Document:

Exhibit
      10.1

     

    LIMITED
      WAIVER

     

    This
      LIMITED WAIVER (this “Waiver”),
      dated
      May 5, 2006, by and among LASALLE BUSINESS CREDIT, LLC, a Delaware limited
      liability company (“LaSalle”),
      with
      its principal office at 135 South LaSalle Street, Chicago, Illinois 60603,
      the
      financial institutions that, from time to time, become a party to the Loan
      Agreement (hereinafter defined) (such financial institutions, collectively,
      the
“Lenders”
and
      each individually, a “Lender”),
      LaSalle as agent for the Lenders (in such capacity, the “Agent”),
      and
      IMPCO TECHNOLOGIES, INC., a Delaware corporation, with its principal office
      at
      16804 Gridley Place, Cerritos, California 90703 (the “Borrower”).

     

    WHEREAS,
      the Borrower and LaSalle as a Lender and the Agent, are parties to a Loan and
      Security Agreement dated as of July 18, 2003 (as amended, restated,
      supplemented, or otherwise modified from time to time, the “Loan
      Agreement”),
      pursuant to which the Lenders have agreed, upon satisfaction of certain
      conditions, to make Revolving Advances and other financial accommodations to
      the
      Borrower.

     

    WHEREAS,
      the Borrower has advised the Lenders and the Agent that it was not in compliance
      with Paragraph
      14(x)(v) of
      the
      Loan Agreement (U.S.
      Minimum Pre-Tax Income)
      with
      respect to the Borrower’s fiscal quarter ending March 31, 2006 (the
“Financial
      Covenant Non-Compliance”).
       

     

    WHEREAS,
      the Borrower has requested that the Lenders and the Agent agree to waive the
      Financial Covenant Non-Compliance, and the Lenders and the Agent are willing
      to
      so agree to waive the Financial Covenant Non-Compliance, on the terms and
      subject to the conditions hereinafter set forth.

     

    NOW
      THEREFORE, the parties hereto agree as follows:

     

    1.  Waiver.

     

    (a)  Effective
      as of the Effective Date, the Lenders and the Agent hereby waive the Financial
      Covenant Non-Compliance.

     

    (b)  The
      waiver granted herein is a one-time waiver, given solely for the specific
      covenants and specific time periods set forth herein. Nothing contained in
      this
      Waiver constitutes a waiver by the Lenders or the Agent of any other term or
      provision of the Loan Agreement or the Other Documents, whether or not the
      Lenders or the Agent have any knowledge thereof, nor may anything contained
      in
      this Waiver be deemed a waiver by the Lenders or the Agent of any non-compliance
      with the terms or provisions of the Loan Agreement or the Other Agreements
      that
      may occur after the date of this Waiver. 

     

    2.  Waiver
      Fee.
      In
      consideration for the waiver granted by the Agent herein and in addition to
      all
      other fees and costs, the Borrower hereby agrees to pay to the Agent a
      nonrefundable fee equal to One Thousand Dollars ($1,000), which fee will be
      fully-earned, due, and payable as of the date of this Waiver (the “Waiver
      Fee”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.  Representations
      and Warranties.
      The
      Borrower hereby represents and warrants to the Lenders and the Agent,
      that:

     

    (a)  Each
      of
      the representations and warranties set forth in Paragraph
      13
      of the
      Loan Agreement is true in all material respects as of the date hereof, except
      for changes in the ordinary course of business, that, either singly or in the
      aggregate, are not materially adverse to the business or financial condition
      of
      the Borrower or to the Collateral.

     

    (b)  As
      of the
      date hereof, after giving effect to the terms of this Waiver, there exists
      no
      Default or Event of Default.

     

    (c)  The
      Borrower has the power to execute, deliver, and perform this Waiver. The
      Borrower has taken all necessary action to authorize the execution, delivery,
      and performance of this Waiver. No consent or approval of any entity or Person
      (including without limitation, any shareholder of the Borrower), no consent
      or
      approval of any landlord or mortgagee, no waiver of any Lien or right of
      distraint or other similar right, and no consent, license, approval,
      authorization, or declaration of any governmental authority, bureau, or agency
      is required in connection with the execution, delivery, or performance by the
      Borrower, or the validity or enforcement, of this Waiver.

     

    (d)  The
      execution and delivery by the Borrower of this Waiver will not violate any
      provision of law and will not conflict with or result in a breach of any order,
      writ, injunction, ordinance, resolution, decree, or other similar document
      or
      instrument of any court or governmental authority, bureau, or agency, domestic
      or foreign, or the certificate of incorporation or by-laws of the Borrower,
      or
      create (with or without the giving of notice or lapse of time, or both) a
      default under or breach of any agreement, bond, note, or indenture to which
      the
      Borrower is a party, or by which it is bound or any of its properties or assets
      is affected (including without limitation, the Subordinated Debt Documents),
      or
      result in the imposition of any Lien of any nature whatsoever upon any of the
      properties or assets owned by or used in connection with the business of the
      Borrower.

     

    (e)  This
      Waiver has been duly executed and delivered by the Borrower and constitutes
      the
      valid and legally binding obligation of the Borrower, enforceable in accordance
      with its terms.

     

    4.  Conditions
      to Effectiveness of Waiver.
      This
      Waiver shall be effective upon execution by the Borrower and the Agent (the
      “Effective
      Date”).
      

     

    5.  Miscellaneous.

     

    (a)  Nothing
      contained in this Waiver imposes an obligation on the Lenders or the Agent
      to
      amend the Loan Agreement or waive compliance with any other
      provision.

     

    (b)  Except
      as
      set forth in this Waiver, none of the Lenders nor the Agent waive any breach
      of,
      or Default or Event of Default under, the Loan Agreement, nor any right or
      remedy the Lenders or the Agent may have under the Loan Agreements, the Other
      Agreements, or applicable law, all of which rights and remedies are expressly
      reserved.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (c)  No
      modification or waiver of or with respect to any provision of this Waiver and
      all other agreements, instruments, and documents delivered pursuant hereto
      or
      referred to herein, nor consent to any departure by any party hereto or thereto
      from any of the terms or conditions hereof or thereof, will in any event be
      effective, unless it is in writing and signed by each party hereto, and then
      such waiver or consent will be effective only in the specific instance and
      for
      the purpose for which given.

     

    (d)  Without
      in any way limiting Paragraph
      14(r)
      of the
      Loan Agreement, the Borrower shall pay all of the Lenders’ and the Agent’s fees,
      costs, and expenses incurred in connection with this Waiver and the transactions
      contemplated hereby, including without limitation, the Lenders’ and the Agent’s
      legal fees and expenses incurred in connection with the preparation,
      negotiation, and consummation of, and, if required, in connection with any
      litigation regarding, this Waiver.

     

    (e)  This
      Waiver may be executed in one or more counterparts, each of which when so
      executed shall be deemed to be an original, but all of which when taken together
      shall constitute one and the same instrument. 

     

    (f)  TO
      THE
      EXTENT PERMITTED BY LAW, EACH OF THE PARTIES TO THIS WAIVER HEREBY WAIVE ALL
      RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING THAT PERTAINS DIRECTLY
      OR
      INDIRECTLY TO THIS WAIVER, ANY OF THE OTHER AGREEMENTS, THE LIABILITIES, THE
      COLLATERAL, ANY ALLEGED TORTIOUS CONDUCT OF THE BORROWER, THE AGENT, OR THE
      LENDERS OR THAT, IN ANY WAY, DIRECTLY OR INDIRECTLY, ARISES OUT OF OR RELATES
      TO
      THE RELATIONSHIP AMONG THE BORROWER, THE AGENT, AND/OR THE LENDERS. IN NO EVENT
      WILL THE AGENT OR ANY LENDER BE LIABLE FOR LOST PROFITS OR OTHER SPECIAL OR
      CONSEQUENTIAL DAMAGES.

     

    (g)  This
      Waiver is governed by and must be construed in accordance with the applicable
      law pertaining in the State of New York, other than those conflict of law
      provisions that would defer to the substantive laws of another
      jurisdiction.

     

    

    

    [Remainder
      of Page Intentionally Left Blank]

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have duly executed this Waiver as of the date first above set
      forth.

     

    LASALLE
      BUSINESS CREDIT, LLC, 

    as
      a Lender and as Agent

     

    By: /s/
      Darren Hirata

    Name: Darren
      Hirata

    Title: Vice
      President

     

    IMPCO
      TECHNOLOGIES, INC.,

    as
      Borrower

     

    By:
       /s/
      Thomas M. Costales

    Name:
       Thomsa
      M. Costales

    Title:
       CFO

     

    

    
      
         

      

      
        4Exhibit 4.1

                            Stock Purchase Agreement

      This Stock Purchase Agreement (this "Agreement") is made as of this 4th
day of May, 2006, by and among Argan, Inc., a Delaware corporation (the
"Company") and the purchasers identified on Schedule A, attached hereto (each a
"Buyer", and collectively the "Buyers").

      WHEREAS, the Company is offering 760,000 shares of the Company's Common
Stock, $.15 par value (the "Common Stock") to a limited number of sophisticated
investors in a non-public offering; and

      WHEREAS, each Buyer desires to purchase that number of shares of Common
Stock as set forth opposite the name of such Buyer on Schedule A, attached
hereto (the "Shares").

      NOW THEREFORE, in consideration of the foregoing and for valuable
consideration, the receipt and sufficiency of which is acknowledged, the parties
hereto agree as follows:

      1. Issuance of Shares

      Subject to the terms and conditions contained herein and in a certain
Escrow Agreement by and among the Company and the Buyers of even date herewith
(the "Escrow Agreement"), the Company will issue to each Buyer, and each Buyer
will purchase from Company, for the purchase price of $2.50 per share, that
number of shares of Common Stock as set forth opposite the name of such Buyer on
Schedule A, attached hereto. Pursuant to the terms of the Escrow Agreement, the
Company shall deliver to each Buyer a certificate in the name of such Buyer for
the respective number of Shares issued to such Buyer.

      2. Restrictive Legends

      All certificates representing Shares shall have affixed thereto legends in
substantially the following form, in addition to any other legends that may be
required under federal or state securities laws:

      THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
      UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE
      SECURITIES OR BLUE SKY LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED,
      HYPOTHECATED OR OTHERWISE ASSIGNED EXCEPT PURSUANT TO A REGISTRATION
      STATEMENT WITH RESPECT TO SUCH SECURITIES WHICH IS EFFECTIVE UNDER THE ACT
      OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT
      RELATING TO THE DISPOSITION OF SECURITIES AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES AND BLUE SKY LAWS.

<PAGE>

      3. Investment Representations

      Each Buyer represents, warrants and covenants as follows:

            (a) The Buyer is an "accredited investor" as such term is defined in
Rule 501(a) of Regulation D promulgated pursuant to the Securities Act of 1933,
as amended (the "Securities Act") and is purchasing the applicable Shares for
its own account for investment only, and not with a view to, or for sale in
connection with, any distribution of such Shares in violation of the Securities
Act or applicable state securities laws, or any rule or regulation thereunder.

            (b) The Buyer has had such opportunity as it has deemed adequate to
obtain from representatives of the Company such information as is necessary to
permit it to evaluate the merits and risks of its investment in the Company, and
has done so.

            (c) The Buyer understands that the Company is required to file
periodic reports pursuant to the Securities Exchange Act of 1934, as amended.
The Buyer acknowledges that they have had such opportunity to obtain such
periodic reports and are familiar with the information contained in such
periodic reports, including without limitation the risk factors contained
therein.

            (d) The Buyer has sufficient experience in business, financial and
investment matters to be able to evaluate the risks involved in the purchase of
the Shares and to make an informed investment decision with respect to such
purchase.

            (e) The Buyer can afford a complete loss of the value of the Shares
and is able to bear the economic risk of holding such Shares for an indefinite
period.

            (f) The Buyer understands that: (i) the Shares have not been
registered under the Securities Act and are "restricted securities" within the
meaning of Rule 144 under the Securities Act; (ii) the Shares cannot be sold,
transferred or otherwise disposed of unless they are subsequently registered
under the Securities Act or an exemption from registration is then available;
(iii) in any event, the exemption from registration under Rule 144 will not be
available for at least one year and even then will not be available unless a
public market then exists for the Common Stock, adequate information concerning
the Company is then available to the public, and other terms and conditions of
Rule 144 are complied with; and (iv) there is now no registration statement on
file with the Securities and Exchange Commission with respect to any stock of
the Buyer.

      4. Company Representations

      The Company represents and warrants as follows:

                                       2
<PAGE>

            (a) Organization, Qualification and Corporate Power. The Company is
a corporation duly organized, validly existing and in good standing under the
laws of the state of its incorporation. The Company is duly qualified to conduct
business and is in corporate and tax good standing under the laws of each
jurisdiction in which the nature of its businesses or the ownership or leasing
of its properties requires such qualification, except where the failure to be so
qualified or in good standing would not have a material adverse effect on the
Company's business. The Company has all requisite corporate power and authority
to carry on the businesses in which it is engaged and to own and use the
properties owned and used by it.

            (b) Authorization of Transaction. The Company has all requisite
power and authority to execute and deliver this Agreement and the Escrow
Agreement and to perform its obligations hereunder and thereunder. The execution
and delivery by the Company of this Agreement and the Escrow Agreement and the
consummation by the Company of the transactions contemplated hereby and thereby
have been duly and validly authorized by all necessary corporate action on the
part of the Company. This Agreement and the Escrow Agreement have been duly and
validly executed and delivered by the Company and constitute valid and binding
obligations of the Company, enforceable against it in accordance with their
respective terms.

            (c) Noncontravention. Subject to compliance with the applicable
requirements of the Securities Act, the Securities Exchange Act of 1934 and any
applicable state securities laws, neither the execution and delivery by the
Company of this Agreement or the Escrow Agreement, nor the consummation by the
Company of the transactions contemplated hereby or thereby, will (a) conflict
with or violate any provision of the charter or Bylaws of the Company, (b)
require on the part of the Company any filing with, or permit, authorization,
consent or approval of, any court, arbitrational tribunal, administrative agency
or commission or other governmental or regulatory authority or agency
("Governmental Entity"), (c) conflict with, result in breach of, constitute
(with or without due notice or lapse of time or both) a default under, result in
the acceleration of obligations under, create in any party any right to
terminate, modify or cancel, or require any notice, consent or waiver under, any
contract or instrument to which the Company is a party or by which it is bound
or to which any of its assets are subject, or (d) violate any order, writ,
injunction, decree, statute, rule or regulation applicable to the Company or any
of its properties or assets.

            (d) Litigation. There is no action, suit, proceeding, claim,
arbitration or investigation before any Governmental Entity which is pending or
has been threatened against the Company. There are no judgments, orders or
decrees outstanding against the Company. To the knowledge of the Company, there
is no threatened civil or criminal litigation, written notice of violation,
formal administrative proceeding, or investigation, inquiry or information
request by any governmental entity with respect to the business of the Company.

            (e) Valid Issuance. The Shares, when sold, issued and delivered in
accordance with the terms of this Agreement, will be duly and validly issued,
fully paid and nonassessable, and will be subject to restrictions on transfer
under federal and applicable state securities law until the Registration
Statement (as defined in Section 6(a) below) is declared effective by the
Securities and Exchange Commission (the "SEC"), and then may be sold in
accordance with the terms provided in the prospectus to the Registration
Statement. The Shares will be issued in compliance in all material respects with
an exemption from the registration of the Securities Act, and the registration
and qualification requirements of the securities laws of the applicable states.

                                       3
<PAGE>

      5. Use of Proceeds

      The Company will receive proceeds in the amount of $1,900,000 upon the
offering and sale of the Shares contemplated hereunder. The Company will use
$1,800,000 to reduce its indebtedness under a certain promissory note in favor
of Kevin Thomas. The remaining $100,000 will be used by the Company for general
corporate purposes. The Company may invest the proceeds temporarily until it
uses them for their stated purpose.

      6. Miscellaneous

            (a) Registration. The Company agrees that it will, as soon as
practicable following the closing of the transaction contemplated hereby,
prepare and file with the SEC a registration statement on Form S-1 or, if
applicable, Form S-3, or any equivalent form for registration by issuers similar
to the Company in accordance with the Securities Act ("Registration Statement"),
to permit a public offering and resale of the Shares on a continuous basis under
Rule 415. The Company agrees that it will use commercially reasonable effects to
cause the Registration Statement to be declared effective by the SEC as soon as
practicable following the filing thereof. The Company will cause the
Registration Statement to remain effective until such time as all of the Shares
are sold or the holders thereof are entitled to rely on Rule 144(k) for sales of
the Shares without registration under the Securities Act and without compliance
with the public information, sales volume, manner of sale or notice requirements
of Rule 144(c), (e), (f) or (h). The Company will pay all registration expenses
of the registration of the Shares pursuant to this Section 6(a).

            (b) Severability. The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, and each other provision of this
Agreement shall be severable and enforceable to the extent permitted by law.

            (c) Waiver. Any provision for the benefit of the Company contained
in this Agreement may be waived, either generally or in any particular instance,
by the Board of Directors of the Company.

            (d) Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the Company and each Buyer and their respective heirs,
executors, administrators, legal representatives, successors and assigns.

            (e) Notice. All notices required or permitted hereunder shall be in
writing and deemed effectively given upon personal delivery or five days after
deposit in the United States Post Office, by registered or certified mail,
postage prepaid, addressed to the other party hereto at the address shown
beneath his or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance
with this Section 5(d).

            (f) Pronouns. Whenever the context may require, any pronouns used in
this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns and pronouns shall include the plural, and
vice versa.

                                       4
<PAGE>

            (g) Entire Agreement. This Agreement, together with the Escrow
Agreement, constitutes the entire agreement between the parties with respect to
the Shares, and supersedes all prior agreements and understandings, relating to
the subject matter of this Agreement.

            (h) Amendment. This Agreement may be amended or modified only by a
written instrument executed by the Buyers and the Company.

            (i) Governing Law. This Agreement shall be construed, interpreted
and enforced in accordance with the internal laws of the State Delaware without
regard to any applicable conflicts of laws.

            (j) Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and constitute the same
instrument.

                          [NEXT PAGE IS SIGNATURE PAGE]

                                       5
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first written above.

                              COMPANY:

                              ARGAN, INC.

                              /s/ Rainer Bosselmann
                              ---------------------
                              By: Rainer Bosselmann
                              Its: President

                              BUYERS:

                              MSR I SBIC, L.P.

                              By: MSR I SBIC Partners, LLC, its General Partner
                              By: MSR Advisors, Inc., its Manager

                              /s/ Daniel A. Levinson
                              ----------------------
                              By: Daniel A. Levinson
                              Its: President

                              /s/ Matthew Rebold
                              ------------------
                              Matthew Rebold

                              /s/ Michael Stone
                              -----------------
                              Michael Stone

                              PRAIRIE FIRE CAPITAL LLC

                              /s/ Kevin J. Curley
                              -------------------
                              By: Kevin J. Curley
                              Its: Attorney-in-Fact

                                       6
<PAGE>

                              ALLEN SBH LLC

                              /s/ Herbert Allen
                              -----------------
                              By: Herbert Allen

                              /s/ John Simon
                              --------------
                              John Simon

                              /s/ James Quinn
                              ---------------
                              James Quinn

                                       7
<PAGE>

                                   Schedule A

                           Buyers of Restricted Stock

          Buyer                 Number of Shares                 Purchase Price
          -----                 ----------------                 --------------
    MSR SBIC I, L.P.                 240,000                        $600,000
     Matthew Rebold                   40,000                        $100,000
      Michael Stone                  120,000                        $300,000
Prairie Fire Capital LLC             120,000                        $300,000
      Allen SBH LLC                  120,000                        $300,000
       John Simon                     80,000                        $200,000
       James Quinn                    40,000                        $100,000

                                       8

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