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<SEC-DOCUMENT>0000950152-06-009749.txt : 20061130
<SEC-HEADER>0000950152-06-009749.hdr.sgml : 20061130
<ACCEPTANCE-DATETIME>20061130120503
ACCESSION NUMBER:		0000950152-06-009749
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061130
ITEM INFORMATION:		Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061130
DATE AS OF CHANGE:		20061130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIFCO INDUSTRIES INC
		CENTRAL INDEX KEY:			0000090168
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT ENGINES & ENGINE PARTS [3724]
		IRS NUMBER:				340553950
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05978
		FILM NUMBER:		061247361

	BUSINESS ADDRESS:	
		STREET 1:		970 E 64TH ST
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44103
		BUSINESS PHONE:		2168818600

	MAIL ADDRESS:	
		STREET 1:		970 EAST 64TH STREET
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STEEL IMPROVEMENT & FORGE CO
		DATE OF NAME CHANGE:	19690520
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l23467ae8vk.htm
<DESCRIPTION>SIFCO INDUSTRIES, INC.   8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>SIFCO Industries, Inc.   8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Date of Report (Date of earliest event reported) <U>November&nbsp;30, 2006</U>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>SIFCO Industries, Inc.</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-5978
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">34-0553950</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">970 East 64th Street, Cleveland Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44103</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registrant&#146;s telephone number, including area code: <u>(216)&nbsp;881-8600</U>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report.)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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):
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Written communication pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Section&nbsp;5 &#151; </B><U><B>Corporate Governance and Management</B></U><BR>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;5.02 Departure of Directors or Certain Officers</B><BR>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>5.02(b) Resignation of an officer</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective November&nbsp;30, 2006, Mr.&nbsp;Timothy V. Crean has resigned from his position as President and
Chief Operating Officer of SIFCO Industries, Inc. (&#147;Company&#148;). The resignation is not the result of
any disagreement between Mr.&nbsp;Crean and the Company on any matter relating to the Company&#146;s
operations, policies, or practices. Mr.&nbsp;Crean is a citizen of the Republic of Ireland (&#148;Ireland&#148;)
and, accordingly, will be provided with severance benefits in accordance with the laws of Ireland.
Such benefits principally include (i)&nbsp;approximately 18&nbsp;months of base salary, (ii)&nbsp;a one-time
contribution to his defined contribution pension plan and (iii)&nbsp;the continuation of health and
welfare benefits for a period of 12&nbsp;months after his termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If or until such time that a replacement for Mr.&nbsp;Crean has been identified, his principal
responsibilities will be assumed by Mr.&nbsp;Jeffrey P. Gotschall, the Company&#146;s Chairman and Chief
Executive Officer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Section&nbsp;9 &#151; </B><U><B>Financial Statements and Exhibits</B></U><BR>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits.</B><BR>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Exhibits &#151; 99.1 Separation Agreement and Release without Prejudice

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SIFCO Industries, Inc.<BR>
(Registrant)<BR><BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: November&nbsp;30, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Frank A. Cappello</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frank A. Cappello<BR>
Vice President &#151; Finance and<BR>
Chief Financial Officer<BR>
(Principal Financial Officer)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l23467aexv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Separation Agreement and Release<BR>
Without Prejudice</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">28 November&nbsp;2006
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Timothy V. Crean, have knowingly and voluntarily entered into the following agreement with
SIFCO Turbine Components Ltd. (hereinafter referred to as &#147;the Company&#148;) regarding the termination
of my employment with the Company.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Termination of Employment Relationship</U>: With the signing of
this Agreement, I acknowledge that my employment with the Company will be
terminated effective 30 November&nbsp;2006 (&#147;the Effective Date&#148;) without further
obligation on the Company save as provided in this Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Resignation</U>: With the signing of this Agreement, I hereby
resign, without claim for compensation, as President and Chief Operating Officer
of the Company&#146;s parent, SIFCO Industries, Inc., as a Director of the four Irish
Companies, and from all other directorships and positions I hold with the Company,
its parent, or any of their affiliated entities, in each case effective as of the
Effective Date</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Effect on Prior Agreement</U>: This Agreement constitutes the
entire understanding of the parties concerning the subject of the matter hereof and
supersedes and replaces that certain Change in Control and Severance Agreement,
dated July&nbsp;30, 2002, between the Company&#146;s parent, SIFCO Industries, Inc. and me
(the &#147;Prior Agreement&#148;), and, effective as of the Effective Date, the Prior
Agreement will be terminated and be of no further force and effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">II.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Benefits:</U> In full consideration for my signing this Agreement, and subject to
the terms of this agreement, and without admission of any liability whatsoever, the Company
will provide the following severance benefits (inclusive of statutory redundancy payment):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company will pay me <FONT face="'Times New Roman',times,serif">&#128;</FONT>320,000, less any applicable payroll
deductions. I understand that this payment will be made in a single lump sum upon
(or no later than 2&nbsp;weeks) from the Effective Date. This payment is subject to such
tax and other deductions as the Company is required to deduct from the gross amount
and remit to the revenue authorities under relevant tax and social welfare
legislation. It is agreed that all payments to me will be made in the most
efficient taxation terms legally allowable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For a period of 12&nbsp;months commencing on the Effective Date, the Company
will maintain my current medical under BUPA and continue my life assurance benefits
under Irish Life Assurance Company until 30 September, 2007. There will be no
further continuation of benefits upon the conclusion of this period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For a period of 12&nbsp;months commencing on the Effective Date, I will make
myself available as an independent contractor to assist the Company in any
transitional projects at the Company&#146;s discretion and where no conflict of interest
exist. I will be compensated at a rate of <FONT face="'Times New Roman',times,serif">&#128;</FONT>850 per day for each day&#146;s assistance
to the Company.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">III.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Terms:</U> I understand and acknowledge that the Company is not obligated to
provide me with the severance benefits described in Section&nbsp;II, of this Agreement.
Nevertheless, in order to end my employment relationship with the Company as amicably as
possible and to eliminate any possibility of future disputes, I have been offered and have
accepted these severance benefits, and in consideration for which I agree to the provisions
of this Agreement as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Release: In consideration of the benefits provided to me under this
Agreement, I, hereby do irrevocably and unconditionally forever release, waive and
discharge the Company (and any parent, subsidiary or associated companies,
including their officers, agents, directors, representatives, shareholders and
employees, and, as applicable, their predecessors, successors, assigns, heirs and
executors) from any and all claims and or causes of action arising out of or in
connection with my employment relationship with the Company and from the
termination of my employment, arising at any point in time up to and including the
Effective Date, and agree not to file any such claims and or causes of action
against any of them. I, hereby agree to waive any</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remedy that may be available under any such action that maybe or have been filed,
and further agree to dismiss or withdraw any such action. This release and
agreement not to sue includes, but is not limited to, claims arising under at common
law, in equity, pursuant to statute (including but not limited to claims pursuant to
the Redundancy Payments Acts 1967 to 2003, the Terms of Employment (Information) Act
1994 and 2001, Minimum Notice and Terms of Employment Acts 1973 and 2005,
Organization of Working Time Act 1997, Protection of Employment Act 1977, Employment
Equality Acts 1998 and 2004, Payment of Wages Act 1991, Protection of Employees
(Part-time Work) Act 2001, Minimum Wage Act 2000, Protection of Employees (Fixed
Term Work) Act 2003, Carers Leave Act 2001, Parental Leave Act 1998, Adoptive Leave
Act 1995, European Communities (Protection of Employees on Transfer of Undertaking)
Regulations 2003, Maternity Protection Acts 1994 to 2004 and the Unfair Dismissals
Acts 1977 to 2005) or pursuant to contract, in tort, or otherwise howsoever
arising.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company hereby irrevocably and unconditionally releases, waives and
discharges me from any and all claims or causes of action which the Company may
have against me arising at any point in time up to and including the Effective Date
and agrees not to file any such claims or causes of action against me. The Company
hereby agrees to waive any remedy that may be available under any such action that
may be or have been filed, and further agrees to dismiss or withdraw any such
action. This release and agreement not to sue includes, but is not limited to
claims arising under common law, in equity, pursuant to statute or pursuant to
contract, in tort, or otherwise howsoever arising.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidentiality: I will not at any time, directly or indirectly,
without written authorization from the Company, make use of or disclose to any
person or entity any confidential business-related, proprietary or secret
information, confidential knowledge, trade secrets, or other confidential data
related to the customers, business, products, services or practices of the Company
its parent subsidiaries and associated companies of which I have become possessed
during my employment with the Company, whether prepared by me or another, and which
is not, or does not become, available or known to the public. I further agree that
on or before the Effective Date, I will immediately return to the Company all of
its property in my possession or under my control, including, without limitation,
keys, programs, lists, files, and software. I further agree that I shall not
retain any copies or reproductions of the foregoing. I understand that certain
terms of this Agreement must be disclosed by the Company to the public because of
my position as an Officer of the Company. However, I also understand that the
Company will maintain confidentiality with respect to the terms of my separation
from the Company which are not subject to disclosure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Non-disparagement: I agree that I will not disparage the Company its
parent, subsidiaries and associated companies or their businesses, products,
services, practices, or officers or employees; and likewise I understand that the
Company agrees not to disparage me.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">E.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I acknowledge that I have read and had an opportunity to take legal
advice on this Agreement and the provisions hereof and that I understand, accept
and agree to the contents of same and, furthermore, that I am signing this
Agreement voluntarily without coercion of any description and with full
understanding that I am releasing and compromising any and all claims and demands
of every nature whatsoever that I have or might have against the Company, its
parent, subsidiaries and associated companies save in respect of the obligations of
the Company as set out in the Agreement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">F.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acknowledgment: I acknowledge that any benefits due me under any
pension, profit sharing or other qualified retirement plan shall be determined in
accordance with the terms of such plan(s) and that I will receive written
confirmation of my deferred pension entitlements and a summary of the options open
to me as soon as possible after the Effective Date. I further acknowledge that,
except as provided in this Agreement and with the exception of (i)&nbsp;any accrued but
unused vacation which will be provided in my final paycheck, and (ii)&nbsp;any approved
expenses not known at this time, all compensation and other payments due to me as a
result of my employment with the Company, whether due directly from the Company or
from its parent subsidiaries and associated companies, have been paid in full and
that I am not entitled to any additional salary, bonuses or pay in lieu of vacation
time or any other payments whatsoever.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">G.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Non-Admission: I agree and acknowledge that this Agreement is a
voluntary agreement intended to provide an amicable conclusion to my employment
relationship with the Company.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">H.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding that this Agreement is marked &#147;without prejudice&#148; it
shall, when signed and dated by both parties become an open document evidencing an
agreement binding on the parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">I.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Choice of Law: This Agreement shall be interpreted in accordance with
the laws of Ireland and, shall be subject to the jurisdiction of the Irish Courts.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">IV.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accordingly, having carefully read and fully understanding the terms of this Agreement,
and without relying upon any other representations or statements (whether written or oral),
I have knowingly and voluntarily executed this Agreement without duress or coercion.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Timothy V. Crean
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Eamonn Reardon</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Timothy V. Crean
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Witness</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">November&nbsp;28, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;28, 2006</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIFCO Turbine Components Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By: /s/ Jeffrey P. Gotschall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Frank A. Cappello</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jeffrey
P. Gotschall<br>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Witness</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">November&nbsp;28, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">November&nbsp;28, 2006</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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