Document:

Exhibit 10(a) 

EXECUTION COPY 

LADISH CO., INC. 

SERIES B TERMS
AGREEMENT TO NOTE PURCHASE AGREEMENTS 

Dated as of May 16, 2006 

			
		Re:	$40,000,000 6.14% Senior Notes, Series B,        
                      
			Due May 16, 2016        
                      

TABLE OF CONTENTS 

(Not a part of this
Series B Terms Agreement) 

	SECTION	HEADING        	PAGE 
	
1.	AUTHORIZATION OF SERIES B NOTE	1 
	
2.	SALE AND PURCHASE OF SERIES B NOTES	1 
	
3.	CLOSING	2 
	
4.	USE OF PROCEEDS	2 
	
5.	REPAYMENT PROVISIONS GENERALLY	2 
	
6.	INCORPORATION OF AGREEMENT	2 
	
7.	CONDITIONS TO CLOSING	2 
	
8.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY	3 
	
9.	REQUIRED PREPAYMENTS	3 
	
10.  	MAKE-WHOLE AMOUNT FOR THE SERIES B NOTES	3 
	
11. 	REPRESENTATIONS AND WARRANTIES OF THE SERIES B PURCHASERS	5 
	
12.  	GOVERNING LAW	5 

SCHEDULE A  —  Series B Purchaser
Information  

EXHIBIT 1        —   Form of 6.14% Senior
Note, Series B, due May 16, 2016 

EXHIBIT A       —   Supplemental
Representations and Warranties 

	 	
-
SCHEDULE 5.4    —     Subsidiaries, Affiliates, Directors and Officers 

	 	
-
SCHEDULE 5.5    —     Financial Statements 

	 	
-
SCHEDULE 5.15  —    Indebtedness 

EXHIBIT B-1  —     Conformed copy of
Note Purchase Agreements dated as of July 20, 2001 

EXHIBIT B-2  —     Conformed copy of
First Amendment dated as of May 15, 2006, to Note Purchase Agreements 

SERIES B TERMS
AGREEMENT 

        THIS
Series B Terms Agreement made and entered into as of this 16th day of May, 2006 (this
“Series B Terms Agreement”), by and between LADISH CO., INC., a Wisconsin
corporation (the “Company”), and each of the Purchasers named in
Schedule A hereto (the “Series B Purchasers”), respectively; 

        WHEREAS,
the Company and the respective purchasers listed on Schedule A thereto have entered
into the separate and several Note Purchase Agreements, each dated as of July 20, 2001, as
amended by a First Amendment thereto dated as of May 15, 2006 (as so amended, the
“Original Agreement”), conformed copies of each of which are attached
hereto as Exhibits B-1 and B-2, respectively (and as such Original Agreement is further
amended or supplemented from time to time, the “Agreement”); and 

        WHEREAS,
the Company desires to issue and sell, and the Series B Purchasers desire to purchase, an
additional series of unsecured promissory notes (Series B) in accordance with the terms
specified below; 

        NOW,
THEREFORE, subject to compliance with all of the closing conditions of Section 4 of the
Agreement, the parties signatory hereto agrees as follows: 

         1.       
          Authorization of Series B Notes. The Company will authorize the issuance
          and sale of $40,000,000 aggregate principal amount of its 6.14% Senior Notes,
          Series B, due May 16, 2016 (the “Series B Notes”), to be dated
          the date of issue, to bear interest from such date at the rate of 6.14% per
          annum, payable semi-annually, on the 16th day of each May and November in each
          year (commencing November 16, 2006) and at maturity and to bear interest on
          overdue principal (including any overdue prepayment of principal) and premium,
          if any, and (to the extent legally enforceable) on any overdue installment of
          interest at the rate per annum from time to time equal to the greater of
          (i) 8.14% or (ii) 2% over the rate of interest publicly announced by
          U.S. Bank National Association from time to time in Milwaukee, Wisconsin as its
          “base” or “prime” rate. The Series B Notes will mature on
          May 16, 2016 and will be substantially in the form of Exhibit 1 attached to this
          Series B Terms Agreement. The term “Series B Note” as used herein
          shall include any and all of the 6.14% Series B Notes delivered pursuant to
          this Series B Terms Agreement and any Series B Notes issued in substitution
          therefor pursuant to Section 13 of the Agreement. 

         2.       
          Sale and Purchase of Series B Notes. The Company will issue and sell to
          the Series B Purchasers, and the Series B Purchasers will purchase from the
          Company on the Closing Date (as hereinafter defined), the Series B Notes of the
          Company in the aggregate principal amount set forth opposite their respective
          names on Schedule A attached hereto as a price of 100% of the principal amount
          thereof. 

		
	Ladish Co., Inc.	Series B Terms Agreement
		to Note Purchase Agreements

         3.       
          Closing. Delivery of the Series B Notes will be made at the offices of
          Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603 against
          payment therefor in Federal or other funds current and immediately available for
          credit to the Company’s account at JPMorgan Chase Bank, N.A., 111 East
          Wisconsin Avenue, Milwaukee, Wisconsin, Acct. No. 020717166 (ABA routing number
          021000021), in the amount of the purchase price determined in accordance with
          Section 2 above not later than 10:00 A.M. Chicago time, on May 16, 2006 or such
          earlier or later date (but in any event not later than May 18, 2006) as the
          Company and the Series B Purchasers shall mutually agree upon (the
          “Closing Date”). If on the Closing Date the Company shall fail
          to tender such Series B Notes to any Series B Purchaser as provided above
          in this Section 3, or any of the conditions specified in Section 7
          hereof shall not have been fulfilled to any Series B Purchaser’s
          satisfaction, such Series B Purchaser shall, at such Series B Purchaser’s
          election, be relieved of all further obligations under this Series B Terms
          Agreement, without thereby waiving any rights such Series B Purchaser may have
          by reason of such failure or such nonfulfillment. 

         4.       
          Use of Proceeds. The proceeds from the sale of the Series B Notes will be
          used to refinance existing bank indebtedness and for general corporate purposes. 

         5.       
          Repayment Provisions Generally. Unless otherwise specified herein to the
          contrary, the Company shall repay the Series B Notes in accordance with the
          repayment provisions of the Agreement and shall be subject to the mandatory and
          optional repayment provisions of the Agreement. 

         6.       
          Incorporation of Agreement. This Series B Terms Agreement hereby
          incorporates by reference all other provisions of the Agreement, except to the
          extent in conflict with any of the provisions of this Series B Terms Agreement,
          as though all of such provisions were set forth herein. Each Series B Purchaser,
          severally, and the Company agree that such Series B Purchaser shall have a
          separate Agreement with the Company in the form attached hereto as Exhibit B, as
          supplemented by the terms and provisions of this Series B Terms Agreement,
          including all schedules and exhibits hereto. All capitalized terms used herein
          and not defined herein shall have the meaning assigned to them in the Agreement. 

         7.       
          Conditions to Closing. Each Series B Purchaser’s obligation to
          purchase and pay for the Series B Notes to be sold to it on the Closing Date is
          subject to the fulfillment to its satisfaction, prior to or on the Closing Date,
          of the conditions set forth in Section 4 of the Agreement, (A) except that all
          references to “Purchaser” therein shall be deemed to refer to the
          Series B Purchasers hereunder, all references to “this Agreement”
          shall be deemed to refer to the Agreement as supplemented by this Series B Terms
          Agreement, all references to “Notes” or “Series A Notes”
          therein shall be deemed to refer to the Series B Notes and all references to the
          “Memorandum” therein shall be deemed to refer to the Memorandum as
          defined in Exhibit A hereto, and (B) except that the representations and
          warranties set forth in Section 5 of the Agreement shall be modified as
          provided in Section 8 hereof, and to the following additional conditions: 

- 2 - 

		
	Ladish Co., Inc.	Series B Terms Agreement
		to Note Purchase Agreements

		    (a)                    the
First Amendment dated as of May 15, 2006, referred to in the first recital
               of this Terms Agreement shall have been executed by the Company and the
holders                of the Series A Notes and shall be in full force and effect, and
the terms                thereof shall be satisfactory to the Series B Purchasers.  

		    (b)                     Any
guaranty by a Subsidiary or any other Affiliate of the Company with respect
               to the Company’s obligations under its Amended and Restated Credit
               Agreement among the Company, U.S. Bank National Association (formerly
known as                Firstar Bank, National Association), as agent, and the lender
parties thereto,                dated as of April 14, 2000, as amended, shall have been
released and no longer                in force or effect, and satisfactory evidence
thereof shall have been provided                to the Series B Purchasers.  

         8.       
          Representations and Warranties of the Company. With respect to each of
          the representations and warranties contained in Section 5 of the Agreement,
          the Company represents and warrants to the Series B Purchasers that, as of the
          date hereof, such representations and warranties are true and correct
          (A) except that all references to “Purchaser” therein shall be
          deemed to refer to the Series B Purchasers hereunder, all references to
          “this Agreement” shall be deemed to refer to the Agreement as
          supplemented by this Series B Terms Agreement, and all references to
          “Notes” or “Series A Notes” therein shall be deemed to refer
          to the Series B Notes, and (B) except for changes to such representations
          and warranties or the Schedules referred to therein, which changes are set forth
          in the attached Exhibit A. 

         9.       
          Required Prepayments. On May 16, 2010 and on each May 16 thereafter to
          and including May 16, 2015 the Company will prepay $5,714,286 principal amount
          (or such lesser principal amount as shall then be outstanding) of the Series B
          Notes at par and without payment of the Make-Whole Amount or any premium,
          provided that upon any partial prepayment of the Series B Notes pursuant
          to Section 8.2 of the Agreement or purchase of the Series B Notes permitted
          by Section 8.5 of the Agreement, the principal amount of each required
          prepayment of the Series B Notes becoming due under this Section 9 of this
          Series B Terms Agreement on and after the date of such prepayment or purchase
          shall be reduced in the same proportion as the aggregate unpaid principal amount
          of the Series B Notes is reduced as a result of such prepayment or purchase. The
          principal amount of the Series B Notes to be prepaid pursuant to this Section 9
          shall be allocated among all of the Series B Notes at the time outstanding in
          proportion, as nearly as practicable, to the respective unpaid principal amounts
          thereof not theretofore called for prepayment. 

         10.       
          Make-Whole Amount for the Series B Notes. As used in this Series B Terms
          Agreement and the Agreement with respect to any Series B Note, the term
          “Make-Whole Amount” means, solely with respect to such Series B
          Note, an amount equal to the excess, if any, of the Discounted Value of the
          Remaining Scheduled Payments with respect to the Called Principal of such Series
          B Note over the amount of such Called Principal, provided that the
          Make-Whole Amount may in no event be less than zero. For the purposes of
          determining the Make-Whole Amount for any Series B Note, the following terms
          have the following meanings: 

- 3 - 

		
	Ladish Co., Inc.	Series B Terms Agreement
		to Note Purchase Agreements

	 	        “Called
Principal” means, with respect to any Series B Note, the principal of such
Series B Note that is to be prepaid pursuant to Section 9(c) of this Series B Terms
Agreement or has become or is declared to be immediately due and payable pursuant to
Section 12.1 of the Agreement, as the context requires.  

	 	        “Discounted
Value” means, with respect to the Called Principal of any Series B Note, the
amount obtained by discounting all Remaining Scheduled Payments with respect to such
Called Principal from their respective scheduled due dates to the Settlement Date with
respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the
Series B Notes is payable) equal to the Reinvestment Yield with respect to such Called
Principal.  

	 	        “Reinvestment
Yield” means, with respect to the Called Principal of any Series B Note, .50%
over the yield to maturity implied by (i) the yields reported, as of 10:00 A.M. (New
York City time) on the second Business Day preceding the Settlement Date with respect to
such Called Principal, on the display designated as “Page PX1” (or such
other display as may replace Page PX1) on Bloomberg Financial Markets (“Bloomberg”)
or, if Page PX1 (or its successor screen on Bloomberg) is unavailable, the Telerate
Access Service screen which corresponds most closely to Page PX1 for the most recently
issued actively traded U.S. Treasury securities having a maturity equal to the Remaining
Average Life of such Called Principal as of such Settlement Date, or (ii) if such
yields are not reported as of such time or the yields reported as of such time are not
ascertainable (including by way of interpolation), the Treasury Constant Maturity Series
Yields reported, for the latest day for which such yields have been so reported as of the
second Business Day preceding the Settlement Date with respect to such Called Principal,
in Federal Reserve Statistical Release H.15 (519) (or any comparable successor
publication) for U.S. Treasury securities having a constant maturity equal to the
Remaining Average Life of such Called Principal as of such Settlement Date. Such implied
yield will be determined, if necessary, by (a) converting U.S. Treasury bill
quotations to bond-equivalent yields in accordance with accepted financial practice and
(b) interpolating linearly between (1) the applicable U.S. Treasury security
with the maturity closest to and greater than the Remaining Average Life and (2) the
applicable U.S. Treasury security with the maturity closest to and less than the
Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal
places as appears in the interest rate of the applicable Series B Note.  

	 	        “Remaining
Average Life” means, with respect to any Called Principal, the number of years
(calculated to the nearest one-twelfth year) obtained by dividing (i) such Called
Principal into (ii) the sum of the products obtained by multiplying (a) the
principal component of each Remaining Scheduled Payment with respect to such Called
Principal by (b) the number of years (calculated to the nearest one-twelfth year)
that will elapse between the Settlement Date with respect to such Called Principal and
the scheduled due date of such Remaining Scheduled Payment.  

- 4 - 

		
	Ladish Co., Inc.	Series B Terms Agreement
		to Note Purchase Agreements

	 	        “Remaining
Scheduled Payments” means, with respect to the Called Principal of any Series B
Note, all payments of such Called Principal of such Series and interest thereon that
would be due after the Settlement Date with respect to such Called Principal if no
payment of such Called Principal were made prior to its scheduled due date, provided that
if such Settlement Date is not a date on which interest payments are due to be made under
the terms of the Series B Notes of such Series, then the amount of the next succeeding
scheduled interest payment will be reduced by the amount of interest accrued to such
Settlement Date and required to be paid on such Settlement Date pursuant to Section 9(c)
of this Series B Terms Agreement or Section 12.1 of the Agreement.  

	 	        “Settlement
Date” means, with respect to the Called Principal of any Series B Note, the date
on which such Called Principal is to be prepaid pursuant to Section 9(c) of this
Series B Terms Agreement or has become or is declared to be immediately due and payable
pursuant to Section 12.1 of the Agreement, as the context requires.  

         11.       
          Representations and Warranties of the Series B Purchasers. Each Series B
          Purchaser represents and warrants that the representations and warranties set
          forth in Section 6 of the Agreement are true and correct on the date hereof
          with respect to the purchase of the Series B Notes by such Series B
          Purchaser. 

         12.       
          Governing Law. This Series B Terms Agreement shall be governed by and
          construed in accordance with the laws of the State of Wisconsin, excluding
          choice-of-law principles of the law of such State that would require the
          application of the laws of a jurisdiction other than such State 

[Signature Page Follows] 

- 5 - 

		
	Ladish Co., Inc.	Series B Terms Agreement
		to Note Purchase Agreements

        The
execution of this Series B Terms Agreement shall constitute a contract between the Company
and the Series B Purchasers for the uses and purposes hereinabove set forth, and this
Series B Terms Agreement may be executed in any number of counterparts, each executed
counterpart constituting an original but all together only one agreement. 

		
		LADISH CO., INC.
		

By /s/ Wayne E. Larsen
		       Name: Wayne E. Larsen
		       Title:   Vice President & Secretary

- 6 - 

		
	Ladish Co., Inc.	Series B Terms Agreement
		to Note Purchase Agreements

Accepted as of the date first written
above. 

		
		TEACHERS INSURANCE AND ANNUITY
    ASSOCIATION OF AMERICA
		

By /s/ Lisa M. Ferraro
		       Name: Lisa M. Ferraro
		       Title:   Director

- 7 - 

		
	Ladish Co., Inc.	Series B Terms Agreement
		to Note Purchase Agreements

Accepted as of the date first written above. 

		
		FIRST GREAT-WEST LIFE & ANNUITY
    INSURANCE COMPANY
		

By /s/ Eve Hampton
		       Name: Eve Hampton
		       Title:   Vice President, Investments
		

By /s/ B. G. Masters
		       Name: B. G. Masters
		       Title:   Assistant Vice President, Investments

- 8 - 

		
	Ladish Co., Inc.	Series B Terms Agreement
		to Note Purchase Agreements

Accepted as of the date first written above. 

		
		LONDON LIFE INSURANCE COMPANY
		

By /s/ W. J. Sharman
		       Name: William J. Sharman
		       Title:   Authorized Signatory
		
By /s/ Dave Ayers
		       Name: Dave Ayers
		       Title:   Authorized Signatory

- 9 - 

INFORMATION RELATING
TO SERIES B PURCHASERS 

	

NAME AND ADDRESS OF SERIES B PURCHASER	PRINCIPAL AMOUNT OF

SERIES B NOTES TO BE PURCHASED

	
TEACHERS INSURANCE AND ANNUITY ASSOCIATION	$25,000,000
	OF	
	  AMERICA	
	730 Third Avenue	
	New York, New York 10017	

Payments 

All payments on or in respect of the
Series B Notes shall be made in immediately available funds on the due date by electronic
funds transfer, through the Automated Clearing House System, to: 

	 	
JPMorgan
Chase Bank, N.A.
ABA# 021-000-021
Account Number: 900-9-000200
Account Name: Teachers
Insurance and Annuity Association of America
For Further Credit to
the Account Number: G07040
Reference: PPN: 505754B*1/Ladish Co., Inc.
Maturity Date: May 16, 2016/6.14%/P&I Breakdown 

Payment Notices 

All notices with respect to payments
and prepayments of the Series B Notes shall be sent to: 

	 	
Teachers
Insurance and Annuity Association of America
730 Third Avenue
New
York, New York 10017
Attention: Securities Accounting Division
Phone:
(212) 916-4109
Facsimile: 
(212) 916-6955

With
a copy to:

JPMorgan
Chase Bank, N.A.
P.O. Box 35308
Newark, New Jersey 07101 

SCHEDULE A
(to Series B Terms
Agreement) 

Contemporaneous written confirmation
of any electronic funds transfer shall be sent to the above addresses setting forth (1)
the full name, private placement number, interest rate and maturity date of the Series B
Notes, (2) allocation of payment between principal, interest, Make-Whole Amount, other
premium or any special payment and (3) the name and address of the bank from which such
electronic funds transfer was sent. 

All notices and communication,
including notices with respect to payments and prepayments, shall be delivered or mailed
to: 

	 	
Teachers
Insurance and Annuity Association of America
730 Third Avenue
New York, New York 10017
Attention:
Fixed Income and Real Estate
Phone:        (212) 916-6547 (Lisa Ferraro)

                    (212) 916-4000 (General
Number)
Facsimile:   (212) 916-6140  

Name of Nominee in which Notes are
to be issued:  None 

Taxpayer I.D. Number of Nominee:
 13-1624203 

Physical delivery of
Series B Notes: 

	 	
JPMorgan
Chase Bank, N.A.
4 New York Plaza
Ground Floor Window
New York, New York 10004
For TIAA A/C
#G07040 

A- 2 - 

	NAME AND ADDRESS OF PURCHASER	PRINCIPAL AMOUNT OF

NOTES TO BE PURCHASED
	
FIRST GREAT-WEST LIFE & ANNUITY INSURANCE	$7,500,000
	COMPANY	
	c/o Great-West Life & Annuity Insurance Company	
	8515 East Orchard Road, 3T2	
	Greenwood Village, Colorado 80111-5037	

Payments 

All payments shall be made by wire
transfer as follows:  

	 	
The
Bank of New York
ABA #
021-000-018
BKofNYC/CTR/BBK=IOC566
P
& I Department – First Great-West Life & Annuity # 235207 

	Special Instructions:  	
 1) security description (PPN #),
2) allocation of payment
between principal and interest, and
3) confirmation of principal
balance. 

Notices 

All notices of payments to be sent
to: 

	 	
The
Bank of New York
Institutional Custody Department, 14th Floor
One Wall Street
New
York, New York 10286
Telecopier: 212.635.8844  

All notices for other
Communications/Financial Statements, Trustee Reports, etc. to be sent to: 

	 	
First
Great-West Life & Annuity Insurance Company
c/o Great-West Life & Annuity
Insurance Company
Attention: Investments Division
8515 East Orchard Road, 3T2
Greenwood
Village, Colorado 80111-5037
Telecopier: 303.737.6193  

A- 3 - 

Name of Nominee in which Notes are
to be issued:  Hare & Co. 

Taxpayer I.D. Number of Nominee:
 13-6062916 

Securities should be
delivered to: 

	 	
The
Bank of New York
3rdFloor, Window A
One Wall Street
New York, New York 10286
Attention:
Receive/Deliver Department – First Great-West Life & Annuity #235207 

A- 4 - 

	NAME AND ADDRESS OF PURCHASER	PRINCIPAL AMOUNT OF

NOTES TO BE PURCHASED
	
LONDON LIFE INSURANCE COMPANY	$7,500,000 
	Great-West Life Centre
	100 Osborne Street North
	Winnipeg, Manitoba
	Canada  R3C 3A5

Payments 

All payments shall be made by wire
transfer as follows [USD wire payments paid through the USA (CHIPS or Fedwire)]: 

	 	 Pay Through: 	
                      Wachovia Bank NA 
                                            New
York
                                             SWIFT Code:       PNBPUS3NNYC

                                            Fed Routing:      026005092

	 	Intermediary Institution:	Bank of Montreal
SWIFT
BIC Address:         BOFMCAT2FXM

                                            ACCOUNT No.:      2000192009836

                                            CHIPS UID:                 192531

	 	Account with
Institution: 	  Bank of Montreal
335 Main Street, Winnipeg, Manitoba, Canada R3C 2R6
Canadian
Direct Payment Routing Number: 000105797
   Bank of Montreal:   0001
   Branch Transit
Number:  05797 

	 	 Beneficiary: 	Transit
No. & Account No.:  05794700026
 London Life Insurance Company
 100 Osborne Street
North
                                             Winnipeg, Manitoba, Canada R3C 3A5

	Special Instructions:  	
  1) security description (PPN #),
2) allocation of payment between principal and interest,
and
 3) confirmation of principal balance.

A- 5 - 

Notices 

All notices of payments to be sent
to: 

	 	
Bank
of Montreal
335 Main Street
Winnipeg, Manitoba
Canada R3C 2R6
Facsimile:
204.985.2123 

All notices for other
Communications/Financial Statements, Trustee Reports, etc. to be sent to: 

	 	
London Life Insurance Company
Great-West Life Centre
100 Osborne Street North
Winnipeg, Manitoba

Canada R3C 3A5
Attention: Securities
Administration – 2C
Facsimile: 204.946.8395 

Name of Nominee in which Notes are
to be issued:  None 

Taxpayer I.D. Number: NA  

Securities should be
delivered to: 

	 	
London
Life Insurance Company
Great-West Life Centre
100 Osborne Street North
Winnipeg, Manitoba

Canada R3C 3A5
Attention:
Securities Administration – 2C 

A- 6 - 

[FORM OF SERIES B NOTE] 

LADISH CO., INC. 

6.14% SENIOR NOTE, SERIES
B, DUE MAY 16, 2016 

		
	No. RB- [______]	May 16, 2006 
	$[____________]	PPN 505754 B* 1 

        FOR
VALUE RECEIVED, the undersigned, LADISH CO., INC. (herein called the
“Company”), a corporation organized and existing under the laws of the
State of Wisconsin, hereby promises to pay to [________________], or registered assigns,
the principal sum of [________________] DOLLARS on May 16, 2016, with interest (computed
on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance
thereof at the rate of 6.14% per annum from the date hereof, payable semiannually, on the
16th day of May and November in each year, commencing with the May or November next
succeeding the date hereof, until the principal hereof shall have become due and payable,
and (b) to the extent permitted by law on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest and any overdue payment of any
Make-Whole Amount applicable to the Series B Notes, payable semiannually, as aforesaid
(or, at the option of the registered holder hereof, on demand), at a rate per annum from
time to time equal to the greater of (i) 8.14% or (ii) 2% over the rate of
interest publicly announced by U.S. Bank National Association from time to time in
Milwaukee, Wisconsin as its “base” or “prime” rate. 

        Payments
of principal of, interest on and any Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at U.S. Bank National Association in
Milwaukee, Wisconsin or at such other place as the Company shall have designated by
written notice to the holder of this Note as provided in the Note Purchase Agreements
referred to below. 

        This
Note is one of a series of Senior Notes (herein called the “Notes”)
issued pursuant to the separate and several Note Purchase Agreements, each dated as of
July 20, 2001 (as amended and supplemented from time to time, including as amended by the
First Amendment dated as of May 15, 2006, and supplemented by the Series B Terms Agreement
dated as of May 16, 2006, collectively, the “Note Purchase Agreements”),
between the Company and the respective institutional holders named therein and is entitled
to the benefits thereof. Each holder of this Note will be deemed, by its acceptance
hereof, (i) to have agreed to the confidentiality provisions set forth in
Section 20 of the Note Purchase Agreements and (ii) to have made the
representation set forth in Section 6.2 and the last sentence of Section 6.1 of the
Note Purchase Agreements. Unless otherwise indicated, capitalized terms used in this Note
shall have the respective meanings ascribed to such terms in the Note Purchase Agreements. 

EXHBIT 1
(to Series B
Terms Agreement) 

        This
Note is a registered Note and, as provided in the Note Purchase Agreements, upon surrender
of this Note for registration of transfer, duly endorsed, or accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such
holder’s attorney duly authorized in writing, a new Note for a like principal amount
will be issued to, and registered in the name of, the transferee. Prior to due presentment
for registration of transfer, the Company may treat the person in whose name this Note is
registered as the owner hereof for the purpose of receiving payment and for all other
purposes, and the Company will not be affected by any notice to the contrary. 

        The
Company will make the required prepayment of principal on the dates and in the amounts
specified in the Note Purchase Agreements. This Note is also subject to optional
prepayment, in whole or from time to time in part, at the times and on the terms specified
in the Note Purchase Agreements, but not otherwise. 

        If
an Event of Default, as defined in the Note Purchase Agreements, occurs and is continuing,
the principal of this Note may be declared or otherwise become due and payable in the
manner, at the price (including any Make-Whole Amount, if any) and with the effect
provided in the Note Purchase Agreements. 

        This
Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New Wisconsin excluding choice-of-law
principles of law of such State that would require the application of the laws of a
jurisdiction other than such State. 

		
		LADISH CO., INC.
		

By ______________________________
		       Name:
		       Title:

E-1- 2 - 

SUPPLEMENTAL
REPRESENTATIONS 

        The
Company represents and warrants to each Series B Purchaser that except as hereinafter set
forth in this Exhibit A, each of the representations and warranties set forth in
Section 5 of the Agreement is true and correct as of the date hereof with respect to
the Series B Notes with the same force and effect as if each reference to
“Series A Notes” or “Notes” set forth therein was modified to
refer the “Series B Notes” and each reference to “this Agreement”
therein was modified to refer to the Agreement as supplemented by the Series B Terms
Agreement. The Section references hereinafter set forth correspond to the similar sections
of the Agreement which are supplemented hereby: 

         Section 5.3.    
          Disclosure. The Company, through its agent, SPP Capital Partners, LLC,
          have delivered to each Series B Purchaser a copy of a Confidential Direct
          Placement Memorandum dated March 2006 (together with all appendices thereto, the
          “Memorandum”), relating to the transactions contemplated by the
          Series B Terms Agreement. The Agreement, the Memorandum, the documents,
          certificates or other writings delivered to each Series B Purchaser by or on
          behalf of the Company in connection with the transactions contemplated by the
          Agreement and the Series B Terms Agreement and the financial statements listed
          in Schedule 5.5 to the Series B Terms Agreement, taken as a whole, do not
          contain any untrue statement of a Material fact or omit to state any Material
          fact necessary to make the statements therein not misleading in light of the
          circumstances under which they were made. Since December 31, 2005, there has
          been no change in the financial condition, operations, business or properties of
          the Company or any Subsidiary except changes that individually or in the
          aggregate could not reasonably be expected to have a Material Adverse Effect. 

         Section 5.4.    
          Organization and Ownership of Shares of Subsidiaries.
          (a) Schedule 5.4 to this Series B Terms Agreement contains (except
          as noted therein) complete and correct lists (i) of the Company’s
          Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the
          jurisdiction of its organization, and the percentage of shares of each class of
          its capital stock or similar equity interests outstanding owned by the Company
          and each other Subsidiary, (ii) of the Company’s Affiliates, other
          than Subsidiaries, and (iii) of the Company’s senior officers. 

         Section 5.5.    
          Financial Statements. The Company has delivered to each Series B
          Purchaser copies of the consolidated financial statements of the Company and its
          Subsidiaries listed on Schedule 5.5 to the Series B Terms Agreement. All of
          said financial statements (including in each case the related schedules and
          notes) fairly present in all material respects the consolidated financial
          position of the Company and its Subsidiaries as of the respective dates
          specified in such Schedule and the consolidated results of their operations and
          cash flows for the respective periods so specified and have been prepared in
          accordance with GAAP consistently applied throughout the periods involved except
          as set forth in the notes thereto (subject, in the case of any interim financial
          statements, to normal year-end adjustments and absence of footnotes). 

         Section 5.9.    
          Taxes. The Federal income tax liabilities of the Company and its
          Subsidiaries have been paid for all fiscal years up to and including the fiscal
          year ended December 31, 2004. 

EXHIBIT A
(to Series B Terms
Agreement) 

         Section 5.13.    
           Private Offering by the Company. Neither the Company nor anyone acting
          on its behalf has offered the Series B Notes or any similar securities for sale
          to, or solicited any offer to buy any of the same from, or otherwise approached
          or negotiated in respect thereof with, any Person other than the Series B
          Purchasers and not more than 13 other Institutional Investors, each of which has
          been offered the Series B Notes at a private sale for investment. Neither the
          Company nor anyone acting on its behalf has taken, or will take, any action that
          would subject the issuance or sale of the Notes to the registration requirements
          of Section 5 of the Securities Act. 

         Section 5.14.    
          Use of Proceeds; Margin Regulations. The Company will apply the proceeds
          of the sale of the Series B Notes to refinance existing bank indebtedness and
          for general corporate purposes. No part of the proceeds from the sale of the
          Series B Notes pursuant to the Series B Terms Agreement will be used, directly
          or indirectly, for the purpose of buying or carrying any margin stock within the
          meaning of Regulation U of the Board of Governors of the Federal Reserve System
          (12 CFR 221), or for the purpose of buying or carrying or trading in any
          securities under such circumstances as to involve the Company in a violation of
          Regulation X of said Board (12 CFR 224) or to involve any broker or dealer
          in a violation of Regulation T of said Board (12 CFR 220). As used in this
          Section, the terms “margin stock” and “purpose of buying or
          carrying” shall have the meanings assigned to them in said Regulation U. 

         Section 5.15.    
          Existing Indebtedness; Future Liens. (a) Schedule 5.15 to the Series
          B Terms Agreement sets forth a complete and correct list of all outstanding
          Indebtedness of the Company and the Subsidiaries as of April 30, 2006, since
          which date there has been no Material change in the amounts, interest rates,
          sinking funds, installment payments or maturities of the Indebtedness of the
          Company or the Subsidiaries. Neither the Company nor any Subsidiary is in
          default and no waiver of default is currently in effect, in the payment of any
          principal or interest on any Indebtedness of the Company or such Subsidiary and
          no event or condition exists with respect to any Indebtedness of the Company or
          any Subsidiary that would permit (or that with notice or the lapse of time, or
          both, would permit) one or more Persons to cause such Indebtedness to become due
          and payable before its stated maturity or before its regularly scheduled dates
          of payment. 

    Section 5.16.    Foreign
Assets Control Regulations, Etc. (a) Neither the sale of the Series B Notes by
the Company hereunder nor its use of the proceeds thereof will violate the Trading with
the Enemy Act, as amended, or any of the foreign assets control regulations of the United
States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any
enabling legislation or executive order relating thereto.  

         (b)    
          Neither the Company nor any Subsidiary (i) is a Person described or
          designated in the Specially Designated Nationals and Blocked Persons List of the
          Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism
          Order or (ii) engages in any dealings or transactions with any such Person.
          The Company and its Subsidiaries are in compliance, in all material respects,
          with the USA Patriot Act. 

         (c)    
          No part of the proceeds from the sale of the Series B Notes hereunder will be
          used, directly or indirectly, for any payments to any governmental official or
          employee, political party, official of a political party, candidate for
          political office, or anyone else acting in an official capacity, in order to
          obtain, retain or direct business or obtain any improper advantage, in violation
          of the United States Foreign Corrupt Practices Act of 1977, as amended, assuming
          in all cases that such Act applies to the Company. 

E-A- 2 - 

As used in this Section 5.16,
“Anti-Terrorism Order” means Executive Order No. 13224 of
September 24, 2001, Blocking Property and Prohibiting Transactions with Persons Who
Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49, 079 (2001), as
amended; and “USA Patriot Act” means United States Public Law 107-56,
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 

E-A- 3 - 

SUBSIDIARIES AND
AFFILIATES 

				
	
i)	Ladish Co., Inc. Subsidiary	Site of Incorporation	Ownership %
		
Stowe Machine Co., Inc.	Nevada	100%
		
Pacific Cast Technologies, Inc.	Nevada	100%
		
Metallum Corporation	Nevada	100%
		
Zaklad Kuznia Matrycowa Sp. z o.o.	Poland	90.655%
		
Valley Machining, Inc.	Wisconsin	100%

	ii)  	Affiliates 

	 	
None 

	iii)  	Ladish
Co., Inc. Senior Officers

			
		Kerry L. Woody	President & Chief Executive Officer
		Wayne E. Larsen	Vice President & Secretary
		Gary J. Vroman	Vice President
		Lawrence C. Hammond	Vice President

SCHEDULE 5.4
(to Series B Terms
Agreement) 

FINANCIAL STATEMENTS
PROVIDED TO SERIES B PURCHASERS 

Audited consolidated Balance Sheets,
Income Statements and Cash Flow Statements of the Company and its Subsidiaries as of and
for the years ended December 31, 2001-2005. 

SCHEDULE 5.5
(to Series B Terms
Agreement) 

EXISTING INDEBTEDNESS 

        As
of April 30, 2006, the Company and its Subsidiaries had the following Indebtedness: 

		
	Senior Credit Facility Term Loan	$15,000,000 
	
Senior Credit Facility Swing Line	  $5,000,000 
	
Senior Credit Facility Revolving Line	$17,200,000 
	
Valley Machining, Inc. Notes	     $940,859 
	
Series A Senior Notes	$18,000,000 

SCHEDULE 5.15
(to Series B Terms
Agreement) 

CONFORMED COPY OF NOTE
PURCHASE AGREEMENTS DATED AS OF JULY 20, 2001 

[ATTACHED.] 

EXHIBIT B-1
(to Series B Terms
Agreement) 

CONFORMED COPY OF
FIRST AMENDMENT DATED AS OF MAY 15, 2006
TO
NOTE PURCHASE AGREEMENTS DATED AS OF JULY 20,
2001  

[ATTACHED.] 

EXHIBIT B-2
(to Series B Terms
Agreement)Exhibit 10(b) 

EXECUTION COPY 

LADISH CO., INC. 

FIRST AMENDMENT 

DATED AS OF MAY 15, 2006 

TO 

Note Purchase
Agreements dated as of July 20, 2001 

Re:    7.17% Senior Notes,
Series A, due July 20, 2008  

TABLE OF CONTENTS 

(Not a part of this
First Amendment)  

	SECTION	HEADING	PAGE 
	
SECTION 1.	AMENDMENTS TO NOTE PURCHASE AGREEMENTS	1 
	
SECTION 2.	CONDITIONS PRECEDENT	7 
	
SECTION 3.	REPRESENTATIONS AND WARRANTIES	8 
	
SECTION 4.	MISCELLANEOUS	9 

			
	SCHEDULE I	—	Name of Holders and Principal Amount of Series A Notes
	
EXHIBIT A	—	Form of Opinion of Special Counsel for the Company

-i- 

Dated as of
May 15,
2006 

To each of the holders
listed in
Schedule I to
this First Amendment 

Ladies and Gentlemen: 

        Reference
is made to the separate Note Purchase Agreements, each dated as of July 20, 2001 (the
“Note Purchase Agreements”), by and between Ladish Co., Inc., a Wisconsin
corporation (the “Company”), and each of the purchasers of the
$30,000,000 aggregate principal amount of 7.19% Senior Notes, Series A, due July 20, 2008
(the “Series A Notes”) of the Company issued pursuant thereto.
Capitalized terms used in this First Amendment (this “First Amendment”)
without definition shall have the meanings given such terms in the Note Purchase
Agreements. 

        For
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company requests the amendment of certain provisions of the Notes and
the Note Purchase Agreements as hereinafter provided. 

        Upon
your acceptance hereof in the manner hereinafter provided and upon satisfaction of all
conditions to the effectiveness hereof and receipt by the Company of similar acceptances
from the Required Holders, this First Amendment shall be effective, but only in the
respects hereinafter set forth: 

	SECTION 1.	AMENDMENTS
TO NOTE PURCHASE AGREEMENTS. 

        Section 1.1.    Section 2
of the Note Purchase Agreements is hereby amended as of the date hereof by deleting the
reference to “(the “Other Agreements”)” appearing therein and
substituting the reference “(as amended, restated, supplemented or modified from time
to time, the “Other Agreements”)” therefor. 

        Section
1.2.    Section 8.1 of the Note Purchase Agreements is hereby amended and restated in
its entirety as of the date hereof as follows: 

	 	        “Section
8.1    Required Prepayments. On July 20, 2004 and on each July 20
thereafter to and including July 20, 2008 the Company will prepay $6,000,000
principal amount (or such lesser principal amount as shall then be outstanding) of the
Series A Notes at par and without payment of the Make-Whole Amount or any premium, provided
that upon anypartial prepayment of the Series A Notes pursuant to Section 8.2
or purchase of the Series A Notes permitted by Section 8.5 the principal amount of
each required prepayment of the Series A Notes becoming due under this Section 8.1
on and after the date of such prepayment or purchase shall be reduced in the same
proportion as the aggregate unpaid principal amount of the Series A Notes is reduced as a
result of such prepayment or purchase. The principal amount of the Series A Notes to be
prepaid pursuant to this Section 8.1 shall be allocated among all of the Series A Notes
at the time outstanding in proportion, as nearly as practicable, to the respective unpaid
principal amounts thereof not theretofore called for prepayment.” 

		
	Ladish Co., Inc.	First Amendment

        Section 1.3.    Section 8.2
of the Note Purchase Agreements is hereby amended and restated in its entirety as of the
date hereof as follows: 

	 	        “Section 8.2.    Optional
Prepayments with Make-Whole Amount. (a) The Company may, at its
               option, upon notice as provided below, prepay at any time all, or from
time to                time any part of, the Notes of any Series, in an amount not less
than 10% of the                aggregate principal amount of the Notes of such Series
then outstanding in the                case of a partial prepayment, at 100% of the
principal amount so prepaid, plus                the Make-Whole Amount determined for the
prepayment date with respect to such                principal amount. The Company will
give each holder of Notes of such Series                written notice of each optional
prepayment under this Section 8.2 not less                than 30 days and not more
than 60 days prior to the date fixed for such                prepayment. Each such notice
shall specify such date, the aggregate principal                amount of the Notes to be
prepaid on such date, the principal amount of each                Note held by such
holder to be prepaid (determined in accordance with                Section 8.3), and
the interest to be paid on the prepayment date with                respect to such
principal amount being prepaid, and shall be accompanied by a                certificate
of a Senior Financial Officer as to the estimated Make-Whole Amount                due in
connection with such prepayment (calculated as if the date of such notice
               were the date of the prepayment), setting forth the details of such
computation.                Two Business Days prior to such prepayment, the Company shall
deliver to each                holder of Notes of such Series a certificate of a Senior
Financial Officer                specifying the calculation of such Make-Whole Amount as
of the specified                prepayment date. Notwithstanding the foregoing, the
Company may not prepay any                Series of Notes pursuant to this Section 8.2 if
a Default or Event of Default                then exists or would exist after giving
effect to such prepayment unless               no other Notes (other than such
Series of Notes to be prepaid) are outstanding                at such time of prepayment
or there is a prepayment pro rata to the holders of                all Series of Notes at
the time outstanding upon the same terms and conditions.  

	 	        (b)                   In
the event of an offer by the Company to prepay the Notes pursuant to Section
               10.7(c)(y), such offer shall be given to each holder of Notes by written
notice                that shall be delivered not less than thirty (30) days and not more
than sixty                (60) days prior to the proposed prepayment date. Each such
notice shall state                that it is given pursuant to Section 10.7 and shall set
forth (i) the proposed                prepayment date (the “Proposed Prepayment
Date”), (ii) a                description of the circumstances which give
rise to the proposed prepayment and                (iii) a calculation of the
proposed prepayment for such holder’s                Notes, including the principal
amount together with accrued interest and the                applicable Make-Whole
Amount, if any (the “Proposed Prepayment”). Acceptance and
rejection of such offer of prepayment                shall be in accordance with Section
10.7(c)(y)(ii) and (iii). The Company shall                prepay on the Proposed
Prepayment Date the Proposed Prepayment of each of the                Notes held by the
holders who have accepted or are deemed to have accepted such                offer of
prepayment.” 

-2- 

		
	Ladish Co., Inc.	First Amendment

        Section 1.4    
Section 8.3 of the Note Purchase Agreements is hereby amended and restated in its
entirety as of the date hereof as follows: 

	 	        “Section
8.3    Allocation of Partial Prepayments. In the case of each partial prepayment
of the Notes of any Series pursuant to the provisions of Section 8.2(a), the principal
amount of the Notes of such Series to be prepaid shall be allocated among all of the
Notes of such Series at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts thereof not theretofore called for prepayment.” 

        Section 1.5.              Section 8.4
of the Note Purchase Agreements is hereby amended and restated           in its entirety
as of the date hereof as follows:  

	 	        “Section 8.4.    Maturity;
Surrender, Etc. In the case of each prepayment of Notes                pursuant to
this Section 8 or pursuant to the provisions of any Terms                Agreement
with respect to any Series of Notes issued thereunder, the principal
               amount of each Note to be prepaid in accordance herewith or therewith, as
the                case may be, shall mature and become due and payable on the date fixed
for such                prepayment, together with interest on such principal amount
accrued to such date                and the applicable Make-Whole Amount, if any. From
and after such date, unless                the Company shall fail to pay such principal
amount when so due and payable,                together with the interest and Make-Whole
Amount, if any, as aforesaid, interest                on such principal amount shall
cease to accrue. Any Note paid or prepaid in full                shall be surrendered to
the Company and cancelled and shall not be reissued, and                no Note shall be
issued in lieu of any prepaid principal amount of any                Note.” 

        Section 1.6.              Section 8.6
of the Note Purchase Agreements is hereby amended and restated           in its entirety
as of the date hereof as follows:  

	 	        “Section 8.6.    Make-Whole
Amount. The term “Make-Whole Amount” means, with                respect to
any Series A Note, an amount equal to the excess, if any, of the
               Discounted Value of the Remaining Scheduled Payments with respect to the
Called                Principal of such Series A Note over the amount of such Called
Principal, provided that the Make-Whole Amount may in no event be less than zero.
               For the purposes of determining the Make-Whole Amount, the following terms
have                the following meanings:  

	 	        “Called
Principal” means, with respect to any Series A Note, the principal of such
Series A Note that is to be prepaid pursuant to Section 8.2 or has become or is
declared to be immediately due and payable pursuant to Section 12.1, as the context
requires.  

-3- 

		
	Ladish Co., Inc.	First Amendment

	 	        “Discounted
Value” means, with respect to the Called Principal of any Series A Note, the
amount obtained by discounting all Remaining Scheduled Payments with respect to such
Called Principal from their respective scheduled due dates to the Settlement Date with
respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the
Notes is payable) equal to the Reinvestment Yield with respect-to such Called Principal.  

	 	        “Reinvestment
Yield” means, with respect to the Called Principal of any Series A Note, .50%
over the yield to maturity implied by (i) the yields reported, as of 10:00 A.M. (New
York City time) on the second Business Day preceding the Settlement Date with respect to
such Called Principal, on the display designated as “Page PX1" (or such other
display as may replace Page PX1) on Bloomberg Financial Markets (“Bloomberg”)
or, if Page PX1 (or its successor screen on Bloomberg) is unavailable, the Telerate
Access Service screen which corresponds most closely to Page PX1 for the most recently
issued actively traded U.S. Treasury securities having a maturity equal to the Remaining
Average Life of such Called Principal as of such Settlement Date, or (ii) if such
yields are not reported as of such time or the yields reported as of such time are not
ascertainable (including by way of interpolation), the Treasury Constant Maturity Series
Yields reported, for the latest day for which such yields have been so reported as of the
second Business Day preceding the Settlement Date with respect to such Called Principal,
in Federal Reserve Statistical Release H.15 (519) (or any comparable successor
publication) for U.S. Treasury securities having a constant maturity equal to the
Remaining Average Life of such Called Principal as of such Settlement Date. Such implied
yield will be determined, if necessary, by (a) converting U.S. Treasury bill
quotations to bond-equivalent yields in accordance with accepted financial practice and
(b) interpolating linearly between (1) the applicable U.S. Treasury security with
the maturity closest to and greater than such Remaining Average Life and (2) the
applicable U.S. Treasury security with the maturity closest to and less than the
Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal
places as appears in the interest rate of the applicable Series A Note.  

	 	        “Remaining
Average Life” means, with respect to any Called Principal, the number of years
(calculated to the nearest one-twelfth year) obtained by dividing (i) such Called
Principal into (ii) the sum of the products obtained by multiplying (a) the
principal component of each Remaining Scheduled Payment with respect to such Called
Principal by (b) the number of years (calculated to the nearest one-twelfth year)
that will elapse between the Settlement Date with respect to such Called Principal and
the scheduled due date of such Remaining Scheduled Payment.  

-4- 

		
	Ladish Co., Inc.	First Amendment

	 	        “Remaining
Scheduled Payments” means, with respect to the Called Principal of any Series A
Note, all payments of such Called Principal and interest thereon that would be due after
the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, provided  that if such
Settlement Date is not a date on which interest payments are due to be made under the
terms of the Series A Notes, then the amount of the next succeeding scheduled interest
payment will be reduced by the amount of interest accrued to such Settlement Date and
required to be paid on such Settlement Date pursuant to Section 8.2 or 12.1.  

	 	        “Settlement
Date” means, with respect to the Called Principal of any Series A Note, the date
on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or
is declared to be immediately due and payable pursuant to Section 12.1, as the
context requires.” 

        Section 1.7.              Section
10.3 of the Note Purchase Agreements is hereby amended as of the date           hereof by
deleting paragraph (j) appearing therein and substituting the           following
paragraph (j) therefor:  

	 	        “(j)                   other
Liens not otherwise permitted by paragraphs (a) through (i) securing
               Indebtedness of the Company or a Subsidiary, provided that on
the                date the Company or such Subsidiary becomes liable with respect to any
such                Indebtedness in respect of such Liens and immediately after giving
effect                thereto and the concurrent retirement of any other Indebtedness of
the Company                or any such Subsidiary, Priority Debt would not exceed 20% of
Consolidated                Adjusted Net Worth.” 

        Section 1.8.              Section
13.4 of the Note Purchase Agreements is hereby amended as of the date           hereof by
deleting the period at the end of the first sentence appearing in           clause (a)
thereof and inserting in its place the following proviso:  

	 	        “;
provided, further, that if the purchasers of such additional Series of
Notes have the benefit of any additional covenants or additional events of default
(including covenants and/or events of default which are similar in structure to existing
covenants and/or events of default and are more restrictive), then this Agreement shall
be deemed amended to include such additional covenants and such additional events of
default without further action on the part of the holders of the Notes outstanding under
this Agreement, provided, that any such additional covenants and additional events of
default shall inure to the benefit of all holders of Notes only so long as such
additional Series of Notes remain outstanding and such additional covenants and
additional events of default shall not impair or dilute the existing covenants or events
of default set forth herein.” 

-5- 

		
	Ladish Co., Inc.	First Amendment

        Section 1.9.              A
new definition of “Agreement” is hereby added as of the date hereof
          to Exhibit B to the Note Purchase Agreements as follows:  

	 	        “Agreement”means
this Note Purchase Agreement dated as of July 20, 2001, between the Company and you, as
amended, restated, supplemented or modified from time to time.  

        Section 1.10.              The
definition of “Consolidated Adjusted Net Worth” set forth on           Exhibit
B to the Note Purchase Agreements is hereby amended and restated in its
          entirety as of the date hereof as follows:  

	 	        “Consolidated
Adjusted Net Worth” means, as of the date of any determination thereof,
stockholders’ equity of the Company and its Subsidiaries determined on a
consolidated basis in accordance with GAAP plus (but only to the extent each of
the following would have otherwise reduced Consolidated Adjusted Net Worth) all amounts
which would be eliminated as a result of FASB 106 relating to post-retirement benefits,
LIFO reserve, and deferred income taxes on a consolidated balance sheet of the Company
and its Subsidiaries as of such time prepared in accordance with GAAP.  

        Section 1.11.              The
definition of “Consolidated Liabilities” set forth on Exhibit B to
          the Note Purchase Agreements is hereby deleted in its entirety as of the date
          hereof.  

        Section 1.12.              The
definition of “Funded Debt” set forth on Exhibit B to the Note
          Purchase Agreements is hereby amended and restated in its entirety as of the
          date hereof as follows:  

	 	        “Funded
Debt” means all Indebtedness which would, in accordance with GAAP, constitute
long-term debt, including: (a) any Indebtedness with a maturity of more than one
year after the creation of such Indebtedness, (b) any debt outstanding under a
revolving, credit or similar agreement providing for borrowings (and renewables and
extensions thereof) which pursuant to its terms would constitute long-term Indebtedness
in accordance with GAAP, (c) any Capital Lease Obligation and (d) any guarantee
with respect to Funded Debt of another person. Notwithstanding anything to the contrary
contained herein, any Indebtedness outstanding under a revolving credit or similar
agreement providing for borrowings which is paid down for a period of 30 consecutive days
during the 12-month period immediately preceding the date of determination (and not
merely refinanced with a short-term credit facility) will not be deemed to constitute
Funded Debt.  

-6- 

		
	Ladish Co., Inc.	First Amendment

        Section 1.13.              The
definition of “Make-Whole Amount” set forth on Exhibit B to the           Note
Purchase Agreements is hereby amended and restated in its entirety as of           the
date hereof as follows:  

	 	        “Make-Whole
Amount”is defined in Section 8.6 for the Series A Notes and, in connection
with each other Series of Notes, the make-whole, breakage or other amount provided for in
the respective Terms Agreement in respect of such other Series of Notes.  

        Section 1.14.              The
definition of “Priority Debt” set forth on Exhibit B to the Note
          Purchase Agreements is hereby amended and restated in its entirety as of the
          date hereof as follows:  

	 	        “Priority
Debt” means, without duplication, the sum of (a) all Indebtedness of the
Company or any Subsidiary secured by a Lien not otherwise permitted by clauses (a)
through (i) of Section 10.3 and (b) all other Indebtedness of Subsidiaries.  

        Section
1.15.     A new definition of “Terms Agreement” is hereby added in alphabetical
order to Exhibit B to the Note Purchase Agreement as of the date hereof as follows: 

	 	        “Terms
Agreement” means any terms agreement entered into supplementing this Agreement
as contemplated by Section 13.4(b).  

	SECTION 2. 	CONDITIONS
PRECEDENT. 

        This
First Amendment shall not become effective until, and shall become effective on, the
Business Day when each of the following conditions shall have been satisfied: 

	 	        (a)                   Each
holder shall have received this First Amendment, duly executed by the
               Company.  

	 	        (b)                   Each
holder of Series A Notes shall have consented to this First Amendment as
               evidenced by their execution thereof.  

	 	        (c)                   The
representations and warranties of the Company set forth in Section 3
               hereof shall be true and correct as of the date of the execution and
delivery of                this First Amendment.  

	 	        (d)                   Any
consents or approvals from any holder or holders of any outstanding security
               or indebtedness of the Company and any amendments of agreements pursuant
to                which any securities or indebtedness may have been issued which shall
be                necessary to permit the consummation of the transactions contemplated
hereby                shall have been obtained and all such consents or amendments shall
be reasonably                satisfactory in form and substance to the holders and their
special counsel.  

-7- 

		
	Ladish Co., Inc.	First Amendment

	 	        (e)                   All
corporate and other proceedings in connection with the transactions
               contemplated by this First Amendment and all documents and instruments
incident                to such transactions shall be satisfactory to you and your
special counsel, and                you and your special counsel shall have received all
such counterpart originals                or certified or other copies of such documents
as you or they may reasonably                request.  

	 	        (f)                   Each
holder shall have received such certificates of officers of the Company as
               it may reasonably request with respect to this First Amendment and the
               transactions contemplated hereby.  

	 	        (g)                   Each
holder shall have received opinions in form and substance satisfactory to
               them, dated the date of this First Amendment, from Foley & Lardner
LLP,                special counsel for the Company, covering the matters set forth in
Exhibit A,                and covering such other matters incident to the transactions
contemplated hereby                as the holders or their counsel may reasonably
request.  

	 	        (h)                   The
Company shall have paid the fees and disbursements of the holders’               special
counsel, Chapman and Cutler LLP, incurred in connection with the
               negotiation, preparation, execution and delivery of this First Amendment
and the                transactions contemplated hereby which fees and disbursements are
reflected in                the statement of such special counsel delivered to the
Company at the time of                the execution and delivery of this First Amendment.  

	SECTION 3.	 REPRESENTATIONS
AND WARRANTIES. 

        The
Company hereby represents and warrants that as of the date hereof and as of the date of
execution and delivery of this First Amendment: 

	 	        (a)                   The
Company is duly incorporated, validly existing and in active status under
               the laws of its jurisdiction of incorporation.  

	 	        (b)                   This
First Amendment, the Note Purchase Agreements, as amended hereby, and the
               transactions contemplated hereby are within the corporate power of the
Company,                have been duly authorized by all necessary corporate action on
the part of the                Company, and this First Amendment and the Note Purchase
Agreements, as amended                hereby, have been duly executed and delivered by
the Company and constitute                legal, valid and binding obligations of the
Company enforceable in accordance                with their respective terms.  

	 	        (c)                   Immediately
prior to and after giving effect to this First Amendment, there are                no
Defaults or Events of Default under the Note Purchase Agreements, as amended
               hereby.  

	 	        (d)                   The
execution, delivery and performance of this First Amendment and the Note
               Purchase Agreements, as amended hereby, by the Company does not and will
not                result in a violation of or default under (i) the articles of
incorporation                or bylaws of the Company, (ii) any agreement to which
the Company is a                party or by which it is bound or to which the Company or
any of its properties                is subject, (iii) any order, writ, injunction
or decree binding on the                Company, or (D) any statute, regulation,
rule or other law applicable to                the Company.  

-8- 

		
	Ladish Co., Inc.	First Amendment

	 	        (e)                   No
consent, approval or authorization of, or registration, filing or declaration
               with, any Governmental Authority is required in connection with the
execution,                delivery or performance by the Company of this First Amendment
and the Note                Purchase Agreements, as amended hereby.  

	 	        (f)                   The
Company has not paid or agreed to pay any fees or other consideration, or
               given any additional security or collateral, or shortened the maturity or
               average life of any indebtedness or permanently reduced any borrowing
capacity,                in each case, in connection with the obtaining of any consents
or approvals of                any Person in connection with the transactions
contemplated hereby.  

	 	        (g)                   Other
than this First Amendment, there are no other amendments, modifications,
               supplements or waivers to the Note Purchase Agreement or the Series A
Notes.  

	SECTION 4.	  MISCELLANEOUS. 

         Section 4.1.    
          Except as amended herein, all terms and provisions of the Note Purchase
          Agreements, the Series A Notes and related agreements and instruments are hereby
          ratified, confirmed and approved in all respects. 

         Section 4.2.    
          Each reference in the Note Purchase Agreements to “this Agreement,”
          “hereunder,” “hereof,” or words of similar import in
          instruments or documents provided for in the Note Purchase Agreements or
          delivered or to be delivered thereunder or in connection therewith, shall,
          except where the context otherwise requires, be deemed a reference to the Note
          Purchase Agreement, as amended hereby. 

         Section 4.3.    
          This First Amendment shall be governed by and construed in accordance with the
          internal laws of the State of Wisconsin. 

         Section 4.4.    
          This First Amendment and all covenants herein contained shall be binding upon
          and inure to the benefit of the respective successors and assigns of the parties
          hereunder. All representations, warranties and covenants made by the Company
          herein shall survive the closing and the delivery of this First Amendment. 

         Section 4.5.    
          This First Amendment may be executed in any number of counterparts, each of
          which shall be deemed to be an original and all of which, taken together, shall
          constitute but one and the same First Amendment. Delivery of an executed
          counterpart of this First Amendment by facsimile shall be as effective as
          delivery of a manually executed counterpart of this First Amendment. 

[Signature Page
Follows] 

-9- 

		
	Ladish Co., Inc.	First Amendment

        The
execution hereof by the holders shall constitute a contract among the Company and the
holders for the uses and purposes hereinabove set forth. 

		
		LADISH CO., INC.
		

By: /s/ Wayne E. Larsen
		       Name: Wayne E. Larsen
		       Title:   Vice President & Secretary

-10- 

		
	Ladish Co., Inc.	First Amendment

        This
foregoing First Amendment is hereby accepted and agreed to as of the date aforesaid. The
execution by each holder listed below shall constitute its respective several and not
joint confirmation that it is the owner and holder of the Notes set opposite its name on
Schedule I hereto. 

		
		MASSACHUSETTS MUTUAL LIFE INSURANCE
    COMPANY
		

By: Babson Capital Management LLC,
		       as Investment Adviser
		

By: /s/ Elisabeth A. Perenick
		           Name: Elisabeth A. Perenick
		           Title:   Managing Director
		

C.M. LIFE INSURANCE COMPANY
		
By: Babson Capital Management LLC,
		       as Investment Sub-Adviser
		

By: /s/ Elisabeth A. Perenick
		           Name: Elisabeth A. Perenick
		           Title:   Managing Director
		

MASSMUTUAL ASIA LIMITED
		
By: Babson Capital Management LLC,
		       as Investment Adviser
		

By: /s/ Elisabeth A. Perenick
		           Name: Elisabeth A. Perenick
		           Title:   Managing Director

-11- 

		
	Ladish Co., Inc.	First Amendment

		
		NATIONWIDE LIFE AND ANNUITY INSURANCE
    COMPANY
		

NATIONWIDE LIFE INSURANCE COMPANY
		

By: /s/ Joseph P. Young
		       Joseph P. Young
		       Authorized Signatory

-12- 

		
	Ladish Co., Inc.	First Amendment

		
		
THE CANADA LIFE ASSURANCE COMPANY
		

By: /s/ Eve Hampton
		Name: Eve Hampton
		Title: V.P., Investments, U.S. Operations
		

By: B. G. Masters
		Name: B. G. Masters
		Title: A.V.P., Investments, U.S. Operations
		

CANADA LIFE INSURANCE COMPANY OF
    AMERICA
		

By: /s/ Eve Hampton
		Name: Eve Hampton
		Title: V.P., Investments, CLICA
		

By: /s/ B. G. Masters
		Name: B. G. Masters
		Title: Ass't. V.P., Investments, CLICA
		

GREAT-WEST LIFE & ANNUITY INSURANCE
    COMPANY
		

By: /s/ Eve Hampton
		Name: Eve Hampton
		Title: Vice President, Investments
		

By: /s/ B. G. Masters
		Name: B. G. Masters
		Title: Ass't. Vice President, Investments

-13- 

	

	NAME OF HOLDER
	OUTSTANDING PRINCIPAL AMOUNT OF

SERIES A NOTES HELD AS OF

MAY 15, 2006

	Massachusetts Mutual Life Insurance Company	$7,950,000
	

	C. M. Life Insurance Company	$900,000
	

	MassMutual Asia Limited	$150,000
	

	Nationwide Life and Annuity Insurance Company	$1,800,000
	

	Nationwide Life Insurance Company	$4,200,000
	

	Canada Life Insurance Company of America	$600,000
	

	The Canada Life Assurance Company	$780,000
	

	Great-West Life & Annuity Insurance Company	$1,620,000
	

	TOTAL	$18,000,000
	

SCHEDULE I
(to First
Amendment) 

DESCRIPTION OF OPINION
OF SPECIAL COUNSEL
TO THE COMPANY 

        The
opinion of Foley & Lardner LLP, special counsel for the Company, which is called for
by Section 2(g) of the First Amendment, shall be dated the date of the First
Amendment and addressed to the holders, shall be satisfactory in scope and form to the
holders and shall be to the effect that: 

		       1.                   The
Company is a corporation, validly existing and in active status under the
               laws of the State of Wisconsin, has the corporate power and the corporate
               authority to execute, deliver and perform the First Amendment.  

		       2.                   The
First Amendment has been duly authorized by all necessary corporate action
               on the part of the Company, has been duly executed and delivered by the
Company                and constitutes the legal, valid and binding contract of the
Company enforceable                in accordance with its terms, subject to bankruptcy,
insolvency, fraudulent                conveyance and similar laws affecting creditors’ rights
generally, and                general principles of equity (regardless of whether the
application of such                principles is considered in a proceeding in equity or
at law).  

		       3.                   The
execution, delivery and performance by the Company of the First Amendment
               does not conflict with or result in any breach of any of the provisions of
or                constitute a default under or result in the creation or imposition of
any Lien                upon any of the property of the Company pursuant to (a) the
provisions of the                Articles of Incorporation or Bylaws of the Company, (b)
any agreement or other                instrument known to us to which the Company is a
party or by which the Company                may be bound, (c) any Wisconsin or federal
law, statute or regulation or (d) any                order, judgment, decree or ruling
known to us of any court, arbitrator or                Governmental Authority applicable
to the Company.  

		       4.                   To
the best of our knowledge, there are no proceedings pending or threatened
               against or affecting the Company in any court or before any Governmental
               Authority which, if adversely determined, could reasonably be expected
               individually or in the aggregate to have a Material Adverse Effect on the
               Company’s ability to perform its obligations under the First
Amendment or                the validity or enforceability of the First Amendment.  

		       5.                   There
are no Wisconsin or United States Federal governmental or regulatory
               consents, approvals, authorizations, filings or registrations required by
the                Company in connection with the execution, delivery and performance of
the First                Amendment.  

EXHIBIT A
(to First
Amendment) 

        The
opinion of the Foley & Lardner LLP shall cover such other matters relating to the
First Amendment as the holders may reasonably request. With respect to matters of fact on
which such opinion is based, such counsel shall be entitled to rely on appropriate
certificates of public officials and officers of the Company. 

A-2

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