Document:

2005 Restricted Stock Purchase Plan of the registrant

    

    Exhibit
      10.20

     

    

     

    MAGNETECH
      INTEGRATED SERVICES CORP.

    2005
      RESTRICTED STOCK PURCHASE PLAN

     

     

    1. Purpose.
      Magnetech Integrated Services Corp. (the “Corporation”) establishes this 2005
      Restricted Stock Purchase Plan (the “Plan”) effective as of September 1, 2005 to
      promote the interests of the Corporation and/or any of its subsidiaries
      (collectively, “Magnetech”), attract and retain key employees of Magnetech
      through long-term compensation incentives and instill in key employees a
      personal financial interest in causing the equity of Magnetech to grow
      throughout their careers.

     

    2. Administration
      of the Plan.
      The
      Plan shall be administered by the Board of Directors of the Corporation (the
      “Board”) or by a committee of directors appointed by the Board to administer the
      Plan (the “Committee”). As used herein, the term “Committee” shall refer to the
      Board if no committee for the administration of the Plan exists or is then
      designated. The Committee shall interpret, implement and administer the Plan;
      and to the extent and in the manner contemplated herein, it shall exercise
      the
      discretion granted to it as to the determination of who shall participate in
      the
      Plan, how many shares shall be issued to each participant, the price at which
      shares shall be sold to the participants, and the terms and conditions of any
      such issuance of shares. Any action taken by the Committee with respect to
      the
      implementation, interpretation or administration of the Plan shall be final,
      conclusive and binding.

     

    3. Stock
      Subject to Plan.
      There
      is hereby established a Restricted Stock Purchase Plan reserve to which shall
      be
      allocated one million (1,000,000) shares of the common stock of the Corporation.
      In the event that the shares of the common stock of the Corporation should,
      as a
      result of a stock split or stock dividend or combination of shares or any other
      change, or exchange for other securities, by reclassification, reorganization,
      redesignation, merger, consolidation, recapitalization or otherwise, be
      increased or decreased or changed into or exchanged for a different number
      or
      kind of shares of stock or other securities of the Corporation or another
      corporation, the number of shares then remaining in the reserve shall be
      adjusted to reflect such action. If any such adjustment shall result in a
      fractional share, such fraction shall be disregarded. Upon the issuance of
      shares pursuant to this Plan, the reserve shall be reduced by the number of
      shares so issued, and upon the repurchase of any shares by the Corporation
      in
      connection with the restrictions imposed on such shares pursuant to this Plan,
      the reserve shall be increased by the number of such shares, and such reacquired
      shares may again be the subject of issuance hereunder.

     

    4. Eligibility.
      From
      time to time, the Committee shall designate key employees of Magnetech
      (including but not limited to officers and directors of the Corporation) for
      participation in this Plan and the number of shares of stock of the Corporation
      to be issued to each key employee. In selecting key employees for participation
      in this Plan and in determining the number of shares to be offered, the
      Committee shall consider the position and responsibility of such persons, the
      value of their services to Magnetech and any other factors the Committee deems
      appropriate.

     

    

    
      
        
        

      

      
        
          

        

      

      
        
        

      

    

    

    5. Right
      to Purchase Shares.

     

    (a) After
      the
      Committee determines that it will offer a key employee shares under this Plan,
      it shall notify the offeree in writing of the terms of the offer. Such notice
      shall be in a form substantially similar to the letter attached hereto as
      Exhibit A. The person receiving the offer shall have thirty (30) days from
      the
      date of the offer to accept such offer. Such acceptance shall be in a form
      substantially similar to the letter agreement attached hereto as Exhibit
      B.

     

    (b) An
      offer
      under this Plan shall not be assignable or transferable by the offeree, and
      shall be exercisable, during the lifetime of the offeree, only by him or her.
      Subject to the express provisions of the Plan, the Committee shall have the
      power to make an offer subject to any terms and conditions it may establish.
      Offers made to different persons or to the same person at different times may
      be
      subject to terms, conditions and restrictions which differ from each
      other.

     

    (c) If
      at any
      time it is deemed advisable by the Committee, any offer made under this Plan
      may
      be embodied in a Stock Purchase Agreement containing such terms and conditions,
      not inconsistent with this Plan, as shall, in the opinion of the Committee,
      appear necessary or desirable to protect the Corporation. The embodiment of
      the
      offer in a Stock Purchase Agreement may be made in addition to or in lieu of
      the
      method of offer and acceptance provided for in this Plan as evidenced by
      Exhibits A and B.

     

    (d) Notwithstanding
      anything to the contrary contained herein, any offer to an offeree shall
      terminate on the earlier of the following dates: (a) thirty (30) days after
      the
      date of the offer; or (b) contemporaneously with the termination of employment
      of the offeree with Magnetech, by death or otherwise.

     

    6. Purchase
      Price.
      The
      Committee shall, in its sole discretion, determine the purchase price of the
      shares of stock being offered to an offeree under this Plan (the “Purchase
      Price”) and shall set forth the Purchase Price in the offer to the offeree. The
      offeree must pay the Purchase Price for the shares in full, in cash or by
      certified check, at the principal office of the Corporation prior to the
      expiration of the offer, or the offer shall lapse. The date upon which the
      Purchase Price is paid and the offer is accepted is sometimes hereinafter
      referred to as the “Acceptance Date”. It is anticipated that the Purchase Price
      in some circumstances may be zero. In such an event, the date upon which the
      offer is accepted will be considered the “Acceptance Date”.

     

    7. Restrictions.
      By
      accepting the shares being offered to him or her, an offeree (hereinafter,
      the
“Participant”) agrees and consents to the following:

     

    (a) Limited
      Transferability.
      The
      shares shall not be sold, assigned, conveyed, transferred, encumbered, pledged,
      hypothecated or otherwise voluntarily or involuntarily disposed of (hereinafter
      referred to as a “transfer”) by the holder thereof except in accordance with
      this Plan. Such transfers are generally restricted to the times and conditions
      specified in this Paragraph 7; thus, for example, a Participant may not transfer
      shares issued under this Plan while still employed by Magnetech except in the
      event of the sale or liquidation of the Corporation as provided in Paragraph
      7(d) and (e) hereof.

     

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    (b) Forfeiture
      During Restriction Period.
      If,
      during the three (3) year period after the Acceptance Date (the “Restriction
      Period”), the Participant terminates employment with Magnetech for any reason
      other than death, Disability (as defined below), retirement at or after age
      sixty-five (65) or, at or after age fifty-five (55) with the prior written
      consent of the Committee (“Retirement”), or as a result of termination of
      employment by the Participant for “Good Reason” as defined below, the
      Participant or the Participant’s successors in interest shall sell to
      Corporation, and Corporation shall purchase from Participant, all of the shares
      purchased by, or awarded to, the Participant under this Plan at the Purchase
      Price (as determined in accordance with Paragraph 6 of this Plan). If the
      Purchase Price is zero, the Corporation shall not be required to make payment
      to
      the Participant for the shares.

     

    Within
      thirty (30) days of the Participant’s termination of employment during the
      Restriction Period for any reason other than death, Disability, Retirement
      or as
      a result of termination by the Participant for Good Reason, the Corporation,
      by
      notice to the Participant, shall specify a date not less than five (5) and
      not
      more than ten (10) days from the date of such notice to consummate the purchase
      and sale of such shares at the principal office of the Corporation (the
“Forfeiture Closing Date”). At the Forfeiture Closing, the Participant shall
      deliver to the Corporation certificates representing the shares purchased under
      this Plan which are to be forfeited pursuant to the terms of this Plan, duly
      endorsed in a form sufficient to vest title in the Corporation and free from
      all
      liens and encumbrances. Upon receipt of the certificates, the Corporation shall
      pay the Purchase Price as follows:

     

    (i) Any
      portion of the Purchase Price which has not been paid by the Participant shall
      be forgiven and canceled; and

     

    (ii) Any
      portion of the Purchase Price for such shares which has been paid by the
      Participant shall be paid in cash in full at the Forfeiture
      Closing.

     

    If
      the
      Participant fails to deliver the certificates to the Corporation at the
      Forfeiture Closing, Corporation may deposit the Purchase Price with the
      Secretary or Treasurer of the Corporation.
      Thereafter, the shares shall be deemed to have been transferred to the
      Corporation, and the Participant, despite the failure to deliver the shares,
      shall have no further rights as a shareholder of the Corporation with respect
      to
      such shares. In such event, the Secretary or Treasurer of the Corporation shall
      continue to hold the Purchase Price and shall make payment of the Purchase
      Price
      to the Participant, without interest, upon delivery of the certificates to
      the
      Corporation.

     

    For
      purposes of this Plan, the term “Disability” shall mean a mental or physical
      condition which, in the opinion of a licensed physician selected by the
      Committee, prevents the Participant from engaging in the principal duties of
      his
      or her employment with Magnetech and is either: (a) a permanent disability
      that
      is likely to result in the death of the Participant, or (b) a disability that
      has continued for at least 6 months and which is likely to continue for a
      lengthy or indefinite period.

     

    For
      purposes of this Plan, “Good Reason” means termination of employment by a
      Participant due to one of the following: (a) the failure of Magnetech to pay
      any
      amount 

     

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    due
      to
      Participant as an employee, which failure persists for fifteen (15) days after
      written notice of such failure has been received by Magnetech; (b) any material
      reduction in Participant’s title or a material reduction in Participant’s duties
      or responsibilities (unless such reduction is for Cause); (c) any material
      adverse change in Participant’s base salary (unless such reduction is for Cause)
      and/or any material adverse change in Participant’s benefits (other than changes
      that affect other management employees of Magnetech to the same or comparable
      extent); (d) any relocation of the premises at which Participant works to a
      location more than 25 miles from such location, without Participant’s consent;
      or (e) Magnetech’s material breach of any written employment agreement between
      Participant and Magnetech, which breach has not been cured within 15 days of
      written notice from Participant specifying in reasonable detail the nature
      of
      such breach.

     

     

    (c) Transfers
      Not Subject to Forfeiture.
      If a
      Participant terminates employment with Magnetech after the expiration of the
      Restriction Period and/or as a result of death, Disability, Retirement, or
      termination for Good Reason, the Participant or the Participant’s successors
      shall be obligated to sell, and Corporation shall be obligated to purchase,
      all
      of the shares purchased by, or awarded to, the Participant under this Plan,
      in
      accordance with this Paragraph 7(c). The purchase price for the shares shall
      be
      equal to the fair market value of such shares (the “Market Price”). For purposes
      of this Agreement, unless otherwise agreed by the Participant and the Committee,
      the Market Price as of a particular date (the “Determination Date”) shall mean:

    

    (i) If
      the
      common stock of the Corporation is traded on the American Stock Exchange or
      another national exchange or is quoted on the National or SmallCap Market of
      The
      Nasdaq Stock Market, Inc. (“Nasdaq”), then the average of the closing or last
      sale price, respectively, reported for the five (5) trading days immediately
      preceding the Determination Date;

     

    (ii) If
      the
      common stock of the Corporation is not traded on the American Stock Exchange
      or
      another national exchange or on the Nasdaq but is quoted on the NASD Over The
      Counter Bulletin Board, then the average of the closing bid and asked prices
      reported for the five (5) trading days immediately preceding the Determination
      Date; or

     

    (iii) If
      the
      common stock of the Corporation is not publicly traded, the price as determined
      by the independent public accounting firm (the “Accountants”) employed by the
      Corporation at such time with such discounts and adjustments as the Accountants
      deem appropriate; the determination of the Market Price by the Accountants
      shall
      be final and binding for all purposes.

     

    The
      closing of the transaction (the “Post-Termination Closing”) shall take place at
      the principal office of the Corporation within thirty (30) days following the
      date of termination of the Participant’s employment with Corporation. At the
      Post-Termination Closing, the Participant shall deliver the shares to
      Corporation, duly endorsed in a form sufficient to vest title in Corporation
      and
      free and clear of all liens and encumbrances. 

     

    The
      Market Price may be paid in cash in full at the Closing, or, at the option
      of
      the Corporation, in three (3) equal annual installments, with the first
      installment due on 

     

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    the
      first
      anniversary of the Participant’s termination of employment with Magnetech. The
      unpaid balance of the Market Price shall bear interest at the rate necessary
      to
      avoid imputation of interest under applicable provisions of the Internal Revenue
      Code of 1986, as amended. In the event of default by the Corporation, the entire
      unpaid principal balance plus interest owed shall immediately become due and
      payable at the Participant’s option. Corporation may prepay the balance of the
      unpaid Market Price at any time, and in any amount without penalty, although
      interest due to the date of payment must be paid.

     

    If
      the
      Participant fails to deliver the certificates to the Corporation at the
      Post-Termination Closing, Corporation may deposit the Market Price with the
      Secretary or Treasurer of the Corporation. Thereafter, the shares shall be
      deemed to have been transferred to the Corporation, and the Participant, despite
      the failure to deliver the certificates, shall have no further rights as a
      shareholder of the Corporation with respect to such shares. In such event,
      the
      Secretary or Treasurer of the Corporation shall continue to hold the Market
      Price and shall make payment of the Market Price to the Participant, without
      interest, upon delivery of the certificates to the Corporation.

     

    (d) Sale
      of Corporation.
      If the
      holders of a majority of the shares of the voting common stock of the
      Corporation (the “Majority Shareholders”) vote in favor of the sale of all of
      the stock of Corporation (either by a direct sale of stock or through a merger,
      share exchange or other business combination) or have approved a proposal to
      sell substantially all of the assets of the Corporation, then each Participant
      under this Plan shall agree and hereby agrees to such sale on such terms as
      approved by the Majority Shareholders. This provision constitutes a proxy
      granted to the Majority Shareholders to vote each Participant’s shares in such
      manner as to effectuate the terms of the preceding sentence, and this proxy
      shall be irrevocable and coupled with an interest during the term of this Plan.
      In the event of a sale of any shares or substantially all of the assets of
      the
      Corporation in accordance with this paragraph, the provisions of this Plan
      restricting the Transfer of shares (if otherwise applicable) shall not apply.
      If
      the proposal for such sale is not consummated in accordance with the terms
      of
      such proposal for any reason, however, the restrictions hereby removed shall
      be
      reinstated immediately, without further action by the shareholders or the
      Committee.

     

    (e) Liquidation
      of Corporation.
      Notwithstanding anything to the contrary contained in this Plan, if the
      Corporation has adopted a plan of liquidation and the Majority Shareholders
      vote
      in favor of such plan, then each Participant under this Plan shall agree and
      hereby agrees to such liquidation on such terms as approved by the Majority
      Shareholders. This provision constitutes a proxy granted to the Majority
      Shareholders to vote each Participant’s shares in such manner as to effectuate
      the terms of the preceding sentence, and this proxy shall be irrevocable and
      coupled with an interest during the term of this Plan. In the event of the
      liquidation of the Corporation in accordance with this paragraph, the provisions
      of this Plan restricting the Transfer of shares (if otherwise applicable) shall
      not apply. If the plan of liquidation is not consummated in accordance with
      the
      terms approved by the Majority Shareholders for any reason, the restrictions
      hereby removed shall be reinstated immediately, without further action by the
      shareholders or the Committee.

     

    

    
      
        
        

      

      
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    (f) Certain
      Transfers Null and Void.
      Any
      transfer or purported transfer made by a Participant hereunder, except at the
      times and in the manner herein specified, shall be null and void, and the
      Corporation shall not recognize or give affect to such transfer on its books
      and
      records or recognize the person or persons to whom such purported transfer
      has
      been made as the legal or beneficial holder of such shares.

     

    (g) Legend.
      Certificates representing shares which are subject to the provisions of this
      Plan shall bear the following legend, in addition to such other legends, as
      counsel for the Corporation may deem appropriate:

     

    RESTRICTED
      SHARES

     

    The
      shares represented by this certificate are subject to the requirement that
      they
      be resold to the Corporation at its designated purchase price on the occurrence
      of certain events or on the termination of the employment of the Shareholder
      under the terms of the Magnetech Integrated Services Corp. 2005 Restricted
      Stock
      Purchase Plan, a copy of which is on file at the principal office of the
      Corporation.

     

    (h) Other
      Restrictions.
      The
      Committee may impose such other restrictions on any shares issued pursuant
      to
      this Plan as it may deem advisable, including without limitation, restrictions
      under the Securities Act of 1933, as amended, under the requirements of any
      stock exchange upon which such shares or shares of the same class are then
      listed, and under any blue-sky or securities laws applicable to such
      shares.

     

    8. Federal
      Income Tax Withholding.
      Magnetech shall deduct and withhold all appropriate taxes required by law to
      be
      withheld upon amounts includable as compensation to the Participant as a result
      of the Participant’s receipt of stock under the Plan or the Participant’s
      election under Section 83(b) of the Internal Revenue Code or for any other
      reason where such withholding is required.

     

    9. Miscellaneous
      Provisions.

     

    (a) Expenses.
      All
      expenses and costs in connection with the administration of the Plan shall
      be
      borne by the Corporation.

     

    (b) No
      Prior Right to Offer.
      Nothing
      in the Plan shall be deemed to give any employee of Magnetech or his legal
      representatives or assigns or any other person or entity claiming under or
      through him, any contractual or other right to participate in the benefits
      of
      the Plan unless and until an employee is given a written offer to purchase
      shares and has accepted such offer in writing as set forth in paragraph 5
      hereof.

     

    (c) Indemnification
      of the Committee.
      In
      addition to such other rights of indemnification as they may have, the members
      of the Committee shall be indemnified by the Corporation against all costs
      and
      expenses reasonably incurred by them or any of them in connection with any
      action, suit or proceeding to which they or any of them may be a party by reason
      of any action taken or failure to act under or in connection with the Plan
      or
      any award granted pursuant thereto and against all amounts paid by them in
      

     

    

    
      
        
        

      

      
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    settlement
      thereof (provided such settlement is approved by legal counsel selected by
      the
      Corporation), or paid by them in satisfaction of a judgment in any such action,
      suit or proceeding; provided that upon institution of any action, suit or
      proceeding, the person desiring indemnification shall give the Corporation
      an
      opportunity, at its own expense, to handle and defend the same.

     

    (d) Liability
      of Corporation.
      The
      liability of the Corporation under this Plan or for any issuance of shares
      made
      hereunder is limited to the obligations set forth herein, and nothing herein
      contained shall be construed to impose any liability on the Corporation in
      favor
      of the Participant with respect to any loss, cost or expense which the
      Participant may incur in connection with or arising out of any transaction
      in
      connection with this Plan.

     

    (e) No
      Agreement to Employ.
      Nothing
      in the Plan shall be construed to constitute or be evidence of an agreement
      or
      understanding expressed or implied on the part of Magnetech to employ or retain
      the Participant as an employee or as a Participant in this Plan for any
      specified period of time.

     

    10. Notices.
      Any
      notice or other communication required or permitted to be made or given
      hereunder shall be sufficiently made or given if hand delivered or if sent
      by
      registered or certified United States mail. If such notice or communication
      is
      addressed to an offeree or Participant, it shall be addressed to said offeree
      or
      Participant at the address set forth in the records of the Corporation; and,
      if
      such notice or communication is addressed to the Corporation, it shall be
      addressed to it at its principal office. Such notice or communication shall
      be
      deemed to have been given at the time of hand delivery or, if mailed, when
      deposited in the United States mail.

     

    11. Amendment
      and Termination of the Plan.
      The
      Board of Directors of the Corporation may at any time terminate or extend the
      Plan, or make such modification of the Plan or of the exhibits attached to
      this
      Plan as it shall deem advisable. No termination or amendment of the Plan shall,
      without the consent of any person affected, modify or in any way affect any
      right or obligation created prior to such termination or amendment.

     

    Adopted
      Effective September
      30,
      2005

     

    
      	 	
              MAGNETECH
                INTEGRATED SERVICES CORP.

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:
                

            	 /s/
              John A. Martell
	 	 	 John A. Martell
	 	 	 President &
              CEO

    

    

    Attachments:

     

    EXHIBIT
      A
      - Offer of Shares

    EXHIBIT
      B
      - Acceptance of Offer and Agreement

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      A

    

    OFFER
      OF
      SHARES PURSUANT TO

    MAGNETECH
      INTEGRATED SERVICES CORP.

    2005
      RESTRICTED STOCK PURCHASE PLAN

    

    

    TO:
      ______________________, Offeree

    

    

    Please
      be
      advised that the Committee appointed by the Board of Directors of Magnetech
      Integrated Services Corp. (the “Corporation”) pursuant to its 2005 Restricted
      Stock Purchase Plan (the “Plan”) has on the date hereof allocated to you an
      aggregate of ______ shares of the Corporation’s no par value common stock under
      and pursuant to the Plan. In order for these shares to be issued, you are
      required to make a payment of ________________________ Dollars and to deliver
      to
      the President of the Corporation an agreement, in duplicate, in the form
      enclosed within thirty (30) days from the date of this offer. This offer is
      made
      subject to all of the terms and conditions of the Plan, a copy of which is
      also
      enclosed. This offer is not assignable or transferable, and this offer
      terminates on the earlier of the following dates:

    

    (a) thirty
      (30) days after the date hereof;

    

    
      	 	
              (b)

            	
              contemporaneously
                with the termination of your employment with the Corporation by death
                or
                otherwise.

            

    

    

    

    
      	
              Dated:

            	 	 	 

    

    
 

    
      
        
        

      

      
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      Exhibit
        1 to Exhibit A

      
         

         

         

        Awards
          Under 2005 Restricted Stock Purchase Plan

         

        
          	
                   

                  Date

                   

                	
                   

                  Offeree

                   

                	
                   

                  Number
                    of Shares

                   

                	
                   

                  Aggregate

                  Purchase
                    Price

                   

                
	
                   

                  September
                    30, 2005

                   

                	
                   

                  Richard
                    J. Mullin

                   

                	
                   

                  50,000

                   

                	
                   

                  $50.00

                   

                
	
                   

                  September
                    30, 2005

                   

                	
                   

                  James
                    M. Lewis

                   

                	
                   

                  50,000

                   

                	
                   

                  $50.00

                   

                
	
                   

                  September
                    30, 2005

                   

                	
                   

                  William
                    Wisniewski

                   

                	
                   

                  50,000

                   

                	
                   

                  $50.00

                   

                
	
                   

                  September
                    30, 2005

                   

                	
                   

                  J.
                    Cullen Burdette

                   

                	
                   

                  50,000

                   

                	
                   

                  $50.00

                   

                
	
                   

                  September
                    30, 2005

                   

                	
                   

                  Anthony
                    W. Nicholson

                   

                	
                   

                  50,000

                   

                	
                   

                  $50.00

                   

                

        

         

        

      

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
      B

    

    ACCEPTANCE
      OF OFFER AND AGREEMENT

    

    

    Magnetech
      Integrated Services Corp.

    ATTN:
      The
      President

    

    Dear
      Sir:

    

    Enclosed
      with this Acceptance, please find the sum of __________________________ Dollars,
      for the purchase of _____ shares of the no par value common stock (the
“Restricted Shares”) of Magnetech Integrated Services Corp. (the “Corporation”)
      allocated to and purchased by me pursuant to the Corporation’s 2005 Restricted
      Stock Purchase Plan (the “Plan”), which offer is hereby accepted by
      me.

    

    I
      represent and agree that the Restricted Shares are being acquired by me for
      investment and that I have no present intention to transfer, sell or otherwise
      dispose of the Restricted Shares, except as permitted pursuant to the Plan
      and
      in compliance with applicable securities laws. I further agree that the
      Restricted Shares are being acquired by me in accordance with and subject to
      the
      terms, provisions and conditions of the Plan including, without limitation,
      the
      restrictive provisions contained in Paragraph 7 thereof.

    

    The
      provisions of this Agreement and the Plan shall be applicable to the Restricted
      Shares and to any shares or other securities of the Corporation which may be
      acquired by me as a result of a stock split or stock dividend or combination
      of
      shares or any other change, or exchange for other securities, by
      reclassification, reorganization, merger, consolidation, recapitalization or
      otherwise, affecting the Restricted Shares. As used in this Agreement, the
      term
“Restricted Shares” shall be deemed to include any securities issued in respect
      of the Restricted Shares.

    

    This
      Agreement shall be binding upon and inure to the benefit of the Corporation,
      and
      myself, and its and my respective successors and legal
      representatives.

    

    

    

    
      
        
        

      

      
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    In
      the
      event of the invalidity of any part or provision of this Agreement, such
      invalidity shall not affect the enforceability of any other part or provision
      of
      this Agreement. My address of record is .

    

    
      	 	 	
              Very
                truly yours,

            
	 	 	 	 
	 	 	 
	 	 	 	
              ,Offeree

            
	 	 	
              Date
                Signed:

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
              Receipt,
                together with the payment referred to, is hereby
                acknowledged.

            	 	 
	 	 	 	 
	
              MAGNETECH
                INTEGRATED SERVICES CORP.

            	 	 
	 	 	 	 
	 	 	 	 
	
              By:

            	 	 	 
	 	 	 	 
	
              Date
                Signed:

            	 	 	 

    

    
 

    10

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
      1 to Exhibit B

    
       

       

      Acceptance
        of Offers of Restricted Shares

       

      
        	
                 

                Date
                  of

                Acceptance
                  by

                Offeree

                 

              	
                 

                Name
                  of Offeree

                 

              	
                 

                Aggregate

                Purchase

                 Price

                 

              	
                 

                Number
                  of Restricted Shares Purchased

                 

              	
                 

                Date
                  of Acceptance by Company

                 

              
	
                 

                10/6/05

                 

              	
                 

                Richard
                  J. Mullin

                 

              	
                 

                $50.00

                 

              	
                 

                50,000

                 

              	
                 

                10/25/05

                 

              
	
                 

                10/6/05

                 

              	
                 

                James
                  M. Lewis

                 

              	
                 

                $50.00

                 

              	
                 

                50,000

                 

              	
                 

                10/25/05

                 

              
	
                 

                9/30/05

                 

              	
                 

                William
                  Wisniewski

                 

              	
                 

                $50.00

                 

              	
                 

                50,000

                 

              	
                 

                10/25/05

                 

              
	
                 

                10/21/05

                 

              	
                 

                J.
                  Cullen Burdette

                 

              	
                 

                $50.00

                 

              	
                 

                50,000

                 

              	
                 

                10/25/05

                 

              
	
                 

                9/30/05

                 

              	
                 

                Anthony
                  W. Nicholson

                 

              	
                 

                $50.00

                 

              	
                 

                50,000

                 

              	
                 

                10/25/05Unassociated Document

    

      Exhibit
        10.21

      

      Employment
        Agreement

      

      This
        Employment Agreement (“Agreement”) is effective as of the 30th day of September,
        2005 (the “Effective Date”) between Magnetech
        Integrated Services Corp.,
        an
        Indiana corporation (the “Company”), and John A. Martell (the “Executive”).

      

      In
        consideration of the mutual covenants and agreements set forth herein, the
        parties hereto agree as follows:

      

      Article
        I

      Employment

      

      The
        Company hereby employs Executive, and Executive accepts employment with the
        Company, upon the terms and conditions herein set forth.

      

                    
         1.1 Employment.
        The
        Company hereby employs Executive, and Executive agrees to serve, as the
        Company’s President and Chief Executive Officer during the term of this
        Agreement. Executive agrees to perform such duties as may be assigned to
        Executive from time to time by the Board of Directors. Executive agrees to
        devote substantially his full business time and attention and best efforts
        to
        the affairs of the Company during the term of this Agreement.

      

                     
        1.2  Term.
        The
        term of employment of Executive hereunder will be for the period commencing
        on
        the effective date of this Agreement and ending on the earliest of:

      

      (a)
         December
        31, 2008 (the “Initial Term”);

      

      (b)
         The
        date
        of termination of Executive’s employment in accordance with Article IV of this
        Agreement;

      

      (c)
         The
        date
        of Executive’s voluntary retirement in accordance with the Company’s plans and
        policies; or

      

      (d)
         The
        date
        of Executive’s death or Disability (as defined below).

      

      Unless
        this Agreement is terminated pursuant to Paragraphs (b), (c) or (d) above,
        the
        term of this Agreement shall be extended automatically for successive one
        year
        periods, unless and until at least three (3) months written notice is given
        by
        either party requesting termination or renegotiation of this Agreement prior
        to
        the end of the Initial Term or any anniversary date thereafter.

      

      Article
        II

      Compensation

      

      2.1
         Base
        Salary.
        Effective as of the Effective Date and during the employment of Executive,
        the
        Company shall pay to the Executive a base salary at the rate of $95,060 per
        year, and thereafter at a rate determined by the Company’s Board of Directors
        (the “Base Salary”). 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      The
        Base
        Salary shall be payable in substantially equal bi-weekly installments, or
        otherwise consistent with the Company’s then-current payroll practices. The
        Company will deduct and withhold all necessary social security and withholding
        taxes and any other similar sums required by law (“Withholding Taxes”) from
        Executive’s Base Salary.

      

        
2.2
         Profit
        Sharing, Bonuses and Other Incentive Compensation.
        Executive shall be eligible to participate in the Company’s incentive
        compensation plan or other similar plans, if any, as established and/or amended
        by the Company’s Board of Directors from time to time, subject to applicable
        eligibility requirements and other terms and conditions of any such
        plans.

      

      2.3
         Reimbursement
        of Expenses.
        The
        Executive shall be entitled to receive prompt reimbursement of all reasonable
        expenses incurred by the Executive in performing services hereunder, including
        all expenses of travel, car phone, entertainment and living expenses while
        away
        from home on business at the request of, or in the service of, the Company,
        provided that such expenses are incurred and accounted for in accordance
        with
        the policies and procedures established by the Company.

      

        
2.4
         Automobile
        Expenses.
        The
        Company also shall provide Executive
        with
        an
        automobile for business use in accordance with the automobile policies adopted
        by the Company from time to time.

      

      2.5
         Benefits.
        The
        Executive shall be entitled to participate in and be covered by all health
        insurance, retirement, disability insurance, physical exam and other employee
        plans and benefits as established or amended by the Company from time to
        time
        (collectively referred to herein as the “Company Benefit Plans”) on the same
        terms as are generally applicable to other senior executives of the Company,
        subject to meeting applicable eligibility requirements.

      

      2.6
         Vacations
        and Holidays.
        During
        Executive’s employment with the Company and in accordance with the Company’s
        vacation policies applicable to senior executives, Executive shall be entitled
        to an annual vacation leave at full pay, such vacation to be four weeks in
        each
        year of the term hereof or such greater vacation benefits as may be provided
        for
        by the applicable Company policies. Executive shall be entitled to such holidays
        as are established by the Company for all employees.

      

      2.7
         Short-term
        Disability.
        During
        Executive’s employment with the Company, Executive shall be provided with
        short-term disability coverage for a period of up to 6 months at 60% of base
        salary. 

      

      Article
        III

      Non-Competition,
        Confidentiality and Nondisclosure

      

      3.1
         Confidentiality.
        Executive acknowledges that he will be employed in a position of trust and
        confidence with respect to the Company. In particular, the Company and Executive
        recognize that to provide a high quality of products and services to the
        Company’s customers, which benefits both the Company and Executive economically,
        the Company will need to reveal to Executive valuable Confidential Information
        (defined below) known and used by the 

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      Company
        and its subsidiaries, affiliates and customers. Executive will not during
        Executive’s employment by the Company or thereafter at any time disclose,
        directly or indirectly, to any person or entity or use for Executive’s own
        benefit any trade secrets or confidential information relating to the Company’s,
        or any of the Company’s subsidiaries’ or affiliates’, business operations,
        marketing data, business plans, strategies, employees, negotiations and
        contracts with other companies, or any other subject matter pertaining to
        the
        business of the Company or any of its clients, customers, consultants,
        licensees, subsidiaries or affiliates, known, learned, or acquired by Executive
        during the period of Executive’s employment by the Company (collectively
“Confidential Information”), except as may be necessary in the ordinary course
        of performing Executive’s particular duties as an employee of the
        Company.

      

      3.2
         Return
        of Confidential Material.
        Executive shall promptly deliver to the Company on termination of Executive’s
        employment with the Company, whether or not for cause and whatever the reason,
        or at any time the Company may so request, all memoranda, notes, records,
        reports, manuals, drawings, blueprints, and any other documents of a
        confidential nature belonging to the Company or its subsidiaries or affiliates,
        including all copies of such materials which Executive may then possess or
        have
        under Executive’s control. Upon termination of Executive’s employment by the
        Company, Executive shall not take any document, data, or other material of
        any
        nature containing or pertaining to the proprietary information of the Company
        or
        its subsidiaries or affiliates.

      

      3.3
         Restrictive
        Covenants.
        To
        reduce the cost to the Company of monitoring and enforcing the compliance
        of
        Executive with the confidentiality obligations contained in Section 3.1 of
        this
        Agreement, Executive agrees that he will not, so long as he is employed by
        the
        Company and, in the case of 3.3(b), (c) and (d), for the longer of (i) a
        period
        of one (1) year from and after the date of termination of his employment,
        or
        (ii) the period during which Executive receives any compensation from the
        Company under the terms of Section 4.4(b) (the “Restricted Period”):

      

      (a) directly
        or indirectly own an interest in, manage, operate, join, control, lend money
        or
        render financial assistance to, as an officer, employee, partner, stockholder,
        consultant or otherwise, any individual, partnership, firm, corporation or
        other
        business organization or entity that, at such time directly competes with,
        or
        intends to compete with, the Company or any of its subsidiaries or affiliates
        in
        the business of motor repair, magnet manufacture and repair, preventive
        maintenance and electrical contracting, or any other principal line of business
        engaged in by the Company or any of its subsidiaries or affiliates at the
        time
        of such termination (a “Competing Company”); Nothwithstanding
        the
        foregoing, Executive shall be entitled to own securities of any entity if
        such
        securities are registered under Section 12(b) or (g) of the Securities Exchange
        Act of 1934, as amended, and, upon approval of the Company’s Board of Directors,
        Executive shall be entitled to purchase securities of a Competing Company
        entity
        if such securities are offered to investors irrespective of any employment
        or
        other participation in the entity by the investor;

      

      (b) directly
        or indirectly, either for Executive or for any other person or entity, solicit
        any person or entity to terminate such person’s or entity’s contractual and/or

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      business
        relationship with the Company or any of its subsidiaries or affiliates, nor
        shall Executive interfere with or disrupt or attempt to interfere with or
        disrupt any such relationship; 

      

      (c) engage
        for the benefit of himself or any other person or entity, in any activity
        of
        employment in the performance of which it could be reasonably anticipated
        that
        he would be required or expected to use or disclose Confidential Information
        obtained while an employee of the Company; or

      

      (d) directly
        or indirectly solicit any of the Company’s employees, agents, or independent
        contractors to leave the employ of the Company for a Competing
        Company.

      

      In
        the
        event of a violation by Executive of the provisions of Section 3.3(b), (c)
        or
        (d)following termination of employment, Executive hereby forfeits any amount
        due
        and owing Executive under terms of Section 4.4(b), if any, and such forfeiture
        shall be in addition to all other rights and remedies that the Company may
        have
        under this Agreement, at law or in equity, as a result of any such
        violation.

      

      3.4 Intellectual
        Property.
        

      

      (a) Disclosure.
        During
        the term of this Agreement and during the one year period after termination
        of
        Executive’s employment hereunder, Executive shall promptly and fully disclose to
        the Company all computer programs, documenta-tion, software, and other
        copyrightable works (“copyrightable works”), and all discoveries, improvements,
        and inventions (“inventions”) conceived, reduced to practice, or made by
        Executive, whether solely or jointly with others, which: (i) relate in any
        manner to the business or activities of Company and any of its subsidiaries
        or
        affiliates; or (ii) are suggested or result from any work performed or duties
        assigned to Executive on behalf of Company or any of its subsidiaries or
        affiliates; or (iii) are made or conceived of through the use of Company’s, or
        any of its subsidiaries’ or affiliates’, facilities or resources or using any
        Confidential Information; or (iv) otherwise arise during the course of
        Executive’s employment with Company (collectively, “Intellectual Property”);
        except that the term “Intellectual Property” shall not include any copyrightable
        works or inventions which Executive proves to have been conceived and made
        by
        him either before or after termination of his employment with Company and
        not
        based upon any Confidential Information. This disclosure requirement will
        apply
        whether or not such Intellectual Property is patentable or copyrightable
        and
        whether or not made or conceived solely by Executive or in conjunction with
        another person. This disclosure requirement will also apply regardless of
        whether any Intellectual Property is made during or after Executive’s working
        hours or made at or away from his usual place of employment.

      

      (b) Ownership.
        All
        Intellectual Property shall be the exclusive property of the Company, and
        Executive hereby irrevocably assigns to the Company any and all of his rights,
        title and interest in and to any and all such Intellectual Property. Without
        limiting the generality of the foregoing, all Intellectual Property which
        constitutes copyrightable works shall be considered works made for hire for
        the
        benefit of the Company. If any 

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      such
        work
        shall be deemed not to be a work made for hire, or if Executive should otherwise
        by operation of law be deemed to retain any rights to any such work, Executive
        hereby irrevocably assigns all of his rights, title and interest in and to
        such
        work to the Company.

       

      (c) Assistance.
        Executive agrees to fully cooperate with and assist the Company in the
        preparation and prosecution of patent applications and copyright registration
        applications relating to any Intellectual Property, without further
        compensation. Executive further agrees to execute any further documents which
        may be lawful, necessary or proper to memorialize or secure the exclusive
        title
        for such Intellectual Property in the Company, without further compensation
        to
        Executive. If Executive fails to sign and deliver to the Company (or its
        agents
        or attorneys) any document requested by the Company (or its agents or attorneys)
        to evidence the Company’s sole ownership of any Intellectual Property within
        fifteen (15) days after the Company’s delivery of any such document to Executive
        with a request that Executive sign or deliver same, then Executive agrees
        that
        the President of the Company or a person designated by the Board of Directors
        of
        the Company (the “Company’s Representative”) may sign any and all of such
        documents in Executive’s name and on his behalf. Accordingly, Executive hereby
        makes, constitutes and irrevocably appoints Company’s Representative as
        Executive’s agent and attorney-in-fact, said power of attorney being coupled
        with an interest, and authorizes Company’s Representative in Executive’s name,
        place and stead to execute on Executive’s behalf each and all of such
        documents.

      

      3.5 Reasonableness
        of Covenants.
        The
        parties acknowledge and agree that the temporal and other limitations contained
        in this Article III are reasonable and necessary for the proper protection
        of
        the Company. Executive further acknowledges that, in the event of the
        termination of his employment with the Company, his skills and experience
        are
        such that he can obtain employment without soliciting the Company’s customers or
        engaging in activity forbidden by this Agreement and that the enforcement
        of a
        remedy by way of injunction will not prevent him from earning a livelihood.
        In
        the event, however, a court determines that any of the terms, provisions,
        or
        covenants contained in this Article III are unreasonable, a court may limit
        the
        application of any such term, provision or covenant, or modify any such term,
        provision or covenant and proceed to enforce this Article III as so limited
        or
        modified.

      

        
3.6
         Right
        to Injunctive and Equitable Relief.
        Executive acknowledges that the Company’s remedy at law for any breach of
        Executive’s obligations under this Article III would be inadequate and
        specifically agrees that the Company may be entitled to injunctive relief
        against him, in addition to any other remedies available at law or in equity,
        including compensatory damages incurred by the Company as a result of such
        violation and including costs, expenses and reasonable attorneys’ fees and the
        right to set off in enforcing any of its rights under this Article III. Should
        any party hereto resort to legal proceedings in connection with the enforcement
        of the terms of this Article III, the party prevailing in such legal proceedings
        pursuant to an adjudication by the court shall be entitled, in addition to
        such
        other relief as may be granted, to recover its/his or their reasonable costs
        and
        expenses (including reasonable fees of attorneys, accountants and others)
        incurred in connection with the defense or prosecution, as the case may be,
        of
        such legal proceedings from the non-prevailing party. Furthermore, the
        obligations of Executive and the rights and remedies of the Company under
        this

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      Article
        III are cumulative and in addition to, and not in lieu of, any obligations,
        rights, or remedies created by applicable law relating to misappropriation
        or
        theft of trade secrets or confidential information.

      

        
3.7
         No
        Violation of Other Agreements.
        Executive represents that his performance of all the terms of this Agreement
        and
        as an employee of the Company does not and will not breach any agreement
        to (i)
        not compete or interfere with the business of a former employer (which term
        for
        purposes of this Section 3.7 shall also include persons, firms, corporations
        and
        other entities for which Executive has acted as an independent contractor
        or
        consultant), (ii) not solicit employees, customers or vendors of any former
        employer or (iii) keep in confidence proprietary information acquired by
        Executive in confidence or in trust prior to Executive’s employment with the
        Company. Executive represents and warrants to and covenants with the Company
        that Executive will not bring to the Company any materials or documents of
        a
        former employer containing confidential or proprietary information that is
        not
        generally available to the public, unless Executive shall have obtained express
        written authorization from any such former employer for their possession
        and
        use. Executive hereby
        agrees to indemnify, defend and hold harmless the Company (including its
        officers, directors, employees and agents) from and against any loss, claim,
        liability, damages, cost or expense, including reasonable attorneys’ fees,
        incurred or suffered by the Company which arise out of or relate to any
        inaccuracy or breach of the representations and warranties contained in this
        Section.

      

      Article
        IV

      Termination

      

      4.1
         Definitions.
        For
        purposes of this Article IV, the following definitions shall apply to the
        terms
        set forth below:

      

      (a)
         Cause.
“Cause”
        shall be defined as follows:

      

      (i)
         Executive’s
        conviction of any felony (whether or not involving the Company) which
        constitutes a crime of moral turpitude or which is punishable by imprisonment
        in
        a state or federal correction facility;

      

      (ii) Actions
        by Executive during the term of this Agreement involving willful malfeasance
        or
        gross negligence;

      

      (iii)
         Executive’s
        commission of an act of fraud or dishonesty, whether prior or subsequent
        to the
        date hereof, upon the Company,

      

      (iv)
         Executive’s
        material breach of the terms and conditions of this Agreement; provided that
        termination of Executive’s employment pursuant to this subparagraph (iv) shall
        not constitute valid termination for “Cause” unless Executive shall have first
        received written notice from the Company stating the nature of the material
        breach, failure or refusal and affording Executive at least ten (10) days
        to
        correct the act or omission complained of to the satisfaction of the Company’s
        Board of Directors; or

      

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      (v) Executive’s
        willful violation of any reasonable rule or regulation applicable to all
        senior
        executives if such violation is not cured to the satisfaction of the Company
        promptly following notice to Executive.

      (b)
         Disability.
        “Disability” shall mean a physical or mental incapacity as a result of which the
        Executive becomes unable to continue the proper performance of his duties
        hereunder in substantially a full time capacity (reasonable absences because
        of
        medical reasons for up to six (6) consecutive months excepted, provided,
        however, that any new period of incapacity or absences shall be deemed to
        be
        part of a prior period of incapacity or absences if the prior period terminated
        within ninety (90) days of the beginning of the new period of incapacity
        or
        absence and the new incapacity or absence is determined by the Company, in
        good
        faith, to be related to the prior incapacity or absence.) A determination
        of
        Disability shall be subject to the certification of a qualified medical doctor
        agreed to by the Company and the Executive or, in the event of the Executive’s
        incapacity to designate a doctor, the Executive’s legal representative. In the
        absence of agreement between the Company and the Executive, each party shall
        nominate a qualified medical doctor and the two doctors so nominated shall
        select a third doctor, who shall make the determination as to
        Disability.

      

      (c) Good
        Reason.
“Good
        Reason” shall mean: (i) the failure of the Company to pay any amount due to
        Executive hereunder, which failure persists for fifteen (15) days after written
        notice of such failure has been received by the Company; (ii) any material
        reduction in Executive’s title or a material reduction in Executive’s duties or
        responsibilities (unless such reduction is for Cause); (iii) any material
        adverse change in Executive’s Base Salary (unless such reduction is for Cause)
        and any material adverse change in Executive’s benefits (other than changes that
        affect other management employees of the Company to the same or comparable
        extent); (iv) any relocation of the premises at which Executive works to
        a
        location more than 25 miles from such location, without Executive’s consent; or
        (v) the Company’s material breach of this Agreement, which breach has not been
        cured by the Company within fifteen (15) days after receipt of written notice
        specifying, in reasonable detail, the nature of such breach or failure from
        Executive.

      

      4.2
         Termination
        by Company.
        The
        Company may terminate the Executive’s employment hereunder effective immediately
        for Cause. Subject to the other provisions contained in this Agreement, the
        Company may terminate this Agreement for any reason other than Cause upon
        30
        days’ written notice to Executive.

      

      4.3
         Termination
        by Executive.
        Executive may terminate this Agreement effective immediately for Good Reason.
        Subject to the other provisions contained in this Agreement, Executive may
        terminate this Agreement without Good Reason upon 30 days’ written notice to the
        Company.

      

      4.4
         Benefits
        Received Upon Termination.

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      (a)
         If
        the
        Executive’s employment is terminated as a result of Executive’s death or
        Disability, by the Company for Cause, or by Executive without Good Reason,
        then
        the Company shall pay the Executive his Base Salary through the effective
        date
        of such termination plus credit for any vacation earned but not taken and
        the
        Company shall thereafter have no further obligations to Executive under this
        Agreement; provided, however, that the Company will continue to honor any
        obligations that may have vested or accrued under the existing Company Benefit
        Plans or any other Agreements or arrangements applicable to the
        Executive.

      

      (b)
         If
        the
        Executive’s employment is terminated by the Company without Cause,
        or if
        this
        Agreement is terminated by Executive for Good Reason,
        then
        the
        Company shall:

      

      (i)
         pay
        to
        the Executive within two business days following the date of termination
        his
        Base Salary through the end of the month during which such termination occurs
        plus credit for any vacation earned but not taken;

      

      (ii)
         pay
        to
        the Executive as severance pay: (1) for three (3) years, an annual amount
        equal
        to the Executive’s Base Salary in effect as of the date of termination
        multiplied by 1.9, which annual amount shall not exceed $180,000 per year
        and
        which amounts shall be paid in installments in accordance with the Company’s
        usual payroll periods for three (3) years, plus (2) an amount equal to the
        most
        recent annual profit sharing and/or incentive bonus received by the Executive
        from the Company, prorated for the portion of the current year for which
        the
        Executive was employed, or, if more, the amount which would be due under
        the
        profit sharing and/or incentive bonus plans applicable to Executive for the
        then
        current year calculated as of the effective date of termination; such amount
        to
        be reduced by any payment previously received during the current year as
        part of
        the profit sharing and/or incentive bonus plans and such payment to be made
        in
        substantially equal installments in accordance with the Company’s usual payroll
        periods over such time period as Executive receives Base Salary severance
        payments hereunder;

      

      (iii)
         maintain,
        at the Company’s expense, in full force and effect, for the Executive’s
        continued benefit for one year, all Company medical insurance and reimbursement
        plans and other programs or arrangements in which the Executive was entitled
        to
        participate immediately prior to the date of termination, provided that the
        Executive’s continued participation is possible under the general terms and
        provisions of such plans and programs. In the event that the Executive’s
        participation in any such plan or program is barred, the Company shall arrange
        to provide the Executive with medical benefits substantially similar to those
        which the Executive was entitled to receive under such plans or programs;
        and

      

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      (iv)
         pay,
        for
        the benefit of Executive, all costs, up to a maximum of $10,000, related
        to
        Executive’s participation in a senior executive outplacement program at an
        outplacement firm.

      

      (c)
         In
        the
        event of Executive’s Disability, Executive acknowledges that his employment will
        be automatically terminated effective immediately upon the determination
        of
        Disability; provided that, during the period of the disability prior to such
        termination of employment, Executive shall continue to receive all compensation
        and benefits as if he were actively employed less any sums received directly
        by
        the Executive, if any, under any policy or policies of disability income
        insurance purchased by the Company. In the event of such termination,
        Executive’s rights to receive any salary or payments under this Agreement shall
        terminate but Executive shall have the right to continue to receive any and
        all
        payments made by an insurance company under any and all policies of disability
        insurance purchased by the Company. Executive’s rights under any Company Benefit
        Plans will be those rights accorded to any terminated employee under the
        plan
        provisions and applicable law. Executive will remain entitled to receive
        any
        benefits under state disability or worker’s compensation laws.

      

      (d) The
        Company will deduct and withhold all necessary Withholding Taxes from
        Executive’s benefits provided hereunder.

      

      4.5
        Effect
        of Termination.
        Upon
        any termination of this Agreement, for any reason, Executive shall be deemed
        to
        have immediately resigned as a director of the Company and all subsidiaries,
        if
        applicable, without the giving of any notice or the taking of any other
        action. 

      

      Article
        V

      Assumption
        of Obligations by Successor to Company

      

      5.1
         Assumption
        of Obligations.
        The
        Company will require any successor or assign (whether direct or indirect,
        by
        purchase, merger, consolidation or otherwise) to all or substantially all
        of the
        business and/or assets of the Company to expressly, absolutely and
        unconditionally assume and agree to perform this Agreement in the same manner
        and to the same extent that the Company would be required to perform it if
        no
        such succession or assignment had taken place. Any failure of the Company
        to
        obtain such agreement prior to the effectiveness of any such succession or
        assignment shall be a material breach of this Agreement. As used in this
        Agreement, “Company” shall mean the Company as herein before defined and any
        successor or assign to its business and/or assets as aforesaid which executes
        and delivers the agreement provided for in this Article V or which otherwise
        becomes bound by all the terms and provisions of this Agreement by operation
        of
        law. If at any time during the term of this Agreement the Executive is employed
        by any corporation a majority of the voting securities of which is then owned
        by
        the Company, “Company” as used in this Agreement shall in addition include such
        employer.

      

      
        	 	
                5.2

              	
                Beneficial
                  Interests.
                  This Agreement shall inure to the benefit of and be enforceable
                  by the
                  Executive’s personal and legal representatives, executors, administrators,
                  successors, heirs, distributees, devisees and legatees. If the
                  

              

      

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      Executive
        should die while any amounts are still payable to him or her hereunder, all
        such
        amounts, unless otherwise provided herein, shall be paid in accordance with
        the
        terms of this Agreement to the Executive’s devisee, legatee, or other designee
        or, if there be no such designee, to the Executive’s estate.

      

      Article
        VI

      General
        Provisions

      

      6.1
         Notice.
        For
        purposes of this Agreement, notices and all other communications provided
        for in
        the Agreement shall be in writing and shall be deemed to have been duly given
        when delivered or mailed by United States registered mail, return receipt
        requested, postage prepaid, as follows:

      

      
        	 	
                If
                  to the Company:

              	
                Magnetech
                  Integrated Services Corp.

              
	 	 	
                1125
                  S. Walnut St.

              
	 	 	
                South
                  Bend, IN 46619

              
	 	 	
                Attn:
                  President

              
	 	 	 
	 	
                If
                  to the Executive:

              	
                John
                  A. Martell

              
	 	 	
                61249
                  Howell Drive

              
	 	 	
                Cassopolis,
                  MI  49031

              

      

      

      or
        such
        other address as either party may have furnished to the other in writing
        in
        accordance herewith, except that notices of change of address shall be effective
        only upon receipt.

      

      6.2
         No
        Waivers.
        No
        provision of this Agreement may be modified, waived or discharged unless
        such
        waiver, modification or discharge is agreed to in writing signed by the
        Executive and the Company. No waiver by either party hereto at any time of
        any
        breach by the other party hereto of, or compliance with, any condition or
        provision of this Agreement to be performed by such other party shall be
        deemed
        a waiver of similar or dissimilar provisions or conditions at the same or
        at any
        prior or subsequent time.

      

      6.3
         Governing
        Law; Forum.
        This
        Agreement and the obligations of the parties hereto shall be construed,
        interpreted and enforced in accordance with the laws of the State of Indiana,
        without regard to conflicts of law principles.
        The
        parties consent to exclusive personal jurisdiction of Federal and State courts
        in the Northern District of Indiana with respect to any disputes or
        controversies arising out of or relating to this Agreement.

      

      6.4
         Severability
        or Partial Invalidity.
        The
        invalidity or unenforceability of any provisions of this Agreement shall
        not
        affect the validity or enforceability of any other provision of this Agreement,
        which shall remain in full force and effect.

      

      6.5
         Counterparts.
        This
        Agreement may be executed in one or more counterparts, each of which shall
        be
        deemed to be an original but all of which together will constitute one and
        the
        same instrument.

      

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      6.6
         Legal
        Fees and Expenses.
        Should
        any party institute any action or proceeding to enforce this Agreement or
        any
        provision hereof, or for damages by reason of any alleged breach of this
        Agreement or of any provision hereof, or for a declaration of rights hereunder,
        the prevailing party in any such action or proceeding shall be entitled to
        receive from the other party all costs and expenses, including reasonable
        attorneys’ fees, incurred by the prevailing party in connection with such action
        or proceeding.

      

      6.7
         Entire
        Agreement.
        This
        Agreement constitutes the entire agreement of the parties and supersedes
        all
        prior written or oral and all contemporaneous oral agreements, understandings,
        and negotiations between the parties with respect to the subject matter hereof.
        This Agreement is intended by the parties as the final expression of their
        agreement with respect to such terms as are included in this Agreement and
        may
        not be contradicted by evidence of any prior or contemporaneous agreement.
        The
        parties further intend that this Agreement constitutes the complete and
        exclusive statement of its terms and that no extrinsic evidence may be
        introduced in any judicial proceeding involving this Agreement.

      

      6.8
         Assignment.
        This
        Agreement and the rights, duties, and obligations hereunder may not be assigned
        or delegated by any party without the prior written consent of the other
        party
        and any such attempted assignment and delegation shall be void and be of
        no
        effect. Notwithstanding the foregoing provisions of this Section 6.8, the
        Company may assign or delegate its rights, duties, and obligations hereunder
        to
        any person or entity which succeeds to all or substantially all of the business
        of the Company through merger, consolidation, reorganization, or other business
        combination or by acquisition of all or substantially all of the assets of
        the
        Company; provided that such person assumes the Company’s obligations under this
        Agreement in accordance with Section 5.1.

      

      6.9
         Indemnification.
        To the
        extent permitted by law, applicable statutes and the Articles of Incorporation,
        Bylaws or resolutions of the Company in effect from time to time, the Company
        shall indemnify Executive against liability or loss arising out of Executive’s
        actual or asserted misfeasance or nonfeasance in the performance of Executive’s
        duties or out of any actual or asserted wrongful act against, or by, the
        Company
        including but not limited to judgments, fines, settlements and expenses incurred
        in the defense of actions, proceedings and appeals therefrom. The Company
        shall
        endeavor to obtain Directors and Officers Liability Insurance to indemnify
        and
        insure the Company and Executive from and against the aforesaid liabilities.
        The
        provisions of this paragraph shall apply to the estate, executor, administrator,
        heirs, legatees or devisees of Executive.

      

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have executed this Agreement as of the date
        first
        above written.

      

      
        	
                “Company”

              	 	
                “Executive”

              
	
                Magnetech
                  Integrated Services Corp.

              	 	 
	 	 	 	 
	 	 	 	 
	
                By:

              	 /s/
John
                A. Martell	 	 /s/
John
                A. Martell
	 	 	 	
                John
                  A. Martell

              
	
                Its:

              	 President
&
                CEO	 	 
	 	 	 	 
	
                Date:

              	 9-21-05	 	
                Date: 
                  9-21-05

              

      

       

       

      
 

      
12

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