Document:

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                                                                   EXHIBIT 10.41

                           CONSENT AND AMENDMENT NO. 4
                                       TO
                           LOAN AND SECURITY AGREEMENT

         THIS CONSENT AND AMENDMENT NO. 4 (this "Amendment") is entered into as
of January 15, 2004, by and between EDAC TECHNOLOGIES CORPORATION, a Wisconsin
corporation ("Leading Borrower"), APEX MACHINE TOOL COMPANY, INC, a Connecticut
corporation ("Second Borrower") (Leading Borrower and Second Borrower being
collectively referred to as "Borrowers" and each a "Borrower") and GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation ("Lender").

                                   BACKGROUND

         Borrowers, Gros-Ite and Lender are parties to a Loan and Security
Agreement, dated as of September 29, 2000 (as amended, restated, supplemented or
otherwise modified from time to time, the "Loan Agreement") pursuant to which
Lender provides Borrowers with certain financial accommodations.

         Borrowers have requested that Lender amend the Loan Agreement and
Lender is willing to do so on the terms and conditions hereafter set forth.

         NOW, THEREFORE, in consideration of any loan or advance or grant of
credit heretofore or hereafter made to or for the account of Borrowers by
Lender, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

         1.       Definitions. All capitalized terms not otherwise defined
herein shall have the meanings given to them in the Loan Agreement.

         2.       Amendment to Loan Agreement. Subject to satisfaction of the
conditions precedent set forth in Section 4 below, the Loan Agreement is hereby
amended as follows:

                  (a)      Schedule A is amended as follows:

                           (i)      the following definitions are amended in
         their entirety to provide as follows:

                           "Change of Control" means, (a) with respect to any
                           Person on or after the Closing Date, that any change
                           in the composition of such Person's stockholders as
                           of the Closing Date shall occur which would result in
                           any stockholder or group acquiring 49.9% or more of
                           any class of Stock of such Person, or that any Person
                           (or group of Persons acting in concert) shall
                           otherwise acquire, directly or indirectly (including
                           through Affiliates), the power to elect a majority of
                           the Board of Directors of such Person or otherwise
                           direct the management or affairs of such Person by
                           obtaining proxies, entering into voting agreements or
                           trusts, acquiring securities or otherwise or (b)
                           Dominic Pagano ceases to maintain the duties and
                           responsibilities maintained by him as of the
                           Amendment No. 4 Effective Date with respect to the
                           management of the Borrowers.

                           "Projected Budget" means the Projections and Budget
                           attached as Exhibit A to Amendment No. 4 as Exhibit
                           A.

                           (ii)     the following defined terms and added in
         their appropriate alphabetical order:

                           "Amendment No. 4" shall mean the Consent and
                           Amendment No. 4 to the Loan and Security Agreement
                           between Borrowers and Lender dated Amendment No. 4
                           Effective Date.

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                           "Amendment No. 4 Effective Date" shall have the
                           meaning given to the term "Effective Date" in
                           Amendment No. 4.

                  (b)      Section 5(b)(xi) is amended in its entirety to
                           provide as follows:

                           "(xi) additional Indebtedness for Purchase Money
                           Indebtedness incurred after the Closing Date in an
                           aggregate amount not to exceed $1,050,000 for all
                           Corporate Credit Parties combined and additional
                           Indebtedness for Capital Expenditures financed other
                           than through the Revolving Credit Loan incurred after
                           the Closing in an aggregate amount not to exceed
                           $1,050,000 for all Corporate Credit Parties combined
                           provided, that, the aggregate amount of all such
                           Indebtedness for Purchase Money Indebtedness and
                           Capital Expenditures shall not at any time
                           outstanding exceed $1,050,000 for all Corporate
                           Credit Parties combined;"

                  (c)      Paragraph (1) of Schedule G is amended in its
                           entirety to provide as follows:

                                    "1.      Fixed Charge Coverage Ratio.
                           Leading Borrower and its Subsidiaries on a
                           consolidated basis shall have at the end of each
                           Fiscal Quarter (i) during the 2004 Fiscal Year, a
                           Fixed Charge Coverage Ratio of not less than ninety
                           percent (90%) of the projected Fixed Charge Coverage
                           Ratio set forth on the Projected Budget for the
                           Fiscal Quarter then ended and (ii) after the 2004
                           Fiscal Year, a Fixed Charge Coverage Ratio of not
                           less than 1.0 to 1.0 for the Fiscal Quarter then
                           ended."

                  (d)      Paragraph 2 of Schedule G is amended in its entirety
                           to provide as follows:

                                    "2.      Capital Expenditures. Leading
                           Borrower and its Subsidiaries on a consolidated basis
                           shall not make aggregate Capital Expenditures, other
                           than Capital Expenditures financed through the
                           incurrence of Indebtedness (excluding Revolving
                           Credit Loan), in (a) the 2004 Fiscal Year in excess
                           of $750,000 (b) any other Fiscal Year in excess of
                           $250,000."

         3.       Consent. (a) Lender informed Borrowers pursuant to letters
from Lender to Borrowers dated June 4, 2002 and July 15, 2002, that in addition
to other reserves established by Lender in accordance with the terms of the Loan
Agreement, Lender was establishing reserves against Borrowing Availability in an
aggregate amount of $700,000 ("Reserve Amount"). Pursuant to the Forbearance and
Consent (the "Forbearance Agreement") dated as of November 26, 2002 by and among
Borrowers and Lender, Lender agreed to reduce the Reserve Amount to $550,000.
Lender also agreed that it would further reduce the Reserve Amount provided that
Borrowers comply with certain requirements set forth in Section 4.2(a) of the
Forbearance Agreement (the "Reserve Reduction Trigger Events"). Borrowers have
failed to comply with the Reserve Reduction Trigger Events. Notwithstanding
Borrowers' failure to comply with the Reserve Reduction Trigger Events,
Borrowers have requested that Lender reduce the Reserve Amount to $150,000.
Lender is agreeable to such request provided, that at the time of such reduction
no Default shall have occurred and be continuing.

                  (b)      Borrowers have also requested that Lender consent to
the sale of the various pieces of equipment set forth on Exhibit B hereto (the
"Surplus Equipment") and agree to release its Liens on such Surplus Equipment.
Lender is agreeable to such request provided, that at the time of such release
(i) no Default shall have occurred and be continuing, (ii) the sale of any such
Surplus Equipment is on terms and conditions satisfactory to Lender and (iii)
the net cash proceeds of any sale of such Surplus Equipment shall be remitted to
Lender to be applied in accordance with Section 1.2(c) of the Loan Agreement.

         4.       Conditions of Effectiveness. This Amendment shall become
effective (the "Effective Date") upon satisfaction of the following conditions
precedent, each in form and substance satisfactory to Lender: (i) Lender's
receipt of four (4) copies of this Amendment executed by Borrowers and Lender
and consented and agreed to by Guarantor and (ii) Lender shall have received a
fee in the amount of $20,000

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and all attorney's fees of Lender in connection with this Amendment, each of
which shall be charged to Borrowers' loan account as a Revolving Credit Loan on
the date of this Amendment.

         5.       Representations and Warranties. Borrowers hereby represent and
warrant as follows:

                  (a)      This Amendment and the Loan Agreement, as amended
hereby, constitute legal, valid and binding obligations of Borrowers and are
enforceable against Borrowers in accordance with their respective terms.

                  (b)      Upon the effectiveness of this Amendment, Borrowers
hereby reaffirm all covenants, representations and warranties made in the Loan
Agreement to the extent the same are not amended hereby and agree that all such
covenants, representations and warranties shall be deemed to have been remade as
of the effective date of this Amendment.

                  (c)      No Event of Default or Default has occurred and is
continuing or would exist after giving effect to this Amendment.

                  (d)      Borrowers have no defense, counterclaim or offset
with respect to the Loan Agreement.

         6.       Effect on the Loan Agreement.

                  (a)      Upon the effectiveness of Section 2 hereof, each
reference in the Loan Agreement to "this Agreement," "hereunder," "hereof,"
"herein" or words of like import shall mean and be a reference to the Loan
Agreement as amended hereby.

                  (b)      Except as specifically amended herein, the Loan
Agreement, and all other documents, instruments and agreements executed and/or
delivered in connection therewith, shall remain in full force and effect, and
are hereby ratified and confirmed.

                  (c)      The execution, delivery and effectiveness of this
Amendment shall not, except to the extent set forth herein, operate as a waiver
of any right, power or remedy of Lender, nor constitute a waiver of any
provision of the Loan Agreement, or any other documents, instruments or
agreements executed and/or delivered under or in connection therewith.

         7.       Governing Law. This Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns
and shall be governed by and construed in accordance with the laws of the State
of New York.

         8.       Headings. Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

         9.       Counterparts; Facsimile. This Amendment may be executed by the
parties hereto in one or more counterparts, each of which shall be deemed an
original and all of which when taken together shall constitute one and the same
agreement. Any signature delivered by a party by facsimile transmission shall be
deemed to be an original signature hereto.

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         IN WITNESS WHEREOF, this Amendment has been duly executed as of the day
and year first written above.

                                             EDAC TECHNOLOGIES CORPORATION.

                                             By: /s/ Glenn L. Purple
                                                 Name: Glenn L. Purple
                                                 Title: V.P. Finance

                                             APEX MACHINE TOOL COMPANY, INC.

                                             By: /s/ Glenn L. Purple
                                             Name: Glenn L. Purple
                                             Title: Secretary

                                             GENERAL ELECTRIC CAPITAL
                                             CORPORATION

                                             By: /s/ James M. Cunningham
                                             Name: James M. Cunningham
                                                   Duly Authorized Signatory

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                              CONSENT OF GUARANTOR

         The undersigned as a guarantor of the Obligations of EDAC Technologies
Corporation and Apex Machine Tool Company, Inc. to Lender hereby consents to the
foregoing Amendment No. 4 and acknowledges that its guaranty agreement remains
in full force and effect.

GROS-ITE INDUSTRIES, INC.

By: /s/ Glenn L. Purple
         Name: Glenn L. Purple
         Title: Secretary

                                       5<PAGE>

                                                                   EXHIBIT 10.42

                              AMENDED AND RESTATED
                              EMPLOYMENT AGREEMENT

         THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement") is
dated as of February 13, 2004, by and between EDAC TECHNOLOGIES CORPORATION, a
Wisconsin corporation ("Edac"), and Dominick Pagano ("Mr. Pagano").

                                     RECITAL

         Edac and Mr. Pagano are parties to an Amended and Restated Employment
Agreement dated as of February 13, 2003 (the "Employment Agreement");

         Edac and Mr. Pagano each desire to amend and restate the Employment
Agreement on the terms and conditions set forth below.

                                   AGREEMENTS

         In consideration of the premises and the mutual agreements which
follow, the parties agree as follows:

         1.       Employment. Edac hereby employs Mr. Pagano and Mr. Pagano
hereby accepts employment with Edac on the terms and conditions set forth in
this Agreement.

         2.       Term. The initial term of Mr. Pagano's employment hereunder
shall commence on the date hereof and continue for a period of twelve months,
subject to earlier termination as set forth in this Agreement. The term of Mr.
Pagano's employment will automatically be extended for successive periods of 90
days unless either party notifies the other in writing to the contrary at least
30 days prior to any the end of the then current term of this Agreement. The
term of employment is referred to in this Agreement as the "Employment Term."

         3.       Duties. Mr. Pagano shall serve as the President and Chief
Executive Officer of Edac and will, under the direction of the Board of
Directors (the "Board"), faithfully and to the best of his ability, perform the
duties of such positions as determined by the Board from time to time. As the
President and Chief Executive Officer, Mr. Pagano shall be responsible for
managing the business and affairs of Edac in a professional manner with the
primary objective of enhancing shareholder value and ensuring that Edac's
customers, employees and suppliers are treated in a manner consistent with
Edac's Corporate Mission Statement. Without limiting the generality of the
foregoing, Mr. Pagano shall supervise the operations of Edac and perform those
duties normally associated with the offices of President and Chief Executive
Officer. Mr. Pagano shall also perform such additional duties and
responsibilities which may from time to time be reasonably assigned or delegated
by the Board. It is understood and acknowledged that Mr. Pagano will be employed
on less than a full time basis, but that he will devote a sufficient part of his
business time, effort, skill and attention to perform his duties while employed
by Edac.

         4.       Compensation.

                  (a)      Base Salary. Mr. Pagano shall receive a base salary
of $15,000 per month, payable in regular and equal installments in accordance
with Edac's payroll practices as in effect from time to time (the "Base
Salary").

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                  (b)      Stock Options. Pursuant to Edac's 2000-B Employee
Stock Option Plan (the "Plan"), and as set forth in the Employment Agreement,
Edac granted to Mr. Pagano options to purchase 140,000 shares of Edac's common
stock, all of which have vested.

                  (c)      Directors' and Officers' Insurance. Mr. Pagano will
be named as an insured under Edac's policies of directors' and officers'
liability insurance in such a manner as to provide Mr. Pagano with the same
rights and benefits thereunder as are accorded to Edac's other executive
officers and directors.

         5.       Reimbursement for Reasonable Business Expenses. Edac shall pay
or reimburse Mr. Pagano for reasonable expenses incurred by him in connection
with the performance of his duties pursuant to this Agreement, including, but
not limited to, travel expenses, expenses in connection with trade shows,
seminars, professional conventions or similar professional functions and other
reasonable business expenses.

         6.       Termination of Employment.

                  (a)      Termination for Death, Disability, Change of Control,
Voluntary Termination or Cause. Mr. Pagano's employment hereunder shall
automatically terminate upon his death. In addition, Edac shall be entitled to
terminate Mr. Pagano's employment at any time upon his "Disability." For
purposes of this Agreement, "Disability" shall mean a physical or mental
sickness or injury which renders Mr. Pagano incapable of performing the services
required of him as an employee of Edac and which does or may be expected to
continue for more than three months during any twelve-month period. Edac and Mr.
Pagano shall determine the existence of a Disability and the date upon which it
occurred. In the event of a dispute regarding whether or when a Disability
occurred, the matter shall be referred to a medical doctor selected by Edac and
Mr. Pagano. If they fail to agree upon such a medical doctor, Edac and Mr.
Pagano shall each select a medical doctor and the two doctors so selected shall
together select a third medical doctor who shall make the determination. The
determination by the selected medical doctor shall be conclusive and binding
upon the parties hereto.

         If it becomes apparent that the Disability renders Mr. Pagano unable to
discharge his responsibilities and is supported by medical evidence that his
return cannot be determined, Edac may, in its discretion, terminate or modify
this Agreement once it is established that Mr. Pagano will not return to
full-time status.

         Edac may also terminate Mr. Pagano's employment under this agreement
for "Cause," effective immediately upon delivery of notice to Mr. Pagano.
"Cause" shall mean:

                           (i)      the willful and continued failure of Mr.
Pagano to perform substantially Mr. Pagano's duties with Edac or its affiliates
(other than any such failure resulting from incapacity due to physical or mental
illness), after a written demand for substantial performance is delivered to Mr.
Pagano by the Board which specifically identifies the manner in which the Board
believes that Mr. Pagano has not substantially performed his duties and after
Mr. Pagano is given at least 10 days to rectify or eliminate such failure;

                           (ii)     the willful engaging by Mr. Pagano in
illegal conduct or gross misconduct which is materially and demonstrably
injurious to Edac;

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                           (iii)    the commission by Mr. Pagano of fraud or
dishonesty with respect to Edac which is materially and demonstrably injurious
to Edac or a material misrepresentation by Mr. Pagano to Edac's shareholders or
directors; or

                           (iv)     a material breach of the terms of this
Agreement that is demonstratively injurious to Edac, which material breach is
not cured by Mr. Pagano within 10 days of written notice by Edac to Mr. Pagano
specifying the material breach in reasonable detail.

         Edac may also terminate Mr. Pagano's employment under this Agreement
upon a "Change of Control" effective immediately upon delivery of notice to Mr.
Pagano. "Change of Control" shall mean: (i) the acquisition of beneficial
ownership (as defined in Rule 13d-3 under the Securities Act of 1934, as
amended) of securities representing more than 50% of the combined voting power
of Edac's then outstanding securities, or (ii) the acquisition of all or
substantially all of the assets and business of Edac.

         Edac, at any time after August 15, 2004 but prior to August 30, 2004,
may also terminate Mr. Pagano's employment under this Agreement, effective 30
days following the delivery of notice to Mr. Pagano, if Edac does not achieve
its budgeted net income for the six months ended June 30, 2004.

         If Mr. Pagano's employment terminates due to his Disability, death, a
Change of Control, or the failure of Edac to achieve its budgeted net income for
the six months ended June 30, 2004, or if Mr. Pagano voluntarily terminates his
employment (other than for Good Reason) or if Mr. Pagano is terminated by Edac
for Cause, Mr. Pagano shall be entitled to receive his Base Salary and vested
fringe benefits prorated to the date of termination. If either Edac or Mr.
Pagano elects not to renew this Agreement pursuant to Section 2 hereof, Mr.
Pagano shall be entitled to receive his Base Salary and vested fringe benefits
to the end of the then-current Employment Term.

         In the event of termination for Cause, Mr. Pagano shall forfeit any
stock options that he may have at such time. If Mr. Pagano's employment
terminates for any other reason, Mr. Pagano's stock options shall lapse in
accordance with section 4 of the Plan.

                  (b)      Termination Without Cause or for Good Reason.
Notwithstanding anything in this Agreement to the contrary, (i) if Mr. Pagano's
employment is terminated by Edac for any reason other than for Cause,
Disability, death, a Change of Control, or the failure of Edac to achieve its
budgeted net income for the six months ended June 30, 2004, or (ii) if this
Agreement is terminated by Edac for what Edac believes is Cause or Disability,
and it is ultimately determined that Mr. Pagano was wrongfully terminated, or
(iii) if this Agreement is terminated by Mr. Pagano for Good Reason, Mr. Pagano
shall, as full and liquidated damages for such termination, receive a severance
payment equal to his Base Salary for the then remaining Employment Term of this
Agreement (excluding any additional renewals thereof) (the "Severance"). The
Company shall pay the Severance in a single installment payable within 30 days
following the termination of Mr. Pagano's employment.

         For purposes of this Agreement, Mr. Pagano shall have "Good Reason" to
terminate this Agreement (a) if, during the 12 month period from the date of
this Agreement to the first anniversary date hereof, any of the present
directors of the Company do not continue to be a director of the Company for any
reason, other than death, disability or vote by shareholders and a new director
is elected or appointed to fill such vacancy; (b) if, during the 12 month period
from

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the date of this Agreement to the first anniversary date hereof, the size of the
Board is increased by the Board, except as a result of shareholder action, and a
new director (or directors) is (are) appointed by the Board to fill the vacancy
or vacancies created by such increase; or (c) if the ability of Mr. Pagano to
carry out his duties and responsibilities as President and Chief Executive
Officer of Edac as set forth in this Agreement is circumvented or undermined by
the actions of the Board in communicating directly with employees of Edac (other
than any such communications contemplated by applicable law, regulation or stock
market rule, or by any of Edac's policies or procedures established by the Board
in connection with the same).

         7.       Noncompetition. The parties agree that Edac's supplier,
customer, vendor and employee contacts and relations are established and
maintained at great expense and, by virtue of Mr. Pagano's employment with Edac,
Mr. Pagano will have unique and extensive exposure to and personal contact with
Edac's suppliers, customers, vendors and employees and that he will be able to
establish a unique relationship with those individuals and entities that will
enable him, both during and after employment, to unfairly compete with Edac.
Further, the parties agree that the terms and conditions of the following
restrictive covenants are reasonable and necessary for the protection of Edac's
business, trade secrets and confidential information and to prevent great damage
or loss to Edac as a result of action taken by Mr. Pagano. Mr. Pagano
acknowledges that the noncompete restrictions and nondisclosure of confidential
information restrictions contained in this Agreement are reasonable and the
consideration provided for herein is sufficient to fully and adequately
compensate Mr. Pagano for agreeing to such restrictions. Mr. Pagano acknowledges
that he could continue to actively pursue his career and earn sufficient
compensation in the same or similar business without breaching any of the
restrictions contained in this Agreement. For purposes of this section 7 and
section 8 below, "Edac" shall refer to each of Edac Technologies Corporation and
each of its subsidiaries.

                  (a)      During Term of Employment. Mr. Pagano covenants and
agrees that, during his employment with Edac, he shall not, directly or
indirectly, either individually or as an employee, principal, agent, partner,
shareholder, owner, trustee, beneficiary, co-venturer, distributor, consultant
or in any other capacity, participate in, become associated with, provide
assistance to, engage in or have a financial or other interest in any business,
activity or enterprise which is competitive with Edac. The ownership of less
than a one percent interest in a corporation whose shares are traded in a
recognized stock exchange or traded in the over-the-counter market, even though
that corporation may be a competitor of Edac, shall not be deemed financial
participation in a competitor.

                  (b)      Upon Termination of Employment. Mr. Pagano agrees
that for a one-year period after Mr. Pagano's employment with Edac terminates
for any reason, he will not, directly or indirectly, either individually or as
an employee, agent, partner, shareholder, owner, trustee, beneficiary,
co-venturer, distributor, consultant or in any other capacity:

                           (i)      Request or advise any of the customers,
vendors, suppliers, or other business contacts of Edac who currently have or
have had business relationships with Edac within two years preceding the date of
such action, to withdraw, curtail or cancel any of their business or relations
with Edac.

                           (ii)     Induce or attempt to induce any employee,
sales representative, supplier, consultant or personnel of Edac to terminate his
or her relationship or breach his or her agreements with Edac.

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                           (iii)    Participate in, become associated with,
provide assistance to, engage in or have a financial or other interest in any
business, activity or enterprise located within the Territory (as defined below)
which is competitive with the business of Edac or any successor or assign of
Edac and which conducts such competitive business within the Territory;
provided, however, that the ownership of less than 1% of the stock of a
corporation whose shares are traded in a recognized stock exchange or traded in
the over-the-counter market, even though that corporation may be a competitor of
Edac, shall not be deemed financial participation in a competitor. For purposes
of this Agreement, the term "Territory" shall mean the United States of America.
The Board may, in its sole discretion and at any time prior to the termination
of Mr. Pagano's employment by Edac, expand the Territory to include those
countries in which the Company or any of its subsidiaries does business.

         8.       Confidential Information. The parties agree that Edac's
customers, business connections, customer lists, procedures, operations,
techniques, customer profiles and other aspects of its business are established
at great expense and protected as confidential information and provide Edac with
a substantial competitive advantage in conducting its business. The parties
further agree that, by virtue of Mr. Pagano's employment with Edac, he will have
access to, and be entrusted with, secret, confidential and proprietary
information, and that Edac would suffer great loss and injury if Mr. Pagano
would disclose this information or use it to compete with Edac. Therefore, Mr.
Pagano agrees that during the term of his employment, and for a period ending on
the earlier of (a) two years after the termination of his employment with Edac
or (b) the date on which the information referred to in this section becomes
publicly known through no fault of Mr. Pagano, he will not, directly or
indirectly, either individually or as an employee, agent, partner, shareholder,
owner, trustee, beneficiary, co-venturer, distributor, consultant or in any
other capacity, use or disclose, or cause to be used or disclosed, any secret,
confidential or proprietary information acquired by Mr. Pagano during his
employment with Edac whether owned by Edac prior to or discovered and developed
by Edac subsequent to Mr. Pagano's employment, and regardless of the fact that
Mr. Pagano may have participated in the discovery and the development of that
information, except for any such information disclosed to Mr. Pagano by a third
party who was not under any obligation of confidence or secrecy to the Company
at the time of such disclosure.

         9.       Law of Torts and Trade Secrets. The parties agree that nothing
in this Agreement shall be construed to limit or negate the statutory or common
law of torts or trade secrets where it provides Edac with broader protection
than that provided herein.

         10.      Waiver. The failure of either party to insist, in any one or
more instances, upon performance of the terms or conditions of this Agreement
shall not be construed as a waiver or a relinquishment of any right granted
hereunder or of the future performance of any such term, covenant or condition.

         11.      Notices. Any notice to be given hereunder shall be deemed
sufficient if addressed in writing, and delivered by registered or certified
mail or delivered personally, in the case of Edac, to its principal business
office, and in the case of Mr. Pagano, to his address appearing on the records
of Edac, or to such other address as he may designate in writing to Edac.

         12.      Severability. If any provision of this Agreement is held to be
invalid or unenforceable for any reason whatsoever, it is agreed such invalidity
or unenforceability shall not affect any other provision of this Agreement and
the remaining covenants, restrictions and

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<PAGE>

provisions hereof shall remain in full force and effect and any court of
competent jurisdiction may so modify the objectionable provision as to make it
valid, reasonable and enforceable. Furthermore, the parties specifically
acknowledge that the provisions of sections 7(a), 7(b)(i), 7(b)(ii) and
7(b)(iii) are each separate and independent agreements.

         13.      Amendment. This Agreement may only be amended by an agreement
in writing signed by all of the parties hereto.

         14.      Benefit. This Agreement shall be binding upon and inure to the
benefit of and shall be enforceable by and against Edac, its successors and
assigns and Mr. Pagano, his heirs, beneficiaries and legal representatives. It
is agreed that the rights and obligations of Mr. Pagano may not be delegated or
assigned.

         15. Entire Agreement. Except as provided under Section 17 hereof, this
Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and supersedes all prior agreements and
understandings among the parties with respect to such subject matter (including,
without limitation, the Consulting Agreement, dated as of July 18, 2002, the
Employment Agreement, dated as of August 13, 2002, and the Amended and Restated
Employment Agreement, dated as of February 13, 2003, each by and between Edac
and Mr. Pagano).

         16.      Miscellaneous. This Agreement shall be governed by and
construed in accordance with the laws of the State of Connecticut, without
reference to principles of conflict of laws. The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect.

         17.      Release. Mr. Pagano and Edac are parties to a Mutual Release
dated as of August 13, 2002. Such Mutual Release remains in all respects in full
force and effect and is not, in any manner, superseded by this Agreement.

         The parties have executed or caused this Agreement to be executed as of
the day, month and year first above written.

                                             EDAC TECHNOLOGIES CORPORATION

                                             BY  /s/ Daniel C. Tracy
                                                --------------------------------
                                                Daniel C. Tracy
                                                Its Chairman

                                             /s/ Dominick Pagano
                                             -----------------------------------
                                             Dominick Pagano

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