Document:

EX-10.4

 Exhibit 10.4 
 LOAN EXTENSION AND MODIFICATION AGREEMENT 
 THIS AGREEMENT,
(“Agreement”) made on November 30, 2011, at Canton, Ohio, by and among Magnetech Industrial Services, Inc. (“Magnetech”), an Indiana corporation, and MISCOR Group, Ltd. (“MISCOR”), an Indiana corporation, both
with an address at 800 Nave Road, SE, Massillon, Ohio 44646 (collectively, “Borrowers”, and sometimes individually a “Borrower”) and XGen III, Ltd. (“Lender”), an Ohio limited liability company with an address at 3029
Prospect Avenue, Cleveland, Ohio 44115. 
 RECITALS: 

A. On or about November 30, 2007, Borrowers and Lender closed on a transaction (the “Transaction”) in which, among
other things, Borrowers became indebted, jointly and severally, to Lender in the amount of $2,000,000.00, as evidenced by Borrowers’ promissory note dated November 30, 2007, for the principal amount of $2,000,000.00, executed and delivered
to Lender and payable to it or its order, which contained additional terms and provisions, which such note was amended and restated on December 1, 2010 (collectively, the “Note”). 

B. Borrowers’ indebtedness to Lender as of the date hereof under all of the terms of the Note is $2,000,000.00, plus any
interest accrued on the Note since Borrowers’ last payment of interest on the Note. Borrowers are not delinquent on payment of interest. 
 C. As used in this Agreement, the term “Indebtedness” will mean Borrowers’ indebtedness to Lender under the Second Amended Note (defined herein) – including principal, interest,
and all other amounts which Borrowers now and in the future may owe to Lender under the terms of the Second 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 said closing of the Transaction or as a part of the Loan Modification (defined below), including this Agreement. 

D. Borrowers wish to extend the time for Borrowers to repay the $2,000,000.00 presently owed to Lender in exchange for additional
payments of principal, a first priority interest in certain collateral (subject to the prior interests of Wells Fargo Bank, National Association (“Wells Fargo”), and certain other changes (the “Loan Modification”). 

AGREEMENT: 

THEREFORE, in consideration of the foregoing and of the mutual agreements set forth herein, the parties agree as follows: 

  
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 1. Incorporation of Recitals. All of the recitals set forth above, including the
definitions, are incorporated herein by reference. 
 2. Second Amendment and Restatement of Note. The Note will be
amended and restated as set forth in the form of the Second Amended and Restated Promissory Note, labeled as Exhibit A, attached and incorporated herein by reference (the “Second Amended Note”). 

3. Continued Effect of Intercreditor Agreement and Cross-Default. BDeWees, Inc. (“BDeWees”), an Ohio corporation, was
also a party to the Transaction in 2007, received its own promissory note from Borrowers, entered into a commercial security agreement to secure said note, and filed a UCC-1 financing statement, just like Lender. In order to memorialize their
respective rights and obligations, Lender and BDeWees entered into an Intercreditor Agreement dated November 30, 2007 (the “Intercreditor Agreement”). All provisions of the Intercreditor Agreement shall remain in full force and effect
notwithstanding the Loan Modification; provided, however, that references in the Intercreditor Agreement to the XGen Note, the XGen Security Agreement, the BDeWees Note, and the BDeWees Security Agreement will now refer to, respectively, the
Second Amended Note, the BeDwees Note as amended in connection with loan modifications identical to those for Lender (BDeWees’s own loan extension and modification agreement with Borrowers, which contains those identical modifications, will
sometimes be referred to herein as the “BDeWees Loan Modification”) and the XGen Security Agreement and the BDeWees Security Agreement, respectively, as amended. Any default under any one of the following four documents – the Second
Amended Note, the XGen Security Agreement, as amended, the BDeWees Note as amended in connection with the BDeWees Loan Modification, and the BDeWees Security Agreement, as amended – shall also constitute a default under the remaining three of
those documents. 
 4. Special Repayments Expected to Reduce Principal Payments. As a part of the Loan Modifications,
Borrowers and Lender further agree that Borrowers shall be required to make certain extra payments of principal to Lender on the Second Amended Note (each a “Special Repayment”) as follows: 

(a) Scheduled Special Repayments. Borrowers shall make Special Repayments on the dates and in the amounts set forth below: 

(i) November 30, 2011- $316,666; 
 (ii) December 29, 2011- $300,000; and 
 (iii) No later than June 30,
2012- $250,000. 
 In addition to the Special Payments set forth in this subsection (a), Borrowers shall make regularly scheduled
payments as more fully set forth in the Second Amended Note. 

  
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 (b) Additional Special Repayment. An additional Special Repayment shall be owed in the
circumstances described below. 
 “Change in Control”. At any time there is a Change of Control (as defined in
this paragraph) of a Borrower as a result of or contemporaneously with an exchange or issuance of securities to one or more persons, Borrowers will be required to pay the then remaining principal balance (plus all then accrued but unpaid interest)
under the Second Amended Note. For purposes of this Agreement, the term “Change in Control” shall mean a situation (whether occasioned by issuance, sales, or transfers of a Borrower’s securities or by any merger, consolidation,
recapitalization, reorganization, or other transaction involving a Borrower) in which: (A) for Magnetech, MISCOR no longer holds record or beneficial ownership of more than fifty percent (50%) of Magnetech’s outstanding capital stock
and/or no longer possesses the voting power to elect directly a majority of Magnetech’s board of directors; and (B) for MISCOR, any person, company or organization, not a five percent (5%) or more shareholder as of the date of this
Agreement, acquires record beneficial ownership of more than fifty percent (50%) of MISCOR’s outstanding capital stock. 
 (c) Application and Effect of Special Repayment. Any Special Repayment shall be applied to reduce outstanding principal on the Second Amended Note; provided, however, that if Borrowers are
at that time delinquent in any installment payment or other amount then owed under the Second Amended Note, the Special Repayment will be applied first to satisfy the delinquency and the balance, if any, will be applied to reduce outstanding
principal. Nothing in this Agreement or in the Second Amended Note will be deemed to prevent or excuse any delinquency in making installment payments under the Second Amended Note, nor will any Special Repayment be deemed any type of prepayment of
one or more monthly installment payments under the Second Amended Note. Except as expressly provided above in this subsection (iv), each Special Repayment shall be applied to principal payments in the inverse order of their due date. 

Notwithstanding the foregoing, Lender acknowledges that payment of the foregoing Special Repayments shall be subject to the terms of a
Subordination Agreement in favor of Wells Fargo. 
 5. Lender’s Consent for Additional Indebtedness. Neither
Borrower shall incur additional indebtedness in excess of the Permitted Indebtedness without the written consent of Lender given in advance which Lender may grant or withhold in the exercise of its sole discretion. For purposes of this Agreement the
term “Permitted Indebtedness” shall mean (a) 

  
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amounts owed from time to time to Wells Fargo pursuant to its revolving and term loan facility (including any obligations pursuant to letters of credit issued thereunder) in the maximum aggregate
amount of $6,000,000, (b) existing notes and capital leases with (i) Centier in the amount of $103,697, (ii) Freeman-Spicer in the amount of $100,671 and (iii) Visalia Equipment Lease in the amount of $868,279, (d) amounts
owed to John A. Martell (“Martell”) in the amount of $2,078,841, (e) certain miscellaneous other capital leases in the amount of $18,778 and (f) indebtedness incurred for capital expenditures that do not exceed $100,000 in the
aggregate per calendar year and is secured only by the capital asset acquired with the indebtedness. 
 Notwithstanding anything to the
contrary, neither Borrower shall make any scheduled payment or prepayment of principal to Martell on account of loans or other extensions of credit or any other financial accommodations or payment to Martell (other than for reasonable compensation
for services provided to a Borrower, including reasonable expenses), excepts as follows: 
  

	 	(A)	$316,666 payment of principal on November 30, 2011; 

  

	 	(B)	$120,000 payment of principal on December 29, 2011; 

  

	 	(C)	$250,000 payment of principal, no later than June 30, 2012; and 

  

	 	(D)	Commencing January 1, 2012, monthly payments of principal of $7,500 a month, increasing to $12,500 a month on January 1, 2013. 

6. Effective Date. This Agreement shall be effective as of the date all of the following conditions precedent have been met, in
the sole discretion of Lender: 
  

	 	(a)	 Borrowers shall have provided copies of the executed loan documents among Borrowers and Martell, reflecting (i) the payment schedule set forth in
Paragraph 5 above, (ii) a maturity date no earlier than October 31, 2013, (iii) an interest rate of (A) the Prime Rate plus two percent (2%), with a minimum interest rate of seven and one half of one percent (7 1/2%) through February 28, 2013 and (B) the Prime Rate
plus two percent (2%), with a minimum interest rate of nine and one half of one percent (9 1/2%) commencing March 1, 2013 and thereafter, and (iv) no prior security interest in Lender’s Collateral. 

 

	 	(b)	Borrowers shall have provided copies of the executed loan documents (including all amendments) among Borrowers and Wells Fargo, reflecting (A) a maximum borrowing
amount of $6,000,000, (b) consent to the indebtedness to Lender, and (c) except as otherwise provided in Lender’s Subordination Agreement in favor of Wells Fargo, no prohibition on Lender’s ability to enforce its rights against
Lender’s Collateral or ability to receive, for its sole benefit, proceeds from enforcement against Lender’s Collateral. 

  
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	 	(c)	Borrowers shall have provided evidence to Lender that Lender has a second priority lien on Lender’s Collateral consisting of: 

(i) All of Magnetech’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 Magnetech (but only that which is located at Magnetech’s
Massillon Site or which is used at or in connection with or arises from the operation of or otherwise pertains to Magnetech’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; and 
 (ii) All of Magnetech’s inventory (but only
that which is located at Magnetech’s Massillon Site or which is used at or in connection with or arises from the operation of or otherwise pertains to Magnetech’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 Magnetech’s own
account and all replacements, improvements, substitutions, attachments, accessories, and accessions thereon or thereto; 
 (iii)
All of Magnetech’s receivables (but only that which is located at Magnetech’s Massillon Site or which is used at or in connection with or arises from the operation of or otherwise pertains to Magnetech’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; 

(each as more fully set forth in the Security Agreement). 
 7. Governing Law; Jurisdiction. This Agreement shall be construed in accordance with the laws of the State of Ohio without regard to principles of conflict of laws. Any action or suit commended by
any of the parties hereto concerning this Agreement shall be commenced and maintained in a court of competent jurisdiction located in the State of Ohio. 
 8. Release of Claims. In consideration of this Agreement, each Borrower hereby releases and discharges Lender and its respective shareholders, directors, member, officers, managers, employees,
attorneys, affiliates and subsidiaries from any and all claims, demands, 

  
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liability and causes of action whatsoever, now known or unknown, arising prior to the date hereof out of or in any way related to the extension or administration of the Indebtedness of Borrowers
or any security interest related thereto. 
 9. No Set-Offs. Borrowers hereby declare that to the best of their
knowledge, no Borrower has any set offs, counterclaims, defenses or other causes of action against Lender. 
 10.
Counterparts; Facsimile. This Agreement may be executed in counterparts and all such counterparts shall constitute one agreement binding on all the parties, notwithstanding that the parties are not signatories to the same counterpart. The
parties may execute this Agreement by facsimile or e-mail PDF, and all such facsimiles or e-mail PDF signatures shall have the same force and effect as manual signatures delivered in person. 

11. Fees and Expenses. Borrowers hereby agree, jointly and severally, to reimburse Lender for its reasonable out-of-pocket costs,
fees and expenses incurred in connection with this Agreement and all exhibits related hereto, including, without limitation, reasonable attorneys’ fees. 
 12. Representations and Warranties. Each Borrower hereby represents and warrants to Lender that: (a) such Borrower has the legal power and authority to execute and delivery this
Agreement; (b) the officials executing this Agreement have been duly authorized to execute and deliver the same and bind such Borrower with respect to the provisions hereof; (c) the execution and delivery hereof
by such Borrower and the performance and observance by such Borrower of the provisions hereof do not violate or conflict with the organizational documents and agreements of such Borrower or any law applicable to such Borrower or result in a breach
of any provisions of or constitute a default under any other agreement, instrument, or document binding upon or enforceable against such Borrower or its properties; and (d) this Agreement constitutes a valid and binding obligation
upon such Borrower in every respect. 
 13. Controlling Effect. The provisions of this Agreement (including those
provisions incorporated herein by reference) shall apply to, and control in the event of any conflict with or ambiguity in, any and all of the documents referred to or incorporated by reference in this Agreement. 

  
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 IN WITNESS WHEREOF, the parties have caused their duly authorized officers to execute this
Agreement in multiple counterparts at the place and effective as of the date set forth at the outset. 
  

					
	MAGNETECH INDUSTRIAL SERVICES, INC.,
	an Indiana corporation
		
	By:	 	 
		 	Name:	 	Michael P. Moore
		 	Title:	 	President & CEO
	
	MISCOR Group, Ltd., an Indiana corporation
		
	By:	 	 
		 	Name:	 	Michael P. Moore
		 	Title:	 	President & CEO
	
	XGen III, Ltd., an Ohio limited liability company
		
	By:	 	 
		 	Thomas J. Embrescia, its President

  
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 CONSENT OF BDEWEES, INC. 

Pursuant to Section 4 of the Intercreditor Agreement (defined above), BDeWees, Inc. hereby gives its advance written consent to the
provisions contained in and referred to in the foregoing Agreement. 
 Executed at the offices of Day Ketterer Ltd. in Canton,
Ohio, on November 30, 2011, by a duly authorized officer of BDeWees, Inc. 
  

			
	BDeWees, Inc., an Ohio corporation
		
	By:	 	 
		 	Bernard L. DeWees, its President

  
 8EX-10.5

 Exhibit 10.5 
 THIS INSTRUMENT IS SUBJECT TO THE TERMS OF A SUBORDINATION AGREEMENT BY BDEWEES, INC. AND XGEN III, LTD. IN FAVOR OF WELLS FARGO BANK, NATIONAL ASSOCIATION, ACTING THROUGH ITS WELLS FARGO BUSINESS CREDIT
OPERATING DIVISION, DATED AS OF NOVEMBER 30, 2011. 
 SECOND AMENDED AND RESTATED 

PROMISSORY NOTE 
 (SECURED BY PERSONAL PROPERTY) 
  

					
		    		  	Date of Note: November 30, 2007
		    		  	Amendment: December 1, 2010
	 Principal Amount: $2,000,000.00
	    	Second Amendment: November 30, 2011 (the “Second Amendment Date”)    

 This Note amends and restates the original promissory note dated November 30, 2007, as amended and restated on
December 1, 2010, 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 January 1, 2012 and through and including December 1, 2012, each monthly payment will consist of a principal payment of $10,000.00, plus all
unpaid interest accrued to the date of such installment payment. 

  

	 	(b)	Beginning on January 1, 2013, each monthly payment will consist of a principal payment of $15,000.00, plus all unpaid interest accrued to the date of such
installment payment. 

  

	 	(c)	Borrowers’ final payment on this Note, due on August 1, 2013, 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. (a) Beginning on the day after the Second Amendment Date through June 30, 2012, the interest
rate on this Note shall be the Index Rate plus six percentage points, but shall not be less than ten and one half of one percent
(10 1/2%) per annum without compounding, and
(b) commencing July 1, 2012 and thereafter, the interest rate on this Note shall be the Index Rate plus nine percentage points, but shall not be less than nineteen percent (19%) per annum without compounding. 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 an Event of Default, including (a) failure to make any principal payments pursuant to that
certain Loan Extension and Modification Agreement, dated November 30, 2011, among Borrowers and Lender (the “Modification Agreement”), and (b) timely payment upon final maturity, Lender, at its option, may, if permitted under
applicable law, increase the variable interest rate on this Note to five (5) percentage points over the then applicable interest 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 the Modification Agreement) 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, 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. 

  
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 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 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. 

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. 

  
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	BORROWERS:
	
	MAGNETECH INDUSTRIAL SERVICES, INC.
		
	By:	 	 
		 	Michael P. Moore, President & CEO

 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. 
  

			
	MISCOR GROUP, LTD.
		
	By:	 	 
		 	Michael P. Moore, President & CEO

 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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