Document:

Exhibit 10 (k)

SIXTH AMENDMENT AGREEMENT

THIS SIXTH AMENDMENT AGREEMENT (this
“Agreement”) is made and entered into as of the [17th] day of November, 2003, by and among FLEET CAPITAL CORPORATION
(“Lender”), a Rhode Island corporation with an office at 200 Glastonbury Boulevard, Glastonbury, Connecticut 06033; and UNITED
INDUSTRIAL CORPORATION, a Delaware corporation, and the following of its subsidiaries: AAI CORPORATION (“AAI”), a Maryland
corporation, DETROIT STOKER COMPANY, a Michigan corporation; AAI ENGINEERING SUPPORT INC., a Maryland corporation, and AAI/ACL TECHNOLOGIES, INC., a
Maryland corporation (each a “Borrower” and collectively the “Borrowers”). Capitalized terms used, but not defined,
herein shall have the meanings given to such terms in the Credit Agreement (defined below).

WHEREAS, the Borrowers and the Lender are
parties to the Loan and Security Agreement, dated as of June 28, 2001, as amended by the Waiver, Amendment and Consent Agreement dated as of March 6,
2002, the Second Amendment and Consent Agreement dated as of June 28, 2002, the Third Amendment and Waiver Agreement dated as of March 21, 2003, the
Fourth Amendment to Loan Agreement dated as of March 31, 2003 and the Fifth Amendment Agreement dated as of September 30, 2003 (as amended, the
“Credit Agreement”); and

WHEREAS, the Borrowers have requested and the
Lender has agreed to amend the Credit Agreement, all on the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the
premises, and in reliance thereon, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

Amendments. Subject to the satisfaction in
full, on or prior to the Agreement Effective Date, of the conditions precedent set forth in Section 3 below, the Credit Agreement is hereby amended as
follows:

The first sentence of Section 1.1.1 of the Credit
Agreement is amended and restated in its entirety to read as follows:

1.1.1  Loans and
Reserves. Lender agrees, for so long as no Default or Event of Default exists, to make Revolving Loans to Borrowers from time to time, as requested
by the Designated Borrower in the manner set forth in Section 3.1.1 and, in the case of LIBOR advances, Section 3.1.4 hereof, up to a maximum principal
amount at any time outstanding equal to the lesser of (i) the Borrowing Base at such time, minus the LC Amount and reserves, if any, including,
without limitation, reserves for Environmental Claims, and (ii) 10,000,000, minus the Sublimit Reserve Amount.

The third sentence of Section
1.1.1 of the Credit Agreement is amended and restated in its entirety to read as follows:

Notwithstanding the amount of the
Maximum Credit Facility referred to above and anything to the contrary stated in this Agreement, but subject to the right of the Lender to demand
repayment at any time of any Overadvance, if the aggregate of all Loans outstanding hereunder and all LC Amounts exceeds at any time the Minimum Credit
Facility, the Borrowers shall deliver to the Lender Cash and Cash Equivalents equal to the excess of the sum of the Loans and LC Amounts over the
Minimum Credit Facility, which Cash and Cash Equivalents shall be held by the Lender as additional cash collateral for the Obligations and which may be
applied by the Lender to the Obligations upon the occurrence and during the continuance of any Event of Default.

Section 8.3.2 of the Credit
Agreement is amended and restated in its entirety to read as follows:

8.3.2  Maximum
Balance Sheet Leverage Ratio: not permit the ratio of UIC and its Subsidiaries’ (a) total liabilities, as determined on a consolidated basis
in accordance with GAAP (but, without duplication, including all LC Amounts as liabilities), to (b) Tangible Total Net Worth, to exceed (w) 3.50 to
1.00 as at March 31, 2003 or June 30, 2003, (x) if the Supplier Bond Claim Proceeds have been recognized or received by one or more of the Borrowers on
or before September 30, 2003, 3.50 to 1.00 as at September 30, 2003, (y) if the Supplier Bond Claim Proceeds have not been recognized or received by
one or more of the Borrowers on or before September 30, 2003, 4.25 to 1.00 as at September 30, 2003 (z) if the Supplier Bond Claim
Proceeds

68

have been recognized or received by one or more of the Borrowers on or before
December 31, 2003, 3.50 to 1.00 as at December 31, 2003, (aa) if the Supplier Bond Claim Proceeds have not been recognized or received by one or more
of the Borrowers on or before December 31, 2003, 4.25 to 1.00 as at December 31, 2003, and (bb) 4.00 to 1.00 as at March 31, 2004 or as at the end of
any fiscal quarter thereafter.

Section 8.3.3 of the Credit
Agreement is amended and restated in its entirety to read as follows:

8.3.3  Losses From
Discontinued Transportation Division: not permit the pre-tax losses incurred by UIC and its Subsidiaries as a result of the cessation of business
of their transportation division to be more than (a) if the Supplier Bond Claim Proceeds have been recognized or received by one or more of the
Borrowers on or before December 31, 2003, $10,000,000 in the aggregate for the fiscal year ending December 31, 2003, (b) if the Supplier Bond Claim
Proceeds have not been recognized or received by one or more of the Borrowers on or before December 31, 2003, $33,000,000 in the aggregate for the
fiscal year ending December 31, 2003, (c) $7,000,000 in the aggregate for the fiscal year ending December 31, 2004 and (d) $1.00 in the aggregate for
any fiscal year ending on or after December 31, 2005.

The following definitions in
Appendix A of the Credit Agreement are amended and restated in their entirety as follows:

Minimum Credit
Facility—$25,000,000, minus a reserve in the amount of $6,000,000 or such lesser amount as may be determined from time to time by
Lender in the exercise of its sole discretion.

Sublimit Reserve
Amount—a reserve in the amount of $3,000,000 or such lesser amount as may be determined from time to time by Lender in the exercise of its
sole discretion.

Transportation Division
Addback Amount—with respect to any fiscal period, the amount of losses incurred by UIC and its Subsidiaries during such period as a result of
the cessation of business of their transportation division, provided that the Transportation Division Addback Amount shall not exceed (i)
$1,500,000 with respect to the fiscal quarter ending March 31, 2003; (ii) $3,000,000 in the aggregate with respect to the two fiscal quarters ending
June 30, 2003; (iii) if the Supplier Bond Claim Proceeds have been recognized or received by one or more of the Borrowers on or before September 30,
2003, $4,500,000 in the aggregate with respect to the three fiscal quarters ending September 30, 2003; (iv) if the Supplier Bond Claim Proceeds have
not been recognized or received by one or more of the Borrowers on or before September 30, 2003, $22,500,000 in the aggregate with respect to the three
fiscal quarters ending September 30, 2003; (v) if the Supplier Bond Claim Proceeds have been recognized or received by one or more of the Borrowers on
or before December 31, 2003, $5,500,000 in the aggregate with respect to the fiscal year ending December 31, 2003; (vi) if the Supplier Bond Claim
Proceeds have not been recognized or received by one or more of the Borrowers on or before December 31, 2003, $23,500,000 in the aggregate with respect
to the fiscal year ending December 31, 2003; (vii) if the Supplier Bond Claim Proceeds have not been recognized or received by one or more of the
Borrowers on or before December 31, 2004, $2,000,000 in the aggregate with respect to any fiscal quarter ending during the 2004 fiscal year and
$2,000,000 in the aggregate with respect to the fiscal year ending December 31, 2004 (e.g. if all $2,000,000 of the Transportation Division Addback
Amount is used for the fiscal quarter ending March 31, 2004, then no additional Transportation Division Addback Amount is permitted for any subsequent
fiscal quarter); and (viii) if the Supplier Bond Claim Proceeds have been recognized or received by one or more of the Borrowers on or before December
31, 2004, $0.00.

Conditions to Effectiveness of Agreement.
This Agreement shall become effective as of September 30, 2003 only when the following conditions shall have been satisfied (the date of satisfaction
of such conditions being referred to herein as the “Agreement Effective Date”):

The Lender shall have executed this Agreement and
shall have received a copy of this Agreement duly executed by the Borrowers.

The Borrowers shall have paid a fee of $7,500 to
Lender in consideration of the waiver set forth herein.

The Borrowers shall have paid to counsel for the
Lender the amount of reasonable fees and disbursements owed to such counsel in connection with this Agreement and matters related
hereto.

69

The Lender shall have received such other
information, approvals, opinions, documents or instruments as it may reasonably request.

Representations and Warranties. In order to
induce the Lender to enter into this Agreement, the Borrowers jointly and severally represent and warrant to the Lender that, as of the Agreement
Effective Date, after giving effect to the effectiveness of this Agreement, the following statements are true and correct in all material
respects:

Authorization of Agreements. The execution
and delivery of this Agreement by each Borrower and its performance under the Credit Agreement as amended by this Agreement (the “Amended
Agreement”) are within each such Borrower’s corporate powers and have been duly authorized by all necessary corporate action on the part
of each such Borrower.

No Conflict. The execution and delivery by
each Borrower of this Agreement and the performance by each Borrower of the Amended Agreement do not contravene any such Borrower’s certificate of
incorporation or by laws or any other contractual restriction where such a contravention has a reasonable possibility of having a Material Adverse
Effect or contravening any law or governmental regulation or court decree or order binding on or affecting any such Borrower.

Binding Obligation. This Agreement has
been duly executed and delivered by each Borrower and this Agreement and the Amended Agreement constitute the legal, valid and binding obligations of
each Borrower, enforceable against each Borrower in accordance with their respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally and by general principles of
equity.

Governmental Approval, Regulation, etc. No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other Person is
required for the due execution, delivery or performance of this Agreement by any Borrower.

Incorporation of Representations and
Warranties from Credit Agreement. Other than as amended hereby each of the representations and warranties set forth in Section 7 of the Credit
Agreement is true and correct.

Acknowledgement. Each Borrower acknowledges
and agrees that each of the Security Documents to which it is a party or otherwise bound shall continue in full force and effect. Each Borrower hereby
agrees and confirms that each Security Document to which it is a party or otherwise bound and all Collateral encumbered thereby will continue to
guaranty or secure, as the case may be, the payment and performance of all obligations guaranteed or secured thereby, as the case may be, and that none
of the Borrowers has any defense, offset, counterclaim or right of recoupment with respect to the Obligations of the Borrowers under the Amended
Agreement.

Miscellaneous.

Effect on the Credit Agreement and the Other
Loan Documents. Except as specifically set forth herein, the terms, provisions and conditions of the Credit Agreement and the other Loan Documents
shall remain in full force and effect and are hereby ratified and confirmed and the Borrowers remain bound to pay and perform their obligations
thereunder.

Applicable Law. THIS AGREEMENT SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO SUCH LAWS RELATING TO CONFLICTS
OF LAWS.

Headings. The various headings of this
Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provision
hereof.

Counterparts and Incorporation. This
Agreement may be executed by the parties hereto in several counterparts and by the different parties on separate counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and the same instrument. Following execution and delivery of this
Agreement, any reference to the Credit Agreement shall be deemed a reference to such document as hereby amended.

70

Severability. Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of
such provisions in any other jurisdiction.

71

IN WITNESS WHEREOF, this Sixth Amendment Agreement
has been duly executed and delivered as of the day and year first above written.

	 
	    	    	    	FLEET CAPITAL
CORPORATION
	    	    	    	    
	 
	    	    	    	/s/ Matt
Bourgeois
 Name: Matt Bourgeois
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	UNITED INDUSTRIAL
CORPORATION
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	AAI
CORPORATION
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	DETROIT STOKER
COMPANY
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	AAI ENGINEERING
SUPPORT INC.
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	AAI/ACL
TECHNOLOGIES, INC.
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    

 

72Exhibit 10 (l)

SEVENTH AMENDMENT AGREEMENT

THIS SEVENTH AMENDMENT AGREEMENT (this
“Agreement”) is made and entered into as of the 31st day of December, 2003, by and among FLEET CAPITAL CORPORATION
(“Lender”), a Rhode Island corporation with an office at 200 Glastonbury Boulevard, Glastonbury, Connecticut 06033; and UNITED
INDUSTRIAL CORPORATION, a Delaware corporation, and the following of its subsidiaries: AAI CORPORATION (“AAI”), a Maryland
corporation, DETROIT STOKER COMPANY, a Michigan corporation; AAI ENGINEERING SUPPORT INC., a Maryland corporation, and AAI/ACL TECHNOLOGIES, INC., a
Maryland corporation (each a “Borrower” and collectively the “Borrowers”). Capitalized terms used, but not defined,
herein shall have the meanings given to such terms in the Credit Agreement (defined below).

WHEREAS, the Borrowers and the Lender are
parties to the Loan and Security Agreement, dated as of June 28, 2001, as amended by the Waiver, Amendment and Consent Agreement dated as of March 6,
2002, the Second Amendment and Consent Agreement dated as of June 28, 2002, the Third Amendment and Waiver Agreement dated as of March 21, 2003, the
Fourth Amendment to Loan Agreement dated as of March 31, 2003, the Fifth Amendment Agreement dated as of September 30, 2003 and the Sixth Amendment
Agreement dated as of November 17, 2003 (as amended, the “Credit Agreement”); and

WHEREAS, the Borrowers have requested and the
Lender has agreed to amend the Credit Agreement, all on the terms and conditions set forth herein.

NOW THEREFORE, in consideration of the
premises, and in reliance thereon, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

Amendments. Subject to the satisfaction in
full, on or prior to the Agreement Effective Date, of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as
follows:

Clause (iii) of Section 8.2.7 of the Credit
Agreement is amended and restated in its entirety to read as follows:

(iii)  stock
repurchases in an aggregate amount not to exceed $20,000,000 during the term of this Agreement.

Section 8.3.2 of the Credit
Agreement is amended and restated in its entirety to read as follows:

8.3.2  Maximum
Balance Sheet Leverage Ratio: not permit the ratio of UIC and its Subsidiaries’ (a) total liabilities, as determined on a consolidated basis
in accordance with GAAP (but, without duplication, including all LC Amounts as liabilities), to (b) Tangible Total Net Worth, to exceed (w) 3.50 to
1.00 as at March 31, 2003 or June 30, 2003, (x) if the Supplier Bond Claim Proceeds have been recognized or received by one or more of the Borrowers on
or before September 30, 2003, 3.50 to 1.00 as at September 30, 2003, (y) if the Supplier Bond Claim Proceeds have not been recognized or received by
one or more of the Borrowers on or before September 30, 2003, 4.25 to 1.00 as at September 30, 2003 (z) if the Supplier Bond Claim Proceeds have been
recognized or received by one or more of the Borrowers on or before December 31, 2003, 3.50 to 1.00 as at December 31, 2003, (aa) if the Supplier Bond
Claim Proceeds have not been recognized or received by one or more of the Borrowers on or before December 31, 2003, 4.25 to 1.00 as at December 31,
2003, and (bb) 4.25 to 1.00 as at March 31, 2004 or as at the end of any fiscal quarter thereafter.

The first paragraph of the
definition of “Borrowing Base” in Appendix A to the Credit Agreement is amended and restated in its entirety as follows:

Borrowing Base—as
at the date of determination thereof an amount equal to 75% of the aggregate amount of Eligible Accounts arising from Government Contracts; plus
70% of the aggregate amount of Eligible Accounts arising from Non-Government Contracts; plus 30% of Eligible Inventory; plus up to
$2,703,000 of Appraised Machinery and Equipment; plus up to $10,000,000 of Cash or Cash Equivalents to be held at the Bank or such higher amount
as is required by the third sentence of Section 1.1.1 of the Agreement; plus the Real Property Overadvance; minus, at any time that any
contracts or

73

transactions are outstanding under any foreign exchange facility provided by the
Bank or the Lender or any Affiliate thereof to any of the Borrowers, $750,000; minus the aggregate amount of Landlord Waiver Reserves;
minus a reserve in the amount of $6,000,000; provided that the Borrowing Base shall be increased by an amount equal to the Real Property
Valuation in accordance with Section 10.3 hereof and shall be decreased by the amount of any payments of the Real Property Overadvance pursuant to
Section 3.3.1 or any other provision of this Agreement.

The definition of
“Tangible Total Net Worth” appearing in Appendix A of the Credit Agreement is amended and restated in its entirety as
follows:

Tangible Total Net Worth—means the sum
of (i) Consolidated net worth of UIC and its Subsidiaries minus any intangible assets, plus (ii) the value of the shares of stock of UIC held in
treasury by UIC in an aggregate amount not to exceed $20,000,000, all as determined in accordance with GAAP.

Conditions to Effectiveness of Agreement.
This Agreement shall become effective as of December 31, 2003 only when the following conditions shall have been satisfied (the date of satisfaction of
such conditions being referred to herein as the “Agreement Effective Date”):

The Lender shall have executed this Agreement and
shall have received a copy of this Agreement duly executed by the Borrowers.

The Borrowers shall have paid a fee of $10,000 to
Lender in consideration of the amendments set forth herein.

The Borrowers shall have paid to counsel for the
Lender the amount of reasonable fees and disbursements owed to such counsel in connection with this Agreement and matters related
hereto.

The Lender shall have received such other
information, approvals, opinions, documents or instruments as it may reasonably request.

Representations and Warranties. In order to
induce the Lender to enter into this Agreement, the Borrowers jointly and severally represent and warrant to the Lender that, as of the Agreement
Effective Date, after giving effect to the effectiveness of this Agreement, the following statements are true and correct in all material
respects:

Authorization of Agreements. The execution
and delivery of this Agreement by each Borrower and its performance under the Credit Agreement as amended by this Agreement (the “Amended
Agreement”) are within each such Borrower’s corporate powers and have been duly authorized by all necessary corporate action on the part
of each such Borrower.

No Conflict. The execution and delivery by
each Borrower of this Agreement and the performance by each Borrower of the Amended Agreement do not contravene any such Borrower’s certificate of
incorporation or by laws or any other contractual restriction where such a contravention has a reasonable possibility of having a Material Adverse
Effect or contravening any law or governmental regulation or court decree or order binding on or affecting any such Borrower.

Binding Obligation. This Agreement has
been duly executed and delivered by each Borrower and this Agreement and the Amended Agreement constitute the legal, valid and binding obligations of
each Borrower, enforceable against each Borrower in accordance with their respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally and by general principles of
equity.

Governmental Approval, Regulation, etc. No
authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other Person is
required for the due execution, delivery or performance of this Agreement by any Borrower.

Incorporation of Representations and
Warranties from Credit Agreement. Other than as amended hereby each of the representations and warranties set forth in Section 7 of the Credit
Agreement is true and correct.

Acknowledgement. Each Borrower acknowledges
and agrees that each of the Security Documents to which it is a party or otherwise bound shall continue in full force and effect. Each Borrower hereby
agrees and confirms

74

that each Security Document to which it is a party or otherwise bound and all
Collateral encumbered thereby will continue to guaranty or secure, as the case may be, the payment and performance of all obligations guaranteed or
secured thereby, as the case may be, and that none of the Borrowers has any defense, offset, counterclaim or right of recoupment with respect to the
Obligations of the Borrowers under the Amended Agreement.

Miscellaneous.

Effect on the Credit Agreement and the Other
Loan Documents. Except as specifically set forth herein, the terms, provisions and conditions of the Credit Agreement and the other Loan Documents
shall remain in full force and effect and are hereby ratified and confirmed and the Borrowers remain bound to pay and perform their obligations
thereunder.

Applicable Law. THIS AGREEMENT SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO SUCH LAWS RELATING TO CONFLICTS
OF LAWS.

Headings. The various headings of this
Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provision
hereof.

Counterparts and Incorporation. This
Agreement may be executed by the parties hereto in several counterparts and by the different parties on separate counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and the same instrument. Following execution and delivery of this
Agreement, any reference to the Credit Agreement shall be deemed a reference to such document as hereby amended.

Severability. Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of
such provisions in any other jurisdiction.

75

IN WITNESS WHEREOF, this Seventh Amendment Agreement
has been duly executed and delivered as of the day and year first above written.

	 
	    	    	    	FLEET CAPITAL
CORPORATION
	    	    	    	    
	 
	    	    	    	/s/ Matt
Bourgeois
 Name: Matt Bourgeois
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	UNITED INDUSTRIAL
CORPORATION
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	AAI
CORPORATION
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	DETROIT STOKER
COMPANY
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	AAI ENGINEERING
SUPPORT INC.
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    
	 
	 
	    	    	    	AAI/ACL
TECHNOLOGIES, INC.
	    	    	    	    
	 
	    	    	    	/s/ James
Perry
 Name: James Perry
 Title: Vice President

	    	    	    	    

 

76

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]