Document:

ex_10-2.htm

    EXHIBIT
10.2

    

    DEED
POLL INDEMNITY

     

    This Deed
Poll is made on 16 December 2009 by TBS INTERNATIONAL LIMITED, a
company established in Bermuda having its registered office at Commerce
Building, Chancery Lane, Hamilton HM12, Bermuda (the “Indemnitor”), in respect of
each director, secretary and officer (excluding auditors) (the “Covered Persons”) of TBS
International plc (“TBS
plc”), a company established in Ireland with registered number 476578
having its registered office at Arthur Cox Building, Earlsfort Terrace, Dublin
2, Ireland.

     

    THIS
DEED POLL PROVIDES AS FOLLOWS:

     

    The
Indemnitor hereby declares, undertakes and agrees as follows:

     

    
      	
              1.  

            	
              Each
      Covered Person for the time being acting in relation to any of the affairs
      of TBS plc, any subsidiary of TBS plc, any entity controlled by TBS plc or
      any joint venture in which TBS plc is a participant (each a “TBS Company”) and to his
      heirs, executors and administrators, shall be indemnified and secured
      harmless out of the assets of the Indemnitor from and against all actions,
      costs, charges, losses, damages and expenses which any Covered Person, his
      heirs, executors or administrators, shall or may incur or sustain by or by
      reason of any act done, concurred in or omitted in or about the execution
      of his duty, or supposed duty, or in his offices or trusts, and no Covered
      Person shall be answerable to the Indemnitor for, and the Indemnitor shall
      indemnify and secure harmless each Covered Person against, the acts,
      receipts, neglects or defaults of the other Covered Persons or for joining
      in any receipts for the sake of conformity or for any bankers or other
      persons with whom any moneys or effects belonging to a TBS Company shall
      or may be lodged or deposited for safe custody, or for insufficiency or
      deficiency of any security upon which any monies of or belonging to a TBS
      Company shall be placed out on or invested, or for any other loss,
      misfortune or damage which may happen in the execution of his respective
      offices or trusts, or in relation thereto, provided that this indemnity
      shall not extend to any matter in respect of any fraud or dishonesty which
      may attach to such Covered Person.

            

    

     

    
      	
              2.  

            	
              The
      Indemnitor agrees to waive any claim or right of action it might have
      against any Covered Person on account of any action taken by such Covered
      Person, or the failure of such Covered Person to take any action in the
      performance of his duties with or for a TBS Company or the Indemnitor,
      provided that such waiver shall not extend to any matter in respect of
      which any fraud or dishonesty which may attach to such Covered
      Person.

            

    

     

    
      	
              3.  

            	
              The
      rights granted to the Covered Persons and their heirs, executors or
      administrators under this Deed Poll shall be a contract right and as such
      shall run for the benefit of each Covered Person and his heirs, executors
      and administrators.

            

    

     

    
      	
              4.  

            	
              No
      Covered Person may assign its rights, interests or obligations under this
      Deed Poll to any other person (except by operation of law) without the
      prior written consent of the
Indemnitor.

            

    

     

    
      	
              5.  

            	
              The
      Indemnitor may amend or terminate this Deed Poll at any time provided that
      any amendment or termination of this Deed Poll shall be prospective only
      and shall not limit the rights of any Covered Person or the obligations of
      the Indemnitor with respect to any claim arising from or related to any
      action indemnified pursuant to clause 1 of this Deed Poll taken by a
      Covered Person prior to such amendment or
  termination.

            

    

     

    
      	
              6.  

            	
              All
      notices or demands on the Indemnitor shall be deemed effective when
      received, shall be in writing and shall be delivered by hand or by
      registered mail, or by facsimile transmission promptly confirmed by
      registered mail, addressed to the Indemnitor
at:

            

    

     

    For the
attention
of:                                Ferdinand
V. Lepere

    c/o TBS
Shipping Services Inc.

    612 E.
Grassy Sprain Road

    Yonkers
NY 10710

    USA

    

    Facsimile:
1-914-961-2286

    

    or to
such other address or fax number as the Indemnitor shall have notified the
Covered Persons in a written notice delivered to the Covered Persons at the
addresses or facsimile number specified in the Indemnitor records.

     

    
      	
              7.  

            	
              This
      Deed Poll shall remain in full force and effect and shall be binding on
      the Indemnitor, its successors and assigns until all of the obligations in
      this Deed Poll have been satisfied in
full.

            

    

     

    
      	
              8.  

            	
              The
      obligations under this Deed Poll may, at the option of the Indemnitor, be
      assigned or transferred to, or assumed by, a successor company of the
      Indemnitor (whether by merger, consolidation, scheme of arrangement or
      amalgamation or otherwise), a parent company of the Indemnitor or a
      company to which all or substantially all of the assets and business of
      the Indemnitor are transferred.

            

    

     

    
      	
              9.  

            	
              This
      Deed Poll of Indemnity shall be governed and construed in accordance with
      the laws of the State of New York.

            

    

     

    IN WITNESS OF WHICH this Deed
Poll has been executed as a deed poll by the Indemnitor on the date first above
written.

     

    GIVEN
under the common seal of

    TBS
INTERNATIONAL LIMITED

    

    

    

      /s/  Ferdinand
V. Lepere            

    Name: Ferdinand V.
Lepere

    Title:
Chief Financial Officermpr8kex10an.htm

    Exhibit
(10) (an)

     

    MET-PRO
CORPORATION

    STANDARD
FORM FOR THE

    NON-EMPLOYEE
DIRECTOR STOCK OPTION AGREEMENT

     

     

    NON-EMPLOYEE
DIRECTOR STOCK OPTION AGREEMENT made as of the 3rd day
of December, 2008, between MET-PRO CORPORATION, a Pennsylvania corporation (the
“Company”), and                             ­
, a non-employee Director of the Company (“Optionee”).

     

    Pursuant
to and under the terms of the Met-Pro Corporation 2005 Equity Incentive Plan
(the “Plan”), the Company hereby grants the Optionee the option to acquire
Common Shares, par value $.10 per share, of the Company on the following terms
and conditions:

     

    1.          
GRANT
OF OPTION. The
Company hereby grants to Optionee the right and option (the “Option”) to
purchase up to _________ (_________) Common Shares, par value $.10 per share, of
the Company (the “Shares”), to be transferred to the Optionee upon the exercise
hereof, fully paid and nonassessable.  This Option is a non-statutory
stock option under the Plan and is not intended to be an incentive stock option
under Section 422 of the Internal Revenue Code of 1986, as
amended.

     

    2.          
OPTION
PRICE.  The exercise price of the Option shall
be ____________ dollars and _________ cents ($         )
per share.  The Company shall pay all original issue or transfer taxes
on the exercise of the Option.

     

    3.           
VESTING
OF OPTION. 

     

    (a)           Subject
to Section 3(b) and Section 4(c) hereof and the other provisions hereof, the
Option shall be exercisable commencing upon the date hereof as
follows:

     

    
      
        	
                Number
      of Shares

              	
                 

              	
                Date
      first exercisable

              
	 	
                 

              	
                December
      3, 2009

              
	 	
                 

              	
                December
      3, 2010

              
	 	
                 

              	
                December
      3, 2011

              

      

       

    

    (b)           Subject
to Section 4(c) hereof, any portion of the Option that shall not yet be
exercisable under the terms of Section 3(a) shall immediately and without action
by any party become exercisable upon the earlier to occur of the following: (i)
a Change of Control (as hereafter defined); (ii) the death of Optionee; (iii) a
declaration of permanent and total disability of the Optionee (as defined in
Section 22(e) of the Internal Revenue Code)(hereafter, “permanent and total
disability”) together with a declaration of Optionee’s eligibility for Social
Security disability benefits; and (iv) any other cessation or termination of the
Optionee’s services to the Company as a non-employee Director, other than in
connection with the foregoing provisions of this Section 3(b) and other than as
a result of a removal for cause; provided, however, that only such portion(s) of
the Option that was (were) granted more than one year prior to such cessation or
termination shall become exercisable upon such cessation or
termination.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (c)           For
purposes of this Agreement, (i) the term “Change in Control” shall have the same
definition as set forth in any Key Employee Severance Agreement from time to
time in effect between the Company and any key employee of the Company; and (ii)
the cessation of Optionee’s services to the Company as a result of (A)
retirement pursuant either to (X) a pension or retirement plan adopted by the
Company or (Y) at or after the normal retirement date prescribed from time to
time by the Company or (B) the decision  by the Company not to
re-nominate the Optionee for election to the Board of Directors regardless of
the reason therefore shall not be deemed to be a removal for cause.

     

    4.           
EXPIRATION
OF OPTION.

     

    (a)           Subject
to earlier expiration as provided for by Section 4(b) or Section 4(c) hereof,
the Option shall not be exercisable after and, if not previously exercised,
shall expire at 5:00 P.M., Harleysville, PA time, on December 3,
2018.

     

    (b)           If
the Optionee’s services as a non-employee Director of the Company or of a parent
or subsidiary corporation of the Company are terminated or shall otherwise cease
without regard to the reason therefore except as provided for in Section 4(c)
hereof, this Option shall expire on the earlier of December 3, 2018 or the
second anniversary of the date of termination or cessation of services as a
Director.

     

    (c)           Notwithstanding
Sections 3, 4(a) and 4(b) hereof, this Option, whether vested or not, shall
expire without any further act by the Company, as follows:

     

    
      	               	(i)    
      	Upon the date that
      the Optionee is removed for cause from service as a Director;
	 	(ii)    
      	Upon the commission
      of any act for which either criminal or civil penalties may be
      sought;
	 	(iii)   
      	Upon the willful
      violation of any of the Company’s written policies;
	 	(iv)   
      	Upon engaging in any
      activity which is competition with the Company, or any parent or
      subsidiary of the Company; or
	 	(v)   
      	Upon any
      unauthorized disclosure of the confidential information or trade secrets
      of the Company or of any parent or subsidiary of the
  Company.

    

                

    (d)           In
the event of death, Optionee’s rights may be exercised by the estate of the
Optionee or by the person acquiring the right to exercise the Option by bequest,
inheritance or by reason of the death of the Optionee.

     

    5.           
[Intentionally
deleted]

     

    6.          
NON-ASSIGNABILITY
OF OPTION. The
Option shall not be given, granted, sold, exchanged, transferred, pledged,
assigned or ­otherwise encumbered or disposed of by Optionee, excepting by
Will or the laws of descent and distribution, and, during the lifetime of
Optionee, shall not be exercisable by any other person, but only by
Optionee.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    7.           
METHOD
OF EXERCISE OF OPTION.   Optionee
shall notify the Company by written notice sent by registered or certified mail,
return receipt requested, addressed to its President at its principal office, or
by hand delivery to such person at such office, properly
receipted.  The notice shall specify the number of Shares which
Optionee desires to purchase under the Option (which number shall be in
multiples of One Hundred (100) Shares, excepting any last unexercised amount of
less than One Hundred (100) Shares), and shall be accompanied by a check payable
to the order of the Company for the full exercise price of the Shares
purchased.  Alternatively, Optionee may make payment for the Shares
utilizing any of the payment methods permitted by the Plan.  As soon
as practicable after the receipt of such written notice and payment, the Company
shall, at its principal office, tender to Optionee a certificate or certificates
issued in Optionee’s name evidencing the Shares thus purchased by Optionee
hereunder.

     

    8.           
ADJUSTMENTS
UPON CHANGES IN CAPITALIZATION. In
the event of changes in the outstanding Common Shares of the Company by reason
of stock dividends, stock splits (whether forward or reverse), split-ups,
recapitalization, mergers, consolidations, combinations, exchanges of shares,
separations, reclassifications, reorganizations, or liquidations, the number of
Shares issuable upon exercise of the Option, the Option price thereof and the
number of Shares subject to vesting as set forth in Section 3(a) hereof shall be
correspondingly adjusted by the Company.  Any such adjustment in the
number of Shares and the price thereof shall apply proportionately only to the
then unexercised portion of the Option.  If fractional shares would
result from any such adjustment, the adjustment shall be revised to the next
lower whole number of shares.

     

    9.           
NO
RIGHTS AS SHAREHOLDER. Optionee
shall have no rights as a shareholder in respect to the Shares as to which the
Option shall not have been exercised and payment made as herein
provided.

     

    10.         
BINDING
EFFECT. Excepting
as herein otherwise expressly provided, this Agreement shall be binding upon and
inure to the benefit of the parties hereto, their legal representatives,
successors and assigns.

     

    11.         
CONFLICT. In
the event of any conflict between the Plan and this Agreement, the terms of the
Plan shall take precedence. A provision set forth herein which is not addressed
by the Plan shall be given effect to except to the extent to which it is in
conflict with the Plan.

     

    12.          GOVERNING
LAW. This
Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania.

     

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

    IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.

     

     

    
      	 	MET-PRO
      CORPORATION
	 	 
	 	 
	 	 
	 	By:
	 	Raymond J. De
      Hont
	 	Chairman, CEO &
      President
	 	 
	 	 
	 	 
	 	  ,Optionee

    

     

     

        

     

     

     

     

     

     

     

     

     

     

     

     

                                                           

    

 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
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