Document:

Common Stock Purchase Warrant dated August 24, 2005 issued to Laurus Master
      Fund, Ltd.

    

       

      Exhibit
        4.5

       

      

       

      THIS
        WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS WARRANT
        HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
        ANY
        STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE
        OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED
        IN
        THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT OR
        SUCH
        SHARES UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR AN OPINION
        OF
        COUNSEL REASONABLY SATISFACTORY TO MAGNETECH INTEGRATED SERVICES CORP. THAT
        SUCH
        REGISTRATION IS NOT REQUIRED.

       

      

      Right
        to
        Purchase up to 7,352,941 Shares of Common Stock of

      Magnetech
        Integrated Service Corp.

      (subject
        to adjustment as provided herein)

       

      COMMON
        STOCK PURCHASE WARRANT

       

      

      
        	
                 

                No.
                  LMF-1

              	
                 

                Issue
                  Date: August 24, 2005

              

      

       

      Magnetech
        Integrated Services Corp., a corporation organized under the laws of the
        State
        of Indiana, hereby certifies that, for value received, LAURUS MASTER FUND,
        LTD.,
        or assigns (the “Holder”), is entitled, subject to the terms set forth below, to
        purchase from the Company (as defined herein) from and after the Issue Date
        of
        this Warrant and at any time or from time to time before 5:00 p.m., New York
        time, through the close of business August 24, 2012 (the “Expiration Date”), up
        to 7,352,941 fully paid and nonassessable shares of Common Stock (as hereinafter
        defined), $0.01 par value per share, at the applicable Exercise Price per
        share
        (as defined below). The number and character of such shares of Common Stock
        and
        the applicable Exercise Price per share are subject to adjustment as provided
        herein.

       

      As
        used
        herein the following terms, unless the context otherwise requires, have the
        following respective meanings: 

       

      (a) The
        term
“Company” shall include Magnetech Integrated Services Corp., an Indiana
        corporation, and any person or entity which shall succeed, or assume the
        obligations of, Magnetech Integrated Services Corp. hereunder. 

       

      (b) The
        term
“Common Stock” includes (i) the Company’s Common Stock, par value $0.01 per
        share; and (ii) any other securities into which or for which any of the
        securities described in the preceding clause (i) may be converted or exchanged
        pursuant to a plan of recapitalization, reorganization, merger, sale of assets
        or otherwise.

       

      (c) The
        term
“Other Securities” refers to any stock (other than Common Stock) and other
        securities of the Company or any other person (corporate or otherwise) which
        the
        holder of the Warrant at any time shall be entitled to receive, or shall
        have
        received, on the exercise of the Warrant, in lieu of or in addition to Common
        Stock, or 

      
        
          
          

        

        
          
            

          

        

        
          
          

        

      

       

      which
        at
        any time shall be issuable or shall have been issued in exchange for or in
        replacement of Common Stock or Other Securities pursuant to Section 4 or
        otherwise. 

       

      (d) The
        “Exercise Price” applicable under this Warrant shall be $0.34 per share of
        Common Stock (subject to adjustment as provided herein) for all shares acquired
        hereunder.

       

      1. Exercise
        of Warrant.
        

       

      1.1 Number
        of Shares Issuable upon Exercise.
        Subject
        to the terms and conditions of this Warrant, from and after the date hereof
        through and including the Expiration Date, the Holder shall be entitled to
        receive, upon exercise of this Warrant in whole or in part, by delivery in
        the
        manner provided herein of an original or fax copy of an exercise notice in
        the
        form attached hereto as Exhibit
        A
        (the
“Exercise Notice”), shares of Common Stock of the Company, subject to adjustment
        pursuant to Section 4.

       

      1.2 Fair
        Market Value.
        For
        purposes hereof, the “Fair Market Value” of a share of Common Stock as of a
        particular date (the “Determination Date”) shall mean: 

       

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

       

      (b) If
        the
        Company’s Common Stock is not traded on the American Stock Exchange or another
        national exchange or on the Nasdaq but is traded on the NASD Over The Counter
        Bulletin Board, then the mean of the average of the closing bid and asked
        prices
        reported for the five (5) trading days immediately preceding the Determination
        Date.

       

      (c) Except
        as
        provided in clause (d) below, if the Company’s Common Stock is not publicly
        traded, then as the Holder and the Company agree or in the absence of agreement
        by arbitration in accordance with the rules then in effect of the American
        Arbitration Association, before a single arbitrator to be chosen from a panel
        of
        persons qualified by education and training to pass on the matter to be
        decided.

       

      (d) If
        the
        Determination Date is the date of a liquidation, dissolution or winding up,
        or
        any event deemed to be a liquidation, dissolution or winding up pursuant
        to the
        Company’s charter, then all amounts to be payable per share to holders of the
        Common Stock pursuant to the charter in the event of such liquidation,
        dissolution or winding up, plus all other amounts to be payable per share
        in
        respect of the Common Stock in liquidation under the charter, assuming for
        the
        purposes of this clause (d) that all of the shares of Common Stock then issuable
        upon exercise of the Warrant are outstanding at the Determination
        Date.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      1.3 Company
        Acknowledgment.
        The
        Company will, at the time of the exercise of this Warrant, upon the request
        of
        the Holder hereof acknowledge in writing its continuing obligation to afford
        to
        such holder any rights to which such holder shall continue to be entitled
        after
        such exercise in accordance with the provisions of this Warrant. If the holder
        shall fail to make any such request, such failure shall not affect the
        continuing obligation of the Company to afford to such holder any such rights.
        

       

      1.4 Trustee
        for Warrant Holders.
        In the
        event that a bank or trust company shall have been appointed as trustee for
        the
        holders of this Warrant pursuant to Subsection 3.2, such bank or trust company
        shall have all the powers and duties of a warrant agent (as hereinafter
        described) and shall accept, in its own name for the account of the Company
        or
        such successor person as may be entitled thereto, all amounts otherwise payable
        to the Company or such successor, as the case may be, on exercise of this
        Warrant pursuant to this Section 1.

       

      2. Procedure
        for Exercise.

       

      2.1 Delivery
        of Stock Certificates, Etc., on Exercise.
        The
        Company agrees that the shares of Common Stock purchased upon exercise of
        this
        Warrant shall be deemed to be issued to the Holder as the record owner of
        such
        shares as of the close of business on the date on which this Warrant shall
        have
        been surrendered and payment made for such shares in accordance herewith.
        As
        soon as practicable after the exercise of this Warrant in full or in part,
        and
        in any event within three (3) business days thereafter, the Company at its
        expense (including the payment by it of any applicable issue taxes) will
        cause
        to be issued in the name of and delivered to the Holder, or to another person
        designated by the Holder in writing (provided that the Holder has paid any
        applicable transfer taxes and that the Company has received such documentation
        and information that the Company deems reasonably necessary to ensure compliance
        with applicable securities laws), a certificate or certificates for the number
        of duly and validly issued, fully paid and nonassessable shares of Common
        Stock
        (or Other Securities) to which such Holder shall be entitled on such exercise,
        plus, in lieu of any fractional share to which such holder would otherwise
        be
        entitled, cash equal to such fraction multiplied by the then Fair Market
        Value
        of one full share, together with any other stock or other securities and
        property (including cash, where applicable) to which such Holder is entitled
        upon such exercise pursuant to Section 1.

       

      2.2 Exercise.
        

       

      (a) To
        exercise this Warrant, the Holder must properly complete, execute and deliver
        to
        the Company the Exercise Notice. Any exercise may not be revoked unless (i)
        an
        Event of Default has occurred and is continuing or (ii) the Company has
        consented to such a revocation. Payment may be made either (i) in cash or
        by
        certified or official bank check payable to the order of the Company equal
        to
        the applicable aggregate Exercise Price, (ii) by delivery of this Warrant,
        or
        shares of Common Stock and/or Common Stock receivable upon exercise of this
        Warrant in accordance with the formula set forth in subsection (b) below,
        or
        (iii) by a combination of any of the foregoing methods, for the number of
        Common
        Shares specified in such Exercise Notice (as such exercise number shall be
        adjusted to reflect any adjustment in the total number of shares of Common
        Stock
        issuable to the Holder per the terms of this Warrant). Within three (3) business
        

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      days
        after receipt of the applicable Exercise Price and, in the event of a complete
        exercise of this Warrant by the Holder, surrender of this Warrant to the
        principal office of the Company, the Holder shall thereupon be entitled to
        receive the number of duly authorized, validly issued, fully-paid and
        non-assessable shares of Common Stock (or Other Securities) determined as
        provided herein. 

       

      (b) Notwithstanding
        any provisions herein to the contrary, if the Fair Market Value of one share
        of
        Common Stock is greater than the Exercise Price (at the date of calculation
        as
        set forth below), in lieu of exercising this Warrant for cash, the Holder
        may
        elect to receive shares equal to the value (as determined below) of this
        Warrant
        (or the portion thereof being exercised) by surrender of this Warrant at
        the
        principal office of the Company together with the properly endorsed Exercise
        Notice in which event the Company shall issue to the Holder within three
        (3)
        business days a number of shares of Common Stock computed using the following
        formula:

       

      X= Y(A-B)

                
        A

       

      Where
        X
        = the
        number of shares of Common Stock to be issued to the Holder

       

      Y
        = the
        number of shares of Common Stock purchasable under this Warrant or, if only
        a
        portion of this Warrant is being exercised, the portion of this Warrant being
        exercised (at the date of such calculation)

       

      A
        = the
        Fair
        Market Value of one share of the Company’s Common Stock (at the date of such
        calculation)

       

      B
        = the
        Exercise Price per share (as adjusted to the date of such
        calculation)

       

      3. Effect
        of Reorganization, Etc.; Adjustment of Exercise Price.

       

      3.1 Reorganization,
        Consolidation, Merger, Etc.
        In case
        at any time or from time to time, the Company shall (a) effect a reorganization,
        (b) consolidate with or merge into any other person, or (c) transfer all
        or
        substantially all of its properties or assets to any other person under any
        plan
        or arrangement contemplating the dissolution of the Company, then, in each
        such
        case, as a condition to the consummation of such a transaction, proper and
        adequate provision shall be made by the Company whereby the Holder, on the
        exercise hereof as provided in Section 1 at any time after the consummation
        of
        such reorganization, consolidation or merger or the effective date of such
        dissolution, as the case may be, shall receive, in lieu of the Common Stock
        (or
        Other Securities) issuable on such exercise prior to such consummation or
        such
        effective date, the stock and other securities and property (including cash)
        to
        which such Holder would have been entitled upon such consummation or in
        connection with such dissolution, as the case may be, if such Holder had
        so
        exercised this Warrant, immediately prior thereto, all subject to further
        adjustment thereafter as provided in Section 4.

       

      3.2 Dissolution.
        In the
        event of any dissolution of the Company following the transfer of all or
        substantially all of its properties or assets, the Company, concurrently
        with
        any 

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      distributions
        made to holders of its Common Stock, shall at its expense deliver or cause
        to be
        delivered to the Holder the stock and other securities and property (including
        cash, where applicable) receivable by the Holder pursuant to Section 3.1,
        or, if
        the Holder shall so instruct the Company, to a bank or trust company specified
        by the Holder and having its principal office in New York, NY as trustee
        for the
        Holder.

       

      3.3 Continuation
        of Terms.
        Upon
        any reorganization, consolidation, merger or transfer (and any dissolution
        following any transfer) referred to in this Section 3, this Warrant shall
        continue in full force and effect and the terms hereof shall be applicable
        to
        the shares of stock and other securities and property receivable on the exercise
        of this Warrant after the consummation of such reorganization, consolidation
        or
        merger or the effective date of dissolution following any such transfer,
        as the
        case may be, and shall be binding upon the issuer of any such stock or other
        securities, including, in the case of any such transfer, the person acquiring
        all or substantially all of the properties or assets of the Company, whether
        or
        not such person shall have expressly assumed the terms of this Warrant as
        provided in Section 4. In the event this Warrant does not continue in full
        force
        and effect after the consummation of the transactions described in this Section
        3, then the Company’s securities and property (including cash, where applicable)
        receivable by the Holder will be delivered to the Holder or the Trustee as
        contemplated by Section 3.2.

       

      4. Extraordinary
        Events Regarding Common Stock.
        In the
        event that the Company shall (a) issue additional shares of the Common Stock
        as
        a dividend or other distribution on outstanding Common Stock or any preferred
        stock issued by the Company, (b) subdivide its outstanding shares of Common
        Stock, (c) combine its outstanding shares of the Common Stock into a smaller
        number of shares of the Common Stock, then, in each such event, the Exercise
        Price shall, simultaneously with the happening of such event, be adjusted
        by
        multiplying the then Exercise Price by a fraction, the numerator of which
        shall
        be the number of shares of Common Stock outstanding immediately prior to
        such
        event and the denominator of which shall be the number of shares of Common
        Stock
        outstanding immediately after such event, and the product so obtained shall
        thereafter be the Exercise Price then in effect. The Exercise Price, as so
        adjusted, shall be readjusted in the same manner upon the happening of any
        successive event or events described herein in this Section 4. The number
        of
        shares of Common Stock that the holder shall thereafter, on the exercise
        hereof
        as provided in Section 1, be entitled to receive shall be adjusted to a number
        determined by multiplying the number of shares of Common Stock that would
        otherwise (but for the provisions of this Section 4) be issuable on such
        exercise by a fraction of which (a) the numerator is the Exercise Price that
        would otherwise (but for the provisions of this Section 4) be in effect,
        and (b)
        the denominator is the Exercise Price in effect on the date of such exercise
        (taking into account the provisions of this Section 4).

       

      5. Certificate
        as to Adjustments.
        In each
        case of any adjustment or readjustment in the shares of Common Stock (or
        Other
        Securities) issuable on the exercise of this Warrant, the Company at its
        expense
        will promptly cause its Chief Financial Officer or other appropriate designee
        to
        compute such adjustment or readjustment in accordance with the terms of this
        Warrant and prepare a certificate setting forth such adjustment or readjustment
        and showing in detail the facts upon which such adjustment or readjustment
        is
        based, including a statement of (a) the consideration received or receivable
        by
        the Company for any additional shares of Common 

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      Stock
        (or
        Other Securities) issued or sold or deemed to have been issued or sold, (b)
        the
        number of shares of Common Stock (or Other Securities) outstanding or deemed
        to
        be outstanding, and (c) the Exercise Price and the number of shares of Common
        Stock to be received upon exercise of this Warrant, in effect immediately
        prior
        to such adjustment or readjustment and as adjusted or readjusted as provided
        in
        this Warrant. The Company will promptly deliver a copy of each such certificate
        to the holder and any Warrant agent of the Company (appointed pursuant to
        Section 11 hereof).

       

      6. Reservation
        of Stock, Etc., Issuable on Exercise of Warrant.
        The
        Company will at all times reserve and keep available, solely for issuance
        and
        delivery on the exercise of this Warrant, shares of Common Stock (or Other
        Securities) from time to time issuable on the exercise of this
        Warrant.

       

      7. Assignment;
        Exchange of Warrant.
        Subject
        to compliance with applicable securities laws, this Warrant, and the rights
        evidenced hereby, may be transferred by any registered holder hereof (a
“Transferor”) in whole or in part. On the surrender for exchange of this
        Warrant, with the Transferor’s endorsement in the form of Exhibit B attached
        hereto (the “Transferor Endorsement Form”) and together with evidence reasonably
        satisfactory to the Company demonstrating compliance with applicable securities
        laws, which shall include, without limitation, a legal opinion from the
        Company’s counsel (at the Transferor’s expense) that such transfer is exempt
        from the registration requirements of applicable securities laws, the Company
        at
        its expense (but with payment by the Transferor of any applicable transfer
        taxes) will issue and deliver to or on the order of the Transferor thereof
        a new
        Warrant of like tenor, in the name of the Transferor and/or the transferee(s)
        specified in such Transferor Endorsement Form (each a “Transferee”), calling in
        the aggregate on the face or faces thereof for the number of shares of Common
        Stock called for on the face or faces of the Warrant so surrendered by the
        Transferor.

       

      8. Replacement
        of Warrant.
        On
        receipt of evidence reasonably satisfactory to the Company of the loss, theft,
        destruction or mutilation of this Warrant and, in the case of any such loss,
        theft or destruction of this Warrant, on delivery of an indemnity agreement
        or
        security reasonably satisfactory in form and amount to the Company or, in
        the
        case of any such mutilation, on surrender and cancellation of this Warrant,
        the
        Company at its expense will execute and deliver, in lieu thereof, a new Warrant
        of like tenor.

       

      9. Registration
        Rights.
        The
        Holder has been granted certain registration rights by the Company. These
        registration rights are set forth in a Registration Rights Agreement entered
        into by the Company and Holder dated as of the date hereof, as the same may
        be
        amended, modified and/or supplemented from time to time.

       

      10. Maximum
        Exercise.
        Notwithstanding anything contained herein to the contrary, the Holder shall
        not
        be entitled to exercise this Warrant in connection with that number of shares
        of
        Common Stock which would exceed the difference between (i) 9.99% of the issued
        and outstanding shares of Common Stock and (ii) the number of shares of Common
        Stock beneficially owned by the Holder. For purposes of the immediately
        preceding sentence, beneficial ownership shall be determined in accordance
        with
        Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation
        13d-3 thereunder. The limitation described 

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      in
        the
        first sentence of this Section 10 shall automatically become null and void
        following notice to the Company upon the occurrence and during the continuance
        of an Event of Default (as defined in the Security Agreement dated as of
        the
        date hereof among the Holder, the Company and various subsidiaries of the
        Company, as amended, modified, restated and/or supplemented from time to
        time,
        the “Security Agreement”)), or upon 75 days prior notice to the
        Company.

       

      11. Warrant
        Agent.
        The
        Company may, by written notice to the each Holder of the Warrant, appoint
        an
        agent for the purpose of issuing Common Stock (or Other Securities) on the
        exercise of this Warrant pursuant to Section 1, exchanging this Warrant pursuant
        to Section 7, and replacing this Warrant pursuant to Section 8, or any of
        the
        foregoing, and thereafter any such issuance, exchange or replacement, as
        the
        case may be, shall be made at such office by such agent.

       

      12. Transfer
        on the Company’s Books.
        Until
        this Warrant is transferred on the books and records of the Company (or a
        transfer agent appointed by the Company), the Company may treat the registered
        holder hereof as the absolute owner hereof for all purposes, notwithstanding
        any
        notice to the contrary.

       

      13. Notices,
        Etc.
        Any
        notice herein required or permitted to be given shall be in writing and shall
        be
        deemed effectively given: (a) upon personal delivery to the party notified,
        (b)
        when sent by confirmed telex or facsimile if sent during normal business
        hours
        of the recipient, if not, then on the next business day, (c) five days after
        having been sent by registered or certified mail, return receipt requested,
        postage prepaid, or (d) one business day after deposit with a nationally
        recognized overnight courier, specifying next day delivery, with written
        verification of receipt. All communications shall be sent to the respective
        Company at the addresses provided for such Company in the Security Agreement
        executed in connection herewith, and to the Holder at the address provided
        in
        the Security Agreement for such Holder, with a copy to John E. Tucker, Esq.,
        825
        Third Avenue, 14th
        Floor,
        New York, New York 10022, facsimile number (212) 541-4434, or at such other
        address as the respective Company or the Holder may designate by ten days
        advance written notice to the other party provided as set forth in this Section
        13. 

       

      14. Miscellaneous.
        This
        Warrant and any term hereof may be changed, waived, discharged or terminated
        only by an instrument in writing signed by the party against which enforcement
        of such change, waiver, discharge or termination is sought. THIS WARRANT
        SHALL
        BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
        NEW
        YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION BROUGHT
        CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS WARRANT SHALL BE BROUGHT
        ONLY
        IN STATE COURTS OF NEW YORK OR IN THE FEDERAL COURTS LOCATED IN THE STATE
        OF NEW
        YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY CHOOSE TO WAIVE THIS PROVISION
        AND
        BRING AN ACTION OUTSIDE THE STATE OF NEW YORK. The individuals executing
        this
        Warrant on behalf of the Company agree to submit to the jurisdiction of such
        courts and waive trial by jury. The prevailing party shall be entitled to
        recover from the other party its reasonable attorneys’ fees and costs. In the
        event that any provision of this Warrant is invalid or unenforceable under
        any
        applicable statute or rule of law, then such provision shall be deemed
        inoperative to the extent that it may conflict therewith and shall be

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      deemed
        modified to conform with such statute or rule of law. Any such provision
        which
        may prove invalid or unenforceable under any law shall not affect the validity
        or enforceability of any other provision of this Warrant. The headings in
        this
        Warrant are for purposes of reference only, and shall not limit or otherwise
        affect any of the terms hereof. The Company acknowledges that legal counsel
        participated in the preparation of this Warrant and, therefore, stipulates
        that
        the rule of construction that ambiguities are to be resolved against the
        drafting party shall not be applied in the interpretation of this Warrant
        to
        favor any party against the other party.

       

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        PAGE FOLLOWS]

       

      

       

      

      
        
          
          

        

        
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      IN
        WITNESS WHEREOF, the Company has executed this Warrant as of the date first
        written above. 

       

      
        	 	 	
                 

                MAGNETECH
                  INTEGRATED SERVICES CORP.

              
	
                 

                WITNESS:

              	 	 	 
	 	 	
                By:

              	 /s/
                John A. Martell
	 /s/
                Laura D. Seng	 	
                Name:

              	 John
                A. Martell
	 	 	
                Title:

              	 President
                & CEO

      

       

      

      
        
          
          

        

        
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      EXHIBIT
        A

       

      FORM
        OF SUBSCRIPTION

      (To
        Be
        Signed Only On Exercise Of Warrant)

      

      
        	
                TO:

              	
                Magnetech
                  Integrated Services Corp.

              
	 	
                1125
                  S. Walnut Street

              
	 	
                South
                  Bend, Indiana 46619

              
	 	 
	 	
                Attention:
                  Chief Financial Officer

              

      

       

      The
        undersigned, pursuant to the provisions set forth in the attached Warrant
        (No.
        LMF-1), hereby irrevocably elects to purchase (check applicable
        box):

      
        	
                 

                ________

              	 	
                 

                ________
                  shares of the Common Stock covered by such Warrant; or 

              
	
                 

                ________

              	 	
                 

                the
                  maximum number of shares of Common Stock covered by such Warrant
                  pursuant
                  to the cashless exercise procedure set forth in Section
                  2.

              

      

       

      The
        undersigned herewith makes payment of the full Exercise Price for such shares
        at
        the price per share provided for in such Warrant, which is $___________.
        Such
        payment takes the form of (check applicable box or boxes):

      
        	
                 

                ________

              	 	
                 

                $__________
                  in lawful money of the United States; and/or

              
	
                 

                ________

              	 	
                 

                the
                  cancellation of such number of shares of Common Stock as is necessary,
                  in
                  accordance with the formula set forth in Section 2.2, to exercise
                  this
                  Warrant with respect to the maximum number of shares of Common
                  Stock
                  purchasable pursuant to the cashless exercise procedure set forth
                  in
                  Section 2.

              

      

       

      The
        undersigned requests that the certificates for such shares be issued in the
        name
        of, and delivered to ______________________________________________ whose
        address is
        ___________________________________________________________________________.

       

      The
        undersigned represents and warrants that all offers and sales by the undersigned
        of the securities issuable upon exercise of the within Warrant shall be made
        pursuant to registration of such securities under the Securities Act of 1933,
        as
        amended (the “Securities Act”) or pursuant to an exemption from registration
        under the Securities Act. The undersigned agrees that it shall not offer
        or sell
        any such securities in a transaction purported to be exempt from registration
        under the Securities Act unless such transaction is consummated in accordance
        with the requirements of the Securities Act.

      
        	
                 

                Dated:

              	
                 

                ___________________________

              	 
	 	 	
                (Signature
                  must conform to name of holder as specified on the face of the
                  Warrant)

              
	 	 	
                Address:

              	 
	 	 	 	 

      

       

      

      
        
          
          

        

        
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      EXHIBIT
        B

       

      FORM
        OF TRANSFEROR ENDORSEMENT

      (To
        Be
        Signed Only On Transfer Of Warrant)

       

      For
        value
        received, the undersigned hereby sells, assigns, and transfers unto the
        person(s) named below under the heading “Transferees” the right represented by
        the within Warrant to purchase the percentage and number of shares of Common
        Stock of Magnetech Integrated Services Corp. into which the within Warrant
        relates specified under the headings “Percentage Transferred” and “Number
        Transferred,” respectively, opposite the name(s) of such person(s) and appoints
        each such person Attorney to transfer its respective right on the books of
        Magnetech Integrated Services Corp. with full power of substitution in the
        premises.

      

      
        	
                Transferees

              	
                Address

              	
                Percentage

                Transferred

              	
                Number

                Transferred

              
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                 

                Dated:

              	
                 

                __________________________

              	 
	 	 	
                (Signature
                  must conform to name of holder as specified on the face of the
                  Warrant)

              
	 	 	
                Address:

              	 
	 	 	 	 
	 	 	
                 

                SIGNED
                  IN THE PRESENCE OF:

              
	 	 	 
	 	 	
                (Name)

              

      

       

      ACCEPTED
        AND AGREED:

      [TRANSFEREE]

       

       

      ________________________________________________

      (Name)

       

       

       

       

      11Form of common stock purchase warrant issued to persons designated by Vertical
      Capital Partners, Inc.

    

       

      Exhibit
        4.6

       

       

      Warrant
        Certificate No. VCP1

       

       

      NEITHER
        THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE
        UPON
        THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
        OF
        1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH
        SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
        OR
        OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO
        IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2)
        THE
        COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER OF SUCH SECURITIES,
        WHICH
        COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
        MAY BE
        OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED
        WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE
        SECURITIES LAWS.

       

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON
        THE
        EXERCISE OF THIS WARRANT ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND
        RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE
        ACT
        AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
        THEREFROM. INVESTOR SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE
        FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF
        TIME.

       

      
        	
                 

                Dated:
                  September
                  30, 2005

                 

              	
                 

                Void
                  After: September
                  30, 2008

                 

              

      

       

       

      MISCOR
        GROUP, LTD.

       

      WARRANT
        TO PURCHASE COMMON STOCK

       

      MISCOR
        Group, Ltd., an Indiana corporation formerly known as Magnetech Integrated
        Services Corp. (the “Company”),
        for
        value received, hereby issues to Vertical Capital Partners, Inc. (the
“Holder”)
        this
        Warrant (the “Warrant”)
        to
        purchase 500,000 shares (each such share being a “Warrant
        Share”
        and all
        such shares being the “Warrant
        Shares”)
        of the
        Company’s Common Stock (as defined below), at the Exercise Price (as defined
        below), as adjusted from time to time as provided herein, on or before
September
        30, 2008
        (the
“Expiration
        Date”),
        all
        subject to the following terms and conditions.

       

      As
        used
        in this Warrant, (i) “Common
        Stock”
        means
        the common stock of the Company, no par value per share, and such other
        securities as such class of common stock may be converted from 

       

      
        
          
          

        

        
          
            

          

        

        
          
          

        

      

       

      time
        to
        time in the future; and (ii) “Exercise
        Price”
        means
        $0.34, subject to adjustment as provided herein.

       

       

      1. Duration
        and Exercise of Warrants

       

      (a) The
        Holder may exercise this Warrant on any business day on or before 5:00 P.M.,
        New
        York time, on the Expiration Date, at which time this Warrant shall become
        void
        and of no value.

       

      (b) While
        this Warrant remains outstanding and exercisable in accordance with Section
        1(a),
        the
        Holder may exercise this Warrant in whole or in part by:

       

      (i) surrender
        of this Warrant, with a duly executed copy of the Notice of Exercise attached
        as
Exhibit
        A,
        to the
        secretary of the Company at its principal offices or at such other office
        or
        agency as the Company may specify in writing to the Holder; and

       

      (ii) either
        (A) payment of the Exercise Price per share multiplied by the number of Warrant
        Shares being purchased upon exercise of the Warrant in lawful money of the
        United States of America or (B) notice by the Holder of its election to exercise
        this Warrant on a cashless basis in the manner described in Section
        1(c).

       

      Upon
        the
        exercise of this Warrant in compliance with the provisions of this Section
        1(b)
        the Company shall promptly issue and cause to be delivered to the Holder
        a
        certificate for the Warrant Shares purchased by the Holder. Each exercise
        of
        this Warrant shall be effected immediately prior to the close of business
        on the
        date (the “Date
        of Exercise”)
        which
        the conditions set forth in Section 1(b)(i) and (ii) have been
        satisfied.

       

      (c) In
        lieu
        of paying the Exercise Price upon exercise of this Warrant, the Holder may
        elect
        to exercise this Warrant on a cashless basis in which case the number of
        Warrant
        Shares issued to the Holder upon exercise of the Warrant shall be reduced
        by the
        number of Warrant Shares with an aggregate Market Price as of the Date of
        Exercise equal to the aggregate Exercise Price for the total number of Warrant
        Shares which the Holder has elected to exercise pursuant to this Warrant,
        as
        specified in the Notice of Exercise. The “Market
        Price”
        shall
        be equal to the market price of the Common Stock of the Warrant Shares issuable
        upon the exercise of this Warrant as determined in good faith by the board
        of
        directors of the Company. If the Holder objects to such determination by
        notice
        to the Company within twenty (20) days of receipt of the Company's
        determination, then the Market Price shall be equal to the fair value of
        such
        Warrant Shares deter-mined by a recognized independent investment banking
        or
        accounting firm (selected by the Company and reason-ably acceptable to the
        Holder) as of a date which is within thirty (30) days of the date as of which
        the determination is to be made (the fees and expenses of such independent
        firm
        to be paid by the Holder unless such firm determines a Market Price for the
        Warrant Shares is at least 5% higher than the price determined by the directors
        determination).

       

      (d) This
        Warrant shall be exercisable, either as an entirety or, from time to time,
        for
        part only of the number of Warrant Shares referenced by this Warrant. If
        this
        Warrant is exercised in part, the 

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      Company
        shall issue, at its expense, a new Warrant, in substantially the form of
        this
        Warrant, referencing such reduced number of Warrant Shares which remain subject
        to this Warrant.

       

       

      2. Issuance
        of Warrant Shares

       

      (a) The
        Company covenants that all Warrant Shares will, upon issuance in accordance
        with
        the terms of this Warrant, be (i) duly authorized, fully paid and
        non-assessable, and (ii) free from all liens, charges and security
        interests.

       

      (b) The
        Company shall register this Warrant upon records to be maintained by the
        Company
        for that purpose in the name of the record holder of such Warrant from time
        to
        time. The Com-pany may deem and treat the registered Holder of this Warrant
        as
        the absolute owner thereof for the purpose of any exercise thereof, any
        distribution to the Holder thereof and for all other purposes.

       

      (c) The
        Company will not, by amendment of its certificate of incorporation, by-laws
        or
        through any reorganization, transfer of assets, consolidation, merger,
        dissolution, issue or sale of securities or any other voluntary action, avoid
        or
        seek to avoid the observance or performance of any of the terms to be observed
        or performed hereunder by the Company, but will at all times in good faith
        assist in the carrying out of all the provisions of this Warrant and in the
        taking of all the action as may be necessary or appropriate in order to protect
        the rights of the Holder to exercise this Warrant. 

       

       

      3. Adjustments
        of Exercise Price, Number and type of Warrant Shares

       

      (a) The
        Exercise Price and the number of shares purchasable upon the exercise of
        this
        Warrant shall be subject to adjustment from time to time upon the occurrence
        of
        certain events described in this Section 3(a). 

       

      (i) Subdivision
        or Combination of Stock.
        In the
        event the Company shall (A) subdivide its outstanding shares of Common Stock
        into a greater number of shares, or (B) combine its outstanding shares of
        Common
        Stock into a smaller number of shares, then, in each such event, the Exercise
        Price shall, simultaneously with the happening of such event, be adjusted
        by
        multiplying the then Exercise Price by a fraction, the numerator of which
        shall
        be the number of shares of Common Stock outstanding immediately prior to
        such
        event and the denominator of which shall be the number of shares of Common
        Stock
        outstanding immediately after such event, and the product so obtained shall
        thereafter be the Exercise Price then in effect. The number of shares of
        Common
        Stock that the Holder shall thereafter be entitled to receive upon exercise
        of
        this Warrant also shall be adjusted to a number determined by multiplying
        the
        number of shares of Common Stock that would otherwise (but for the provisions
        of
        this Section 3(a)(i)) be issuable on such exercise by a fraction of which
        (a)
        the numerator is the Exercise Price that would otherwise (but for the provisions
        of this Section 3(a)(i)) be in effect, and (b) the denominator is the Exercise
        Price in effect on the date of such exercise (taking into account the provisions
        of this Section 3(a)(i)).

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      (ii) Dividends
        in Stock, Property, Reclassification.
        If at
        any time or from time to time the Holders of Common Stock (or any shares
        of
        stock or other securities at the time receivable upon the exercise of this
        Warrant) shall have received or become entitled to receive, without payment
        therefore:

       

      (A) any
        shares of stock or other securities which are at any time directly or indirectly
        convertible into or exchangeable for Common Stock, or any rights or options
        to
        subscribe for, purchase or otherwise acquire any of the foregoing by way
        of
        dividend or other distribution, or

       

      (B) additional
        stock or other securities or property (including cash) by way of spin-off,
        split-up, reclassification, combination of shares or similar corporate
        rearrangement, (other than shares of Common Stock issued as a stock split
        or
        adjustments in respect of which shall be covered by the terms of Section
        3(a)(i)
        above),

       

      then
        and
        in each such case, the Holder hereof shall, upon the exercise of this Warrant,
        be entitled to receive, in addition to the number of shares of Common Stock
        receivable thereupon, and without payment of any additional consideration
        therefor, the amount of stock and other securities and property (including
        cash
        in the cases referred to in clause (ii) above) which such Holder would hold
        on
        the date of such exercise had he been the holder of record of such Common
        Stock
        as of the date on which holders of Common Stock received or became entitled
        to
        receive such shares or all other additional stock and other securities and
        property.

       

      (iii) Reorganization,
        Reclassification, Consolidation, Merger or Sale.
        If any
        recapitalization, reclassification or reorganization of the capital stock
        of the
        Company, or any consolidation or merger of the Company with another corporation,
        or the sale of all or substantially all of its assets or other transaction
        shall
        be effected in such a way that holders of Common Stock shall be entitled
        to
        receive stock, securities, or other assets or property (an “Organic
        Change”),
        then,
        as a condition of such Organic Change, lawful and adequate provisions shall
        be
        made by the Company whereby the Holder hereof shall thereafter have the right
        to
        purchase and receive (in lieu of the shares of the Common Stock of the Company
        immediately theretofore purchasable and receivable upon the exercise of the
        rights represented by this Warrant) such shares of stock, securities or other
        assets or property as may be issued or payable with respect to or in exchange
        for a number of outstanding shares of such Common Stock equal to the number
        of
        shares of such stock immediately theretofore purchasable and receivable assuming
        the full exercise of the rights represented by this Warrant. In the event
        of any
        Organic Change, appropriate provision shall be made by the Company with respect
        to the rights and interests of the Holder of this Warrant to the end that
        the
        provisions hereof (including, without limitation, provisions for adjustments
        of
        the Exercise Price and of the number of shares purchasable and receivable
        upon
        the exercise of this Warrant) shall thereafter be applicable, in relation
        to any
        shares of stock, securities or assets thereafter deliverable upon the exercise
        hereof. 

       

      (b) Certificate
        as to Adjustments.
        Upon
        the occurrence of each adjustment or readjustment pursuant to this
        Section 3, the Company at its expense shall promptly compute such
        adjustment or readjustment in accordance with the terms hereof and furnish
        to
        each holder of this Warrant a certificate setting forth such adjustment or
        readjustment and showing in detail the facts upon which 

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      such
        adjustment or readjustment is based. The Company shall, upon the written
        request, at any time, of any such holder, furnish or cause to be furnished
        to
        such holder a like certificate setting forth: (i) such adjustments
        and
        readjustments; and (ii) the number of shares and the amount, if any,
        of
        other property which at the time would be received upon the exercise of the
        Warrant.

       

      (c) Notice
        of Record Date.
        In the
        event of any taking by the Company of a record of its stockholders for the
        purpose of determining stockholders who are entitled to receive payment of
        any
        dividend or other distribution, any right to subscribe for, purchase or
        otherwise acquire any share of any class or any other securities or property,
        or
        to receive any other right, or for the purpose of determining stockholders
        who
        are entitled to vote in connection with any proposed merger or consolidation
        of
        the Company with or into any other corporation, or any proposed sale, lease
        or
        conveyance of all or substantially all of the assets of the Company, or any
        proposed liquidation, dissolution or winding up of the Company, the Company
        shall deliver a written notice to Holder, at the same time such notice is
        delivered to other stockholders, specifying the date on which any such record
        is
        to be taken for the purpose of such dividend, distribution, right or other
        event, and the amount and character of such dividend, distribution, right
        or
        other event.

       

      (d) Certain
        Events.
        If any
        event occurs as to which, in the opinion of the Company, the other provisions
        of
        this Section
        3
        are not
        strictly applicable but the lack of any adjustment would not in the opinion
        of
        the Company fairly protect the purchase rights of the Holder under this Warrant
        in accordance with the basic intent and principles of such provisions, or
        if
        strictly applicable would not fairly protect the purchase rights of the Holder
        under this Warrant in accordance with the basic intent and principles of
        such
        provisions, then the Company shall make the any adjustments which the board
        of
        directors described therein.

       

       

      4. Transfers
        and Exchanges of Warrant and Warrant Shares

       

      (a) Registration
        of Transfers and Exchanges.
        Upon
        the Holder’s surrender of this Warrant, with a duly executed copy of the
        Assignment Notice attached as Exhibit
        B,
        to the
        secretary of the Company at its principal offices or at such other office
        or
        agency as the Company may specify in writing to the Holder, the Com-pany
        shall
        register the transfer of all or any portion of this Warrant. Upon such
        registration of trans-fer the Company shall issue a new Warrant, in
        substantially the form of this Warrant, evidencing the acquisition rights
        transferred to the transferee and a new Warrant, in similar form, evidencing
        the
        remaining acquisition rights not transferred, to the Holder requesting the
        transfer.

       

      (b) Warrant
        Exchangeable for Different Denominations.
        The
        Holder may exchange this Warrant for a new Warrant or Warrants, in
        sub-stantially the form of this Warrant, evidencing in the aggregate the
        right
        to purchase the number of Warrant Shares which may then be purchased hereunder,
        each of such new Warrants to be dated the date of such exchange and to represent
        the right to purchase such number of Warrant Shares as shall be desig-nated
        by
        the Holder. The Holder shall surrender this Warrant with duly executed
        instructions regarding such re-certification of this Warrant to the secretary
        of
        the Company at its principal offices or at such other office or agency as
        the
        Company may specify in writing to the Holder.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (c) Restrictions
        on Transfers.
        This
        Warrant may not be transferred at any time without a written opinion of legal
        counsel addressed to the Company
        that the
        proposed transfer of the Warrant may be effected without registration under
        the
        Act, which opinion will be in form and from counsel reasonably satisfactory
        to
        the Company. 

       

       

      5. Mutilated
        or Missing Warrant Certificate

       

      If
        this
        Warrant is mutilated, lost, stolen or destroyed, upon request by the Holder,
        the
        Company will issue, in exchange for and upon cancellation of the mutilated
        Warrant, or in substitution for the lost, stolen or destroyed Warrant, a
        new
        Warrant, in substantially the form of this Warrant, representing the right
        to
        acquire the equivalent number of Warrant Shares, provided however, as a
        prerequisite to the issuance of a substitute Warrant, the Company may require
        satisfactory evidence of loss, theft or destruction as well as an indemnity
        from
        the Holder of a lost, stolen or destroyed Warrant.

       

       

      6. Payment
        of Taxes

       

      The
        Company will pay all transfer and stock issuance taxes attributable to the
        preparation, issuance and delivery of this Warrant and the Warrant Shares
        including, without limitation, all documentary and stamp taxes; provided,
        however,
        that
        the Company shall not be required to pay any tax in respect of the transfer
        of
        this Warrant, or the issuance or delivery of certificates for Warrant Shares
        or
        other securities in respect of the Warrant Shares to any person or entity
        other
        than the Holder or a permitted transferee of the Holder.

       

       

      7. Fractional
        Warrant Shares

       

      No
        fractional Warrant Shares shall be issued upon exercise of this Warrant.
        The
        Company shall, in lieu of issuing any fractional Warrant Share, shall round
        up
        the number of Warrant Shares issuable to nearest whole share.

       

       

      8. No
        Stock Rights and Legend

       

      No
        holder
        of this Warrant Certificate, as such, shall be entitled to vote or be deemed
        the
        holder of any other securities of the Company which may at any time be issuable
        on the exercise hereof, nor shall anything contained herein be construed
        to
        confer upon the holder of this Warrant Certificate, as such, the rights of
        a
        stockholder of the Company or the right to vote for the election of directors
        or
        upon any matter submitted to stockholders at any meeting thereof, or give
        or
        withhold consent to any corporate action or to receive notice of meetings
        or
        other actions affecting stockholders (except as provided herein), or to receive
        dividends or subscription rights or otherwise (except as provide
        herein).

       

      Each
        certificate for Warrant Shares initially issued upon the exercise of this
        Warrant Certificate, and each certificate for Warrant Shares issued to any
        subsequent transferee of any such 

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      certificate,
        shall be stamped or otherwise imprinted with a legend in substantially the
        following form:

       

      “THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS,
        AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
        PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT
        WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE STATE
        SECURITIES LAWS, OR (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE
        HOLDER
        OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY
        TO THE
        COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR
        TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION
        STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.

       

      THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
        TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
        PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT
        TO
        REGISTRATION OR EXEMPTION THEREFROM. INVESTOR SHOULD BE AWARE THAT THEY MAY
        BE
        REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE
        PERIOD
        OF TIME.”

       

       

      9. Notices

       

      All
        notices, consents, waivers, and other communications under this Warrant must
        be
        in writing and will be deemed given to a party when (a) delivered to the
        appropriate address by hand or by nationally recognized overnight courier
        service (costs prepaid); (b) sent by facsimile or e-mail with confirmation
        of
        transmission by the transmitting equipment; (c) received or rejected by the
        addressee, if sent by certified mail, return receipt requested; if to the
        registered Holder hereof or (d) five days after the placement of the notice
        into
        the mails (first class postage prepaid), to the Holder at
        ______________________________________, telecopy number: _________, e-mail
        address ____________________, or if to the Company, to it at 1125 South Walnut
        Street, South Bend, Indiana 46619 Attention: John A. Martell, telecopy number:
        (574) 232-7648, e-mail address jamartell@magnetech.com (or to such other
        address, facsimile number, e-mail address as the Holder or the Company as
        a
        party may designate by notice the other party).

       

       

      10. Severability

       

      If
        a
        court of competent jurisdiction holds any provision of this Warrant invalid
        or
        unenforceable, the other provisions of this Warrant will remain in full force
        and effect. Any 

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      provision
        of this Warrant held invalid or unenforceable only in part or degree will
        remain
        in full force and effect to the extent not held invalid or
        unenforceable.

       

       

      11. 
        Binding Effect

       

      This
        Warrant shall be binding upon and inure to the sole and exclusive benefit
        of the
        Com-pany, its successors and assigns, the registered Holder or Holders from
        time
        to time of this Warrant and the Warrant Shares.

       

       

      12. Survival
        of Rights and Duties

       

      This
        Warrant Certificate shall terminate and be of no further force and effect
        on the
        earlier of 5:00 P.M., New York time, on the Expiration Date or the date on
        which
        this Warrant has been exercised.

       

       

      13. Governing
        Law

       

      This
        Warrant will be governed by and construed under the laws of Indiana without
        regard to conflicts of laws principles that would require the application
        of any
        other law.

       

      IN
        WITNESS WHEREOF, the Company has caused this Warrant to be executed by its
        officer thereunto duly authorized as of the date hereof.

       

      
        	 	
                 

                MISCOR
                  Group, Ltd.

                 

              
	 	 	 
	 	
                By:

              	 /s/
                Richard J. Mullin
	 	 	
                Richard
                  J. Mullin

              
	 	 	
                Vice President
                  & Treasurer

              

      

       

      

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        A

       

       

      NOTICE
        OF EXERCISE

       

      (To
        be executed by the Holder of Warrant if such Holder desires to exercise
        Warrant)

       

       

      To
        MISCOR
        Group, Ltd.:

       

      The
        undersigned hereby irrevocably elects to exercise this Warrant and
        to:

       

      (Select
        one and complete)

       

      
        	
                 

                ___

                 

              	
                 

                purchase
                  thereunder, ___________________ full shares of _____________________
                  issuable upon exercise of the Warrant and delivery of $_________
                  (in cash
                  as provided for in the foregoing Warrant) and any applicable taxes
                  payable
                  by the undersigned pursuant to such Warrant. 

                 

              
	
                 

                ___

                 

              	
                 

                receive,
                  in accordance with Section
                  1(c)
                  that number of full shares of ______________________ issuable upon
                  the
                  cashless exercise of the rights to acquire ______________ Warrant
                  Shares.

                 

              

      

       

      

       

       

      The
        undersigned requests that certificates for such shares be issued in the name
        of:

       

      
        	 	
                 

                 

                 

              
	 	
                 

                (Please
                  print name, address and social security or federal employer identification
                  number (if applicable)

                 

              
	 	
                 

                 

                 

              
	 	
                 

                 

                 

              

      

       

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      If
        the
        shares issuable upon this exercise of the Warrant are not all of the Warrant
        Shares which the Holder is entitled to acquire upon the exercise of the Warrant,
        the undersigned requests that a new Warrant evidencing the rights not so
        exercised be issued in the name of and delivered to:

      

       

      
        	 	 
	 	
                 

                (Please
                  print name, address and social security or federal employer identification
                  number (if applicable)

                 

              
	 	 
	 	 

      

       

      

       

      
        	 	
                 

                Name
                  of Holder (print):

              	 
	 	
                 

                (Signature):

              	 
	 	
                 

                (By:)

              	 
	 	
                 

                (Title:) 

              	 
	 	 	 
	 	
                 

                Dated: ______________,
                  ____

                 

              

      

       

      

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        B

       

       

      FORM
        OF ASSIGNMENT

       

       

      FOR
        VALUE
        RECEIVED, ___________________________________ hereby sells, assigns and
        transfers to each assignee set forth below all of the rights of the undersigned
        under the Warrant (as defined in an evidenced by the attached Warrant) to
        acquire the number of Warrant Shares set opposite the name of such assignee
        below and in and to the foregoing Warrant with respect to said acquisition
        rights and the shares of _____________________ issuable upon exercise of
        the
        Warrant:

       

      
        	
                 

                Name
                  of Assignee

                 

              	 	
                 

                Address

                 

              	 	
                 

                Number
                  of Warrant Shares

                 

              
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

      

       

      If
        the
        total of the Warrant Shares are not all of the Warrant Shares evidenced by
        the
        foregoing Warrant, the undersigned requests that a new Warrant evidencing
        the
        right to acquire the Warrant Shares not so assigned be issued in the name
        of and
        delivered to the undersigned.

       

      
        	 	
                 

                Name
                  of Holder (print): 

              	 
	 	
                 

                (Signature): 

              	 
	 	
                 

                (By:) 

              	 
	 	
                 

                (Title:) 

              	 
	 	
                 

                Dated: 

                 

              	
                 

                ______________,
                  ____

                 

              

      

       

      

       

       

      12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]