SPEIZMAN INDUSTRIES INC
10(A) FIFTH AMENDMENT
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<FILENAME>ex10.htm
<DESCRIPTION>10(A) FIFTH AMENDMENT
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<title>THIRD AMENDMENT AND FORBEARANCE AGREEMENT</title>
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<p align="right"><b><font size="3" face="Times New Roman">Exhibit 10(a)</font></b></p>

<p align="center"><b><u><font size="3" face="Times New Roman">FIFTH AMENDMENT AND FORBEARANCE AGREEMENT</font></u></b></p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">THIS FIFTH AMENDMENT AND FORBEARANCE AGREEMENT</font></b> (this "Agreement"), dated and
effective the 31st day of December, 2002 (the "Effective Date"), by and among <b>SPEIZMAN INDUSTRIES, INC.,</b> a Delaware company
("Speizman"), <b>SPEIZMAN YARN EQUIPMENT, INC.</b>, a South Carolina company ("Speizman Yarn"), <b>WINK DAVIS EQUIPMENT COMPANY,
INC</b>., a Georgia company ("Wink Davis"), <b>TODD MOTION CONTROLS, INC.</b>, a North Carolina company ("Todd Motion" and together
with Speizman, Speizman Yarn, Wink Davis and any future or indirect subsidiaries of Speizman or of any other entities listed above,
the "Borrowers"), jointly and severally and their respective successors and assigns, and <b>SOUTHTRUST BANK</b> ("Lender").</p>

<p align="center"><b><u><font size="3" face="Times New Roman">R</font></u> <u>E</u> <u>C</u> <u>I</u> <u>T</u> <u>A</u> <u>L</u>
<u>S</u></b> <b>:</b></p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS</font></b>, the Borrowers above entered into that certain Credit Facility
Agreement, dated as of May 31, 2000 (the "Credit Agreement") with Lender for the purpose of establishing a $17,500,000 Revolving
Credit Facility and a $15,000,000 Letter of Credit Facility with the Lender in favor of the Borrowers (collectively, with all other
obligations owed by Borrowers to SouthTrust, the "Obligations") (all terms not otherwise defined herein shall have the meaning
ascribed to it in the Credit Agreement); and</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS</font></b>, the parties amended the Credit Agreement pursuant to that certain
Amendment and Forbearance Agreement dated as of the 13<sup>th</sup> day of November, 2000 (the "First Amendment"); and</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS</font></b>, the parties amended the Credit Agreement pursuant to that certain
Second Amendment and Forbearance Agreement dated July 1, 2001 (the "Second Amendment"); and</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS</font></b>, the parties amended the Credit Agreement pursuant to that certain
Third Amendment and Forbearance Agreement dated February 19, 2002 (the "Third Amendment"); and</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS,</font></b> the parties amended the Credit Agreement pursuant to that certain
Fourth Amendment and Forbearance Agreement dated July 31, 2002 (the "Fourth Amendment," and collectively with the First Amendment,
the Second Amendment, and the Third Amendment, the "Amendments");</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS,</font></b> pursuant to the Amendments, Lender&rsquo;s outstanding commitment
under the Revolving Credit Facility has been reduced to $15,000,000 (subject to the borrowing base formula set forth in the Credit
Facility as amended pursuant to the Amendments and herein, regarding availability under the Revolving Credit Facility), and the
outstanding commitment under the Letter of Credit Facility has been reduced to&nbsp; $6,000,000; and</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS</font></b>, the Borrowers have requested the Lender to temporarily modify
certain terms of the Credit Agreement and to forbear from taking remedial actions as a result of their non-compliance with certain
covenants and warranties in the Credit Agreement (the "Existing</p>

<p align="center"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p>Noncompliance") and to extend the Forbearance Period as set forth
in the Fourth Amendment; and</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS</font></b>, the Lender is willing to accommodate the Borrowers under the terms
set forth in this Agreement; and</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">WHEREAS</font></b>,&nbsp;&nbsp; the Lender is willing to grant the forbearance
requested by the Borrowers, but only upon the terms and conditions set forth in this Agreement.</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">NOW, THEREFORE,</font></b> the Borrowers and the Lender agree as follows:</p>

<p style="text-indent: 60">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers acknowledge and agree that the foregoing recitals are true, correct, and complete.</p>

<p style="text-indent: 60">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Existing Noncompliance&rdquo;: Borrowers acknowledge that as of the date hereof, they are not in compliance with Sections
10.16, 10.17, 10.18 and 10.19 of the Credit Agreement and as set forth in Sections 4.01(a), (c) and (d) of the Second
Amendment.&nbsp; These constitute the sole Existing Noncompliance conditions.&nbsp; As a result, the Lender could declare an event
of default under the Credit Agreement and exercise its rights and remedies thereunder and under the related Loan Documents.</p>

<p style="text-indent: 60">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as expressly set forth herein, the terms and conditions of the Credit Agreement remain in full force and effect.&nbsp;
This Agreement shall be a Loan Document.</p>

<p style="text-indent: 60">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lender agrees that, in respect of the Existing Noncompliance, during the Forbearance Period (as defined below), Lender will not
enforce or exercise any remedies available to it under the Loan Documents, and will not seek collection of the Loans from the
Borrowers, except as set forth herein.&nbsp; As used herein, the term "Forbearance Period" means the period of time commencing on
as of the date of this Agreement and ending on March 31, 2003, subject to an earlier termination of the Forbearance Period as
provided in Section 6 below.</p>

<p style="text-indent: 60">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest shall continue to accrue on the principal of the Loans, as set forth in the Credit Agreement, as amended, until such
principal is paid in full. During the Forbearance Period, Borrowers shall make all payments in accordance with the payment terms
set forth in the respective Loan Documents.</p>

<p style="text-indent: 60">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the provisions of Section 2 above, the Forbearance Period shall&nbsp; automatically terminate without further
notice to the Borrowers or any other person (all notice otherwise required by the Loan Documents or otherwise being hereby waived)
if (<i>i</i>) any case or other proceeding is instituted by or against Borrowers under any state or federal law relating to the
bankruptcy or insolvency of debtors, including, without limitation, the United States Bankruptcy Code, 11 U.S.C. &sect;&nbsp;101
<i>et seq.</i>; (<i>ii</i>) any "Event of Default" (as defined in the Loan Documents) occurs under any of the Loan Documents other
than the Existing Noncompliance; (<i>iii</i>) any of the acknowledgments, warranties, or representations of Borrowers set forth
herein shall be untrue or inaccurate in any material respect as of the date made; or (<i>iv</i>) Borrowers breach, default, or
failure to perform any other obligation or agreement contained in this Agreement in a material way arising to an Event of Default
under the Loan Documents,</p>

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<p>including, without limitation, the failure to meet its EBITDA projections as set forth in more detail in
paragraph 10.</p>

<p style="text-indent: 60">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the Forbearance Period, SouthTrust can require Borrowers, at Borrowers' sole expense, to hire an independent outside
consulting firm to assist Borrowers with financial reporting, soliciting alternative financing opportunities, and seeking potential
investors and/or purchasers.&nbsp; SouthTrust shall notify Borrowers in writing of such request.&nbsp; Borrowers will thereafter
notify SouthTrust in writing of the name and address of the consultant that Borrowers intends to hire.</p>

<p style="text-indent: 60">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Credit Agreement, as amended, is hereby amended as follows:</p>

<p style="text-indent: 60"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The &ldquo;Facility Number 1 Termination Date&rdquo; means March 31, 2003.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The &ldquo;Facility Number 2 Termination Date&rdquo; means March 31, 2003.</font></p>

<p style="text-indent: 60">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to the reports required under Section 10.1 of the Credit Agreement, as amended by the Amendments, the Borrowers will
provide within 20 days after the end of each month, all financial information and reporting currently required under the Credit
Agreement on a quarterly basis, including EBITDA calculations, on a monthly basis with financial information for the immediately
proceeding month.</p>

<p style="text-indent: 60">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers have provided Lender month-end EBITDA projections for all months covered by the Forbearance Agreement (the "EBITDA
Projections").&nbsp; A copy of the EBITDA Projections are attached hereto as Exhibit A.&nbsp; It shall constitute an Event of
Default hereunder, and cause the termination of this Agreement, if the actual EBITDA numbers for any one month do not fall within a
variance of $100,000 of the EBITDA Projections for that month.</p>

<p style="text-indent: 60">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Lender shall have no further obligation to provide additional financing to the Borrowers except as set forth under the Loan
Documents or herein.&nbsp; Nothing contained herein shall constitute a commitment or guarantee by Lender to extend any future
financing to Borrowers, except as set forth in the Loan Documents.</p>

<p style="text-indent: 60">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers acknowledge and agree that (<i>i</i>) this Agreement is not intended to be, and shall not be deemed or construed to
be, a novation or release of the Loan Documents or any of them; (<i>ii</i>) except as expressly provided in this Agreement, this
Agreement is not intended to be, and shall not be deemed or construed to be, a modification, amendment, or waiver of the Loan
Documents or any of them; (<i>iii</i>) neither this Agreement nor any payments made or other actions taken pursuant to this
Agreement shall be deemed to cure the Existing Noncompliance unless and until all sums payable with respect thereto pursuant to the
Loan Documents are paid in full or Borrowers shall have met the conditions of this Agreement with respect thereto; (<i>iv</i>)
except as otherwise expressly provided in this Agreement, Lender reserves all available rights and remedies, at law, in equity, and
under the Loan Documents, in connection with any Event of Default, including the Existing Noncompliance, whether now existing or
hereafter occurring, under the Loan Documents; and <i>(v)</i> all requirements in the Loan Documents for notice by Lender to the
Borrowers, or any of them, are hereby waived, except as set forth herein.</p>

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<p style="text-indent: 60">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers ratify and confirm all terms and conditions of the Loan Documents (as amended hereby).&nbsp; Borrowers acknowledge
that: (i) all the Loan Documents are in full force and effect, and (ii) the Loan Documents constitute the legal, valid and binding
obligations of Borrowers enforceable against Borrowers in accordance with their terms.&nbsp; Borrowers represent and warrant to
Lender that as of the date hereof, Borrowers have no defenses, setoffs, rights of recoupment, counterclaims or claims of any nature
whatsoever in respect to the Loan Documents, and to the extent any such defenses, setoffs, rights of recoupment, counterclaims or
claims may exist, whether known or unknown, the same are hereby expressly waived, released and discharged.&nbsp; Borrowers
represents and warrants to Lender that the Loans continue to be secured by the Loan Documents, and that except with respect to the
Existing Noncompliance, no Event of Default has occurred and is continuing under the Loan Documents, and no event has occurred or
failed to occur that, with the lapse of time, giving of notice or both, would constitute an Event of Default under the Loan
Documents.</p>

<p style="text-indent: 60">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers, in consideration of Lender's agreement to forebear and modify the Agreements as set forth above and herein, and as a
material inducement therefore, does hereby release, remise and forever discharge Lender and its affiliates, parents, divisions,
subsidiaries, successors, predecessors, stockholders, officers, directors, agents, employees, attorneys, successors, and assigns
(Lender and such other parties being collectively referred to herein as the "Released Parties") of and from any and all claims,
liabilities, actions, and causes of action, if any, of whatever kind or nature, whether known or unknown, those that are
contingent, suspected, or unsuspected, and whether concealed or hidden, which have existed,&nbsp; arising out of or in any way
connected with any occurrences, acts, omissions, or transactions involving, directly or indirectly, the Loan Documents, or any of
the Obligations, or any other transactions and dealings between the Borrower.</p>

<p style="text-indent: 60">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers further acknowledge and agree that all of the Loan Documents will continue to secure all of the Obligations, and
Borrowers have heretofore and do hereby waive any right for a marshaling of any Collateral now or hereafter subject to the liens
and security interests of the Loan Documents.</p>

<p style="text-indent: 60">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In recognition of Lender's right to have all its attorneys' fees and other expenses incurred in connection with the preparation,
negotiations and drafting of this Agreement secured by the Collateral, notwithstanding payment in full of all Obligations by
Borrowers, Lender shall not be required to record any terminations or satisfactions of any of its liens on the Collateral unless
and until Borrowers has executed and delivered to Lender releases of all claims, known and unknown which exist as of the date
thereof.&nbsp; <b>Borrowers understand that this provision constitutes a waiver of its rights under &sect;&nbsp;7-9A-513 of the
Alabama Code.</b></p>

<p style="text-indent: 60">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowers acknowledge and agree that, if Lender shall, pursuant to the rights granted to Lender hereunder, under the Loan
Documents, or under applicable law, dispose of any or all of the Collateral after the occurrence of an Event of Default, such
disposition shall be deemed commercially reasonable if, in the written opinion of three (3) commercial loan officers with three (3)
years of experience each, the manner of the disposition is not inconsistent with the manner in which such commercial loan officers
would have handled the disposition.</p>

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<p style="text-indent: 60">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers represent and warrant to Lender that: (i) Borrowers are, respectively, corporations organized, validly existing and in
good standing under the laws of the State set forth above and have full power and authority to execute, deliver and perform this
Agreement and the other Loan Documents, and the same have been duly authorized pursuant to all requisite corporate action; (ii)
this Agreement and the other Loan Documents constitute valid and legally binding obligations of the Borrowers, enforceable in
accordance with their respective terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting
the enforcement of creditors' rights generally, and general principles of equity; (iii) the execution, delivery and performance by
the Borrowers of this Agreement and the other Loan Documents, will not and did not, violate, conflict with, or constitute any
default under any law (including laws relating to usury), government regulation, or any other agreement or instrument binding upon
the Borrowers; and (iv) no approval, authorization or other action by, or filing with, any governmental official, board or
authority is required in connection with the execution and delivery of this Agreement or any of the other Loan Documents, and the
performance of the provisions thereof, except such approvals and authorizations as have been received, such actions as have been
taken, and such filings as have been made.</p>

<p style="text-indent: 60">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement shall be construed in accordance with, and shall in all respects be governed by, the laws of the State of North
Carolina.&nbsp; The Loans owing under the Loan Documents are payable to Lender by Borrowers at Lender's principal place of business
in Birmingham, Jefferson County, Alabama, and the Loan Documents and this Agreement shall be enforceable in the state and federal
courts presiding in Jefferson County, Alabama, and any other court of competent jurisdiction.&nbsp; Borrowers agree to pay all
expenses, including reasonable attorney's fees, incurred by Lender in connection with the negotiation and preparation of this
Agreement.</p>

<p style="text-indent: 60">20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Borrowers agree to pay all expenses, including reasonable attorneys' fees, incurred by Lender in connection with the
negotiations and preparation of this Agreement.&nbsp; The validity and effectiveness of this Agreement is conditioned upon
Borrowers paying all outstanding expenses of Lender as of the Effective Date, including attorneys' fees.</p>

<p style="text-indent: 60"><i>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</i><b><i>WAIVER</i> <i>OF</i> <i>JURY</i> <i>TRIAL</i>.&nbsp; BORROWERS AND LENDER HEREBY EXPRESSLY WAIVE ANY RIGHT THEY MAY HAVE
TO A TRIAL BY JURY IN ANY LAWSUIT OR OTHER COURT ACTION RELATED TO THE LOANS, THIS AGREEMENT, ANY OF THE LOAN DOCUMENTS OR ANY
TRANSACTION CONTEMPLATED HEREBY OR THEREBY, INCLUDING, WITHOUT LIMITATION, IN RESPECT TO ANY CLAIM, COUNTERCLAIM, THIRD-PARTY
CLAIM, DEFENSE, OR SET-OFF ASSERTED IN ANY SUCH LAWSUIT OR COURT ACTION.&nbsp; ANY SUCH LAWSUIT OR COURT ACTION SHALL BE TRIED
EXCLUSIVELY TO A COURT WITHOUT A JURY.&nbsp; BORROWERS SPECIFICALLY ACKNOWLEDGE THAT THEIR EXECUTION OF THIS WAIVER OF JURY TRIAL
IS A MATERIAL PORTION OF THE CONSIDERATION RECEIVED BY THE LENDER IN EXCHANGE FOR ITS ENTERING INTO THIS AGREEMENT.</b></p>

<p style="text-indent: 60">22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement may be executed in any number of counterparts, but it shall not be necessary that each counterpart be executed by
all the parties hereto as long as each party executes at least one such counterpart. When each of the parties hereto has executed
at least one</p>

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<p>counterpart hereof, this Agreement shall thereupon be deemed executed by all parties, and together all such
counterparts shall comprise but a single instrument.&nbsp; No provision of this Agreement shall be construed against or interpreted
to the disadvantage of any party to this Agreement by any court or other governmental or judicial authority by reason of such
party's having or being deemed to have structured or dictated such provision.&nbsp; This Agreement will inure to the benefit of the
parties hereto, their respective successors and assigns.&nbsp; This Agreement and the obligations of the parties hereunder shall be
interpreted, construed and enforced in accordance with the laws of the State of North Carolina.&nbsp; Time is of the essence in the
performance of this Agreement.</p>

<p style="text-indent: 60"><b><font size="3" face="Times New Roman">IN WITNESS WHEREOF,</font></b> the parties hereto have executed this Agreement as of
the day and year first above written.</p>

<p style="text-indent: 0"><b><font size="3" face="Times New Roman">COMPANY AND SUBSIDIARIES:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
LENDER:</font></b></p>

<p style="text-indent: 0"><b><font size="3" face="Times New Roman">SPEIZMAN INDUSTRIES, INC.
(SEAL)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOUTHTRUST BANK (SEAL)</font></b></p>

<p style="text-indent: 0"><font size="3" face="Times New Roman">By:<u>&nbsp; /s/ Paul Demmink
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:<u>&nbsp; /s/ Cole
Taylor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paul
Demmink&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cole Taylor<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title:&nbsp;&nbsp; Vice
President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp;&nbsp; Vice President</font></p>

<p style="text-indent: 0"><b><font size="3" face="Times New Roman">SPEIZMAN YARN EQUIPMENT, INC.<br>
(SEAL)</font></b></p>

<p style="text-indent: 0"><font size="3" face="Times New Roman">By:<u>&nbsp; /s/ Paul Demmink
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>
</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3" face="Times New Roman">Paul
Demmink</font><br>
<font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp;&nbsp; Vice
President</font></p>

<p style="text-indent: 0"><b><font size="3" face="Times New Roman">TODD MOTION CONTROLS, INC.<br>
(SEAL)</font></b></p>

<p style="text-indent: 0"><font size="3" face="Times New Roman">By:<u>&nbsp; /s/ Paul Demmink
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>
</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3" face="Times New Roman">Paul
Demmink</font><br>
<font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp;&nbsp; Vice
President</font></p>

<p style="text-indent: 0"><b><font size="3" face="Times New Roman">WINK DAVIS EQUIPMENT<br>
COMPANY, INC. (SEAL)</font></b></p>

<p style="text-indent: 0"><font size="3" face="Times New Roman">By:<u>&nbsp; /s/ Paul
Demmink&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>
</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size="3" face="Times New Roman">Paul
Demmink</font><br>
<font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Title:&nbsp;&nbsp; Vice
President</font></p>

<p style="text-indent: 0"><font size="3" face="Times New Roman"></font></p>

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<table border="0" cellspacing="0" width="100%" cellpadding="0">
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    <td width="38%"><b>STATE OF NORTH CAROLINA<br>
      <br>
      <font size="3" face="Times New Roman">COUNTY OF MECKLENBURG&nbsp;</font></b></td>
    <td width="62%">)<br>
      )<br>
      )</td>
  </tr>
</table>

<p style="text-indent: 60"><font size="3" face="Times New Roman">I, L. Gail Gormly, a Notary Public in and for said County in said State, hereby certify
that Paul R.M. Demmink, whose name as Vice President of <b>SPEIZMAN INDUSTRIES, INC.</b>, a Delaware corporation, is signed to the
foregoing Forbearance Agreement, and who is known to me, acknowledged before me on this day that, being informed of the contents of
such instrument, he, as such officer and with full authority, executed the same voluntarily for and as the act of said
corporation.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">Given under my hand and seal, this 31<sup>st</sup> day of December, 2002</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOTARY PUBLIC &ndash; /s/ L. Gail Gormly<br>
[SEAL]<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
My Commission Expires: November 11, 2005</font></p>

<table border="0" cellspacing="0" width="100%" cellpadding="0">
  <tr>
    <td width="38%"><b>STATE OF NORTH CAROLINA<br>
      <br>
      <font size="3" face="Times New Roman">COUNTY OF MECKLENBURG&nbsp;</font></b></td>
    <td width="62%">)<br>
      )<br>
      )</td>
  </tr>
</table>

<p style="text-indent: 60"><font size="3" face="Times New Roman">I, L. Gail Gormly, a Notary Public in and for said County in said State, hereby certify
that Paul R.M. Demmink, whose name as Vice President of <b>SPEIZMAN YARN EQUIPMENT, INC.</b>, a South Carolina corporation, is
signed to the foregoing Forbearance Agreement, and who is known to me, acknowledged before me on this day that, being informed of
the contents of such instrument, he, as such officer and with full authority, executed the same voluntarily for and as the act of
said corporation.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">Given under my hand and seal, this 31<sup>st</sup> day of December, 2002.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOTARY PUBLIC &ndash; /s/ L. Gail Gormly<br>
[SEAL]<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
My Commission Expires: November 11, 2005</font></p>

<p align="center"><font size="2" face="Times New Roman">7</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<table border="0" cellspacing="0" width="100%" cellpadding="0">
  <tr>
    <td width="38%"><b>STATE OF NORTH CAROLINA<br>
      <br>
      <font size="3" face="Times New Roman">COUNTY OF MECKLENBURG&nbsp;</font></b></td>
    <td width="62%">)<br>
      )<br>
      )</td>
  </tr>
</table>

<p style="text-indent: 60"><font size="3" face="Times New Roman">I, L. Gail Gormly, a Notary Public in and for said County in said State, hereby certify
that Paul R.M. Demmink, whose name as Vice President of <b>TODD MOTION CONTROLS, INC.</b>, a North Carolina corporation, is signed
to the foregoing Forbearance Agreement, and who is known to me, acknowledged before me on this day that, being informed of the
contents of such instrument, he, as such officer and with full authority, executed the same voluntarily for and as the act of said
corporation.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">Given under my hand and seal, this 31<sup>st</sup> day of December, 2002.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOTARY PUBLIC &ndash; /s/ L. Gail Gormly<br>
[SEAL]<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
My Commission Expires: November 11, 2005</font></p>

<table border="0" cellspacing="0" width="100%" cellpadding="0">
  <tr>
    <td width="38%"><b>STATE OF NORTH CAROLINA<br>
      <br>
      <font size="3" face="Times New Roman">COUNTY OF MECKLENBURG&nbsp;</font></b></td>
    <td width="62%">)<br>
      )<br>
      )</td>
  </tr>
</table>

<p style="text-indent: 60"><font size="3" face="Times New Roman">I, L. Gail Gormly, a Notary Public in and for said County in said State, hereby certify
that Paul R.M. Demmink, whose name as Vice President of <b>WINK DAVIS EQUIPMENT, INC.,</b> a Georgia corporation, is signed to the
foregoing Forbearance Agreement, and who is known to me, acknowledged before me on this day that, being informed of the contents of
such instrument, he, as such officer and with full authority, executed the same voluntarily for and as the act of said
corporation.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">Given under my hand and seal, this 31<sup>st</sup> day of December, 2002.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOTARY PUBLIC &ndash; /s/ L. Gail Gormly<br>
[SEAL]<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
My Commission Expires: November 11, 2005</font></p>

<b><font size="3" face="Times New Roman"><br clear="all" />
</font></b>

<p align="center"><font size="2" face="Times New Roman">8</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<table border="0" cellspacing="0" width="100%" cellpadding="0">
  <tr>
    <td width="32%"><b>STATE OF ALABAMA<br>
      <br>
      <font size="3" face="Times New Roman">COUNTY OF
JEFFERSON&nbsp;</font></b></td>
    <td width="68%">)<br>
      )<br>
      )</td>
  </tr>
</table>

<p style="text-indent: 60"><font size="3" face="Times New Roman">I, Terri Y. Williams, a Notary Public in and for said County in said State, hereby certify
that Cole Taylor, whose name as Vice President of <b>SOUTHTRUST BANK</b> is signed to the foregoing Forbearance, and who is known to
me, acknowledged before me on this day that, being informed of the contents of such instrument, he, as such officer and with full
authority, executed the same voluntarily for and as the act of said SOUTHTRUST BANK.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">Given under my hand and seal, this 31st day of December, 2002.</font></p>

<p style="text-indent: 60"><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOTARY PUBLIC - /s/ Terri Y. Williams<br>
[SEAL]<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
My Commission Expires: February 5, 2005<br />
<br />
</font></p>

<p style="text-indent: 60">&nbsp;</p>

<p style="text-indent: 60">&nbsp;</p>

<p style="text-indent: 60">&nbsp;</p>

<p align="center"><font size="2" face="Times New Roman">9</font></p>
<hr size="3" color="#000080">
<div STYLE="page-break-before: always">
  &nbsp;
</div>

<p align="center"><b><font size="3" face="Times New Roman">EXHIBIT A</font></b></p>

<p align="center"><b><font size="3" face="Times New Roman">EBITDA PROJECTIONS</font></b></p>
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