Document:

Speciman certificate of common stock

    
      Exhibit
        4.1

       

       

      

        
          	 	
                  [FORM
                    OF STOCK CERTIFICATE]

                	 
	
                  NUMBER

                	 	
                  SHARES

                
	 	
                  MISCOR
                    GROUP, LTD.

                	 
	 	 	 
	 	
                  INCORPORATED
                    UNDER THE LAWS OF THE STATE OF INDIANA

                	 
	 	
                  COMMON
                    STOCK

                	 

        

        

        

        
          	
                  CUSIP
                    NO. 60477P 10 2

                

        

        

        

        

        
          	
                  THIS
                    CERTIFIES that

                	 	
                  SEE
                    REVERSE SIDE FOR CERTAIN
                    DEFINITIONS

                

        

        

        

        is
          the
          owner of 

        

        FULLY
          PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK, WITHOUT PAR VALUE,
          OF

        

        MISCOR
          Group, Ltd., transferable only on the books of the Corporation by the holder
          hereof in person or by Attorney upon surrender of this Certificate properly
          endorsed. The certificate and the shares represented hereby are subject
          to all
          the terms, conditions and limitations of the Articles of Incorporation
          and Code
          of By-Laws of the Corporation, including all amendments thereto and supplements
          thereof. Any transferee of this Certificate should consult the Corporation's
          Articles of Incorporation and Code of By-Laws with respect to any such
          restrictions, including any amendments thereto which may restrict the rights
          of
          the holder of this Certificate and may be adopted by the Corporation at
          a date
          later than the date this Certificate is issued. This certificate is not
          valid
          until countersigned by the Transfer Agent and registered by the
          Registrar.

        

        IN
          WITNESS WHEREOF, the said Corporation has caused this Certificate to be
          signed
          by the facsimile signatures of its duly authorized officers and its Corporate
          seal to be hereunto affixed. 

        

        
          	
                  Dated:

                
	 
	
                  James
                    M. Lewis, Secretary

                	 	
                  John
                    A. Martell, President and Chief Executive
                    Officer

                

        

        

         

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      [STATEMENT
        FOR BACK OF CERTIFICATE]

      

      MISCOR
        GROUP, LTD.

      

      

      A
        FULL STATEMENT OF THE DESIGNATIONS, RELATIVE RIGHTS, PREFERENCES, AND
        LIMITATIONS APPLICABLE TO EACH CLASS OF SHARES AND THE VARIATIONS IN RIGHTS,
        PREFERENCES, AND LIMITATIONS DETERMINED FOR EACH SERIES (AND THE AUTHORITY
        OF
        THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS OF FUTURE SERIES) OF SHARES
        THAT
        THE CORPORATION IS AUTHORIZED TO ISSUE WILL BE FURNISHED, WITHOUT CHARGE,
        TO ANY
        SHAREHOLDER UPON WRITTEN REQUEST TO THE SECRETARY OF THE
        CORPORATION.

      

      

      
 

      
        
          The
            following abbreviations, when used in the inscription on the face of
            this
            certificate, shall be construed as though they were written out in full
            according to applicable laws or regulations:

          

          
            	 	
                    TEN
                      COM -- as tenants in common

                  	
                    UNIF
                      GIFT MIN ACT -- ________
                      Custodian_______

                  
	 	
                    TEN
                      ENT -- as tenants by the entireties

                  	 	
                    (Cust)           
                      (Minor)

                  
	 	
                    JT TEN
                      -- as joint tenants with right of survivorship

                  	 	
                    Under
                      Uniform Gifts to Minors

                  
	 	
                    and
                      not as tenants in common

                  	 	
                    Act_______________________

                  
	 	 	 	
                    (State)

                  

          

          

          
Additional
            abbreviations may also be used though not
            in the above list.

        

      

      

      For
        Value Received, ____________________ do hereby sell,
        assign and transfer unto

      

      Please
        insert Social Security or other

      identifying
        number of Assignee

      

      
        	 

      

      

      (PLEASE
        PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
        POSTAL ZIP CODE, OF ASSIGNEE)

      

      ____________________________
        Shares of the Common Stock represented by the within Certificate, and do
        hereby
        irrevocably constitute and appoint _____________________________ Attorney
        to
        transfer the said Shares on the books of the within named Corporation with
        full
        power of substitution in the premises.

       

      

        

        
          	
                  Dated

                	 	 

        

        

        
          	 	
                  In
                    presence of

                	 	 
	 	 	 	 
	 	 	 	 
	 	 	 

        

        

        
          	
                  NOTICE:
                    The signature of this assignment must correspond with the name
                    as written
                    upon the face of the certificate, in every particular, without
                    alteration
                    or enlargement, or any change whatever.

                
	 	 
	
                  The
                    signature(s) of the assignor(s) must be guaranteed hereon by
                    a participant
                    in either the Securities Transfer Agent’s Medallion Program (STAMP), the
                    Stock Exchange Medallion Program (SEMP), or the New York Stock
                    Exchange
                    Medallion Program (MSP).Laurus Escrow Disbursement Letter

    Exhibit
      10.7(b)
      Magnetech
        Integrated Services Corp.

      August
        24, 2005

      

      Scott
        J.
        Giordano

      Loeb
        & Loeb LLP

      345
        Park
        Avenue

      New
        York,
        New York 10154

      Direct
        Dial:  (212) 407-4104

      Fax: 
        (212) 407-4990

      

      
        	 	
                RE:

              	
                Magnetech
                  Integrated Services Corp. - Escrow Release 

                Gross
                  Escrow Deposit: $7,000,000

              

      

      

      Dear
        Mr.
        Giordano:

      

      These
        instructions are given to you pursuant to a Funds Escrow Agreement
        among Magnetech
        Integrated Services Corp.
        (the
“Company”), Laurus Master Fund, Ltd. and Loeb & Loeb LLP as Escrow Agent.
        Subject to the terms set forth below, you are instructed to disburse $7,000,000
        of the investor’s funds received by you to and on the Company’s behalf as
        follows:

       

      1. $[omitted]
        - Magnetech Integrated Services Corp., pursuant to the following wire
        instructions:

      

      
        	 	
                Bank:

              	 	
                MFB
                  Financial

                4100
                  Edison Lakes Parkway, Suite 300

                P.O.
                  Box 528

                Mishawaka,
                  Indiana 46546 

              
	 	
                ABA#

              	 	
                271274128

              
	 	
                Account
                  #:

              	 	
                588011082

              
	 	
                Account
                  Name:

              	 	
                MISCOR
                  General Account

              

      

      

      2. $[omitted]
        - MFB Financial, pursuant to the following wire instructions for payoff in
        full
        of obligations owed:

      

      
        	 	
                Bank:

              	 	
                MFB
                  Financial

                4100
                  Edison Lakes Parkway, Suite 300

                P.O.
                  Box 528

                Mishawaka,
                  Indiana 46546 

              
	 	
                ABA#

              	 	
                271274128

              
	 	
                Account
                  #:

              	 	
                352114582-700022228

              
	 	
                Account
                  Name:

              	 	
                Magnetech
                  

              
	 	
                Reference:

              	 	
                Loan
                  pay off

              

      

      

      3. $[omitted]
        - Laurus Capital Management, L.L.C. (management fees), pursuant to the following
        wire instructions:

      

      
        	 	
                Bank:

              	 	
                North
                  Fork Bank

                New
                  York, NY 10022

              
	 	
                ABA
                  Number:

              	 	
                021407912

              
	 	
                For
                  Credit to:

              	 	
                Laurus
                  Capital Management, L.L.C

              
	 	
                Account
                  Number:

              	 	
                2774045278

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4. $[omitted]
        - Laurus Capital Management, L.L.C. (for payment in full of all due diligence
        and documentation fees owed by the Company), pursuant to the following wire
        instructions:

       

      
        	 	
                Bank:

              	 	
                North
                  Fork Bank

                New
                  York, NY 10022

              
	 	
                ABA
                  Number:

              	 	
                021407912

              
	 	
                For
                  Credit to:

              	 	
                Laurus
                  Capital Management, L.L.C

              
	 	
                Account
                  Number:

              	 	
                2774045278

              

      

       

      
        
          

          5. $[omitted]
            - Loeb & Loeb LLP (for escrow agent fee), pursuant to the following wire
            instructions:

          

          
            	 	
                    Bank:

                  	 	
                    Citibank,
                      N.A.

                  
	 	
                    ABA
                      No:

                  	 	
                    021000089

                  
	 	
                    Acct.
                      No.:

                  	 	
                    02674308

                  
	 	
                    Reference:

                  	 	
                    Laurus
                      Escrow Arrangement

                  

          

          
 

        

      

      
        	 	
                Very
                  truly yours,

              
	 	 	 
	 	
                MAGNETECH
                  INTEGRATED SERVICES CORP.

              
	 	 	 
	 	
                By:

              	 /s/
                John A. Martell
	 	
                Name:

              	 John
                A. Martell
	 	
                Title:

              	 President
                & Chief Executive Officer

      

      

       

      
        	
                Accepted
                  and Agreed:

              	 
	 	 	 
	
                Laurus
                  Master Fund, Ltd.

              	 
	 	 	 
	
                By:

              	 /s/
                David Grin	 
	
                Name:

              	 David
                Grin	 
	
                Title:

              	 Director	 

      

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Schedule
        1

       

      

       

      

      Magnetech
        Integrated Services Corp.

      1125
        S.
        Walnut Street

      South
        Bend, Indiana 46619

      

      Laurus
        Capital Management LLC

      825
        3rd
        Ave.
        14th
        Floor

      New
        York,
        NY 10022

      

      Loeb
        & Loeb

      345
        Park
        Avenue

      New
        York,
        NY 10154

      

      MFB
        Financial

      4100
        Edison Lakes Parkway, Suite 300

      P.O.
        Box
        528

      Mishawaka,
        Indiana 46546

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