MAXCO INC
9TH AMENDMENT TO AMENDED/RESTATED LOAN AGREEMENT
<DOCUMENT>
<TYPE>EX-10.24
<SEQUENCE>3
<FILENAME>k67565ex10-24.htm
<DESCRIPTION>9TH AMENDMENT TO AMENDED/RESTATED LOAN AGREEMENT
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<TITLE>EX-10.23 9th Amendment to amended/restated loan</TITLE>
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<P align="center"><FONT size="2"><B>NINTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT DATED AS OF SEPTEMBER 30, 1996</B>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS NINTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (the &#147;Ninth Amendment&#148;) effective as of the 1st day of
October, 2001, by and among MAXCO, INC., a Michigan Corporation (&#147;Borrower&#148;) and COMERICA BANK, a Michigan banking corporation
(&#147;Bank&#148;).

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<P align="center"><FONT size="2"><B>WITNESSETH</B>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Borrower and Bank entered into a certain Amended and Restated Loan Agreement dated September&nbsp;30, 1996, as
amended by First Amendment thereto dated as of August&nbsp;1, 1997, as further amended by Second Amendment thereto dated as of June
24, 1998, as further amended by Third Amendment thereto dated as of September&nbsp;24, 1998, as further amended by Fourth Amendment
thereto dated as of June&nbsp;22, 1999, as further amended by Fifth Amendment thereto dated as of September 1, 1999, as further
amended by Sixth Amendment thereto dated as of July&nbsp;12, 2000, as further amended by Seventh Amendment dated as of January&nbsp;11,
2001, and as further amended by Eighth Amendment dated as of March&nbsp;19, 2001 (the &#147;Agreement&#148;); and

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Borrower and Bank now desire to amend the Agreement for the purpose of modifying certain financial and other
covenants.

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Borrower and the Bank
hereby agree as follows:

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Sub-Section&nbsp;1.1 of Section&nbsp;1 of the Agreement, the following definitions are hereby deleted in their entirety and
replaced by the following:

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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated Funded Debt&#148; shall mean, as of any applicable date of determination, that portion of
consolidated Debt which consists of (a)&nbsp;indebtedness for borrowed money, including indebtedness for borrowed money which
is evidenced by notes, bonds, debentures or other similar instruments or (b)&nbsp;obligations under installment sales
contracts or capital leases, less Liquid Assets of Borrower and/or the Guarantors and Atmosphere Annealing, Inc. as of
the applicable date.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guarantors&#148; shall mean Ersco Corporation and Pak-Sak Industries, Inc.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Pledge Agreements&#148; shall mean pledge agreements in such form as shall be required by the Bank pursuant to this
Agreement, which the Borrower and the Guarantors have previously or in the future will pledge, to the Bank, the
Securities or the Promissory Notes.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities&#148; shall mean (i)&nbsp;all of the issued and outstanding capital stock of the Subsidiaries and (ii)&nbsp;all of
the shares of capital stock or other ownership interest owned by the Borrower or any Subsidiary in an Investment Entity,
including but not limited to Atmosphere Annealing, Inc.</FONT></TD>
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<P align="center"><FONT size="2">-1-</FONT>

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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Security Interests&#148; shall mean first priority liens in the Collateral as contemplated by the Collateral
Documents.</FONT></TD>
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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary(ies)&#148; shall mean the Guarantor(s) and any other corporation of which more than fifty percent (50%)
of the outstanding voting securities shall, as of any applicable date of determination, be owned directly, or indirectly
through one or more intermediaries, by the Borrower.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Termination Date&#148; shall mean, as to the Revolving Credit Loan, August&nbsp;1, 2003 (or such earlier date on which
the Borrower shall permanently terminate the Bank&#146;s commitment under Section&nbsp;2.8.1 of this Agreement).</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Sub-section 1.1 of Section&nbsp;1, the following definitions are added:

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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Effective Tangible Net Worth&#148; shall mean as of the date of any determination, the sum of: (a) the excess of:
(i)&nbsp;the book value of the assets (other than patents, patent rights, trademarks, trade names, franchises, copyrights,
licenses, goodwill, and similar intangible assets) of a person, after appropriate deductions (including, without
limitation, reserves for doubtful receivables, obsolescence, depreciation and amortization), all as determined in
accordance with GAAP, over (ii)&nbsp;all Debt of such person (determined on a consolidated basis), plus (b)&nbsp;the principal
amount of Subordinated Debt.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Promissory Notes&#148; shall mean all promissory notes representing indebtedness due Borrower from either
Atmosphere Annealing, Inc. or L/M Associates, L.L.C.</FONT></TD>
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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subordinated Debt&#148; shall mean all indebtedness of Borrower or any Subsidiaries
which has been subordinated to the indebtedness of the Bank pursuant to a Subordination Agreement.</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Waiver Fees&#148; shall mean the sum of five thousand ($5,000) dollars for each of the five (5)&nbsp;Borrower covenant
violations a total of twenty five thousand ($25,000) dollars, which Waiver Fees are to be paid contemporaneously with
the execution of this Ninth Amendment. The five (5)&nbsp;Borrower covenant violations referred to herein are (i)&nbsp;a
violation of the Consolidated Funded Debt to EBITDA ratio under Sub-Section&nbsp;6.6 of Section&nbsp;6 of the Agreement as of
March&nbsp;31, 2001, and again as of June&nbsp;30, 2001; (ii)&nbsp;a violation of the Debt to Tangible Net Worth ratio under
Sub-Section&nbsp;6.12 of Section&nbsp;6 of the Agreement as of March&nbsp;31, 2001, and again as of June&nbsp;30, 2001; and (iii)&nbsp;a
violation of the Guarantee Obligations under Sub-Section&nbsp;7.7 of Section&nbsp;7 of the Agreement through the date immediately
prior to the date of this Agreement.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;2.4(a) of Section&nbsp;2 of the Agreement is hereby deleted in its entirety and replaced with the following:

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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Interest. (a)&nbsp;The Revolving Credit Note shall bear interest on the outstanding
principal balance from time to time outstanding at a per annum rate equal to Prime Rate plus two (2)&nbsp;percent (2.00%).
Effect shall be given to any change in the interest rate as a result of any change in the Prime Rate on the date of any
such change in the Prime Rate. </FONT></TD>
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<P align="center"><FONT size="2">-2-</FONT>

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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest shall be payable in accordance with the terms of the Revolving Credit Note, as
amended.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;5.5 of Section&nbsp;5 of the Agreement is hereby deleted in its entirety and replaced by the following:

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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Subsidiaries. The Guarantors are wholly owned Subsidiaries of the Borrower. The Borrower also owns
approximately: (i)&nbsp;25% of Integral Vision, Inc., formerly known as Medar, Inc., (ii)&nbsp;100% of the capital stock of
Atmosphere Annealing, Inc., (iii)&nbsp;50% of the membership interests of Robinson Oil Co., L.L.C., (iv)&nbsp;50% of the
membership interests in L/M Associates, L.L.C., (v)&nbsp;33% of the capital stock of Blasen Brogan Asset Management Company,
(vi)&nbsp;1.25% of the capital stock of Provant, Inc., (vii)&nbsp;50% of the capital stock of Foresight Solutions, Inc. (viii)
50% of the capital stock of LandEquities Corporation, (ix)&nbsp;50% of the capital stock of Nilson Builders and Associates,
Inc., (x)&nbsp;12.5% direct (37.5 indirect) interests in Phoenix Financial Group, LTD, and its subsidiary, Cambridge Group
Investments, LTD (dba Bondpage.com), (xi)&nbsp;50% of the capital stock of Mid-State Industrial Services, Inc., (xii)&nbsp;6% of
the capital stock of MYEOEM.COM, (xiii)&nbsp;16% of a limited partnership interest in Vertical VC, (xiv)&nbsp;100% of the
capital stock of Parcco, Inc. f/ka Akemi, Inc., (xv)&nbsp;25% of the membership interests of Meridian Crossing Associates,
L.L.C., and (xvi)&nbsp;25% of the membership interests of Woodlake Office Associates VI, L.L.C.. In addition, as L/M
Associates, L.L.C. has approximately 62% of the membership interests of L/M Associates II, L.L.C., therefore, in effect,
31% of L/M Associates, L.L.C.&#146;s membership interest in L/M Associates II, L.L.C. is owned by Borrower.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule&nbsp;5.12 referenced in Sub-Section&nbsp;5.12 of Section&nbsp;5 of the Agreement is replaced in its entirety by the new
Schedule&nbsp;5.12 which is attached hereto and is by this reference made a part hereof.

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;5.17 of Section&nbsp;5 is hereby deleted in its entirety and replaced by the following:

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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 Shares and Shareholders. The Borrower&#146;s entire authorized capital stock consists of 10,000,000 shares of
common stock, $1.00 par value, and 100,000 shares of Preferred Stock, of which 14,784 shares of Series&nbsp;Three Preferred
Stock are issued and outstanding; of which 46,414 shares of Series&nbsp;Four Preferred Stock are issued and outstanding; and
of which 6,648 shares of Series&nbsp;Five Preferred Stock are issued and outstanding. The Guarantors&#146; entire outstanding
capital stock is owned both beneficially and of record by the Borrower, and the Guarantors&#146; authorized and outstanding
capital stock consists of the following:</FONT></TD>
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        <TD nowrap align="center"><FONT size="1"><B>Guarantor:</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Authorized Capital Stock:</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Par Value:</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="2"><FONT size="1"><B>Outstanding Capital Stock:</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
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        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
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        <TD><FONT size="1">&nbsp;</FONT></TD>
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        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ersco Corporation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">60,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">N/A</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Pak-Sak Industries, Inc.</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,000</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">10.00</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,768</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower owns 2,240,605 shares of the outstanding capital stock of Integral Vision, Inc., formerly known as
Medar, Inc., which constitutes approximately 25% of the </FONT></TD>
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<P align="center"><FONT size="2">-3-</FONT>

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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">aggregate capital stock of Integral Vision, Inc., and those interests disclosed in Section&nbsp;5.5.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Sub-Section&nbsp;6.1.2 of Section&nbsp;6 of the Agreement, the phrase &#147;not later than fifteen (15)&nbsp;days after the close of each
month of each fiscal year&#148; in the first sentence is hereby deleted in its entirety and replaced with the following phrase: &#147;not
later than the end of the month following the close of each month of each fiscal year.&#148;

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;6.1.3 of Section&nbsp;6 of the Agreement is hereby deleted in its entirety and replaced with the following:

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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3. Status Certificate. Together with each delivery of the annual financial statements required by
Sub-Section&nbsp;6.1.1 of Section&nbsp;6 of this Agreement, and by the end of the month following the other three (3)&nbsp;of
Borrower&#146;s reporting quarters, furnish to the Bank a certificate of its chief executive or financial officer stating
that no Event of Default or Default has occurred, or if any such Event of Default or Default exists, stating the nature
thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;6.1.4 of Section&nbsp;6 of the Agreement is hereby deleted in its entirety and replaced with the following:

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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 Accounts Receivable Reporting. Except as to Borrower&#146;s Subsidiary, Atmosphere Annealing, Inc., furnish
to the Bank (a)&nbsp;by the 25th of each month (as of the end of the prior month) (i)&nbsp;a report in such form as the Bank shall
from time to time require as to the Accounts of Borrower and the Subsidiaries; (ii)&nbsp;an aging of the Accounts of Borrower
and the Subsidiaries in a form satisfactory to the Bank and (iii)&nbsp;a report in such form as the Bank shall from time to
time require as to the Inventory of the Borrower and the Subsidiaries and (b)&nbsp;by the 30th day of each calendar quarter
(as of the end of the prior quarter) an aging of the Accounts of Borrower and the Subsidiaries in a form satisfactory to
the Bank.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;6.6 of Section&nbsp;6 of the Agreement is hereby deleted in its entirety and replaced by the following:

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        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Maintain Consolidated Funded Debt to EBITDA. On a consolidated basis, maintain the ratio of
Consolidated Funded Debt to earnings before interest, taxes, depreciation and amortization (determined on a rolling four
quarters basis) (&#147;EBITDA&#148;) of not more than 10.10 to 1.0; provided that the reporting quarter ending March&nbsp;31, 2002 and
thereafter, said ratio shall not be more than 4.50 to 1.0. Provided however, notwithstanding anything to the contrary,
whether the Borrower has maintained the ratio of Consolidated Funded Debt to EBITDA, and any corresponding Borrower
violation or Special Covenant Violation Fee relative to this Section&nbsp;6.6, shall not be determined, until after, and
based upon, the end of each of Borrower&#146;s reporting quarters, beginning with the end of reporting quarter ending March
31, 2002.</FONT></TD>
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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsection
6.11 of Section&nbsp;6 is hereby deleted in its entirety and replaced
with the following:</FONT>


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        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 Intentionally Omitted.
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</TR>
</TABLE>

<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;6.12 of Section&nbsp;6 of the Agreement is hereby deleted in its entirety and replaced by the following:

</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 Maintain Debt to Effective Tangible Net Worth. On a consolidated and proforma (including
acquisitions) basis, maintain the ratio of Debt to Effective Tangible Net Worth of not more than 3.50 to 1.0; provided
that for the reporting quarter ending March&nbsp;31, 2002 and thereafter, said ratio shall not be more than 2.60 to 1.0.
Provided however, notwithstanding anything to the contrary, whether the Borrower has maintained the ratio of Debt to
Effective Tangible Net Worth and any corresponding Borrower violation or Special Covenant Violation Fee relative to this
Section&nbsp;6.12, shall not be determined, until after, and based upon, the end of each of Borrower&#146;s reporting quarters,
beginning with the end of reporting quarter ending March&nbsp;31, 2002.
</FONT></TD>
</TR>
</TABLE>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is hereby added a new Sub-Section&nbsp;6.14 to Section&nbsp;6 of the Agreement which shall read as follows:

</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 Additional Waivers. Effective upon the payment of the Waiver Fees, in accordance with the provisions
of Section&nbsp;9.3 of the Agreement, the Bank hereby specifically waives (i)&nbsp;the affirmative covenant set forth in Section
6.6 of the Agreement only to the extent of Borrower&#146;s failure to comply with the Consolidated Funded Debt to EBITDA
ratio as of June&nbsp;30, 2001 and all prior times, and (ii)&nbsp;the affirmative covenant set forth in Section&nbsp;6.12 of the
Agreement only to the extent of Borrower&#146;s failure to comply with the Debt to Tangible Net Worth ratio as of June&nbsp;30,
2001 and all prior times, and (iii)&nbsp;the affirmative covenant set forth in Sub-Section&nbsp;7.7 of Section&nbsp;7 of the Agreement,
only to the extent of Borrower&#146;s failure to comply with the Guarantee Obligations through the date immediately prior to
the date of this Agreement. Notwithstanding the waivers set forth herein, Borrower must, as of all other applicable
times of determination under the Agreement, comply with each of terms and conditions of the Agreement, including but not
limited to the affirmative covenants of Section&nbsp;6, as amended, of the Agreement. As set forth in Section&nbsp;9.3 of the
Agreement these waivers are expressly limited to the extent specified and shall not operate as a waiver of any other
provision of the Agreement or any Default or Event of Default hereunder.</FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision contained in the Agreement, as amended, to the contrary, it is specifically agreed that,
in addition to the other obligations of Borrower under the Agreement and the Notes, Borrower shall pay to Bank a covenant
violation fee (&#147;Special Covenant Violation Fee&#148;) in the amount of Twenty Five Thousand ($25,000.00) Dollars for each and every
Borrower violation occurring under Section&nbsp;6.6 or Section&nbsp;6.12 of this Agreement, as amended, subsequent to the date of this
Ninth Amendment (&#147;Special Covenant Violation&#148;). Provided however, the Special Covenant Violation Fee shall only be applicable
once, for each such corresponding Special Covenant Violation that occurs at any time during the applicable Borrower reporting
quarter. Each Special Covenant Violation Fee shall be due and payable within five (5)&nbsp;business days of Borrower&#146;s receipt of
written notice from Bank that a Special Covenant Violation has occurred. Borrower&#146;s failure to timely pay a Special Covenant
Violation Fee, shall be deemed an Event of Default under the Agreement, as amended. Further, it is expressly understood and
agreed by Borrower, that the occurrence of a Special Covenant
</FONT>


<P align="center"><FONT size="2">-5-</FONT>

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<P><FONT size="2">Violation and the payment of a Special Covenant Violation Fee does
not, in any way (i)&nbsp;constitute a waiver by Bank of the corresponding Special Covenant Violation, nor (ii)&nbsp;obligate the Bank to
grant or consider granting a waiver of that Special Covenant Violation.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;7.6 of Section&nbsp;7 is hereby deleted in its entirety and is replaced by the following:

</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Extension of Credit. Make any loans, advances or extensions of credit to any Person, except for
(i)&nbsp;sales on open account and otherwise in the ordinary course of business (ii)&nbsp;advances to any of the existing
wholly-owned Subsidiaries (excluding Atmosphere Annealing, Inc.) of Borrower for working capital, and (iii)&nbsp;advances to
Atmosphere Annealing, Inc. for payment of certain employee and other insurance coverage and payroll and other taxes as
made in the ordinary course of business, which amounts are also repaid to Borrower in the ordinary course of business,
all in accordance with existing inter-company practices and procedures.</FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;7.7 of Section&nbsp;7 is hereby deleted in its entirety and is replaced by the following:

</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Guarantee Obligations. Guarantee or otherwise, directly or indirectly, in any way be or become
responsible for obligations of any other Person, whether by agreement to purchase the indebtedness of any other Person,
agreement for the furnishing of funds to any other Person through the furnishing of goods, supplies or services, by way
of stock purchase, capital contribution, advance or loan, for the purpose of paying or discharging (or causing the
payment or discharge of) the indebtedness of any other Person, or otherwise, except for (i)&nbsp;the endorsement of
negotiable instruments by the Borrower or the Subsidiaries in the ordinary course of business for deposit or collection,
(ii)&nbsp;the guaranty by the Borrower of any and all obligations of any Subsidiary wholly-owned by Borrower, (iii)&nbsp;the
guaranties by the Borrower listed on Schedule&nbsp;5.12 of this Agreement; provided that the aggregate dollar amount of all
guarantees expressly permitted by (ii)&nbsp;and (iii)&nbsp;of this Sub-Section&nbsp;7.7 shall not, at any time, exceed $60 Million;
provided further that notwithstanding the foregoing, the aggregate dollar amount of all guarantees expressly permitted
by (ii)&nbsp;and (iii)&nbsp;of this Sub-Section&nbsp;7.7. shall not exceed $45 Million at any time beginning January&nbsp;1, 2002 and
thereafter.</FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;7.8 of Section&nbsp;7 is hereby deleted in its entirety and replaced with the following:

</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 Subordinate Indebtedness. Other than the debt due Borrower from Atmosphere Annealing, Inc., and from
Wright Plastic Products, Inc., which debts have been subordinated to National City Bank and National City Commercial
Finance, Inc., respectively, subordinate any indebtedness due it from any Person to indebtedness of other creditors of
such Person.</FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sub-Section&nbsp;7.10
of Section of the Agreement is hereby deleted in its entirety and
replaced with the following:</FONT>


<P align="center"><FONT size="2">-6-</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 Acquire Securities. Purchase or hold beneficially any stock or other securities of, or make any
investment or acquire any interest whatsoever in, any other Person, except for the common stock of or ownership
interests in the Guarantors and Atmosphere Annealing, Inc., Integral Vision, Inc., Provant, Inc., Robinson Oil Co.,
L.L.C., L/M Associates, L.L.C, L/M Associates, II, L.L.C, Blasen Brogan Asset Management Company, Foresight Solutions,
Inc., LandEquities Corporation, Nilson Builders and Associates, Inc., Mid-State Industrial Services, Inc., Phoenix
Financial Group and its subsidiary, Cambridge Group Investments, LTD (dba Bondage.com), MYEOEM.COM, Parcco, Inc. f/ka
Akemi, Inc., Meridian Crossing Associates, L.L.C., Woodlake Office Associates VI, L.L.C. and Vertical VC, in each case
limited to the interest owned by the Borrower on the date of this Ninth Amendment to the Agreement, and except for
certificates of deposit with maturities of one year or less of United States commercial banks with capital, surplus and
undivided profits in excess of $100,000,000, direct obligations of the United States Government maturing within one year
from the date of acquisition thereof, and high grade commercial paper and high grade fixed-income securities (e.g.,
corporate bonds).</FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision contained in the Agreement, as amended, to the contrary, it is specifically agreed that,
in addition to the other obligations of Borrower under the Agreement and the Notes, Borrower shall:

</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Undertake and complete the timely sale of those assets and investments listed upon the attached Schedule of Asset
Sales/Cash Generation Efforts (&#147;Schedule of Sales&#148;), in accordance with the sale parameters (including range of sale
price, approximate dates of sales and percentage of proceeds to be paid to the Bank) set forth in the Schedule of Sales,
all of which are by this reference incorporated herein. The Schedule of Sales may be modified only by written agreement
of the Bank, which agreement to modify may be withheld in the Bank&#146;s sole discretion.</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;On or before December&nbsp;31, 2001, cause Borrower&#146;s 50% ownership interest in Mid State Industrial Services, Inc. (&#147;Mid
State&#148;) to be sold to Max Coon for a purchase price of not less than one million seven hundred fifty thousand
($1,750,000) dollars (&#147;Mid State Sale&#148;) and in connection with the closing of the Mid State Sale, require Mid State to
repay, in full (approximately $518,000), all of the outstanding indebtedness due Borrower from Mid State (&#147;Mid State
Debt Repayment&#148;).</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;On or before December&nbsp;31, 2001, pay to the Bank, to be applied against the Indebtedness due the Bank, not less than one
million two hundred forty thousand ($1,240,000) dollars from the proceeds of the Mid State Sale, the Mid State Debt
Repayment and Borrower&#146;s anticipated federal tax refund; provided that in connection with the Mid State Sale and Mid
State Debt Repayment transactions, the Bank agrees to release, approximately one million ($1,000,000) dollars of
subordinated indebtedness due Max Coon from Borrower (&#147;Coon Subordinated Debt&#148;), for the sole purpose of permitting the
Coon Subordinated Debt to be applied toward the purchase price of the Mid State Sale.</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Pay to the Bank, the greater of (i)&nbsp;fifty (50%) percent of the proceeds collected from the L/M Associates, L.L.C. and
Wright Plastics, Inc. indebtedness due </FONT></TD>
</TR>
</TABLE>


<P align="center"><FONT size="2">-7-</FONT>

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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">Borrower, within five (5)&nbsp;business days of receipt by Borrower, or (ii)&nbsp;one
million five hundred thirty five thousand ($1,535,000) dollars on or before March&nbsp;31, 2002.</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Pay to the Bank, the greater of (i)&nbsp;fifty (50%) percent of the proceeds collected from the Pak-Sak Industries, Inc. and
Provant, Inc. earn outs due Borrower, within five (5)&nbsp;business days of receipt by Borrower, or (ii)&nbsp;two million four
hundred thousand ($2,400,000) dollars on or before June&nbsp;30, 2002.</FONT></TD>
</TR>

</TABLE>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as specifically modified hereby, the terms and conditions of the Agreement and the Notes, as the same may be
amended from time to time, remain in full force and effect and the undersigned hereby ratify and agrees to be bound by the terms
of the Agreement as hereby amended.

</FONT>


<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided by this Ninth Amendment, neither the extension of this Ninth Amendment by the Bank, nor any
other act or omission by the Bank in connection herewith, shall be deemed an express or implied waiver by the Bank of any
default under the Agreement.

</FONT>


<P align="center"><FONT size="2"><B>&#091;SIGNATURES APPEAR ON FOLLOWING PAGE&#093;</B>
</FONT>




<P align="center"><FONT size="2">-8-</FONT>

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<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and the Bank have caused this Ninth Amendment to be executed by their duly authorized officers as of the
day and year first written above.

</FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD colspan="2" valign="top"><FONT size="2">MAXCO, INC</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD valign="top"><FONT size="2">By:</FONT></TD>
        <TD><FONT size="2">/S/ VINCENT SHUNSKY<BR>
</FONT><HR size="1" noshade><FONT size="2">
Vincent Shunsky<BR>
Its:     Vice President</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD colspan="2" valign="top"><FONT size="2">COMERICA BANK</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD valign="top"><FONT size="2">By:</FONT></TD>
        <TD width="45%"><FONT size="2">/S/ DAVID G. GRANTHAM<BR>
</FONT><HR size="1" noshade><FONT size="2">
Its:     Vice President</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Undersigned Guarantors hereby acknowledge and consent to the above Ninth Amendment.

</FONT>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="2" valign="top"><FONT size="2">Ersco Corporation</FONT></TD>
        <TD width="5%">&nbsp;</TD>
        <TD colspan="2" align="left" valign="top"><FONT size="2">Pak-Sak Industries, Inc.</FONT></TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">By:</FONT></TD>
        <TD><FONT size="2">/S/ VINCENT SHUNSKY<BR>
</FONT><HR size="1" noshade><FONT size="2">
Vincent Shunsky<BR>
Its:     Treasurer</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
        <TD><FONT size="2">/S/ VINCENT SHUNSKY<BR>
</FONT><HR size="1" noshade><FONT size="2">
Vincent Shunsky<BR>
Its:     Treasurer</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">-9-</FONT>


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