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<SEC-DOCUMENT>0000914122-05-000058.txt : 20051209
<SEC-HEADER>0000914122-05-000058.hdr.sgml : 20051209
<ACCEPTANCE-DATETIME>20051209152457
ACCESSION NUMBER:		0000914122-05-000058
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20051205
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20051209
DATE AS OF CHANGE:		20051209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFRI INC
		CENTRAL INDEX KEY:			0000914122
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		IRS NUMBER:				363922969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32530
		FILM NUMBER:		051255469

	BUSINESS ADDRESS:	
		STREET 1:		7720 LEHIGH AVE
		CITY:			NILES
		STATE:			IL
		ZIP:			60714
		BUSINESS PHONE:		8479661000

	MAIL ADDRESS:	
		STREET 1:		7720 LEHIGH AVE
		CITY:			NILES
		STATE:			IL
		ZIP:			60714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDWESCO FILTER RESOURCES INC
		DATE OF NAME CHANGE:	19970402
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>mfriform8k120905.htm
<DESCRIPTION>MFRI FORM 8K
<TEXT>
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<TITLE> </TITLE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNITED STATES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>WASHINGTON, DC  20549</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>FORM 8-K</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CURRENT REPORT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Pursuant to Section 13 or 15(d) of the </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Securities Exchange Act of 1934</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Date of Report (Date of earliest event reported):</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>December 5, 2005</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>MFRI, INC.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Exact Name of Registrant as Specified in Charter)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="613" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Delaware</font></p> </td>
        <td width="189" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>0-18370</font></p> </td>
        <td width="99" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>36-3922969</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(State or Other</font></p> </td>
        <td width="189" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(Commission</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(IRS Employer</font></p> </td>
        <td  width="23">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Jurisdiction of</font></p> </td>
        <td width="189" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>File Number)</font></p> </td>
        <td  nowrap colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Identification No.)</font></p> </td> </tr>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="111" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Incorporation)</font></p> </td>
        <td   colspan="5">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="112" ></td>

        <td width="129" ></td>

        <td width="92" ></td>

        <td width="221" ></td>

        <td width="115" ></td>

        <td width="20" ></td>

        <td width="26" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="571" style='border-collapse:collapse'>
    <tr >
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="432" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>7720 Lehigh Avenue, Niles, Illinois</font></p> </td>
        <td width="60" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>60714</font></p> </td>
        <td  width="31">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="48" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="432" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of Principal Executive Offices)</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Registrant's telephone number, including area code:  (847) 966-1000</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Not Applicable</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Former Name or Former Address, if Changed Since Last Report)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (</font><i><font size=2>see </font></i><font size=2>General Instruction A.2. below): </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="624" style='border-collapse:collapse'>
    <tr >
        <td width="25" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="599" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="624" style='border-collapse:collapse'>
    <tr >
        <td width="25" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="599" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="624" style='border-collapse:collapse'>
    <tr >
        <td width="25" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="599" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="624" style='border-collapse:collapse'>
    <tr >
        <td width="25" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>o</font></p> </td>
        <td width="599" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="329" style='border-collapse:collapse'>
    <tr >
        <td width="96" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 1.01.</font></b></p> </td>
        <td width="233" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Material Definitive Agreement</font></b><font size=2>.</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.71in;text-align:left;'><font size=2>On December&nbsp;5,&nbsp;2005, the Board of Directors of MFRI, Inc. (the &#147;Company&#148;) approved the acceleration of the vesting requirements for 96,300 unvested and &#147;out-of-the-money&#148; stock options previously granted to employees, including its officers, pursuant to the 2004 Stock Incentive Plan, and 4,000 unvested and &#147;out-of-the-money&#148; stock options previously granted to independent directors pursuant to the 2001 Independent Directors Stock Option Plan.  All such options were granted on June&nbsp;23,&nbsp;2005 at an exercise price of $7.61.  The vesting of all such options is effective December&nbsp;5,&nbsp;2005.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.68in;text-align:left;'><font size=2>The primary purpose of the acceleration is to eliminate compensation expense the Company would recognize in future periods in its statements of operations upon its adoption of FASB Statement&nbsp;No.&nbsp;123R (&#147;Share-Based Payments&#148;) in the year beginning February 1, 2006.  The Company anticipates that such acceleration of vesting will reduce its pre-tax stock option compensation expense in each of the years 2006 through 2009 by approximately $109,000, or $.02 per share.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.68in;text-align:left;'><font size=2>The Company also believes that because the options whose vesting is to be accelerated have exercise prices in excess of the current market value of the Company&#146;s common stock, such options have limited economic value and are not fully achieving their original objective of incentive compensation and employee retention.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.71in;text-align:left;'><font size=2>On December&nbsp;5,&nbsp;2005, the Board of Directors of the Company approved a new form of indemnification agreement (&#147;Indemnification Agreement&#148;).  The Company anticipates that it will enter into such agreement with each director and executive officer of the Company.  The Indemnification Agreement requires the Company to indemnify such director or officer against all amounts arising out of or in connection with any action to which such director or officer is made (or threatened to be made) a party to because such person was a director, officer, employee or agent of the Company (or other entity at the request of the Company).  The Indemnification Agreement will replace similar agreements currently in effect between the Company and each of its directors and executive officers.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="349" style='border-collapse:collapse'>
    <tr >
        <td  nowrap colspan="2" valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9.01</font></b></p> </td>
        <td  nowrap colspan="2" valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements and Exhibits</font></b></p> </td> </tr>
    <tr >
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>
        <td width="72" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits</font></p> </td>
        <td  width="181">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="56" ></td>

        <td width="56" ></td>

        <td width="84" ></td>

        <td width="212" ></td> </tr> </table>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>The following Exhibits are included with this Report:</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:12.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>10.1</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Indemnification Agreement</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The forward-looking statements contained in this report are based on current expectations, estimates, projections and assumptions made by management.  While the Company&#146;s management believes the assumptions underlying its forward-looking statements are reasonable, such information is subject to uncertainties and may involve certain risks, many of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>which are difficult to predict and beyond management&#146;s control.  As such, these statements are not guarantees of future performance, results or events.  The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.71in;text-align:left;'><font size=2>Pursuant to the requirements of Section 12 of the Securities  Exchange Act of 1934, the registrant  has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="318" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p></td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><B><font SIZE=2>MFRI, INC.</font></B></p></td> </tr>
    <tr >
        <td width="318" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p></td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>(Registrant)</font></p></td> </tr>
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        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-top:1.0pt'><font size=2>Date:  December 9, 2005    </font></p></td>
        <td width="38" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-top:1.0pt'><font size=2>By:</font></p></td>
        <td width="282" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>/s/ Michael D. Bennett</font></p></td> </tr>
    <tr >
        <td width="318" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p></td>
        <td width="38" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p></td>
        <td width="282" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Michael D. Bennett</font></p></td> </tr>
    <tr >
        <td width="318" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p></td>
        <td width="38" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p></td>
        <td width="282" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Vice President</font></p></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>                                             </font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>                                              </font><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<br>
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<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>EXHIBIT INDEX</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Exhibit No.</font></b></u><u></u></p> </td>
        <td width="475" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Description</font></b></u></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u>&nbsp;</u></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.1</font></p> </td>
        <td width="475" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Indemnification Agreement</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>



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<DESCRIPTION>MFRI FORM 8K EXHIBIT 10.1
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 10.1</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><B><font SIZE=2>MFRI, INC.</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><B><font SIZE=2>FORM OF INDEMNIFICATION AGREEMENT</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>THIS AGREEMENT</font></B><font size=2> made at Niles, Illinois as of</font>&nbsp;&nbsp;<font size=2>__________________, by and between MFRI, INC., a Delaware corporation (the &#147;Company&#148;), and the undersigned (the &#147;Indemnified Party&#148;).</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><U><B><font SIZE=2>WITNESSETH</font></B></U><font size=2>:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>WHEREAS</font></B><font size=2>, the Company desires and has requested the Indemnified Party to serve or continue to serve as a director or officer of the Company or both; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>WHEREAS</font></B><font size=2>, the Board of Directors of the Company, has determined that it is in the best interests of the Company to provide for</font><i><font size=2> </font></i><font size=2>indemnification of the Indemnified Party to induce the Indemnified Party to become a director or officer of the Company or to continue to serve as a director or officer of the Company or both.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>NOW, THEREFORE</font></B><font size=2>, in consideration of the mutual agreements and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned parties do hereby agree as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Indemnification</font></b></u><font size=2>. The Company shall indemnify and hold harmless the Indemnified Party from and against any and all costs, expenses and liabilities of any nature or kind, whether realized or contingent, including but not limited to, attorneys&#146; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by the Indemnified Party (&#147;Expenses&#148;), which arise out of or in connection with any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (collectively an &#147;Action&#148;) to which the Indemnification Party is, was or is threatened to be made a party by reason of the fact that the Indemnified Party is or was a director, officer, employee or
agent of the Company, or another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, at the request of the Company, to the extent of the highest and most advantageous to the Indemnified Party, of one or any combination of the following:</font></p>


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    <tr >
        <td width="96" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0in;text-indent:0in;text-align:justify;margin-top:0pt;margin-bottom:12pt'><font size=1>&nbsp;</font></p>  </td>
        <td width="48" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>
        <td width="301" nowrap valign=top style='padding:0in 0in 12.0pt 0in; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>the benefits provided under this Agreement;</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the benefits provided by the Company&#146;s Certificate of Incorporation in effect on the date hereof;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the benefits provided by the Certificate, the Company&#146;s Amended and Restated By-Laws or their equivalent in effect at the time Expenses are incurred by the Indemnified Party;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the benefits allowable under the Delaware Business Corporation Law and Delaware decisional law in effect at the date hereof;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the benefits allowable under the laws of the jurisdiction under which the Company exists at the time Expenses are incurred by the Indemnified Party;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>the benefits available under any liability insurance obtained by the Company; and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2>such other benefits as are or may be otherwise available to the Indemnified Party.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Combination of two or more of the benefits provided by (a) through (g) shall be available to the extent that the Applicable Document (as defined below) does not require that the benefits provided therein be exclusive of other benefits.  The document or law providing for the benefits listed in items (a) through (g) above is called the &#147;Applicable Document&#148; in this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Advances</font></b></u><font size=2>. The Company shall advance the reasonable costs and expenses, including reasonable attorneys&#146; fees, arising from the investigation of any claim, preparation for the defense or defense or settlement of an Action.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Defense</font></b></u><font size=2>.  The Company shall be entitled to participate in the defense of any action and to assume the defense thereof, with counsel who shall be reasonably satisfactory to the Indemnified Party provided, however, that the Indemnified Party shall be entitled to separate counsel selected by him if he shall reasonably believe that (i) there exist conflicting interests between himself and the Company or other parties (the defense of whom the Company shall have assumed) or (ii) there is any substantial likelihood that the Company will be financially or legally unable to satisfy its obligations as expressed herein. After notice from the Company to the Indemnified Party of its election to assume the defense of such action pursuant to the preceding sentence, the Company
shall not be liable to the Indemnified Party without the consent of the Company in connection with the defense of the Action.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Time of Payment</font></b></u><font size=2>.  At the Indemnified Party&#146;s request, upon written notice to the Company, the Company shall pay the Expenses as and when incurred by the Indemnified Party within thirty (30) days of its receipt of such request, together with reasonable documentation (consistent, in the case of attorneys&#146; fees, with Company practice in payment of legal fees) evidencing the amount and nature of such Expenses, subject to its also having received such a notice and Undertaking.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Non-Exclusivity</font></b></u><font size=2>. The provisions for indemnification and advancement of expenses set forth in this Agreement shall not be deemed exclusive of any other rights which the Indemnified Party may have under any provision of law, the Company&#146;s Certificate of Incorporation or Bylaws, the vote of the Company&#146;s stockholders or disinterested directors, other agreements, or otherwise, whether as to actions in his official capacity or actions in another capacity while occupying his position as a director, officer, employee, or agent. The Indemnified Party&#146;s rights hereunder shall continue after the Indemnified Party has ceased acting as a director, officer, employee, or agent and shall inure to the benefit of the heirs, successors and assigns of the Indemnified Party.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Insurance</font></b></u><font size=2>. The Company agrees that the provisions hereof shall remain in effect regardless of whether liability or other insurance coverage is at any time obtained or retained by the Company.  Notwithstanding any other provision of this Agreement to the contrary, the Company shall not be liable to the Indemnified Party for any amounts actually paid on behalf of the Indemnified Party pursuant to any insurance policy maintained by the Company or any affiliate of the Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Presumption</font></b></u><font size=2>. If any payment, advance or indemnification of the Indemnified Party under this Agreement or otherwise shall require that he acted in good faith, in a manner he reasonably believed to be for or not opposed to the best interests of the Company or without reasonable cause to believe his conduct was unlawful, then it shall be presumed that he so acted unless proven otherwise by clear and convincing evidence.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Cooperation in Defense</font></b></u><font size=2>.  The Indemnified Party and the Company shall cooperate to the extent reasonably possible with each other and with the Company&#146;s insurers in connection with the defense of any Action.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Enforcement</font></b></u><font size=2>.  In the event that any dispute or controversy shall arise under this Agreement between the Indemnified Party and the Company with respect to whether the Indemnified Party is entitled to indemnification in connection with any Proceeding or with respect to the amount of Expenses or Monetary Losses incurred, then with respect to each such dispute or controversy the Indemnified Party may seek to enforce the Agreement through legal action.  The prevailing party shall be entitled to prompt reimbursement of any costs and expenses (including, without limitation, reasonable attorneys&#146; fees) incurred in connection with such legal action; provided that the Indemnified Party shall not be obligated to reimburse the Company unless the court which resolves the
dispute determines that the Indemnified Party acted in bad faith in bringing such action.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Binding Effect</font></b></u><font size=2>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Waiver</font></b></u><font size=2>. Failure to insist upon strict compliance with any of the terms or provisions hereof shall not be deemed a waiver of such term or provision, nor shall any waiver or relinquishment of any right or remedy hereunder at any one or more times be deemed a waiver of such right or remedy at any other time or times. Such waiver of any term or condition of this Agreement shall not affect any other term or condition of this Agreement which shall remain in full force and effect.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Severability</font></b></u><font size=2>. If any provision hereof shall be adjudicated invalid or unenforceable by a court of competent jurisdiction, such adjudication shall not affect the validity or enforceability of any other provision hereof, and such invalid or unenforceable provision shall be severed from this Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Entire Agreement</font></b></u><font size=2>. This Agreement (together with the applicable provisions of the Company&#146;s Certificate of Incorporation and Bylaws) constitutes the entire agreement between the parties with respect to the subject matter hereof, and all prior negotiations, understandings, and agreements are merged herein. Notwithstanding any provision of this Agreement to the contrary, if the Indemnified Party is a party to any other indemnification agreement between the Company and such Indemnified Party, this Agreement shall not be exclusive and the Indemnified Party shall continue to have such rights as may be provided to such Indemnified Party under such other agreement.  This Agreement may not be modified, amended, or rescinded except pursuant to a written instrument signed by the
party against whom enforcement is sought.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u><b><font size=2>Governing Law</font></b></u><font size=2>. Except as otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font SIZE=2>III.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<B><font SIZE=2>IN WITNESS WHEREOF</font></B><font size=2>, the parties hereto have executed this Agreement as of the date first written above.</font>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><B><font SIZE=2>MFRI, INC.</font></B><font size=2>, a Delaware corporation</font></p></td> </tr>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td> </tr>
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        <td width="308" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td> </tr>
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            <p style='margin-top:1.0pt;text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="53" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-top:1.0pt'><font size=2>By:</font></p></td>
        <td width="277" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td> </tr>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="277" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>David Unger</font></p></td> </tr>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
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            <p ><font size=2>Its:</font></p></td>
        <td width="277" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><font size=2>Chairman</font></p></td> </tr>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
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            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="277" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td width="308" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="53" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="277" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td width="308" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p ><B><font SIZE=2>INDEMNIFIED PARTY</font></B></p></td> </tr>
    <tr >
        <td width="308" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="53" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="277" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td width="308" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-top:1.0pt;text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="53" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-top:1.0pt;text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="277" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td width="308" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-top:1.0pt;text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="53" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='margin-top:1.0pt'><font size=2>Name</font></p></td>
        <td width="277" valign=bottom style='border-bottom: solid black 1.0pt;padding: 0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td> </tr>
    <tr >
        <td width="308" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="53" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align:justify'><font size=1>&nbsp;</font></p></td>
        <td width="277" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
            <p style='text-align: justify'><font size=1>&nbsp;</font></p></td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>



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