Document:

mpr8k20100122exbe.htm

    Exhibit
(10)(be)

    
      

      
        	 	Suite
      300
	 	3025
      Chemical Road 
	 	
                Plymouth
      Meeting, PA
      19462

              

 

    

    

    

    January
19, 2010

    

    

    Mr.
Gary J. Morgan

    Senior
Vice President - Finance & CFO

    Met-Pro
Corporation

    160
Cassell Road

    Harleysville,
Pa.  19438

    

    Re:
Demand Line of Credit

    

    Dear
Gary,

    

    Please
be advised that we have reaffirmed your Discretionary Demand Line of Credit in
the amount of $4,000,000 from August 1, 2009 through July 31,
2010.  Borrowings under the Line will be on mutually agreeable terms
and conditions, and will be subject to review from time to
time.  Borrowings are evidenced by the Demand Promissory Note dated
February 23, 1996 and advances will be available at our discretion.

    

    Sincerely,

     

    /s/ Dale R.
Carr                            

    
    

    Dale
R. Carr

    Senior
Vice President

    

    

    Agreed
and Accepted this __19th__ day of _ Jan _
2010.

    

    

     

    
    

     

    
      	/s/ Raymond J. De
      Hont	 	/s/ Gary J.
      Morgan	 
	Raymond J. De
      Hont	 	Gary J.
    Morgan	 
	Chairman and
      CEO	 	Senior Vice
      President - Finance & CFOmpr20100129ex10bf.htm

    Exhibit
(10)(bf)

    
 

    THIRD
(GOOD FAITH) AMENDMENT TO THE

    MET-PRO
CORPORATION SALARIED PENSION PLAN

    

    This
Third (Good Faith) Amendment to the Met-Pro Corporation Salaried Pension Plan
(the “Plan”) is made by Met-Pro Corporation (the “Company”).

    

    W
I T N E S S E T H:

    

    WHEREAS, the Company
established the Plan for its eligible employees effective as of September 1,
1968, and amended and restated as of September 1, 2007;

    

    WHEREAS, the Company reserved
the right in Section 16.1 of the Plan to amend the Plan at any time;
and

    

    WHEREAS, the Company wishes to
amend the Plan to incorporate changes required by the Pension Protection Act of
2006.

    

    NOW, THEREFORE, the Plan is
hereby amended as set forth below.

    

    1.           Effective
for Plan Years beginning on and after January 1, 2007, Section 8.4 of the Plan
is amended to add the following new subsection (b) and designating the current
paragraph contained therein as subsection (a);

    

    (b)    If
a distribution is to commence while it is immediately distributable (as
determined by reference to regulations under Code Section 411(a)(11)), the
Administrator shall provide notice of the consequences of failure to defer
receipt of the distribution until it is no longer immediately
distributable.

    

    2.           Section
8.6 of the Plan is amended, effective for Plan Years beginning on or after
January 1, 2007, to change the notice and election period to the period
beginning no earlier than 180 days, and no later than 30 days before the
Participant’s Annuity Starting Date, which is the period in which the
Administrator or the administrative Committee shall provide each Participant
with a notice of the Participant’s right to elect to waive his right to receive
distribution of his Retirement Benefit in the form of a Qualified Joint and
Survivor Annuity, and the Participant’s election period with respect to such
distribution.  Corresponding changes shall be made throughout the
Plan.

    

    3.           Section
8.9 of the Plan is amended to add the following new subsection (c):

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (c)    Any
after-tax Employee contributions may be rolled over not only to a defined
contribution plan, but effective January 1, 2007, also to any qualified plan
that agrees to separately account for them, and to a 403(b) plan that agrees to
separately account for them.

    

    4.           Section
8.9 of the Plan is amended to add the following new subsection (d):

    

    (d)    Nonspouse Beneficiary
Rollovers.  Effective for distributions made on or after
January 1, 2010, notwithstanding any provision of the Plan to the contrary that
would otherwise limit a Nonspouse Beneficiary’s election under this Section, a
Nonspouse Beneficiary may elect to have any portion of a Plan distribution (that
is payable to such Nonspouse Beneficiary due to a Participant’s death) paid in a
direct trustee-to-trustee transfer to an individual retirement account described
in Code Section 408(a) or to an individual retirement annuity described in
Section 408(b) (other than an endowment contract) that has been established for
the purposes of receiving the distribution on behalf of such Nonspouse
Beneficiary.  For these purposes, a “Nonspouse Beneficiary” is an
individual who is a designated beneficiary (as defined by Section 401(a)(9)(E)
of the Internal Revenue Code) of a Participant and who is not the surviving
spouse of such Participant.

    

    5.           Subsection
2(d) of Appendix A is clarified by rewriting it as follows:

    

    Effective
for distributions occurring for the first Plan Year beginning after January 1,
2008, the applicable interest rate under (b)(ii)(A) above shall be the adjusted
first, second and third segment rates provided under Section 302 of the Pension
Protection Act of 2006, determined in accordance with Code Section 417(e)(3)(C)
and guidance issued thereunder, and the applicable mortality table under
(b)(ii)(B) above shall be the table specified in Revenue Ruling
2007-67.

     
 

    IN ALL OTHER RESPECTS, this
Plan is continued in full force and effect. In order to maintain the terms of
the Plan in a single document, this Amendment may be incorporated into the most
recent restatement of the Plan.

    

    IN WITNESS WHEREOF, the
Company has caused this Third (Good Faith) Amendment to be executed by its duly
authorized officer this  
29th  day of January                          ,
2010.

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              ATTEST:

            	 
      	
              Met-Pro
      Corporation

            
	 	 	 	 	 
	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      
	
              By

            	
              /s/
      Amy Covely

            	 
      	
              By

            	
              /s/
      Raymond J. De Hont

            
	 	 	 	 	 
	 
      	 
      	 
      	 
      	 
      
	
              Title:

            	
              Human
      Resources Manager

            	 
      	
              Title:

            	
              President,
      Chairman & CEOGoulston & Storrs Letterhead

Exhibit 10.3 

 

 

Writer’s
Information

cpaine@goulstonstorrs.com

202.721.1148 Tel

202.263.0548 Fax

 

 

 

January 25, 2010

 

 

 

BY
ELECTRONIC MAIL

 

Norman
J. Guz, Jr.

Murphy,
McCoubrey & Auth

272
Exchange Street

Chicopee,
MA  01014

 

Re:      
Purchase and Sale Agreement between Charlton Housing Associates Limited
Partnership (“Seller”) and CBA Housing Limited Partnership, assignee of
HAP, Inc. (“Buyer”) dated August 30, 2006, as amended (the “Purchase
Agreement”)

 

Dear
Norm:

 

This
firm represents Seller and this letter constitutes the escrow instructions of
Seller in connection with the closing of the above-referenced transaction. 

           
A.        Deposit of Funds: 
Buyer will send to Murphy, McCoubrey & Auth (the “Title Company”) by
wire transfer the amount due from Buyer at closing as shown on the Settlement
Statement (hereinafter defined).  The proceeds wired to the Title Company
by Buyer are referred to hereinafter as the “Closing Funds.”  The Title Company shall hold the
Closing Funds in accordance with the terms and conditions set forth herein and
shall not release the same except strictly in accordance with the terms and
conditions of this letter.

B.                
Delivery of Documents:  The Title Company shall have
received or will receive the following original documents executed by Seller
(collectively, the “Seller Closing Documents”):

1.        
One (1) original of the Quitclaim Deed;

2.        
One (1) original of the Trustee Certificate of C.M.J. Builders (the
“Trustee’s Certificate”); 

 

3.        
One (1) original of the Massachusetts Owner’s Affidavit;  

4.        
One (1) copy of the Letter Agreement regarding delivery of the Closing Funds to
Seller (the “Letter Agreement”); and

5.        
Four (4) originals of the Multi-Family Housing Transfer and Assumption Review
and Recommendation (the “USDA Document”).

The
Title Company shall hold the Seller Closing Documents in accordance with the
terms and conditions set forth herein and shall not release the same except
strictly in accordance with the terms and conditions of this letter.

C.       
Conditions to Close of Escrow:  The Seller Closing Documents shall
not be released from escrow until each of the following conditions is
satisfied:

1.        
The Title Company has received the Seller Closing Documents;

2.        
The Title Company has received (by fax, email or otherwise) the Settlement
Statement executed by Buyer and Seller (as so executed, the “Settlement
Statement”); 

3.        
The Title Company has received written or telephonic instructions
from this firm authorizing the Title Company to complete the closing.

D.       
Dating of Documents; Collating and Exhibits:  You are hereby
authorized to collate any of the closing documents that have been provided to
you in counterpart so as to make completely executed originals of such closing
documents.  Please examine all of the documents delivered to you to be sure
that they are fully executed and acknowledged where appropriate, that all blanks
have been filled in and that all required exhibits have been properly attached
and labeled. 

E.        
Recordation of the Seller Closing Documents and Delivery of Escrows to the
Title Company:  If the conditions specified in Paragraph C above are
satisfied on or before January 25, 2010, at 5:00 P.M. (Boston, Massachusetts
local time) you shall release the Quitclaim Deed and the Trustee’s Certificate
for recording in the Office of the Worcester County Registry of Deeds. 
Upon recordation of the Quitclaim Deed and the Trustee’s Certificate, Seller
shall deliver to the Title Company the Security Deposits, Real Estate Tax Escrow
and the Replacement Reserve (collectively, the “Seller Accounts”) in the
amounts set forth on Exhibit C to the Settlement Statement.  The Title
Company agrees (i) to release from the Real Estate Tax Escrow the amount of
funds necessary to pay any real estate taxes that are currently due and payable
on the Property, and (ii) to hold all remaining funds in the Seller Accounts in
escrow until the Closing Funds have been disbursed to Seller pursuant to
Paragraph F below.

F.        
Payment to Seller and Close of Escrow:  Upon the Title Company’s
receipt of the Closing Funds, which shall not occur later than February 4, 2010,
pursuant to the terms of the Letter Agreement, the Title Company shall:

1.        
Disburse the Closing Funds to Seller in the amount shown on the Settlement
Statement; 

2.         Return all
Closing Funds, if any, remaining after payment of amounts set forth in the
Settlement Statement, to Buyer by wire transfer in accordance with wiring
instructions provided by Buyer; and 

3.        
Upon the Title Company’s receipt of written or telephonic instructions from this
firm authorizing the release of the Seller Accounts to Buyer, release such funds
to Buyer.

G.       
Delivery of Documents:  You shall deliver recorded copies of the
Seller Closing Documents and a fully executed copy of the USDA Document to the
undersigned within five (5) business days following the closing.  

I.         
Cancellation of Instructions:  Notwithstanding anything to the
contrary herein, if the conditions specified in Paragraphs C and F hereof are
not satisfied on or before 5:00 P.M. (Boston, Massachusetts local time) on
February 4, 2010, (i) you shall immediately contact the undersigned at
202-721-1148, and (ii) unless you receive written or telephonic instructions
from this firm not to cancel this escrow, the instructions set forth above shall
be deemed canceled.

Please
acknowledge your receipt of this letter and your agreement to comply strictly
with the foregoing instructions by returning a copy of this letter (via
facsimile) duly executed by an authorized signatory of the Title Company.

Sincerely,

 

/s/Cynthia
L. Paine

Cynthia
L. Paine

Attorney
for and on behalf of Seller

 

 

cc:       
Marty Jones, (via electronic mail)

           
Peter Serafino (via electronic mail)

           
Linda Morley, Esq. (via electronic mail)

           
S. Maki Uchiyama, Esq. (via electronic mail) 

 

 

ACKNOWLEDGED AND AGREED:

 

MURPHY,
MCCOUBREY & AUTH

 

 

By: 
/s/Norman J. Guz,
Esq.
           
Norman J. Guz, Esq.

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