Document:

Flanders Corporation Offering Bid for Certain Assets of Wildwood Industries

 Exhibit 10.1 
  

			
	 

	 	 Flanders Filters, Inc.
 531 Flanders Filters Road
 Washington, NC 27889
 (252) 946-8081 – Telephone
 (252)
946-4738 - Telefax

 May 12, 2009 
 Mr. Alex D. Moglia 
 Chapter 11 Trustee for Wildwood Industries, Inc. 
 1325 Remington Rd 
 Suite H 
 Schaumburg, IL 60173 
 Re: Offer for Assets of Wildwood
Industries, Inc. 
 Dear Mr. Moglia: 
 Flanders Corporation (“Flanders”) hereby submits an offer for all assets of Wildwood Industries, Inc. (“Wildwood”) that were proposed for sale to RFS, pursuant to the Asset Purchase Agreement filed with the Bankruptcy
Court on Friday, May 8, 2009 [Court Docket No. 433], for a purchase price of $3.6 million in cash. The sale of the assets of Wildwood to Flanders would be free and clear of any liens, claims and encumbrances, pursuant to the provisions of
the Bankruptcy Code. There are no contingencies to this offer and Flanders would be prepared to close on the sale of assets upon Bankruptcy Court approval of the sale. 
 Flanders would like the opportunity to inspect the assets and would be prepared to conduct such inspection on an expeditious basis. However, Flanders is prepared to proceed with this offer if an inspection is not
possible. 
 Please contact me at 252-717-1099 if you have any questions. 
  

	
	Sincerely yours,
	
	John Oakley
	Chief Financial Officer
	Flanders CorporationBinding Purchase Agreement

 Exhibit 10.2 
 Binding Purchase Agreement 
 May 19, 2009 
 This Binding Purchase Agreement (this “Agreement”) sets forth the binding obligations of the parties concerning a transaction whereby
R.P.S. Products, Inc. (“Buyer”) agrees to purchase and Flanders Corporation (“Seller”) agrees to sell the assets and liabilities listed on the attached Schedule A and which are owned by or the responsibility
of Seller (the “Subject Assets”), the bulk of which were acquired from Wildwood Industries, Inc. (the “Company”) out of bankruptcy. 
 To evidence its good faith, Buyer is presenting to Seller the sum of $400,000 by wire transfer (the “Deposit”), by 12:00 am on May 20, 2009. If the transaction contemplated by this Agreement is
consummated, then the Deposit shall be applied to the Purchase Price to be paid by the Buyer at the closing. If Seller does not purchase such Subject Assets from the Company for the reasons contemplated in Section 2 below, and therefore cannot
sell the Subject Assets to Buyer, the Deposit shall be returned to Buyer. 
 This Agreement supersedes and replaces all prior offers and
negotiations between Buyer and Seller. The transaction shall be effected as follows: 
 1. Seller shall sell to Buyer and Buyer shall purchase
the Subject Assets for a total purchase price equal to (a) $2,225,000 by wire transfer on May 20, 2009, (b) reimbursement of all reasonable costs of Seller relating the business represented by the Subject Assets, including without
limitation, the costs associated with the Business Inventory (as defined below), labor costs, utility costs and similar reasonable overhead and direct costs incurred in connection with the business represented by the Subject Assets
(“Business Inventory Costs”), and (c) the assumption by Buyer of the Further Lease Obligations (as defined Schedule A) for which Seller may be responsible either at closing or in the future (collectively, the
“Purchase Price”). Seller shall not deliver or otherwise release any of the Subject Assets to Buyer until the Purchase Price identified in Section 1(a) and Section 1(b) has been paid. The term “Business
Inventory” shall mean the inventory purchased by Seller and the inventory purchase commitments incurred by Seller in connection with the business represented by the Subject Assets. 
 2. The consummation of the transaction shall be contingent solely upon the purchase by Seller of the Subject Assets from the Company out of bankruptcy
which must be approved by the Bankruptcy Court. Failure of the Seller to purchase the Subject Assets from the Company shall not be deemed a breach by Seller hereof. 
 3. Neither party will make any public disclosure or publicity release pertaining to the existence of this Agreement or of the subject matter contained herein without having first obtained the written consent of the
other party. 
 4. Each party agrees to keep confidential all information about the other party or the Company which it obtains in connection
herewith, and shall not disclose same to any third parties. All documents and all copies thereof obtained by Buyer or its representatives with respect to Seller and the Company shall be promptly delivered to Seller if the transaction contemplated
hereby is not consummated. 

 5. The parties agree to execute and deliver or cause to be executed and delivered from time to time any
such instruments, documents, agreements, consents and assurances and take such other actions as the either party may reasonably may require in order to effect the purposes contemplated herein, including, without limitation, an Assignment and Bill of
Sale for the Subject Assets. 
 6. Each party hereto shall pay their own fees and expenses in connection with the transaction contemplated
hereby whether or not such transaction is completed. This Agreement shall be governed by North Carolina law. 
 7. If the above correctly
sets forth your agreement of the purchase and sale of the Subject Assets please so indicate by executing the enclosed copy of this letter in the space provided below. 
 [signature page follows] 

			
	Flanders Corporation
	
	  

	Name:	 	  

	Title:	 	  

	
	R.P.S Products, Inc.
	
	  

	Name:	 	  

	Title:	 	  

 Schedule A 
 Subject Assets 
 “Subject Assets” shall mean, except for the Retained Assets (as defined below),
(a) all assets purchased by Seller from the Company out of bankruptcy on May 20, 2009 which are owned by Seller, (b) all the Business Inventory, (c) all accounts receivables due to Seller for product shipped since May 12,
2009 relating to the business represented by the Subject Assets to which the Seller is entitled (“Accounts Receivables”), (d) all proceeds representing Accounts Receivables remitted to Seller by the bankruptcy trustee, and
(e) all Further Lease Obligations. 
 For Purposes hereof, the term “Further Lease Obligations” shall mean any “true lease”
or other similar lease obligation of the Company applicable to one or more of the Subject Assets which the applicable Bankruptcy Court adjudicates to be a “true lease” in connection with the purchase of the Company’s assets out of
bankruptcy. For purposes hereof, the term “Retained Assets” shall mean the assets used in the furnace filter air filtration business of the Company. To the extent that any Subject Asset or Retained Asset is used in both of the
businesses (that is, the business represented by the Subject Assets and the business represented by the Retained Assets), such as fork lift trucks and shrink wrappers the parties shall mutually agree on such disposition in a 60% (Buyer) and 40%
(Seller) allocation. 
 The parties understand and agree that the Bankruptcy Court has set aside $250,000 which may, depending on the terms determined by the
Bankruptcy Court, be used to satisfy the first $250,000 in Further Lease Obligations which may arise after the Seller’s purchase of the Subject Assets out of bankruptcy. The parties agree that Seller shall allocate $125,000 of such funds to
satisfy any of Buyer’s Further Lease Obligations, with the Seller retaining the other $125,000 for the Retained Assets. This obligation shall survive until the earlier of (a) the Further Lease Obligations are paid in full, (b) the
$125,000 allocation has been reached, or (c) the statutory period for making a “true lease” claim under the bankruptcy laws has terminated. In order for the Buyer to benefit from the $125,000 allocation set aside for the Further Lease
Obligations, Buyer shall send to Seller a cancelled check or other commercially reasonable documentation memorializing a payment (or payments) made to a “true lease” lessor in partial payment on a full settlement of a “true
lease” obligation. In the event that, within the statutory period required by applicable bankruptcy laws, either (x) no Further Lease Obligations shall arise for either of the Subject Assets (for Buyer) or the Retain Assets (for Seller),
or (z) less than the $125,000 allocated to each party is necessary to extinguish the “true lease” obligations of either such party, then in either such case the other party may utilize such parties remaining $125,000 allocation set
aside.Valley National Bancorp Incentive Stock Option Agreement

 Exhibit 10.1 
  

					
	 Name of Employee:
	  	No. of Shares:	  	 

					
			
	 	  	Exercise Price:	  	 

 VALLEY NATIONAL BANCORP 
 INCENTIVE STOCK OPTION AGREEMENT 
 VALLEY NATIONAL BANCORP, a New Jersey
corporation (the “Company”), this              day of
                            , 200     (the “Option Date”) hereby
grants to                              (Employee”), an employee of the Company or a subsidiary
thereof, pursuant to the Company’s 2009 Long-Term Stock Incentive Plan, as amended (the “Plan”), an option to purchase shares of the Common Stock, no par value, of the Company (“Common Stock”) in the amount and on the terms
and conditions hereinafter set forth. 
  

	1.	Incorporation by Reference of Plan. The provisions of the Plan, a copy of which is being furnished herewith to the Employee, are incorporated by reference herein and shall
govern as to all matters not expressly provided for in this Agreement. Capitalized terms not defined herein have the meanings set forth in the Plan. In the event of any conflict between the terms of this agreement and the Plan, the terms of the Plan
shall govern. 

  

	2.	Grant of Option. The Company hereby grants to the Employee the option (the “Option”) to purchase all or any part of an aggregate of
             shares of Common Stock (“Shares”) on the terms and conditions herein set forth. To the extent possible, the Option is intended to be an incentive option within
the meaning of Section 422 of the Code. 

  

	3.	Purchase Price. The purchase price of the shares of Common Stock subject to the Option shall be
             per share subject to adjustment as provided in Section 10 below. 

  

	4.	Terms of Option. (a) Vesting. This Option shall not be exercisable until the dates shown below: 

 Notwithstanding the foregoing vesting schedule, upon the death or Retirement (as such term is defined in the Plan) of the Employee, all options shall become immediately
exercisable. 
  

	5.	Final Termination. Notwithstanding anything to the contrary set forth in Section 6(b) of the Plan, the Option shall no longer be exercisable ten (10) years from the
date hereof or such shorter as is prescribed in the Plan or in this Agreement. 

	6.	Restrictions. This Option is subject to all the terms and conditions set forth in the Plan including, but not limited to, the following: 

  

	 	a.	This Option is not transferable, as provided in Section 6(c) of the Plan; 

  

	 	b.	This Option may be exercised for a period of up to two years, and in no event for a period of less than one year, after the Employee dies, as provided in Section 6(g)(1) of the
Plan; 

  

	 	c.	This Option lapses upon the termination of employment if the termination is by the Company or by a subsidiary for Cause or is by the Employee (other than due to the Employee’s
Retirement), as provided in Section 6(g)(2) of the Plan; 

  

	 	d.	This Option lapses at the conclusion of the remaining term of the Option and no event including the death of the Employee shall extend the exercise period beyond such date (as
defined in the Plan); 

  

	 	e.	This Option lapses 90 days after the termination of Employee’s employment if the termination is for any reason other than Cause, Retirement, death or termination by the
Employee (other than for Retirement), as provided in Section 6(g)(4) of the Plan; and 

  

	 	f.	This Option may be exercised by the designated beneficiaries of the Employee, as provided in Section 17(c) of the Plan. 

  

	7.	Accelerated Stock Options. With respect to an Employee who was at any time a named executive officer (as determined under Item 402 of Regulation S-K of the Exchange
Act), this Option is subject to all the terms and conditions set forth in the Plan regarding Accelerated Stock Options including, but not limited to, the following: 

  

	 	a.	The retention requirements as provided in Section 6(g) of the Plan; and 

  

	 	b.	The inclusion on any certificate issued by the Company for Shares obtained upon the exercise of the Option of a legend restricting transfer of Shares subject to the retention
requirements as provided in Section 6(g) of the Plan. 

  

	8.	Exercise. This Option shall be exercised by notice to the Company, accompanied by full payment, as set forth in Section 6(e) of the Plan. A sample form to be used in
exercising this Option is attached. 

  

	9.	 Holding Period of Shares Necessary for Favorable Tax Treatment. To obtain favorable tax treatment for stock acquired pursuant to this Option, the Employee
may not dispose of Shares acquired pursuant to this option (i) within 2 years of the date this option is granted or (ii) within 1 year after such shares are transferred to the Employee. The foregoing statement of tax 

  

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consequences is intended only as a generalized statement of current Federal tax law (as in existence on the date of this Agreement) and the Employee, at its
expense, should consult his or her tax consultant to determine the specific tax consequences of his or her exercise of this Option. An employee who disposes of his Shares prior to the expiration of such holding period shall notify the Company,
within 10 days after the disposition occurs, of the date of the sale and the amount of gain on the sale (to permit the Company to deduct the gain for tax purposes) and shall deliver to the Company any Federal income tax withholding and any other
withholding required by law in connection therewith. 

  

	10.	Securities Law Restrictions. The Company is under no obligation to file a registration statement under the Securities Act of 1933 with respect to the Shares to be received
upon exercise of the Option. As provided by Section 16(e) of the Plan, unless a registration statement under the Act has been filed and remains effective with respect to the Shares, the Company shall require that the offer and sale of such
Shares be exempt from the registration provisions of the Act. As a condition of such exemption, the Company shall require a representation and undertaking, in form and substance satisfactory to counsel for the Company, that the optionee is acquiring
the Shares for his own account for investment and not with a view to the distribution or resale thereof and shall otherwise require such representations and impose such conditions as shall establish to the Company’s satisfaction that the offer
and sale of the Shares issuable upon the exercise of the Option will not constitute a violation of the Act or any similar state act affecting the offer and sale. If the shares are issued in an exempt transaction, the Shares shall bear the following
restrictive legend: 

 “These shares have not been registered under the Securities Act of 1933. No transfer of the shares
may be effected without an opinion of counsel to the Company stating that the transfer is exempt from registration under the Act and any applicable state securities laws or that the transfer of the shares is covered by an effective registration
statement with respect to the shares.” 
  

	11.	Restrictions on Transfer. This Option shall not be transferred, assigned, pledged or hypothecated and shall not be subject to execution, attachment or similar process. In the
event the terms of this paragraph are not complied with by the Employee, or if the Option is subject to execution, attachment or similar process, this Option shall immediately become null and void. 

  

	12.	 Anti-Dilution Provisions. If prior to expiration of the Option there shall occur any change in the outstanding Common Stock of the Company by reason of any
stock dividend, stock split, combination or exchange of shares, merger, consolidation, recapitalization, reorganization, liquidation, subscription rights offering, or the like, and as often as the same shall occur, then the kind and number of shares
subject to the Option, or the purchase price per share of Common Stock, or both, shall be adjusted by the Compensation Committee in such manner as it may deem equitable, the determination of which shall be binding and conclusive. Failure of the
Compensation Committee or Board to provide for any such adjustment shall be conclusive 

  

 3 

	 	 
evidence that no adjustment is required. The Company shall have the right to engage a firm of independent certified public accountants, which may be the
Company’s regular auditors, to make any computation provided for in this Section, and a certificate of that firm showing the required adjustment shall be conclusive and binding. 

  

	13.	Acceptance of Provisions. The execution of this Agreement by the Employee shall constitute the Employee’s acceptance of and agreement to all of the terms and conditions
of the Plan and this Agreement. 

  

	14.	Notices. Except as specifically provided in the Plan or this Agreement, all notices and other communications required or permitted under the Plan and this Agreement shall be
in writing and shall be given either by (i) personal delivery or regular mail, in each case against receipt, or (ii) first class registered or certified mail, return receipt requested. Any such communication shall be deemed to have been
given (i) on the date of receipt in the cases referred to in clause (i) of the preceding sentence and (ii) on the second day after the date of mailing in the cases referred to in clause (ii) of the preceding sentence. All such
communications to the Company shall be addressed to it, to the attention of its Secretary or Treasurer, at its then principal office and to the Employee at his last address appearing on the records of the Company or, in each case, to such other
person or address as may be designated by like notice hereunder. 

  

	15.	Miscellaneous. This Agreement and the Plan contain a complete statement of all the arrangements between the parties with respect to their subject matter, and this Agreement
cannot be changed except by a writing executed by both parties. This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey applicable to agreements made and to be performed exclusively in New Jersey. The
headings in this Agreement are solely for convenience of reference and shall not affect its meaning or interpretation. 

  

									
	VALLEY NATIONAL BANCORP	 		 	EMPLOYEE
					
	By:	 	 	 		 	By	 	 
		 		 		 		 	Signature of Employee

  

 4 

 FORM FOR EXERCISING INCENTIVE STOCK OPTION 
 Date:                             ,
             
 Valley National Bancorp 
 1455 Valley Road 
 Wayne, New Jersey 07474 
 Attn.:                          

I am (check one) 
  

	        	an employee of Valley National Bancorp and/or its subsidiaries (the “Company”) 

  

	        	a former employee of the Company 

  

	        	the designated beneficiary of an employee of the Company 

 and, as such, I
am entitled to exercise the option (the “Option”) granted pursuant to the attached Valley National Bancorp Incentive Stock Option Agreement (the “Agreement”). 
 I wish to exercise the Option to acquire              shares of the Company’s Common Stock (“Shares”) at the exercise price of
                    , as set forth in the Agreement. My total payment representing the exercise price and the withholding tax which I must pay
to you in connection with the exercise of the option is enclosed. 
 (Check one to indicate whether you are paying in:) 
  

	        	Cash 

  

	        	Check made payable to Valley National Bancorp 

  

	        	Other shares of the Company’s Common Stock (only with permission of the Company) 

             By having shares of the Company’s Common Stock that would otherwise have been delivered upon exercise of an Option withheld by the
Company (only with permission of the Company) 
  

	        	Other (only with permission of the Company) 

 If the Shares I acquire hereby have not been registered for sale under the Securities Act of 1933, as amended (which
the Company is under no obligation to do), I represent to you that I am acquiring the Shares for investment purposes only and not with a view to distribution and I authorize you to place an appropriate restrictive legend on the certificates
representing the Shares. 
 I understand and recognize that to obtain favorable tax treatment for the Shares, I must not dispose of the Shares
(i) within two years of the date the Option was granted or (ii) within one year after the date I acquire the Shares hereunder. If I dispose of Shares prior to the expiration of any such holding period, I will notify the Company, within 10
days after the disposition occurs, of the date of sale and the amount of gain on the sale (to permit the Company to deduct the gain for tax purposes) and I will deliver to the Company any Federal income tax withholding required by law in connection
therewith. 
 Please make a notation on the Agreement to evidence my exercise of the Option as set forth and return the Agreement (if any Options remain
thereunder), along with a certificate representing the shares, to me at the address below. 
  

	
	
	  
	SIGNATURE
	
	  
	[PRINT NAME]
	
	  
	
	  
	(PRINT ADDRESS)

  

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