Amendment to Fee Arrangement between First Funding and Farrel Corporation (January 22, 2003)

Summary

This letter agreement between First Funding and Farrel Corporation, signed by their respective chairmen, extends their existing arrangement for another year starting March 1, 2003. The agreement modifies the base fee structure, reducing it by $75,000 annually. It also confirms that First Funding has waived any rights to fees related to deferred hours on the Skinner acquisition and fees for an extension of bank financing by First Union during the past year.

EX-10.(M) 4 ex10-m.txt Exhibit 10(m) First Funding January 22, 2003 Strictly Confidential Mr. Rolf K. Liebergesell Chairman, President & CEO FARREL CORPORATION 25 Main Street Ansonia, CT ###-###-#### Dear Rolf: Pursuant to our conversation on January 21st, First Funding will continue the arrangements with Farrel dated in our letter of February 8, 2002 for another year except that commencing on March 1, 2003, instead of the previous reduction in base fees, we will have an annual reduction of $75,000 a year in base fees. This letter will also confirm that during the past year we have waived any rights to fees in connection with deferred hours on the Skinner acquisition and any fee in connection with a new extension of bank financing by First Union. Yours very truly, /s/ Charles S Jones Charles S. Jones Chairman Page 51 of 56