Document:

exv10w3

Exhibit 10.3

AMENDED AND RESTATED

PROMISSORY NOTE

(secured by personal property)

Date of Note: November 30, 2007

Amendment: December 1, 2010, (the “Amendment Date”)

Principal Amount: $2,000,000.00

This Note amends and restates the original promissory note dated November 30, 2007, in the original
principal amount of $2,000,000.00 made by Magnetech Industrial Services, Inc., an Indiana
corporation, and MISCOR Group, Ltd., an Indiana corporation, both with an address at 800 Nave Road
SE, Massillon, Ohio 44646 (collectively “Borrowers”), and delivered to BDeWees, Inc., an Ohio
corporation, (“Lender”) with an address at 6424 Selkirk Circle NW, Canton, Ohio 44718.

PROMISE TO PAY. Borrowers, jointly and severally, promise to pay Lender, or order, in lawful money
of the United States of America, the principal amount of Two Million Dollars ($2,000,000.00),
together with interest on the unpaid principal balance from November 30, 2007, until paid in full.

PAYMENT. Borrowers will pay regular monthly payments of all accrued unpaid interest to date, with
the first such payment beginning January 1, 2008, and with all subsequent interest payments to be
due on the same day of each successive month thereafter.

	 	(a)	 	Beginning on the later to occur of December 1, 2010 and the date Borrowers have
paid in full the Wells Fargo term debt (the “Principal Payment Date”), in addition to
Borrowers’ payment of all unpaid interest accrued to date, each monthly payment will
increase by the sum of $10,000.00 to be applied against the principal balance of this
Note (assuming that all interest accrued to date has been paid in full); that is, each
monthly payment will consist of $10,000.00 plus all unpaid interest accrued to the date
of such installment payment.
	 
	 	(b)	 	Borrowers’ final payment on this Note, due on November 30, 2011, will be a
balloon payment equal to the outstanding principal balance of this Note and all unpaid
interest having accrued to date.

Interest accruing on this Note for any given period is computed on the basis of a 360-day year;
that is, by dividing the annual interest rate by a year of 360-days, multiplied by the outstanding
principal balance, multiplied by the actual number of days within the given period (not to exceed
the number of days in which the amount of the outstanding principal balance remained the same).
Borrowers will pay Lender at 6424 Selkirk Circle NW, Canton, Ohio 44718 or at such other place as
Lender may designate in writing.

VARIABLE INTEREST RATE. Through and including the Amendment Date, the interest rate to be applied
to the unpaid principal balance of the Note will be a rate equal to the Index Rate and shall change
on the 1st day of each calendar quarter to the Index Rate then in effect. The initial
Index Rate shall be the Index Rate in effect on November 30, 2007. Beginning on the day after the
Amendment Date, and thereafter, the interest rate on this Note shall be the Index Rate plus one
percentage point, but shall not be less than twelve (12) percent per annum without compounding
until the Principal Payment Date and thereafter not less than seven (7) percent per annum without
compounding. The interest rate shall change on the first day of each calendar quarter so that it
floats at one percentage point above the Index Rate which is then in effect. Under no circumstances
will the interest rate on this Note be more than the maximum rate allowed by applicable law.

“Index Rate” means the prime rate published by The Wall Street Journal, and if that rate is not
available for any reason, then the prime rate announced by Charter One Bank, Cleveland, Ohio
(“Bank”) from time to time which is not necessarily the lowest rate charged by Bank on its loans
and is set by Bank in its sole discretion. If the Index Rate becomes unavailable during the term of
this Note, Lender may designate a substitute index from a comparable financial institution in the
Cleveland, Ohio, area after notifying Borrowers.

PREPAYMENT. Borrowers may pay without penalty all or a portion of the amount owed earlier than it
is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrowers of
Borrowers’ obligations to continue to make the monthly payments described above. Rather, early
payments will reduce the principal balance due. Borrowers agree not to send Lender payments marked
“paid in full”, “without recourse”, or similar language. If Borrowers send such a payment, Lender
may accept it without losing any of Lender’s rights under this Note, and Borrowers will remain
obligated to pay any
further amount owed to Lender. All written communications concerning disputed amounts, including
any check or other

 

payment instrument which indicates that the payment constitutes “payment in
full” of the amount owed or which is tendered with other conditions or limitations or as full
satisfaction of a disputed amount must be mailed or delivered to: BDeWees, Inc., 6424 Selkirk
Circle NW, Canton, Ohio 44718.

LATE CHARGE. If a payment is 7 days or more late, Borrowers will be charged 10.000% of the unpaid
portion of the regularly scheduled payment.

INTEREST AFTER DEFAULT. Upon default, including failure to make timely payment upon final
maturity, Lender, at its option, may, if permitted under applicable law, increase the variable
interest rate on this Note to 3.000 percentage points over the Index Rate. The interest rate will
not exceed the maximum rate permitted by applicable law.

DEFAULT. Each of the following shall constitute an event of default (“Event of Default”) under
this Note:

	 	 	Payment Default. Borrowers fail to make any payment in full when due under this Note.
	 
	 	 	Other Defaults. Borrowers fail to comply with or to perform any other term, obligation,
covenant or condition contained in this Note or to comply with or to perform any term,
obligation, covenant or condition contained in any other agreement between Lender and one or
both Borrowers (including without limitation that certain Loan Extension and Modification
Agreement effective as of the same date as the effective date of the amendments to this Note)
or on any agreement by and between Lender and 3-D Service, Ltd (“3-D”) or contained in any
note made by Borrowers to XGen III, Ltd., an Ohio limited liability company (“XGen”) or in
any agreement between XGen and any one or both Borrowers or in any agreement between XGen and
3-D.
	 
	 	 	Cure Provisions. If any default, other than a default in payment is curable, it may be
cured (and no event of default will have occurred) if Borrowers, after receiving written
notice from Lender demanding cure of such default cure the default within thirty (30) days.

LENDER’S RIGHTS. Upon an Event of Default, Lender may declare the entire unpaid principal balance
on this Note and all accrued unpaid interest immediately due and payable, and then Borrowers will
pay that amount. Lender’s rights are subject to the provisions of an Intercreditor Agreement dated
November 30, 2007, by and between Lender and XGen.

SECURITY. This Note is secured in accordance with the provisions of a security agreement between
Lender and 3-D dated November 30, 2007, as amended (as of the same date this Note is amended) by
3-D’s successor in interest by merger, Magnetech Industrial Services, Inc. (“Magnetech”), as well
as in accordance with the provisions of other security agreements between Lender and Magnetech now
or hereafter entered into.

ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if
Borrowers do not pay. Borrowers will pay Lender the costs for collection efforts. This includes,
subject to any limits under applicable law, Lender’s attorneys’ fees and Lender’s legal expenses,
whether or not there is a lawsuit, including attorneys’ fees, expenses for bankruptcy proceedings
(including efforts to modify or vacate any automatic stay or injunction), and appeals. If not
prohibited by applicable law, Borrowers also will pay any court costs, in addition to all other
sums provided by law. All of the amounts set forth in this paragraph shall become part of the
principal amount due and owing under this Note, and as such shall bear interest hereunder until
paid in full. Nevertheless, if Borrowers are prevailing parties in any claim or lawsuit between
Borrowers and Lender regarding this Note, then Borrowers shall not owe Lender any fees or expenses
and, instead, Lender shall reimburse Borrowers for the attorneys fees and expenses they incur in
such action.

GOVERNING LAW. This Note will be governed by, construed and enforced in accordance with federal
law and the laws of the State of Ohio. This Note has been made and entered into in the State of
Ohio. Borrowers consent to personal jurisdiction in the courts in the State of Ohio.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrowers, and upon Borrowers’
successors and assigns, and shall inure to the benefit of Lender and its successors and assigns.

GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not affect the
rest of the Note. Borrowers do not agree or intend to pay, and Lender does not agree or intend to
contract for, charge, collect, take, reserve or

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receive (collectively referred to herein as “charge
or collect”), any amount in the nature of interest or in the nature of a fee for this loan, which
would in any way or event (including demand, prepayment, or acceleration) cause Lender to charge or
collect more for this loan than the maximum Lender would be permitted to charge or collect by
federal law or the law of the State of Ohio (as applicable). Any such excess interest or
unauthorized fee shall, instead of anything stated to the contrary, be applied first to reduce the
principal balance of this Note, and when the principal has been paid in full, be refunded to
Borrowers. Lender may delay or forgo enforcing any of its rights or remedies under this Note
without losing them. No single or partial exercise of any right, power or remedy of Lender shall
preclude the exercise of any other right, power or remedy. Borrowers and any other person who
signs, guarantees or endorses this Note, to the extent allowed by law, waives presentment, demand
for payment, and notice of dishonor. The records of Lender shall constitute presumptive evidence
of the amounts owing under this Note. Upon any change in the terms of this Note, and unless
otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor,
accommodation maker or endorser, shall be released from liability. All such parties agree that
Lender may renew or extend (repeatedly and for any length of time) this Note or release any party
or guarantor collateral; or impair, fail to realize upon or perfect Lender’s security interest in
the collateral; and take any other action deemed necessary by Lender without the consent of or
notice to anyone. Borrowers, and all endorsers of this Note, hereby waive all acts on the part of
the Lender or holder of this Note required in fixing Borrowers’ liability hereunder, including,
without limitation, presentment, demand, notice of dishonor, protest, and notice of non-payment and
protest, and any other notice whatsoever, and further waive any default by reason of extension of
time for payment or any other indulgence or forbearance granted to Borrowers or endorser hereof..

Borrowers hereby acknowledge that the proceeds of this Note have been used for business purposes
and not for consumer, family or household purposes.

CONFESSION OF JUDGMENT. Each of the Borrowers authorizes any attorney of record to appear for it
in any court of record in the State of Ohio, after an obligation becomes due and payable whether by
its terms or upon default, waive the issuance and service of process, and release all errors, and
confess a judgment against it in favor of the holder of such obligation, for the principal amount
of such obligation plus interest thereon, together with court costs and attorneys’ fees. Stay of
execution and all exemptions are hereby waived. If any obligation is referred to an attorney for
collection, and the payment is obtained without the entry of a judgment, the obligors shall pay to
the holder of such obligation its attorneys’ fees.

WARNING — BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT
TRIAL. IF YOU DO NOT PAY ON TIME A COURT JUDGMENT MAY BE TAKEN AGAINST YOU
WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT
FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE CREDITOR WHETHER FOR
RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THIS
AGREEMENT, OR ANY OTHER CAUSE.

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PRIOR TO SIGNING THIS NOTE, BORROWERS READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE,
INCLUDING THE VARIABLE INTEREST RATE PROVISIONS. BORROWERS AGREE TO THE TERMS OF THE NOTE.

BORROWERS ACKNOWLEDGE RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

	 	 	 	 	 
	 	BORROWERS:

MAGNETECH INDUSTRIAL SERVICES, INC.

 	 
	 	By:  	 	 
	 	 	Its: 	 
	 	 	 	 
	 
	 	MISCOR GROUP, LTD.

 	 
	 	By:  	 	 
	 	 	Its: 	 
	 	 	 	 
	 

     This Note is subject to a Subordination Agreement executed in December, 2007, by and
between Lender and XGen, on the one hand, and Wells Fargo Bank, NA, on the other.

4exv10w4

Exhibit 10.4

AMENDMENT TO COMMERCIAL SECURITY AGREEMENT

     THIS AMENDMENT is made in Canton, Ohio, as of December 1, 2010, by and between Magnetech
Industrial Services, Inc. (“Grantor”), an Indiana corporation, successor in interest by merger to
3-D Services, Ltd. (“3-D”), with an address at 800 Nave Road, SE, Massillon, Ohio 44646 (the
“Massillon Site”) and BDeWees, Inc. (“Lender”), an Ohio corporation with an address 6424 Selkirk
Circle NW, Canton, Ohio 44718.

Recitals:

     A. Lender and Grantor’s predecessor, 3-D Services, Ltd., entered into a Commercial Security
Agreement dated November 30, 2007 (the “Security Agreement”) as a part of a transaction (the
“Transaction”) in which, among other things, Grantor and MISCOR Group, Ltd. (“Miscor”), an Indiana
corporation which is the parent corporation of Grantor, became indebted, jointly and severally, to
Lender in the principal amount of $2,000,000, as evidenced by the promissory note of Grantor and
Miscor (sometimes collectively referred to herein as “Borrowers” and sometimes referred to
separately herein as a “Borrower”), dated November 30, 2007, in the principal amount of $2,000,000,
executed and delivered to Lender and payable to it or its order, which contained additional terms
and provisions (the “Note”).

     B. Pursuant to the terms of a Loan Extension and Modification Agreement (the “Loan
Modification”), of even date herewith between Lender and Borrowers, the Note is being amended and
restated (the “Amended Note”). As part of the Loan Modification, Grantor is providing additional
collateral to secure repayment of the Indebtedness (as defined below).

Agreement:

     THEREFORE, in consideration of the foregoing, the parties agrees as follows:

     1. Incorporation of Recitals. All of the recitals set forth above, including the definitions,
are incorporated herein by reference.

     2. Amendment of Security Agreement. The Security Agreement is amended in the following
respects, and as amended will be referred to as the Amended Security Agreement.

          (A) Indebtedness. The definition of “Indebtedness” on page 1 of the Security Agreement shall
be replaced with the following definition:

     The word “Indebtedness” means Borrowers’ indebtedness to Lender under the Note
as amended in connection with the Loan Modification (the “Amended Note”) —
including principal interest, and all other amounts which Borrowers now
and in the future may owe to Lender under the terms of the Amended Note —
together with any additional amounts Borrowers and either of them may owe now

 

 

or in
the future to Lender pursuant to the terms of any of the other documents the parties
executed as a part of or in connection with the closing of the Transaction in 2007
or as a part of the Loan Modification, including the Loan Modification itself and
this Amended Security Agreement.

          (B) Related Documents. The definitions of “Related Documents” on page 1 of the Security
Agreement shall be replaced with the following definitions:

     The words “Related Documents” mean that certain lease between 3D3E, Ltd., an
Ohio limited liability company, as landlord, and Grantor, as tenant, entered into on
or about November 30, 2007, and the Commercial Security Agreement dated November 30,
2007, entered into between Grantor’s predecessor in interest, 3-D, and XGen III,
Ltd. (“XGen”), an Ohio limited liability company, as amended in connection with the
loan modification and extension agreement of even date herewith between XGen and
Borrowers.

          (C) Collateral Description. The Collateral Description section on page 2 of the Security
Agreement shall be replaced with the following language:

     The word “Collateral” as used in this Agreement means the following described
property, whether now or hereafter acquired, whether now existing or hereafter
arising, in which Grantor is giving to Lender a security interest for the payment of
the Indebtedness and performance of all other obligations under this Agreement.

All of Grantor’s inventory (but only that which is located at Grantor’s
Massillon Site or which is used at or in connection with or arises from the
operation of or otherwise pertains to Grantor’s business at its Massillon
Site), (“Inventory”), now owned and hereafter acquired, including, but not
limited to, all raw materials, work-in-process, parts, finished goods,
merchandise, and other personal property held for sale or lease or to be
furnished under a contract of service for Grantor’s own account and all
replacements, improvements, substitutions, attachments, accessories, and
accessions thereon or thereto;

All of Grantor’s receivables (but only that which is located at Grantor’s
Massillon Site or which is used at or in connection with or arises from the
operation of or otherwise pertains to Grantor’s business at its Massillon
Site), (“Receivables”), now existing and hereafter coming into existence,
including, but not limited to, accounts, contract rights, chattel paper,
notes, drafts, acceptances, and other forms of receivables;

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All of Grantor’s machinery, equipment, tools and dies, hand tools, motor
vehicles, rolling stock, leasehold improvements, furniture, supplies, office
equipment, computers and other data processing hardware, improvements, parts
and other tangible personal property used or held for use in the operation
of Grantor (but only that which is located at Grantor’s Massillon Site or
which is used at or in connection with or arises from the operation of or
otherwise pertains to Grantor’s business at its Massillon Site), whether now
existing or hereafter arising, whether now owned or hereafter acquired or
whether now or hereafter subject to any rights in the foregoing property;

along with:

     (i) All accessions, attachments, accessories, tools, parts, replacements of and
additions to any of the Collateral described herein, whether added new or later;

     (ii) All proceeds (including insurance proceeds) from the sale, destruction, loss, or
other disposition of any of the property described in this Collateral section and sums due
from a third party who has damaged or destroyed the Collateral or from that party’s insurer,
whether due to judgment, settlement or other process; and

     (iii) All records and data relating to any of the property described in this Collateral
section, whether in the form of a writing, photograph, microfilm, microfiche, or electronic
media, together with all of Grantor’s right, title and interest in and to all computer
software required to utilize, create, maintain, and process any such records or data on
electronic media.

          (D) Representations and Warranties. The Section entitled Grantor’s Representations and
Warranties with respect to the Collateral beginning on page 2 of the Security Agreement shall be
amended as follows:

	 	(1)	 	The paragraph titled Location of Collateral
beginning on page 2 shall be deleted in its entirety and replaced with
the following language:
	 
	 	 	 	Location of the Collateral. Except in the ordinary course of Grantor’s
business, Grantor agrees to keep tangible collateral at the Massillon
Site. Without limiting the enforceability of the preceding sentence,
Grantor will deliver to Lender, upon Lender’s request, in
form satisfactory to Lender a complete schedule of the location(s) of the
Collateral.

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	 	(2)	 	The following paragraphs shall be added to this
Section immediately before the paragraph entitled Financing Statements
at the top of page 5 of the Security Agreement.
	 
	 	 	 	(a) Characteristics of Receivables. At the time any accounts receivable
become subject to a security interest in favor of Lender, said account
shall be a good and valid account representing a bona fide outright sale
of goods by Grantor, or services performed by Grantor and such goods
shall have been shipped to the respective account debtors or the services
have been performed for the respective account debtors; each account
receivable shall not be subject to any claim for credit, allowance or
adjustment by account debtors or any setoff, defense or counterclaim; no
such account shall have been or shall thereafter be assigned or
transferred or subject to any lien, encumbrance or security interest
except the security interest of Lender, XGen, and Wells Fargo Bank, NA.
Grantor shall defend against all lawful claims and demands of all other
persons. Grantor will immediately notify Lender in the event of the
refusal of any account debtor to accept, or of the return of, any goods
which are the subject of any such account receivable, and of the
bankruptcy or insolvency of any account debtor and of any claim asserted
for credit, allowance, adjustment, setoff or counterclaim.
	 
	 	 	 	(b) Account Records. Grantor shall keep accurate and complete records
and accounts in accordance with sound accounting practices of all of its
accounts receivable and shall at all reasonable times allow Lender to
examine, audit or make extracts from Grantor’s books and records and to
arrange for verification of the accounts receivable under reasonable
procedures directly with account debtors or by other procedures. Grantor
will furnish to Lender on request additional statements of any account
together with all notes or other documents and information relating
thereto.

          (E) Effective Date for Representations and Warranties. All representations and warranties in
the Security Agreement, both those originally contained therein in 2007 and those added through
this Amendment, are true and correct as of the date of this Amendment with the same force and
effect as if originally made at such time.

          (F) Collect Revenues and Apply Accounts under Section Entitled Rights and Remedies on Default.
The following sentence shall be added as the new first sentence to

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          the paragraph entitled Collect
Revenues, Apply Accounts in the middle of page 7 of the Security Agreement:

	 	 	 	Lender shall have the right upon Grantor’s default to notify account debtors
on any or all of Grantor’s accounts receivable of the security interest of
Lender in such accounts and to notify such account debtors to make payment
of such accounts directly to Lender; and at Lender’s request, Grantor shall
so notify such account debtors and indicate on any billings that accounts
are payable directly to Lender.

     3. Terminology. All references in the Security Agreement to “3-D Service, Ltd.”, shall be
deemed to refer instead to Grantor when the reference is for the period beginning January 1, 2009.

     4. Ratification. Except as expressly modified by this Amendment, all terms and conditions of
the original Security Agreement are hereby ratified and confirmed and shall remain in full force
and effect.

     IN WITNESS WHEREOF, the parties have caused this Amendment to be signed in multiple
counterparts by their duly authorized officers at the place and as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 

	BDeWees, Inc., an Ohio corporation	 	 	 	Magnetech Industrial Services, Inc., an Indiana corporation	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Bernard L. DeWees, its President
	 	 
	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 

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