Document:

Loan Agreement, dated as of December 23, 2004

 Exhibit 10.1 
  
 EXECUTION COPY 
  
 LOAN AGREEMENT 
  
 This LOAN AGREEMENT (this “Agreement”) is made this 23rd day of December, 2004 by and between IMPCO Technologies, Inc., a Delaware corporation (“Borrower”), and M.T.M. Società a Responsabilità Limitata, an Italian limited
liability company (“Lender”). 
  
 ARTICLE 1

 DEFINITIONS 
  
 Section 1.1 Definitions. All terms defined below shall have the meaning indicated. All references in this Agreement to: 
  
 “Agreement” means this Loan Agreement, as the same may be
amended, restated, supplemented or otherwise modified from time to time. 
  
 “Bison Capital Indebtedness” has the meaning given in Section 2.1. 
  
 “Borrower” has the meaning set forth in the introductory paragraph hereto. 
  
 “Business Day” means any day other than Saturday, Sunday or
other day on which banks in Los Angeles, California are authorized or obligated by law to close. 
  
 “Default” has the meaning given in Section 7.1. 
  
 “Default Rate” has the meaning given in Section 2.4(a). 
  
 “Employment Agreement” means that certain Amended and
Restated Employment Agreement between Borrower and Mariano Costamagna in the form of Exhibit C. 
  
 “EURIBOR” means, for any calendar quarter with respect to which interest is payable on the Loan, the rate per annum equal to the
Three-Month EURIBOR (ACT/360) as published by Reuters (or such other commercially available source providing quotations of EURIBOR as agreed upon by Lender and Borrower from time to time), two Business Days prior to the commencement of such calendar
quarter (for delivery on the first day of such quarter) with a ninety-day or three month term. If such rate is not available at such time for any reason, then the “EURIBOR” for such calendar quarter shall be the rate per annum reasonably
determined by the Lender and the Borrower to be the average rate at which deposits denominated in dollars for delivery on the first day of such calendar quarter in same day funds in the approximate amount of the Loan and with a ninety day or three
month term would be offered by the Reference Banks to major banks in the London interbank eurodollar market at their request at approximately 4:00 p.m. (New York time) two Business Days prior to the commencement of such calendar quarter. 

 
 “GAAP” shall mean generally accepted accounting
principles as in effect from time to time in the United States and as consistently applied by Borrower. 
  
 “Guaranty” means that certain Guaranty of even date herewith executed by each Guarantor, substantially in the form of Exhibit B
attached hereto, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
  

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 “Guarantor” means each of Mariano Costamagna and Pier Antonio Costamagna, natural
persons and citizens and residents of the Italian Republic. 
  
 “IMPCO Senior Credit Agreement” means that certain Loan and Security Agreement dated as of July 18, 2003, among Borrower, LaSalle Business Credit, LLC, and the other lenders from time to time party thereto. 
  
 “IMPCO Senior Lender” means LaSalle Business Credit, LLC, as
a lender and agent pursuant to the Senior Credit Agreement. 
  
 “Indebtedness” means, with respect to Borrower, without duplication: (i) all indebtedness for borrowed money; (ii) all obligations issued, undertaken or assumed as the deferred purchase price of property or services (other
than indebtedness or liability for borrowed money deferred for a period of more than six months from the date of incurrence or trade payables entered into in the ordinary course of business on ordinary terms); (iii) all non-contingent reimbursement
or payment obligations with respect to letters of credit, bankers acceptances, surety bonds and similar instruments; (iv) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in
connection with the acquisition of property, assets or businesses; (v) any other obligations, on a GAAP basis, included in the liability section of Borrower’s balance sheet; and (vi) all other liabilities in respect of indebtedness or
obligations of others of the kinds referred to in clauses (i) through (iv) above for Borrower is directly or contingently liable as obligor, guarantor, or otherwise, or in respect of which Borrower otherwise assures a creditor against loss.

  
 “Lender” has the meaning set forth in the
introductory paragraph hereto. 
  
 “Loan” has the
meaning given to it in Section 2.1. 
  
 “Loan
Documents” means collectively, this Agreement, the Note, the Guaranty, and any and all other documents, instruments, and other agreements now or later executed in connection with this Agreement, as the same may be amended, restated,
supplemented or otherwise modified from time to time. 
  
 “Maturity Date” means December 31, 2009. 
  
 “MTM Senior Credit Agreement” means that certain Loan and Security Agreement dated as of December 2, 2004 among Lender and Unicredit Banca Medio Credito S.p.A. 
  
 “MTM Senior Lender” means Unicredit Banca Medio Credito
S.p.A., as a lender and agent pursuant to the MTM Senior Credit Agreement. 
  
 “Note” has the meaning given to it in Section 2.6. 
  
 “Obligations” shall mean Borrower’s obligation to repay the loan evidenced by the Note, with interest, together with any and all
fees, costs, expenses, and indemnifications due to Lender under this Agreement. 
  

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 “Officer’s Certificate” means a certificate executed and delivered on behalf of the
Borrower by a responsible officer of the Borrower. 
  
 “Person” means any natural person, corporation, unincorporated organization, trust, joint stock company, joint venture, association, company, limited liability company, partnership or government, or any agency or political
subdivision of any government. 
  
 “Purchase
Agreement” means that certain Equity Interest Purchase Agreement dated as of October 22, 2004, between and among Borrower and certain other parties identified therein. 
  
 “Reference Banks” means the Bank of America, N.A., ABN AMRO Bank N.V., and ING Bank N.S., and any other
bank or financial institutions agreed upon by Lender and Borrower. 
  
 “United States” and “U.S.” each means the United States of America. 
  
 Section 1.2 General Principles Applicable to Definitions. Definitions given herein shall be equally applicable to both singular and plural forms of
the terms therein defined and references herein to “he” or “it” shall be applicable to Persons whether masculine, feminine or neuter. References herein to any document including, without limitation, this Agreement shall be deemed
a reference to such document as it now exists, and as, from time to time hereafter, the same may be amended. The term “including” is not limiting and means “including without limitation.” References herein to any section,
subsection, Schedule or Exhibit shall, unless otherwise indicated, be deemed a reference to sections and subsections within and Schedules and Exhibits to this Agreement. 
  
 ARTICLE 2 
 TERM LOAN 
  
 Section 2.1 Loan. Subject to
the terms and conditions of this Agreement, the Lender agrees to make a term loan to the Borrower (“Loan”) on the date hereof in the principal amount of Twenty-two Million Dollars ($22,000,000) for the purpose of funding the
repayment in full by Borrower of its indebtedness owing to Bison Capital Structured Equity Partners, LLC, which indebtedness was incurred pursuant to a Securities Purchase Agreement dated July 18, 2003 (the “Bison Capital
Indebtedness”). 
  
 Section 2.2 Manner of Borrowing.
Upon fulfillment to the Lender’s satisfaction of the applicable conditions set forth in Article 3, the Lender will promptly make the proceeds of the Loan available to the Borrower by wire transfer to Borrower for immediate transfer
to Bison Capital Structured Equity Partners, LLC, for application against the Bison Capital Indebtedness. 
  
 Section 2.3 Repayment of Loan Principal. The Borrower shall repay to the Lender the principal amount of Loan in consecutive quarterly installments
commencing on April 1, 2005 and continuing on the first Business Day of each month thereafter, as follows: 
  
 (a) beginning on the date of this Agreement and continuing until January 1, 2006, principal payments shall be not less than six hundred fifty
thousand dollars ($650,000); 
  

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 (b) beginning on April 1, 2006 and continuing through January 1, 2007, principal payments shall be
not less than six hundred fifty thousand dollars ($650,000); 
  
 (c) beginning on April 1, 2007 and continuing through January 1, 2008, principal payments shall be not less than eight hundred thousand dollars ($800,000); 
  
 (d) beginning on April 1, 2008 and continuing until the Maturity Date, principal payments shall be not less than one
million dollars ($1,000,000); 
  
 (e) beginning on April 1,
2009 and continuing until the Maturity Date, principal payments shall be not less than one million one hundred fifty thousand dollars ($1,150,000); and 
  
 (f) all unpaid principal and accrued but unpaid interest shall be discharged on the Maturity Date. 
  
 In each case, payments shall be applied first against interest accrued and
not paid, and thereafter against principal. 
  
 Section 2.4
Interest. Interest shall accrue on the unpaid principal balance of the Loan at a per annum rate equal to one and one-half percent (1.5%) above EURIBOR (changing as such EURIBOR changes); provided, however, that after the occurrence
and during the continuation of a Default, interest shall accrue at a per annum rate equal to three and one-half percent (3.5%) above EURIBOR (changing as such EURIBOR changes) (the “Default Rate”). Computations of interest on the
Loan shall be made on the basis of a year of 360 days, for the actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable. Notwithstanding any contrary provision of this
Section 2.4, if and to the extent any portion of the Loan remains outstanding on the thirtieth (30th) day following
the Maturity Date, the principal then outstanding shall bear interest from and after such date at a rate equal to six and one-half percent (6.5%) above EURIBOR. 
  
 Section 2.5 Manner of Payments. All payments and prepayments of principal and interest on any Revolving Loan and all
other amounts payable hereunder by the Borrower to the Lender shall be made by paying the same in United States Dollars and in immediately available funds to the Lender on the date on which such payment or prepayment shall become due. All payments
to be made by the Borrower shall be made without setoff, recoupment or counterclaim. The Loan may be repaid at any time without penalty or premium. Whenever any payment hereunder or under the Note shall be stated to be due or whenever the last day
of any applicable interest period would otherwise occur on a day other than a Business Day, such payment shall be made on the next succeeding Business Day. 
  
 Section 2.6 Note. The Loan made hereunder shall be evidenced by a promissory note of the Borrower, substantially in the form attached hereto as
Exhibit A, dated as of the date hereof, payable to the order of the Lender (the “Note”). 
  
 Section 2.7 Subordination. At any time when any obligations remain unsatisfied under the IMPCO Senior Credit Agreement, Borrower’s obligations
under Section 2.3 above 
  

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 shall be subordinated such that, without the prior written consent of the IMPCO Senior Lender, Borrower shall not make
any payment required by such Section: 
  
 (a) at any time
when a default or event of default (within the meaning of the IMPCO Senior Credit Agreement) has occurred and is continuing; 
  
 (b) at any time following the acceleration of any of the obligations arising under the IMPCO Senior Credit Agreement; or 
  
 (c) at any time when such payment would cause Borrower to fail to meet
any covenant, including without limitation any financial covenant, in the IMPCO Senior Credit Agreement. 
  
 The restrictions on payment contemplated by this Section 2.7 shall not excuse Borrower’s obligations hereunder, nor shall the application of such
restrictions suspend the accrual of interest hereon; provided, however, that at any time when any obligations remain unsatisfied under the IMPCO Senior Credit Agreement, Lender shall neither accelerate any indebtedness under the Loan nor institute
any remedy against Borrower pursuant to Section 7.2 below. The preceding sentence shall not be construed to restrict the ability of either or both of the Guarantors to take actions permitted or required to be taken pursuant to that certain Pledge
Agreement between the Guarantors and MTM. 
  
 ARTICLE 3

 CONDITIONS OF LENDING 
  
 Lender’s obligation to make the Loan is subject to the conditions precedent listed in Sections 3.1 through 3.6, unless waived by Lender in writing:

  
 Section 3.1 Authorization. Borrower shall have
delivered to Lender a certified copy of the resolution of Borrower’s Board of Directors authorizing the transactions contemplated by this Agreement and the execution, delivery, and performance of all Loan Documents to which Borrower is a party.

  
 Section 3.2 Documentation. Borrower shall have executed
and delivered to Lender the Note, the Guaranty, any other required Loan Documents, and shall have delivered to Lender (i) a pay-off and release letter from Bison Capital Structured Equity Partners, LLC, in substantially the form of Exhibit B
hereto, with respect to the Bison Capital Indebtedness; and (ii) evidence satisfactory to Lender as to the consent of the IMPCO Senior Lender to the Loan and all other transactions contemplated by the Loan Documents. 
  
 Section 3.3 Certain Events Respecting Management. Borrower and Mariano
Costamagna shall have entered into the Employment Agreement, and Borrower shall have received the resignation of Robert M. Stemmler with respect to that certain employment agreement between Borrower and Mr. Stemmler dated April 1, 2002. 

 
 Section 3.4 Guaranty. The Guarantors shall have executed and
delivered to Lender the Guaranty in substantially the form of Exhibit C hereto. 
  

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 Section 3.5 Representations and Warranties. The representations and warranties made by Borrower in
the Loan Documents and in any certificate, document, or financial statement furnished by Borrower shall be true and correct, except to the extent that such representations and warranties expressly relate to an earlier date. 
  
 Section 3.6 Compliance. No Default or other event which, upon notice
or lapse of time or both would constitute a Default, shall have occurred and be continuing, or shall exist after giving effect to the advance of credit to be made under the Loan. 
  
 ARTICLE 4 
 REPRESENTATIONS AND WARRANTIES 
  
 To induce
Lender to enter into this Agreement, Borrower represents, warrants, and covenants to Lender as follows: 
  
 Section 4.1 Existence. Borrower is in good standing as a corporation under the laws of the State of Delaware, and has the power, authority, and
legal right to own and operate its property or lease the property it operates and to conduct its current business; and is qualified to do business and is in good standing in all other jurisdictions where the ownership, lease, or operation of its
property or the conduct of its business requires such qualification. 
  
 Section 4.2 Enforceability. The Loan Documents to which Borrower is a party, when executed and delivered by Borrower, shall be enforceable against Borrower in accordance with their respective terms. 
  
 Section 4.3 No Legal Bar. The execution, delivery, and performance by
Borrower of the Loan Documents to which Borrower is a party, and the use of the loan proceeds, shall not violate any existing law or regulation applicable to Borrower; any ruling applicable to Borrower of any court, arbitrator, or governmental
agency or body of any kind; Borrower’s organizational documents; any security issued by Borrower; or any mortgage, indenture, lease, contract, undertaking, or other agreement to which Borrower is a party or by which Borrower or any of its
property may be bound. 
  
 Section 4.4 Litigation. Except
as disclosed in writing to Lender, there is no threatened (to Borrower’s knowledge) or pending litigation, investigation, arbitration, or administrative action which may materially adversely affect Borrower’s business, property,
operations, or financial condition. 
  
 Section 4.5 Payment of
Taxes. Borrower has timely filed or caused to be filed all tax returns when required to be filed; and has timely paid all taxes, assessments, fees, licenses, excise taxes, franchise taxes, governmental liens, penalties, and other charges levied
or assessed against Borrower or any of its property imposed on it by any governmental authority, agency, or instrumentality that are due and payable (other than those returns or payments of which the amount, enforceability, or validity are contested
in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are provided on Borrower’s books). 
  

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 Section 4.6 Location of Borrower. Borrower’s place of business (or, if Borrower has more than
one place of business, its chief executive office) is located at the address listed in this Agreement as Borrower’s address for notice purposes. 
  
 Section 4.7 No Default. Borrower is not in default under the Purchase Agreement. 
  
 Section 4.8 No Burdensome Restrictions. No contract or other instrument to which Borrower is a party, or order,
award, or decree of any court, arbitrator, or governmental agency, materially impairs Borrower’s ability to repay the Obligations. 
  
 ARTICLE 5 
 AFFIRMATIVE COVENANTS

  
 So long as this Agreement shall remain in effect, or any
liability exists under the Loan Documents, Borrower shall: 
  
 Section 5.1 Use of Proceeds. Not use the proceeds of the Loan for any purpose other than the repayment of the Bison Capital Indebtedness.  
  
 Section 5.2 Maintenance of Existence. Preserve and maintain its existence, powers, and privileges in the jurisdiction
of its formation, and qualify and remain qualified in each jurisdiction in which its presence is necessary or desirable in view of its business, operations, or ownership of its property. Borrower shall also maintain and preserve all of its property
which is necessary or useful in the proper course of its business, in good working order and condition, ordinary wear and tear excepted. 
  
 Section 5.3 Books and Records. Keep accurate and complete books, accounts, and records in which complete entries shall be made in accordance with
GAAP, reflecting all financial transactions of Borrower. 
  
 Section 5.4 Access to Premises and Records. At all reasonable times and as often as Lender may reasonably request, permit any authorized representative designated by Lender to have access to the premises, property, and financial
records of Borrower, including all records relating to the finances, operations, and procedures of Borrower, and to make copies of or abstracts from such records. 
  
 Section 5.5 Notice of Events. Furnish Lender prompt written notice of: 
  
 (a) Proceedings. Any proceeding instituted by or against Borrower in
any court or before any commission or regulatory body, or any proceeding threatened against it in writing by any governmental agency which if adversely determined would have a material adverse effect on Borrower’s business, property, or
financial condition, or where the amount involved is $100,000 or more and not covered by insurance; 
  
 (b) Defaults. Any accident, event, or condition which is or, with notice or lapse of time or both, would constitute a Default, or a default under
any other agreement to which Borrower is a party; and 
  

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 (c) Adverse Effect. Any other action, event, or condition of any nature which could result in a
material adverse effect on the business, property, or financial condition of Borrower. 
  
 (d) Payment of Debts and Taxes. Pay all Indebtedness and perform all obligations promptly and in accordance with their terms, and pay and discharge promptly all taxes, assessments, and governmental charges or
levies imposed upon Borrower, its property, or revenues prior to the date on which penalties attach thereto, as well as all lawful claims for labor, material, supplies, or otherwise which, if unpaid, might become a lien or charge upon
Borrower’s property. Borrower shall not, however, be required to pay or discharge any such tax, assessment, charge, levy, or claim so long as its enforceability, amount, or validity is contested in good faith by appropriate proceedings.

  
 Section 5.6 Insurance. Maintain commercially adequate
levels of coverage with financially sound and reputable insurers. 
  
 Section 5.7 MTM Loan. Take such steps as may be necessary to cause Lender to be and remain in full compliance with the terms of the MTM Senior Credit Agreement. 
  
 Section 5.8 IMPCO Senior Credit Agreement. Take such steps as may be necessary to retire in full all obligations
arising under or in connection with the IMPCO Senior Credit Agreement on or before July 18, 2006. 
  
 Section 5.9 Compliance with Laws. Comply in all material respects with all laws and regulations applicable to Borrower and its business activities.

  
 ARTICLE 6 
 NEGATIVE COVENANTS 
  
 So long as this Agreement shall remain in effect, or any liability shall exist under the Loan Documents, Borrower shall not, without prior written consent
of Lender, which consent shall not be unreasonably withheld: 
  
 Section 6.1 Indebtedness. Create, incur, assume, permit to exist, or otherwise become committed for any Indebtedness except any: 
  
 (a) Unsecured Trade Credit. Indebtedness incurred in the ordinary course of business and appearing on the liability section of the balance sheet of
Borrower, prepared in accordance with GAAP, including, without limitation, accrued liabilities and taxes payable; 
  
 (b) Existing Obligations. Indebtedness owing to Lender, or in existence as of this date and disclosed to Lender, and all renewals, modifications,
and extensions thereof; 
  
 (c) Lease Agreements.
Indebtedness incurred in connection with capital leases; and 
  

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 (d) Incurrence of Debt. Incur additional indebtedness other than pursuant to Borrower’s
existing credit facility with the IMPCO Senior Lender in a maximum amount of $12 million. 
  
 Section 6.2 Guaranties. Assume, guaranty, endorse, become a surety for, indemnify, or otherwise in any fashion become responsible for, directly or indirectly, any obligation of any Person, except: 

 
 (a) Negotiable Instruments. Endorsements on negotiable instruments
for deposit or collection in the ordinary course of business. 
  
 (b) Performance Bonds. Performance bonds as required in the ordinary course of Borrower’s business; and 
  
 (c) Subsidiary Guaranties. Guaranties in respect of obligations owed by Lender or existing guaranties of debt incurred by any other subsidiary of
Borrower. 
  
 Section 6.3 Disposition of Assets. Sell,
transfer, lease, or otherwise assign or dispose of a substantial portion of its property to any Person, outside the ordinary course of business. 
  
 Section 6.4 Mergers. Other than as contemplated by the Purchase Agreement, become a party to any merger, consolidation, or like structural change,
or make any substantial transfer or contribution to, or material investment in, stock, shares, or licenses of any Person. 
  
 Section 6.5 Capital Structure. Purchase, retire, or redeem any of its capital stock or otherwise effect any change in Borrower’s capital
structure. 
  
 Section 6.6 Dissolution. Adopt any agreement
or resolution for dissolving, terminating, or substantially altering Borrower’s present business activities. 
  
 Section 6.7 Employment Agreement. Take any action that would result in the termination of the Employment Agreement, whether with or without cause,
or materially breach such agreement. 
  
 Section 6.8 Capital
Expenditures. Make or commit to make expenditures for fixed assets or other capital expenditures which in the aggregate are in excess $2,500,000 for Borrower’s fiscal years ending December 31, 2005 and thereafter. 
  
 Section 6.9 Permissible Loans and Investments. Make any loan or
advance to any Person other than in the ordinary course of business, or make any investment outside the ordinary course of Borrower’s business, except: 
  
 (a) Certificates of Deposit. Investments in certificates of deposit maturing within one year from the date of acquisition from any one or more of
the top 100 commercial Lenders in the United States; 
  

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 (b) Money Market. Money market mutual funds, Lenders’ acceptances, eurodollar investments,
repurchase agreements, and other short-term money market investments acceptable to Lender; 
  
 (c) Commercial Paper. Prime commercial paper with maturities of less than one year; and 
  
 (d) U. S. Government Paper. Obligations issued or guaranteed by the United States Government or its agencies. 
  
 ARTICLE 7 
 EVENTS AND CONSEQUENCES OF DEFAULT 
  
 Section 7.1 Events of Default. Any of the following events shall, at the option of Lender and at any time without regard to any previous knowledge on the part of Lender, constitute a default by Borrower under
the terms of this Agreement and the Note, and any other Loan Documents (“Default”): 
  
 (a) Nonpayment. Any payment or reimbursement due or demanded under this Agreement or the Note is not made within fifteen (15) days of the date when
due; 
  
 (b) Breach of Warranty. Any representation or
warranty made or deemed made in connection with this Agreement or any other Loan Document, or any certificate, notice, or report furnished pursuant hereto, is determined by Lender to be false in any respect when made, and is relied upon by Lender to
its detriment, whether or not true when made, and as a result Lender reasonably believes that Borrower’s financial condition or its ability to pay its debts as they come due will thereby be materially impaired; 
  
 (c) Failure to Perform. Any other term, covenant, or agreement
contained in any Loan Document is not performed or satisfied, and, if remediable, such failure continues unremedied for 30 days after written notice thereof has been given to Borrower by Lender; 
  
 (d) Change of Management. Termination of Mariano Costamagna as the
principal executive officer of Borrower for any reason or the material breach by Borrower of the Employment Agreement; provided, however, that if such termination of employment occurs as the result of, or in connection with, the death of Mariano
Costamagna, no Default under this Section 7.1(d) shall be deemed to have occurred: (i) if the estate of Mariano Costamagna, collectively with the surviving Guarantor, own, in the aggregate, less than 10% of the issued and outstanding common stock of
Borrower; (ii) if the surviving Guarantor and the executor or other duly authorized representative of Mariano Costamagna’s estate (or, if both Guarantors are deceased, the executors or other duly authorized representatives of both
Guarantors’ estates) shall have consented to the appointment of a successor principal executive officer, which consent shall not unreasonably be withheld; or (iii) if, in the written opinion of counsel to Borrower, reasonably satisfactory to
the surviving Guarantor and the executor or other duly authorized representative of Mariano Costamagna’s estate (or, if both Guarantors are deceased, reasonably satisfactory to the executors or other duly authorized representatives of each
Guarantors’ estate) as to form, substance and opinion giver, the Guarantors shall have no liability under the Guaranty. 
  

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 (e) Loss, Destruction, or Condemnation of Property. A portion of Borrower’s property is
affected by any uninsured loss, damage, destruction, theft, sale, or encumbrance other than created herein or is condemned, seized, or appropriated, the effect of which materially impairs Borrower’s financial condition or its ability to pay its
debts as they come due; 
  
 (f) Attachment Proceedings and
Insolvency. Borrower or any of Borrower’s property is affected by any proceeding under the laws of any jurisdiction relating to receivership, insolvency, or bankruptcy, whether brought voluntarily or involuntarily by or against Borrower,
including, without limitation, any reorganization of assets, deferment or arrangement of debts, or any similar proceeding, and, if such proceeding is involuntarily brought against Borrower, it is not dismissed within 60 days; 
  
 (g) Judgments. Final judgment on claims not covered by insurance
which, together with other outstanding final judgments against Borrower, exceeds $500,000, is rendered against Borrower and is not discharged, vacated, or reversed, or its execution stayed pending appeal, within 60 days after entry, or is not
discharged within 60 days after the expiration of such stay; or 
  
 (h) Government Approvals. Any governmental approval, registration, or filing with any governmental authority, now or later required in connection with the performance by Borrower of its obligations under the Loan Documents, is
revoked, withdrawn, or withheld, or fails to remain in full force and effect, except Borrower shall have 60 days after notice of any such event to take whatever action is necessary to obtain all necessary approvals, registrations, and filings.

  
 Section 7.2 Remedies Upon Default. Subject to the
limitations imposed by Section 2.6, if any Default occurs under Subsection 7.1(a) or 7.1(d), the Loan, including all accrued interest, shall immediately and automatically become due and payable, without presentment, demand, protest, or notice of any
kind, all of which are hereby expressly waived by Borrower, and Lender may immediately exercise any or all of the following remedies for Default; and if any other Default occurs and is continuing, Lender may, upon notice to Borrower: 
  
 (a) Accelerate. Declare the Note, together with all accrued interest,
to be immediately due and payable without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived by Borrower; and/or 
  
 (b) All Remedies. Pursue any other available legal and equitable remedies. 
  
 All of Lender’s rights and remedies in all Loan Documents shall be cumulative and can be exercised separately or concurrently.

  

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 ARTICLE 8 
 MISCELLANEOUS 
  
 Section 8.1 Manner of
Payments. 
  
 (a) Payments on Nonbusiness Days.
Whenever any event is to occur or any payment is to be made under any Loan Document on any day other than a Business Day, such event may occur or such payment may be made on the next succeeding Business Day and such extension of time shall be
included in computation of interest in connection with any such payment. 
  
 (b) Payments. All payments and prepayments to be made by Borrower shall be made to Lender when due, without offsets or counterclaims for any amounts claimed by Borrower to be due from Lender, in U.S. dollars
and in immediately available funds. 
  
 (c) Application of
Payments. All payments made by Borrower shall be applied first against fees, expenses, and indemnities due; second, against interest due; and third, against principal, with Lender having the right, after a Default which is continuing, to apply
any payments or collections received against any one or more of the Obligations in any manner which Lender may choose. 
  
 Section 8.2 Notices. All notices, demands, and other communications to be given pursuant to any of the Loan Documents shall be in writing and shall
be deemed received the earlier of when actually received, or two days after being mailed, postage prepaid and addressed as follows, or as later designated in writing: 
  
 Lender: 
  
 MTM, S.r.l. 
 Via La Morra, 1 
 Cherasco (Cn), Italy 12062 
  
 Telecopier: 39 0172 488237 
 Attn: Managing Director 
  
 With a copy to: 
  
 Studio Tibaldi Giraudo 
 12051 ALBA (Cn) 
 Via S. Margherita, 8 
 ITALY 
  
 Telecopier: +39-0173-362307 
 Attn: Paolo Giraudo 
  
 Borrower: 
  
 IMPCO Technologies,
Inc. 
 16804 Gridley Place 
 Cerritos, CA 90703 
 Telecopier: (562) 924-8069 
 Attn: Chief Executive Officer 
  

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 With a copy to: 
  
 Davis Wright Tremaine LLP 
 2600 Century Square 
 1501 Fourth Avenue 
 Seattle, WA 98101-1688 
  
 Telecopier: (206) 628-7699 
 Attn: Marcus J. Williams 
  
 Section 8.3 Documentation and Administration Expenses; Collection Expenses. Borrower shall pay, reimburse, and indemnify Lender for all of
Lender’s reasonable costs and expenses, including, without limitation, all attorneys’ fees incurred in connection with the enforcement of this Agreement and all other Loan Documents, and all amendments, supplements, or modifications
thereto. The nonprevailing party shall, upon demand by the prevailing party, reimburse the prevailing party for all of its costs, expenses, and reasonable attorneys’ fees incurred in connection with any controversy or claim between said parties
relating to this Agreement or any of the other Loan Documents. 
  
 Section 8.4 Waiver. No failure to exercise and no delay in exercising, on the part of Lender, any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power,
or privilege hereunder preclude any other or further exercise thereof, or the exercise of any other right, power, or privilege. Further, no waiver or indulgence by Lender of any Default shall constitute a waiver of Lender’s right to declare a
subsequent similar failure or event to be a Default. 
  
 Section 8.5 Assignment. This Agreement is made expressly for the sole benefit of Borrower and for the protection of Lender and its successors and assigns. The rights of Borrower hereunder shall not be assignable by operation of law
or otherwise, without the prior written consent of Lender, which consent may not be unreasonably withheld or conditioned. 
  
 Section 8.6 Entire Agreement. This Agreement (including the Note and the other documents and instruments referred to herein) constitutes the entire
agreement, and supersedes all prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement. 
  
 Section 8.7 Amendments. Any amendment or waiver of, or consent to any departure by Borrower from any provision of,
this Agreement shall be in writing signed by each party to be bound thereby, and shall be effective only in the specific instance and for the specific purpose for which given. 
  
 Section 8.8 Governing Law; Jurisdiction and Venue. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of California, without reference to the laws that might otherwise govern under applicable principles of conflict of laws 
  

 13 

 thereof; provided, however, that matters respecting the corporate acts, existence and status of BRC and MTM shall be
governed by the laws of the Republic of Italy applicable to Societi Responsibilita Limitata organized pursuant to the laws thereof; and provided, further, that matters respecting the corporate acts, existence and status of IMPCO shall be governed by
the Delaware General Corporation Law. The jurisdiction for any dispute arising under this Agreement shall be in the forum and subject to the venue of the defendant in such action, such that any action brought by Borrower against Lender shall be
in Milan, Italy, and any action brought by Lender against Borrower shall be in Los Angeles, California, and each party hereby irrevocably consents to exclusive personal jurisdiction and venue in the courts so designated, which jurisdiction and venue
shall be mandatory and not elective, and each party agrees to waive any claim that any such forum is inconvenient, agrees not to commence or prosecute any such action, claim or proceeding other than in the aforementioned courts, and agrees not to
seek to remove such action, claim or proceeding to any other court or jurisdiction. Each party hereby consents to service of process upon the party by transmittal of process by registered or certified mail, postage prepaid and return receipt
requested, at the address shown in Section 8.2 above or at such other address as may subsequently have been provided to the serving party in accordance with such Section. Service shall be deemed effective, irrespective of proof of delivery, on the
fifteenth calendar day following such transmittal. 
  
 Section
8.9 Severability. If one or more of the provisions of this Agreement should be invalid, illegal, or unenforceable in any respect, the remaining provisions of this Agreement shall remain effective and enforceable. 
  
 Section 8.10 Counterparts. This Agreement and each Loan Document may
be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures to such counterparts were upon the same instrument. 
  

 14 

 EXECUTION COPY 
  
 Each party has caused this Loan Agreement to be duly executed by its duly authorized officer or representative on the date
first above written. 
  

							
	 	 	LENDER:	 	M.T.M. SOCIETÀ A RESPONSABILITÀ LIMITATA
				
	 	 	 	 	By	 	 /s/ Marco Seimandi

	 	 	 	 	 Marco Seimandi, Director and Authorized
 Representative

			
	 	 	BORROWER:	 	IMPCO TECHNOLOGIES, INC.
				
	 	 	 	 	By	 	 /s/ Robert M. Stemmler

	 	 	 	 	Robert M. Stemmler, Chief Executive Officer

  

 15Pledge Agreement, dated as of December 23, 2004

 Exhibit 10.2 
  
 EXECUTION COPY 
  
 PLEDGE AGREEMENT 
  
 THIS PLEDGE AGREEMENT, dated as of December 23, 2004, is made by IMPCO Technologies, inc., a Delaware corporation (“Borrower”) in
favor of Mariano Costamagna and Pier Antonio Costamagna, each a natural person and a resident of the Republic of Italy (each a “Guarantor” and collectively the “Guarantors”) in connection with that
certain Loan Agreement, dated as of the date hereof (as amended, supplemented or otherwise modified from time to time, the “Loan Agreement”), among Borrower,, and MTM, S.r.l., an Italian limited liability company
(“Lender”). 
  
 RECITALS 

 

	A.	Pursuant to the Loan Agreement, Borrower has agreed to borrow from Lender, and Lender has agreed to lend to Borrower, an amount equal to twenty-two million United States Dollars
(US$22,000,000) (such amount, and the terms and conditions thereof, the “Loan”) upon the terms and subject to the conditions set forth therein. 

  

	B.	It is a condition precedent to the obligation of Lender to extend the Loan and the obligation of each Guarantor to make the Guaranty that Borrower shall have executed and delivered
this Agreement to secure payment and performance of the Obligations and to secure repayment of any Guarantors’ Expenses. 

  

	C.	Lender’s obligation to extent the Loan to Borrower is expressly conditioned upon each Guarantors’ execution and delivery to Lender of that certain Guaranty Agreement dated
as of December 23, 2004, by and between Lender and each of the Guarantors (the “Guaranty”), pursuant to which the Guarantors jointly and severally guaranty payment of certain Obligations (as defined therein) by Borrower to Lender.

  

	D.	In order to secure Borrower’s obligation to repay or reimburse the Guarantors, in the event that Guarantors are required to, or otherwise does, make any payments to, or for the
benefit of, Lender with respect to the Obligations, Borrower has agreed to pledge to Guarantors all of Borrower’s quota in B.R.C., as more fully described in the definitions of “Pledged Equity” and “Proceeds” below.

  
 NOW, THEREFORE, for good and valuable
consideration, including Guarantors’ agreement to enter into and perform its obligations under the Guaranty, Borrower hereby agrees with Guarantors as follows: 
  
 AGREEMENT 
  
 1. Defined Terms 
  
 (a) Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan Agreement.

  

 1 

 (b) The following terms shall have the following meanings: 
  
 “Agreement” means this Pledge
Agreement, as the same may be amended, modified or otherwise supplemented from time to time. 
  
 “BRC” means B.R.C., S.r.l., an Italian limited liability company. 
  
 “Collateral” means the Pledged Equity and all Proceeds. 
  
 “Contractual Obligations” means the obligations of
Borrower under every agreement, arrangement or undertaking of Borrower, or of any other Person to which Borrower is a party, the breach or termination of which would create a material adverse effect upon Borrower’s business, financial condition
or results of operations, including without limitation each agreement, arrangement or undertaking identified as a “material contract” in connection with Borrower’s Registration Statement on Form S-3, SEC File No. 333-120029, as
amended and supplemented from time to time. 
  
 “Guaranty” means that certain Guaranty executed and delivered as of December 23, 2004, by and between Guarantor and Lender. 
  
 “Guarantor” means each of Mariano Costamagna and Pier Antonio Costamagna, a each natural
person and a resident of the Republic of Italy, and their respective successors and permitted assigns hereunder. “Guarantors” means Mariano Costamagna and Pier Antonio Costamagna collectively. 
  
 “Guarantors’ Expenses” shall mean any and all
expenses paid or incurred by Guarantor in meeting the Obligations following the occurrence of a Default, including without limitation Guarantors’ Expenses incurred in exercising any of Guarantors’ subrogation rights, following any payments
by either Guarantor to Lender pursuant to the discharge of Obligations by the Guarantor or either of them. 
  
 “Pledged Equity” means 100% of the quota of BRC now owned or acquired at any time hereafter by Borrower, together
with all additional quota in BRC or any direct or indirect subsidiary of BRC now owned or hereafter acquired by Borrower, and together with all shares or units of equity, equity certificates, options or rights of any nature whatsoever that may be
issued or granted by BRC or any such direct or indirect subsidiary to Borrower while this Agreement is in effect. 
  
 “Proceeds” means all “proceeds” as such term is defined in Section 9-102 of the UCC and, in any event,
shall include, without limitation, all dividends or other income from the Pledged Equity, collections thereon or distributions with respect thereto.  
  
 “UCC” means the Uniform Commercial Code, as in effect from time to time, of the State of New York. 
  
 (c) The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and section and paragraph references are to this Agreement unless otherwise
specified. 
  

 2 

 (d) The meanings given to terms defined herein shall be equally applicable to both the singular and
plural forms of such terms. 
  
 2. Pledge; Grant of Security
Interest; Certain Limited Exclusions 
  
 (a) Borrower hereby
pledges and grants to the Guarantors, for the collective benefit of Guarantors and their respective heirs, successors and permitted assigns, a first priority perfected security interest in the Collateral. Such pledge is intended to secure
Borrower’s obligation to repay and/or reimburse Guarantors for any amounts paid by Guarantors with respect to the Obligations, including but not limited to any Guarantors’ Expenses. 
  
 (b) Immediately upon the consummation of the acquisition by Borrower of
additional equity interests of BRC as contemplated by that certain Equity Interest Purchase Agreement between Borrower and certain other parties identified therein dated October 22, 2004, Borrower shall pledge and grant to Guarantors, for the
collective benefit of the Guarantors and their respective heirs, successors and permitted assigns, a first priority perfected security interest in the additional equity interest of BRC so acquired (such equity interest, the “Additional
Equity Interest”), and when so acquired and pledged in accordance herewith, such equity and the Proceeds thereof shall become and remain a part of the Collateral. 
  
 (c) The terms of the pledges contemplated by this Section 2 shall be governed by deeds of pledge in the form of Exhibits B
and C, and by articles 2797, 2471 bis and 2352 of the Italian Civil Code; provided, however, that in the event of any conflict between the terms of this Agreement and the terms of either or both deeds of pledge, such conflict shall be resolved in
favor of the application of this Agreement. 
  
 3. Delivery;
Stock Powers 
  
 Borrower hereby transfers
“control” over the Pledged Equity within the meaning of Section 8-106 of the UCC, and Borrower hereby delivers to Guarantors the uncertificated securities constating all or any part of the Pledged Equity, as follows: 
  
 (a) Concurrently with the execution and delivery of this Agreement, Borrower
shall deliver to Guarantors (i) all originals of all certificates, and all other indicia of ownership, evidencing the Pledged Equity then owned by Borrower; (ii) a duly executed stock power of Bison Capital Structured Equity Partners, LLC, in the
form of Exhibit D authorizing one or more representatives of BRC to cause the transfer to Guarantors of the Pledged Equity subject to the terms hereof; and (iii) a duly executed stock power of Borrower in the form of Exhibit E authorizing one or
more representatives of BRC to cause the transfer to Guarantors of all additional equity interest of BRC to be acquired in connection with the Purchase Agreement. 
  
 (b) Immediately upon the repayment in full of the Bison Capital Indebtedness, Borrower and Guarantors shall cause an entry
in the quota transfer ledger of BRC to be recorded, reflecting the transfer of the Pledged Equity to and for the collective benefit of Guarantors, subject to the terms of this Agreement and to the Deed of Pledge in the form of Exhibit C. 

 

 3 

 (c) Immediately upon the acquisition of the Additional Equity Interest Borrower and Guarantors shall
cause to be made an entry in the quota transfer ledger of BRC reflecting the pledge of the Additional Equity Interest to and for the collective benefit of Guarantors, subject to the terms of this Agreement and to the deed of pledge in the form of
Exhibit B. 
  
 (d) In the event that any of the Pledged Equity
shall constitute uncertificated securities for purposes of Article 8 of the UCC, Borrower shall take all such further actions as may be required to cause Guarantor to become the registered owner thereof. 
  
 4. Representations and Warranties 
  
 Borrower represents and warrants that: 
  
 (a) Borrower has the organizational power and authority and the legal right
to execute and deliver, to perform its obligations under, and to grant the security interest in the Collateral pursuant to, this Agreement and has taken all necessary organizational action to authorize its execution, delivery and performance of, and
grant of the security interest in the Collateral pursuant to, this Agreement. 
  
 (b) This Agreement constitutes a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, and upon the registration of Guarantors as the registered owners of the
Pledged Equity, the security interest created pursuant to this Agreement will constitute a valid, first priority, perfected security interest in the Collateral, enforceable in accordance with its terms against all creditors of Borrower and any
Persons purporting to purchase any Collateral from Borrower, except in each case as enforceability may be affected by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
  
 (c) The execution, delivery and performance of this Agreement will not violate any provision of any requirement of law or
Contractual Obligation of Borrower and will not result in the creation or imposition of any Lien on any of the properties, financial condition or results of operations of Borrower pursuant to any requirement of law or Contractual Obligation of
Borrower, except the security interest created by this Agreement. 
  
 (d) Other than for filings of financing statements and ledger entries of beneficial ownership in connection with the Bison Debt, which will be released or amended as contemplated herein, no consent or authorization of, filing with, or other
act by or in respect of, any arbitrator or Governmental Authority and no consent of any other Person (including, without limitation, any equityholder or creditor of Borrower), is required in connection with the execution, delivery, performance,
validity or enforceability of this Agreement or the exercise of remedies with respect to any Collateral. 
  
 (e) No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of Borrower,
threatened by or against Borrower or against any of its properties or revenues with respect to this Agreement or any of the transactions contemplated hereby. 
  

 4 

 (f) Except as specifically contemplated by the Purchase Agreement and by Sections 2(b) and 3(b) above,
the Pledged Equity constitutes all the issued and outstanding equity of BRC. 
  
 (g) All the shares or units of the Pledged Equity have been duly and validly issued and are fully paid and nonassessable. 
  
 (h) Borrower (i) is the record and beneficial owner of, and has good and marketable title to, the Pledged Equity, and (ii) upon acquisition of the
Additional Equity Interest pursuant to the Purchase Agreement and assuming the accuracy and correctness of the representations and warranties of the Guarantors as parties thereto, will be the record and beneficial owner of, and will have good and
marketable title to, the Additional Equity Interest; in each case free of any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this Agreement and the security interest previously granted
to Bison Capital Structured Equity Partners, LLC in connection with the Bison Capital Indebtedness, which Lien is being released in connection herewith. 
  
 5. Covenants 
  
 Borrower covenants and agrees with Guarantors that, from and after the date of this Agreement until this Agreement is terminated and the security
interests created hereby are released: 
  
 (a) Subject to
Section 6 hereof, if Borrower shall, as a result of its ownership of the Pledged Equity, become entitled to receive or shall receive any equity certificate (including, without limitation, any certificate representing an equity interest
dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights, whether in addition to, in substitution of, as a conversion of,
or in exchange for any shares or units of the Pledged Equity, or otherwise in respect thereof, Borrower shall accept such equity certificate as the agent of Guarantors and shall deliver the same forthwith to Guarantors in the exact form received,
duly endorsed by Borrower to Guarantors, if required, together with an undated equity interest power covering such certificate duly executed in blank by Borrower to be held by Guarantors, subject to the terms hereof, as additional collateral
security for the Guarantors’ payment or satisfaction of any of the Obligations and/or reimbursement of any Guarantors’ Expenses. Subject to Section 6 hereof, (1) any sums paid upon or in respect of the Pledged Equity upon the
liquidation or dissolution of BRC shall be paid over to Guarantors to be held by them hereunder as additional collateral security for the Guarantors’ Expenses, (2) in case any distribution of capital shall be made on or in respect of the
Pledged Equity or any property shall be distributed upon or with respect to the Pledged Equity pursuant to the recapitalization or reclassification of the capital of BRC or pursuant to the reorganization thereof, the property so distributed shall be
delivered to Guarantors to be held by them hereunder as additional collateral security for the Guarantors’ Expenses, and (3) any sums of money or property so paid or distributed in respect of the Pledged Equity shall be received by Borrower,
Borrower shall promptly pay or deliver such money or property to Guarantors (no later than three (3) days after the receipt of the same) and, until such money or property is paid or delivered to Guarantors, hold such money or property as additional
collateral security for the Guarantors’ Expenses. 
  

 5 

 (b) Without the prior unanimous written consent of Guarantors, Borrower shall not (1) vote to enable, or
take any other action to permit, BRC to issue any equity securities of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any equity securities of any nature of BRC, (2) sell, assign,
transfer, exchange, or otherwise enter into a derivatives transaction or otherwise hedge or dispose of, or grant any option with respect to, the Collateral, (3) create, incur or permit to exist any Lien or option in favor of, or any claim of any
Person with respect to, any of the Collateral, or any interest therein, except for the security interests created by this Agreement or in favor of the Lender or (4) enter into any agreement or undertaking (other than as may be required by law)
restricting the right or ability of Borrower or Guarantors to sell, assign or transfer any of the Collateral. 
  
 (c) Borrower shall maintain the security interest created by this Agreement as a first priority, perfected security interest and shall defend such
security interest against claims and demands of all Persons whomsoever except to the security interest of the Lender. At any time and from time to time, upon the unanimous written request of Guarantors, and at the sole expense of Borrower, Borrower
will promptly and duly execute and deliver such further instruments and documents and take such further actions as Guarantors may reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement and of the rights
and powers herein granted. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any promissory note, other instrument or chattel paper, such note, instrument or chattel paper shall be immediately
delivered to Guarantors, duly endorsed in a manner satisfactory to Guarantors, to be held as Collateral pursuant to this Agreement. 
  
 (d) Borrower shall pay, and save Guarantors harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all
stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement. 
  
 6. Cash Dividends; Voting Rights 
  
 Unless a Default shall have occurred and be continuing and Guarantor shall
have given notice to Borrower of Guarantors’ intent to exercise its corresponding rights pursuant to Section 8 below, Borrower shall be permitted to receive all cash dividends paid and other distributions made in the normal course of business
of BRC and consistent with past practice, in respect of the Pledged Equity and to exercise all voting and organizational rights with respect to the Pledged Equity; provided, however, that Borrower may not cast any vote, exercise any
organizational right, or take any other action if, in Guarantors’ reasonable judgment, such vote, exercise of rights, or action would materially impair the Collateral or which would be materially inconsistent with or result in any violation of
any provision of this Guaranty or any other Loan Document. 
  
 7. Rights of Guarantors 
  
 If (i) a Default
shall occur and be continuing, and (ii) either Guarantor shall have paid any portion of the Obligation and/or incurred Guarantors’ Expenses, and (iii) a Guarantor having complied with clause (ii) above shall give notice of its intent to
exercise its rights under this Section 7 to Borrower, then: (1) each Guarantor having given such notice shall have the right to 
  

 6 

 receive any and all cash dividends paid in respect of the Pledged Equity and make application thereof first to the
repayment to such Guarantor of any portion of the Obligations paid by such Guarantor pursuant to the Guaranty, and second to reimburse such Guarantor for any Guarantors’ Expenses incurred, and (2) such Guarantor shall have the right to require
that all shares or units of the Pledged Equity be registered in the name of such Guarantor or his nominee, and such Guarantor or his nominee may thereafter exercise (A) all voting, organizational and other rights pertaining to such shares or units
of the Pledged Equity at any meeting of equityholders of BRC or otherwise and (B) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such shares or units of the Pledged Equity as if it
were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Equity upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate
structure of BRC, or upon the exercise by Borrower or a Guarantor of any right, privilege or option pertaining to such shares or units of the Pledged Equity, and in connection therewith, the right to deposit and deliver any and all of the Pledged
Equity with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as such Guarantor may determine), all without liability except to account for property actually received by it, but neither
Guarantor shall have any duty to Borrower to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 
  
 8. Remedies 
  
 At any time (i) after a Default has occurred and is continuing, and (ii) either Guarantor has paid or incurred Guarantors’ Expenses, such Guarantor
may, at any time at Guarantors’ election, take any action required or permitted by the Italian Civil Code. 
  
 9. Irrevocable Authorization and Instruction to BRC 
  
 Borrower hereby authorizes and instructs BRC to comply with any instruction received by it from either Guarantor in writing that (a) states that a Default
has occurred and (b) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from Borrower, and Borrower agrees that BRC shall be fully protected in so complying. 
  
 10. Appointment of Attorney in Fact. 
  
 Borrower hereby irrevocably constitutes and appoints Paolo Giraudo, with
full power of substitution, as Borrower’s true and lawful attorney in fact with full irrevocable power and authority in the place and stead of Borrower and in the name of Borrower or in Guarantors’ own name, from time to time in
Guarantors’ mutual discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the
purposes of this Agreement, including without limitation the execution and delivery of any financing statement, deed of pledge, endorsement, assignment or other instruments of transfer. Borrower hereby ratifies all that said attorney or his
successor shall lawfully do or cause to be done pursuant to such power of attorney. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the
security interests created hereby are released. 
  

 7 

 11. Authorization of Financing Statements 
  
 Pursuant to Section 9-102 of the UCC, Borrower authorizes either Guarantor
or both Guarantors to file financing statements with respect to the Collateral in such form and in such filing offices as such Guarantor reasonably determines appropriate to perfect the security interests of such Guarantor under this Agreement. A
carbon, photographic or other reproduction of this Agreement shall be sufficient as a financing statement for filing in any jurisdiction. 
  
 12. Notices 
  
 Except as otherwise provided herein or by the Italian Civil Code, whenever it is provided herein that any notice, demand, request, consent, approval,
declaration or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give and serve upon any other party any communication with respect to this Agreement, each
such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given to Borrower and BRC in the manner, and deemed received, as provided for in the Loan Agreement. To the extent notice is
required to be given to the board of directors of BRC, such notice shall be given both to Borrower and to each member of BRC’s board of directors by transmittal to such director either at such director’s residence or business address or to
such director’s attention at the principal executive officers of BRC; provided, however, that notice shall not be deemed to be defective if timely given in such fashion where such notice is not delivered to one or more directors
notwithstanding the best reasonable efforts of the party giving such notice. 
  
 13. Severability 
  
 Any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 14. Amendments in Writing; No Waiver; Cumulative Remedies 
  

(a) None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument
executed by Borrower and both Guarantors; provided, that any provision of this Agreement may be waived by one Guarantor alone, in a letter or agreement executed by such Guarantor or by telex or facsimile transmission from such Guarantor, and
provided, further, that if such communication is made only by one Guarantor, such waiver is effective only with respect to that guarantor. 
  
 (b) Neither Guarantor shall by any act (except by a written instrument pursuant to paragraph (a) hereof), delay, indulgence, omission or otherwise be
deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of 
  

 8 

 Guarantors, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by Guarantors of any right or remedy hereunder on any one occasion shall not be construed
as a bar to any right or remedy which Guarantors would otherwise have on any future occasion. 
  
 (c) The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
  
 15. Section Headings 
  
 The section headings used in this Agreement are for convenience of reference
only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
  
 16. Successors and Assigns 
  
 This Agreement shall be binding upon the successors and assigns of Borrower and shall inure to the collective benefit of the Guarantors and their
respective successors and assigns. 
  
 17. Governing Law; Venue
and Jurisdiction 
  
 This Agreement shall be construed in
accordance with the laws of the State of New York applicable to contracts negotiated in and wholly to be performed within that state; provided, however, that to the extent of a conflict between New York Law and the law of the Republic of Italy
governing the recordation and enforcement of the pledge of the Collateral, and the foreclosure of the security interest thereby, the Italian Civil Code shall apply. 
  
 (Signature Page Follows) 
  

 9 

 IN WITNESS WHEREOF, the undersigned has caused this Agreement to be duly executed and delivered as of the
date first above written. 
  

			
	“Borrower”
	
	IMPCO TECHNOLOGIES, INC., a Delaware corporation
		
	 By:
	 	 /s/ Robert M. Stemmler

	 Name:
	 	Robert M. Stemmler
	 Title:
	 	Chief Executive Officer and President

  
 Pledge Agreement

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