<SEC-DOCUMENT>0000700841-17-000032.txt : 20171212
<SEC-HEADER>0000700841-17-000032.hdr.sgml : 20171212
<ACCEPTANCE-DATETIME>20171212094129
ACCESSION NUMBER:		0000700841-17-000032
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171208
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171212
DATE AS OF CHANGE:		20171212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RCM TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000700841
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HELP SUPPLY SERVICES [7363]
		IRS NUMBER:				951480559
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10245
		FILM NUMBER:		171251010

	BUSINESS ADDRESS:	
		STREET 1:		2500 MCCLELLAN AVENUE
		STREET 2:		STE 350
		CITY:			PENNSAUKEN
		STATE:			NJ
		ZIP:			08109-4613
		BUSINESS PHONE:		8563564500

	MAIL ADDRESS:	
		STREET 1:		2500 MCCLELLAN AVENUE
		STREET 2:		STE 350
		CITY:			PENNSAUKEN
		STATE:			NJ
		ZIP:			08109-4613
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k9loanamend.htm
<DESCRIPTION>FORM 8-K 9TH LOAN AMENDMENT
<TEXT>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">UNITED STATES</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">WASHINGTON, DC 20549</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">________</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">FORM 8-K</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">CURRENT REPORT</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">PURSUANT TO SECTION 13 OR 15(d) OF THE</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Date of report (Date of earliest event reported): <u>December 8, 2017</u></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><u>RCM Technologies, Inc.</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Exact Name of Registrant as Specified in Charter)</div>

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<div style="TEXT-ALIGN: center; FONT: 11pt/13.7pt 'Times New Roman'"><u>Nevada</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(State or Other</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Jurisdiction of</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Incorporation)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; LINE-HEIGHT: 7.2pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT: 11pt/13.7pt 'Times New Roman'"><u>1-10245</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Commission File</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Number)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; LINE-HEIGHT: 7.2pt">&#160;</div>

<div style="TEXT-ALIGN: center; FONT: 11pt/13.7pt 'Times New Roman'"><u>95-1480559</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(I.R.S. Employer</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Identification No.)</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">2500 McClellan Avenue, Suite 350</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 31.72%; VERTICAL-ALIGN: bottom">&#160;</td>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Pennsauken, NJ</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">08109-4613</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Address of Principal Executive Offices)</div>
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">(Zip Code)</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Registrant&#8217;s telephone number, including area code: (<u>856) 356-4500</u></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">[&#160; ]</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Written communications pursuant to Rule&#160;425 under the Securities Act (17&#160;CFR&#160;230.425).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">[&#160; ]</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17&#160;CFR&#160;240.14a-12).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">[&#160; ]</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17&#160;CFR&#160;240-14d-2(b)).</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">[&#160; ]</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17&#160;CFR&#160;240-13e-4(c)).</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Emerging growth company&#160; [&#160; ]</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160; [&#160; ]</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 1.01</td>
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<div style="FONT-WEIGHT: bold">Entry into a Material Definitive Agreement.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">On December 8, 2017, RCM Technologies, Inc. (the &#8220;Company&#8221;) entered into an Ninth Amendment (the &#8220;Amendment&#8221;) to that certain Amended and Restated Loan and Security Agreement, dated as of February 19, 2009, as previously amended (as amended by the Amendment, the &#8220;Loan Agreement&#8221;), by and among the Company and all of its subsidiaries, Citizens Bank of Pennsylvania, a Pennsylvania state chartered bank, in its capacity as administrative agent and arranger, and Citizens Bank of Pennsylvania, as lender.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">The Amendment sets forth certain changes to the Funded Debt to EBITDA covenant contained in the Agreement, setting the maximum ratio at 3.50x through the first quarter of fiscal 2018, 3.25x for the second quarter of fiscal 2018 and 3.00x for the third quarter of fiscal 2018, after which the maximum ratio will return to the current 2.75x.&#160; In addition, the Amendment excludes from the definition of EBITDA under the Agreement certain charges that the Company expects to incur in fiscal 2017.&#160; The Amendment also contains a ratification and approval of the $1.00 per share special dividend announced by the Company on December 11, 2017, payable on December 28, 2017 to shareholders of record on December 22, 2017.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">A copy of the Amendment is attached as Exhibit 99.1 hereto, and this summary description is qualified in all respects by reference to that amendment, which is incorporated herein by reference.</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 2.03</td>
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<div style="FONT-WEIGHT: bold">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: -72pt">The information provided in Item 1.01 above is hereby incorporated herein by reference.</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 72pt; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; align: right">Item 2.06</td>
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<div style="FONT-WEIGHT: bold">Material Impairments.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">In connection with the sale of a business unit and an office closure, on December 8, 2017 the Board of Directors of the Company concluded that the Company will incur an impairment of approximately $4.6 million in the fourth quarter of fiscal 2017, relating to the impairment of goodwill.&#160; The impairment of goodwill of approximately $4.6 million is a non-cash charge.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Item 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Statements and Exhibits.</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">(a) Financial Statements of Businesses Acquired.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">(b) Pro Forma Financial Information.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Ninth Amendment to Second Amended and Restated Amendment, dated as of December 8, 2017, to Amended and Restated Loan and Security Agreement dated as of February 19, 2009, by and among the Company and all of its subsidiaries, Citizens Bank of Pennsylvania, a Pennsylvania state chartered bank, in its capacity as administrative agent and arranger, and Citizens Bank of Pennsylvania, as lender.</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 190.7pt">SIGNATURES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 180pt; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 36pt">RCM TECHNOLOGIES, INC.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">/s/ Kevin D. Miller</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Kevin D. Miller</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Chief Financial Officer, Treasurer and</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Dated: December 12, 2017</div>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>loanamend9th.htm
<DESCRIPTION>9TH LOAN AMENDMENT
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">NINTH AMENDMENT TO SECOND AMENDED</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">AND RESTATED LOAN AND SECURITY AGREEMENT</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 27.35pt; TEXT-INDENT: 36pt">This Ninth Amendment to Second Amended and Restated Loan and Security Agreement, dated as of December 8, 2017 (the "<u>Amendment</u>"), by and among RCM Technologies, Inc. and all of its subsidiaries (collectively, the "<u>Borrowers</u>"), Citizens Bank of Pennsylvania, a Pennsylvania state chartered bank, in its capacity as administrative agent and arranger (the "<u>Agent</u>"), and Citizens Bank of Pennsylvania, as lender (the "<u>Lender</u>").</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">BACKGROUND</div>

<div style="TEXT-ALIGN: left; LINE-HEIGHT: 27.35pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">A.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">The Lender and the Borrowers made, executed and delivered a Second Amended and Restated Loan and Security Agreement, dated as of February 19, 2009, as amended by a certain Amendment to Second Amended and Restated Loan and Security Agreement dated as of July 22, 2011, a certain Second Amendment to Second Amended and Restated Loan and Security Agreement dated as of October 24, 2011, a certain Third Amendment to Second Amended and Restated Loan and Security Agreement dated as of December, 2011, a certain Fourth Amendment to Second Amended and Restated Loan and Security Agreement dated as of December 12, 2014, a certain Fifth Amendment to Second Amended and Restated Loan and Security Agreement dated December 14, 2015, a certain Sixth Amendment to Second Amended and Restated Loan and Security Agreement dated June 13, 2016, a certain Seventh Amendment to Second Amended and Restated Loan and Security Agreement dated March 8, 2017, and a certain Eighth Amendment to Second Amended and Restated Loan and Security Agreement and Amendment to Amended and Restated Collateral Pledge Agreement, dated as of November 6, 2017 (collectively, the "<u>Original Loan and Security Agreement</u>").</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 27.35pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">B.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">As security for (a) the punctual performance in full by the Borrowers of their obligations under the Loan Documents (as such term is defined in the Original Loan and Security Agreement), (b) the punctual payment in full of all amounts owing or to be owing under any Loan Document, and (c) the punctual payment of any other amounts which at any time may be due and payable from the Borrowers to the Agent or the Lenders, in each case whether presently existing or hereafter arising (collectively, the "<u>Secured Obligations</u>"), the Borrowers granted a security interest to the Agent, for the benefit of the Lenders, in the Collateral (as such term is defined in the Original Loan and Security Agreement), pursuant to the terms and provisions of the Original Loan and Security Agreement.</font></div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 27.35pt; TEXT-INDENT: 36pt"><font style="FONT-WEIGHT: bold">WHEREAS</font>, the Borrowers have requested the Agent and Lender amend certain terms and provisions of the Original Loan and Security Agreement, and the Agent and Lender are willing to consent to such modifications upon the terms and conditions set forth herein.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 27.35pt; TEXT-INDENT: 36pt"><font style="FONT-WEIGHT: bold">NOW, THEREFORE,</font> in consideration of the mutual promises herein contained, and each intending to be legally bound hereby, the parties hereto hereby agree as follows:</div>

<div style="LINE-HEIGHT: 27.35pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">1.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'"><u>Defined Terms</u>.&#160; Except as expressly defined herein, all terms used herein shall have the meanings ascribed to them in the Original Loan and Security Agreement.&#160; This Amendment is intended to amend the Original Loan and Security Agreement, and the Original Loan and Security Agreement shall be so amended, from and as of the date hereof.</font></div>

<div style="LINE-HEIGHT: 27.35pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">2.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'"><u>Amendments to Original Loan and Security Agreement Definitions</u>.&#160; The Original Loan and Security Agreement shall be amended so that all references to "Agreement" contained therein shall mean the Original Loan and Security Agreement, as amended herein, and as further amended, supplemented or modified from time to time (referred to herein as the "<u>Loan Agreement</u>").</font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 27.35pt">The definition of "EBITDA" found in Section 1.1 of the Original Loan and Security Agreement is hereby amended and restated in its entirety as follows:</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 27.35pt">The definition of "Permitted Dividend" found in Section 1.1. of the Original Loan and Security Agreement is hereby amended and restated in its entirety as follows:</div>

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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 72pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">(c)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">(i)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">On and after December 31, 2017, and until (and including) March 31, 2018, the Total Funded Debt to EBITDA ratio shall at no time exceed a maximum ratio of 3.50x;</font></font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 72pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">(ii)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">After March 31, 2018, but on or prior to June 30, 2018, the Total Funded Debt to EBITDA ratio shall at no time exceed a maximum ratio of 3.25x.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 72pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">(ii)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">After June 30, 2018, but on or prior to September 30, 2018, the Total Funded Debt to EBITDA ratio shall at no time exceed a maximum ratio of 3.00x.</font></div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; MARGIN-LEFT: 72pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 72pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">(iv)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">After September 30, 2018, the Total Funded Debt to EBITDA ratio shall at no time exceed a maximum ratio of 2.75x.</font></div>

<div style="LINE-HEIGHT: 27.35pt; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">5.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 36pt; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">Pursuant to the terms of the Original Loan and Security Agreement, as amended herein, the Borrowers have provided to the Agent, for the benefit of the Lender, as security for the payment and performance of any and all of the Obligations and the performance of all other obligations and covenants of Borrowers under the Original Loan and Security Agreement, as amended herein, the Notes, and each other Loan Document, certain or contingent, now existing or hereafter arising, which are now, or may at any time or times hereafter be owing by Borrowers to Agent or the Lender, a first priority, perfected security interest in the Collateral.&#160; Each Borrower hereby ratifies and confirms the liens and security interests granted under the Original Loan and Security Agreement, and further ratifies and confirms, without condition, that (a) such liens and security interests shall secure the payment and performance of any and all of the Obligations and the performance of all other obligations and covenants of any Borrower under </font></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; LINE-HEIGHT: 27.35pt">the Original Loan and Security Agreement, as amended herein, the Notes, and each other Loan Document, certain or contingent, now existing or hereafter arising, which are now, or may at any time or times hereafter be owing by any Borrower to the Agent or the Lender, and (b) the perfected status and priority of such liens and security interests shall not be affected in any way by the amendments to the Original Loan and Security Agreement, as set forth herein.&#160; Each Borrower acknowledges that the outstanding principal amounts of the Notes are due and owing without any claim, defense or set-off.</div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">RCM TECHNOLOGIES, INC.</div>

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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">RCM TECHNOLOGIES (USA), INC.</div>

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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">PROGRAMMING ALTERNATIVES OF MINNESOTA, INC.</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;Kevin D. Miller</td>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">RCMT DELAWARE, INC.</div>

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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">RCM TECHNOLOGIES CANADA CORP.</div>

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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">BUSINESS SUPPORT GROUP OF MICHIGAN, INC.</div>

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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 58.42%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">&#160;CFO</td>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 34.65%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">RCMT EUROPE HOLDINGS, INC.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">By:</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 59.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="5">&#160;&#160;/s/ Kevin D. Miller</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Print Name:</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;Kevin D. Miller</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">CITIZENS BANK OF PENNSYLVANIA,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'">as Administrative Agent and Arranger</font></div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">By:</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 59.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="5">&#160;/s/ Lisa S. Williams</td>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 13.86%; VERTICAL-ALIGN: top" colspan="4">
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 51.49%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">&#160;Lisa S. Williams</td>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">CITIZENS BANK OF PENNSYLVANIA, as Lender</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">By:</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 59.41%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="5">&#160;/s/ Lisa S. Williams</td>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 34.65%; VERTICAL-ALIGN: top">&#160;</td>
<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 14.85%; VERTICAL-ALIGN: top" colspan="5">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Print Name:</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 50.5%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;Lisa S. Williams</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 13.7pt">Title:</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: 'Times New Roman'; WIDTH: 57.43%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="3">&#160;SVP</td>
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