Document:

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                                                                    Exhibit 10.2

                      AMENDMENT NO. 2, CONSENT AND WAIVER

                          Dated as of October 11, 2002

                                       to

                  FIFTH AMENDED AND RESTATED CREDIT AGREEMENT

                           Dated as of July 12, 2002

                  This Amendment No. 2, Consent and Waiver (this "Amendment")
dated as of October 11, 2002 is entered into among TMAS/ASI, INC., an Arkansas
corporation formerly known as Aerocell Structures, Inc. ("Aerocell"), TRIAD
INTERNATIONAL MAINTENANCE CORPORATION, a Delaware corporation ("TIMCO"),
AIRCRAFT INTERIOR DESIGN, INC., a Florida corporation ("Design"), and TIMCO
ENGINE CENTER, INC., a Delaware corporation ("Engine Center") (Aerocell, TIMCO,
Design and Engine Center being collectively referred to as the "Borrowers"),
and TIMCO AVIATION SERVICES, INC., a Delaware corporation ("Parent"), AVIATION
SALES DISTRIBUTION SERVICES COMPANY, a Delaware corporation ("Distribution"),
AVS/M-2, INC., a Delaware corporation ("Kratz-Wilde"), WHITEHALL CORPORATION, a
Delaware corporation ("Whitehall"), AVS/M-3, INC., an Arizona corporation
("Apex"), AVS/CAI, INC., a Florida corporation ("Caribe"), AVIATION SALES
LEASING COMPANY, a Delaware corporation ("Leasing"), AVIATION SALES PROPERTY
MANAGEMENT CORP., a Delaware corporation ("Property Management"), AVS/M-1,
INC., a Delaware corporation ("Manufacturing"), AVSRE, L.P., a Delaware limited
partnership ("AVSRE"), HYDROSCIENCE, INC., a Texas corporation
("Hydroscience"), TIMCO ENGINEERED SYSTEMS, INC., a Delaware corporation
("Engineered Systems") (Parent, Distribution, Kratz-Wilde, Whitehall, Apex,
Caribe, Leasing, Property Management, Manufacturing, AVSRE, Hydroscience and
Engineered Systems being collectively referred to as the "Guarantors"), the
"Lenders" (as defined in the Credit Agreement identified below) a party hereto
and Citicorp USA, Inc., in its capacity as agent for the Lenders and the
"Issuing Banks" (as defined in the Credit Agreement identified below) (in such
capacity, the "Agent"). Capitalized terms used herein without definition are
used herein as defined in the Credit Agreement.

                            PRELIMINARY STATEMENTS:

                  WHEREAS, Borrowers, Parent, the Agent and certain financial
institutions, as Lenders and Issuing Banks, are parties to that certain Fifth
Amended and Restated Credit Agreement dated as of July 12, 2002 (as amended,
supplemented or otherwise modified through the date hereof, the "Credit
Agreement");

                  WHEREAS, the Parent and Borrowers have requested that the
Requisite Lender consent to the Parent's purchase of all of the issued and
outstanding Capital Stock of Brice Manufacturing Company, Inc., a California
corporation ("Brice") from Ducommun Incorporated (the "Brice Acquisition"), and
that certain amendments to the Credit Agreement be made in connection
therewith;

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                  WHEREAS, the Agent and the Requisite Lenders have agreed to
consent to the Brice Acquisition and to amend the Credit Agreement in certain
respects, in each case on the terms and conditions set forth herein;

                  NOW, THEREFORE, the parties hereto hereby agree as follows:

         SECTION  1. Amendments to the Credit Agreement. Upon the "Amendment
Effective Date" (as defined in Section 3 below), the Credit Agreement is hereby
amended as follows:

         1.1      Section 1.01 of the Credit Agreement is hereby amended as
follows:

                  (a)      The definition of "Aerocell" is amended and restated
         in its entirety to read as follows:

                                    "Aerocell" shall means TMAS/ASI, INC., an
                  Arkansas corporation formerly known as Aerocell Structures,
                  Inc.

                  (b)      The following definition of "Brice" is added in
         proper alphabetical order:

                                    "Brice" shall mean Brice Manufacturing
                   Company, Inc., a California corporation.

                  (c)      The following definition of "Keepwell Agreement" is
         added in proper alphabetical order:

                                    "Keepwell Agreement" shall mean that
                  certain Keepwell Agreement dated as of the Second Amendment
                  Effective Date executed by LJH, Ltd. in favor of the Holders,
                  acknowledged by the Agent, the Parent and Brice.

                  (d)      The following definition of "LJH Intercreditor
         Agreement" is added in proper alphabetical order:

                                    "LJH Intercreditor Agreement" shall mean
                  that certain Intercreditor Agreement dated as of the Second
                  Amendment Effective Date to which the Agent, Citicorp USA,
                  Inc., and LJH, Ltd. are parties, acknowledged by the Parent.

                  (e)      The following definition of "LJH Note" is added in
         proper alphabetical order:

                                    "LJH Note" shall mean, collectively, (i)
                  that certain promissory note in the original principal amount
                  of $1,300,000 dated as of the Second Amendment Effective Date
                  executed by the Parent in favor of LJH, Ltd. and (ii) such
                  additional or substitute promissory notes executed by the
                  Parent in favor of LJH, Ltd. after the Second Amendment
                  Effective Date as may delivered from time to time to increase
                  the original principal amount set forth in clause (i) above
                  to reflect payments made pursuant to the Keepwell Agreement,
                  in each case the

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                  obligations under which are subordinated in right of payment
                  to the Obligations pursuant to the LJH Intercreditor
                  Agreement.

                  (f) The definition of "Loan Documents" is hereby amended to
         add a reference to "the Keepwell Agreement," immediately following the
         reference therein to "the Notes,".

                  (g)      The following definition of "Second Amendment
         Effective Date" is added in proper alphabetical order:

                                    "Second Amendment Effective Date" shall
                  mean the "Amendment Effective Date" under (and as defined in)
                  the Second Amendment dated as of October 11, 2002 to Fifth
                  Amended and Restated Credit Agreement dated as of July 12,
                  2002 among the Borrowers, the Guarantors, the Agent and the
                  Lenders.

         1.2      Section 2.03 of the Credit Agreement is hereby amended as
follows:

                  (a)      to delete "or" at the end of clause (b) thereof;

                  (b)      to delete the period at the end of clause (c)
         thereof and to substitute "; or" in lieu thereof; and

                  (c)      to add the following as clause (d) thereof:

                                    "(d)     provide a deposit, in escrow or
                           otherwise, or cash collateral for any obligation
                           under the LJH Note or make any payment of
                           Indebtedness incurred under or in connection with
                           the LJH Note (other than as permitted by the LJH
                           Intercreditor Agreement)."

         1.3      The following subsection (x) is added at the end of Section
4.01(b) of the Credit Agreement:

                           "(x)     Payments under the Keepwell Agreement. To
         the extent that any Revolving Loans are outstanding, all payments
         required to be made under the Keepwell Agreement shall be applied to
         such Revolving Loans until paid in full (without reduction of the
         Revolving Credit Commitment). In the event any balance of such payment
         remains after application as aforesaid, the same shall be remitted to
         Brice in accordance with the Keepwell Agreement."

         1.4      Section 7.01(a)(i) of the Credit Agreement is hereby amended
         to add the following as the second sentence thereof:

                  "Brice is a corporation duly organized, validly existing and
                  in good standing under the laws of the State of California
                  and of each other jurisdiction in which failure to be so
                  qualified and in good standing will result, or is reasonably
                  likely to result, in a Material Adverse Effect."

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         1.5      Section 7.01(b)(iv) of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

                           "(iv) Each of the BofA Documents, the TROL Documents
                  and the LJH Note to which any Borrower or any Guarantor is a
                  party is in full force and effect. No material term or
                  condition of any BofA Document has been amended, modified or
                  waived from the terms and conditions contained therein as
                  delivered to the Agent, without the prior written consent of
                  the Requisite Lenders and no default or breach of any
                  covenant thereunder by any party thereto exists. No material
                  term or condition of the LJH Note has been amended, modified
                  or waived from the terms and conditions contained therein as
                  delivered to the Agent, without the prior written consent of
                  the Requisite Lenders (other than increases in the principal
                  amount thereof as contemplated by the definition of "LJH
                  Note") and no default or breach of any covenant thereunder by
                  the Parent exists. Since the Effective Date, no amendment or
                  other modification of any TROL Document has been effected
                  which would have the effect of shortening the tenor of the
                  obligations thereunder, increasing the pricing associated
                  with such obligations (other than due to Transaction Costs
                  otherwise permitted under the terms of this Agreement),
                  accelerating the scheduled payments due thereunder, or
                  modifying the prepayment requirements thereunder without the
                  prior written consent of the Requisite Lenders and no default
                  or breach of any covenant thereunder by any party thereto has
                  occurred and is continuing without cure or waiver.

         1.6      Section 7.01(d)(ii) of the Credit Agreement is hereby amended
to add a reference to "the LJH Note," immediately following the reference
therein to "the BofA Documents,".

         1.7      Section 8.01(a)(B) of the Credit Agreement is hereby amended
to add the following phrase immediately prior to the period at the end thereof:

                  ", together with a calculation in reasonable detail of the
                  amount of the "Brice Cash Shortfall" (as defined in the
                  Keepwell Agreement) for such month and a reconciliation of
                  such amount with the financial statements delivered pursuant
                  to this Section 8.01(a) for such month and, in the case of
                  such financial statements for October 2002, a statement of
                  the transaction costs associated with the acquisition of
                  Brice"

         1.8      Section 8.13 of the Credit Agreement is hereby amended as
follows:

                  (a)      to add a reference to "the LJH Note," immediately
         following the reference therein to "BofA Note Documents,"; and

                  (b)      to delete in its entirety the reference therein "or
         BofA Note Document" immediately prior to the period at the end thereof
         and to substitute in lieu thereof "BofA Note Document, or the LJH Note
         (including, without limitation, all additional or substitute notes
         delivered due to the making of payments under the Keepwell Agreement
         as described in the definition of "LJH Note")".

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         1.9      Section 10.01(c) of the Credit Agreement is hereby amended by
adding the phrase "the LJH Note (including, without limitation, all additional
or substitute notes delivered due to the making of payments under the Keepwell
Agreement as described in the definition of "LJH Note", provided, that no
payments in respect of the LJH Note or such additional or substitute notes
shall be made which are not expressly permitted by the LJH Intercreditor
Agreement)," immediately following the reference therein to "the Quevedo
Note,".

         1.10     Section 10.01(l) of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

                           "(l) Indebtedness arising from intercompany loans
                  from a Borrower to any Subsidiary of such Borrower which is a
                  Guarantor or from a Borrower to any other Borrower, or from
                  Parent to Brice; provided, that such Indebtedness is
                  subordinated to the Obligations on terms and subject to
                  agreements satisfactory to the Agent; provided, further, that
                  no intercompany loans may be made to Brice by any Borrower or
                  Guarantor other than the Parent and the aggregate principal
                  amount of such intercompany loans shall not at any time
                  exceed an amount equal to the sum of (i) $300,000, plus (ii)
                  the principal amount of the LJH Note at such time (less that
                  portion of the LJH Note which was used to pay the purchase
                  price for the Capital Stock of Brice pursuant to the Stock
                  Purchase Agreement referred to in Section 10.04(e) or to
                  reimburse transaction costs associated therewith, as set
                  forth in the statement required to be delivered with the
                  October 2002 monthly financials pursuant to Section
                  8.01(a)(B))".

         1.11     Section 10.01(m) of the Credit Agreement is hereby amended by
adding the following proviso immediately prior to the period at the end
thereof:

                  "provided, however, that such Indebtedness shall not include
                  any intercompany Indebtedness from any Borrower or any
                  Guarantor to Brice"

         1.12     Section 10.04(e) of the Credit Agreement is hereby amended by
deleting in its entirety the reference to "intentionally omitted" therein and
substituting the following in lieu thereof:

         1.13     "the acquisition by the Parent of the Capital Stock of Brice
on the Second Amendment Effective Date pursuant to that certain Stock Purchase
Agreement dated as of October 2, 2002, between Ducommun Incorporation and the
Parent and the payment of the purchase price as set forth therein, provided,
that such purchase price and all transaction costs associated with such
acquisition are funded solely with the proceeds of the LJH Note on the Second
Amendment Effective Date or, in the case of such transaction costs, not later
than 10 days after the delivery of the "Monthly Financials" (as defined in the
Keepwell Agreement) for October 2002."

         1.14     Section 10.06(a) of the Credit Agreement is hereby amended to
and the following immediately prior to the semi-colon at the end thereof:

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                  "and (v) its obligations in respect of Permitted Payments (as
                  defined in the LJH Intercreditor Agreement) under the LJH
                  Note"

         1.15     Section 10.14(c) of the Credit Agreement is hereby amended to
insert the phrase "the LJH Note, except as described in Section 7.01(b)(iv),"
immediately following the second reference therein to "Section 7.01(b)(iv),".

         1.16     Section 10.17(c) of the Credit Agreement is hereby amended to
insert "Brice," immediately following the reference therein to "Caribe,".

         1.17     Section 11.05 of the Credit Agreement is hereby amended to
add the following proviso immediately before the period at the end thereof:

                  "provided, however, that for the December 31, 2002
                  determination date for the covenants set forth in Sections
                  11.01 and 11.03, EBITDA of Brice for the applicable period
                  ending on such determination date shall be excluded from the
                  calculations thereof"

         1.18     Section 12.01 of the Credit Agreement is hereby amended to
add the following subsection (p) at the end thereof:

                                    "(p) Keepwell Agreement; LJH Note. At any
                  time, for any reason, (i) LJH, Ltd. fails to make any payment
                  when due pursuant to the Keepwell Agreement; (ii) any
                  representation or warranty made by LJH, Ltd. under the
                  Keepwell Agreement shall be false or misleading in any
                  material respect; (iv) LJH, Ltd. shall default in the
                  performance of or compliance with any term contained in
                  Section 21 of the Keepwell Agreement and, in the case of
                  subsections (d) and (f) thereof, such default shall continue
                  until the earlier of (A) thirty (30) days after LJH, Ltd. has
                  knowledge thereof and (B) 15 days after receipt of notice of
                  such default from the Agent; (iii) the Keepwell Agreement
                  ceases to be in full force and effect or LJH, Ltd. seeks to
                  terminate, revoke or repudiate its obligations thereunder; or
                  (iv) the holder of the LJH Note shall initiate any action
                  contrary to the terms of the LJH Intercreditor Agreement or
                  raise any defense to any of the terms thereof."

         1.19     Schedules 7.01-A, 7.01-C and 7.01-X to the Credit Agreement
are hereby amended and restated in their entirety with the schedules attached
hereto as Exhibits A, B and C, respectively.

         SECTION  2. Consents; Waiver; Post-Closing Deliveries.

         2.1      Upon the Amendment Effective Date, the Requisite Lenders
hereby consent to the Brice Acquisition on the terms set forth in the Stock
Purchase Agreement dated as of October 2, 2002, between Ducommun and the Parent
attached hereto as Exhibit D, provided, that the payment of the purchase price
as set forth therein and all transaction costs associated with such acquisition
are funded solely with the proceeds of the LJH Note on the Amendment Effective
Date or, in the case of such transaction costs, not later than 10 days after
the delivery of the "Monthly Financials" (as defined in the Keepwell Agreement)
for October 2002. In addition, the

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Requisite Lenders consent, for a period not to exceed 60 days after the
Amendment Effective Date, to the receipt of checks and other payments in
respect of Collateral to a lockbox with Bank of America, provided, that Bank of
America promptly forwards such checks and other payments (in the form received)
to a lockbox in the control of the Agent.

         2.2      Upon the Amendment Effective Date, the Requisite Lenders
hereby waive the provisions of Section 9.14 of the Credit Agreement in respect
of (and solely in respect of) the failure of the Parent and Brice to obtain a
landlord waiver from each landlord for any premises on which Brice maintains at
least $250,000 of Inventory as of the Amendment Effective Date; provided,
however, that such landlord waiver(s) shall be delivered to the Agent not later
than 60 days after the Amendment Effective Date.

         2.3      Within 30 days after the Amendment Effective Date, the Agent
shall have received a legal opinion from counsel for LJH, Ltd. with respect to
matters of Texas and New York law pertaining to LJH, Ltd. and the Keepwell
Agreement, in form and substance satisfactory to the Agent and the Requisite
Lenders.

         2.4      Within 5 Business Days after the Amendment Effective Date,
the Agent shall have received the acknowledgement of Don Sanders to the
Addendum to Amended and Restated Security Agreement described on Exhibit E
attached hereto and, until such acknowledgement is received, the Borrowers and
the Guarantors hereby covenant and agree that Sanders shall not have a security
interest in any asset of Brice, and the Borrowers and Guarantors hereby
represent and warrant that no such security interest has been granted as of the
date hereof.

         2.5      Within 3 Business Days after the Amendment Effective Date,
the Agent shall have received such financial statements of LJH, Ltd. as the
Agent may reasonably request.

         2.6      The failure to comply with any of the provisions of this
Section 2 shall constitute an automatic Event of Default under the Credit
Agreement (without the benefit of any grace period).

         SECTION  3. Conditions Precedent. This Amendment shall become
effective as of the date hereof (the "Amendment Effective Date") upon the
satisfaction of the following conditions precedent:

         3.1      The Agent shall have received:

                  (a)      a facsimile or original executed copy of this
         Amendment executed by the Parent, each Borrower, the Guarantors, the
         Requisite Lenders and the Agent;

                  (b)      corporate resolutions of the Parent, Borrowers and
         Guarantors (including Brice) authorizing the execution and delivery of
         this Amendment and all instruments and documents required to be
         executed and delivered in connection herewith;

                  (c)      the Loan Documents and other agreements, documents,
         instruments, certificates and legal opinions set forth on Exhibit E
         attached hereto and made a part hereof, in form and substance
         satisfactory to the Agent and the Requisite Lenders;

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                  (d)      all agreements, documents and instruments delivered
         to the obligees under the TROL Documents as a result of the Brice
         Acquisition or this Amendment, in form and substance satisfactory to
         the Agent and the Requisite Lenders;

                  (e)      all agreements, documents and instruments delivered
         to the obligees under the BofA Note and guaranties executed and
         delivered in connection therewith as a result of the Brice Acquisition
         or this Amendment, in form and substance satisfactory to the Agent and
         the Requisite Lenders;

                  (f)      all agreements, documents and instruments delivered
         to the obligees under the Subordinated Notes Documents as a result of
         the Brice Acquisition or this Amendment, in form and substance
         satisfactory to the Agent and the Requisite Lenders; and

                  (g)      payment of the expenses of the Agent in the amount
         identified on Exhibit F attached hereto and made part hereof.

3.2      After giving effect to this Amendment and the consummation of the
Brice Acquisition,

                  (a)      no "Potential Event of Default" or "Event of
         Default" shall have occurred and be continuing under the terms of the
         Credit Agreement, TROL Documents, Indenture under which the Senior
         Subordinated Notes have been issued, or BofA Note, in each instance,
         as amended or supplemented through the date of this Amendment, and no
         "Change of Control" (as defined in such Indenture) shall have
         occurred,

                  (b)      no holder of the Senior Subordinated Notes, the
         trustee under the Indenture under which the Senior Subordinated Notes
         were issued, any obligee under the TROL Documents (or Person acting on
         any such obligee's behalf) or any other agent or lender under any
         credit facility for the Borrowers or Guarantors shall have commenced
         the exercise of any remedies with respect to any default or event of
         default with respect thereto.

         SECTION  4. Representations and Warranties; Reaffirmation.

         4.1      Parent and each of the Borrowers hereby represents and
warrants that this Amendment and the Credit Agreement as previously executed
and delivered and as amended hereby constitute legal, valid and binding
obligations of the Parent and the Borrowers and are enforceable against the
Parent and the Borrowers in accordance with their terms.

         4.2      After giving effect to this Amendment and the consummation of
the Brice Acquisition, no Event of Default or Potential Event of Default exists
or would result from any of the transactions contemplated by this Amendment. No
event of default or default has occurred and is continuing under the terms of
(a) any of the TROL Documents, (b) under any of the agreements and documents
executed with respect to the Senior Subordinated Notes or under which the
Senior Subordinated Notes have been issued, or (c) under any of the agreements
and documents executed with respect to the BofA Note.

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         4.3      The Brice Acquisition has been consummated in accordance with
all applicable Requirements of Law. Brice does not maintain Inventory of
$250,000 or more with any bailee or consignee. For purposes of Section 10.15 of
the Credit Agreement, Borrowers and Guarantors hereby notify the Agent and the
Lenders that Brice has opened disbursement account number 38665294 with
Citibank, N.A. and also has opened lockbox number 2993 in the name of Citibank,
N.A. f/a/o Brice Manufacturing Company in connection therewith, such lockbox
being covered by the Collection Account Agreement executed by Brice on the
Amendment Effective Date. All sales of Inventory between Brice, on the one
hand, and any Borrower or any Guarantor, on the other hand, have been and will
be on terms no less favorable to such Borrower or Guarantor than those that
might be obtained in an arm's length transaction at the time from Persons who
are not Affiliates of the Borrowers and the Guarantors. Each of the Borrowers
and Guarantors acknowledge that the Brice Acquisition is a "transaction
contemplated by the Loan Documents" for all purposes of the Loan Documents.

         4.4      Parent, each of the Borrowers and each of the Guarantors
hereby reaffirm all covenants, representations and warranties made by it, and
all Obligations owing by it, pursuant to the Credit Agreement (to the extent
the same are not amended hereby), the Notes and the other Loan Documents to
which it is a party and agree that all such covenants, representations and
warranties shall be deemed to have been remade as of the date this Amendment
becomes effective (unless a representation and warranty is stated to be given
on and as of a specific date, in which case such representation and warranty
shall be true, correct and complete as of such date).

         SECTION  5. Reference to and Effect on the Credit Agreement.

         5.1      Upon the effectiveness of this Amendment, each reference in
the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
words of like import shall mean and be a reference to the Credit Agreement, as
amended hereby, each reference to the Credit Agreement in any other document,
instrument or agreement executed and/or delivered in connection with the Credit
Agreement shall mean and be a reference to the Credit Agreement as amended
hereby.

         5.2      Except as specifically amended or agreed above, the Credit
Agreement, the Notes and all other Loan Documents shall remain in full force
and effect and are hereby ratified and confirmed.

         5.3      The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any right, power or remedy of any Lender or
Issuing Bank or the Agent under the Credit Agreement, the Notes or any of the
other Loan Documents, nor constitute a waiver of any provision contained
therein, except as specifically set forth herein.

         SECTION  6. Release.

         6.1      The Borrowers and the Guarantors acknowledge that they have
no existing defense, counterclaim, offset, cross-complaint, claim or demand of
any kind or nature whatsoever that can be asserted to reduce or eliminate all
or any part of the Obligations. In consideration for the execution of this
Amendment, each Borrower and each

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Guarantor hereby releases and forever discharges the Agent and the other
Holders and Citicorp USA, Inc., as holder of the Supplemental Term Loan
Warrant, and all of their respective officers, directors, employees, Affiliates
and agents (collectively, the "Released Parties") from any and all actions,
causes of action, debts, dues, claims, demands, liabilities and obligations of
every kind and nature, both in law and in equity, known or unknown, whether
heretofore or now existing, liquidated or unliquidated, matured or unmatured,
fixed or contingent (collectively, the "Release Claims"), which might be
asserted against any of the Released Parties. This Release applies to all
matters arising out of or relating to the Loan Documents, the Supplemental Term
Loan Warrant, any Property of any Borrower, any Guarantor, Brice, the Brice
Acquisition, any Obligations and this Amendment, commitment letters with
respect to other loan facilities, and the lending and borrowing relationships,
and (to the extent any Release Claims relating to such deposit relationships
are now known to any Borrower or any Guarantor or any of their Subsidiaries)
the deposit relationships, between Parent or its Subsidiaries, and Citibank,
N.A., the Agent and the Holders, including the administration,
collateralization and funding thereof. Each of Parent and each of its
Subsidiaries further agrees not to bring any action in any judicial,
administrative or other proceeding against the Released Parties, or any of
them, alleging any such Release Claim or otherwise arising in connection with
any such Release Claim. Without limiting the generality of the foregoing,
Parent and its Subsidiaries release any claims they may have for any
overpayment of interest or Rent prior to the date hereof, and agree that any
such claim shall be deemed a Release Claim for the purpose of this Amendment.

         6.2      It is the intent of the parties that except as otherwise set
forth herein, the foregoing release shall be effective as a full and final
accord and satisfaction of all claims hereby released and each of Parent and
each of its Subsidiaries hereby agrees, represents and warrants that the
matters released herein are not limited to matters which are known or
disclosed. In this connection, each of Parent and each of its Subsidiaries
hereby agrees, represents and warrants that it realizes and acknowledges that
factual matters now existing and unknown to it may have given or may hereafter
give rise to Release Claims, which are presently unknown, unsuspected,
unliquidated, unmatured and/or contingent, and it further agrees, represents
and warrants that this release has been negotiated and agreed upon in view of
that realization. Nevertheless, Parent and its Subsidiaries hereby intend to
release, discharge and acquit the Released Parties of and from any such
unknown, unsuspected, unliquidated, unmatured and/or contingent Release Claims,
which are in any way set forth in or related to the matters identified above in
this Section 6. Parent and its Subsidiaries hereby explicitly waive the
benefits of any common law or statutory rule with respect to the release of
such Release Claims.

         6.3      The acceptance and delivery of this Amendment by the Agent
and the Requisite Lenders on behalf of the Released Parties shall not be deemed
or construed as an admission of liability with respect to the Release Claims or
otherwise by the Released Parties, or any of them, and the Released Parties
hereby expressly deny liability of any nature whatsoever arising from or
related to the subject of the release contained in this Section 6.

         6.4      Each of Parent and each of its Subsidiaries hereby agrees,
represents and warrants that: (i) such party has not voluntarily, by operation
of law or otherwise, assigned, conveyed, transferred or encumbered, either
directly or indirectly, in whole or in part, any right to or interest in any of
the Release Claims purported to be released by this Section 6; (ii) such party
has had advice of counsel of its own choosing in negotiations for and the
preparation of this

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Amendment; and (iii) such party is fully aware of the effect of releases such
as that contained in this Section 6.

         SECTION  7. Execution in Counterparts. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which taken together shall constitute but one and the
same instrument. Delivery of an executed counterpart of this Amendment by
telecopier shall be effective as delivery of a manually executed counterpart of
this Amendment.

         SECTION  8. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.

         SECTION  9. 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.

                  [Remainder of Page Intentionally Left Blank]

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                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers thereunto duly authorized
as of the date first above written.

Agent and Lenders:
------------------

CITICORP USA, INC.,                             SALOMON BROTHERS HOLDING
as Agent and as a Lender                        COMPANY INC.

By: /s/ Keith Gerding                           By:_____________________________
   ---------------------------                      Name:
     Keith R. Gerding                               Title:
     Title: Vice President

UPS CAPITAL CORPORATION                         ARK CLO 2000-1, LIMITED
                                                By: Patriarch Partners, LLC,
                                                    its Collateral Manager
By: /s/ Charles G. Johnson
   --------------------------                   By: Lynn Tilton
     Name:  Charles G. Johnson                     -----------------------------
     Title: Senior Vice President                   Name:  Lynn Tilton
                                                    Title: Authorized Signatory

<PAGE>

Borrowers:
----------

<TABLE>
<S>                                                      <C>
TMAS/ASI, INC. (formerly known as Aerocell
Structures, Inc.)                                            TRIAD INTERNATIONAL MAINTENANCE
                                                             CORPORATION

By:  /s/ C. Robert Campbell                                  By:  /s/ C. Robert Campbell
   --------------------------------------------                 --------------------------------------------
     Robert Campbell                                              Robert Campbell
     Vice President and Chief Financial Officer                   Vice President and Chief Financial Officer

AIRCRAFT INTERIOR DESIGN, INC.                               TIMCO ENGINE CENTER, INC.

By:  /s/ C. Robert Campbell                                  By:  /s/ C. Robert Campbell
   --------------------------------------------                 --------------------------------------------
     Robert Campbell                                              Robert Campbell
     Vice President and Chief Financial Officer                   Vice President and Chief Financial Officer

</TABLE>

<PAGE>

Guarantors:
-----------

<TABLE>
<S>                                                          <C>
TIMCO AVIATION SERVICES, INC.                                AVIATION SALES DISTRIBUTION
                                                             SERVICES COMPANY

By:  /s/ C. Robert Campbell                                  By:  /s/ C. Robert Campbell
   --------------------------------------------                 --------------------------------------------
     Robert Campbell                                              Robert Campbell
     Vice President and Chief Financial Officer                   Vice President and Chief Financial Officer

AVS/M-2, INC.                                                WHITEHALL CORPORATION

By:  /s/ C. Robert Campbell                                  By:  /s/ C. Robert Campbell
   --------------------------------------------                 --------------------------------------------
     Robert Campbell                                              Robert Campbell
     Vice President and Chief Financial Officer                   Vice President and Chief Financial Officer

AVS/M-3, INC.                                                AVS/CAI, INC.

By:  /s/ C. Robert Campbell                                  By:  /s/ C. Robert Campbell
   --------------------------------------------                 --------------------------------------------
     Robert Campbell                                              Robert Campbell
     Vice President and Chief Financial Officer                   Vice President and Chief Financial Officer

AVIATION SALES LEASING COMPANY                               AVIATION SALES PROPERTY MANAGEMENT CORP.

By:  /s/ Robert Campbell                                     By:  /s/ Robert Campbell
   --------------------------------------------                 --------------------------------------------
     Robert Campbell                                              Robert Campbell
     Vice President and Chief Financial Officer                   Vice President and Chief Financial Officer

AVS/M-1, INC.                                                AVSRE, L.P.
                                                             By: Aviation Sales Property Management
                                                             Corp. as General Partner

By:  /s/ C. Robert Campbell                                  By:  /s/ C. Robert Campbell
   --------------------------------------------                 --------------------------------------------
     Robert Campbell                                              Robert Campbell
     Vice President and Chief Financial Officer                   Vice President and Chief Financial Officer

HYDROSCIENCE, INC.                                           TIMCO ENGINEERED SYSTEMS, INC.

By:  /s/ C. Robert Campbell                                  By:  /s/ C. Robert Campbell
   --------------------------------------------                 --------------------------------------------
     Robert Campbell                                              Robert Campbell
     Vice President and Chief Financial Officer                   Vice President and Chief Financial Officer

</TABLE><PAGE>
                                                                    Exhibit 10.3

                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT (the "Agreement"), dated as of October 2,
2002, is entered into by and between DUCOMMUN INCORPORATED, a Delaware
corporation ("Seller"), and TIMCO AVIATION SERVICES, INC., a Delaware
corporation ("Buyer").

                                 R E C I T A L S

         WHEREAS, Brice Manufacturing Company, Inc., a California corporation
("Brice"), manufactures commercial aircraft seats and supplies after-market
aircraft seating products (collectively, the "Business");

         WHEREAS, Seller owns all of the issued and outstanding shares of common
stock, $1.00 par value (the "Shares"), of Brice;

         WHEREAS, Brice has sustained operating income losses during at least
each of the past three years;

         WHEREAS, since September 11, 2001, the Business, which sells
principally to the commercial airline industry, has significantly deteriorated;

         WHEREAS, as a result of the substantial losses and further
deterioration of the Business since September 11, 2001, the parties hereto have
determined to value the Purchase Price (as defined below) for the Shares at less
than the tangible book value of Brice and, in consideration of such reduced
price, have agreed that Seller will make only limited representations and
warranties about Brice or the Business; and

         WHEREAS, on the terms and subject to the conditions hereof, Seller
desires to sell the Shares to Buyer and Buyer desires to purchase the Shares
from Seller.

                                A G R E E M E N T

         NOW, THEREFORE, in consideration of the mutual representations,
warranties, covenants and agreements hereinafter set forth, and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows.

                                   ARTICLE I.

                                   DEFINITIONS

         The following terms, as used herein, have the following meanings:

         "AAA" will have the meaning ascribed to such term in Section 10.10(a).

         "Actual Knowledge" means, with respect to any Person, the actual
personal knowledge of such Person without independent investigation. With
respect to any Person that is a corporation, Actual Knowledge shall mean the
actual personal knowledge of the executive officers of such Person without
independent investigation.

                                       1
<PAGE>

         "Affiliate" means, with respect to any Person (as defined herein), a
Person directly or indirectly controlling, controlled by or under common control
with the Person, through the ownership of all or part of the Person.

         "Agreement" will have the meaning ascribed to such term in the
Preamble.

         "Applicable Law" means any domestic or foreign, federal, state or local
statute, law, common law, ordinance, policy, guidance, rule, administrative
interpretation, regulation, order, writ, injunction, directive, judgment,
decree, permit or other requirement of any Governmental Authority (as defined
herein).

         "August Balance Sheet" means the unaudited balance sheet of Brice as of
August 24, 2002 attached hereto as Exhibit A.

         "Brice" will have the meaning ascribed to such term in the Recitals.

         "Business" will have the meaning ascribed to such term in the Recitals.

         "Business Day" means each day of the week other than a Saturday, Sunday
or other day on which commercial banks in Los Angeles, California are authorized
or required by law to close. All references to "days" in the Agreement will be
to calendar days unless specifically referenced as a Business Day.

         "Buyer" will have the meaning ascribed to such term in the Preamble.

         "Class I Representations" means the Class I representations and
warranties of Seller set forth in Article III, Section 3A hereof.

         "Class II Representations" means the Class II representations and
warranties of Seller set forth in Article III, Section 3B hereof.

         "Closing" will have the meaning ascribed to such term in Section 2.04.

         "Closing Balance Sheet" will have the meaning ascribed to such term in
Section 2.02(a).

         "Closing Date" will have the meaning ascribed to such term in Section
2.04.

         "Closing Working Capital" will have the meaning ascribed to such term
in Section 2.02(b).

         "Code" means the Internal Revenue Code of 1986, as amended.

         "Contracts" means all of the contracts, purchase orders and agreements
(whether written or oral) to which Brice is a party or is legally bound.

         "Damages" means actual out-of-pocket losses and damages, including
amounts paid in settlement, court costs and reasonable attorneys' fees.
Notwithstanding any other provision of this Agreement, "Damages" does not
include (and neither party shall be required to indemnify or reimburse any other
party for) any damage to reputation, lost business opportunities, lost profits,

                                       2
<PAGE>
mental or emotional distress, incidental, special, exemplary, punitive, indirect
or consequential damages or diminution in value.

         "Deposit" will have the meaning ascribed to such term in Section 2.03.

         "Environmental Laws" means all applicable federal, state and local
laws, ordinances and regulations pertaining to air and water quality, Hazardous
Materials or other environmental matters, including the Clean Water Act, the
Clean Air Act, the Federal Water Pollution Control Act, the Solid Waste Disposal
Act, the Resource Conservation Recovery Act, the Occupational Health and Safety
Act, the Comprehensive Environmental Response, Compensation, and Liability Act,
and the rules, regulations and ordinances of the United States Environmental
Protection Agency and the California Environmental Protection Agency.

         "Excluded Assets" will have the meaning ascribed to such term in
Section 2.06.

          "Governmental Authority" means the United States of America, and any
state or local governmental authority in the United States of America.

         "Hazardous Material" means any material or substance that is defined as
a "hazardous waste," "hazardous material," "hazardous substance," "extremely
hazardous waste," or "restricted hazardous waste" under any provision of any
Environmental Law.

         "Indemnifying Party" means (a) Seller, with respect to any claim
asserted by Buyer under Article VII, and (b) Buyer, with respect to any claim
asserted by Seller under Article VII.

         "Indemnitee" means (a) Buyer, with respect to any claim for which
Seller is an Indemnifying Party under Article VII; and (b) Seller with respect
to any claim for which Buyer is an Indemnifying Party under Article VII.

         "IRS" means the Internal Revenue Service.

         "Leased Premises" will have the meaning ascribed such term in Section
3.12(b).

         "Letter Agreements" will have the meaning ascribed such term in Section
5.04(a).

         "Liability" or "Liabilities" means, with respect to any Person, any
liability or obligation of any kind, character or description, whether known or
unknown, absolute or contingent, accrued or unaccrued, liquidated or
unliquidated, secured or unsecured, joint or several, due or to become due,
vested or unvested, executory, determined, determinable or otherwise.

         "Liens" means, with respect to any asset, any mortgage, title defect or
objection, lien, pledge, charge, security interest, hypothecation, restriction,
encumbrance or charge of any kind.

         "Loan Debt" of a Person means of indebtedness of such Person for
borrowed money in the form of loans from institutional lenders or debt
securities issued by such Person, including principal and accrued but unpaid
interest thereon, but excluding trade payables and obligations incurred in the
ordinary course of business.

                                       3
<PAGE>
         "Material Contracts" will have the meaning ascribed to such term in
Section 3B.04.

         "Person" means any individual, corporation, partnership, limited
liability company, association, trust, estate or other entity or organization,
including a Governmental Authority.

         "Proceeding" or "Proceedings" means any lawsuit, hearing, arbitration
or administrative proceeding.

         "Purchase Price" will have the meaning ascribed to such term in Section
2.02.

         "Representatives" mean, with respect to any Person, any of the Person's
Affiliates, officers, directors, employees, agents, accountants, attorneys,
financial advisors or bankers.

         "Seller" will have the meaning ascribed to such term in the Preamble.

         "September Accounting Month" will have the meaning ascribed to such
term in Section 2.02(a).

         "Shares" will have the meaning ascribed to such term in the Recitals.

         "Target" will have the meaning ascribed to such term in Section
2.02(b).

         "Tax" or "Taxes" means, with respect to any Person, any federal, state,
local or foreign net income, gross income, gross receipts, sales, use, ad
valorem, value-added, capital, unitary, franchise, profits, withholding,
payroll, employment, excise, severance, stamp, transfer, occupation, premium,
property or windfall profit tax or other tax of any kind whatsoever, together
with any interest or penalty, imposed by any taxing authority, on such Person.

         "Tax Returns" mean any return, report, form or other information filed
or required to be filed with the IRS or any other federal, foreign, state local,
provincial taxing authority with respect to any Tax, including any claim for
refund of Taxes and any amendments or supplements of any of the foregoing.

         "Working Capital" of Brice means the difference of (i) the sum of the
carrying values on Brice's balance sheet of current assets of Brice, consisting
of petty cash, accounts receivable, inventory and other current assets, minus
(ii) the sum of the carrying values on Brice's balance sheet of current
liabilities of Brice, consisting of accounts payable and accrued liabilities.

                                   ARTICLE II.

                           PURCHASE AND SALE OF SHARES

         2.01.    Sale of Shares. On the terms and subject to the conditions of
this Agreement Seller agrees to sell to Buyer and Buyer agrees to purchase from
Seller all of the Shares at the Closing.

         2.02.    Purchase Price. Buyer shall pay to Seller, as the purchase
price for the Shares, an aggregate amount of One Million, Three Hundred Thousand
Dollars ($1,300,000) in cash,

                                       4
<PAGE>
subject to adjustment as described in this Section 2.02 (as adjusted, the
"Purchase Price"), inclusive of the Deposit credited back to Buyer, if any,
pursuant to Section 2.03, at the Closing.

                  (a)      Immediately after the Closing, Buyer and Seller shall
cooperate to prepare an unaudited balance sheet for Brice as of the Closing Date
using the same methodologies and assumptions used to create the August Balance
Sheet, which balance sheet shall exclude from current assets all Excluded Assets
and shall exclude from current liabilities and reserves all accrued workers'
compensation, liability and property insurance, accrued income taxes, accruals
related to the 401(k) plan, employee retention payment obligations, obligations
for success bonuses, and severance obligations or payments (the "Closing Balance
Sheet"). The carrying values of Brice's assets, the amount of reserves and the
accruals for liabilities on the Closing Balance Sheet shall be consistent with
those set forth on the August Balance Sheet. Without limiting the generality of
the foregoing, on the Closing Balance Sheet:

                           (i)      the reserve for doubtful accounts receivable
         shall be $55,164 (the amount of such reserve on the August Balance
         Sheet) minus the amount of any accounts receivable written off in the
         period from August 24, 2002 to the Closing Date (the "September
         Accounting Month");

                           (ii)     the reserve for slow-moving, obsolete,
         defective and other inventory items shall be $368,276 (the amount of
         such reserve on the August Balance Sheet) minus the amount of any
         inventory written off in the September Accounting Month;

                           (iii)    the warranty reserve shall be $75,422 (the
         amount of such reserve on the August Balance Sheet) minus the amount of
         any warranty expense incurred in the September Accounting Month;

                           (iv)     that certain reserve for $53,000 not
         specified for any particular purpose in the August Balance Sheet, shall
         remain $53,000 on the Closing Balance Sheet, but shall be reserved for
         that certain preferential payment claim relating to a payment made to
         Brice from Trans World Airline; and

                           (v)      no liability shall be recorded for any
         accounts payable, payroll or other matters for which a check has been
         issued by Brice on or before the Closing Date even if such check
         remains uncashed on the Closing Date, provided that Seller shall
         provide funding through its controlled disbursement account sufficient
         to cover any such checks.

                  (b)      If the parties hereto are unable to agree on the
Closing Balance Sheet within thirty (30) days after the Closing Date, the
dispute shall be resolved by a partner at a "Big Four" accounting firm that has
not provided services to Seller, Brice or Buyer during the three (3) years
preceding the date of selection of such firm (the "Accountant") to resolve such
dispute. If the parties hereto are unable to agree on the selection of the
Accountant within forty (40) days after the Closing Date, then each party hereto
shall select a partner at any "Big Four" accounting firm, and those two partners
shall in turn mutually select the Accountant to resolve such dispute.

                                       5
<PAGE>

                           (i)      Once selected, the Accountant shall, within
         forty-five (45) days after his or her appointment, reach an independent
         determination regarding any the subject of the dispute. The
         determination by the Accountant shall be final and conclusive on the
         parties hereto. The fees and expenses of the Accountant in resolving
         any such dispute shall be borne equally by each party hereto.

                  (c)      Brice's Working Capital as of August 24, 2002 was One
Million, Two Hundred and Ninety-Two Thousand Dollars ($1,292,000.00) (the
"Target") based on the August Balance Sheet, and the calculation thereof is set
forth on Exhibit B hereto. The Working Capital of Brice as of the Closing Date
(the "Closing Working Capital") shall be determined based on the Closing Balance
Sheet and in the same manner as the determination of the Target.

                  (d)      To the extent that the Closing Working Capital
exceeds the Target, the Purchase Price shall be increased by the amount of such
excess and Buyer shall promptly pay to Seller the amount of such excess by means
of a wire transfer to the account set forth on Schedule 2.05(b). To the extent
that the Closing Working Capital is less than the Target, the Purchase Price
shall be decreased by the amount of such shortfall and Seller shall promptly pay
to Buyer the amount of such shortfall by means of a wire transfer to an account
designated by Buyer.

         2.03.    Deposit. On the date hereof, Buyer will pay $165,000 to
Seller as a nonrefundable deposit (the "Deposit"). Of the Deposit, (i)
$76,807.26 has previously been paid by Buyer to fund Brice's payroll for the
week ended Friday, September 26, 2002, and (ii) $88,192.74 shall be paid to
Seller on the date hereof by wire transfer to the account set forth on Schedule
2.05(b). If, and only if, the Closing occurs on or prior to October 11, 2002,
the Deposit shall be applied as a credit against the Purchase Price.

         2.04.    Closing. The closing of the sale and purchase of the Shares
and of the transactions contemplated hereby (the "Closing") will take place at
the offices of Gibson, Dunn & Crutcher LLP, 333 South Grand Avenue, Los Angeles,
CA 90071, 47th Floor, or such other place upon which the parties may agree, on
October 11, 2002 or such earlier date upon which the parties may agree (the
"Closing Date").

         2.05.    Closing Deliveries.

                  (a)      At the Closing, Seller shall deliver to Buyer:

                  (i)      a certificate or certificates representing the
                           Shares, duly endorsed for transfer to Buyer;

                  (ii)     (A) copies of the Articles of Incorporation and
                           Bylaws of Brice as in effect immediately prior to the
                           Closing Date; (B) copies of resolutions adopted by
                           the Board of Directors of Seller authorizing the
                           transactions contemplated by this Agreement as of the
                           Closing Date; and (C) a certificate of good standing
                           certificate for Brice from the California Secretary
                           of State;

                  (iii)    resignations from each of the officers and directors
                           of Brice; and

                                       6
<PAGE>

                  (iv)     original minute books of Brice.

                  (b)      At the Closing, Buyer shall deliver to Seller the
Purchase Price, by wire transfer to the account set forth on Schedule 2.05(b).

         2.06.    Excluded Assets. Notwithstanding anything herein to the
contrary, Seller shall cause Brice to pay to Seller by dividend prior to the
Closing, and Buyer shall cause Brice to pay to Seller after the Closing, any and
all of the property of Brice listed on Schedule 2.06 (collectively, the
"Excluded Assets").

                                  ARTICLE III.

                            REPRESENTATIONS OF SELLER

         3A.      CLASS I REPRESENTATIONS. Seller hereby represents and warrants
to Buyer as follows:

         3A.01.   Corporate Existence. Seller is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware.
Brice is a corporation duly organized, validly existing and in good standing
under the laws of the State of California. Brice is not qualified to conduct
business in any other state.

         3A.02.   Authorization. The execution, delivery and performance by
Seller of this Agreement and the consummation by Seller of the transactions
contemplated hereby have been duly authorized by all requisite corporate action
on the part of Seller. This Agreement has been duly and validly executed by
Seller and constitutes the legal, valid and binding agreement of Seller,
enforceable against it in accordance with its terms, except as may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors' rights generally and subject to general principles of
equity.

         3A.03.   Non-Contravention. The execution, delivery and performance by
Seller of this Agreement does not and will not (a) contravene or conflict with
the Certificate of Incorporation, bylaws or other constituent documents of
Seller; (b) contravene or conflict with or constitute a violation of any
provision of any Applicable Law binding upon or applicable to Seller; (c)
contravene or constitute a material default under any loan agreement of Seller.

         3A.04.   Capitalization; Ownership of Shares. Except as otherwise
disclosed on Schedule 3A.04, the authorized capital stock of Brice consist of
75,000 shares of common stock, of which 35,000 shares are issued and
outstanding. There are no equity or other ownership interests or securities of
Brice issued and outstanding. Seller is the sole record and beneficial owner of
the Shares, free and clear of all Liens.

         3A.05.   Brice Indebtedness. On the Closing Date, Brice will not be
liable, whether as principal or guarantor, for any Loan Debt. Except as
contemplated by Section 2.02(a)(v), neither Seller nor any subsidiary of Seller
is liable to Brice for any monetary obligation, and Brice is not liable to
Seller or any subsidiary of Seller for any monetary obligation.

                                       7
<PAGE>

         3A.06    Title to Assets. Assets shown as owned by Brice on the August
Balance Sheet will be owned by Brice on the Closing Date free and clear of all
Liens other than Liens shown on the August Balance Sheet, except for assets sold
in the ordinary course of business. At August 24, 2002, Brice was the lawful
owner of or had the right to use all of the assets shown on the August Balance
Sheet, free and clear of all Liens.

         3A.07    Real Property Leases. Schedule 3A.07 sets forth a true and
correct list of all real property leases to which Brice is a party. Brice is
current in its payment of monthly rent under all such leases.

         3A.08    Broker Fees. No Person is entitled to any brokerage or
finder's fee or other commission from Brice or Seller in respect of this
Agreement or the transactions contemplated hereby other than Burr Group, whose
fees shall be paid by Seller. No broker fees or expenses owed to Burr Group
shall be accrued on the Closing Balance Sheet.

         3A.09.   Tax Matters.

                  (a)      Except as disclosed on Schedule 3A.09, (i) Brice has
filed or caused to be filed all material Tax Returns of Brice which have become
due (taking into account valid extensions of time to file), and has paid or
caused to be paid all Taxes shown thereon as due, (ii) there are no outstanding
Tax liens that have been filed by any Tax authority against any property or
assets of Brice, and (iii) no claims are currently being asserted in writing
with respect to any Taxes of Brice.

                  (b)      Except as disclosed on Schedule 3A.09, Brice is not a
party to any tax indemnity agreement, tax sharing agreement, or other similar
agreement with Seller or any of its subsidiaries under which Brice will have
liability following the Closing.

                  (c)      At no time during its ownership by Seller has Brice
been part of an affiliated, consolidated, combined or unitary group, other than
the group of which Seller is the parent corporation.

                  (d)      Seller is not a "foreign person" within the meaning
of Section 1445(f)(3) of the Code.

         3A.10    Insurance Coverage. Brice, as a subsidiary of Seller, is a
named insured under Seller's insurance policies for workers' compensation and
for automobile, general and aircraft product liability listed on Schedule 3A.10.

         3B.      CLASS II REPRESENTATIONS. Seller hereby represents and
warrants to Buyer as follows:

         3B.01    Litigation. To the Actual Knowledge of Seller and Brice,
during the twelve (12) months preceding the date of this Agreement, no
Proceedings were pending or threatened against Brice.

         3B.02.   Liabilities. To the Actual Knowledge of Seller and Brice,
except as otherwise disclosed on Schedule 3B.02, the August Balance Sheet
includes all liabilities of Brice that are

                                       8
<PAGE>
required to be included therein by generally accepted accounting principles
consistently applied with prior periods. To the Actual Knowledge of Seller and
Brice, since the date of the August Balance Sheet, Brice has incurred no
additional liabilities that are required to be included in a balance sheet by
generally accepted accounting principles consistently applied with prior
periods, except for (a) liabilities incurred in the ordinary course of business
consistent with past practice and (b) liabilities contemplated by Section 5.04
hereof.

         3B.03.   Governmental Authorization. To the Actual Knowledge of Seller
and Brice, the execution, delivery and performance by Seller of this Agreement
requires no action by, consent or approval of, or filing with, any Governmental
Authority.

         3B.04.   Material Contracts. To the Actual Knowledge of Seller and
Brice:

                  (a)      Schedule 3B.04(a) sets forth a complete and correct
list of the following agreements to which Brice is a party or by which it is
bound (collectively, the "Material Contracts"):

                  (i)      All credit and loan Contracts, promissory notes,
                           guarantees, letters of credit, and other obligations
                           in respect of borrowed money or financial
                           instruments;

                  (ii)     All other Contracts (including purchase orders with
                           customers and suppliers) to which Brice is a party
                           and by which it is bound and that involve $100,000 or
                           more (excluding the real property leases described in
                           Schedule 3A.07); and

                  (iii)    All leases of capital equipment that involve $10,000
                           or more.

                  (b)      During the twelve (12) months preceding the date of
this Agreement, Brice has not received any written notice of material default
from any other party to a Material Contract.

         3B.05.   Employee Benefit and Deferred Compensation Plans. To the
Actual Knowledge of Seller and Brice:

                  (a)      Each of Brice's Employee Benefit Plans disclosed on
Schedule 3B.05 has been maintained, operated and administered in all material
respects in accordance with their terms and with all provisions of ERISA and
other applicable laws.

                  (b)      Brice has complied with the requirements of Code
Section 4980B, relating to health care continuation.

                  (c)      Brice does not maintain any deferred compensation
programs for employees other than the Employee Benefit Plans disclosed on
Schedule 3B.05.

         3B.06    Environmental Compliance. To the Actual Knowledge of Seller
and Brice, Brice has not arranged for disposal or treatment, or arranged with a
transporter for transport for disposal or treatment, of any Hazardous Material
on any third party property that has resulted or

                                       9
<PAGE>
may reasonably be expected to result, individually or in the aggregate, in any
material Liability. To the Actual Knowledge of Seller and Brice, Brice has not
exposed any employee or third party to any Hazardous Material or condition that
has resulted or may reasonably be expected to result, individually or in the
aggregate, in any material Liability. To the Actual Knowledge of Seller and
Brice, Brice has not received any notice, demand, letter, claim or request for
information relating to the Business that alleges violation of or Liability
under any Environmental Laws and there are no Proceedings, orders, decrees, or
injunctions, pending or against Brice alleging Liability under any Environmental
Laws.

                                   ARTICLE IV.

                            REPRESENTATIONS OF BUYER

         As an inducement to Seller to enter into this Agreement and to
consummate the transactions contemplated hereby, Buyer hereby represents and
warrants to Seller as follows:

         4.01.    Organization and Existence. Buyer is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of Delaware.

         4.02.    Corporate Authorization. The execution, delivery and
performance by Buyer of this Agreement and the consummation by Buyer of the
transactions contemplated hereby are within the corporate powers of Buyer and
have been duly authorized by all necessary corporate action on the part of
Buyer. This Agreement constitutes the legal, valid and binding agreement of
Buyer, enforceable in accordance with its terms, except as may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors' rights generally and subject to general principles of
equity.

         4.03.    Governmental Authorization. To the Actual Knowledge of Buyer,
the execution, delivery and performance by Buyer of this Agreement requires no
action by, consent or approval of, or filing with, any Governmental Authority.

         4.04.    Non-Contravention. The execution, delivery and performance by
Buyer of this Agreement does not and will not: (a) contravene or conflict with
the Certificate of Incorporation, bylaws or other constituent documents of
Buyer; (b) contravene or conflict with or constitute a violation of any
provision of any Applicable Law binding upon or applicable to Buyer; or (c)
contravene or constitute a material default under any loan agreement of Buyer.

         4.05.    Litigation. To the Actual Knowledge of Buyer, there are no
Proceedings that have been brought by any Governmental Authority or any other
Person against Buyer that seek to enjoin or rescind the purchased and sale of
those Shares contemplated by this Agreement.

         4.06     No Representations and Warranties. Other than the express
representations and warranties, covenants and agreements made by Seller in
Articles III and V of this Agreement, neither Seller nor Brice, nor any person
or entity acting by or on behalf of Seller or Brice has made any representation,
warranty, inducement, promise, agreement, assurance or statement, oral or
written, of any kind to Buyer in this Agreement or elsewhere, upon which Buyer
is relying in entering into this Agreement and the transactions contemplated
hereby. Buyer has conducted a full and complete investigation and inspection of
the business, operations, assets and Liabilities,

                                       10
<PAGE>
results of operations and financial condition of Brice as Buyer may have deemed
necessary or appropriate for the purpose of entering into this Agreement and the
transactions contemplated hereby. In executing this Agreement, Buyer is relying
only on its own investigation of Brice, the Business, the Shares and the
accuracy of the statements contained in Article III of this Agreement, and not
on any other representations, warranties, inducements, promises, agreements,
assurances or statements.

                                   ARTICLE V.

                                    COVENANTS

         5.01.    Further Assurances. The parties hereto agree to execute and
deliver such other documents, certificates, agreements and other writings and to
take such other actions as may be reasonably necessary or desirable in order to
consummate or implement expeditiously the transactions contemplated by this
Agreement. Notwithstanding the foregoing, no party hereto shall have any
obligation to expend any funds or to incur any other obligation in connection
with the consummation of the transactions contemplated hereby other than normal
out-of-pocket expenses (such as fees and expenses of counsel and accountants)
reasonably necessary to consummate such transactions. In the event that Seller
receives, at any time after the Closing, any property, cash or securities of
Brice other than the Excluded Assets, Seller will notify Buyer that it has
received such property, will hold such property in trust for the benefit of
Brice and will promptly remit such property to Brice (forwarding checks payable
to Brice and remitting all actual received cash by wire transfer to an account
provided to Seller by Brice). Buyer shall use its best efforts to secure the
financing required pursuant to Section 6.01(b) and obtain the consents required
pursuant to Section 6.01(c).

         5.02.    Books and Records. Buyer shall use all commercially reasonable
efforts to preserve and keep all books, records, computer files, software
programs and any data processing files of Brice existing as of the Closing for a
period of seven (7) years from the Closing Date, or for any longer period as may
be required by any government agency, ongoing litigation, law, regulation, audit
or appeal of Taxes at Buyer's sole cost and expense. During such period, Buyer
shall make such books and records available to Seller as may be reasonably
required by Seller, including but not limited to, in connection with any Tax
examination or audit. In the event that Buyer or Brice wishes to destroy or
dispose of such books and business records, at any time alter the Closing, it
shall first give ninety (90) days prior written notice to Seller, and Seller
shall have the right at its option, upon prior written notice given to Buyer or
Brice, to take possession of such records.

         5.03.    Cooperation on Tax and Other Matters.

                  (a)      The Buyer and the Seller shall cooperate fully, as
and to the extent reasonably requested by the other party, in connection with
the filing of Tax Returns pursuant to this Section 5.03 and any audit,
litigation or other proceeding with respect to Taxes. Such cooperation shall
include the retention and (upon the other party's request) the provision of
records and information which are reasonably relevant to any such audit,
litigation or other proceeding and making employees available on a mutually
convenient basis to provide additional information and explanation of any
material provided hereunder. The Buyer and the Seller

                                       11
<PAGE>
further agree, upon request, to use their reasonable best efforts to obtain any
certificate or other document from any Governmental Authority or any other
Person as may be necessary to mitigate, reduce or eliminate any Tax that could
be imposed (including, but not limited to, with respect to the transactions
contemplated hereby).

                  (b)      The Seller agrees to use its reasonable best efforts
to assist the Buyer in responding to any review, investigation or other inquiry
by any Governmental Authority.

         5.04.    Employee Compensation.

                  (a)      Seller shall pay, or cause Brice to pay prior to the
Closing Date, the "success bonuses," if any, pursuant to paragraph 3 of the
letter agreements, each dated February 18, 2002, between Brice and each of Sam
J. Ahad, Bruce W. Brayshaw, Steve Caraballo, Terry M. Fisher and Richard A.
Klisz (collectively, the "Letter Agreements").

                  (b)      Seller shall pay, or cause Brice to pay prior to the
Closing Date, half of the "guaranteed benefits," pursuant to paragraph 1 of the
Letter Agreements.

                  (c)      Seller shall cause Brice to terminate the employment
of Richard A. Klisz ("Klisz") as of the Closing Date, or in the alternative
Klisz shall resign as of the Closing Date. Buyer shall not, and shall cause
Brice not to, offer a position to Klisz to continue in his current position with
Brice following the Closing Date; provided, however, that Buyer or Brice may
employ Klisz as a consultant for a period not exceeding thirty (30) days after
the Closing Date. Provided that Buyer performs its obligations set forth in the
immediately preceding sentence, Seller shall assume the responsibility to pay
any "severance benefits" owed to Klisz pursuant to the Letter Agreement dated
February 18, 2002 between Brice and Klisz.

                  (d)      Except as expressly provided herein, Seller shall not
have any other Liabilities with respect to severance obligations to employees of
Brice, including, without limitation, those arising under the Letter Agreements
(including, but not limited to, any payments for "severance benefits" pursuant
to paragraph 2 of the Letter Agreements), and Buyer shall cause Brice to perform
all of such obligations after the Closing Date.

         5.05     Termination of 401(k) Participation. At the Closing, the
participation of Brice employees in Seller's 401(k) plan shall be terminated and
Seller shall cause all funds due to Brice employees under such plan to be
distributed to such employees as soon as administratively practicable in
accordance with the terms of the plan, ERISA and the Code.

                                   ARTICLE VI

                               CLOSING CONDITIONS

         6.01.    Conditions to Obligations of Buyer. Buyer's obligations to
consummate the transactions contemplated by this Agreement will be subject to
fulfillment of the following conditions, any of which may be waived by Buyer in
its sole discretion:

         (a)      The representations and warranties of Seller contained in this
Agreement shall be true and correct in all material respects at and as of the
Closing Date with the same effect as if

                                       12
<PAGE>

made at and as of the Closing Date (except to the extent such representations
specifically related to an earlier date, in which case such representations
shall be true and correct in all material respects as of such earlier date) and,
at the Closing, Seller shall have delivered to Buyer a certificate to that
effect executed by an executive officer of Seller.

         (b)      Buyer shall have obtained financing for 100% of the Purchase
Price from a lender acceptable to Buyer, in its sole discretion.

         (c)      Buyer shall have received the consent of Citicorp USA, Inc.
and any of its other lenders as required under any of its credit agreements to
consummate the transactions contemplated by the Agreement.

         (d)      No order, statute, rule, regulation, executive order,
injunction, stay, decree or restraining order shall have been enacted, entered,
promulgated or enforced by any Governmental Authority that prohibits the
consummation of the transactions contemplated hereby, and no litigation or
governmental Proceeding seeking such order shall be pending or threatened.

         6.02.    Conditions to Obligations of Seller. Seller's obligations to
consummate the transactions contemplated by this Agreement will be subject to
the fulfillment of the following conditions, any of which may be waived by
Seller in its sole discretion:

         (a)      Buyer shall have performed and satisfied each of its
obligations hereunder required to be performed and satisfied by it on or prior
to the Closing Date.

         (b)      No order, statute, rule, regulation, executive order,
injunction, stay, decree or restraining order shall have been enacted, entered,
promulgated or enforced by any Governmental Authority that prohibits the
consummation of the transactions contemplated hereby, and no litigation or
governmental Proceeding seeking such order shall be pending or threatened.

                                  ARTICLE VII.

                                 INDEMNIFICATION

         7.01.    Indemnification.

                  (a)      Subject to the limitations contained in this Article
VII, Seller shall indemnify and hold harmless Buyer in respect of any and all
Damages reasonably incurred by Buyer that are caused by a breach by Seller of
any representation, warranty, covenant or agreement contained in this Agreement.

                  (b)      Subject to the limitations contained in this Article
VII, Buyer shall indemnify and hold harmless Seller in respect of any and all
Damages reasonably incurred by Seller that are caused by a breach by Buyer of
any representation, warranty, covenant or agreement contained in this Agreement.

                                       13
<PAGE>

         7.02.    Survival of Representations, Warranties and Covenants.

                  (a)      Subject to Section 7.02(b), all representations,
warranties, covenants, agreements and obligations of each Indemnifying Party
contained in this Agreement, and all claims of Buyer or Seller in respect of any
breach of any representation, warranty, covenant, agreement or obligation
contained in this Agreement, shall expire twelve months after the Closing Date,
except that covenants or obligations of Seller or Buyer in Article V of this
Agreement that by their terms are to be performed after the Closing will survive
the Closing and will not expire unless otherwise provided in this Agreement.

                  (b)      Notwithstanding Section 7.02(a), (i) the
representations and warranties of Seller set forth in Section 3A.09 (Tax
Matters) shall expire upon the expiration of the statute of limitations that
would be applicable to any claim that, if asserted against Brice, would give
rise to an indemnification obligation of Seller under Section 3A.09, and (ii)
the Class II Representations of Seller shall expire on January 31, 2003.

                  (c)      Notwithstanding anything herein to the contrary,
indemnification for claims for which written notice has been given pursuant to
Section 7.03 hereof in good faith prior to the expiration of the representation,
warranty, covenant, or agreement or obligation upon which such claim is based
will not expire, and such claims for indemnification may be pursued, until the
final resolution of such claim (but only to the extent set forth in the written
notice given pursuant to Section 7.03 hereof in good faith prior to the
expiration).

         7.03.    Claims for Indemnification.

                  (a)      If any Indemnitee believes that the Indemnitee is
entitled to indemnification pursuant to this Article VII, that Indemnitee shall
give the Indemnifying Party prompt written notice thereof. Any such notice shall
set forth in reasonable detail the basis for such claim for indemnification.

                  (b)      No Person will have any cause of action against any
Affiliate, stockholder, director, officer, employee, consultant, agent or other
Representative of any Indemnifying Party as a result of any inaccuracy or
misrepresentation in or breach of or failure to perform any representation,
warranty, covenant, agreement or obligation of such Indemnifying Party referred
to in Section 7.01 above. Nothing set forth herein shall be deemed to prohibit
or limit Buyer's or Seller's right to seek injunctive or other equitable relief
at any time before, on or after the Closing Date for the failure of any
Indemnifying Party to perform any covenant or agreement contained herein.

         7.04.    Defense of Claims. In connection with any claim that may give
rise to indemnity under this Article VII resulting from or arising out of any
claim or Proceeding against an Indemnitee by a Person that is not a party
hereto, upon written notice sent at any time to the Indemnitee, the Indemnifying
Party may assume the defense of any such claim or Proceeding. If the
Indemnifying Party assumes the defense of any such claim or Proceeding, the
Indemnifying Party shall control the defense of such claim or Proceeding, with
counsel of its choice, and shall diligently and promptly pursue the resolution
thereof. If the Indemnifying Party assumes the defense of any claim or
Proceeding in accordance with this Section 7.04, the Indemnifying Party may
consent to a settlement of, or the entry of any judgment arising from, any such
claim or Proceeding without the prior written consent of such Indemnitee;
provided, however, that:

                                       14
<PAGE>

                  (a)      the Indemnifying Party shall pay or cause to be paid
all amounts arising out of such settlement or judgment either concurrently with
the effectiveness thereof or shall obtain and deliver to the Indemnitee in
connection with the execution of such settlement a general release executed by
the Person not a party hereto, which general release shall release such
Indemnitee and its Representatives from any Liability in such matter;

                  (b)      such settlement or judgment shall admit no
culpability or fault on the part of the Indemnitee;

                  (c)      the Indemnifying Party shall not be authorized to
encumber any of the assets of any Indemnitee or to agree to any restriction that
would apply to any Indemnitee or to its conduct of business; and

                  (d)      a condition to any such settlement shall be a
complete release of the Indemnitee and its Representatives with respect to such
claim.

The Indemnitee shall be entitled to participate in (but not control) the defense
of any such action, with its own counsel and at its own expense (which expense
shall not be subject to reimbursement or indemnification by the Indemnifying
Party). The Indemnitee shall, and shall cause each of its Affiliates, officers,
employees, consultants, agents and other Representatives to, cooperate fully
with the Indemnifying Party in the defense of any claim or Proceeding being
defended by the Indemnifying Party pursuant to this Section 7.04. If the
Indemnifying Party does not assume the defense of any claim or Proceeding
resulting therefrom in accordance with the terms of this Section 7.04, the
Indemnitee may defend against such claim or Proceeding in such manner as it may
deem appropriate, provided, however, that such Indemnitee shall not consent to
the entry of judgment or enter into any settlement without the prior written
consent of the Indemnifying Party (which consent shall not be unreasonably
withheld).

         7.05.    Limitations on Indemnity Claims.

                  (a)      Subject to Section 7.05(d), Seller shall not be
obligated to indemnify Buyer in respect of Damages resulting from breaches of
Class I Representations until such Damages exceed $250,000 in the aggregate, and
thereafter Seller shall be obligated to indemnify Buyer for Damages in excess of
such $250,000 up to an amount equal to the aggregate Purchase Price.

                  (b)      Subject to Section 7.05(d), Seller shall not be
obligated to indemnify Buyer in respect of Damages resulting from breaches of
Class II Representations until such Damages exceed $200,000 in the aggregate,
and thereafter Seller shall be obligated to indemnify Buyer for up to $250,000
of Damages in excess of such $200,000.

                  (c)      Subject to Section 7.05(d), Seller shall not be
obligated to indemnify Buyer in respect of any Damages resulting from breaches
of, or defaults under, any of the provisions of this Agreement other than
Article III until such Damages exceed $250,000 in the aggregate, and thereafter
Seller shall be obligated to indemnify Buyer for Damages in excess of such
$250,000 up to an amount equal to the aggregate Purchase Price.

                                       15
<PAGE>

                  (d)      Notwithstanding any other provision of this
Agreement, the maximum aggregate Liability or indemnification obligation of
Seller pursuant to Section 7.01(a) or otherwise under this Agreement, any
document contemplated by this Agreement, or Applicable Law shall not exceed the
Purchase Price.

         7.06     Determination of Indemnification Payments. Notwithstanding any
other provision of this Agreement, no party shall have any obligation to
indemnify the other party with respect to any Damages to the extent such Damages
could have been reasonably avoided by such other party or the Damages to such
other party could have been mitigated. All indemnification payments under this
Agreement shall be paid by the Indemnifying Party net of any Tax benefits and
insurance coverage that may be available to the Indemnitee. All indemnification
payments under this Agreement shall be deemed to be adjustments to the Purchase
Price.

                                  ARTICLE VIII.

                            NONCOMPETITION AGREEMENT

         Seller shall not, during the two (2) years following the Closing Date,
engage as an original equipment manufacturer in the business of selling complete
new airline seats to commercial airlines (the "New Airline Seat Business");
provided, however, that nothing herein shall prohibit or restrict Seller from
hereafter acquiring a business engaged, prior to its acquisition by Seller, in
the New Airline Seat Business and continuing such business after such
acquisition.

                                   ARTICLE IX

                                   TERMINATION

         9.01     Termination. This Agreement (and the transactions contemplated
hereby) shall terminate as follows:

                  (a)      upon the mutual written consent of Seller and Buyer;
or

                  (b)      automatically, if the Closing has not occurred on or
prior to October 11, 2002.

         9.02     Effect of Termination. Upon the termination of this Agreement
in accordance with Section 9.01 hereof, the parties shall be relieved of any
further obligations under this Agreement (other than Buyer's obligation to pay
the Deposit as provided in Section 2.04), and Seller shall retain the Deposit.

                                    ARTICLE X

                                  MISCELLANEOUS

         10.01.   Notices. All notices, requests, demands, claims and other
communications hereunder shall be in writing. Any notice, request, demand,
claim, or other communication hereunder will be deemed duly given (a) if
personally delivered, when so delivered, (b) if mailed,

                                       16
<PAGE>
two Business Days after having been sent by registered or certified mail, return
receipt requested, postage prepaid and addressed to the intended recipient as
set forth below or (c) if sent through an overnight delivery service in
circumstances to which such service guarantees next day delivery, the day
following being so sent:

If to Seller:

                  Ducommun Incorporated
                  111 West Ocean Boulevard, Suite 900
                  Long Beach, CA  90802-7901
                  Attn:  Chief Financial Officer
                  Telecopier No.:  (562) 624-0789

         with a copy to:

                  Gibson, Dunn & Crutcher LLP
                  333 S. Grand Avenue
                  Los Angeles, California  90071
                  Attn:  Dhiya El-Saden, Esq.
                  Telecopier No.:  (213) 229-7520

If to Buyer:

                  TIMCO Aviation Services, Inc.
                  623 Radar Road
                  Greensboro, NC  27410-6221
                  Attn:  C. Robert Campbell, Executive Vice President and CFO
                  Telecopier No.:  (336) 665-9508

         with a copy to:

                  Akerman Senterfitt & Eidson, P.A.
                  One Southeast Third Avenue
                  Suite 2800
                  Miami, Florida 33131
                  Attn:  Philip B. Schwartz
                  Telecopier No.:  (305) 374-5095

Any party may give any notice, request, demand, claim or other communication
hereunder using any other means (including ordinary mail or electronic mail),
but no such notice, request, demand, claim or other communication will be deemed
to have been duly given unless and until it actually is received by the
individual for whom it is intended. Any party may change the address to which
notices, requests, demands, claims and other communications hereunder are to be
delivered by giving the other parties notice in the manner herein set forth.

         10.02.   Amendments; No Waivers. Any provision of this Agreement may be
amended or waived if, and only if, such amendment or waiver is in writing and
signed, in the case of an

                                       17
<PAGE>
amendment, by all parties hereto, or in the case of a waiver, by the party
against whom the waiver is to be effective.

         10.03.   Expenses. All costs and expenses incurred in connection with
this Agreement and in closing and carrying out the transactions contemplated
hereby will be paid by the party incurring such cost or expense. This section
will survive the termination of this Agreement.

         10.04.   Successors and Assigns. This Agreement will be binding upon
and inure to the benefit of the parties hereto and their respective successors
and permitted assigns. No party hereto may assign either this Agreement or any
of its rights, interests or obligations hereunder without the prior written
approval of each other party.

         10.05.   Governing Law. This Agreement shall be construed in accordance
with and governed by the internal laws (without reference to choice or conflict
of laws) of the State of California.

         10.06.   Counterparts; Effectiveness. This Agreement may be signed in
any number of counterparts and the signatures delivered by telecopy, each of
which will be an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument. This Agreement will become effective when
each party hereto has received a counterpart hereof signed by the other parties
hereto.

         10.07.   Entire Agreement. This Agreement (including the Disclosure
Schedules and Exhibits referred to herein which are hereby incorporated by
reference and the other agreements executed simultaneously herewith), the letter
agreement dated April 26, 2002 between Buyer and Seller, and the Acknowledgment
executed by Gil West as President of Buyer, constitute the entire agreement
between the parties with respect to the subject matter hereof and supersede all
prior agreements, understandings and negotiations, both written and oral,
between the parties with respect to the subject matter of this Agreement.
Neither this Agreement nor any provision hereof is intended to confer upon any
Person other than the parties hereto any rights or remedies hereunder.

         10.08.   Captions. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation
hereof. All references to an Article or Section include all subparts thereof.

         10.09.   Severability. If any provision of this Agreement, or the
application thereof to any Person, place or circumstance, is held by a court of
competent jurisdiction to be invalid, unenforceable or void, the remainder of
this Agreement and such provisions as applied to other Persons, places and
circumstances will remain in full force and effect only if, after excluding the
portion deemed to be unenforceable, the remaining terms will provide for the
consummation of the transactions contemplated hereby in substantially the same
manner as originally set forth at the later of the date this Agreement was
executed or the date this Agreement was last amended.

         10.10.   Dispute Resolution.

                  (a)      Subject to Section 2.02, any disputes or claims
arising out of or concerning this Agreement after the Closing Date, whether
arising under theories of liability or

                                       18
<PAGE>
damages based upon contract, tort or statute, shall be determined exclusively by
arbitration before a single arbitrator in accordance with the then effective
arbitration rules of the American Arbitration Association (the "AAA"); provided,
however, that the parties hereto may also bring an action in court for
injunctive relief. The arbitrator's decision shall be final and binding on the
parties hereto (other than with respect to matters subject to the foregoing
proviso) and judgment upon the award rendered by the arbitrator may be entered
in any court of competent jurisdiction. In recognition of the fact that
resolution of any disputes or claims in the courts is rarely timely or cost
effective for either party, the parties hereto enter this mutual agreement to
arbitrate in order to gain the benefits of a speedy, impartial and
cost-effective dispute resolution procedure.

                  (b)      Any arbitration shall be held in Los Angeles,
California. The arbitrator shall be neutral and impartial and shall be an
attorney or retired judge with substantial experience in contract disputes,
selected by Seller, on the one hand, and Buyer, on the other hand, alternately
striking names from a list of five such persons provided by the AAA office in
Los Angeles, California, following a request by the party seeking arbitration
for a list of five such attorneys or retired judges with substantial
professional experience in contract disputes. If either party fails to so strike
names from the list, the arbitrator shall be selected from the list by the other
party.

                  (c)      Buyer and Seller shall split the fees and expenses of
the arbitrator, and each party shall pay its respective fees and expenses in
connection with any matters subject to the provision in Section 10.10(b) above.
Each party shall pay its own attorney fees and costs including, without
limitation, fees and costs of any experts; provided, however, that attorney fees
and costs incurred by the party that "prevails" in any such arbitration
commenced pursuant to this Section 10.10 in any judicial action or proceeding
seeking to enforce the agreement to arbitrate disputes as set forth in this
Section 10.10 or seeking to enforce any order or award of any arbitration
commenced pursuant to this Section 10.10 may be assessed against the party or
parties that do not prevail in such arbitration; provided, further, that if any
party prevails on a statutory claim that entitles the prevailing party to
reasonable attorney fees (with or without expert fees) as part of the costs, the
arbitrator may award reasonable attorney fees (with or without expert fees) to
the prevailing party in accord with such statute. Buyer will be deemed to have
"prevailed" in any such arbitration or judicial action only if the amount of the
final award of Damages to Buyer by the arbitrator is greater than any amount
offered in settlement to Buyer by Seller, and conversely, Seller will be deemed
to have "prevailed" in any such arbitration or judicial action, only if the
amount of the final award of Damages to Buyer by the arbitrator is equal to or
less than any amount offered in settlement to Buyer by Seller. If Seller does
not offer any amount in settlement or if the resolution of any such action
results in non-monetary damages, then Buyer and Seller shall split the fees and
expenses as provided above. Any controversy over whether a dispute is an
arbitrable dispute or as to the interpretation or enforceability of this
paragraph with respect to such arbitration shall be determined by the
arbitrator.

                  (d)      In a contractual claim under this Agreement, the
arbitrator shall have no authority to add, delete or modify any term of this
Agreement.

         10.11.   Third Party Beneficiaries. Except for Section 10.12, no
provision of this Agreement will create any third party beneficiary rights in
any Person, including any employee of Buyer or employee

                                       19
<PAGE>
or former employee of Brice or any Affiliate thereof (including any beneficiary
or dependent thereof).

         10.12.   Disclaimer of Representations and Warranties.

                  (a)      EXCEPT WITH RESPECT TO THE REPRESENTATIONS AND
WARRANTIES EXPRESSLY SET FORTH IN ARTICLE III OF THIS AGREEMENT (WHICH MAY BE
RELIED UPON BY BUYER), SELLER, BRICE AND THEIR RESPECTIVE AFFILIATES AND
REPRESENTATIVES MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO
BRICE, ITS BUSINESS OR ANY OF ITS ASSETS AND/OR LIABILITIES IN THIS AGREEMENT OR
ELSEWHERE. BUYER HAS RELIED ON ITS OWN EXAMINATION THEREOF IN ELECTING TO
ACQUIRE THE SHARES ON THE TERMS AND SUBJECT TO THE CONDITIONS SET FORTH IN THIS
AGREEMENT.

                  (b)      SELLER, BRICE AND THEIR RESPECTIVE AFFILIATES AND
REPRESENTATIVES, MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, WHETHER
OF MERCHANTABILITY, SUITABILITY, NONINFRINGEMENT OR FITNESS FOR A PARTICULAR
PURPOSE, OR QUALITY AS TO ANY OF BRICE'S ASSETS OR ANY PART OR ITEM THEREOF, OR
AS TO THE CONDITION, DESIGN OBSOLESCENCE, WORKING ORDER OR WORKMANSHIP THEREOF,
OR THE ABSENCE OF ANY DEFECTS THEREIN, WHETHER LATENT OR OTHERWISE, OR THE
TRANSFERABILITY THEREOF.

                  (c)      BUYER MAY NOT RELY UPON ANY PURPORTED STATEMENTS,
REPRESENTATIONS, WARRANTIES OR OMISSIONS MADE BY SELLER, BRICE OR ANY OF THEIR
RESPECTIVE AFFILIATES AND/OR REPRESENTATIVES UNLESS EXPRESSLY SET FORTH IN THIS
AGREEMENT.

                  (d)      BUYER AGREES THAT NONE OF THE AFFILIATES AND
REPRESENTATIVES OF SELLER OR BRICE SHALL HAVE ANY LIABILITY OR OBLIGATION TO
BUYER, AND BUYER HEREBY RELEASES AND DISCHARGES ALL OF THE AFFILIATES AND
REPRESENTATIVES OF SELLER OR BRICE FROM ANY AND ALL LIABILITIES OR OBLIGATIONS,
IN RESPECT OF ANY STATEMENT, REPRESENTATION, WARRANTY OR ASSURANCE OF ANY KIND
MADE BY ANY OF THEM, THEIR REPRESENTATIVES OR ANY OTHER PERSON, INCLUDING, BUT
NOT LIMITED TO, ANY STATEMENTS IN THE CONFIDENTIAL INFORMATION MEMORANDUM
PROVIDED TO BUYER OR ANY STATEMENT MADE DURING ANY PRESENTATIONS OR DUE
DILIGENCE.

                  (e)      THE DISCLAIMERS OF REPRESENTATIONS AND WARRANTIES AND
THE LIMITATIONS ON LIABILITIES OF SELLER MADE IN THIS AGREEMENT, AND BUYERS
ACKNOWLEDGEMENT AND AGREEMENT THERETO, EXTEND TO ALL CLAIMS OF EVERY NATURE AND
KIND WHATSOEVER, KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, EXISTING, CLAIMING
TO EXIST, OR WHICH MAY HEREINAFTER ARISE OUT OF OR RESULT FROM, BE CONNECTED
WITH, PERTAIN TO, OR RELATE IN

                                       20
<PAGE>
ANY WAY TO THE MATTERS SET FORTH IN THIS AGREEMENT, AND BUYER WAIVES THE
PROVISIONS OF SECTION 1542 OF THE CALIFORNIA CIVIL CODE. SECTION 1542 OF THE
CALIFORNIA CIVIL CODE PROVIDES AS FOLLOWS:

                  "A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
                  CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE
                  TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE
                  MATERIALLY AFFECTED HIS SETTLEMENT WITH DEBTOR."

                         [signatures on following page]

                                       21
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                 SELLER:

                                 DUCOMMUN INCORPORATED,
                                 a Delaware corporation

                                 By:     /s/ James S. Heiser
                                     ------------------------------------------
                                 Name:   James S. Heiser
                                      -----------------------------------------
                                 Its:    Vice President/Chief Financial Officer
                                     ------------------------------------------

                                 BUYER:

                                 TIMCO AVIATION SERVICES, INC.
                                 a Delaware corporation

                                 By:    /s/ C. Robert Campbell
                                     ------------------------------------------
                                 Name:  C. Robert Campbell
                                      -----------------------------------------
                                 Its:   Executive Vice President
                                     ------------------------------------------

                                       22

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