Document:

Exhibit 4.2

                                     BY-LAWS

                                       OF

                               LIMCO-PIEDMONT INC.
                             a Delaware corporation
                               (the "Corporation")

                                    ARTICLE I

                                     OFFICES

         Section  1.01.   REGISTERED   OFFICE.  The  registered  office  of  the
Corporation in the State of Delaware shall be 2711 Centerville  Road, Suite 400,
Wilmington,  Delaware 19808; and the name of the registered agent of the Company
in the State of Delaware at such address is Corporation Service Company.

         Section 1.02.  OTHER OFFICES.  The Corporation may also have offices at
such other places as the Board of Directors  may from time to time  determine or
the business of the Corporation may require.

                                   ARTICLE II

                            MEETINGS OF STOCKHOLDERS

         Section 2.01.  GENERAL.  All meetings of the stockholders shall be held
at such place either  within or without the State of  Delaware,  as the Board of
Directors shall determine prior to the mailing of the notice of such meeting.

         Section 2.02.  ANNUAL  MEETING.  The  Corporation  shall hold an annual
meeting of  stockholders  at a time  fixed by the  action of the  members of the
Board of Directors.  The purposes for which the annual meeting is to be held, in
addition to those prescribed by the Certificate of  Incorporation,  shall be for
electing  directors  and for such other  purposes as shall be  specified  in the
notice for the meeting  pursuant to Section 2.04 below, and only business within
such purposes may be conducted at the meeting. In the event an annual meeting is
not held at the time fixed in  accordance  with these By-Laws or the time for an
annual  meeting is not fixed in accordance  with these By-Laws to be held within
13 months after the last annual meeting was held, the  Corporation may designate
a special  meeting held  thereafter  as a special  meeting in lieu of the annual
meeting, and the meeting shall have all of the effect of an annual meeting.

         Section 2.03.  SPECIAL  MEETINGS.  Special meetings of the stockholders
may be called (i) by the President or by the Board of Directors,  or (ii) by the
Secretary,  or in case of the  death,  absence,  incapacity  or  refusal  of the
Secretary,  by another  officer,  if the holders of at least 25%, or such lesser
percentage  as the  Certificate  of  Incorporation  permits,  of all  the  votes
entitled  to be cast on any  issue  to be  considered  at the  proposed  special
meeting sign, date, and deliver to the

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Secretary one or more written demands for the meeting describing the purpose for
which it is to be held and such purpose  satisfies the  requirements  of Section
2.04  below.  Only  business  within the purpose or  purposes  described  in the
meeting notice may be conducted at a special meeting of stockholders.

         Section  2.04.   BUSINESS  OF  THE  MEETING.  At  any  meeting  of  the
stockholders,  only such business  shall be conducted as shall have been brought
before the meeting (a) by or at the  direction  of the Board of Directors or the
President of the Corporation,  or (b) by any stockholder who is a stockholder of
record at the time of giving of the notice  provided  for in this  Section,  who
shall be  entitled  to vote at such  meeting  and who  complies  with the notice
procedures set forth in this Section. For business to be properly brought before
a stockholder  meeting by a stockholder,  the stockholder must have given timely
notice thereof in writing to the Secretary. To be timely, a shareholder's notice
must be delivered to, or mailed and received at, the principal executive offices
of the  Corporation  by the Secretary in the case of an annual  meeting not less
than 150 days prior to the date such  meeting was held in the prior year,  or in
the case of any other meeting no later than the close of business on the seventh
day  following  the day on which notice of the date of the meeting was mailed or
public disclosure was made,  whichever is earlier. A shareholder's notice to the
Secretary  shall set forth as to each matter the  stockholder  proposes to bring
before the meeting (a) a brief description of the business desired to be brought
before the meeting and the reasons for conducting  such business at the meeting,
(b) the names and addresses,  as they appear on the Corporation's  books, of the
stockholder  proposing  such  business and any other  stockholder  known by such
stockholder  to be  supporting  such  proposal,  (c) the number of shares Common
Stock that are beneficially  owned by the stockholder and any other stockholders
known by such  stockholder to be supporting such proposal,  and (d) any material
interest of the stockholder in such business.  Notwithstanding anything in these
By-Laws to the contrary, no business shall be conducted at a stockholder meeting
except in accordance with the procedures set forth in this Section. The Chairman
of the meeting shall, if the facts warrant, determine and declare to the meeting
that  certain  business  was not  properly  brought  before the  meeting  and in
accordance with the provisions of these By-Laws,  and if he should so determine,
he shall so declare to the meeting and any such  business not  properly  brought
before  the  meeting  shall not be  transacted.  Notwithstanding  the  foregoing
provisions of this Section,  a stockholder shall also comply with all applicable
requirements of the Securities  Exchange Act of 1934, as amended,  and the rules
and  regulations  thereunder  with  respect  to the  matters  set  forth in this
Section.

         Section 2.05. QUORUM. The holders of a majority of the stock issued and
outstanding  and entitled to vote thereat,  present in person or  represented by
proxy,  shall be  requisite  and shall  constitute  a quorum at all  meetings of
stockholders  for the  transaction of business  except as otherwise  provided by
statute,  the Certificate of Incorporation or these By-Laws.  If, however,  such
quorum shall not be present or represented at any meeting of  stockholders,  the
stockholders entitled to vote thereat present in person or represented by proxy,
shall have power to adjourn the meeting from time to time,  without notice other
than  announcement  at  the  meeting,   until  a  quorum  shall  be  present  or
represented.  At such  adjourned  meeting at which a quorum  shall be present or
represented  any business may be transacted  that might have been  transacted at
the meeting as originally notified.

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         Section  2.06.  REQUIREMENT  OF NOTICE.  A written  notice of the date,
time, and place of each annual and special  meeting of  stockholders  describing
the purposes of the meeting shall be given to  stockholders  entitled to vote at
the  meeting  and,  to  the  extent  required  by  law  or  the  Certificate  of
Incorporation,  to  stockholders  not entitled to vote at the meeting,  no fewer
than  seven nor more  than 60 days  before  the  meeting  date.  If an annual or
special meeting of stockholders is adjourned to a different date, time or place,
notice need not be given of the new date, time or place if the new date, time or
place, if any, is announced at the meeting before  adjournment.  If a new record
date for the  adjourned  meeting  is fixed,  however,  notice  of the  adjourned
meeting shall be given under this Section to persons who are  stockholders as of
the  new  record  date.  All  notices  to  stockholders  shall  conform  to  the
requirements of Article II.

         Section  2.07.  WAIVER OF NOTICE.  A  stockholder  may waive any notice
required by law, the  Certificate of  Incorporation,  or these By-Laws before or
after the date and time stated in the notice. The waiver shall be in writing, be
signed by the  stockholder  entitled  to the  notice,  and be  delivered  to the
Corporation  for  inclusion  with the records of the  meeting.  A  stockholder's
attendance  at a meeting:  (a) waives  objection  to lack of notice or defective
notice of the meeting,  unless the  stockholder  at the beginning of the meeting
objects to holding the meeting or transacting  business at the meeting;  and (b)
waives objection to consideration of a particular  matter at the meeting that is
not within the purpose or purposes  described in the meeting notice,  unless the
stockholder objects to considering the matter when it is presented.

         SECTION  2.08.  VOTING.  Except as otherwise  required by statute,  the
Certificate of Incorporation or these By-Laws, at every meeting of stockholders,
each stockholder of the Corporation  entitled to vote at such meeting shall have
one vote for each share of stock having voting rights held by him and registered
in his  name on the  books  of the  Corporation  at the  record  date  fixed  or
otherwise  determined for such meeting. Any vote may be given by the stockholder
entitled thereto in person or by his proxy appointed by an instrument in writing
subscribed  by such  stockholder  or by his attorney  thereunto  authorized  and
delivered  to the  Secretary of the meeting;  provided,  however,  that no proxy
shall be voted on after three years from its date unless said proxy provides for
a longer period.  Except as otherwise  required by statute,  the  Certificate of
Incorporation  or these By-Laws,  or in electing  directors,  all matters coming
before any meeting of  stockholders  shall be decided by a majority  vote of the
stockholders of the  Corporation  present in person at such meeting and entitled
to vote thereat, a quorum being present.

         Section 2.09. LIST OF STOCKHOLDERS. A complete list of the stockholders
entitled  to vote at each  meeting of  stockholders,  arranged  in  alphabetical
order,  and  showing the  address of each  stockholder  and the number of shares
registered in the name of each  stockholder,  shall be prepared by the Secretary
or other officer of the Corporation having charge of the stock ledger. Such list
shall be open to the  examination of any  stockholder for any purpose germane to
the meeting,  during ordinary  business hours, for a period of at least ten days
prior to the meeting,  either at a place within the city where the meeting is to
be held, which place shall be specified in the notice of the meeting, or, if not
so specified,  at the place where said meeting is to be held, and the list shall
be produced and kept at the time and place of said meeting during the whole time
thereof,  and shall be subject to the inspection of any  stockholder  who may be
present.

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                                   ARTICLE III

                                    DIRECTORS

         Section  3.01.  POWERS.  The property  and business of the  Corporation
shall be managed by or under the direction of its Board of Directors,  which may
exercise  all such  powers of the  Corporation  and do all such  lawful acts and
things as are not by statute or by the Certificate of  Incorporation or by these
By-Laws directed or required to be exercised or done by the stockholders.

         Section 3.02.  NOMINATION;  ELIGIBILITY  TO SERVE.  Except as otherwise
provided in Section 3.04 of this Article III concerning the filling of vacancies
on the Board of Directors, only persons who are nominated in accordance with the
procedures  set  forth  in this  Section  shall  be  eligible  for  election  as
Directors.  Nominations of persons for election to the Board of Directors of the
Corporation at a meeting of stockholders  may be made (a) by or at the direction
of the Board of Directors or any nominating or similar committee thereof, or (b)
by any stockholder of the Corporation who is a stockholder of record at the time
of giving of notice provided for in this Section,  who shall be entitled to vote
for the election of Directors at the applicable  meeting of stockholders and who
complies with the notice procedures set forth in this Section.  Such nominations
made by  stockholders  shall be made pursuant to timely notice in writing to the
Secretary. To be timely, a stockholder's notice shall be delivered to, or mailed
and received  at, the  principal  executive  offices of the  Corporation  by the
Chairman, if any, the Chief Executive Officer, President, Treasurer or Secretary
of the  Corporation  not less  than 60 days nor more  than 90 days  prior to the
meeting at which such nominees may be elected;  provided,  however,  that in the
event that less than 70 days' notice or prior public  disclosure  of the date of
the meeting is given or made to  stockholders,  notice by the  stockholder to be
timely must be  received at the  Corporation's  principal  executive  office not
later than the close of business on the seventh day  following  the day on which
such notice of the date of the meeting was mailed or such public  disclosure was
made, whichever is earlier.  Such stockholder's notice shall set forth (a) as to
each person whom the stockholder proposes to nominate for election or reelection
as a Director,  all  information  relating to such person that is required to be
disclosed in solicitations of proxies for election of Directors, or is otherwise
required,  in each case pursuant to Regulation 14A under the Securities Exchange
Act of 1934, as amended  (including such person's written consent to being named
in the proxy  statement  as a nominee and to serving as a Director if  elected),
including without limitation,  such person's name, age, business and residential
address,  shares  owned and  employment  status,  and (b) as to the  stockholder
giving  the  notice,  (i)  the  names  and  addresses,  as  they  appear  on the
Corporation's  books, of such  stockholder and any other  stockholders  known by
such  stockholder to be supporting  the election of the proposed  nominee(s) and
(ii) the class and  number of shares of the  Corporation  that are  beneficially
owned by such stockholder and any other stockholder known by such stockholder to
be  supporting  the election of the proposed  nominee(s).  At the request of the
Board of Directors,  any person nominated by the Board of Directors for election
as a Director shall furnish to the Secretary that information required to be set
forth in a stockholder's  notice of nomination that pertains to the nominee. The
Chairman,  if any, or Chief Executive Officer or President of the Corporation at
the stockholders'  meeting pertaining to the election of directors shall, if the
facts  warrant,  determine and declare to

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the meeting that a nomination  was not made in  accordance  with the  procedures
prescribed by these By-Laws, and if he should so determine,  he shall so declare
to  the   meeting   and  the   defective   nomination   shall  be   disregarded.
Notwithstanding  the foregoing  provisions of this Section,  a stockholder shall
also comply with all applicable  requirements of the Securities  Exchange Act of
1934, as amended,  and the rules and regulations  thereunder with respect to the
matters set forth in this Section.

         Section 3.03. NUMBER. The number of directors that shall constitute the
whole Board of Directors  shall initially be three and shall at all times be not
less  than  three  nor more  than  seven  and  shall be such  number as shall be
determined  from  time to time by  resolution  of the  Board of  Directors.  Any
director  may resign at any time by giving  written  notice to the  Corporation;
such resignation  shall take effect  immediately upon receipt by the Corporation
of such notice, if no time is specified  therein,  or at such later time as such
director may specify.  The directors  shall be elected at the annual  meeting of
the stockholders, except as provided in Section 3.04, and each director shall be
elected to serve until his successor shall be elected and qualified or until his
earlier resignation or removal.

         Section  3.04.  VACANCIES.  If any  vacancies  occur  in the  Board  of
Directors caused by death, resignation, retirement,  disqualification or removal
from office of any directors or otherwise, or any new directorship is created by
any increase in the authorized number of directors,  a majority of the directors
then in each office,  though less than a quorum, or the remaining  directors may
reduce the size of the Board of  Directors as provided in Section 3.02 or choose
a successor  or  successors,  or fill the newly  created  directorship,  and the
director  so  chosen  shall  hold  office  until  the  next  annual  meeting  of
stockholders  and until his  successor  shall be duly  elected and  qualified or
until his earlier resignation or removal.

         Section  3.05.  MEETINGS.  Meetings of the Board of Directors  shall be
held at such place  within or without  the State of Delaware as may from time to
time be fixed by resolution of the stockholders or Board of Directors, or as may
be  specified  in the notice of the  meeting.  Regular  meetings of the Board of
Directors  shall be held at such  times  and  places as may from time to time be
fixed by  resolution of the Board of Directors,  and special  meetings  shall be
held when  called by the  Secretary  pursuant to order of the  President  or any
director  (except  that if more than one meeting is called by  directors  in any
period of 180 days or less,  each such meeting so called may be called only by a
majority of the  directors  then in office),  at such time and place as shall be
specified in the notice or waiver thereof.  Notice of each special meeting shall
be given by the Secretary or by a person calling the meeting to each director by
mailing the same,  first-class  postage  prepaid,  at least five days before the
date of the meeting or  personally or by  telegraphing,  sending by facsimile or
telephoning  not later than three days before the  meeting.  Each newly  elected
Board of  Directors  shall meet and  organize at the place of the meeting of the
stockholders on the same date as the annual meeting of the stockholders at which
such Board of Directors was elected and as soon as reasonably  practicable after
the  adjournment  of such annual meeting of the  stockholders,  and no notice of
such meeting shall be necessary to the newly elected  directors in order legally
to constitute the meeting, provided a quorum shall be present. In the event such
meeting is not so held,  the meeting may be held at such time and place as shall
be specified in a notice  given as herein  provided for special  meetings of the
Board of Directors or as shall be specified in a written waiver signed by all of
the  directors.  Notice  need not be

<PAGE>

given of regular  meetings of the Board of Directors  held at the time and place
fixed by resolution of the Board of Directors.  Meetings may be held at any time
without  notice if before or after the meeting the  directors  not present waive
notice of the  meeting in  writing.  Attendance  of a  director  at a meeting of
directors without objection, at the beginning of such meeting, to the absence of
notice thereof,  shall  constitute a waiver of notice of such meeting,  with the
same force and effect as if such waiver were in writing.

         Section 3.06.  QUORUM.  At all meetings of the Board of Directors,  the
presence of a majority of the  directors  shall be necessary  and  sufficient to
constitute a quorum for the transaction of business and the act of a majority of
the directors present at any meeting at which there is a quorum shall be the act
of the Board of Directors,  except as may be otherwise  specifically provided by
statute or by the  Certificate of  Incorporation  or these By-Laws.  If a quorum
shall not be present at any meeting of directors,  the directors present thereat
may  adjourn  the  meeting  from  time  to  time,   without  notice  other  than
announcement at the meeting, until a quorum shall be present.

         Section 3.07. COMMITTEES.  The Board of Directors may, by resolution or
resolutions passed by a majority of the whole Board of Directors,  designate one
or more committees, each committee to consist of one or more of the directors of
the Corporation, which, to the extent provided in said resolution or resolutions
and subject to any  restrictions  imposed by applicable  law, shall have and may
exercise the powers of the Board of Directors in the  management of the business
and affairs of the  Corporation.  Such  committee or committees  shall have such
name or names as may be determined  from time to time by  resolution  adopted by
the Board of Directors. Unless otherwise provided in the resolution of the Board
of Directors  designating a committee,  each  committee  shall have the power to
adopt rules and regulations for the calling and holding of meetings,  and in the
absence of the adoption of such rules and  regulations  the  provisions of these
By-Laws  relating  to the  calling  and  holding  of  meetings  of the  Board of
Directors shall apply.  Unless otherwise provided in the resolution of the Board
of Directors designating a committee, each committee may select a Chairman and a
majority of a  committee  shall  constitute  a quorum.  A  committee  shall keep
minutes of its meetings. The Board of Directors shall have the power at any time
to fill  vacancies  in, to change the  membership  of, or to discharge  any such
committee.

         Section  3.08.  REMOVAL OF  DIRECTORS.  At any  special  meeting of the
stockholders  duly called for that  purpose as provided  in these  By-Laws,  any
director or directors, by the affirmative vote of the holders of not less than a
majority  of all  shares  of  stock  outstanding  and  entitled  to vote for the
election of  directors,  may be removed from office either with or without cause
and the remaining  directors will fill any vacancy or vacancies  created by such
removal in accordance  with the provisions of Section 3.04 of these By-Laws.  At
any meetings of the Board of Directors,  any director or directors,  by the vote
of a majority of the Board of  Directors,  may be removed  from office for cause
and his  successor or their  successors  elected  pursuant to the  provisions of
Section 3.04 of these By-Laws.

         Section 3.09. INTERESTED DIRECTORS.  No contract or transaction between
the  Corporation  and one or more of its  directors or officers,  or between the
Corporation  and any  other  corporation,  partnership,  association,  or  other
organization  in which one or more of its directors or officers are directors or
officers,  or have a financial  interest,  shall be void or voidable  solely

<PAGE>

for this  reason,  or solely  because  the  director or officer is present at or
participates in the meeting of the Board of Directors or committee thereof which
authorizes the contract or transaction, or solely because his or their votes are
counted for such purpose,  if: (1) the material facts as to his  relationship or
interest and as to the contract or transaction are disclosed or are known to the
Board of Directors or the committee,  and the Board of Directors or committee in
good faith authorizes the contract or transaction by the affirmative  votes of a
majority of the disinterested directors, even though the disinterested directors
be less than a  quorum;  or (2) the  material  facts as to his  relationship  or
interest and as to the contract or transaction are disclosed or are known to the
stockholders  entitled  to vote  thereon,  and the  contract or  transaction  is
specifically  approved  in good  faith by vote of the  stockholders;  or (3) the
contract  or  transaction  is fair as to the  Corporation  as of the  time it is
authorized, approved or ratified by the Board of Directors, a committee thereof,
or  the  stockholders.   Common  or  interested  directors  may  be  counted  in
determining  the  presence of a quorum at a meeting of the Board of Directors or
of a committee that authorizes the contract or transaction.

         Section 3.10.  INFORMAL ACTION.  Any action required or permitted to be
taken at any meeting of the Board of Directors or any  committee  thereof may be
taken without a meeting if a written consent thereto is signed by all members of
the Board of Directors or of the committee, as the case may be, and such written
consent is filed with the minutes of  proceedings  of the Board of  Directors or
such committee.

         Section 3.11. MEETINGS VIA CONFERENCE  TELEPHONE.  Members of the Board
of  Directors,  or any  committee  designated  by the  Board of  Directors,  may
participate  in a meeting of the Board of Directors or a committee by means of a
conference  telephone or similar  communications  equipment in which all persons
participating in the meeting can hear each other, and participation in a meeting
pursuant to this Section shall constitute presence in person at such meeting.

         Section 3.12. COMPENSATION OF DIRECTORS. Directors who are not salaried
officers or salaried  employees of the Corporation  shall be entitled to receive
such  compensation  for their services as may from time to time be determined by
resolution  of the Board of Directors,  and all  directors  shall be entitled to
reimbursement  of their  reasonable  expenses of  attendance  at each regular or
special meeting of the Board of Directors.  Like  compensation may be allowed by
the Board of Directors for  attendance  at committee  meetings.  Nothing  herein
contained  shall  be  construed  to  preclude  any  Director  from  serving  the
Corporation as a salaried officer or salaried employee, or from rendering advice
or services to the Corporation in any other capacity, and receiving remuneration
therefor.

                                   ARTICLE IV

                                    OFFICERS

         Section 4.01.  NUMBER.  The officers of the Corporation shall be chosen
by the directors in their sole discretion with such titles, powers and duties as
the Board of Directors shall designate.  More than one office may be held by the
same person.

<PAGE>

         Section 4.02. TERM AND REMOVAL.  Each officer of the Corporation  shall
hold office until his  successor  is elected and  qualified or until his earlier
resignation  or  removal.  Any  officer  elected  or  appointed  by the Board of
Directors may be removed at any time,  with or without cause, by the affirmative
vote of a majority  of the whole Board of  Directors.  Any officer may resign at
any time by giving written notice to the  Corporation;  such  resignation  shall
take effect  immediately upon receipt by the Corporation if no time is specified
therein, or at such later time as such officer may specify. If the office of any
officer becomes vacant for any reason, the vacancy may be filled by the Board of
Directors.

         Section 4.03. POWERS AND DUTIES.  The officers of the Corporation shall
each  have  such  powers  and  duties  as  may be  prescribed  by  statute,  the
Corporation's  Certificate  of  Incorporation  or these  By-Laws  or,  if not so
prescribed,  as generally pertain to their respective  offices,  as well as such
powers  and  duties  as from  time to time  may be  conferred  by the  Board  of
Directors.

         Section 4.04. VOTING CORPORATION'S SECURITIES. Unless otherwise ordered
by the Board of  Directors,  the  President  or, in the event of his  absence or
inability to act, any Vice  President,  shall each have full power and authority
on behalf of the  Corporation  to attend and to act and to vote, in person or by
proxy,  at any  meetings  of  security  holders  of  corporations  in which  the
Corporation  may hold  securities,  and at such  meetings  shall possess and may
exercise  any and all  rights  and  powers  incident  to the  ownership  of such
securities,  and which as the owner thereof the Corporation might have possessed
and  exercised  if present.  Such rights and powers  shall  include the right to
waive notice of meetings and to consent to action taken  without a meeting.  The
Board of Directors by  resolution  from time to time may confer like powers upon
any other person or persons.

                                    ARTICLE V

                              CERTIFICATES OF STOCK

         Section 5.01. FORM. The interest of each stockholder shall be evidenced
by a certificate or certificates  for shares of stock of the Corporation in such
form as the Board of Directors may from time to time prescribe. The certificates
of stock shall be signed by the President, or a Vice President and the Treasurer
or the  Secretary  and sealed with the seal of the  Corporation,  which may be a
facsimile,  engraved,  imprinted or affixed.  Any or all of the  signatures on a
certificate may be a facsimile. In case any officer, transfer agent or registrar
who  has  signed  or  whose  facsimile  signature  has  been  placed  upon  such
certificate shall have ceased to be an officer,  the transfer agent or registrar
before such certificate is issued,  it may be issued by the Corporation with the
same effect as if such officer, transfer agent or registrar had not ceased to be
such at the time of its issue.

         Section 5.02. LOST, STOLEN OR DESTROYED  CERTIFICATES.  No certificates
for  shares  of  stock  of the  Corporation  shall  be  issued  in  place of any
certificates  alleged  to have  been  lost,  stolen  or  destroyed  except  upon
production  of  such  evidence  of the  loss,  theft  or  destruction  and  upon
indemnification  of the  Corporation  and its agents to such  extent and in such
manner as the Board of Directors from time to time may prescribe.

<PAGE>

         Section  5.03.  TRANSFERS.  Transfers of shares of the capital stock of
the  Corporation  shall  be made  only on the  books of the  Corporation  by the
registered  holder  thereof,  or by his attorney  thereunto  authorized,  and on
surrender of the certificate or certificates for such shares properly  endorsed.
The Board of  Directors  from time to time may make  such  additional  rules and
regulations  as it may deem  expedient,  not  inconsistent  with these  By-Laws,
concerning the issue,  transfer and  registration of certificates  for shares of
the capital stock of the Corporation.

         Section 5.04. FIXING RECORD DATE. (a) In order that the Corporation may
determine  the  stockholders  entitled to notice of or to vote at any meeting of
stockholders or any adjournment  thereof,  or entitled to receive payment of any
dividend  or other  distribution  or  allotment  of any  rights,  or entitled to
exercise any rights in respect of any change,  conversion  or exchange of stock,
or for the purpose of any other lawful  action,  the Board of Directors may fix,
in advance,  a record date, which shall not be more than sixty nor less than ten
days  before  the date of such  meeting,  nor more than  sixty days prior to any
other action.  Only such  stockholders as shall be stockholders of record on the
date so fixed shall be  entitled to notice of, and to vote at, such  meeting and
any  adjournment  thereof,  or to  receive  payment  of such  dividend  or other
distribution,  or to  exercise  such  rights  in  respect  of any  such  change,
conversion or exchange of stock,  or to participate in such action,  as the case
may  be,  notwithstanding  any  transfer  of  any  stock  on  the  books  of the
Corporation after any record date so fixed.

         (b) If no  record  date is fixed by the  Board  of  Directors,  (i) the
record date for determining  stockholders  entitled to notice of or to vote at a
meeting  of  stockholders  shall  be at the  close of  business  on the day next
preceding  the date on which  notice  is  given,  and (ii) the  record  date for
determining stockholders for any other purpose shall be at the close of business
on the day on which  the  Board of  Directors  adopts  the  resolution  relating
thereto.

         (c) A determination of stockholders of record entitled to notice of and
to vote at a meeting  of  stockholders  shall  apply to any  adjournment  of the
meeting;  PROVIDED,  HOWEVER,  that the Board of Directors  may fix a new record
date for the adjourned meeting.

         Section 5.05.  HOLDER OF RECORD.  The Corporation  shall be entitled to
treat the holder of record of any share or shares of stock as the holder in fact
thereof and, accordingly, shall not be bound to recognize any equitable or other
claim to or  interest  in such share or shares on the part of any other  person,
whether  or not it  shall  have  express  or other  notice  thereof,  except  as
otherwise provided by the laws of Delaware.

         Section  5.06.  EXAMINATION  OF BOOKS  BY  STOCKHOLDERS.  The  Board of
Directors shall have the power to determine,  from time to time,  whether and to
what  extent  and at what  times  and  places  and  under  what  conditions  and
regulations the accounts and books and documents of the  Corporation,  or any of
them,  shall be open to the  inspection  of the  stockholders;  and,  except  as
otherwise  provided  by  law  or  determined  by  the  Board  of  Directors,  no
stockholder  shall  otherwise  have any right to inspect  any account or book or
document of the Corporation.

<PAGE>

                                   ARTICLE VI

                               GENERAL PROVISIONS

         Section 6.01.  DIVIDENDS.  Dividends upon the stock of the Corporation,
subject to the provisions of the  Certificate of  Incorporation,  if any, may be
declared by the Board of Directors at any regular or special  meeting,  pursuant
to law. Dividends may be paid in cash, in property,  or in shares of the capital
stock, subject to the provisions of the Certificate of Incorporation.

         Section 6.02.  CHECKS. All checks or demands for money and notes of the
Corporation  shall be signed by such officer or officers or such other person or
persons as the Board of Directors from time to time may designate.  Such signing
may be in facsimile if so authorized by the Board of Directors.

         Section 6.03.  CORPORATE  SEAL. The corporate seal shall have inscribed
thereon the name of the Corporation, the year of its incorporation and the words
"Corporate  Seal,  Delaware." Said seal may be used by causing it or a facsimile
thereof to be impressed or affixed or reproduced or otherwise.

                                   ARTICLE VII

                                   AMENDMENTS

         Section 7.01.  AMENDMENTS.  These By-Laws may be altered or repealed by
the affirmative  vote of a majority of the directors then in office and may also
be amended by the affirmative vote of at least 75% of the outstanding  shares of
Common Stock of the Corporation issued and outstanding and entitled to vote, or,
if  the  Board  of  Directors  recommends  that  the  stockholders  approve  the
amendment,  by the  affirmative  vote of the majority of the Common Stock of the
Corporation issued and outstanding and entitled to vote.

                                     * * * *Exhibit 10.1

                          REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of March
26, 2007, is entered into by and between Limco-Piedmont Inc., a Delaware
corporation (including its successors, the "COMPANY"), and TAT Technologies
Ltd., a company organized under the laws of the State of Israel ("TAT").

                                    RECITALS

     WHEREAS, the Company has filed a Registration Statement with the Securities
and Exchange Commission on Form S-1 (the "REGISTRATION STATEMENT") in connection
with the initial public offering (the "IPO") of shares of its Common Stock, par
value $0.01 per share (the "COMMON STOCK"); and

     WHEREAS, the Company has agreed to provide TAT with the registration rights
specified in this Agreement following the IPO with respect to any shares of
Common Stock held by TAT or any other Holder on the terms and subject to the
conditions set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter contained and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                    ARTICLE 1
                                   DEFINITIONS

     1.1 DEFINITIONS. The following terms shall have the meanings set forth in
this SECTION 1.1:

     "AFFILIATE" means, with respect to any Person, any other Person that
directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with such Person. For the purpose of
this definition, the term "control" (including, with correlative meaning, the
terms "controlling," "controlled by," and "under common control with"), as used
with respect to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or
otherwise.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended, or
any similar federal statute, and the rules and regulations promulgated by the
SEC thereunder.

     "EXCLUDED REGISTRATION" means a registration under the Securities Act of
(i) securities pursuant to one or more Demand Registrations pursuant to SECTION
2 hereof, (ii) securities registered on Form S-8 or any similar successor form,
and (iii) securities registered to effect the acquisition of, or combination
with, another Person.

     "HOLDER" means (i) TAT and (ii) any direct or indirect transferee of TAT
who shall become a party to this Agreement in accordance with SECTION 2.9 and
has agreed in writing to be bound by the terms of this Agreement.

                                       1
<PAGE>

     "PERSON" or "PERSONS" means any individual, corporation, partnership,
limited liability company, joint venture, association, joint-stock company,
trust, unincorporated organization or government or other agency or political
subdivision thereof.

     "REGISTER," "REGISTERED" and "REGISTRATION" refer to a registration
effected by preparing and filing a registration statement in compliance with the
Securities Act, and the declaration or ordering of the effectiveness of such
registration statement.

     "REGISTRABLE SHARES" means the Common Stock owned by the Holders, whether
owned on the date hereof or acquired hereafter; provided, however, that shares
of Common Stock that, pursuant to SECTION 3.1, no longer have registration
rights hereunder shall not be considered Registrable Shares.

     "REQUESTING HOLDERS" shall mean any Holder(s) requesting to have its
(their) Registrable Shares included in any Demand Registration or Shelf
Registration.

     "SEC" means the Securities and Exchange Commission or any other federal
agency at the time administering the Securities Act.

     "SECURITIES ACT" means the Securities Act of 1933, as amended, or any
similar federal statute, and the rules and regulations promulgated by the SEC
thereunder.

     1.2 OTHER TERMS. For purposes of this Agreement, the following terms have
the meanings set forth in the section or agreement indicated.

TERM                                   SECTION
-----                                  -------
Adverse Effect                         Section 2.1.5
Advice                                 Section 2.6
Agreement                              Introductory Paragraph
Common Stock                           Recitals
Company                                Introductory Paragraph
Demand Registration                    Section 2.1.1(a)
Demanding Shareholders                 Section 2.1.1(a)
Demand Request                         Section 2.1.1(a)
Dispute                                Section 4.6.1
Effective Date                         Section 2.1.1
Inspectors                             Section 2.5(l)
IPO                                    Recitals
NASD                                   Section 2.5(q)
Piggyback Registration                 Section 2.2.1
Records                                Section 2.5(l)
Registration Statement                 Recitals
Required Filing Date                   Section 2.1.1(b)
Seller Affiliates                      Section 2.8.1
Shelf Registration                     Section 2.1.2
Suspension Notice                      Section 2.6

                                       2
<PAGE>

     1.3 RULES OF CONSTRUCTION. Unless the context otherwise requires

     (1) a term has the meaning assigned to it;

     (2) "or" is not exclusive;

     (3) words in the singular include the plural, and words in the plural
include the singular;

     (4) provisions apply to successive events and transactions; and

     (5) "herein," "hereof" and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other
subdivision.

                                    ARTICLE 2
                               REGISTRATION RIGHTS

     2.1 DEMAND REGISTRATION.

     2.1.1 REQUEST FOR REGISTRATION.

(a) Commencing on the date which is one year days after the completion of the
IPO (the "EFFECTIVE DATE"), any Holder or Holders of Registrable Shares shall
have the right on five (5) occasions to require the Company to file a
registration statement on Form S-1 or S-3 or any similar or successor to such
forms under the Securities Act for a public offering of all or part of its or
their Registrable Shares (a "DEMAND REGISTRATION"), by delivering to the Company
written notice stating that such right is being exercised, naming, if
applicable, the Holders whose Registrable Shares are to be included in such
registration (collectively, the "DEMANDING SHAREHOLDERS"), specifying the number
of each such Demanding Shareholder's Registrable Shares to be included in such
registration and, subject to SECTION 2.1.3 hereof, describing the intended
method of distribution thereof (a "DEMAND Request").

(b) Each Demand Request shall specify the aggregate number of Registrable Shares
proposed to be sold. Subject to SECTION 2.1.6, the Company shall file the
registration statement in respect of a Demand Registration as soon as
practicable and, in any event, within forty-five (45) days after receiving a
Demand Request (the "REQUIRED FILING DATE") and shall use reasonable best
efforts to cause the same to be declared effective by the SEC as promptly as
practicable after such filing; provided, however, that:

(i) the Company shall not be obligated to effect a Demand Registration pursuant
to SECTION 2.1.1(a) within 90 days after the effective date of a previous Demand
Registration, other than a Shelf Registration pursuant to this ARTICLE 2;

                                       3
<PAGE>

(ii) the Company shall not be obligated to effect a Demand Registration pursuant
to SECTION 2.1.1(a) unless the Demand Request is for a number of Registrable
Shares with a market value that is equal to at least 7.5 million as of the date
of such Demand Request; and (iii) the Company shall not be obligated to effect
pursuant to SECTION 2.1.1(a) (A) more than one Demand Registration during the
first 12 months following the Effective Date or (B) more than one Demand
Registration during any 12-month period thereafter.

     2.1.2 SHELF REGISTRATION. With respect to three Demand Registrations, the
Requesting Holders may request the Company to effect a registration of the
Common Stock under a registration statement pursuant to Rule 415 under the
Securities Act (or any successor rule) (a "SHELF REGISTRATION") which Shelf
Registration shall be kept effective for no longer than one year without the
consent of the Company's audit committee; PROVIDED that the Company shall be
eligible to utilize a registration statement on Form S-3 for such purpose.

     2.1.3 SELECTION OF UNDERWRITERS. At the request of a majority of the
Requesting Holders, the offering of Registrable Shares pursuant to a Demand
Registration shall be in the form of a "firm commitment" underwritten offering.
The Holders of a majority of the Registrable Shares to be registered in a Demand
Registration shall select the investment banking firm or firms to manage the
underwritten offering, provided that such selection shall be subject to the
consent of the Company, which consent shall not be unreasonably withheld or
delayed. No Holder may participate in any registration pursuant to SECTION 2.1.1
unless such Holder (x) agrees to sell such Holder's Registrable Shares on the
basis provided in any underwriting arrangements described above and (y)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents reasonably required under the terms
of such underwriting arrangements; provided, however, that no such Holder shall
be required to make any representations or warranties in connection with any
such registration other than representations and warranties as to (a) such
Holder's ownership of his or its Registrable Shares to be transferred free and
clear of all liens, claims, and encumbrances, (b) such Holder's power and
authority to effect such transfer, and (c) such matters pertaining to compliance
with securities laws as may be reasonably requested; provided, further, however,
that the obligation of such Holder to indemnify pursuant to any such
underwriting arrangements shall be several, not joint and several, among such
Holders selling Registrable Shares, and the liability of each such Holder will
be in proportion thereto, and provided, further, that such liability will be
limited to the net amount received by such Holder from the sale of his or its
Registrable Shares pursuant to such registration.

     2.1.4 RIGHTS OF NONREQUESTING HOLDERS. Upon receipt of any Demand Request,
the Company shall promptly (but in any event within ten (10) days) give written
notice of such proposed Demand Registration to all other Holders, who shall have
the right, exercisable by written notice to the Company within fifteen (15) days
of their receipt of the Company's notice, to elect to include in such Demand
Registration such portion of their Registrable Shares as they may request. All
Holders requesting to have their Registrable Shares included in a Demand
Registration in accordance with the preceding sentence shall be deemed to be
"REQUESTING HOLDERS" for purposes of this Section 2.1.

                                       4
<PAGE>

     2.1.5 PRIORITY ON DEMAND REGISTRATIONS. No securities to be sold for the
account of any Person (including the Company) other than a Requesting Holder
shall be included in a Demand Registration unless the managing underwriter or
underwriters shall advise the Requesting Holders in writing that the inclusion
of such securities will not adversely affect the price, timing or distribution
of the offering or otherwise adversely affect its success (an "ADVERSE EFFECT").
Furthermore, if the managing underwriter or underwriters shall advise the
Requesting Holders that, even after exclusion of all securities of other Persons
pursuant to the immediately preceding sentence, the amount of Registrable Shares
proposed to be included in such Demand Registration by Requesting Holders is
sufficiently large to cause an Adverse Effect, the Registrable Shares of the
Requesting Holders to be included in such Demand Registration shall equal the
number of shares which the Requesting Holders are so advised can be sold in such
offering without an Adverse Effect and such shares shall be allocated pro rata
among the Requesting Holders on the basis of the number of Registrable Shares
requested to be included in such registration by each such Requesting Holder.

     2.1.6 DEFERRAL OF FILING. The Company may defer the filing (but not the
preparation) of a registration statement required by SECTION 2.1 until a date
not later than ninety (90) days after the Required Filing Date if (i) at the
time the Company receives the Demand Request, the Company or any of its
Subsidiaries are engaged in confidential negotiations or other confidential
business activities, disclosure of which would be required in such registration
statement (but would not be required if such registration statement were not
filed), and the board of directors of the Company or a committee of the board of
directors of the Company determines in good faith that such disclosure would be
materially detrimental to the Company and its shareholders, or (ii) prior to
receiving the Demand Request, the Company had determined to effect a registered
underwritten public offering of the Company's securities for the Company's
account and the Company had taken substantial steps (including, but not limited
to, selecting a managing underwriter for such offering) and is proceeding with
reasonable diligence to effect such offering. A deferral of the filing of a
registration statement pursuant to this SECTION 2.1.6 shall be lifted, and the
requested registration statement shall be filed immediately, if, in the case of
a deferral pursuant to clause (i) of the preceding sentence, the negotiations or
other activities are disclosed or terminated, or, in the case of a deferral
pursuant to clause (ii) of the preceding sentence, the proposed registration for
the Company's account is abandoned. In order to defer the filing of a
registration statement pursuant to this SECTION 2.1.6, the Company shall
promptly (but in any event within ten (10) days), upon determining to seek such
deferral, deliver to each Requesting Holder a certificate signed by an executive
officer of the Company stating that the Company is deferring such filing
pursuant to this SECTION 2.1.6 and a general statement of the reason for such
deferral and an approximation of the anticipated delay. Within twenty (20) days
after receiving such certificate, the holders of a majority of the Registrable
Shares held by the Requesting Holders and for which registration was previously
requested may withdraw such Demand Request by giving notice to the Company; if
withdrawn, the Demand Request shall be deemed not to have been made for all
purposes of this Agreement. The Company may defer the filing of a particular
registration statement pursuant to this SECTION 2.1.6(a) only twice.

     2.2 PIGGYBACK REGISTRATIONS.

                                       5
<PAGE>

     2.2.1 RIGHT TO PIGGYBACK. Each time the Company proposes to register any of
its equity securities (other than pursuant to an Excluded Registration or the
IPO Registration) under the Securities Act for sale to the public (whether for
the account of the Company or the account of any security holder of the Company)
(a "PIGGYBACK REGISTRATION"), the Company shall give prompt written notice to
each Holder of Registrable Shares (which notice shall be given not less than
twenty (20) days prior to the anticipated filing date of the Company's
registration statement), which notice shall offer each such Holder the
opportunity to include any or all of its Registrable Shares in such registration
statement, subject to the limitations contained in SECTION 2.2.2 hereof. Each
Holder who desires to have its Registrable Shares included in such registration
statement shall so advise the Company in writing (stating the number of shares
desired to be registered) within ten (10) days after the date of such notice
from the Company. Any Holder shall have the right to withdraw such Holder's
request for inclusion of such Holder's Registrable Shares in any registration
statement pursuant to this SECTION 2.2.1 by giving written notice to the Company
of such withdrawal. Subject to SECTION 2.2.2 below, the Company shall include in
such registration statement all such Registrable Shares so requested to be
included therein; provided, however, that the Company may at any time withdraw
or cease proceeding with any such registration if it shall at the same time
withdraw or cease proceeding with the registration of all other equity
securities originally proposed to be registered.

     2.2.2 PRIORITY ON PIGGYBACK REGISTRATIONS.

(a) If a Piggyback Registration is an underwritten offering and was initiated by
the Company, and if the managing underwriter advises the Company that the
inclusion of Registrable Shares requested to be included in the Registration
Statement would cause an Adverse Effect, the Company shall include in such
registration statement (i) first, the securities the Company proposes to sell,
(ii) second, the Registrable Shares requested to be included in such
registration, pro rata among the Holders of such Registrable Shares on the basis
of the number of Registrable Shares owned by each such Holder, and (iii) third,
any other securities requested to be included in such registration. If as a
result of the provisions of this SECTION 2.2.2(a) any Holder shall not be
entitled to include all Registrable Shares in a registration that such Holder
has requested to be so included, such Holder may withdraw such Holder's request
to include Registrable Shares in such registration statement.

(b) If a Piggyback Registration is an underwritten offering and was initiated by
a security holder of the Company, and if the managing underwriter advises the
Company that the inclusion of Registrable Shares requested to be included in the
Registration Statement would cause an Adverse Effect, the Company shall include
in such registration statement (i) first, the securities requested to be
included therein by the security holders requesting such registration and the
Registrable Shares requested to be included in such registration, pro rata among
the holders of such securities on the basis of the number of securities owned by
each such holder, and (ii) second, any other securities requested to be included
in such registration (including securities to be sold for the account of the
Company). If as a result of the provisions of this SECTION 2.2.2(b) any Holder
shall not be entitled to include all Registrable Shares in a registration that
such Holder has requested to be so included, such Holder may withdraw such
Holder's request to include Registrable Shares in such registration statement.

                                       6
<PAGE>

(c) No Holder may participate in any registration statement in respect of a
Piggyback Registration hereunder unless such Holder (x) agrees to sell such
Holder's Registrable Shares on the basis provided in any underwriting
arrangements approved by the Company and (y) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents, each in customary form, reasonably required under the terms of
such underwriting arrangements; provided, however, that no such Holder shall be
required to make any representations or warranties in connection with any such
registration other than representations and warranties as to (i) such Holder's
ownership of his or its Registrable Shares to be sold or transferred free and
clear of all liens, claims, and encumbrances, (ii) such Holder's power and
authority to effect such transfer, and (iii) such matters pertaining to
compliance with securities laws as may be reasonably requested; provided,
further, however, that the obligation of such Holder to indemnify pursuant to
any such underwriting arrangements shall be several, not joint and several,
among such Holders selling Registrable Shares, and the liability of each such
Holder will be in proportion to, and provided, further, that such liability will
be limited to, the net amount received by such Holder from the sale of his or
its Registrable Shares pursuant to such registration.

     2.2.3 SELECTION OF UNDERWRITERS. If any Piggyback Registration is an
underwritten offering and any of the investment banking firms selected to manage
the offering was not one of the managers of the IPO, any such investment banking
firm shall not administer such offering if the Holders of a majority of the
Registrable Shares included in such Piggyback Registration are TAT or Affiliates
thereof and such Holders reasonably object thereto.

     2.3 SEC FORM S-3. The Company shall use its commercially reasonable best
efforts to cause Demand Registrations to be registered on Form S-3 (or any
successor form) once the Company becomes eligible to use Form S-3, and if the
Company is not then eligible under the Securities Act to use Form S-3, Demand
Registrations shall be registered on the form for which the Company then
qualifies. The Company shall use its commercially reasonable best efforts to
become eligible to use Form S-3 and, after becoming eligible to use Form S-3,
shall use its commercially reasonable best efforts to remain so eligible.

     2.4 HOLDBACK AGREEMENTS.

     2.4.1 The Company shall not effect any public sale or distribution of its
equity securities, or any securities convertible into or exchangeable or
exercisable for such securities, during the seven days prior to and during the
90-day period beginning on the effective date of any registration statement in
connection with a Demand Registration (other than a Shelf Registration) or a
Piggyback Registration, except pursuant to registrations on Form S-4 or Form S-8
or any successor form or unless the underwriters managing any such public
offering otherwise agree.

     2.4.2 If any Holders of Registrable Shares notify the Company in writing
that they intend to effect an underwritten sale of Common Stock registered
pursuant to a Shelf Registration pursuant to ARTICLE 2 hereof, the Company shall
not effect any public sale or distribution of its equity securities, or any
securities convertible into or exchangeable or exercisable for its equity
securities, during the seven days prior to and during the 90-day period
beginning on the date

                                       7
<PAGE>

such notice is received, except pursuant to registrations on Form S-4 or Form
S-8 or any successor form or unless the underwriters managing any such public
offering otherwise agree.

     2.4.3 Each Holder agrees, in the event of an underwritten offering by the
Company (whether for the account of the Company or otherwise), not to offer,
sell, contract to sell or otherwise dispose of any Registrable Securities, or
any securities convertible into or exchangeable or exercisable for such
securities, including any sale pursuant to Rule 144 under the Securities Act
(except as part of such underwritten offering), during the seven days prior to,
and during the 90-day period (or such lesser period as the lead or managing
underwriters may require) beginning on, the effective date of the registration
statement for such underwritten offering (or, in the case of an offering
pursuant to an effective shelf registration statement pursuant to Rule 415, the
pricing date for such underwritten offering).

     2.5 REGISTRATION PROCEDURES. Whenever any Holder has requested that any
Registrable Shares be registered pursuant to this Agreement, the Company will
use its commercially reasonable best efforts to effect the registration and the
sale of such Registrable Shares in accordance with the intended method of
disposition thereof as promptly as is practicable, and pursuant thereto the
Company will as expeditiously as possible:

(a) prepare and file with the SEC, pursuant to SECTION 2.1.1(b) with respect to
any Demand Registration, a registration statement on any appropriate form under
the Securities Act with respect to such Registrable Shares and use its
commercially reasonable best efforts to cause such registration statement to
become effective, provided that as far in advance as practicable before filing
such registration statement or any amendment thereto, the Company will furnish
to the selling Holders copies of reasonably complete drafts of all such
documents prepared to be filed (including exhibits), and any such Holder shall
have the opportunity to object to any information contained therein and the
Company will make corrections reasonably requested by such Holder with respect
to such information prior to filing any such registration statement or
amendment;

(b) except in the case of a Shelf Registration, prepare and file with the SEC
such amendments, post-effective amendments, and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to
keep such registration statement effective for a period of not less than one
hundred eighty (180) days (or such lesser period as is necessary for the
underwriters in an underwritten offering to sell unsold allotments) and comply
with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement during such period in
accordance with the intended methods of disposition by the sellers thereof set
forth in such registration statement;

(c) in the case of a Shelf Registration, prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration
statement effective and to comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Shares subject thereto for a
period ending on the earlier of (x) 24 months after the effective date of such
registration statement and (y) the date on which all the Registrable Shares
subject thereto have been sold pursuant to such registration statement;

                                       8
<PAGE>

(d) furnish to each seller of Registrable Shares and the underwriters of the
securities being registered such number of copies of such registration
statement, each amendment and supplement thereto, the prospectus included in
such registration statement (including each preliminary prospectus), any
documents incorporated by reference therein and such other documents as such
seller or underwriters may reasonably request in order to facilitate the
disposition of the Registrable Shares owned by such seller or the sale of such
securities by such underwriters (it being understood that, subject to SECTION
2.6 and the requirements of the Securities Act and applicable state securities
laws, the Company consents to the use of the prospectus and any amendment or
supplement thereto by each seller and the underwriters in connection with the
offering and sale of the Registrable Shares covered by the registration
statement of which such prospectus, amendment or supplement is a part);

(e) use its commercially reasonable best efforts to register or qualify such
Registrable Shares under such other securities or blue sky laws of such
jurisdictions as the managing underwriter reasonably requests (or, in the event
the registration statement does not relate to an underwritten offering, as the
holders of a majority of such Registrable Shares may reasonably request); use
its commercially reasonable best efforts to keep each such registration or
qualification (or exemption therefrom) effective during the period in which such
registration statement is required to be kept effective; and do any and all
other acts and things which may be reasonably necessary or advisable to enable
each seller to consummate the disposition of the Registrable Shares owned by
such seller in such jurisdictions (provided, however, that the Company will not
be required to (i) qualify generally to do business in any jurisdiction where it
would not otherwise be required to qualify but for this subparagraph or (ii)
consent to general service of process in any such jurisdiction);

(f) promptly notify each seller and each underwriter and (if requested by any
such Person) confirm such notice in writing (i) when a prospectus or any
prospectus supplement or post-effective amendment has been filed and, with
respect to a registration statement or any post-effective amendment, when the
same has become effective, (ii) of the issuance by any state securities or other
regulatory authority of any order suspending the qualification or exemption from
qualification of any of the Registrable Shares under state securities or "blue
sky" laws or the initiation of any proceedings for that purpose, and (iii) of
the happening of any event which makes any statement made in a registration
statement or related prospectus untrue or which requires the making of any
changes in such registration statement, prospectus or documents so that they
will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and, as promptly as practicable thereafter, prepare and
file with the SEC and furnish a supplement or amendment to such prospectus so
that, as thereafter deliverable to the purchasers of such Registrable Shares,
such prospectus will not contain any untrue statement of a material fact or omit
a material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading;

(g) permit any selling Holder, which in such Holder's sole and exclusive
judgment, might reasonably be deemed to be an underwriter or a controlling
person of the Company, to participate in the preparation of such registration or
comparable statement and to require the insertion

                                       9
<PAGE>

therein of material, furnished to the Company in writing, which in the
reasonable judgment of such Holder and its counsel should be included;

(h) make reasonably available members of management of the Company, as selected
by the Holders of a majority of the Registrable Shares included in such
registration, for assistance in the selling effort relating to the Registrable
Shares covered by such registration, including, but not limited to, the
participation of such members of the Company's management in road show
presentations;

(i) otherwise use its commercially reasonable best efforts to comply with all
applicable rules and regulations of the SEC, including the Securities Act and
the Exchange Act and the rules and regulations promulgated thereunder, and make
generally available to the Company's security holders an earnings statement
satisfying the provisions of Section 11(a) of the Securities Act no later than
thirty (30) days after the end of the twelve (12) month period beginning with
the first day of the Company's first fiscal quarter commencing after the
effective date of a registration statement, which earnings statement shall cover
said twelve (12) month period, and which requirement will be deemed to be
satisfied if the Company timely files complete and accurate information on Forms
10-Q, 10-K and 8-K under the Exchange Act and otherwise complies with Rule 158
under the Securities Act;

(j) if requested by the managing underwriter or any seller, promptly incorporate
in a prospectus supplement or post-effective amendment such information as the
managing underwriter or any seller reasonably requests to be included therein,
including, without limitation, with respect to the Registrable Shares being sold
by such seller, the purchase price being paid therefor by the underwriters and
with respect to any other terms of the underwritten offering of the Registrable
Shares to be sold in such offering, and promptly make all required filings of
such prospectus supplement or post-effective amendment;

(k) as promptly as practicable after filing with the SEC of any document which
is incorporated by reference into a registration statement (in the form in which
it was incorporated), deliver a copy of each such document to each seller;

(l) cooperate with the sellers and the managing underwriter to facilitate the
timely preparation and delivery of certificates (which shall not bear any
restrictive legends unless required under applicable law) representing
securities sold under any registration statement, and enable such securities to
be in such denominations and registered in such names as the managing
underwriter or such sellers may request and keep available and make available to
the Company's transfer agent prior to the effectiveness of such registration
statement a supply of such certificates;

(m) promptly make available for inspection by any seller, any underwriter
participating in any disposition pursuant to any registration statement, and any
attorney, accountant or other agent or representative retained by any such
seller or underwriter (collectively, the "INSPECTORS"), all financial and other
records, pertinent corporate documents and properties of the Company
(collectively, the "RECORDS"), as shall be reasonably necessary to enable them
to exercise their due diligence responsibility, and cause the Company's
officers, directors and employees to supply all information requested by any
such Inspector in connection with such registration

                                       10
<PAGE>

statement; provided, however, that, unless the disclosure of such Records is
necessary to avoid or correct a misstatement or omission in the registration
statement or the release of such Records is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction, the Company shall not be
required to provide any information under this subparagraph if (i) the Company
believes, after consultation with counsel for the Company, that to do so would
cause the Company to forfeit an attorney-client privilege that was applicable to
such information or (ii) if either (A) the Company has requested and been
granted from the SEC confidential treatment of such information contained in any
filing with the SEC or documents provided supplementally or otherwise or (B) the
Company reasonably determines in good faith that such Records are confidential
and so notifies the Inspectors in writing, unless prior to furnishing any such
information with respect to clause (ii) such Holder of Registrable Shares
requesting such information agrees to enter into a confidentiality agreement in
customary form and subject to customary exceptions; and provided, further, that
each Holder of Registrable Shares agrees that it will, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, give
notice to the Company and allow the Company, at its expense, to undertake
appropriate action and to prevent disclosure of the Records deemed confidential;

(n) furnish to each seller and underwriter a signed counterpart of (i) an
opinion or opinions of counsel to the Company, and (ii) a comfort letter or
comfort letters from the Company's independent public accountants, each in
customary form and covering such matters of the type customarily covered by
opinions or comfort letters, as the case may be, as the sellers or managing
underwriter reasonably requests;

(o) cause the Registrable Shares included in any registration statement to be
listed on each securities exchange, if any, on which similar securities issued
by the Company are then listed;

(p) provide a transfer agent and registrar for all Registrable Securities
registered hereunder;

(q) cooperate with each seller and each underwriter participating in the
disposition of such Registrable Shares and their respective counsel in
connection with any filings required to be made with the National Association of
Securities Dealers, Inc. ("NASD");

(r) during the period when the prospectus is required to be delivered under the
Securities Act, promptly file all documents required to be filed with the SEC
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act;

(s) notify each seller of Registrable Shares promptly of any request by the SEC
for the amending or supplementing of such registration statement or prospectus
or for additional information;

(t) enter into such agreements (including underwriting agreements in the
managing underwriter's customary form) as are customary in connection with an
underwritten registration; and

(u) advise each seller of such Registrable Shares, promptly after it shall
receive notice or obtain knowledge thereof, of the issuance of any stop order by
the SEC suspending the effectiveness of such registration statement or the
initiation or threatening of any proceeding for such purpose and promptly use
its commercially reasonable best efforts to prevent the issuance of any stop

                                       11
<PAGE>

order or to obtain its withdrawal at the earliest possible moment if such stop
order should be issued.

     2.6 SUSPENSION OF DISPOSITIONS. Each Holder agrees by acquisition of any
Registrable Shares that, upon receipt of any notice (a "SUSPENSION NOTICE") from
the Company of the happening of any event of the kind described in SECTION
2.5(f)(iii) such Holder will forthwith discontinue disposition of Registrable
Shares until such Holder's receipt of the copies of the supplemented or amended
prospectus, or until it is advised in writing (the "ADVICE") by the Company that
the use of the prospectus may be resumed, and has received copies of any
additional or supplemental filings which are incorporated by reference in the
prospectus, and, if so directed by the Company, such Holder will deliver to the
Company all copies, other than permanent file copies then in such Holder's
possession, of the prospectus covering such Registrable Shares current at the
time of receipt of such notice. In the event the Company shall give any such
notice, the time period regarding the effectiveness of registration statements
set forth in SECTIONS 2.5(b) AND 2.5(c) hereof shall be extended by the number
of days during the period from and including the date of the giving of the
Suspension Notice to and including the date when each seller of Registrable
Shares covered by such registration statement shall have received the copies of
the supplemented or amended prospectus or the Advice. The Company shall use its
commercially reasonable best efforts and take such actions as are reasonably
necessary to render the Advice as promptly as practicable.

     2.7 REGISTRATION EXPENSES.

     2.7.1 DEMAND REGISTRATIONS. All reasonable, out-of-pocket fees and expenses
incident to any Demand Registration including, without limitation, the Company's
performance of or compliance with this ARTICLE 2, all registration and filing
fees, all fees and expenses associated with filings required to be made with the
NASD (including, if applicable, the reasonable fees and expenses of any
"qualified independent underwriter" as such term is defined in Schedule E of the
Bylaws of the NASD, and of its counsel), as may be required by the rules and
regulations of the NASD, fees and expenses of compliance with securities or
"blue sky" laws (including reasonable fees and disbursements of counsel in
connection with "blue sky" qualifications of the Registrable Shares), rating
agency fees, printing expenses (including expenses of printing certificates for
the Registrable Shares in a form eligible for deposit with Depository Trust
Company and of printing prospectuses if the printing of prospectuses is
requested by a Holder of Registrable Shares), messenger and delivery expenses,
the fees and expenses incurred in connection with any listing or quotation of
the Registrable Shares, fees and expenses of counsel for the Company and its
independent certified public accountants (including the expenses of any special
audit or "cold comfort" letters required by or incident to such performance),
and the fees and expenses of any special experts retained by the Company in
connection with such registration, will be borne by the Company whether or not
any registration statement becomes effective, and any underwriting discounts,
commissions, or fees attributable to the sale of the Registrable Shares, will be
borne by the Holders pro rata on the basis of the number of shares so registered
and the fees and expenses of any counsel, accountants, or other persons retained
or employed by any Holder will be borne by such Holder.

                                       12
<PAGE>

     2.7.2 PIGGYBACK REGISTRATIONS. All fees and expenses incident to any
Piggyback Registration including, without limitation, the Company's performance
of or compliance with this ARTICLE 2, all registration and filing fees, all fees
and expenses associated with filings required to be made with the NASD
(including, if applicable, the reasonable fees and expenses of any "qualified
independent underwriter" as such term is defined in Schedule E of the Bylaws of
the NASD, and of its counsel), as may be required by the rules and regulations
of the NASD, fees and expenses of compliance with securities or "blue sky" laws
(including reasonable fees and disbursements of counsel in connection with "blue
sky" qualifications of the Registrable Shares), rating agency fees, printing
expenses (including expenses of printing certificates for the Registrable Shares
in a form eligible for deposit with Depository Trust Company and of printing
prospectuses), messenger and delivery expenses, the fees and expenses incurred
in connection with any listing or quotation of the Registrable Shares, fees and
expenses of counsel for the Company and its independent certified public
accountants (including the expenses of any special audit or "cold comfort"
letters required by or incident to such performance), the fees and expenses of
any special experts retained by the Company in connection with such
registration, and the fees and expenses of other persons retained by the
Company, will be borne by the Company (unless paid by a security holder that is
not a Holder for whose account the registration is being effected) whether or
not any registration statement becomes effective; provided, however, that any
underwriting discounts, commissions, or fees attributable to the sale of the
Registrable Shares will be borne by the Holders pro rata on the basis of the
number of shares so registered and the fees and expenses of any counsel,
accountants, or other persons retained or employed by any Holder will be borne
by such Holder.

     2.8 INDEMNIFICATION.

     2.8.1 The Company agrees to indemnify and reimburse, to the fullest extent
permitted by law, each seller of Registrable Shares, and each of its employees,
advisors, agents, representatives, partners, officers, and directors and each
Person who controls such seller (within the meaning of the Securities Act or the
Exchange Act) and any agent or investment advisor thereof (collectively, the
"SELLER AFFILIATES") (a) against any and all losses, claims, damages,
liabilities, and expenses, joint or several (including, without limitation,
attorneys' fees and disbursements except as limited by SECTION 2.8.3) based
upon, arising out of, related to or resulting from any untrue or alleged untrue
statement of a material fact contained in any registration statement,
prospectus, or preliminary prospectus or any amendment thereof or supplement
thereto, or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, (b)
against any and all loss, liability, claim, damage, and expense whatsoever, as
incurred, to the extent of the aggregate amount paid in settlement of any
litigation or investigation or proceeding by any governmental agency or body,
commenced or threatened, or of any claim whatsoever based upon, arising out of,
related to or resulting from any such untrue statement or omission or alleged
untrue statement or omission, and (c) against any and all costs and expenses
(including reasonable fees and disbursements of counsel) as may be reasonably
incurred in investigating, preparing, or defending against any litigation, or
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon, arising out of, related to or
resulting from any such untrue statement or omission or alleged untrue statement
or omission, or such violation of the Securities Act or Exchange Act, to the
extent that any such expense or cost is not paid under subparagraph

                                       13
<PAGE>

(a) or (b) above; except insofar as any such statements are made in reliance
upon and in strict conformity with information furnished in writing to the
Company by such seller or any Seller Affiliate for use therein or arise from
such seller's or any Seller Affiliate's failure to deliver a copy of the
registration statement or prospectus or any amendments or supplements thereto
after the Company has furnished such seller or Seller Affiliate with a
sufficient number of copies of the same. The reimbursements required by this
SECTION 2.8.1 will be made by periodic payments during the course of the
investigation or defense, as and when bills are received or expenses incurred.

     2.8.2 In connection with any registration statement in which a seller of
Registrable Shares is participating, each such seller will furnish to the
Company in writing such information and affidavits as the Company reasonably
requests for use in connection with any such registration statement or
prospectus and, to the fullest extent permitted by law, each such seller will
indemnify the Company and each of its employees, advisors, agents,
representatives, partners, officers and directors and each Person who controls
the Company (within the meaning of the Securities Act or the Exchange Act) and
any agent or investment advisor thereof against any and all losses, claims,
damages, liabilities, and expenses (including, without limitation, reasonable
attorneys' fees and disbursements except as limited by SECTION 2.8.3) resulting
from any untrue statement or alleged untrue statement of a material fact
contained in the registration statement, prospectus, or any preliminary
prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such
untrue statement or alleged untrue statement or omission or alleged omission is
contained in any information or affidavit so furnished in writing by such seller
or any of its Seller Affiliates specifically for inclusion in the registration
statement; provided that the obligation to indemnify will be several, not joint
and several, among such sellers of Registrable Shares, and the liability of each
such seller of Registrable Shares will be in proportion to, and will be limited
to, the net amount received by such seller from the sale of Registrable Shares
pursuant to such registration statement; provided, however, that such seller of
Registrable Shares shall not be liable in any such case to the extent that prior
to the filing of any such registration statement or prospectus or amendment
thereof or supplement thereto, such seller has furnished in writing to the
Company information expressly for use in such registration statement or
prospectus or any amendment thereof or supplement thereto which corrected or
made not misleading information previously furnished to the Company.

     2.8.3 Any Person entitled to indemnification hereunder will (a) give prompt
written notice to the indemnifying party of any claim with respect to which it
seeks indemnification (provided that the failure to give such notice shall not
limit the rights of such Person) and (b) unless in such indemnified party's
reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party; provided, however, that any person
entitled to indemnification hereunder shall have the right to employ separate
counsel and to participate in the defense of such claim, but the fees and
expenses of such counsel shall be at the expense of such person unless (x) the
indemnifying party has agreed to pay such fees or expenses, or (y) the
indemnifying party shall have failed to assume the defense of such claim and
employ counsel reasonably satisfactory to such person. If

                                       14
<PAGE>

such defense is not assumed by the indemnifying party as permitted hereunder,
the indemnifying party will not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent will not be
unreasonably withheld). If such defense is assumed by the indemnifying party
pursuant to the provisions hereof, such indemnifying party shall not settle or
otherwise compromise the applicable claim unless (1) such settlement or
compromise contains a full and unconditional release of the indemnified party or
(2) the indemnified party otherwise consents in writing. An indemnifying party
who is not entitled to, or elects not to, assume the defense of a claim will not
be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party, a conflict of
interest may exist between such indemnified party and any other of such
indemnified parties with respect to such claim, in which event the indemnifying
party shall be obligated to pay the reasonable fees and disbursements of such
additional counsel or counsels.

     2.8.4 Each party hereto agrees that, if for any reason the indemnification
provisions contemplated by SECTION 2.8.1 or SECTION 2.8.2 are unavailable to or
insufficient to hold harmless an indemnified party in respect of any losses,
claims, damages, liabilities, or expenses (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims,
liabilities, or expenses (or actions in respect thereof) in such proportion as
is appropriate to reflect the relative fault of the indemnifying party and the
indemnified party in connection with the actions which resulted in the losses,
claims, damages, liabilities or expenses as well as any other relevant equitable
considerations. The relative fault of such indemnifying party and indemnified
party shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information supplied by such
indemnifying party or indemnified party, and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The parties hereto agree that it would not be just and
equitable if contribution pursuant to this SECTION 2.8.4 were determined by pro
rata allocation (even if the Holders or any underwriters or all of them were
treated as one entity for such purpose) or by any other method of allocation
which does not take account of the equitable considerations referred to in this
SECTION 2.8.4. The amount paid or payable by an indemnified party as a result of
the losses, claims, damages, liabilities, or expenses (or actions in respect
thereof) referred to above shall be deemed to include any legal or other fees or
expenses reasonably incurred by such indemnified party in connection with
investigating or, except as provided in SECTION 2.8.3, defending any such action
or claim. Notwithstanding the provisions of this SECTION 2.8.4, no Holder shall
be required to contribute an amount greater than the dollar amount by which the
net proceeds received by such Holder with respect to the sale of any Registrable
Shares exceeds the amount of damages which such Holder has otherwise been
required to pay by reason of any and all untrue or alleged untrue statements of
material fact or omissions or alleged omissions of material fact made in any
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto related to such sale of Registrable Shares. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. The Holders'
obligations in this SECTION 2.8.4 to contribute shall be several in proportion
to the amount of Registrable Shares registered by them and not joint.

                                       15
<PAGE>

     If indemnification is available under this SECTION 2.8, the indemnifying
parties shall indemnify each indemnified party to the full extent provided in
SECTION 2.8.1 and SECTION 2.8.2 without regard to the relative fault of said
indemnifying party or indemnified party or any other equitable consideration
provided for in this SECTION 2.8.4 subject, in the case of the Holders, to the
limited dollar amounts set forth in SECTION 2.8.2.

     2.8.5 The indemnification and contribution provided for under this
Agreement will remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director, or
controlling Person of such indemnified party and will survive the transfer of
securities.

     2.9 TRANSFER OF REGISTRATION RIGHTS. The rights of each Holder under this
Agreement may be assigned to any direct or indirect transferee of a Holder who
agrees in writing to be subject to and bound by all the terms and conditions of
this Agreement.

     2.10 RULE 144. The Company will file the reports required to be filed by it
under the Securities Act and the Exchange Act and the rules and regulations
adopted by the SEC thereunder (or, if the Company is not required to file such
reports, will, upon the request of the Holders, make publicly available other
information) and will take such further action as the Holders may reasonably
request, all to the extent required from time to time to enable the Holders to
sell Common Stock without registration under the Securities Act within the
limitation of the exemptions provided by (i) Rule 144 under the Securities Act,
as such rule may be amended from time to time or (ii) any similar rule or
regulation hereafter adopted by the SEC. Upon the reasonable request of any
Holder, the Company will deliver to such parties a written statement as to
whether it has complied with such requirements and will, at its expense,
immediately upon the request of any such Holder, deliver to such Holder a
certificate, signed by the Company's principal financial officer, stating (a)
the Company's name, address and telephone number (including area code), (b) the
Company's Internal Revenue Service identification number, (c) the Company's SEC
file number, (d) the number of shares of each class of capital stock outstanding
as shown by the most recent report or statement published by the Company, and
(e) whether the Company has filed the reports required to be filed under the
Exchange Act for a period of at least ninety (90) days prior to the date of such
certificate and in addition has filed the most recent annual report required to
be filed thereunder.

     2.11 PRESERVATION OF RIGHTS. The Company will not (a) grant any
registration rights to third parties which are more favorable than or
inconsistent with the rights granted hereunder or (b) enter into any agreement,
take any action, or permit any change to occur, with respect to its securities
that violates or subordinates the rights expressly granted to the Holders in
this Agreement.

                                    ARTICLE 3
                                   TERMINATION

     3.1 TERMINATION. The Holders may exercise the registration rights granted
hereunder in such manner and proportions as they shall agree among themselves.
The registration rights hereunder

                                       16
<PAGE>

shall cease to apply to any particular Registrable Share when: (a) a
registration statement with respect to the sale of such shares of Common Stock
shall have become effective under the Securities Act and such shares of Common
Stock shall have been disposed of in accordance with such registration
statement; (b) such shares of Common Stock shall have been sold to the public
pursuant to Rule 144 under the Securities Act (or any successor provision); (c)
such shares of Common Stock shall have been otherwise transferred, new
certificates for them not bearing a legend restricting further transfer shall
have been delivered by the Company and subsequent public distribution of them
shall not require registration or qualification of them under the Securities Act
or any similar state law then in force; (d) such shares shall have ceased to be
outstanding or (e) in the case of Registrable Shares held by a Holder that is
not TAT or any Affiliate thereof, such Holder holds less than three percent (3%)
of the then outstanding Registrable Shares and such Registrable Shares are
eligible for sale pursuant to Rule 144(k) under the Securities Act (or any
successor provision). The Company shall promptly upon the request of any Holder
furnish to such Holder evidence of the number of Registrable Shares then
outstanding.

                                    ARTICLE 4
                                  MISCELLANEOUS

     4.1 NOTICES. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be given or
made (and shall be deemed to have been duly given or made upon receipt) by
delivery in person, by overnight courier service, by facsimile with receipt
confirmed (followed by delivery of an original via overnight courier service) or
by registered or certified mail (postage prepaid, return receipt requested) to
the respective parties at the following addresses (or at such other address for
a party as shall be specified in a notice given in accordance with this SECTION
4.1):

     If to the Company:              Limco-Piedmont Inc.
                                     5304 South Lawton Ave.
     ------------------------------  Tulsa, Oklahoma 74107

     ------------------------------

     ------------------------------

            Shaul Menachem,
            Chief Executive
     Attn:  Officer
            ---------------

     If to TAT:                      P.O. Box 80
                                     Gedera 70750, Israel
     ------------------------------

     ------------------------------

     ------------------------------

            Dov Zeelim,
     Attn:  Chairman
            ---------------

                                       17
<PAGE>

     If to any other Holder, the address indicated for such Holder in the
Company's stock transfer records with copies, so long as TAT owns any
Registrable Shares, to TAT as provided above.

     Any notice or communication hereunder shall be deemed to have been given or
made as of the date so delivered if personally delivered; when answered back, if
telexed; when receipt is acknowledged, if telecopied; and five (5) calendar days
after mailing if sent by registered or certified mail (except that a notice of
change of address shall not be deemed to have been given until actually received
by the addressee).

     Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders. If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.

     4.2 AUTHORITY. Each of the parties hereto represents to the other that (a)
it has the corporate power and authority to execute, deliver and perform this
Agreement, (b) the execution, delivery and performance of this Agreement by it
has been duly authorized by all necessary corporate action and no such further
action is required, (c) it has duly and validly executed and delivered this
Agreement, and (d) this Agreement is a legal, valid and binding obligation,
enforceable against it in accordance with its terms subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting creditors' rights generally and general equity principles.

     4.3 GOVERNING LAW. This Agreement shall be governed by and construed and
interpreted in accordance with the laws of the State of Israel irrespective of
any choice of laws principles thereof.

     4.4 SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided herein,
this Agreement shall be binding upon and benefit the Company, each Holder, and
their respective successors and assigns.

     4.5 SEVERABILITY. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced under any Law or as a matter of
public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the
parties to this Agreement shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated by this
Agreement be consummated as originally contemplated to the greatest extent
possible.

     4.6 JURISDICTION.

                                       18
<PAGE>

         4.6.1 DISPUTE RESOLUTION. Except as otherwise specifically provided in
this Agreement, in the event of any dispute, controversy or claim arising out of
or related to this Agreement or a breach hereof, whether based in contract,
tort, or statute, including its interpretation, scope, formation, performance or
termination ("DISPUTE"), the parties shall settle such Dispute in accordance
with the following:

              (i)      DISCUSSIONS. The parties shall first use their best
         efforts to settle the Dispute by consulting and negotiating with each
         other in good faith to reach a just and equitable solution satisfactory
         to all parties;

              (ii)     ARBITRATION. If the Dispute is not resolved through
         friendly discussions within 60 days of the date of the Dispute, the
         Dispute shall be finally resolved by binding arbitration in the State
         of Israel before an arbitrator appointed by the Israeli Manufacturers
         Association.

         4.6.2 CONSENT TO SERVICE. In connection with any litigation involving
any Dispute, the parties agree to accept service of process by mail to the
Notice addresses set forth in this Agreement.

     4.7 WAIVERS. The observance of any term of this Agreement may be waived
(either generally or in a particular instance and either retroactively or
prospectively) by the party entitled to enforce such term, but such waiver shall
be effective only if it is in a writing signed by the party against whom the
existence of such waiver is asserted. Unless otherwise expressly provided in
this Agreement, no delay or omission on the part of any party in exercising any
right or privilege under this Agreement shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any right or privilege under this
Agreement operate as a waiver of any other right or privilege under this
Agreement nor shall any single or partial exercise of any right or privilege
preclude any other or further exercise thereof or the exercise of any other
right or privilege under this Agreement. No failure by either party to take any
action or assert any right or privilege hereunder shall be deemed to be a waiver
of such right or privilege in the event of the continuation or repetition of the
circumstances giving rise to such right unless expressly waived in writing by
the party against whom the existence of such waiver is asserted.

     4.8 AMENDMENT. This Agreement may not be amended or modified in any respect
except by a written agreement signed by the Company, TAT (so long as TAT owns
any Common Stock) and the Holders of a majority of the then outstanding
Registrable Shares.

     4.9 COUNTERPARTS. This Agreement may be executed in one or more
counterparts, and by the different parties to each such agreement in separate
counterparts, each of which when executed shall be deemed to be an original but
all of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Agreement by
facsimile or electronic mail shall be as effective as delivery of a manually
executed counterpart of any such Agreement.

         [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                       19
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be duly executed as of the date first written above.

                                       LIMCO-PIEDMONT INC.

                                       By:
                                              ----------------------------------

                                       Name:
                                              ----------------------------------

                                       Title:
                                              ----------------------------------

                                       TAT TECHNOLOGIES LTD.

                                       By:
                                              ----------------------------------

                                       Name:
                                              ----------------------------------

                                       Title:
                                              ----------------------------------

                [SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

                                       20

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