Conversion Option Sample Contracts

CONVERSION OPTION
Conversion Option • November 1st, 2005 • Miscor Group, Ltd. • Indiana

This Conversion Option (“Option”) is made as of September 12, 2005 by Magnetech Integrated Services Corp., an Indiana corporation (“Parent”), and Magnetech Industrial Services, Inc., an Indiana corporation and wholly owned subsidiary of Parent (“Company”), in favor of John A. Martell (“Lender”).

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AMENDMENT TO CONVERSION OPTION
Conversion Option • December 5th, 2007 • Miscor Group, Ltd. • Services-miscellaneous repair services

This Amendment to Conversion Option (“Amendment”) is made as of November 28, 2007 (the “Effective Date”) by MISCOR Group, Ltd. f/k/a Magnetech Integrated Services Corp., an Indiana corporation (“Parent”), Magnetech Industrial Services, Inc., an Indiana corporation and wholly owned subsidiary of Parent (“Company”), and John A. Martell (“Lender”).

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