Document:

Exhibit

EXHIBIT 10.45

SECOND AMENDMENT TO THE A.M. CASTLE & CO.
SALARIED EMPLOYEES PENSION PLAN
AS AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2010

Pursuant to rights reserved under Section 14.1 of the A.M. Castle & Co. Salaried Employees Pension Plan, as amended and restated effective as of January 1, 2010 (the “Plan”), A.M. Castle & Co. amends the Plan as follows.

Section 10.12 of the Plan is amended by adding the following paragraphs to the end thereof, effective October 8, 2015:

“Effective October 8, 2015, if the Actuarially Equivalent present value of any benefit payable under the Plan is $1,000 or less, such Actuarially Equivalent present value shall be paid to the Participant, Surviving Spouse, alternate payee, or beneficiary, as applicable, in a single sum payment, in lieu of all other benefits under the Plan, as soon as practicable following the date of the Participant's retirement, death, or other termination of employment.  If the Actuarially Equivalent present value of any benefit payable to a Participant under the Plan is greater than $1,000, but not greater than $5,000, and the Participant does not elect to receive his or her benefit directly, such Actuarially Equivalent present value shall be paid in a direct rollover to an individual retirement account described in Code Section 408(a), set up by the Committee for the benefit of the Participant.

For purposes of this subsection 10.12 only, the Actuarially Equivalent present value shall be determined using (i) the annual rate on 30-year Treasury securities as specified by the Commissioner of Internal Revenue for the November immediately preceding the Plan Year in which the Annuity Starting Date occurs, and (ii) the mortality table prescribed by the Commissioner of Internal Revenue pursuant to Treasury Regulation 1.417(e)-1(d)(2).”

This Second Amendment has been executed this 8th day of October, 2015.

	
					
	 
	 
	A.M. CASTLE & CO.

	 
	 
	ADMINISTRATION COMMITTEE

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	/s/ Jeffrey S. Torf

	 
	 
	By:
	Jeffrey S. Torf

	 
	 
	Title:
	Administration Committee Chairman

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

E-88Exhibit 10.11

 

 

June 20, 2014

 

Ms. Amanda Cola

24 Sonrisa Trail

Santa Fe, NM 87506

 

		Re:	Employment Offer: Business Operations Manager

 

Dear Ms. Cola,

 

I am pleased to offer you a 1-year, limited-term position as
the Business Operations Manager with Sigma Labs, Inc., effective on July 21, 2014. Your annual salary will be in the amount of
$90,000 and you will be paid bi-monthly on an exempt basis. You will be exempt from minimum wage and overtime pay requirements
and you will report to the Board of Directors of Sigma Labs, Inc. Our employment relationship will be terminable at-will, which
means that either you or Sigma Labs, Inc. may terminate your employment at any time and for any reason.

 

As a regular full-time employee, you are eligible to receive
medical, dental, life, short & long-term disability, participate in the Section 125 Cafeteria Plan, vision plan, accrue annual
leave and receive holiday benefits. If you elect insurance benefits, please return all paperwork to me no later than your start
date for coverages to begin at the earliest possible date. Please note that all insurance coverages are based upon meeting the
insurance company’s enrollment requirements. If you choose not to elect any of the coverages, you will need to complete
a waiver form, which will be provided.

 

Sigma Labs has a Stock Incentive Plan and wants to acknowledge
the key nature and value of your position to the long term success of the company by granting you two (2) million shares of common
stock (“Stock”). The shares of stock will vest in accordance with the following schedule: (i) 25% of the shares of
Stock will vest immediately upon execution of the Letter Agreement for Grant of Restricted Stock; and (ii) provided you are in
the employ of the company at each of the following dates, 25% of the shares of Stock will vest of July 21, 2015, 2016 and 2017
(collectively, the “Unvested Shares”).

 

Regarding location of your assigned position, Sigma Labs recognizes
that you will execute the primary duties of your position at its offices located at 100 Cienega Street, Suite C, Santa Fe, NM 87501.

 

If you have questions concerning the terms stated in this letter,
please let me know. Otherwise, please note your acceptance of this offer by signing in the space provided below. Upon completion,
please PDF and send it to me via email no later than June 30, 2014. Please mail all original documentation to the address provided
below. Nothing written in this letter changes our at-will employment relationship either implied, in writing or orally into a contract.

 

    	 		 

     

    

   

I sincerely hope that you find the terms of this offer to be
acceptable, and we look forward to a mutually rewarding association.

 

Sincerely,

 

/s/ Michael M. Thacker

 

Michael M. Thacker

Director and Secretary

 

 

 

Attachment: Letter Agreement for Grant of Restricted Stock

 

 

Position Accepted By:

 

	/s/ Amanda L. Cola	 	7-18-14
	Amanda L. Cola	 	Date

 

    	 		 

     

    

   

July 21, 2015

 

Ms. Amanda Cola

24 Sonrisa Trail

Santa Fe, NM 87506

 

		Re:	Conversion from Limited-Term Position to Regular
Full-Time Position

 

Dear Ms. Cola,

 

I am pleased to notify you that the Board of Directors has approved
converting your position as Business Operations Manager for Sigma Labs from a limited-term position to a regular full-time position
effective on July 21, 2015.

 

You will continue to report to the Board of Directors of Sigma
Labs.

 

I sincerely look forward to a continued and mutually rewarding
association.

 

Sincerely,

 

/s/ Michael M. Thacker

 

Michael M. Thacker

Director and SecretaryExhibit 10.12

 

 

 

July 24, 2015

 

 

Mr. Ron Fisher

903 White Horse Trail

Hinckley, Ohio 44233

 

		Re:	Employment Offer: Vice President of Business Development

 

Dear Mr. Fisher,

 

I am pleased to offer you a full-time position as the Vice President
of Business Development with Sigma Labs, Inc., effective on August 10, 2015. Your annual salary will be in the amount of $180,000
and you will be paid bi-monthly on an exempt basis. You will be exempt from minimum wage and overtime pay requirements and you
will report to the President of Sigma Labs, Inc. Our employment relationship will be terminable at-will, which means that either
you or Sigma Labs, Inc. may terminate your employment at any time and for any reason.

 

As a regular full-time employee, you are eligible to receive
medical, dental, life, short & long-term disability, participate in the Section 125 cafeteria plan, vision plan, 401K plan,
accrue annual leave and receive holiday benefits. If you elect insurance benefits, please return all paperwork to me no later than
your start date for coverages to begin at the earliest possible date. Please note that all insurance coverages are based upon meeting
the insurance company’s enrollment requirements. If you choose not to elect any of the coverages, you will need to
complete a waiver form, which will be provided.

 

In addition to the benefits package discussed above, Sigma Labs
has a relocation policy for individuals relocating to the state of New Mexico that will be made available to you.

 

Sigma Labs has a 2013 Equity Incentive Plan (the “Plan”)
and wants to acknowledge the key nature and value of your position to the long term success of the company by granting you under
the Plan, effective upon the date your employment commences (i.e., August 10, 2015), (i) as a one-time signing bonus, a
non-qualified stock option (the "Start Date Option") to purchase up to 4,750,000 shares of common stock of Sigma
Labs. The Start Date Option will have an exercise price equal to the closing price of our common stock on the date of grant, will
vest in accordance with the schedule listed in Exhibit A, provided you are in the employ of the company at each of the following
dates, August 10, 2016, 2017, 2018 and 2019, and be on such other terms and provisions as are contained in Sigma Labs' standard-form
nonqualified stock option agreement under the Plan, and (ii) a total of 250,000 shares (the “Shares”) of common stock
of the company, subject to vesting based on the satisfaction of certain performance criteria set forth in Exhibit A, provided you
are in the employ of the company when any such criteria is satisfied.  Each Share will have a value equal to the closing price
of our common stock on the date of grant and will be on such other terms and provisions as are contained in Sigma Labs' standard-form
of restricted stock letter agreement under the Plan.  We will provide you with copies of the foregoing stock option agreement
and letter agreement on or before the date your employment commences. Additionally, Sigma Labs will grant you under the Plan, effective
as of the first calendar day following the first anniversary of the date your employment commences (the "Option Grant Date")
and provided you remain in our employ as of such date, a non-qualified stock option (the "Anniversary Option") to purchase
up to 1,000,000 shares of common stock of Sigma Labs. The Anniversary Date Option will have an exercise price equal to the closing
price of our common stock on the date of grant (i.e., the Option Grant Date), will vest in accordance with the schedule listed
in Exhibit A, provided you are in the employ of the company at each of the following dates, August 11, 2017, 2018, 2019 and 2020,
and be on such other terms and provisions as are contained in Sigma Labs' standard-form nonqualified stock option agreement under
the Plan.

 

 

     

     

    

Page 2 of 3

 

Furthermore, as an important member of the Sigma team, Sigma
wants to further acknowledge the importance of your position by offering you a performance-based bonus plan in accordance with
the schedule listed in Exhibit A, provided that you remain a Sigma employee in good standing.

 

Regarding location of your assigned position, Sigma Labs recognizes
that you will execute the primary duties of your position at its offices located at 3900 Paseo del Sol, Santa Fe, NM 87507. In
addition, Sigma labs will provide you with a company cell phone and laptop computer for your business use.

 

If you have questions concerning the terms stated in this letter,
please let me know. Otherwise, please note your acceptance of this offer by signing in the space provided below. Upon completion,
please PDF and send it to me via email no later than August 3, 2015. Please mail all original documentation to the address provided
below. Nothing written in this letter changes our at-will employment relationship either implied, in writing or orally into a contract.

 

I sincerely hope that you find the terms of this offer to be
acceptable, and we look forward to a mutually rewarding association.

 

 

Sincerely,

 

/s/ Mark J. Cola

 

Mark J. Cola

President and Chief Executive Officer

 

 

 

Attachments:Exhibit A: Compensation Package

 

 

 

Position Accepted By:

 

	_/s/ Ronald K. Fisher, Jr.__________ 	__7/27/2015_____________________
	Ronald K. Fisher, Jr.	Date

 

 

 

 

     

     

    

 

Page 3 of 3

 

 

Exhibit A

Compensation Package

 

 

 

 

 

 

* OEM agreements are defined as signed definitive documents
between Sigma Labs and a qualified OEM provider of Additive Manufacturing systems or software, and includes but is not limited
to language that clearly describes the nature of the agreement (e.g., active sales and marketing activities and cycles,
support and consulting services, the number of units to be sold, and associated hardware and software license pricing structure,
etc.

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