SEC Contract Filing

Filing Date: 2016-03-03

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.1</B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIXTH
AMENDMENT TO REVOLVING LOAN AGREEMENT</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
SIXTH AMENDMENT TO REVOLVING LOAN AGREEMENT (this &ldquo;<U>Amendment</U>&rdquo;) is made and entered into as of February 28,
2016, by and between WSI INDUSTRIES, INC., a Minnesota corporation (the &ldquo;<U>Borrower</U>&rdquo;), and BMO HARRIS BANK N.A.,
a national banking association, successor by merger to M&amp;I Marshall &amp; Ilsley Bank (the &ldquo;<U>Bank</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">RECITALS:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. The
Borrower and the Bank are parties to a certain Loan Agreement dated February 1, 2011, as amended by an amendment dated February
1, 2012, an amendment dated January 30, 2013, an amendment dated January 31, 2014, an amendment dated January 26, 2015 and an
amendment dated November 27, 2015 (as so amended, the &ldquo;<U>Loan Agreement</U>&rdquo;). All capitalized terms not otherwise
defined herein shall have the meanings given to them in the Loan Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. The
Borrower has requested that the Bank amend certain provisions of the Loan Agreement and the Bank has agreed to do so upon the
terms and subject to the conditions set forth in this Amendment.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal">AGREEMENTS:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration,
the nature, receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1. <U>Delivery of Documents</U>. At or prior to the execution of this Amendment, and as a condition precedent to the effectiveness
of this Amendment, the Borrower shall have satisfied the following conditions and delivered or caused to be delivered to the Bank
the following documents each dated such date and in form and substance satisfactory to the Bank and duly executed by all appropriate
parties:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) This
Amendment.</FONT></P>

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