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<SEC-DOCUMENT>0000914122-06-000053.txt : 20060921
<SEC-HEADER>0000914122-06-000053.hdr.sgml : 20060921
<ACCEPTANCE-DATETIME>20060921162546
ACCESSION NUMBER:		0000914122-06-000053
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060918
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:		Financial Statements and Exhibits
FILED AS OF DATE:		20060921
DATE AS OF CHANGE:		20060921

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:		061102421

	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>mfri8k092006.htm
<DESCRIPTION>MFRI FORM 8K
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Washington, D.C. 20549</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-align:center;'><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:center;'><B><font SIZE=2>FORM 8-K</font></B></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</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>The Securities Exchange Act of 1934</font></b></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;'><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">September
18, 2006</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=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 its charter)</font></p>

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


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
    <tr >
        <td width="197" 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>Delaware</font></p> </td>
        <td width="197" 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>0-18370</font></p> </td>
        <td width="197" 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>36-3922969</font></p> </td> </tr>
    <tr >
        <td width="197" 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>(State or Other</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Jurisdiction of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Incorporation)</font></p> </td>
        <td width="197" 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>(Commission</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>File Number)</font></p> </td>
        <td width="197" 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>(IRS Employer</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Identification No.)</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="475" style='border-collapse:collapse'>
    <tr >
        <td width="384" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;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:left;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="384" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;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:left;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:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Registrant&#146;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 (see General Instruction A.2. below):</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 face=Wingdings>o</font> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</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 face=Wingdings>o</font> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</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 face=Wingdings>o</font> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</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 face=Wingdings>o</font> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<b>
<font size="2">Item 1.01&nbsp; Entry into a Material Definitive Agreement.</font>
</b>
<p><font size="2">By Eighth Amendment dated September 18, 2006, to Loan and
Security Agreement between the Company and Bank of America&nbsp; the Revolving
Credit Actual Amount increases to $34,000,000 from the Eighth Amendment
Effective Date until October 15, 2006 and reverts to the previous level of
$30,000,000 thereafter.</font></p>
<b>
<font size="2">Item 2.03&nbsp; Creation of a Direct Financial Obligation or
an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.</font>
</b>
<p><font size="2">The information contained in Item 1.01 of this report is
incorporated herein by reference.</font></p>
<b>
<font size="2">Item 9.01&nbsp; Financial Statements and Exhibits.</font>
</b><font SIZE="1"></font>
<p><font size="2">(d) Exhibits</font></p>
<p><font size="2">The following Exhibits are included with this Report:</font></p>
<p><font size="2">10.1 Eighth Amendment to Loan and Security Agreement.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<font size=2>&nbsp;</font>

</p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><b><font size=2>Signature</font></b></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><font size=2>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. </font></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:left;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="175" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>Date: September 21, 2006</font></p> </td>
        <td width="72" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="320" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>MFRI, Inc.</font></p> </td> </tr>
    <tr >
        <td width="175" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="320" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >
        <td width="175" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p align=right style='text-align:right'><font size=2>By:</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="320" valign=top 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="175" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="320" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>Vice President, Secretary and Treasurer</font></p> </td> </tr>
    <tr >
        <td width="175" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="72" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="16" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=1>&nbsp;</font></p> </td>
        <td width="320" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p><font size=2>(Principal Financial and Accounting Officer)</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>&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>&nbsp;</font></p>



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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:right;'><b><font size=2>9.18.06-1</font></b></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>LOAN AND SECURITY AGREEMENT</font></B></U></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>THIS EIGHTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (&#147;Eighth Amendment&#148;) is made as of the 18<sup>th</sup> day of September, 2006 by and among MFRI, Inc., a Delaware corporation (&#147;MFRI&#148;), Midwesco Filter Resources, Inc., a Delaware corporation (&#147;Midwesco&#148;), Perma-Pipe, Inc., a Delaware corporation (&#147;Perma-Pipe&#148;), Thermal Care, Inc., a Delaware corporation (&#147;Thermal Care&#148;) and TDC Filter Manufacturing, Inc., a Delaware corporation (&#147;TDC&#148;), the lenders who are signatories hereto (&#147;Lenders&#148;), and Bank of America, N.A., a national banking association (&#147;B of A&#148;) as successor-in-interest to Fleet Capital Corporation, as agent for Lenders hereunder (B of A, in such capacity, being &#147;Agent&#148;).  MFRI, Midwesco, Perma-Pipe, Thermal Care and TDC are sometimes hereinafter referred to individually as a
&#147;Borrower&#148; and collectively as &#147;Borrowers.&#148;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><U><font SIZE=2>W I T N E S S E T H</font></U><font size=2>:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Borrowers, Agent and Lenders entered into a certain Loan and Security Agreement dated as of July&nbsp;11, 2002 as amended by a certain First Amendment to Loan and Security Agreement by and among Borrowers, Agent and Lenders and dated October&nbsp;31, 2002, a certain Second Amendment to Loan and Security Agreement by and among Borrowers, Agent and Lenders dated December&nbsp;12, 2002, a certain Third Amendment to Loan and Security Agreement by and among Borrowers, Agent and Lenders dated April&nbsp;30, 2003, a certain Fourth Amendment to Loan and Security Agreement by and among Borrowers, Agent and Lenders dated October&nbsp;31, 2003, a certain Fifth Amendment to Loan and Security Agreement by and among Borrowers, Agent and Lenders dated July&nbsp;1, 2004, by a certain Sixth Amendment to Loan and Security Agreement by and among Borrowers, Agent and Lenders dated March&nbsp;28,
2005 and by a certain Seventh Amendment to Loan and Security Agreement by and among Borrowers, Agent and Lenders dated May 10, 2006 (said Loan and Security Agreement, as amended, is hereinafter referred to as the &#147;Loan Agreement&#148;); and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Borrowers desire to amend and modify certain provisions of the Loan Agreement and, subject to the terms hereof, Agent and Lenders are willing to agree to such amendments and modifications;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>NOW THEREFORE, in consideration of the premises, the mutual covenants and agreements herein contained, and any extension of credit heretofore, now or hereafter made by Agent and Lenders to Borrowers, the parties hereto hereby agree as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>1.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Definitions</font></u><font size=2>.  All capitalized terms used herein without definition shall have the meaning given to them in the Loan Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>2.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Amended and Additional Definitions</font></u><font size=2>.  The definitions of &#147;Revolving Credit Maximum Amount&#148; and &#147;Total Credit Facility&#148; contained in Appendix A to the Loan Agreement are hereby deleted and the following are inserted in their stead.  The definitions of &#147;Eighth Amendment&#148; and &#147;Eighth Amendment Effective Date&#148; are hereby inserted into Appendix A to the Loan Agreement.</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>

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            <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="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:left;'><font SIZE=1>CHICAGO/#1550843.2</font><font size=2> </font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><u><font size=2>Eighth Amendment</font></u><font size=2> &#150; that certain Eighth Amendment to Loan and Security Agreement dated as of September&nbsp;18, 2006 by and among Borrowers, Agent and Lenders.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><u><font size=2>Eighth Amendment Effective Date</font></u><font size=2> &#150; as defined in Section&nbsp;4 of the Eighth Amendment.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><u><font size=2>Revolving Credit Maximum Amount</font></u><font size=2> &#150; (x) Thirty Million Dollars ($30,000,000) until the Eighth Amendment Effective Date; (y) Thirty-Four Million Dollars ($34,000,000) from the Eighth Amendment Effective Date until October 15, 2006 and (z)&nbsp;Thirty Million Dollars ($30,000,000) thereafter; </font><u><font size=2>provided</font></u><font size=2> that upon three (3) Business Days&#146; notice, Borrowers may reduce the Revolving Credit Maximum Amount by amounts not exceeding Two Million Dollars ($2,000,000) within any calendar year.  Any such reduction shall be in a minimum amount of One Million Dollars ($1,000,000) and shall be an integral multiple of One Million Dollars ($1,000,000).  The Revolving Credit Maximum Amount may not, however, be reduced below Twenty-Three Million Dollars ($23,000,000).  Once the Revolving Credit Maximum Amount
has been so reduced, it may not be subsequently increased.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><u><font size=2>Total Credit Facility</font></u><font size=2> &#150; Thirty-Four Million Dollars ($34,000,000) as reduced from time to time pursuant to the terms of this Agreement.&#148;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>3.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Total Credit Facility</font></u><font size=2>.  The first paragraph of Section&nbsp;1 of the Agreement is hereby deleted and the following is inserted in its stead:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:center;'><b><font size=2>&#147;SECTION</font></b><font size=2>&nbsp;</font><b><font size=2>1.  CREDIT FACILITY</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>Subject to the terms and conditions of, and in reliance upon the representations and warranties made in, this Agreement and the other Loan Documents Lenders agree to make a Total Credit Facility of up to Thirty-Four Million Dollars ($34,000,000) available upon Borrowers&#146; request therefor, as follows:&#148;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>4.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Eighth Amendment Effective Date</font></u><font size=2>.  This Eighth Amendment shall become effective upon satisfaction of each of the following conditions:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(i)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>Borrowers, Agent and Lenders shall have executed and delivered to each other this Eighth Amendment and the amended and restated Revolving Note in the form attached hereto as </font><u><font size=2>Exhibit&nbsp;1.1</font></u><font size=2>; and</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>

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            <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="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:left;'><font SIZE=1>CHICAGO/#1550843.2</font><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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: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:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>(ii)</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size=2>No Default or Event of Default shall have occurred and be continuing.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:1in;text-align:justify;'><font size=2>The date on which each of the foregoing conditions precedent is satisfied shall be referred to as the &#147;Eighth Amendment Effective Date.&#148;  Promptly after the Eighth Amendment Effective Date, Bank of America, N.A. shall return the Revolving Note previously delivered to it pursuant to the Loan Agreement marked &#147;Amended and Superceded.&#148;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>5.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Signature Block</font></u><font size=2>.  Upon the Eighth Amendment Effective Date, the signature block of the Loan Agreement shall be amended to read as the signature block to this Eighth Amendment to reflect the increased Revolving Loan Commitment of Bank of America, N.A. to $34,000,000.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>6.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Execution in Counterparts</font></u><font size=2>.  This Eighth Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>7.</font><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Continuing Effect</font></u><font size=2>.  Except as otherwise specifically set out herein, the provisions of the Loan Agreement shall remain in full force and effect.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><i><b><font size=2>(Signature Page</font></b></i><font size=2>&nbsp;</font><i><b><font size=2>Follows)</font></b></i></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:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>3</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:left;'><font SIZE=1>CHICAGO/#1550843.2</font><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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: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:12pt; margin-top:0pt;text-align:center;'><i><b><font size=2>(Signature Page</font></b></i><font size=2>&nbsp;</font><i><b><font size=2>to Eighth Amendment to Loan Agreement)</font></b></i></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>IN WITNESS WHEREOF, this Eighth Amendment has been duly executed as of the day and year specified at the beginning hereof.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="350">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>BANK OF AMERICA, N.A.,</font><br> <font size=2>(&#147;Agent&#148; and a &#147;Lender&#148;)</font></p> </td> </tr>
    <tr >
        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="281">
            <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>
    <tr >
        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="283">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/  Brian Conole</font></p> </td> </tr>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="185" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Brian Conole</font></p> </td> </tr>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="185" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Senior Vice President</font></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=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="281">
            <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>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="350">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Revolving Loan Commitment:  $34,000,000 until October 15, 2006 and $30,000,000 thereafter</font><br> <br> <font size=2>Equipment Loan Commitment:  $1,000,000</font></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=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <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>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="350">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>MFRI, INC. (a &#147;Borrower&#148;)</font></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=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="281">
            <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>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="283">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="187" valign=top style='border-top: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael D. Bennett</font></p> </td> </tr>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="80" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="185" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>VP CFO</font></p> </td> </tr>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="281">
            <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>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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        <td width="256" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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    <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>Michael D. Bennett</font></p> </td> </tr>
    <tr >
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>VP CFO</font></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=1>&nbsp;</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;'>
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<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="639" style='border-collapse:collapse'>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1>CHICAGO/#1550843.2</font><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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:center;'><i><b><font size=2>(Signature Page to Eighth Amendment to Loan Agreement)</font></b></i></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>

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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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        <td width="320" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <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>
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        <td width="320" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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        <td width="63" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="154" valign=top style='border-top: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael D. Bennett</font></p> </td> </tr>
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        <td width="320" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="152" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>VP CFO</font></p> </td> </tr>
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        <td width="320" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="231">
            <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: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>&nbsp;</font></p>

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            <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="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:left;'><font SIZE=1>CHICAGO/#1550843.2</font><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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: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:12pt; margin-top:0pt;text-align:center;'><b><font size=2>EXHIBIT 1.1</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM OF REVOLVING CREDIT NOTE</font></B></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><b><font size=2>(AMENDED AND RESTATED)</font></b></p>

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


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            <p ><font size=2>$34,000,000</font></p> </td>
        <td width="207" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
            <p  align=right style='text-align:right'><font size=2>Amended and Restated as of</font>
            <font size=2>September&nbsp;18, 2006</font><br> <font size=2>Chicago, Illinois</font></p>
<p  align=right style='text-align:right'><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:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>FOR VALUE RECEIVED</font></B><font size=2>, the undersigned (individually a </font><b><font size=2>&#147;Borrower&#148;</font></b><font size=2> and collectively </font><b><font size=2>&#147;Borrowers&#148;</font></b><font size=2>) promises to pay to the order of Bank of America, N.A. (&#147;</font><b><font size=2>Lender</font></b><font size=2>&#148;), at the principal office of Bank of America, N.A., as agent for said Lender, or at such other place in the United States of America as the holder of this Note may designate from time to time in writing, in lawful money of the United States of America and in immediate available funds, the principal amount of Thirty-Four Million Dollars&nbsp;($34,000,000) or such lesser principal amount as may be outstanding pursuant to the Loan Agreement (as hereinafter defined) with respect to the Revolving Credit Loan, together with interest on the
unpaid principal amount of this Note outstanding from time to time.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This Revolving Note (the &#147;</font><b><font size=2>Note</font></b><font size=2>&#148;) is one of the Revolving Notes referred to in, and is issued pursuant to, that certain Loan and Security Agreement among Borrowers, the lender signatures thereto (including Lender) and Bank of America, N.A. (&#147;B of A&#148;) as agent for such lenders (B of A, in such capacity, &#147;Agent&#148;) dated as of July&nbsp;11, 2002 (hereinafter, as amended from time to time, the &#147;</font><b><font size=2>Loan Agreement</font></b><font size=2>&#148;), and is entitled to all of the benefits and security of the Loan Agreement.  All of the terms, covenants and conditions of the Loan Agreement and the other Loan Documents are hereby made a part of this Note and are deemed incorporated herein in full.  All capitalized terms used herein, unless otherwise specifically defined in this Note, shall have the
meanings ascribed to them in the Loan Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>The rate of interest in effect hereunder shall be calculated with reference to the Base Rate or LIBOR, as applicable, as more specifically provided in the Loan Agreement.  The interest due shall be computed in the manner provided in the Loan Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Except as otherwise expressly provided in the Loan Agreement, if any payment on this Note becomes due and payable on a day other than a Business Day, the maturity there of shall be extended to the next succeeding Business Day, and with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.  Notwithstanding the foregoing, if any portion of the Revolving Credit Loans evidenced by this promissory note is subject to a LIBOR Option, and an extension of the maturity of any payment hereon would cause the maturity thereof to occur during the next calendar month, then such payment shall mature on the next preceding Business Day.</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>

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            <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="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibit 1.1 &#150; Page&nbsp;1</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:left;'><font SIZE=1>CHICAGO/#1550843.2</font><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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: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:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>This Note shall be subject to mandatory prepayment in accordance with the provisions of </font><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>3.3</font></b><font size=2> of the Loan Agreement.  Borrowers may also terminate the Loan Agreement and, in connection with such termination, prepay this Note in the manner provided in </font><b><font size=2>Section</font></b><font size=2>&nbsp;</font><b><font size=2>4</font></b><font size=2> of the Loan Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Upon the occurrence and continuation of any one or more of the Events of Default specified in the Loan Agreement which have not been cured by Borrowers or waived by Lenders or Majority Lenders (as required by the Loan Agreement) may declare all Obligations evidenced hereby to be immediately due and payable (except with respect to any Event of Default set forth in </font><b><font size=2>subsection</font></b><font size=2>&nbsp;</font><b><font size=2>10.1.8</font></b><font size=2> of the Loan Agreement, in which case all Obligations evidenced hereby shall automatically become immediately due and payable without the necessity of any notice or other demand) without presentment, demand, protest or any other action or obligation of Majority Lenders or Agent.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Time is of the essence of this Note.  Each Borrower hereby waives presentment, demand, protest and notice of any kind.  No failure to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Wherever possible, each provision of this Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Note shall be prohibited or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or remaining provisions of this Note.  No delay or failure on the part of Agent or Lenders in the exercise of any right or remedy hereunder shall operate as a waiver thereof, nor as an acquiescence in any default, nor shall any single or partial exercise by Agent or Lenders of any right or remedy preclude any other right or remedy.  Agent and/or Lenders, at its or their option, may enforce its or their rights against any collateral securing this Note without enforcing its or their rights against Borrowers, any guarantor of the
indebtedness evidenced hereby or any other property or indebtedness due or to become due to Borrowers.  Each Borrower agrees that, without releasing or impairing such Borrower&#146;s liability hereunder, Agent and/or Lenders may at any time release, surrender, substitute or exchange any collateral securing this Note and may at any time release any party primarily or secondarily liable for the indebtedness evidenced by this Note.</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>

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            <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="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibit&nbsp;1.1 &#150; Page&nbsp;2</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:left;'><font SIZE=1>CHICAGO/#1550843.2</font><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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: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:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>The validity, interpretation and enforcement of this promissory note shall be governed by the internal laws of the state of Illinois without giving effect to the conflict of laws principles thereof.</font></p>


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        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="291">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>BORROWERS:</font></B></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>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="291">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MFRI, INC. </font></B></p> </td> </tr>
    <tr >
        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="231">
            <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>
    <tr >
        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="156" valign=top style='border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top: 1.0pt solid black; border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
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        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="156" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
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        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
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        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="4" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="291">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MIDWESCO FILTER RESOURCES, INC. </font></B></p> </td> </tr>
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        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="231">
            <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>
    <tr >
        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="156" valign=top style='border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top: 1.0pt solid black; border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
    <tr >
        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="156" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
    <tr >
        <td width="316" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="46">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="291">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PERMA-PIPE, INC. </font></B></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="231">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="156" valign=top style='border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top: 1.0pt solid black; border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="156" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="291">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>THERMAL CARE, INC. </font></B></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="231">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="156" valign=top style='border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top: 1.0pt solid black; border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="156" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="291">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>TDC FILTER MANUFACTURING, INC. </font></B></p> </td> </tr>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
        <td  colspan="2" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="231">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>
        <td width="156" valign=top style='border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top: 1.0pt solid black; border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="59" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>
        <td width="156" valign=top style='border-bottom: 1.0pt solid black; padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="46" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="229">
            <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>
    <tr >
        <td  colspan="2" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="314">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  colspan="3" valign=top style='padding-left: 5.4pt; padding-right: 5.4pt; padding-top: 0in; padding-bottom: 0in' width="291">
            <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>
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        <td width="330" ></td>

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        <td width="168" ></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>&nbsp;</font></p>

<table border="0" cellspacing=0 cellpadding=0 width="639" style='border-collapse:collapse'>
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            <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="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibit&nbsp;1.1 &#150; Page&nbsp;3</font></p> </td>
        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;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:left;'><font SIZE=1>CHICAGO/#1550843.2</font><font size=2> </font></p>

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



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