committee may designate
from time to time in the manner provided by law. The registered agent of the
Company in the State of Delaware shall be the initial registered agent named in
the Certificate or such other Person or Persons as the Management Committee may
designate from time to time in the manner provided by law. The principal office
of the Company shall be at such place as the Management Committee may designate
from time to time, which need not be in the State of Delaware, and the Company
shall maintain records at such place. The Company may have such other offices as
the Management Committee may designate from time to time.

          SECTION 2.7  No State-Law Partnership. The Unitholders intend that
the Company shall not be a partnership (including a limited partnership) or
joint venture, and that no Unitholder, Representative or Officer shall be a
partner or joint venturer of any other Unitholder, Representative or Officer by
virtue of this Agreement, for any purposes other than as set forth in the last
sentence of this Section 2.7, and this Agreement shall not be construed to the
contrary. The Unitholders intend that the Company shall be treated as a
partnership for federal and, if applicable, state or local income tax purposes,
and each Unitholder and the Company shall file all tax returns and shall
otherwise take all tax and financial reporting positions in a manner consistent
with such treatment.

          SECTION 2.8  Amendment and Restatement. This Agreement amends,
restates and supersedes in its entirety the Original Agreement.

          SECTION 2.9  Issuance of Additional Units. The Management Committee
shall have the right to cause the Company to create and issue preferred units in
connection with the exercise of the Company's rights and/or obligations to
purchase Class A Units, Class B Units and Class C Units from certain Members
each of whom is also a party to a Management Unit Subscription Agreement, dated
as of the date hereof, by and between such Member and the Company (collectively,
the "Management Unit Subscription Agreements"). Subject to the provisions of the
Management Unit Subscription Agreement, the Management Committee shall determine
the terms and conditions governing the issuance of any of such preferred units.
In

                                                                              12

<PAGE>

addition, the Management Committee shall have the right to issue Class B Units
and Class C Units; provided that, the Management Committee shall not authorize
the issuance of either Class B Units or Class C Units in excess of the number of
such Class B Units and Class C Units, as the case may be, issued as of the date
hereof (it being understood that any Class B Units or Class C Units repurchased
by the Company shall no longer be considered "issued" for purposes hereof)
unless (A) for so long as he serves as Chief Executive Officer of Michael Foods,
Gregg A. Ostrander provides his written consent to such issuance or (B) if Gregg
A. Ostrander shall cease to be the Chief Executive Officer of Michael Foods, the
holders of a majority of the outstanding Class B Units or Class C Units, as the
case may be, approve such issuance. In addition, the holders of a majority of
Class A Units shall have the right to cause the Company to create and issue
additional units, provided that no such issuance shall adversely affect the
relationship among the Class A Units, Class B Units and Class C Units as set
forth herein.

                                  ARTICLE III.
                                   MANAGEMENT
                                   ----------

          SECTION 3.1  The Management Committee; Delegation of Authority and
Duties.

               (a)     Members and Management Committee. The Members shall
     possess all rights and powers as provided in the Act and otherwise by law.
     Except as otherwise expressly provided for herein, the Members hereby
     consent to the exercise by the Management Committee of all such powers and
     rights conferred on them by the Act with respect to the management and
     control of the Company. Notwithstanding the foregoing and except as
     explicitly set forth in this Agreement, if a vote, consent or approval of
     the Members is required by the Act or other applicable law with respect to
     any act to be taken by the Company or matter considered by the Management
     Committee, each Member agrees that it shall be deemed to have consented to
     or approved such act or voted on such matter in accordance with a vote of
     the Management Committee on such act or matter. No Member, in its capacity
     as a Member, shall have any power to act for, sign for or do any act that
     would bind the Company. The Members, acting through the Management
     Committee, shall devote such time and effort to the affairs of the Company
     as they may deem appropriate for the oversight of the management and
     affairs of the Company. Each Member acknowledges and agrees that no Member
     shall, in its capacity as a Member, be bound to devote all of such Member's
     business time to the affairs of the Company, and that each Member and such
     Member's Affiliates do and will continue to engage for such Member's own
     account and for the account of others in other business ventures.

               (b)     Delegation by Management Committee. The Management
     Committee shall have the power and authority to delegate to one or more
     other Persons the Management Committee's rights and powers to manage and
     control the business and affairs of the Company, including to delegate to
     agents and employees of a Member, a Representative or the Company
     (including Officers), and to delegate by a management agreement or another
     agreement with, or otherwise to, other Persons. The Management Committee
     may authorize any Person (including, without limitation, any Member,

                                                                              13

<PAGE>

     Officer or Representative) to enter into and perform under any document on
     behalf of the Company.

               (c)     Committees. The Management Committee may, from time to
     time, designate one or more committees, each of which shall be comprised of
     at least two Representatives. Any such committee, to the extent provided in
     the enabling resolution and until dissolved by the Management Committee,
     shall have and may exercise any or all of the authority of the Management
     Committee. At every meeting of any such committee, the presence of a
     majority of all the representatives thereof shall constitute a quorum, and
     the affirmative vote of a majority of the representatives present shall be
     necessary for the adoption of any resolution. The Management Committee may
     dissolve any committee at any time, unless otherwise provided in the
     Certificate or this Agreement.

          SECTION 3.2  Establishment of Management Committee.

               (a)     Representatives. There shall be established a Management
     Committee composed of up to five (5) Persons all of whom shall be
     individuals ("Representatives") who shall be elected by a majority vote of
     the holders of Class A Units and Class B Units, voting together as a single
     class, and each such Member shall have one vote for each Class A Unit
     and/or Class B Unit held by such Member. Any Representative may be removed
     from the Management Committee at any time by the holders of a majority of
     the total voting power of the outstanding Class A Units and Class B Units.
     Each Representative shall remain in office until his or her death,
     resignation or removal, and in the event of death, resignation or removal
     of a Representative, the party or parties, as applicable, which designated
     such Representative shall fill the vacancy created.

               (b)     Duties. The Representatives, in the performance of their
     duties, shall owe to the Company and the Members duties of loyalty and due
     care of the type owed by the directors of a corporation to such corporation
     and its stockholders under the laws of the State of Delaware.

               (c)     Absence. A Representative may, in isolated instances
     arising from exigent circumstances, designate a Person to act as his or her
     substitute and in his or her place at any meeting of the Management
     Committee. Such Person shall have all power of the absent Representative,
     and references herein to a "Representative" at a meeting shall be deemed to
     include his or her substitute. Notwithstanding anything in this Agreement
     to the contrary, Representatives, in their capacities as such, shall not be
     deemed to be "members" or "managers" (as such terms are defined in the Act)
     of the Company; provided that, for the purpose of clarity and the avoidance
     of doubt, nothing contained in this sentence shall relieve or diminish any
     Representative's duties under Section 3.2(b) hereof.

               (d)     No Individual Authority. No Representative has the
     authority or power to act for or on behalf of the Company, to do any act
     that would be binding on the Company or to make any expenditures or incur
     any obligations on behalf of the

                                                                              14

<PAGE>

     Company or authorize any of the foregoing, other than acts that are
     expressly authorized by the Management Committee.

               (e)     Conflict. Each provision of this Section 3.2 is subject
     to the terms and provisions of the Securityholders Agreement, and to the
     extent any such provisions apply, they are then to be construed as being
     incorporated in this Agreement and made a part hereof.

          SECTION 3.3  Management Committee Meetings.

               (a)     Quorum. A majority of the total number of Representatives
     shall constitute a quorum for the transaction of business of the Management
     Committee and, except as otherwise provided in this Agreement, the act of a
     majority of the Representatives present at a meeting of the Management
     Committee at which a quorum is present shall be the act of the Management
     Committee. A Representative who is present at a meeting of the Management
     Committee at which action on any matter is taken shall be presumed to have
     assented to the action unless his dissent shall be entered in the minutes
     of the meeting or unless he shall file his written dissent to such action
     with the Person acting as secretary of the meeting before the adjournment
     thereof or shall deliver such dissent to the Company immediately after the
     adjournment of the meeting. Such right to dissent shall not apply to a
     Representative who voted in favor of such action.

               (b)     Place, Waiver of Notice. Meetings of the Management
     Committee may be held at such place or places as shall be determined from
     time to time by resolution of the Management Committee. At all meetings of
     the Management Committee, business shall be transacted in such order as
     shall from time to time be determined by resolution of the Management
     Committee. Attendance of a Representative at a meeting shall constitute a
     waiver of notice of such meeting, except where a Representative attends a
     meeting for the express purpose of objecting to the transaction of any
     business on the ground that the meeting is not lawfully called or convened.

               (c)     Regular Meetings. Regular meetings of the Management
     Committee shall be held at such times and places as shall be designated
     from time to time by resolution of the Management Committee. Notice of such
     meetings shall not be required.

               (d)     Special Meetings. Special meetings of the Management
     Committee may be called on at least 24 hours notice to each Representative
     by the chairman or any two Representatives. Such notice need not state the
     purpose or purposes of, nor the business to be transacted at, such meeting,
     except as may otherwise be required by law or provided for in this
     Agreement.

               (e)     Notice. Notice of any special meeting of the Management
     Committee or other committee may be given personally, by mail, facsimile,
     courier or other means and, if other than personally, shall be deemed given
     when written notice is delivered to the office of the Representative at the
     address of the Representative in the books and records of the Company.

                                                                              15

<PAGE>

          SECTION 3.4  Chairman. The Management Committee shall designate a
Representative to serve as chairman. The chairman shall preside at all meetings
of the Management Committee. If the chairman is absent at any meeting of the
Management Committee, a majority of the Representatives present shall designate
another Representative to serve as interim chairman for that meeting. The
chairman shall have no authority or power to act for or on behalf of the
Company, to do any act that would be binding on the Company or to make any
expenditure or incur any obligations on behalf of the Company or authorize any
of the foregoing. The chairman shall initially be Gregg A. Ostrander and shall
continue to be Mr. Ostrander during the period during which he is the Chief
Executive Officer of Michael Foods.

          SECTION 3.5  Approval or Ratification of Acts or Contracts. Any act
or contract that shall be approved or be ratified by the Management Committee
shall be as valid and as binding upon the Company and upon all the Members (in
their capacity as Members) as if it shall have been approved or ratified by
every Member of the Company; provided, however, the Management Committee shall
not permit the Company or its subsidiaries to engage in any act or enter into
any contract or other arrangement involving the payment by the Company or its
subsidiaries of any fees or compensation to THL or its Affiliates (excluding
from this proviso any fees or compensation payable pursuant to that certain
Management Agreement, dated as of the date hereof, by and among Michael Foods
and THL Managers V, LLC) unless a majority of the Representatives (excluding the
THL Directors (as such term is defined in the Securityholders Agreement),
provide written consent to such action, contract or other arrangement.

          SECTION 3.6  Action by Written Consent or Telephone Conference. Any
action permitted or required by the Act, the Certificate or this Agreement to be
taken at a meeting of the Management Committee or any committee designated by
the Management Committee may be taken without a meeting if a consent in writing,
setting forth the action to be taken, is signed by a majority of the
Representatives or representatives of such other committee, as the case may be.
Such consent shall have the same force and effect as a vote at a meeting and may
be stated as such in any document or instrument filed with the Secretary of
State of the State of Delaware, and the execution of such consent shall
constitute attendance or presence in person at a meeting of the Management
Committee or any such other committee, as the case may be. Subject to the
requirements of this Agreement for notice of meetings, the Representatives, or
representatives of any other committee designated by the Management Committee,
may participate in and hold a meeting of the Management Committee or any such
other committee, as the case may be, by means of a conference telephone or
similar communications equipment by means of which all Persons participating in
the meeting can hear each other, and participation in such meeting shall
constitute attendance and presence in person at such meeting, except where a
Person participates in the meeting for the express purpose of objecting to the
transaction of any business on the ground that the meeting is not lawfully
called or convened.

          SECTION 3.7  Officers.

               (a)     Designation and Appointment. The Management Committee
     may, from time to time, employ and retain Persons as may be necessary or
     appropriate for the conduct of the Company's business (subject to the
     supervision and control of the Management Committee), including employees,
     agents and other Persons (any of whom may be a Member or Representative)
     who may be designated as Officers of the

                                                                              16

<PAGE>

     Company, with titles including "chief executive officer," "chairman,"
     "president," "vice president," "treasurer," "secretary," "general manager,"
     "director" and "chief financial officer," as and to the extent authorized
     by the Management Committee. Any number of offices may be held by the same
     Person. In its discretion, the Management Committee may choose not to fill
     any office for any period as it may deem advisable. Officers need not be
     residents of the State of Delaware or Members. Any Officers so designated
     shall have such authority and perform such duties as the Management
     Committee may, from time to time, delegate to them. The Management
     Committee may assign titles to particular Officers. Each Officer shall hold
     office until his successor shall be duly designated and shall qualify or
     until his death or until he shall resign or shall have been removed in the
     manner hereinafter provided. The salaries or other compensation, if any, of
     the Officers of the Company shall be fixed from time to time by the
     Management Committee.

               (b)     Resignation/Removal. Any Officer may resign as such at
     any time. Such resignation shall be made in writing and shall take effect
     at the time specified therein, or if no time is specified, at the time of
     its receipt by the Management Committee. The acceptance of a resignation
     shall not be necessary to make it effective, unless expressly so provided
     in the resignation. Subject to clauses (d), (e) and (f) of this Section
     3.7, any Officer may be removed as such, either with or without cause at
     any time by the Management Committee. Designation of an Officer shall not
     of itself create any contractual or employment rights.

               (c)     Duties of Officers Generally. The Officers, in the
     performance of their duties as such, shall owe to the Company duties of
     loyalty and due care of the type owed by the officers of a corporation to
     such corporation and its stockholders under the laws of the State of
     Delaware.

               (d)     Chief Executive Officer. Subject to the powers of the
     Management Committee, the chief executive officer of the Company shall be
     in general and active charge of the entire business and affairs of the
     Company, and shall be its chief policy making officer. The chief executive
     officer shall initially be Gregg A. Ostrander and shall continue to be Mr.
     Ostrander during the period during which he is the Chief Executive Officer
     of Michael Foods.

               (e)     President. The president shall, subject to the powers of
     the Management Committee and chief executive officer, have general and
     active management of the business of the Company; and shall see that all
     orders and resolutions of the Management Committee are carried into effect.
     The president shall have such other powers and perform such other duties as
     may be prescribed by the chief executive officer or the Management
     Committee. The president shall initially be Gregg A. Ostrander and shall
     continue to be Mr. Ostrander during the period during which he is the Chief
     Executive Officer of Michael Foods.

               (f)     Chief Financial Officer. The chief financial officer
     shall keep and maintain, or cause to be kept and maintained, adequate and
     correct books and records of accounts of the properties and business
     transactions of the Company, including

                                                                              17

<PAGE>

     accounts of its assets, liabilities, receipts, disbursements, gains, losses
     and capital. The chief financial officer shall have the custody of the
     funds and securities of the Company, and shall keep full and accurate
     accounts of receipts and disbursements in books belonging to the Company,
     and shall deposit all moneys and other valuable effects in the name and to
     the credit of the Company in such depositories as may be designated by the
     Management Committee. The chief financial officer shall have such other
     powers and perform such other duties as may from time to time be prescribed
     by the chief executive officer or the Management Committee. The chief
     financial officer shall initially be John D. Reedy and shall continue to be
     Mr. Reedy during the period during which he is the Chief Financial Officer
     of Michael Foods.

               (g)     Vice President(s). The vice president(s) shall perform
     such duties and have such other powers as the chief executive officer or
     the Management Committee may from time to time prescribe.

               (h)     Secretary.

                       (i)   The secretary shall attend all meetings of the
          Management Committee, and shall record all the proceedings of the
          meetings in a book to be kept for that purpose, and shall perform like
          duties for the standing committees of the Management Committee when
          required. The secretary shall initially be Mark D. Witmer.

                       (ii)  The secretary shall keep all documents described in
          Article VI and such other documents as may be required under the Act.
          The secretary shall perform such other duties and have such other
          authority as may be prescribed elsewhere in this Agreement or from
          time to time by the chief executive officer or the Management
          Committee. The secretary shall have the general duties, powers and
          responsibilities of a secretary of a corporation.

                       (iii) If the Management Committee chooses to appoint an
          assistant secretary or assistant secretaries, the assistant
          secretaries, in the order of their seniority, in the absence,
          disability or inability to act of the secretary, shall perform the
          duties and exercise the powers of the secretary, and shall perform
          such other duties as the chief executive officer or the Management
          Committee may from time to time prescribe.

          SECTION 3.8  Management Matters.

               (a)     Transfer of Property. All property owned by the Company
     shall be registered in the Company's name, in the name of a nominee or in
     "street name" as the Management Committee may from time to time determine.
     Any corporation, brokerage firm or transfer agent called upon to transfer
     any Securities to or from the name of the Company shall be entitled to rely
     on instructions or assignments signed or purported to be signed by any
     Officer or Representative without inquiry as to the authority of the Person
     signing or purporting to sign such instructions or assignments or as to the
     validity of any transfer to or from the name of the Company. At the time of
     any

                                                                              18

<PAGE>

     such transfer, any such corporation, brokerage firm or transfer agent shall
     be entitled to assume that (i) the Company is then in existence and (ii)
     that this Agreement is in full force and effect and has not been amended,
     in each case unless such corporation, brokerage firm or transfer agent
     shall have received written notice to the contrary.

               (b)     Existence and Good Standing. The Management Committee may
     take all action which may be necessary or appropriate (i) for the
     continuation of the Company's valid existence as a limited liability
     company under the laws of the State of Delaware (and of each other
     jurisdiction in which such existence is necessary to enable the Company to
     conduct the business in which it is engaged) and (ii) for the maintenance,
     preservation and operation of the business of the Company in accordance
     with the provisions of this Agreement and applicable laws and regulations.
     The Management Committee may file or cause to be filed for recordation in
     the office of the appropriate authorities of the State of Delaware, and in
     the proper office or offices in each other jurisdiction in which the
     Company is formed or qualified, such certificates (including certificates
     of limited liability companies and fictitious name certificates) and other
     documents as are required by the applicable statutes, rules or regulations
     of any such jurisdiction or as are required to reflect the identity of the
     Members and the amounts of their respective capital contributions.

               (c)     Investment Company Act. The Management Committee shall
     use its best efforts to assure that the Company shall not be subject to
     registration as an investment company pursuant to the Investment Company
     Act of 1940, as amended.

               (d)     No UBTI;ECI. The Company shall not, directly or through
     any pass-through entity in which it holds an interest, engage in any
     transaction or activity that shall cause its Unitholders, or any of such
     Unitholder's limited partners, which, in the case of clause (i), are exempt
     from income taxation under Section 501(a) of the Code, or, in the case of
     clause (ii), are non-U.S. persons, to recognize (i) unrelated business
     taxable income, as defined in Section 512 and Section 514 of the Code, that
     is taxable to such Persons under Section 511 of the Code or (ii) income
     that is or is deemed to be "effectively connected" with a U.S. trade or
     business, as defined in Section 864(b) of the Code or income received
     directly or indirectly from a commercial activity within the meaning of
     Section 892(a)(2) of the Code.

          SECTION 3.9  Securities in Holdings. The Company shall vote all of
the securities it holds in Holdings as directed by the Management Committee.

          SECTION 3.10 Liability of Unitholders.

               (a)     No Personal Liability. Except as otherwise required by
     applicable law and as expressly set forth in this Agreement, no Unitholder
     shall have any personal liability whatsoever in such Person's capacity as a
     Unitholder, whether to the Company, to any of the other Unitholders, to the
     creditors of the Company or to any other third party, for the debts,
     liabilities, commitments or any other obligations of the Company or for any
     losses of the Company. Each Unitholder shall be liable only to make

                                                                              19

<PAGE>

     such Unitholder's Initial Capital Contribution to the Company, if
     applicable, and the other payments provided expressly herein.

               (b)     Return of Distributions. In accordance with the Act and
     the laws of the State of Delaware, a member of a limited liability company
     may, under certain circumstances, be required to return amounts previously
     distributed to such member. It is the intent of the Members that no
     distribution to any Member pursuant to Article V hereof shall be deemed a
     return of money or other property paid or distributed in violation of the
     Act. The payment of any such money or distribution of any such property to
     a Member shall be deemed to be a compromise within the meaning of the Act,
     and the Member receiving any such money or property shall not be required
     to return to any Person any such money or property. However, if any court
     of competent jurisdiction holds that, notwithstanding the provisions of
     this Agreement, any Member is obligated to make any such payment, such
     obligation shall be the obligation of such Member and not of any
     Representative or other Member.

          SECTION 3.11 Indemnification by the Company. Subject to the
limitations and conditions provided in this Section 3.11, each Person who was or
is made a party or is threatened to be made a party to or is involved in any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or arbitrative (hereinafter a "Proceeding"), or any
appeal in such a Proceeding or any inquiry or investigation that could lead to
such a Proceeding, by reason of the fact that he, she, or it, or a Person of
which he, she or it is the legal representative, is or was a Unitholder, Officer
or Representative shall be indemnified by the Company to the fullest extent
permitted by applicable law, as the same exists or may hereafter be amended
(but, in the case of any such amendment, only to the extent that such amendment
permits the Company to provide broader indemnification rights than said law
permitted the Company to provide prior to such amendment) against all judgments,
penalties (including excise and similar taxes and punitive damages), fines,
settlements and reasonable expenses (including reasonable attorneys' fees and
expenses) actually incurred by such Person in connection with such Proceeding,
appeal, inquiry or investigation if such Person acted in Good Faith, and
indemnification under this Section 3.11 shall continue as to a Person who has
ceased to serve in the capacity which initially entitled such Person to
indemnity hereunder. The rights granted pursuant to this Section 3.11 shall be
deemed contract rights, and no amendment, modification or repeal of this Section
3.11 shall have the effect of limiting or denying any such rights with respect
to actions taken or Proceedings, appeals, inquiries or investigations arising
prior to any amendment, modification or repeal. It is expressly acknowledged
that the indemnification provided in this Section 3.11 could involve
indemnification for negligence or under theories of strict liability. "Good
Faith" shall mean a Person having acted in good faith and in a manner such
Person reasonably believed to be in or not opposed to the best interests of the
Company, and, with respect to a criminal proceeding, having had no reasonable
cause to believe such Person's conduct was unlawful.

                                                                              20

<PAGE>

                                   ARTICLE IV.
                CAPITAL CONTRIBUTIONS; ALLOCATIONS; DISTRIBUTIONS
                -------------------------------------------------

          SECTION 4.1  Capital Contributions. The Members listed on Schedule A
hereto have made initial Capital Contributions to the Company in the amounts and
of the type set forth in Exhibit I hereto (with respect to each Member, an
"Initial Capital Contribution").

          SECTION 4.2  Capital Accounts.

               (a)     Creation. There shall be established for each Unitholder
     on the books of the Company a Capital Account which shall be increased or
     decreased in the manner set forth in this Agreement.

               (b)     Negative Balance. A Unitholder shall not have any
     obligation to the Company or to any other Unitholder to restore any
     negative balance in the Capital Account of such Unitholder.

          SECTION 4.3  Allocations of Net Income and Net Loss.

               (a)     Timing and Amount of Allocations of Net Income and Net
     Loss. Net Income and Net Loss of the Company shall be determined and
     allocated with respect to each fiscal year of the Company as of the end of
     each such year or as circumstances otherwise require or allow. Subject to
     the other provisions of this Section 4.3, an allocation to a Unitholder of
     a share of Net Income or Net Loss shall be treated as an allocation of the
     same share of each item of income, gain, loss or deduction that is taken
     into account in computing Net Income or Net Loss.

               (b)     General Allocations.

                       (i)  Net Income and Net Loss. After giving effect to the
          special allocations provided in Sections 4.3(c) all Net Income and Net
          Loss of the Company for a fiscal year shall be allocated to the
          Unitholders as follows:

                            (A) first, Net Income will be allocated to the
               Unitholders having deficit balances in their Capital Accounts
               (computed after giving effect to all contributions,
               distributions, allocations and other Capital Account adjustments
               for all taxable years (other than the items comprising the Net
               Income or Net Loss of the Company being allocated to the
               Unitholders for the current fiscal year), after adding back each
               Unitholder's share of Company Minimum Gain and Member Minimum
               Gain as provided in Regulations Sections 1.704-2(g) and
               1.704-2(i)(5)), to the extent of, and in proportion to, those
               deficits, unless satisfied by allocations under Section 4.3(c)
               hereof; and

                            (B) second, Net Income and Net Loss not allocated
               under Section 4.3(b)(i)(A) will be allocated so as to cause the
               credit balance in each Unitholder's Capital Account (computed in
               the same manner as provided parenthetically in Section 4.3(b)(i)
               (A) hereof) to

                                                                              21

<PAGE>

               equal, as nearly as possible, the amount such Unitholder would
               receive if the Company sold all of its assets for the Gross Asset
               Value of each such asset and distributed the proceeds thereof
               (after satisfaction of any liabilities of the Company) in
               accordance with the provisions of Section 4.4 hereof.

               (c)     Additional Allocation Provisions. Notwithstanding the
     foregoing provisions of this Section 4.3:

                       (i)

                            (A) If there is a net decrease in Company Minimum
               Gain or Member Minimum Gain during any fiscal year, the
               Unitholders shall be allocated items of Company income and gain
               for such fiscal year (and, if necessary, for subsequent fiscal
               years) in accordance with Regulations Section 1.704-2(f) or
               1.704-2(i)(4), as applicable. It is intended that this Section
               4.3(c)(i)(A) qualify and be construed as a "minimum gain
               chargeback" and a "chargeback of partner nonrecourse debt minimum
               gain" within the meaning of such Regulations, which shall be
               controlling in the event of a conflict between such Regulations
               and this Section 4.3(c)(i)(A).

                            (B) Any Nonrecourse Deductions for any fiscal year
               shall be specially allocated to the holders of Class A Units in
               accordance with the number of Class A Units held by each such
               Unitholder. Any Member Nonrecourse Deductions for any fiscal year
               shall be specially allocated to the Unitholder(s) who bears the
               economic risk of loss with respect to the Member Nonrecourse Debt
               to which such Member Nonrecourse Deductions are attributable, in
               accordance with Regulations Section 1.704- 2(i).

                            (C) If any Unitholder unexpectedly receives an
               adjustment, allocation or distribution described in Regulations
               Section 1.704- 1(b)(2)(ii)(d)(4), (5) or (6), items of Company
               income and gain shall be allocated, in accordance with
               Regulations Section 1.704- 1(b)(2)(ii) (d), to the Unitholder in
               an amount and manner sufficient to eliminate, to the extent
               required by such Regulations, the Adjusted Capital Account
               Deficit of the Unitholder as quickly as possible. It is intended
               that this Section 4.3(c)(i)(C) qualify and be construed as a
               "qualified income offset" within the meaning of Regulations
               1.704- 1(b)(2)(ii)(d), which shall be controlling in the event of
               a conflict between such Regulations and this Section
               4.3(c)(i)(C).

                            (D) The allocations set forth in Sections 4.3(c)(i)
               (A), (B) and (C) (the "Regulatory Allocations") are intended to
               comply with certain regulatory requirements, including the
               requirements of Regulations Sections 1.704-1(b) and 1.704-2.
               Notwithstanding the provisions of

                                                                              22

<PAGE>

               Section 4.3(b), the Regulatory Allocations shall be taken into
               account in allocating other items of income, gain, loss and
               deduction among the Unitholders so that, to the extent possible,
               the net amount of such allocations of other items and the
               Regulatory Allocations to each Unitholder shall be equal to the
               net amount that would have been allocated to each such Unitholder
               if the Regulatory Allocations had not occurred.

                       (ii) For any fiscal year during which a Unitholder's
          interest in the Company is assigned by such Unitholder, the portion of
          the Net Income and Net Loss of the Company that is allocable in
          respect of such Unitholder's interest shall be apportioned between the
          assignor and the assignee of such Unitholder's interest using any
          permissible method under Code Section 706 and the Regulations
          thereunder, as determined by the Management Committee.

                       (iii) In the event that any amount claimed by the Company
          to constitute a deductible expense in any fiscal year is treated for
          federal income tax purposes as a distribution made to a Unitholder in
          its capacity as a partner of the Company and not a payment to a
          Unitholder not acting in its capacity as a partner under Code Section
          707(a), then the Unitholder who is deemed to have received such
          distribution shall first be allocated an amount of Company gross
          income equal to such payment, its Capital Account shall be reduced to
          reflect the distribution, and for purposes of Section 4.3, Net Income
          and Net Loss shall be determined after making the allocation required
          by this Section 4.3(c)(iii).

                       (iv) In the event that any amount claimed by the Company
          to constitute a distribution made to a Unitholder in its capacity as a
          partner of the Company is treated for federal income tax purposes as a
          deductible expense of the Company for a payment to a Unitholder not
          acting in its capacity as a partner of the Company, then the
          Unitholder who is deemed to have received such payment shall first be
          allocated the Company expense item attributable to such payment, its
          Capital Account shall be reduced to reflect the allocation, and for
          purposes of Section 4.3, Net Income and Net Loss shall be determined
          after making the allocation required by this Section 4.3(c)(iv).

               (d)     Required Tax Allocations. All items of income, gain,
     loss, deduction and credit for federal income tax purposes shall be
     allocated to each Unitholder in the same manner as the Net Income or Net
     Loss (and each item of income, gain, loss and deduction related thereto)
     that is allocated to such Unitholder pursuant to Section 4.3(a), (b) and
     (c) to which such tax items relate. Notwithstanding the foregoing
     provisions of this Section 4.3, income, gain, loss, deduction, and credits
     with respect to property contributed to the Company by a Unitholder shall
     be allocated among the Unitholders for federal and state income tax
     purposes pursuant to Regulations promulgated under Section 704(c) of the
     Code, so as to take account of the variation, if any, between the adjusted
     basis for federal income tax purposes of the property to the Company and
     its initial Gross Asset Value at the time of contribution. In the event the
     Gross Asset Value of any Company asset is adjusted pursuant to subparagraph
     (b), (c), or (d) of the definition of Gross Asset Value, subsequent
     allocations of income, gain, loss,

                                                                              23

<PAGE>

     deduction, and credits with respect to such asset shall take account of the
     variation, if any, between the adjusted basis of such asset for federal
     income tax purposes and its Gross Asset Value in the same manner as under
     Code Section 704(c) and the applicable Regulations consistent with the
     requirements of Treasury Regulation Section 1.704-1(b)(2)(iv)(g).
     Allocations pursuant to this Section 4.3(d) are solely for purposes of
     federal, state and local income taxes and shall not affect, or in any way
     be taken into account in computing, any Unitholder's Capital Account or
     share of Net Income, Net Loss, other tax items or distributions pursuant to
     any provision of this Agreement.

               (e)     Unitholders' Tax Reporting. The Unitholders acknowledge
     and are aware of the income tax consequences of the allocations made by
     this Section 4.3 and, except as may otherwise be required by applicable law
     or regulatory requirements, hereby agree to be bound by the provisions of
     Section 4.3 in reporting their shares of Company income, gain, loss,
     deductions, and credits for federal, state and local income tax purposes.

               (f)     Withholding. Each Unitholder hereby authorizes the
     Company to withhold and to pay over any taxes payable by the Company or any
     of its Affiliates as a result of the participation by such Unitholder (or
     any Assignee of, or Successor in Interest to, such Unitholder) in the
     Company; provided that, prior to withholding any amount in respect of
     Minnesota income taxes from any Unitholder, the Company shall provide such
     Unitholder a reasonable opportunity to provide the Company an exemption
     certificate, or its equivalent, to exonerate the Company from any
     obligation to withhold such tax. If and to the extent that the Company
     shall be required to withhold any taxes, such Unitholder shall be deemed
     for all purposes of this Agreement to have received a payment from the
     Company as of the time such withholding is required to be paid, which
     payment shall be deemed to be a distribution to such Unitholder under
     Section 4.4(a) or Section 5.2 to the extent that the Unitholder is entitled
     to receive a distribution and shall be taken into account in determining
     the amount of future distributions to such Unitholder. To the extent that
     the aggregate of such payments to a Unitholder for any period exceeds the
     distributions to which such Unitholder is entitled for such period, the
     amount of such excess shall be considered a demand loan from the Company to
     such Unitholder, with interest at an interest rate of 9% compounded
     annually, which interest shall be treated as an item of Company income
     until discharged by such Unitholder by repayment, which may be made in the
     sole discretion of the Management Committee out of distributions to which
     such Unitholder would otherwise be subsequently entitled. The withholdings
     referred to in this Section 4.3 shall be made at the maximum applicable
     statutory rate under applicable tax law unless the Management Committee
     receives documentation, satisfactory to the Management Committee, to the
     effect that a lower rate is applicable, or that no withholding is
     applicable.

          SECTION 4.4  Distributions.

               (a)     Priority. Distributable Assets will be distributed (or
     set aside for the benefit of the applicable Unitholder in the discretion of
     the Management Committee) as soon as reasonably practicable after such
     Distributable Assets become available to the Company, subject to Sections
     4.4(b) and (c) as follows:

                                                                              24

<PAGE>

                       (i)  First, 100% of the Distributable Assets shall be
          distributed to the Unitholders pro rata in accordance with each such
          Unitholder's Unreturned Capital until each such Unitholder's
          Unreturned Capital has been reduced to zero;

                       (ii) Second, after the required distributions pursuant to
          subparagraph (i) above, 100% of the Distributable Assets shall be
          distributed to the holders of Class A Units and Class B Units, pro
          rata in accordance with the aggregate amount of such Unitholders'
          Unpaid Preferred Return until each such Unitholder's Unpaid Preferred
          Return has been reduced to zero;

                       (iii) Third, after the required distributions pursuant to
          subparagraph (ii) above, until the First Performance Hurdle has been
          satisfied, 100% of the Distributable Assets shall be distributed as
          follows:

                            (A) 92.5% to the holders of Class A Units and Class
               B Units, pro rata in accordance with the number of Class A Units
               and Class B Units held by each such Unitholder; and

                            (B) (1) a percentage, equal to the product of (x)
               7.5% multiplied by (y) the Class C Fraction, to the holders of
               Class C Units, pro rata in accordance with the number of Class C
               Units held by each such Unitholder, and (2) a percentage, if any,
               equal to the product of (x) 7.5% multiplied by (y) one minus the
               Class C Fraction, to the holders of Class A and Class B Units,
               pro rata in accordance with the number of Class A Units and Class
               B Units held by each such Unitholder;

                       (iv) Fourth, after the required distributions pursuant to
          subparagraph (iii) above and after the First Performance Hurdle has
          been met, 100% of the Distributable Assets shall be distributed to the
          holders of Class C Units, pro rata in accordance with the number of
          Class C Units held by each such Unitholder, until the cumulative
          amount of distributions made to holders of Class C Units pursuant to
          this Section 4.4(a)(iv) and Section 4.4(a)(iii)(B)(1) above is equal
          to (1) the product of (x) 12.5% multiplied by (y) the Class C
          Fraction, multiplied by (2) the cumulative distributions made to all
          Unitholders pursuant to this Section 4.4(a)(iv) and Section
          4.4(a)(iii) above;

                       (v)  Fifth, after the required distributions pursuant to
          subparagraph (iv) above, until the Second Performance Hurdle has been
          satisfied, 100% of the Distributable Assets shall be distributed as
          follows:

                            (A) 87.5% to the holders of Class A Units and Class
               B Units, pro rata in accordance with the number of Class A Units
               and Class B Units held by each such Unitholder; and

                            (B) (1) a percentage, equal to the product of (x)
               12.5% multiplied by (y) the Class C Fraction, to the holders of
               Class C Units, pro rata in accordance with the number of Class C
               Units held by each such Unitholder, and (2) a percentage, if any,
               equal to the product of (x) 12.5%

                                                                              25

<PAGE>

               multiplied by (y) one minus the Class C Fraction, to the holders
               of Class A and Class B Units, pro rata in accordance with the
               number of Class A Units and Class B Units held by each such
               Unitholder;

                       (vi) Sixth, after the required distributions pursuant to
          subparagraph (v) above, until the Third Performance Hurdle has been
          satisfied, 100% of the Distributable Assets shall be distributed as
          follows:

                            (A) 75% to the holders of Class A Units and Class B
               Units, pro rata in accordance with the number of Class A Units
               and Class B Units held by each such Unitholder; and

                            (B) (1) a percentage, equal to the product of (x)
               25% multiplied by (y) the Class C Fraction, to the holders of
               Class C Units, pro rata in accordance with the number of Class C
               Units held by each such Unitholder, and (2) a percentage, if any,
               equal to the product of (x) 25% multiplied by (y) one minus the
               Class C Fraction, to the holders of Class A and Class B Units,
               pro rata in accordance with the number of Class A Units and Class
               B Units held by each such Unitholder; and

                       (vii) Seventh, after the required distributions pursuant
          to subparagraph (vi) above and after the Third Performance Hurdle has
          been met, 100% of the Distributable Assets shall be distributed as
          follows:

                            (A) 67.5% to the holders of Class A Units and Class
               B Units, pro rata in accordance with the number of Class A Units
               and Class B Units held by each such Unitholder; and

                            (B) (1) a percentage, equal to the product of (x)
               32.5% multiplied by (y) the Class C Fraction to the holders of
               Class C Units, pro rata in accordance with the number of Class C
               Units held by each such Unitholder, and (2) a percentage, if any,
               equal to the product of (x) 32.5% multiplied by (y) one minus the
               Class C Fraction, to the holders of Class A Units and Class B
               Units, pro rata in accordance with the number of Class A Units
               and Class B Units held by each such Unitholder;

          provided that, if the Distributable Assets being distributed consist
          of more than one kind of asset, all Distributable Assets consisting of
          cash must be distributed before any other kind of asset is
          distributed.

               (b)     Successors. For purposes of determining the amount of
     distributions under this Section 4.4, each Unitholder shall be treated as
     having received amounts received by its predecessors in respect of any of
     such Unitholder's Units.

               (c)     Tax Distributions. Subject to the Act and to any
     restrictions contained in any agreement to which the Company is bound, no
     later than the tenth day of each March, June, September and December, the
     Company shall, to the extent of available cash, make a tax distribution to
     each Unitholder in an amount equal to the

                                                                              26

<PAGE>

     excess of (i) the product of (A) the cumulative taxable income (including
     any guaranteed payments for services that are not actually received by such
     Unitholder in cash) attributable to the Unitholder's investment as reported
     on the Unitholder's Schedule K-1 allocated by the Company to the
     Unitholder, in excess of the cumulative taxable loss attributable to the
     Unitholder's investment as reported on the Unitholder's Schedule K-1
     allocated by the Company to the Unitholder and (B) the combined maximum
     federal, state and local marginal income tax rate (taking into account the
     deductibility of state and local taxes and adjusted appropriately to take
     into account the varying rates applicable to capital gains, qualified
     dividend income and ordinary income) applicable to individual residents of
     New York, New York, over (ii) all prior distributions pursuant to this
     Section 4.4. All distributions made to a Unitholder pursuant to this
     Section 4.4(c) on account of the taxable income allocated to such
     Unitholder shall be treated as advance distributions under Section 4.4(a)
     or Section 5.2 and shall be taken into account in determining the amount of
     future distributions to such Unitholder. For purposes of determining the
     amount of distributions to be made to the Unitholders pursuant to Section
     4.4(a) or Section 5.2, distributions made pursuant to this Section 4.4(c)
     shall be deemed made at such time as they offset distributions being made
     pursuant to Section 4.4(a) or Section 5.2.

          SECTION 4.5  Security Interest and Right of Set-Off. As security for
any withholding tax or other liability or obligation to which the Company may be
subject as a result of any act or status of any Unitholder, or to which the
Company may become subject with respect to the interest of any Unitholder, the
Company shall have (and each Unitholder hereby grants to the Company) a security
interest in all Distributable Assets distributable to such Unitholder to the
extent of the amount of such withholding tax or other liability or obligation.
The Company shall have a right of setoff against such distributions of
Distributable Assets in the amount of such withholding tax or other liability or
obligation, subject to the proviso in the first sentence of Section 4.3(f). The
Company may withhold distributions or portions thereof if it is required to do
so by the Code or any other provision of federal, state or local tax or other
law. Any amount withheld pursuant to the Code or any other provision of federal,
state or local tax or other law with respect to any distribution to a Unitholder
shall be treated as an amount distributed to such Unitholder for all purposes
under this Agreement.

                                                                              27

<PAGE>

                                   ARTICLE V.
           WITHDRAWAL; DISSOLUTION; TRANSFER OF MEMBERSHIP INTERESTS;
           ----------------------------------------------------------
                            ADMISSION OF NEW MEMBERS
                            ------------------------

          SECTION 5.1  Unitholder Withdrawal. No Unitholder shall have the power
or right to withdraw or otherwise resign or be expelled from the Company prior
to the dissolution and winding up of the Company except pursuant to a transfer
permitted under this Agreement of all of such Unitholder's Units to an Assignee,
a Member or the Company. Notwithstanding anything to the contrary contained in
the Act, in no event shall any Unitholder be deemed to have withdrawn from the
Company or cease to be a Unitholder upon the occurrence of any of the events
specified in this Agreement, or any events similar thereto, unless the
Unitholder, after the occurrence of any such event, indicates in a written
instrument that the Unitholder has so withdrawn.

          SECTION 5.2  Dissolution.

               (a)     Events. The Company shall be dissolved and its affairs
     shall be wound up on the first to occur of the following:

                       (i)   the unanimous vote of the Management Committee;

                       (ii)  (a) the written consent of the Members holding a
          majority of the outstanding Class A Units, and (b) the written consent
          of the Members holding a majority of the outstanding Class B Units;

                       (iii) the entry of a decree of judicial dissolution of
          the Company under Section 18-802 of the Act;

                       (iv)  upon consummation of a Sale of the Company (as
          defined in the Securityholders Agreement), upon consummation of a
          Public Offering (as defined in the Securityholders Agreement) or upon
          consummation of a merger or consolidation pursuant to which the
          Company is not the surviving entity, each with the consent of a
          majority of the Management Committee; and

                       (v)   upon the liquidation, dissolution or winding up of
          the Company or Holdings.

Except as provided in this Agreement, the death, retirement, resignation,
expulsion, incapacity, bankruptcy or dissolution of a Member, or the occurrence
of any other event that terminates the continued membership of a Member in the
Company, shall not cause a dissolution of the Company, and the Company shall
continue in existence subject to the terms and conditions of this Agreement.

               (b)     Actions Upon Dissolution. When the Company is dissolved,
     the business and property of the Company shall be wound up and liquidated
     by the Management Committee or, in the event of the unavailability of the
     Management Committee, such Member or other liquidating trustee as shall be
     named by the Management Committee.

                                                                              28

<PAGE>

               (c)     Priority. Within 120 calendar days after the effective
     date of dissolution of the Company, whether by expiration of its full term
     or otherwise, the assets of the Company shall be distributed in the
     following manner and order:

                       (i)  All debts and obligations of the Company, if any,
          shall first be paid, discharged or provided for by adequate reserves;
          and

                       (ii) The balance shall be distributed to the Unitholders
          in accordance with Section 4.4.

               (d)     Cancellation of Certificate. On completion of the
     distribution of Company assets as provided herein, the Company is
     terminated, and shall file a certificate of cancellation with the Secretary
     of State of the State of Delaware, cancel any other filings made and take
     such other actions as may be necessary to terminate the Company.

          SECTION 5.3  Transfer by Unitholders. Subject to the Securityholders
Agreement and this Agreement, a Unitholder may transfer or assign all or part of
its interest as a Unitholder in the Company to any Person that agrees in writing
to assume the responsibility of a Unitholder. Any Member who shall assign any
Units in the Company shall cease to be a Member of the Company with respect to
such Units and shall no longer have any rights or privileges of a Member with
respect to such Units. Any Member or Assignee who acquires in any manner
whatsoever any Units, irrespective of whether such Person has accepted and
adopted in writing the terms and provisions of this Agreement, shall be deemed
by the acceptance of the benefits of the acquisition thereof to have agreed to
be subject to and bound by all of the terms and conditions of this Agreement
that any predecessor in such Units or other interest in the Company was subject
to or by which such predecessor was bound. No Member shall cease to be a Member
upon the collateral assignment of, or the pledging or granting of a security
interest in, its entire interest in the Company.

          SECTION 5.4  Admission or Substitution of New Members.

               (a)     Admission. The Management Committee shall have the right,
     subject to Section 5.3, to admit as a Substitute Member or an Additional
     Member, any Person who acquires an interest in the Company, or any part
     thereof, from a Member or from the Company; provided that, the Management
     Committee shall admit as a Substitute Member, subject to Section 5.4(b),
     any transferee who acquires an interest in the Company pursuant to an
     Exempt Transfer (as such term is defined in the Securityholders Agreement).
     Concurrently with the admission of a Substitute Member or an Additional
     Member, the Management Committee shall forthwith cause any necessary papers
     to be filed and recorded and notice to be given wherever and to the extent
     required showing the substitution of a transferee as a Substitute Member in
     place of the transferring Member, or the admission of an Additional Member,
     all at the expense, including payment of any professional and filing fees
     incurred, of the Substitute Member or the Additional Member.

                                                                              29

<PAGE>

               (b)     Conditions. The admission of any Person as a Substitute
     or Additional Member shall be conditioned upon (i) such Person's written
     acceptance and adoption of all the terms and provisions of this Agreement,
     either by (X) execution and delivery of a counterpart signature page to
     this Agreement countersigned by a Representative on behalf of the Company
     or (Y) any other writing evidencing the intent of such Person to become a
     Substitute Member or Additional Member and such writing is accepted by the
     Management Committee on behalf of the Company and (ii) (at the request of
     the Management Committee) such Person's execution and delivery of a
     counterpart to the Securityholders Agreement.

          SECTION 5.5  Compliance with Law. Notwithstanding any provision hereof
to the contrary, no sale or other disposition of an interest in the Company may
be made except in compliance with all federal, state and other applicable laws,
including federal and state securities laws. Nothing in this Section 5.5 shall
be construed to limit or otherwise affect any of the provisions of the
Securityholders Agreement or the Management Unit Subscription Agreements, and to
the extent any such provisions apply, they are then to be construed as being
incorporated in this Agreement and made a part hereof.

                                   ARTICLE VI.
                         REPORTS TO MEMBERS; TAX MATTERS
                         -------------------------------

          SECTION 6.1  Books of Account. Appropriate books of account shall be
kept by the Management Committee, in accordance with generally accepted
accounting principles, at the principal place of business of the Company, and
each Member shall have access to all books, records and accounts of the Company
and the right to make copies thereof for any purpose reasonably related to the
Member's interest as a member of the Company, in each case, under such
conditions and restrictions as the Management Committee may reasonably
prescribe.

          SECTION 6.2  Reports.

               (a)     Financial Statements. As promptly as practicable after
     the close of each fiscal year of the Company, the Management Committee
     shall cause an examination of the financial statements of the Company as of
     the end of each such fiscal year to be made in accordance with generally
     accepted auditing standards as in effect on the date thereof, by a firm of
     certified public accountants selected by the Management Committee. Within
     60 days after the close of each fiscal year, a copy of the financial
     statements of the Company, including the report of such certified public
     accountants, shall be furnished to each Unitholder and shall include, as of
     the end of such fiscal year:

                       (i)  a statement prepared by the Company setting forth
          the balance of each Unitholder's Capital Account and the amount of
          that Unitholder's allocable share of the Company's items of Net Income
          or Net Loss and deduction, capital gain and loss or credit for such
          year for each of its Economic Interests; and

                       (ii) a balance sheet, a statement of income and expense
          and a statement of changes in cash flows of the Company for that
          fiscal year.

                                                                              30

<PAGE>

     In addition, the Unitholders shall be supplied with all other Company
     information necessary to enable each Unitholder to prepare its federal,
     state, and local income tax returns, which information shall include a
     Schedule K-1.

               (b)     Determinations. All determinations, valuations and other
     matters of judgment required to be made for accounting purposes under this
     Agreement shall be made by the Management Committee and shall be conclusive
     and binding on all Unitholders, their Successors in Interest and any other
     Person, and to the fullest extent permitted by law, no such Person shall
     have the right to an accounting or an appraisal of the assets of the
     Company or any successor thereto; provided, however, that with respect to
     determinations or valuations related to any determination of which
     performance hurdle applies with respect to any Company assets distributed
     in kind, if the holders of a majority of the Class B Units disagree in good
     faith with the Management Committee's determination, then such holders
     through a single representative shall promptly notify the Company in
     writing of such disagreement, in which event an independent appraiser,
     accountant or investment banking firm (the "Arbiter") selected by mutual
     agreement of such holders and the Management Committee shall make a
     determination of the Gross Asset Value of the Company assets distributed in
     kind or other disputed item thereof solely by (i) reviewing a single
     written presentation timely made by each of the Company and the
     representative of such holders setting forth their respective resolutions
     of the dispute and the bases therefor and (ii) accepting either such
     holders' or the Company's proposed resolution of the dispute. Promptly
     following the Company's receipt of such holders' written notice of
     disagreement, the Company shall make available to such holders all data
     (including reports of employees and outside advisors) relied upon by the
     Management Committee in making its determination. Such holders' and the
     Company's written presentations must be submitted to the Arbiter within 30
     days of the Arbiter's engagement. The Arbiter shall notify the
     representative of such holders and the Company of its decision within 40
     days of its engagement. The party whose proposed resolution is not accepted
     shall pay all of the Arbiter's fees and expenses, which in the case of the
     holders shall be limited only to those holders challenging the Management
     Committee determination. If such holders' proposed resolution is accepted,
     the Company also shall pay all of such holders' reasonable out-of-pocket
     fees and expenses (including reasonable fees and expenses of counsel and
     one appraiser, accountant or investment banking firm) incurred in
     connection with the arbitration. Each of the Company and such holders
     agrees to execute, if requested by the Arbiter, a reasonable engagement
     letter with the Arbiter.

          SECTION 6.3  Fiscal Year. The fiscal year of the Company shall end on
December 31/st/ of each calendar year unless otherwise determined by the
Management Committee in accordance with Section 706 of the Code.

          SECTION 6.4  Certain Tax Matters.

               (a)     Preparation of Returns. The Management Committee shall
     cause to be prepared all federal, state and local tax returns of the
     Company for each year for which such returns are required to be filed and
     shall cause such returns to be timely filed. The Management Committee shall
     determine the appropriate treatment of each

                                                                              31

<PAGE>

     item of income, gain, loss, deduction and credit of the Company and the
     accounting methods and conventions under the tax laws of the United States,
     the several states and other relevant jurisdictions as to the treatment of
     any such item or any other method or procedure related to the preparation
     of such tax returns. The Management Committee may cause the Company to make
     or refrain from making any and all elections permitted by such tax laws.
     Each Unitholder agrees that it shall not, except as otherwise required by
     applicable law or regulatory requirements, (i) treat, on its individual
     income tax returns, any item of income, gain, loss, deduction or credit
     relating to its interest in the Company in a manner inconsistent with the
     treatment of such item by the Company as reflected on the Form K-1 or other
     information statement furnished by the Company to such Unitholder for use
     in preparing its income tax returns or (ii) file any claim for refund
     relating to any such item based on, or which would result in, such
     inconsistent treatment. In respect of an income tax audit of any tax return
     of the Company, the filing of any amended return or claim for refund in
     connection with any item of income, gain, loss, deduction or credit
     reflected on any tax return of the Company, or any administrative or
     judicial proceedings arising out of or in connection with any such audit,
     amended return, claim for refund or denial of such claim, (A) the Tax
     Matters Member (as defined below) shall be authorized to act for, and its
     decision shall be final and binding upon, the Company and all Unitholders
     except to the extent a Unitholder shall properly elect to be excluded from
     such proceeding pursuant to the Code, (B) all expenses incurred by the Tax
     Matters Member in connection therewith (including attorneys', accountants'
     and other experts' fees and disbursements) shall be expenses of, and
     payable by, the Company, (C) no Unitholder shall have the right to (1)
     participate in the audit of any Company tax return, (2) file any amended
     return or claim for refund in connection with any item of income, gain,
     loss, deduction or credit (other than items which are not partnership items
     within the meaning of Section 6231(a)(4) of the Code or which cease to be
     partnership items under Section 6231(b) of the Code) reflected on any tax
     return of the Company, (3) participate in any administrative or judicial
     proceedings conducted by the Company or the Tax Matters Member arising out
     of or in connection with any such audit, amended return, claim for refund
     or denial of such claim, or (4) appeal, challenge or otherwise protest any
     adverse findings in any such audit conducted by the Company or the Tax
     Matters Member or with respect to any such amended return or claim for
     refund filed by the Company or the Tax Matters Member or in any such
     administrative or judicial proceedings conducted by the Company or the Tax
     Matters Member and (D) the Tax Matters Member shall keep the Unitholders
     reasonably apprised of the status of any such proceeding. Notwithstanding
     the previous sentence, if a petition for a readjustment to any partnership
     item included in a final partnership administrative adjustment is filed
     with a District Court or the Court of Claims and the IRS has elected to
     assess income tax against a Member with respect to that final partnership
     administrative adjustments (rather than suspending assessments until the
     District Court or Court of Claims proceedings become final), such Member
     shall be permitted to file a claim for refund within such period of time to
     avoid application of any statute of limitation provisions which would
     otherwise prevent the Member from having any claim based on the final
     outcome of that review.

                                                                              32

<PAGE>

               (b)     Tax Matters Member. The Company and each Member hereby
     designate Thomas H. Lee Equity Fund V, L.P. as the "tax matters partner"
     for purposes of Section 6231(a)(7) of the Code (the "Tax Matters Member").

               (c)     Certain Filings. Upon the sale of Company assets or a
     liquidation of the Company, Unitholders shall provide the Management
     Committee with certain tax filings as reasonably requested by the
     Management Committee and required under applicable law.

                                   ARTICLE VII.
                                  MISCELLANEOUS
                                  -------------

          SECTION 7.1  Schedules. Without in any way limiting the provisions of
Section 6.2, a Representative may from time to time execute on behalf of the
Company and deliver to the Unitholders schedules which set forth the then
current Capital Account balances of each Unitholder and any other matters deemed
appropriate by the Management Committee or required by applicable law. Such
schedules shall be for information purposes only and shall not be deemed to be
part of this Agreement for any purpose whatsoever.

          SECTION 7.2  Governing Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE, EXCLUDING ANY
CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE
CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. In the event
of a direct conflict between the provisions of this Agreement and any provision
of the Certificate or any mandatory provision of the Act, the applicable
provision of the Certificate or the Act shall control. If any provision of this
Agreement or the application thereof to any Person or circumstance is held
invalid or unenforceable to any extent, the remainder of this Agreement and the
application of that provision to other Persons or circumstances is not affected
thereby and that provision shall be enforced to the greatest extent permitted by
law.

          SECTION 7.3  Successors and Assigns. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
Successors in Interest; provided that no Person claiming by, through or under a
Member (whether as such Member's Successor in Interest or otherwise), as
distinct from such Member itself, shall have any rights as, or in respect to, a
Member (including the right to approve or vote on any matter or to notice
thereof).

          SECTION 7.4  Confidentiality. By executing this Agreement, for three
years from the receipt thereof, each Member expressly agrees to maintain the
confidentiality of, and not to disclose to any Person other than the Company,
another Member or a Person designated by the Company or any of their respective
financial planners, accountants, attorneys or other advisors, any information
relating to the business, financial structure, financial position or financial
results, clients or affairs of the Company that shall not be generally known to
the public, except as otherwise required by law or by any regulatory or
self-regulatory organization having jurisdiction and except in the case of any
Member who is employed by any entity controlled by the Company in the ordinary
course of its duties. Notwithstanding anything to the

                                                                              33

<PAGE>

contrary set forth herein or in any other agreement to which the parties hereto
are parties or by which they are bound, the obligations of confidentiality
contained herein and therein, as they relate to an investment in Membership
Interests (the "Transaction"), shall not apply to the tax structure or tax
treatment of the Transaction, and each party hereto (and any employee,
representative, or agent of any party hereto) may disclose to any and all
persons, without limitation of any kind, the tax structure and tax treatment of
the Transaction and all materials of any kind (including opinions or other tax
analysis) that are provided to such party relating to such tax treatment and tax
structure; provided, however, that such disclosure shall not include the name
(or other identifying information not relevant to the tax structure or tax
treatment) of any person and shall not include information for which
nondisclosure is reasonably necessary in order to comply with applicable
securities laws.

          SECTION 7.5  Amendments. The Management Committee may, to the fullest
extent allowable under Delaware law, amend or modify this Agreement; provided
that, if an amendment or modification adversely affects any class of Members,
such class of Members must approve such amendment or modification; provided
further that, the Management Committee may amend this Agreement without the
consent of any class of Members in order to provide for the issuance of any
Company units in accordance with Section 2.9 hereof and the terms of the
Management Unit Subscription Agreements and to make any such other amendments as
it deems necessary or desirable to reflect such additional issuances provided
that, no such amendment shall adversely affect the relationship among the Class
A Units, Class B Units and Class C Units as set forth herein; provided further
that no amendment shall be effective if such amendment results in Units held by
a Member being redesignated to a different class of Unit than the class of which
it is then included, without such Member's consent.

          SECTION 7.6  Notices. Whenever notice is required or permitted by this
Agreement to be given, such notice shall be in writing and shall be given to any
Unitholder at its address or telecopy number shown in the Company's books and
records, or, if given to the Company, at the following address:

          c/o Thomas H. Lee Partners, L.P.
          75 State Street
          Boston, MA  02109
          Attention: Anthony DiNovi
          Attention: Kent Weldon
          Attention: Todd Abbrecht
          Telecopy: (617) 227-3514

          with a copy to:

          Weil, Gotshal & Manges LLP
          100 Federal Street
          Boston, MA 02110
          Attention: James Westra, Esq.
          Telecopy: (617) 772-8333

                                                                              34

<PAGE>

Each proper notice shall be effective upon any of the following: (i) personal
delivery to the recipient, (ii) when telecopied to the recipient (with hard copy
sent to the recipient by reputable overnight courier service that same day or
the next business day (charges prepaid)), (iii) one business day after being
sent to the recipient by reputable overnight courier service (charges prepaid)
or (iv) two business days after being deposited in the mails (first class or
airmail postage prepaid).

          SECTION 7.7  Counterparts. This Agreement may be executed in any
number of counterparts (including by means of telecopied signature pages), all
of which together shall constitute a single instrument.

          SECTION 7.8  Power of Attorney. Each Member hereby irrevocably
appoints each Representative as such Member's true and lawful representative and
attorney-in-fact, each acting alone, in such Member's name, place and stead, (i)
to make, execute, sign and file all instruments, documents and certificates
which, from time to time, may be required to set forth any amendment to this
Agreement or which may be required by this Agreement or by the laws of the
United States of America, the State of Delaware or any other state in which the
Company shall determine to do business, or any political subdivision or agency
thereof and (ii) to execute, implement and continue the valid and subsisting
existence of the Company or to qualify and continue the Company as a foreign
limited liability company in all jurisdictions in which the Company may conduct
business. The chief executive officer, as representative and attorney-in-fact,
however, shall not have any rights, powers or authority to amend or modify this
Agreement when acting in such capacity, except as expressly provided herein.
Such power of attorney is coupled with an interest and shall survive and
continue in full force and effect notwithstanding the subsequent withdrawal from
the Company of any Member for any reason and shall survive and shall not be
affected by the disability or incapacity of such Member.

          SECTION 7.9  Entire Agreement. This Agreement amends, restates and
supersedes in its entirety the Original Agreement. This Agreement and the other
documents and agreements referred to herein or entered into concurrently
herewith embody the entire agreement and understanding of the parties hereto in
respect of the subject matter contained herein; provided that, such other
agreements and documents shall not be deemed to be a part of, a modification of
or an amendment to this Agreement. There are no restrictions, promises,
representations, warranties, covenants or undertakings, other than those
expressly set forth or referred to herein. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

          SECTION 7.10 Section Titles. Section titles and headings are for
descriptive purposes only and shall not control or alter the meaning of this
Agreement as set forth in the text hereof.

                                                                              35

<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Amended and
Restated Limited Liability Company Agreement as of the day and year first above
written.

                                        THL-MF INVESTORS, LLC

                                        By:  /s/ Gregg A. Ostrander
                                           -------------------------------------
                                           Name: Gregg A. Ostrander
                                           Title:

                                        MEMBERS:

                                        THOMAS H. LEE EQUITY FUND V, L.P.

                                        By: THL Equity Advisors V, LLC,
                                            its general partners

                                        By: Thomas H. Lee Partners, L.P.,
                                            its sole member

                                        By: Thomas H. Lee Advisors LLC,
                                            its general partner

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title: Managing Director

                                        THOMAS H. LEE PARALLEL FUND V, L.P.

                                        By: THL Equity Advisors V, LLC,
                                            its general partner

                                        By: Thomas H. Lee Partners, L.P.,
                                            its sole member

                                        By: Thomas H. Lee Advisors LLC,
                                            its general partner

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title: Managing Director

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                        THOMAS H. LEE CAYMAN FUND V, L.P.

                                        By: THL Equity Advisors V, LLC,
                                            its general partner

                                        By: Thomas H. Lee Partners, L.P.,
                                            its sole member

                                        By: Thomas H. Lee Advisors LLC,
                                            its general partner

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title: Managing Director

                                        1997 THOMAS H. LEE NOMINEE TRUST

                                        By: US Bank, N.A., not personally, but
                                            solely as Trustee under the 1997
                                            Thomas H. Lee Nominee Trust

                                        By:  /s/ Gerald R. Wheeler
                                           -------------------------------------
                                        Name:  Gerald R. Wheeler
                                        Title:

                                        THOMAS H. LEE INVESTORS LIMITED
                                        PARTNERSHIP

                                        By: THL Investment Management Corp.,
                                            its general partner

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:  Thomas H. Lee
                                           Title: Chief Executive Officer

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                        PUTNAM INVESTMENTS EMPLOYEES' SECURITIES
                                        COMPANY I LLC

                                        By: Putnam Investments Holdings, LLC,
                                            its managing member

                                        By: Putnam Investments, LLC, its
                                            managing member

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title:

                                        PUTNAM INVESTMENTS EMPLOYEES' SECURITIES
                                        COMPANY II LLC

                                        By: Putnam Investments Holdings, LLC,
                                            its managing member

                                        By: Putnam Investments, LLC, its
                                            managing member

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title:

                                        PUTNAM INVESTMENTS HOLDINGS, LLC

                                        By:  Putnam Investments, LLC, its
                                             managing member

                                        By:  /s/ Illegible
                                           -------------------------------------
                                           Name:
                                           Title:

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Gregg A. Ostrander
                                        ----------------------------------------
                                        Gregg A. Ostrander

                                          /s/ John D. Reedy
                                        ----------------------------------------
                                        John D. Reedy

                                          /s/ James D. Clarkson
                                        ----------------------------------------
                                        James D. Clarkson

                                          /s/ Max R. Hoffman
                                        ----------------------------------------
                                        Max R. Hoffman

                                          /s/ James Mohr
                                        ----------------------------------------
                                        James Mohr

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Mark Brian Anderson
                                        ----------------------------------------
                                        Mark Brian Anderson

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Steven Todd Bacon
                                        ----------------------------------------
                                        Steven Todd Bacon

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Charles Douglas Bailey
                                        ----------------------------------------
                                        Charles Douglas Bailey

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Terry L. Baker
                                        ----------------------------------------
                                        Terry L. Baker

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Timothy James Bebee
                                        ----------------------------------------
                                        Timothy James Bebee

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Toby Lee Catherman
                                        ----------------------------------------
                                        Toby Lee Catherman

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Thomas Prescott Colwell
                                        ----------------------------------------
                                        Thomas Prescott Colwell

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Deborah Naismith Cummings
                                        ----------------------------------------
                                        Deborah Naismith Cummings

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Michael Allen Elliot
                                        ----------------------------------------
                                        Michael Allen Elliot

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Richard James Howe
                                        ----------------------------------------
                                        Richard James Howe

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Michael Lee Jaeger
                                        ----------------------------------------
                                        Michael Lee Jaeger

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Michael Frederick Johnson
                                        ----------------------------------------
                                        Michael Frederick Johnson

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Thomas Charles Kelly
                                        ----------------------------------------
                                        Thomas Charles Kelly

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Timothy Dean Larson
                                        ----------------------------------------
                                        Timothy Dean Larson

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Craig Stanley Morrill
                                        ----------------------------------------
                                        Craig Stanley Morrill

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ S. Vincent O'Brien
                                        ----------------------------------------
                                        S. Vincent O'Brien

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Stephan Jay Ostrander
                                        ----------------------------------------
                                        Stephan Jay Ostrander

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Russell P. Roedl
                                        ----------------------------------------
                                        Russell P. Roedl

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Ronald Allen Seim
                                        ----------------------------------------
                                        Ronald Allen Seim

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Steven Joseph Semmer
                                        ----------------------------------------
                                        Steven Joseph Semmer

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Diane Marie Sparish
                                        ----------------------------------------
                                        Diane Marie Sparish

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Jeffrey C. Thomas
                                        ----------------------------------------
                                        Jeffrey C. Thomas

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Vicki Lee Wass
                                        ----------------------------------------
                                        Vicki Lee Wass

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Mark W. Westphal
                                        ----------------------------------------
                                        Mark W. Westphal

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ John Hugh Wiebe
                                        ----------------------------------------
                                        John Hugh Wiebe

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Mark D. Witmer
                                        ----------------------------------------
                                        Mark D. Witmer

<PAGE>

           COUNTERPART SIGNATURE PAGE TO AMENDED AND RESTATED LIMITED
                           LIABILITY COMPANY AGREEMENT

                                          /s/ Dennis Lee Woodward
                                        ----------------------------------------
                                        Dennis Lee Woodward

<PAGE>

Schedule A (Investors)
-----------------------------------------------------------------------------
                                       Class A         Class B       Class C
                                        Units           Units         Units

Thomas H. Lee Equity Fund V, L.P.    2,233,940.73         - 0 -         - 0 -
75 State Street
Boston, MA 02109
Attn: Anthony DiNovi

Thomas H. Lee Parallel Fund V, L.P.    579,618.07         - 0 -         - 0 -
75 State Street
Boston, MA 02109
Attn: Anthony DiNovi

Thomas H. Lee Cayman Fund V, L.P.       30,780.61         - 0 -         - 0 -
75 State Street
Boston, MA 02109
Attn: Anthony DiNovi

Thomas H. Lee Investors Limited          4,721.67         - 0 -         - 0 -
Partnership
75 State Street
Boston, MA 02109
Attn: Anthony DiNovi

1997 Thomas H. Lee Nominee Trust         5,071.48         - 0 -         - 0 -
75 State Street
Boston, MA 02109
Attn: Anthony DiNovi

Putnam Investments Holdings, LLC        17,460.52         - 0 -         - 0 -
75 State Street
Boston, MA 02109
Attn: William H. Woolverton

Putnam Investments Employees'           15,007.43         - 0 -         - 0 -
Securities Company I, LLC
75 State Street
Boston, MA 02109
Attn: William H. Woolverton

Putnam Investments Employees'           13,399.49         - 0 -         - 0 -
Securities Company II, LLC
75 State Street
Boston, MA 02109
Attn: William H. Woolverton

Gregg A. Ostrander                      22,806.09    118,193.91    141,000.00
21520 Fairview Street
Greenwood, MN 55331
-----------------------------------------------------------------------------

<PAGE>

-----------------------------------------------------------------------------
                                         Class A       Class B       Class C
                                          Units         Units         Units

John D. Reedy                            7,707.96     42,292.04     50,000.00
7262 Gordon Drive
Eden Prairie, MN 55346

James D. Clarkson                       16,206.50     33,793.50     50,000.00
11428 Entrevaux Drive
Eden Prairie, MN 55347

Max R. Hoffman                           6,863.43     10,136.57     17,000.00
14520 Wellington Road
Wayzata, MN 55391

James Mohr                               5,728.70     11,271.30     17,000.00
5288 River Oak Drive
Savage, MN 55378

Mark Brian Anderson                         10.95      3,989.05      4,000.00
10609 Wyoming Road
Bloomington, MN 55438

Steven Todd Bacon                           - 0 -      1,000.00      1,000.00
2025 Haughton Avenue
North Mankato, MN 56003

Charles Douglas Bailey                      - 0 -      4,500.00      4,500.00
14130 46th Place North
Plymouth, MN 55446

Terry L. Baker                              - 0 -      3,000.00      3,000.00
308 Michener Street
Wakefield, NE 68784

Timothy James Bebee                         - 0 -      1,500.00      1,500.00
1008 Winter Street
Wakefield, NE 68784

Toby Lee Catherman                         982.33      1,017.67      2,000.00
1504 East Mountain Road
Hegins, PA 17938

Thomas Prescott Colwell                      5.47      1,994.53      2,000.00
4100 Countryview Drive
Eagan, MN 55123

Deborah Naismith Cummings                   43.46      1,456.54      1,500.00
13510 Willow Springs Road
Haslet, TX 76052

Michael Allen Elliott                    1,246.22        753.78      2,000.00
12452 Alise Place
Eden Prairie, MN 55347
-----------------------------------------------------------------------------

<PAGE>

-----------------------------------------------------------------------------
                                         Class A       Class B       Class C
                                          Units         Units         Units

Richard James Howe                          - 0 -      1,000.00      1,000.00
15345 41st Place North
Plymouth, MN 55446

Michael Lee Jaeger                           2.74        997.26      1,000.00
9617 Lakeside Trail
Champlin, MN 55316

Michael Frederick Johnson                  492.53      1,007.47      1,500.00
16940 Kings Court
Lakeville, MN 55044

Thomas Charles Kelly                        - 0 -      4,000.00      4,000.00
13132 Hallmark Court
Apple Valley, MN 55124

Timothy Dean Larson                         - 0 -      1,000.00      1,000.00
9900 James Avenue NE
Monticello, MN 55362

Craig Stanley Morrill                      268.00      1,232.00      1,500.00
11012 France Avenue South
Bloomington, MN 55431

S. Vincent O'Brien                       1,744.25      1,255.75      3,000.00
7800 W. 95th
Bloomington, MN 55438

Stephan Jay Ostrander                    1,959.18         40.82      2,000.00
3815 Huntington Ave. So.
St. Louis Park, MN 55416

Russell P. Roedl                             2.74        997.26      1,000.00
W8237 Sunset Court
Lake Mills, WI 53551

Ronald Allen Seim                           43.46      1,456.54      1,500.00
4150 Ximines Lane
Plymouth, MN 55441

Steven Joseph Semmer                        - 0 -      1,000.00      1,000.00
4280 Ithaca Lane North
Plymouth, MN 55446

Diane Marie Sparish                         43.46      1,456.54      1,500.00
11715 28th Ave. No.
Plymouth, MN 55441

Jeffrey C. Thomas                           - 0 -      2,000.00      2,000.00
18200 Woolman Drive
Minnetonka, MN 55345
-----------------------------------------------------------------------------

<PAGE>

-----------------------------------------------------------------------------
                                       Class A         Class B       Class C
                                        Units           Units         Units

Vicky Lee Wass                              - 0 -      1,000.00      1,000.00
2 Wilson Way South
West Windsor, NJ 08550

Mark W. Westphal                            84.18      1,915.82      2,000.00
2462 Thrush Street
Shakopee, MN 55379

John Hugh Wiebe                             59.94      2,440.06      2,500.00
550 Heron Point Lane
Bellingham, WA 98229

Mark D. Witmer                              13.68      4,986.32      5,000.00
6071 Foxtail Drive
White Bear Lake, MN 55110

Dennis Lee Woodward                          2.74        997.26      1,000.00
802 Vista Circle
Delano, MN 55328

Totals                               2,966,318.01    263,681.99    330,000.00
-----------------------------------------------------------------------------

<PAGE>

Exhibit I (Investors)
--------------------------------------------------------------------------
                                                           Initial Capital
                                                             Contribution
                                                             (in dollars)

Thomas H. Lee Equity Fund V, L.P.                           223,394,073.00
75 State Street
Boston, MA 02109
Attn:  Anthony DiNovi

Thomas H. Lee Parallel Fund V, L.P.                          57,961,807.00
75 State Street
Boston, MA 02109
Attn:  Anthony DiNovi

Thomas H. Lee Cayman Fund V, L.P.                             3,078,061.00
75 State Street
Boston, MA 02109
Attn:  Anthony DiNovi

Thomas H. Lee Investors Limited Partnership                     472,167.00
75 State Street
Boston, MA 02109
Attn:  Anthony DiNovi

1997 Thomas H. Lee Nominee Trust                                507,148.00
75 State Street
Boston, MA 02109
Attn:  Anthony DiNovi

Putnam Investments Holdings, LLC                              1,746,052.00
75 State Street
Boston, MA 02109
Attn:  William H. Woolverton

Putnam Investments Employees'                                 1,500,743.00
Securities Company I, LLC
75 State Street
Boston, MA 02109
Attn:  William H. Woolverton

Putnam Investments Employees'                                 1,339,949.00
Securities Company II, LLC
75 State Street
Boston, MA 02109
Attn:  William H. Woolverton

Gregg A. Ostrander                                            2,798,996.82
21520 Fairview Street
Greenwood, MN 55331

John D. Reedy                                                   955,380.08
7262 Gordon Drive
Eden Prairie, MN 55346

James D. Clarkson                                             1,788,237.00
11428 Entrevaux Drive
Eden Prairie, MN 55347
--------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------
Max R. Hoffman                                                  740,616.14
14520 Wellington Road
Wayzata, MN 55391

James Mohr                                                      629,412.60
5288 River Oak Drive
Savage, MN 55378

Mark Brian Anderson                                              17,073.10
10609 Wyoming Road
Bloomington, MN 55438

Steven Todd Bacon                                                 4,000.00
2025 Haughton Avenue
North Mankato, MN 56003

Thomas Prescott Colwell                                           8,536.06
4100 Countryview Drive
Eagan, MN 55123

Michael Allen Elliott                                           130,129.56
12452 Alise Place
Eden Prairie, MN 55347

Richard James Howe                                                4,000.00
15345 41st Place North
Plymouth, MN 55446

Michael Lee Jaeger                                                4,268.52
9617 Lakeside Trail
Champlin, MN 55316

Michael Frederick Johnson                                        54,267.94
16940 Kings Court
Lakeville, MN 55044

Thomas Charles Kelly                                             16,000.00
13132 Hallmark Court
Apple Valley, MN 55124

Timothy Dean Larson                                               4,000.00
9900 James Avenue NE
Monticello, MN 55362

Craig Stanley Morrill                                            32,264.00
11012 France Avenue South
Bloomington, MN 55431

S. Vincent O'Brien                                              182,936.50
7800 W. 95th
Bloomington, MN 55438

Stephan Jay Ostrander                                           199,999.64
3815 Huntington Ave. So.
St. Louis Park, MN 55416
--------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------
Russell P. Roedl                                                  4,268.52
W8237 Sunset Court
Lake Mills, WI 53551

Ronald Allen Seim                                                10,259.08
4150 Ximines Lane
Plymouth, MN 55441

Steven Joseph Semmer                                              4,000.00
4280 Ithaca Lane North
Plymouth, MN 55446

Diane Marie Sparish                                              10,259.08
11715 28th Ave. No.
Plymouth, MN 55441

Jeffrey C. Thomas                                                 8,000.00
18200 Woolman Drive
Minnetonka, MN 55345

Vicky Lee Wass                                                    4,000.00
2 Wilson Way South
West Windsor, NJ 08550

Mark W. Westphal                                                 16,249.64
2462 Thrush Street
Shakopee, MN 55379

John Hugh Wiebe                                                  15,874.12
550 Heron Point Lane
Bellingham, WA 98229

Mark D. Witmer                                                   21,340.64
6071 Foxtail Drive
White Bear Lake, MN 55110

Dennis Lee Woodward                                               4,268.52
802 Vista Circle
Delano, MN 55328

Charles Douglas Bailey                                           18,000.00
14130 46th Place North
Plymouth, MN 55446

Terry L. Baker                                                   12,000.00
308 Michener Street
Wakefield, NE 68784

Timothy James Bebee                                               6,000.00
1008 Winter Street
Wakefield, NE 68784

Toby Lee Catherman                                              104,268.34
1504 East Mountain Road
Hegins, PA 17938
--------------------------------------------------------------------------

<PAGE>

--------------------------------------------------------------------------

Deborah Naismith Cummings                                        10,259.08
13510 Willow Springs Road
Haslet, TX 76052

Total                                                     $ 297,819,164.98
--------------------------------------------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}]]