Document:

<PAGE>
                                                                   EXHIBIT 10(q)

            COMPENSATORY ARRANGEMENTS WITH CERTAIN EXECUTIVE OFFICERS

      Set forth below are the base salaries of the named executive officers of
the Company, effective February 1, 2006.

<TABLE>
<CAPTION>
                   NAME AND TITLE                  SALARY
                   --------------                ---------
<S>                                              <C>
George H. Glatfelter II                          $ 546,108
Chairman and Chief Executive Officer

Dante C. Parrini                                 $ 350,712
Executive Vice President and Chief
Operating Officer

John C. van Roden, Jr.                           $ 311,436
Executive Vice President and Chief
Financial Officer

Werner A. Ruckenbrod                             $ 277,148
Vice President Long Fiber & Overlay
Papers

John P. Jacunski                                 $ 219,312
Vice President and Corporate Controller
</TABLE>

----------
(1)   Mr. Ruckenbrod's compensation is paid in Euros. The amount set forth above
      represents the U.S. dollar equivalent based on the average exchange rate
      during the first two months of 2006.

      The annual base salaries are subject to adjustment pursuant to the
Company's employee compensation policies in effect from time to time. Each of
the above executive officers has a change in control employment agreement, which
is included as exhibits to the 2006 10-K. Also, each executive officer is
participates in the Company's 2005 Long-Term Incentive Plan and in its
Management Incentive Plan, each of which are incorporated by reference as
exhibits to the 2006 10-K.Exhibit 10(i) 

AMENDMENT NO. 7 TO
AMENDED AND RESTATED CREDIT AGREEMENT 

        THIS
AMENDMENT NO. 7 TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of July 20, 2005,
amends and supplements the Amended and Restated Credit Agreement dated as of April 14,
2000, as amended to date (as so amended, the “Credit Agreement”), among Ladish
Co., Inc., a Wisconsin corporation (the “Company”), the financial institutions
party thereto (the “Lenders”) and U.S. Bank National Association (formerly
Firstar Bank, National Association), as agent for the Lenders (in such capacity, the
“Agent”). 

RECITAL 

        The
Company, the Lenders and the Agent desire to amend the Credit Agreement as provided below. 

AGREEMENTS 

        In
consideration of the promises and agreements contained in the Credit Agreement, as amended
hereby, the Company, the Lenders and the Agent agree as follows: 

         1.       
          Definitions and References. Capitalized terms not defined herein have the
          meanings assigned in the Credit Agreement. Upon the satisfaction of the
          conditions set forth in section 4 below, all references to the Credit Agreement
          contained in the Loan Documents mean the Credit Agreement as amended by this
          Amendment No. 7 to Amended and Restated Credit Agreement (“Amendment No.
          7”). This Amendment No. 7 is a Loan Document. 

         2.       
          Amendments to Credit Agreement. 

             (a)       
          The following defined terms are inserted in section 1 of the Credit Agreement to
          appear in proper alphabetical order therein. 

	 	        “Fixed
Charge Coverage Ratio” means, as to any Person, the relationship, expressed as a
numerical ratio, between: 

          		    (a)       
               the sum of (i) Earnings Before Taxes, (ii) Interest Expense,
               (iii) Depreciation Expense, (iv) Amortization Expense and (v) Lease
               Obligations, minus (vi) Restricted Payments, minus (vii) income
               taxes paid; 

               

      and

          		    (b)       
               the sum of (i) interest expense, (ii) principal payments made with
               respect to Indebtedness and (iii) Lease Obligations; 

               

	 	
all
as determined, without duplication, for such Person and its Consolidated Subsidiaries for
the 12-month period preceding the date of determination. 

	 	        “Initial
Money Market Rate” means the rate per annum, determined solely by the Agent, as
of the date of conversion of interest on the Term Loans to a fixed rate, as the rate at
which the Agent would be able to borrow money in Money Markets for the amount of the Term
Loans then outstanding with an interest payment frequency and principal repayment schedule
equal to the Term Loans and for a term through the Term Note Maturity Date, adjusted for
any reserve requirement and any subsequent costs arising form a change in government
regulation. The Company acknowledges that neither the Agent nor any Lenders is under any
obligation to actually purchase and/or match funds for the Initial Money Market Rate. 

X-3 

	 	        “Money
Market Rate at Prepayment” means that zero-coupon rate, calculated on the date of
any prepayment of the Term Loans, and determined solely by the Agent, as the rate at which
the Agent would be able to borrow money in Money Markets for the prepayment amount of the
Term Loans matching the maturity of a specific payment due on the Term Loans, adjusted for
any reserve requirement and any subsequent costs arising form a change in government
regulation. A separate Money Market Rate at Prepayment will be calculated for each
prospective interest and/or principal payment date. 

	 	        “Money
Markets” means one or more wholesale funding markets available to and selected by
the Agent, including negotiable certificates of deposit, commercial paper, Eurodollar
deposits, bank notes, federal funds, interest rate swaps or others. 

	 	        “Net
Present Value” means the amount which is derived by summing the present values of
each prospective payment of principal and interest which, without such full or partial
prepayment, could otherwise have been received by the Lenders over the remaining
contractual life of the Term Notes if the Lenders had instead initially invested the
proceeds of the Term Notes at the Initial Money Market Rate. The individual discount rate
used to present value each prospective payment of interest and/or principal shall be the
Money Market Rate at Prepayment for the maturity matching that of each specific payment of
principal and/or interest. 

	 	        “Term
Loan” means a term loan made by a Lender to the Company pursuant to section 2.7. 

	 	        “Term
Loan Amount” means $15,000,000.  

	 	        “Term
Note” means a promissory note of the Company in the form of Exhibit B,
appropriately completed, evidencing a Term Loan made by a Lender to the Company and
“Term  Notes” means each Term Note. 

	 	        “Term
Note Maturity Date” means July 20, 2010 or such earlier date on which the
Term Notes become due and payable pursuant to section 7.2 of this Agreement. 

             (b)       
          The following defined terms are deleted from section 1 of the Credit Agreement
          in their entirety: “Indebtedness to Capitalization Ratio” and
          “Interest Coverage Ratio.” 

             (c)       
          The defined term “Applicable Margin” in section 1 of the Credit
          Agreement is amended in its entirety to read as follows: 

	 	        “Applicable
Margin” shall mean (a) with respect to Revolving Loans, (i) in the case of
Revolving Loans comprised of Base Rate Loans, minus 125 basis points (-1.25%) per annum
and (ii) in the case of Revolving Loans comprised of LIBOR Rate Loans, plus 125 basis
points (1.25%) per annum; and (b) with respect to the Term Loan, (i) in the case of that
portion of the Term Loan comprised of Base Rate Loans, minus 125 basis points (-1.25%) per
annum and (ii) in the case of that portion of the Term Loan comprised of LIBOR Rate Loans,
plus 125 basis points (1.25%) per annum. 

X-4 

             (d)       
          The defined term “Revolving Loan Commitment” in section 1 of the
          Credit Agreement is amended in its entirety to read as follows: 

	 	        “Revolving
Loan Commitment” means the obligation of each Lender to make Revolving Loans to
the Company. The total Revolving Loan Commitment of the Lenders is $35,000,000 as of July
20, 2005 and is subject to reduction from time to time pursuant to section 2.6. The
Revolving Loan Commitment of each Lender as of the date of execution of this Agreement is
set forth opposite its signature hereto. 

             (e)       
          The defined term “Revolving Note Maturity Date” in section 1 of the
          Credit Agreement is amended by deleting the date “December 28, 2005”
          therein and inserting “July 19, 2006” in its place. 

             (f)       
          Section 2.2(b) of the Credit Agreement is created to read as follows: 

          		    (b)       
               Term Loans. Term Loans may be Base Rate Loans or LIBOR Rate Loans, or a
               combination thereof. The Company shall select the Type of Term Loan (and in the
               case of LIBOR Rate Loans, the applicable Interest Period) in accordance with
               section 2.4(c). Notwithstanding the foregoing, so long as no Default or Event of
               Default has occurred and is continuing, upon at least two Business Day’s
               prior written notice, the Company may, as of the first Business Day of any
               month, irrevocably elect to convert the interest rate on the entire amount of
               the Term Loans then outstanding to a fixed rate equal to the Initial Money
               Market Rate plus 1.25%. 

               

             (g)       
          Section 2.5 of the Credit Agreement is amended in its entirety to read as
          follows: 

	 	        2.5
Commitment Fee. As consideration for the Lenders’ Revolving Loan
Commitments, the Company will pay to the Agent, for the account of the Lenders, on the
last Business Day of each quarter commencing September 30, 2005 and on the Revolving Note
Maturity Date, a commitment fee equal to 0.20% (20 basis points) per annum of the daily
average unused amount of the Revolving Loan Commitment during the preceding quarter or
other applicable period. Commitment fees shall be calculated for the actual number of days
elapsed on the basis of a 360-day year. 

             (h)       
          Section 2.7 of the Credit Agreement is created to read as follows: 

	 	        2.7
Term Loans. On the Effective Date, each Lender will make the Term Loans to the
Company, subject to the terms and conditions hereof, in an amount equal to such
Lender’s Percentage of the amount of the Term Loan Amount. The Term Loan made by a
Lender shall be evidenced by a Term Note payable to the order of such Lender. The Company
shall repay the outstanding principal balance of the Term Notes in equal quarterly
principal payments of $375,0000 each on the first Business Day of each third month,
commencing on October 2, 2006, plus a final payment of principal and accrued and unpaid
interest due on the Term Note Maturity Date. The Company shall also pay interest on the
unpaid balance of the Term Notes as set forth in section 2.8 or, if the interest rate
has been fixed pursuant to section 2.2(b), at the fixed rate determined pursuant to
section 2.2(b) and payable on the same date that interest on Base Rate Loans is payable
under section 2.8(a). 

X-5 

             (i)       
          Section 2.8(a) of the Credit Agreement is amended by deleting the last sentence
          therein and inserting the following sentence in its place: “Accrued
          interest shall be due on the first Business Day of each month, commencing,
          August 1, 2005, and in the case of Revolving Loans, on the Revolving Note
          Maturity Date, and in the case of Term Loans, on the Term Note Maturity
          Date.” 

             (j)       
          Section 2.10(b) is amended by inserting the following provision at the end of
          the first paragraph therein: 

	 	        The
Company may at any time prepay the Term Loans (in increments of $100,000 or, if less, the
remaining principal balance of the Term Loans); provided that, if the Company has fixed
the rate of interest on the Term Loans pursuant to section 2.2(b), the Company shall pay
to the Agent, for the benefit of the Lenders, upon prepayment of all or part of the
principal amount of the Term Loans prior to the Term Note Maturity Date, a prepayment
indemnity (“Prepayment Fee”) equal to the greater of (i) zero or (ii) that
amount, calculated on any date of prepayment (“Prepayment Date”), which is
derived by subtracting: (a) the principal amount of the Term Loans being prepaid from (b)
the Net Present Value of the Term Notes being prepaid on such Prepayment Date; provided,
however, that the Prepayment Fee shall not in any event exceed the maximum prepayment fee
permitted by applicable law. In calculating the amount of such Prepayment Fee, the Agent
is hereby authorized by the Company to make such assumptions regarding the source of
funding, redeployment of funds and other matters, as the Agent may deem appropriate. If
the Company fails to pay any Prepayment Fee when due, the amount of such Prepayment Fee
shall thereafter bear interest until paid at the Default Rate. 

             (k)       
          Section 6.7 is amended by inserting a new subsection (l) at the end thereof to
          read as follows: 

	 	        ;
and (l) the Company’s acquisitions of HSW Zaklad Kuznia Matrycowa Sp. z o.o. and
Advanced Turbine Components, Inc., provided that the Company provides the Agent with a
proforma financial covenant compliance certificate and supporting proforma financial
statements evidencing that the Company will comply with all financial covenants herein
immediately following the closing of each such acquisition; 

             (l)       
          Section 6.12 of the Credit Agreement is created to read as follows: 

	 	        6.12  
Fixed Charge Coverage Ratio. Permit the Borrower’s Fixed Charge Coverage
Ratio as of the end of any fiscal quarter to be less than 1.70:1.  

             (m)       
          Section 6.14 of the Credit Agreement is amended in its entirety to read as
          follows: 

	 	        6.14  
Indebtedness to EBITDA. Permit the Borrower’s Indebtedness to EBITDA Ratio as
of the end of any fiscal quarter to be greater than 3.0:1.  

             (n)       
          Section 6.16 of the Credit Agreement is created to read as follows: 

X-6 

	 	        6.16  Limit
on Advances. Make advances or similar payments to foreign Subsidiaries of the Company
in an aggregate amount in excess of $20,000,000 during the period from July 20, 2005 to
the Revolving Note Maturity Date (including the advance or payment of approximately
$12,000,000 to fund the acquisition of HSW Zaklad Kuznia Matrycowa Sp. z o.o.).  

         3.       
          Level of Commitments; Modification of Percentages. The parties agree that
          as of the effective date of this Amendment No. 7: 

             (a)       
          The aggregate Revolving Loan Commitment shall be $35,000,000; 

             (b)       
          The Percentage and Revolving Loan Commitment of each Lender shall be as set
          forth opposite its signature to this Amendment No. 7; 

             (c)       
          The aggregate commitment for Term Loans shall be $15,000,000; and 

             (d)       
          The Percentage and Term Loan commitment of each Lender shall be as set forth
          opposite its signature to this Amendment No. 7. 

         4.       
          Closing Conditions. This Amendment No. 7 shall become effective upon its
          execution and delivery by the parties hereto and receipt by the Agent of: 

             (a)       
          Secretary’s Certificate. A certificate of the Secretary of the
          Company to the effect that there have been no amendments to the Articles of
          Incorporation or By-Laws of the Company since the most recent date on which
          copies thereof were furnished to the Agent; 

             (b)       
          Guaranty. A Guaranty in the form of Exhibit C attached hereto, duly
          executed by each material domestic subsidiary of the Company; and 

             (c)       
          Other Documents. Such other documents relating to the transactions
          contemplated by this Amendment No. 7 as the Agent shall reasonably request. 

         5.       
          Representations and Warranties. The Company represents and warrants that: 

             (a)       
          The execution and delivery by the Company of this Amendment No. 7 and the
          replacement Notes and the performance by the Company under the Credit Agreement
          and such Notes, as amended hereby, (i) are within its corporate power, (ii) have
          been duly authorized by all necessary corporate action on the part of the
          Company, (iii) do not violate any provision of the Articles of Incorporation or
          By-Laws of the Company, (iv) do not violate any provision of or constitute a
          default under any existing law, rule or regulation of any governmental authority
          or agency, any order or decision of any court binding upon the Company or the
          terms of any agreement, restriction or undertaking to which the Company is a
          party or by which it is bound or (v) require the approval or consent of the
          shareholders of the Company, any governmental body or authority or any other
          person or entity other than those which have been obtained and are in full force
          and effect; and 

             (b)       
          the representation and warranties contained in the Loan Documents are true and
          correct in all material respects as of the date hereof and no Default or Event
          of Default exists as of the date hereof. 

         6.       
          Costs and Expenses. The Company agrees to pay, on demand, all costs and
          expenses (including reasonable attorneys’ fees and disbursements) paid or
          incurred by the Agent in connection with the negotiation, execution and delivery
          of this Amendment No. 7. 

X-7 

         7.       
          Governing Law. This Amendment No. 7 shall be governed by the laws of the
          State of Wisconsin. 

         8.       
          Full Force and Effect. The Credit Agreement, as amended by this Amendment
          No. 7 remains in full force and effect. 

		
		LADISH CO., INC.
		
BY: /s/ Wayne E. Larsen
		       Its:  Vice President Law/Finance & Secretary

			
	Revolving Loan		
	   Commitment	  Percentage	
	
$21,000,000.00	        60%	U.S. BANK NATIONAL ASSOCIATION, as the Agent and
			a Lender
	   Term Loan		
	  Commitment		BY: /s/ Jeffrey J. Janza
			       Its:  Vice President
	$9,000,000.00		
	

Revolving Loan	        40%	JPMORGAN CHASE BANK, N.A. (successor by merger to
	   Commitment		BANK ONE, NA), as a Lender
	
$14,000,000.00		BY: /s/ James W. Engel
			       Its:  First Vice President
	   Term Loan		
	  Commitment		
	$6,000,000.00		

X-8

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