Document:

Exhibit 10 (j) 

AMENDMENT NO. 8 TO
AMENDED AND RESTATED CREDIT AGREEMENT 

        THIS
AMENDMENT NO. 8 TO AMENDED AND RESTATED CREDIT AGREEMENT, dated as of April 28, 2006,
amends and supplements the Amended and Restated Credit Agreement dated as of April 14,
2000, as amended to date (as so amended, the “Credit Agreement”), among Ladish
Co., Inc., a Wisconsin corporation (the “Company”), the financial institutions
party thereto (the “Lenders”) and U.S. Bank National Association (formerly
Firstar Bank, National Association), as agent for the Lenders (in such capacity, the
“Agent”). 

RECITAL 

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

AGREEMENTS 

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

        1.    Definitions
and References. Capitalized terms not defined herein have the           meanings
assigned in the Credit Agreement. Upon the satisfaction of the           conditions set
forth in section 4 below, all references to the Credit Agreement           contained in
the Loan Documents mean the Credit Agreement as amended by this           Amendment No. 8
to Amended and Restated Credit Agreement (“Amendment No.           8”). This
Amendment No. 8 is a Loan Document.  

        2.    Amendments
to Credit Agreement.  

            (a)              Section
1 is amended by inserting the defined term “Closing Date” to           appear
in proper alphabetical order therein:  

	 	        “Closing
Date” means April 14, 2000.  

            (b)              The
defined term “Revolving Note Maturity Date” in section 1 of the
          Credit Agreement is amended by deleting the date “July 19, 2006”          therein
and inserting “April 27, 2007” in its place.  

            (c)              Section
6.7 is amended in its entirety to read as follows:  

	 	        6.7  Limitations on Acquisitions, Advances and Investments.               Acquire
stock issued by a corporation, all or substantially all of the assets of
               any Person, an ownership interest in any limited liability company or any
               partnership or joint venture interest or make any loan, advance or
extension of                credit to any Person except (a) the purchase of United
States government                bonds and obligations; (b) extensions of credit to
customers in the                ordinary course of business of the Company or any
Subsidiary; (c) the                purchase of bank certificates of deposit issued
by a bank having a long-term                certificate of deposit rating of A or better
from Standard & Poor’s                Rating Services (or an equivalent rating
from another national rating agency),                (d) commercial paper with a maturity
not exceeding 90 days;                (e) investments of the Company in any
Subsidiary in existence on the                Closing Date, and loans and advances to
wholly owned Subsidiaries of the Company                and advances by any Subsidiary to
the Company or to another wholly owned                Subsidiary; (f) deposits in
deposit accounts at banks; (g) investments                in bank repurchase
agreements; (h) loans and advances to employees and                agents in the
ordinary course of business for travel and entertainment expenses                and
similar items; (i) partnership and joint ventures entered into in the
               ordinary course of business; (j) nonhostile acquisitions of the
assets or                100% of the stock or other ownership interest of a Person,
provided that (A) no                Default or Event of Default exists at the time of
such acquisition, (B) the                Company provides the Agent with a proforma
financial covenant compliance                certificate and supporting proforma
financial statements evidencing that the                Company will comply with all
financial covenants herein immediately following                the closing of each such
acquisition and (C) the Borrower will not make such an                acquisition for
total consideration in excess of $15,000,000 without the prior                consent of
the Majority Lenders; (k) the purchase by the Company of its                stock to
the extent permitted under section 6.1; and (l) advances and similar
               payments to foreign Subsidiaries to the extent permitted under
               section 6.16.  

X-3 

            (d)              Section
6.16 is amended in its entirety to read as follows:  

	 	        6.16
Limit on Advances. Make advances or similar payments to foreign Subsidiaries of
the Company in an aggregate amount in excess of $15,000,000 during the period from July
20, 2005 to the Revolving Note Maturity Date (excluding the advance or payment of
approximately $12,000,000 to fund the acquisition of HSW Zaklad Kuznia Matrycowa Sp. z
o.o.).  

        3.    Level
of Commitments; Modification of Percentages. The parties agree that           as of
the effective date of this Amendment No. 8:  

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

            (b)              The
Percentage and Revolving Loan Commitment of each Lender shall remain as set
          forth opposite its signature to this Amendment No. 8;  

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

            (d)              The
Percentage and Term Loan commitment of each Lender shall remain as set forth
          opposite its signature to this Amendment No. 8.  

        4.    Closing
Conditions. This Amendment No. 8 shall become effective upon its           execution
and delivery by the parties hereto and receipt by the Agent of:  

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

            (b)    Other
Documents. Such other documents relating to the transactions           contemplated
by this Amendment No. 8 as the Agent shall reasonably request.  

X-4 

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

            (a)              The
execution and delivery by the Company of this Amendment No. 8 and the
          performance by the Company under the Credit Agreement, as amended hereby, (i)
          are within its corporate power, (ii) have been duly authorized by all necessary
          corporate action on the part of the Company, (iii) do not violate any provision
          of the Articles of Incorporation or By-Laws of the Company, (iv) do not violate
          any provision of or constitute a default under any existing law, rule or
          regulation of any governmental authority or agency, any order or decision of
any           court binding upon the Company or the terms of any agreement, restriction
or           undertaking to which the Company is a party or by which it is bound or (v)
          require the approval or consent of the shareholders of the Company, any
          governmental body or authority or any other person or entity other than those
          which have been obtained and are in full force and effect; and  

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

        6.    Release
of Guaranty. The Agent and the Lenders hereby release Stowe           Machine Co.,
Inc., a Nevada corporation, Pacific Cast Technologies, Inc., a           Nevada
corporation, and Metallum Corporation, a Nevada corporation, Subsidiaries           of
the Company, from that certain Guaranty dated as of July 20, 2005 in favor of
          the Agent for the benefit of the Lenders.  

        7.    Costs
and Expenses. The Company agrees to pay, on demand, all costs and           expenses
(including reasonable attorneys’ fees and disbursements) paid or           incurred
by the Agent in connection with the negotiation, execution and delivery           of this
Amendment No. 8.  

        8.    Governing
Law. This Amendment No. 8 shall be governed by the laws of the           State of
Wisconsin.  

[intentionally left
blank] 

X-5 

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

			LADISH CO., INC.
	

 		BY:  Wayne E. Larsen
			        Its:  Vice President Law/Finance & Secretary
	
Revolving Loan
	Commitment	Percentage
	
$21,000,000.00	60%	U.S. BANK NATIONAL ASSOCIATION, as the Agent and a Lender
	

Term Loan		BY:  Jeffrey J. Janza
	Commitment		        Its:  Vice President
	$9,000,000.00	 	
	
Revolving Loan	Percentage	JPMORGAN CHASE BANK, N.A. (successor by merger to BANK ONE, NA),
	Commitment		as a Lender
	 	40%	
	
$14,000,000.00		BY:  James W. Engel
			        Its:  Vice President
	Term Loan
	Commitment
	
$6,000,000.00 	 	

 

X-6Exhibit 10 (o) 

LADISH CO., INC.  LONG-TERM INCENTIVE
AWARD PLAN 

1.    Purpose.
The purpose of this Ladish Co., Inc. Long-Term                Incentive Award Plan (the
“Plan”), effective as of January 1, 2006, is                (a) to provide an
incentive to and reward the key personnel of the Company for                their
material contribution to the continued growth and development of the
               Company and (b) to assist the Company in retaining and attracting
qualified                personnel upon whose efforts the future successful and
profitable operation of                its business is dependent.  

2.    Definitions.  

    a.        “Account” means
the account or accounts maintained pursuant to                Section 9(a) to receive the
interest of each Participant under the Plan.  

    b.        “Affiliate” means
each entity that is required to be included                in the Company’s
controlled group of corporations within the meaning of                Code Section
414(b), or that is under common control with the Company within the
               meaning of Code Section 414(c).  

    c.        “Award” means
an opportunity granted to a Participant to be                credited with incentive
compensation in accordance with the terms of this Plan                and the Participant’s
Award Letter.  

    d.        “Award
Letter” means, with respect to a Participant, the                document that
sets forth the performance goal established for the Plan Year and                the
percentage of the Participant’s Salary that will be awarded if such
               performance goal is met.  

    e.        “Cause” means,
in the reasonable judgment of the Committee, (i)                the willful and continued
failure by the Participant to substantially perform                his or her duties to
the Company or any Affiliate after written notification by                the Company,
(ii) the willful engaging by the Participant in conduct which is
               demonstrably injurious to the Company or any Affiliate, monetarily or
otherwise,                (iii) the engaging by the Participant in egregious misconduct
involving serious                moral turpitude, or (iv) the breach or violation by the
Participant of any                agreement with the Company, including any option or
award agreement delivered in                connection with grants and any
confidentiality agreement contained therein, or                any employment or
stockholders agreement. For purposes hereof, no act, or                failure to act, on
the Participant’s part shall be deemed                “willful” unless
done, or omitted to be done, by the Participant not                in good faith and
without reasonable belief that such action was in the best                interest of the
Company or Affiliate.  

    f.        “Change
of Control” shall occur on the date that:  

		    i.        Any
person (including an entity) or persons acting as a group:  

		    (1)        Acquires
“beneficial ownership” (as defined in Rule 13d-3 of the Rules
               and Regulations promulgated under the Securities Exchange Act of 1934, as
               amended) of more than fifty percent (50%) of the then outstanding shares
of                common stock of the Company (“Outstanding Company Stock”), or  

X-7 

		    (2)        Acquires
(or has acquired during the 12-month period ending on the date of the                most
recent acquisition by such person or persons) beneficial ownership of
               thirty-five (35%) of the outstanding voting securities of the Company
entitled                to vote generally in the election of directors (“Company
Voting                Securities”);  

		    ii.        A
majority of the Company’s Board of Directors on January 1, 2006 (the
               “Incumbent Board”) cease for any reason to constitute at least a
               majority of the Board during any 12-month period, provided that any
               individual becoming a director whose election or nomination for election
by the                Company’s shareholders was approved by a vote of at least a
majority of the                directors then comprising the Incumbent Board, shall be
considered as though                such individual were a member of the Incumbent Board;
or  

		    iii.        Any
person (including an entity) or more than one person acting as a group
               acquires (or has acquired during the 12-month period ending on the date of
the                most recent acquisition by such person or persons) assets from the
Company that                have a total gross fair market value equal to more than 50
percent of the total                gross fair market value of all of the assets of the
Company immediately prior to                such acquisition or acquisitions; provided
that no Change of Control                shall result from an acquisition by: (A) a
shareholder of the Company                (immediately before the asset transfer) in
exchange for or with respect to its                Company stock; (B) an entity 50% or
more of, respectively, the then total value                or total voting power of the
then outstanding stock is then owned by the                Company; (C) a person, or more
than one person acting as a group, that owns                directly or indirectly, 50%
or more of the Outstanding Company Stock or Company                Voting Securities; or
(D) an entity, at least 50% of the total value or voting                power of which is
owned, directly or indirectly, by a person described in clause                (C). For
purposes hereof, “gross fair market value” means the value of
               the assets without regard to any liabilities associated with such assets.  

	 	
All
determinations of whether persons are considered to be “beneficial owner(s)” or
“acting as a group” and any other determination regarding whether a Change of
Control has occurred shall be determined in a manner consistent with and intended to
comply with Code Section 409A.  

    g.        “Code” means
the Internal Revenue Code of 1986, as interpreted                by regulations and
rulings issued pursuant thereto, all as amended and in effect                from time to
time. Any reference to a specific provision of the Code shall be                deemed to
include reference to any successor provision thereto.  

X-8 

    h.        “Committee” means
the Compensation Committee of the Board of                Directors of the Company, or
any successor committee thereto.  

    i.        “Company” means
Ladish Co., Inc., a Wisconsin corporation, and                any successor thereto or
assignee thereof pursuant to Section 8.  

    j.        “Determination
Date” means, with respect to a particular Award,                the last day of
the Plan Year for which such Award was made.  

    k.        A
Participant shall be considered under “Disability” if he or
               she is unable, by reason of a medically determinable physical or mental
               impairment, to engage in any substantial gainful activity, which
condition, in                the opinion of a physician selected by the Committee, is
expected to have a                duration of not less than 120 days.  

    l.        “Participant” means
a manager or other highly compensated                employee of the Company or an
Affiliate who has been selected by the Committee                to receive an Award.  

    m.        “Plan
Year” means the fiscal year of the Company.  

    n.        “Retirement” of
a Participant shall mean the occurrence of a                Participant’s Separation
from Service for reasons other than death,                Disability or Cause after:  

		    i.        providing
at least five years of service to the Company and/or an Affiliate and
               attaining age 65; or  

		    ii.        solely
for Participants who are covered under the Company’s defined benefit
               pension plan, attaining age plus years of service totaling 90 or more.  

    For
purposes hereof, “service” shall be measured from the date of the
Participant’s hire with the Company and/or an Affiliate to the date of the
Participant’s Separation from Service, with each 12-consecutive month period counting
as one year of service. 

    o.                     “Salary” means,
with respect to a Participant’s Award, the           Participant’s base salary
as in effect on the last day of the Plan Year for           which the Award is made.  

    p.                     “Separation
from Service” means a Participant’s           termination of employment
from the Company and all Affiliates.  

    If
a Participant takes a leave of absence from the Company or an Affiliate for purposes of
military leave, sick leave or other bona fide leave of absence, the Participant’s
employment will be deemed to continue for the first six (6) months of the leave of
absence, or if longer, for so long as the Participant’s right to reemployment is
provided either by statute or by contract. If the period of the leave exceeds six (6)
months and the Participant’s right to reemployment is not provided by either statute
or contract, the Participant will be considered to have incurred a Separation from Service
on the first day of the seventh (7th) month of the leave of absence. 

X-9 

    If
a Participant provides insignificant services to the Company or an Affiliate, the
Participant will be deemed to have incurred a Separation from Service. For this purpose, a
Participant is not considered to be providing insignificant services if he or she provides
services at an annual rate of at least twenty percent (20%) of the services rendered by
such individual, on average, during the immediately preceding three (3) calendar years of
employment (or such lesser period of employment) and the annual remuneration for such
services is not less than twenty percent (20%) of the average annual remuneration earned
during the final three (3) full calendar years of employment (or such less period of
actual employment). 

    If
a Participant continues to provide services to the Company or an Affiliate in a capacity
other than as an employee, the Participant will not be deemed to have Separated from
Service if the Participant is providing services at an annual rate that is at least fifty
percent (50%) of the services rendered by such individual, on average, during the
immediately preceding three (3) calendar years of employment (or such lesser period of
employment) and the annual remuneration for such services is at least fifty percent (50%)
of the average annual remuneration earned during the final three (3) full calendar years
of employment (or such less period of employment). 

    q.                     “Valuation
Date” means each day when the United States           financial markets are open
for business, as of which the Committee will           determine the value of each
Account.  

3.    Grant
of Award. Prior to or within the first ninety (90)           days of a
Plan Year, the Committee shall (a) select those employees of the           Company or an
Affiliate who will be Participants for such year, (b) determine           the performance
goal for such year and which in any Plan Year shall be the same           goal for all
Participants, which shall be based on the pre-tax earnings for the           Company as
determined on a consolidated basis for such year and which in any           Plan Year
shall be the same goal for all Participants, and (c) designate the           award amount
(as a percentage or range of percentages of the Participant’s           Salary) that
will be credited if the performance goal for such year is met in           whole or part.
The Committee shall provide an Award Letter to each Participant           setting forth
the particular terms of such Participant’s Award. The           Committee’s
designation of a Participant in any Plan Year will not require           the Committee to
designate such person to receive an Award in any other Plan           Year.  

4.    Determination
of Award Amount. As soon as practicable after           the Determination
Date, the Committee shall calculate each Participant’s           award amount based
on the extent to which the performance goal for the Plan Year           was met. However,
only those Participants who are employed by the Company on the           Determination
Date for a Plan Year will be eligible to receive an award amount           for such year,
unless otherwise determined by the Committee. The award amount           shall be
credited to a sub-account maintained under the Participant’s           Account as of
the Determination Date for the Award.  

X-10 

5.    Vesting
of Sub-Accounts. A Participant shall vest in each           of his or her
sub-accounts during his or her employment with the Company and its           Affiliates
in accordance with the following schedule:  

	Percent of Sub-Account Vested	Date
	20%	Determination Date for such sub-account
	40%	1st anniversary of Determination Date
	60%	2nd anniversary of Determination Date
	80%	3rd anniversary of Determination Date
	100%	4th anniversary of Determination Date

If a Participant terminates
employment from the Company and its Affiliates prior to becoming one hundred percent
(100%) vested in a particular sub-account for any reason other than Cause, death,
Disability, or Retirement, the nonvested portion of such sub-account shall be forfeited.
If a Participant terminates employment from the Company and its Affiliates as a result of
death, Disability or Retirement, the Participant shall become one hundred percent (100%)
vested in his or her entire Account. If a Participant is terminated from employment for
Cause, the entire balance of the Participant’s Account, whether vested or non-vested,
shall be forfeited. 

Notwithstanding the foregoing, the
entire balance of a Participant’s Account shall become immediately and fully vested
on the date of a Change of Control if the Participant is employed by the Company or an
Affiliate immediately prior to the date of the Change of Control. 

6.    Payments.  

    a.           Distribution
of Sub-Account. Subject to the provisions of subsections           (b), (c) and (d),
the vested balance of each sub-account shall be paid to the           Participant as soon
as practicable following the earlier of the date of the           Participant’s
Separation from Service or on the January 1 following the           Plan Year in which
the sub-account becomes one hundred percent (100%) vested; provided that if the
Participant is a “specified employee”          within the meaning of Code
Section 409A on the date of his or her Separation           from Service, distribution of
the Participant’s vested Account shall be           delayed for six (6) months
following the date of such Separation from Service.  

    b.           Deferral
of Distribution. A Participant may elect prior to the first day           of a Plan
Year to have payment of all or a portion of his or her sub-account           that will be
created for such Plan Year deferred until his or her Separation           from Service or
a specific date selected by the Participant (which date must be           at least after
the date the sub-account becomes one hundred percent (100%)           vested) and to have
such sub-account distributed in a lump sum or in 5-year           annual installments. If
installments are selected, the first annual installment           will be paid on the
distribution date selected by the Participant and the           remaining annual
installments will be paid each January 1 thereafter.           Notwithstanding the
foregoing, if the Participant has selected his or her           Separation from Service
as the distribution date and such Participant is a           “specified employee” within
the meaning of Code Section 409A on the           date of his or her Separation from
Service, distribution shall be delayed for           six (6) months following the date of
such Separation from Service.The           election in effect on the last day of
the prior Plan Year shall be irrevocable           for the sub-account established for
the following Plan Year.  

X-11 

    Notwithstanding
the foregoing, pursuant to the transition relief provided in IRS Notice 2006-79, a
Participant may make a distribution election pursuant to this subsection (b) during 2007,
with respect to his or her 2006 and 2007 sub-accounts. The election in effect on December
31, 2007, shall be irrevocable for such sub-accounts. If, however, the Participant has a
Separation from Service in 2007 and his or her vested Account would otherwise be paid in
2007 under the rules described in subsection (a), such distribution election shall be
disregarded and the Participant’s vested Accounts shall be paid as provided in
subsection (a). 

    c.        Earlier
Distribution. Notwithstanding the foregoing, a distribution may                be
made prior to the date specified in subsection (a) or (b) above as follows:  

		    i.        If
an amount deferred under this Plan is required to be included in income under
               Code Section 409A prior to the date such amount is actually distributed, a
               Participant shall receive a distribution, in a lump sum as soon as
practicable                after the date the Plan fails to meet the requirements of Code
Section 409A, of                the amount required to be included in the Participant’s
income as a result                of such failure.  

		    ii.        If
all or any portion of a Participant’s vested Account is required to be
               paid pursuant to the terms of a domestic relations order (as defined in
Code                Section 414(p)(1)(B)), the Plan shall pay such amount to the
Participant’s                alternate payee in accordance with the terms of such
order.  

    d.        Form
of Distribution. All distributions under the Plan shall be made in a
               lump sum payment.  

7.    Investments of
Accounts. All funds paid into a                Participant’s Account
shall be invested as directed from time to time by                the Participant,
subject to any applicable laws. Neither the Company nor the                Committee
shall have any fiduciary or other responsibility with respect to the
               prudence or suitability of such investments, nor shall the Company or the
               Committee have any liability in the event the investment of funds in a
               Participant’s Account leads to loss of value.  

X-12 

8.    Successors and Assigns. 

    a.        Successors
and Assigns of Company. This Plan shall be binding upon and                inure to
the benefit of any successor(s) of the Company. The term                “successor” as
used herein shall include any person, firm,                corporation, or other business
entity which at any time, by merger,                consolidation, purchase or otherwise,
acquires all or substantially all of the                Company’s interests, assets
or business. No sale of substantially all of                the Company’s assets
shall be made without the buyer expressly assuming the                obligation of this
Plan, unless the Plan is terminated and all Accounts are paid                in
accordance with Section 11(b). The Company further agrees that it will
               not be a party to any merger, consolidation or reorganization unless and
until                its obligations hereunder are assumed by the successor or
successors.  

    b.        Successors
and Assigns of Participant. A Participant shall not have the                right to
assign, transfer, alienate, anticipate, pledge or encumber any portion                of
a payment due hereunder, except pursuant to a domestic relations order
               pursuant to Section 6(c), nor shall such amounts be subject to
seizure by                legal process by any creditor of a Participant. All rights of
the Participant                under this Plan and any Award shall inure to the benefit
of and be enforceable                by the Participant’s personal or legal
representatives, executors,                committees, heirs and beneficiaries. In the
event of the Participant’s                death, all amounts payable to the
Participant under this Plan, if the                Participant had lived, shall be paid
to the Participant’s estate.  

9.    Funding.
As soon as practicable following determination of                award amounts for each
Plan Year, such amount for each Participant shall be                paid, in cash, into a
“Rabbi trust” established for the purposes of                this or another
benefit plan, of which the Participant is the beneficiary, and                shall be
held and administered by the trustee thereof, subject to all the terms                and
conditions of the trust agreement. The Committee, in consultation with the
               Participant, may in its discretion direct payment of awards into different
Rabbi                trusts for the benefit of the Participant in different years.  

10.    Offset.
The Company shall have the right to offset from any                amount payable
hereunder any financial debt that a Participant owes to the                Company or any
Affiliate, including by way of example, a loan or the fair market                value of
any property of the Company or any Affiliate that the Participant is
               required to but does not return upon his or her termination of employment,
               without the consent of the Participant (or the Participant’s
               beneficiary(ies) or estate following Participant’s death).  

11.    Amendment or
Termination of Plan.  

    a.        Amendment.
Subject to the provisions of Code Section 409A, the Committee                may at any
time amend the Plan; provided, however, that no amendment may
               reduce or eliminate any Award that has been granted or reduce or eliminate
a                Participant’s Account balance accrued to the date of such amendment
(except                as such Account balance may be reduced as a result of investment
losses                allocable to such Account) without a Participant’s consent
except as                otherwise specifically provided herein.  

X-13 

    b.        Termination.
The Committee may terminate the Plan in accordance with the                following
provisions.  

		    i.        The
Committee may terminate the Plan within twelve (12) months of a corporate
               dissolution taxed under Code Section 331, or with the approval of a
bankruptcy                court pursuant to 11 U.S.C. §503(b)(1)(A), provided that
the vested amounts                accrued under the Plan are distributed to the
Participants, as applicable, in a                single sum payment, regardless of any
deferral election then in effect, in the                later of: (A) the calendar year
in which the Plan termination occurs or (B) the                first calendar year in
which payment is administratively practicable.  

		    ii.        The
Committee may terminate the Plan at any time within the period beginning
               thirty (30) days prior to and ending twelve (12) months following a Change
of                Control, provided all substantially similar arrangements of the
Company                and its Affiliates are also terminated. Upon termination of the
Plan under this                paragraph, all Accounts shall be paid in a lump sum as
soon as practicable                following the date of such termination.  

		    iii.        The
Committee may terminate the Plan at any other time. In such event, the
               vested balance of all Accounts will be distributed to all Participants in
a                single sum payment at least twelve (12), but no more than twenty-four
(24),                months after the date of termination, regardless of any deferral
election then                in effect. This provision shall not be effective unless all
other plans required                to be aggregated with this Plan under Code Section 409A
are also                terminated. Notwithstanding the foregoing, any payment that would
otherwise be                paid during the 12-month period beginning on the Plan
termination date pursuant                to the terms of the Plan shall be paid in
accordance with such terms. In                addition, the Company shall be prohibited
from adopting a new plan (that would                be required to be aggregated with
this Plan if it had remained in effect) within                five (5) years following
the date of the Plan’s termination, unless each                individual who is a
Participant hereunder is precluded from participating in                such new plan for
the five-year period following the Plan’s termination                date.  

12.    Administration.  

    a.        General.
The Committee shall have overall authority with respect to                administration
of the Plan. If at any time the Committee shall not be in                existence, then
all determinations shall be made by the Board of Directors of                the Company.
The Committee may, in its discretion, delegate any or all of its                authority
and responsibility to an officer or other employee of the Company. To                the
extent of any such delegation, any references to the Committee herein shall
               be deemed references to such delegee. If any delegee of the Committee
shall also                be a Participant, any determinations affecting the delegee’s
participation                in the Plan shall be made by the Committee.  

X-14 

    b.        Authority
and Responsibility of the Committee. In addition to the                authority
specifically provided herein, the Committee shall have the                discretionary
authority to take any action or make any determination it deems                necessary
for the proper administration of the Plan, including but not limited                to:
(i) prescribe rules and regulations for the administration of the Plan; and
               (ii) interpret and apply all of the Plan’s provisions, reconcile
               inconsistencies or supply omissions in the Plan’s terms.  

    c.        Authority
and Responsibility of the Company. The Company shall be                responsible
for the day-to-day administration of the Plan and to implement the
               Committee’s decisions, subject to the Committee’s overall
authority.                Such responsibility shall include, but not be limited to: (i)
prescribing rules                and regulations for the administration of the Plan; (ii)
prescribing forms for                use under the Plan; (iii) maintaining the Plan’s
records; (iv) making                appropriate determinations, including factual
determinations, and calculations;                and (v) preparing all reports required
by law. The Company may engage                third-parties, such as recordkeepers, to
assist the Company in its                administrative duties.  

    d.        Decisions
Binding. The Committee’s determinations shall be final and
               binding on all parties with an interest hereunder.  

    e.        Claims
Procedures.  

		    i.        Initial
Claim. If a Participant (the “claimant”) believes that                he or
she is entitled to a distribution under the Plan that is not provided, the
               claimant or his legal representative shall file a written claim for such
benefit                with the Committee no later than 90 days after receiving the
distribution of his                or her Account (or any sub-account) with respect to
which the claim relates. The                Committee shall review the claim within 90
days following the date of receipt of                the claim; provided that the
Committee may determine that an additional                90-day extension is necessary
due to circumstances beyond the Committee’s                control, in which event
the Committee shall notify the claimant prior to the end                of the initial
period that an extension is needed, the reason therefor and the                date by
which the Committee expects to render a decision. If the claimant’s
               claim is denied in whole or part, the Committee shall provide written
notice to                the claimant of such denial. The written notice shall include:
the specific                reason(s) for the denial; reference to specific Plan
provisions upon which the                denial is based; a description of any additional
material or information                necessary for the claimant to perfect the claim
and an explanation of why such                material or information is necessary; and a
description of the Plan’s                review procedures (as set forth in clause
(ii)) and the time limits applicable                to such procedures, including a
statement of the claimant’s right to bring                a civil action under
Section 502(a) of ERISA following an adverse determination                upon review.  

X-15 

		    ii.        Request
for Appeal. The claimant has the right to appeal the                Committee’s
decision by filing a written appeal to the Committee within 60                days after
the claimant’s receipt of the decision or deemed denial. The                claimant
will have the opportunity, upon request and free of charge, to have
               reasonable access to and copies of all documents, records and other
information                relevant to the claimant’s appeal. The claimant may
submit with the appeal                written comments, documents, records and other
information relating to his                appeal. The Committee will review all
comments, documents, records and other                information submitted by the
claimant relating to the claim, regardless of                whether such information was
submitted or considered in the initial claim                determination. The Committee
shall make a determination on the appeal within 60                days after receiving
the claimant’s written appeal; provided that                the Committee may
determine that an additional 60-day extension is necessary due                to
circumstances beyond the Committee’s control, in which event the
               Committee shall notify the claimant prior to the end of the initial period
that                an extension is needed, the reason therefor and the date by which the
Committee                expects to render a decision. If the claimant’s appeal is
denied in whole                or part, the Committee shall provide written notice to the
claimant of such                denial. The written notice shall include: the specific
reason(s) for the denial;                reference to specific Plan provisions upon which
the denial is based; a                statement that the claimant is entitled to receive,
upon request and free of                charge, reasonable access to and copies of all
documents, records, and other                information relevant to the claimant’s
claim; and a statement of the                claimant’s right to bring a civil
action under Section 502(a) of ERISA. If                the claimant does not receive a
written decision within the time period(s)                described above, the appeal
shall be deemed denied on the last day of such                period(s).  

		    iii.        ERISA
Fiduciary. For purposes of ERISA, the Committee shall be considered
               the named fiduciary and the plan administrator for the Plan.  

13.    Miscellaneous. 

    a.        Employment.
The adoption of the Plan shall not confer upon a Participant                any right to
continued employment or service with the Company or any Affiliate,                nor
shall it interfere in any way with the right of the Company or any Affiliate
               to terminate the employment or service of the Participant at any time for
any                reason.  

    b.        Severability.
If, for any reason, any one or more of the provisions or                part of a
provision contained in this Plan or any Award Letter shall be held to                be
invalid, illegal or unenforceable in any respect, such invalidity, illegality
               or unenforceability shall not affect any other provision or part of a
provision                of this Plan or the Award Letter, as applicable, not held so
invalid, illegal or                unenforceable, and each other provision or part of a
provision shall to the full                extent consistent with law continue in full
force and effect.  

X-16 

    c.        Withholding.
The Company shall be entitled to withhold from amounts to be                paid to a
Participant under this Plan or from any other compensation payable to                the
Participant by the Company or any Affiliate any federal, state or local
               withholding or other taxes or charges which it is from time to time
required to                withhold with respect to Awards or Accounts. In addition, if
prior to the date                of distribution of any amount hereunder, the Federal
Insurance Contributions Act                (FICA) tax imposed under Code Sections 3101,
3121(a) and 3121(v)(2), where                applicable, becomes due, the Participant’s
Account balance shall be reduced                by the amount needed to pay the
Participant’s portion of such tax.  

    d.        Governing
Law; Venue; Limitations on Actions. This Plan and any Award                granted
hereunder shall be governed by and construed and interpreted in                accordance
with the laws of the State of Wisconsin, without reference to                conflict of
law principles thereof. The parties consent to the exclusive                jurisdiction
and venue of any court of competent jurisdiction sitting within the                State
of Wisconsin, County of Milwaukee with respect to any dispute arising out
               of or relating to this Plan or any Award. Any action or other legal
proceeding                with respect to the Plan may be brought only after the claims
and appeals                procedures of Section 12(d) are exhausted and only within the
period ending on                the earlier of (1) one year after the date claimant
receives notice of a denial                upon appeal (or the appeal is deemed denied)
under Section 12(d)(ii), or (2) the                expiration of the applicable statute
of limitations period under applicable                federal or state law.  

    e.        No
Waiver. No waiver by the Company or the Participant at any time of any
               breach by the other party of, or compliance with, any condition or
provision of                this Plan to be performed by the other party shall be deemed
a waiver of similar                or dissimilar provisions or conditions at the same
time or any prior or                subsequent time.  

    f.        Headings.
The headings contained are for reference only and shall not                affect the
meaning or interpretation of any provision of this Plan.  

X-17 

Sample Award Letter 

[Date]
Employee Name
Address
City State
Zip  

Dear _______: 

In accordance with the terms and
conditions of the Ladish Co., Inc. Long-Term Incentive Award Plan (the “Plan”),
you have been granted an Award as outlined below. 

	Granted to:	Employee Name
		Social Security Number
	
For Plan Year:	200___
	
Performance Goal:	_____________ Dollars ($____________)
	
Potential Award Amount	_____ % of Salary
	
Vesting Schedule:	See Plan

By my signature below, I hereby
acknowledge receipt of this Award Letter, which is made pursuant to the terms and
conditions of the Plan. I further acknowledge receipt of a copy of the Plan, and I agree
to comply with all of the terms and conditions of the Plan. 

	Employee Signature_____________________________	Date:____________________
	                                         Employee Name Printed	

Please return one
signed copy before ___________, 200___ to _________. Retain the other copy for your
personal records. 

X-18

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