Document:

Value Creation Plan Normal Unit Distributions Deferral Election

 Exhibit 10.1 
 STRATEGIC HOTELS & RESORTS, INC. 
 VALUE CREATION PLAN

 NORMAL UNIT DISTRIBUTIONS 
 DEFERRAL ELECTION AND DEFERRAL PROGRAM 
 NORMAL UNIT DISTRIBUTIONS AS
PERFORMANCE-BASED COMPENSATION: On August 27, 2009, Strategic Hotels & Resorts, Inc. (“Company”) adopted the Strategic Hotels & Resorts, Inc. Value Creation Plan (“Plan”) and granted me 600,000
Units under the Plan. In order for me to receive any Normal Unit Distributions under the Plan, the fair market value of a share of common stock of the Company (“Share”) must be at least $4 during 2012 and the amount of Normal Unit
Distributions I receive under the Plan will depend upon the fair market value of Shares during the twelve-month performance period of 2012. The $4 per share price threshold for Normal Unit Distributions established as part of the Plan in August 2009
was more than double the fair market value of a Share at the time of establishment of the Plan. Normal Unit Distributions under the Plan are intended to be performance-based compensation under Section 409A of the Internal Revenue Code of 1986,
as amended (“Code Section 409A”). Capitalized terms used herein and not defined herein shall have the meanings set forth in the Plan. 
 DEFERRAL: I hereby irrevocably elect to defer receipt of fifty percent (50%) of each Normal Unit Distribution to which I become entitled under the Plan and have such Normal Unit
Distributions converted to stock units (“Stock Units”) payable in Shares at the time set forth in the “Distribution” section below; provided, however, in no event shall I defer from such Normal Unit Distributions more than an
amount which provides Stock Units related to Shares aggregating more than one percent (1%) of the number of Shares or one percent (1%) of the voting power outstanding. Normal Unit Distributions otherwise payable in Shares shall be
converted to Stock Units on a one Share to one Stock Unit basis. Normal Unit Distributions otherwise payable in cash shall be converted to a number of Stock Units determined by dividing the cash amount that otherwise would be distributed by the
closing price of a Share on what would otherwise be the distribution date of such Normal Unit Distributions. This deferral shall be in accordance with the terms and provisions set forth in this Deferral Election and Deferral Program (“Deferral
Election”) and the requirements of Code Section 409A. 
 DIVIDEND EQUIVALENTS: I will be entitled to dividend
equivalents with respect to Stock Units in the form of additional Stock Units. As of each cash dividend date with respect to Shares, a dollar amount equal to the amount of the dividend that would have been paid on the number of Shares equal to the
number of my Stock Units under this Deferral Election as of the close of business on the record date for such dividend shall be converted into a number of additional Stock Units under this Deferral Election equal to the number of whole and
fractional Shares that could have been purchased at the closing price on the dividend payment date with such dollar amount. In the case of any dividend declared on Shares which is payable in Shares, I will be credited with an additional number of
Stock Units under this Deferral Election equal to the product of (a) the number of Stock Units under this Deferral Election then held on the related dividend record date and the (b) the number of Shares (including any fraction thereof)
distributable as a dividend on a Share. Notwithstanding the foregoing, to the extent that the crediting of dividend equivalents would cause the Stock Units relating to Shares under this Deferral Election to aggregate more than one percent
(1%) of the number of Shares or one percent (1%) of the voting power outstanding, such excess dividend equivalents instead shall be distributed in cash at the time set forth in the “Distribution” section below. 

DISTRIBUTION: The conversion of my Stock Units under this Deferral Election into Shares and distribution of such Shares and any cash
dividend equivalents will be made on January 2, 2014; provided that if my employment terminates more than six months prior to such date, such conversion and distribution of Shares shall be on the first business day of the calendar month
following six months after my separation from service (as such term is defined in Code Section 409A to the extent necessary to comply with or be exempt from Code Section 409A). Notwithstanding the foregoing, upon a change in the ownership
or effective control of the Company or in the ownership of a substantial portion of the assets of the Company as defined in Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended with the use of a 40% standard rather than a
30% standard for purposes of determining a change in an effective control pursuant to IRS Treasury Regulations section 409A-3(i)(5)(vi), all Stock Units under this Deferral Election shall be converted into Shares and such Shares distributed.

 ADJUSTMENTS: In the event, at any time or from time to time, a stock split, spin-off, combination or exchange of shares,
recapitalization, merger, consolidation, distribution to stockholders other than a dividend, or other change 

 
in the Company’s corporate or capital structure results in (a) the outstanding Shares, or any securities exchanged therefor or received in their place, being exchanged for a different
number or kind of securities of the Company or any other company or (b) new, different or additional securities of the Company or any other company being received by the holders of Shares, then a proportional adjustment in the number and kind
of securities that are subject to outstanding Stock Units shall be made. Notwithstanding the foregoing, the issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or
property, or for labor or services rendered either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall
not affect, and no adjustment by reason thereof shall be made with respect to, outstanding Stock Units. 
 ACKNOWLEDGEMENT: By
signing this Deferral Election, I hereby acknowledge my understanding and acceptance of the following: 
 1. Irrevocable Election. This
Deferral Election is irrevocable. I understand that I may not revoke or modify this Deferral Election (except in such limited circumstances as the Board or its Compensation Committee may permit in accordance with Code Section 409A and other
law). I do not expect to be able to make any changes to the manner or timing of distributions set forth on this Deferral Election for my Normal Unit Distributions under the Plan. 
 2. Election for Normal Unit Distributions. I understand that this Deferral Election applies only to my Normal Unit Distributions under the Plan and does not apply to Change of Control Unit
Distributions. I understand that Code Section 409A may require changes in this Deferral Election or may otherwise impact the effectiveness of this Deferral Election. 
 3. Withholding. I agree to make arrangements satisfactory to the Company for the payment of any federal, state, local or foreign withholding tax obligations that arise with respect to Normal Unit
Distributions, Stock Units or Shares. Notwithstanding the previous sentence, I acknowledge and agree that the Company has the right to deduct from payments of any kind otherwise due to me any federal, state or local taxes of any kind required by law
to be withheld with respect to Normal Unit Distributions, Units or Shares, including, without limitation, the receipt of Shares. I may elect to satisfy the withholding obligation under this Deferral Election, in whole or part, by having the Company
withhold Shares having a fair market value on the date the withholding tax is to be determined equal to no more than the minimum amount required to be withheld under applicable law. 
 4. Code Section 409A. This Deferral Election is intended to be construed in accordance with the terms and provisions set forth in this Deferral Election as well as Section 13.5 of the
Plan and the requirements of Code Section 409A. Notwithstanding any other provision in this Deferral Election, the Company, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to
unilaterally amend or modify this Deferral Election to help distributions qualify for exemption from or compliance with Code Section 409A; provided, however, that the Company makes no representations that this Deferral Election shall comply
with Code Section 409A and makes no undertaking to preclude Code Section 409A from applying to this Deferral Election. I understand that Code Section 409A is complex, that any additional taxes and other liabilities under Code
Section 409A are my responsibility and that the Company encourages me to consult a tax advisor regarding the potential impact of Code Section 409A. 
 5. Undertaking. I hereby agree to take whatever additional action and execute whatever additional documents the Board or its Compensation Committee may deem necessary or advisable in order to carry
out or effect one or more of the obligations or restrictions imposed on me or the Stock Units or Normal Unit Distributions pursuant to the provisions of this Deferral Election or the Plan. 
 6. Counterparts. This Deferral Election may be executed in multiple counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same Deferral Election. 

  
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 By signing this Deferral Election, I hereby acknowledge my understanding of and agreement with all the terms
and provisions set forth in this Deferral Election as well as the Strategic Hotels & Resorts, Inc. Value Creation Plan. 
 Dated: June
29, 2011 
  

	
	 /s/ Laurence S. Geller

	Laurence S. Geller

 Acknowledged and Agreed to this 29th day of June, 2011. 

 

					
	Strategic Hotels & Resorts, Inc.
		
	By:	 	 /s/ Paula C. Maggio

		 	Its:	 	Senior Vice President, Secretary and General Counsel

  
 3Ninth Amendment to Credit and Security Agreement

 Exhibit 10.1 
 NINTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT 
 This NINTH AMENDMENT TO
CREDIT AND SECURITY AGREEMENT (the “Amendment”) dated June 30, 2011, is entered into by and among MISCOR GROUP, LTD., an Indiana corporation (“MISCOR”), MAGNETECH INDUSTRIAL SERVICES, INC., an Indiana corporation
(“MIS”), and HK ENGINE COMPONENTS, LLC, an Indiana limited liability company (“HK” and together with MISCOR and MIS, the “Borrowers” and each a “Borrower”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (the
“Lender”), acting through its Wells Fargo Business Credit operating division. 
 RECITALS 

The Lender and the Borrowers are parties to a Credit and Security Agreement dated January 14, 2008, as amended (the “Credit
Agreement”). 
 The Borrowers have requested that the Lender consider extending the term of the Credit Agreement and that
pending Lender’s receipt of the appraisal of the Borrower’s Equipment, the Lender provide a short term extension of the credit facilities pursuant to the Credit Agreement, which the Lender is willing to do pursuant to the terms and
conditions of this Amendment. 
 NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
herein contained, it is agreed as follows: 
 1. Defined Terms. Capitalized terms used in this Amendment which are
defined in the Credit Agreement shall have the same meanings as defined therein, unless otherwise defined herein. In addition, Section 1.1 of the Credit Agreement shall be amended by amending the following defined terms to read as follows:

 “Borrowing Base” means at any time the lesser of: 

(a) The Maximum Line Amount; or 
 (b) Subject to change from time to time in the Lender’s sole discretion, the sum of: 
 (i) The lesser of (A) the product of the Accounts Advance Rate times Eligible Accounts of each of MIS and HK; or (B) $5,000,000, plus 

(ii) The lesser of (A) the product of the Accounts Advance Rate times Eligible Progress Accounts; or
(B) the lesser of (1) five percent (5%) of the aggregate amount of Accounts of the Borrowers or (2) $300,000, less 
 (iii) The Borrowing Base Reserve, less 
 (iv) The Personal
Property Tax Reserve, less 
 (v) The Landlord Reserve, less 

 (vi) Indebtedness that any Borrower owes to the Lender that has not yet
been advanced on the Revolving Note, including, without limitation, the L/C Amount, and the dollar amount that the Lender in its reasonable discretion then determines to be a reasonable determination of each Borrower’s credit exposure with
respect to any swap, derivative, foreign exchange, hedge, deposit, treasury management or other similar transaction or arrangement offered to any Borrower by Lender that is not described in Article II of this Agreement. 

“Eligible Progress Accounts” means all unpaid Accounts of a Borrower which constitute progress billings under a
signed purchase order or contract which outlines the scheduled terms of billing and payment, and which otherwise meet the eligibility requirements for Eligible Accounts other than the provisions of part (iii) of the definition of Eligible
Accounts. 
 “LIBOR Advance Rate” means, effective July 1, 2011, an annual interest rate equal to
the sum of Daily Three Month LIBOR, plus four and three-quarters percent (4.75%), which interest rate shall change whenever Daily Three Month LIBOR changes. 

“Maturity Date” means August 31, 2011. 

“Maximum Line Amount” means Five Million Dollars ($5,000,000). 

In addition to the foregoing, the definition of “Eligible Accounts” shall be amended so that clause (xiii) reads as
follows: 
 (xiii) Accounts owed by an account debtor, other than CSX Corporation, regardless of whether
otherwise eligible, to the extent that the aggregate balance of such Accounts exceeds fifteen percent (15%) of the aggregate amount of all Accounts of such Borrower, and with respect to CSX Corporation, to the extent that the aggregate balance
of such Accounts exceeds twenty five percent (25%) of the aggregate amount of all Accounts of such Borrower; 
 2.
Amendment of Section 2.18. Section 2.18 of the Credit Agreement shall be amended to read as follows: 
 Section 2.18 Payment of Term Note. The outstanding principal balance of the Term Note as of June 30, 2011 shall be due and payable in full on the Termination Date. 

3. Amendment of Section 6.2(a). Section 6.2(a) of the Credit Agreement shall be amended to read as follows: 

(a) Stop Loss. Commencing with the fiscal year-to-date period ending [May 31, 2011] and thereafter,
the Borrowers will not incur a Net Loss during any fiscal year-to-date period, as determined as of the end of each fiscal month, in excess of Two Hundred Fifty Thousand Dollars ($250,000). 

  
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 4. No Other Changes. Except as explicitly amended by this Amendment, all of the terms
and conditions of the Credit Agreement shall remain in full force and effect and shall apply to any advance or letter of credit thereunder. 
 5. Elimination of Prior Accommodation Fee. Effective July 1, 2011, the additional accommodation fees of Two Thousand Five Hundred Dollars ($2,500) per month imposed under Paragraph 7 of that
certain Eighth Amendment to Credit and Security Agreement between Borrowers and the Lender dated December 17, 2010 shall no longer be due and payable. 
 6. Conditions Precedent. This Amendment shall be effective when the Lender shall have received an executed original hereof, together with each of the following, each in substance and form
acceptable to the Lender in its sole discretion: 
 (a) With respect to each Borrower, a Certificate of the
Secretary of the Borrower certifying as to (i) the resolutions of the board of directors or manager, as applicable, of the Borrower approving the execution and delivery of this Amendment, (ii) the fact that the Constituent Documents of the
Borrower, which were certified and delivered to the Lender pursuant to the Certificate of Authority of the Borrower’s secretary issued in connection with the original execution of the Credit Agreement, continue in full force and effect and have
not been amended or otherwise modified except as set forth in the Certificate to be delivered, and (iii) certifying that the officers and agents of the Borrower who have been previously certified to the Lender as being authorized to sign and to
act on behalf of the Borrower continue to be so authorized or setting forth the sample signatures of each of the officers and agents of the Borrower authorized to execute and deliver this Amendment and all other documents, agreements and
certificates on behalf of the Borrower. 
 (b) Such other matters as the Lender may require. 

7. Representations and Warranties. Each Borrower (as to such Borrower) hereby represents and warrants to the Lender as follows:

 (a) The Borrower has all requisite power and authority to execute this Amendment, and this Amendment, and has
been duly executed and delivered by the Borrower and constitutes the legal, valid and binding obligations of the Borrower, enforceable in accordance with its terms. 

(b) The execution, delivery and performance by the Borrower of this Amendment, has been duly authorized by all necessary
action and does not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate any provision of any law, rule or regulation or
of any order, writ, injunction or decree presently in effect, having applicability to the Borrower, or the Constituent Documents of the Borrower, or (iii) result in a breach of or constitute a default under any indenture or loan or credit
agreement or any other agreement, lease or instrument to which the Borrower is a party or by which it or its properties may be bound or affected. 

  
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 (c) All of the representations and warranties contained in Article V of the
Credit Agreement are correct on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date. 

8. References. All references in the Credit Agreement to “this Agreement” shall be deemed to refer to the Credit
Agreement as amended hereby; and any and all references in the Security Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby. 
 9. No Waiver. The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default under
the Credit Agreement or a waiver of any breach, default or event of default under any Security Document or other document held by the Lender, whether or not known to the Lender and whether or not existing on the date of this Amendment. 

10. Release. Each Borrower hereby absolutely and unconditionally releases and forever discharges the Lender, and any and all
participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the
foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which such Borrower had, now has or has
made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are
matured or unmatured or known or unknown. 
 11. Fees, Costs and Expenses. Each Borrower hereby reaffirms its agreement
under the Credit Agreement to pay or reimburse the Lender on demand for all costs and expenses incurred by the Lender in connection with the Loan Documents, including without limitation all reasonable fees and disbursements of legal counsel. Without
limiting the generality of the foregoing, the Borrowers specifically agree to pay all reasonable fees and disbursements of counsel to the Lender for the services performed by such counsel in connection with the preparation of this Amendment and the
documents and instruments incidental hereto. The Borrower hereby agrees that the Lender may, at any time or from time to time in its sole discretion and without further authorization by the Borrower, make a loan to the Borrower under the Credit
Agreement, or apply the proceeds of any loan, for the purpose of paying any such fees, disbursements, costs and expenses. 
 12.
Miscellaneous. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the date first above written. 
  

									
	MISCOR GROUP, LTD.	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
					
	By:	 	 /s/ Michael P. Moore
	 		 	By:	 	 /s/ Daniel J. Manella

		 	Michael P. Moore, Chief Executive Officer	 		 		 	Daniel J. Manella, Vice President
				
	MAGNETECH INDUSTRIAL SERVICES, INC.	 		 		 	
					
	By:	 	 /s/ Michael P. Moore
	 		 		 	
		 	Michael P. Moore, Chief Executive Officer	 		 		 	
				
	HK ENGINE COMPONENTS, LLC	 		 		 	
					
	By:	 	 /s/ Michael P. Moore
	 		 		 	
		 	Michael P. Moore, Chief Executive Officer

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