Document:

<Page>

Exhibit 10 (j)
Outside Director Stock Purchase Agreement

                            WOODWARD GOVERNOR COMPANY

                    OUTSIDE DIRECTOR STOCK PURCHASE AGREEMENT

                                                                     Dated as of
                                                                  April 24, 2002

WOODWARD GOVERNOR COMPANY
Attention:  Mr. John Halbrook, President
5001 North Second Street
Rockford, IL  61111

Dear Mr. Halbrook:

The undersigned, James R. Rulseh, understands that you, Woodward Governor
Company, a Delaware corporation (the "Company") is authorized to issue
60,000,000 shares, designated Common Stock of the par value of $0.00875 per
share (the "Company Stock"), of which as of April 24, 2002, (i) 11,324,954
shares were issued and outstanding, and (ii) 835,046 shares were issued but are
not outstanding and are owned and held by the Company as treasury shares.

In accordance with the Company's Director Share Ownership Guideline, the Company
is authorized to sell treasury shares of the Company Stock to each of its
directors who are not officers, members or employees of the Company (the
"Outside Directors"). The aggregate purchase price to me for the shares of
Company Stock I purchase will be One Hundred Twenty Thousand Dollars
($120,000.00) (the "Purchase Price"). The price per share shall be equal to the
Fair Market Value of such stock as quoted on the Nasdaq National Market at the
close of business on the date of this agreement. The shares of the company Stock
to be purchased by me hereunder shall be the number of whole shares of Company
Stock which may be acquired for the Purchase Price based upon the Fair Market
Value per share as of the Purchase Date (the "Shares").

I confirm my agreement with the Company as follows in connection with my
purchase of the Shares. Accordingly, the company confirms its agreement with me.

        (1)  PURCHASE OF SHARES. Subject to the terms and conditions herein set
        forth, I agree to purchase from the Company, and the Company agrees to
        sell to me, the number of Shares which may be purchased for the Purchase
        Price at a price per share equal to the Fair Market Value per share as
        of the Purchase Date.

        (2)  PAYMENT OF PURCHASE PRICE. In payment of the Purchase Price, I
        agree to deliver to the Company within 10 days following the Purchase
        Date a Non-Interest Bearing Installment Note from me in the amount of
        the Purchase Price dated the Purchase Date and payable to your order,
        expressed to mature in 60 monthly

<Page>

        installments as follows: $2,000.00 on the 20th day of May 2002, and
        $2,000.00 on the same day of each and every succeeding month thereafter
        to and including a final installment on the 20th day of April 2007, such
        note to be in the form of the Non-Interest Installment Note from me
        which is attached hereto as Exhibit A and hereby made a part hereof (the
        "Installment Note"). The remaining balance on the Installment Note will
        be accelerated in the event I cease to be an Outside Director of the
        Company for any reason and shall be payable 90 days thereafter.

        (3)  PURCHASE DATE. The purchase and sale provided for herein shall be
        consummated and closed at the office of the Company, 5001 North Second
        Street, Rockford, Illinois 61111, commencing at 11:00 a.m., Rockford
        local time, on April 25, 2002.

        (4)  ASSIGNMENT OF RETAINER FEES. I agree that commencing as of the
        Purchase Date, and on each of the next 60 payment dates thereafter, the
        Company may withhold and retain the monthly retainer fees due me from
        the company for my service as a member of the Board of Directors of the
        Company (the "Retainer Fees") in satisfaction of the payment of the
        Purchase Price for the Shares under the Installment Note. I hereby sell,
        assign, convey and transfer to the Company all my right, title and
        interest to any and all payments due me as Retainer Fees, including any
        and all increases thereof. The assignment of Retainer Fees shall be
        effective as of the Purchase Date until the Installment Note is paid and
        satisfied in full.

        (5)  PREPAYMENT. The unpaid monthly installments of the Purchase Price
        for Shares to be purchased by me hereunder may be prepaid by me in whole
        or in part at any time. In case of any prepayment of the Purchase Price
        in part, such prepayment shall be applied to the installments hereof in
        the inverse order of their respective maturities. Any monthly Retainer
        Fees in excess of $2,000.00 shall be applied by the Company as a
        prepayment hereunder.

        (6)  ISSUANCE OF STOCK CERTIFICATE. On the Purchase Date, the Company
        shall issue to me a stock certificate evidencing the number of Shares
        purchased by me hereunder.

        (7)  TRANSFERABILITY AND CONTINUING OBLIGATION. The rights granted me
        hereunder may not be sold, pledged, assigned, transferred or otherwise
        disposed of in any manner whatsoever. Only I shall have the right to
        purchase Shares hereunder. Furthermore, except as mutually agreed
        otherwise by the parties hereto, I understand and agree that my
        obligation under the Installment Note and this Agreement are with
        recourse and binding on me individually until satisfied in full,
        including without limitation, in the event (i) of my death, or (ii) that
        I am no longer an Outside Director for any reason.

        (8)  FINANCIAL RISKS. I acknowledge that I have received all information
        which I deem necessary and appropriate to evaluate the financial risks
        inherent in my purchase of Shares hereunder, and I acknowledge that I
        have satisfactory and complete

<Page>

        information concerning the business, operations, and finances of the
        Company in response to all my inquiries in respect thereof.

        (9)  INVESTMENT REPRESENTATION. I represent and warrant that the Shares
        acquired by me pursuant to this agreement (i) will be acquired by me for
        my own account, (ii) will be acquired by me for investment and not with
        a view to, or for sale in connection with, any distribution thereof,
        (iii) will be acquired by me with no present intention of selling or
        distributing such shares. I agree that I will not dispose of the Shares
        purchased by me hereunder in such a manner as will violate the
        Securities Act of 1933, as amended, or any applicable rules and
        regulations thereunder and until and unless the Company shall have been
        furnished with an opinion of counsel satisfactory to it to the effect
        that any proposed disposition of such shares may be effected without
        such violation. I agree that all certificates evidencing the Shares
        acquired by me hereunder will be marked with a legend as follows:

                 "The shares evidenced by this Certificate have not been
             registered under the Securities Act of 1933, as amended. The shares
             evidenced hereby may not be sold, transferred, pledged or
             hypothecated in the absence of an effective registration statement
             for the shares under the Securities Act of 1933, as amended, or an
             opinion of counsel satisfactory to the Corporation prior to the
             proposed transaction that registration is not required under said
             Act."

        I represent that I have been informed by the Company and understand that
        the Shares acquired by me hereunder will not be registered under the
        Securities Act of 1933, as amended, and that the Company does not
        contemplate and is not legally required to file any such registration.
        Accordingly, in connection with any future resale of the Shares acquired
        by me hereunder I acknowledge that my attention has been directed to
        Rule 144 under the Securities Act of 1933, as amended, and that I have
        been advised that the Shares acquired by me hereunder must be held
        indefinitely unless they are subsequently registered under the
        Securities Act of 1933, as amended, or an exemption from such
        registration is available.

        (10) NOTICES. All notices, requests, demands and other communication
        hereunder shall be in writing and shall be deemed to have been duly
        given when delivered personally or when deposited in the United States
        mail, registered or certified, return receipt requested, postage
        prepaid, addressed as follows:

             (a) if to me, to:

                 Mr. James R. Rulseh
                 6125 10th Street
                 Kenosha, Wisconsin  53144

<Page>

             (b) if to you, to:

                 Woodward Governor Company
                 5001 North Second Street
                 Rockford, Illinois 61111
                 Attention: Stephen P. Carter, Vice President, Chief
                 Financial Officer And Treasurer

        or to such other address or addresses as you or I may communicate in
        writing to the other by notice given pursuant to the provisions of this
        paragraph (10). Written notice given by any other method shall be deemed
        effective only when actually received by the party to whom given.

<Page>

        (11) MISCELLANEOUS. This Agreement (i) constitutes the entire agreement
        between you and me with respect to the subject matter hereof, (ii) shall
        not be assigned or transferred by your or me, (iii) shall be governed in
        all respects by the laws of the State of Illinois, and (iv) may be
        executed in two or more counterparts which together shall constitute a
        single instrument.

If the foregoing is in accordance with your understanding of our agreement,
please sign and return to me the enclosed copy of this Outside Director Stock
Purchase Agreement whereupon it shall become a binding agreement between us.

                                                         Very truly yours,

                                                         By
                                                            --------------------
                                                            James R. Rulseh

The foregoing is hereby confirmed
and agreed to as of the 24th day of
April, 2002.

WOODWARD GOVERNOR COMPANY

By
   -----------------------------------
      John A. Halbrook, Chairman and CEOExhibit

10.1

 

PROMISSORY NOTE

 

	

  $125,000.00

  	

   

  	

  Phoenix, Arizona

  
	

   

  	

   

  	

  October 8, 2002

  
	

   

  	

   

  	

  Note Doc.100802125

  

 

FOR VALUED RECEIVED, the undersigned RRF LIMITED PARTNERSHIP, a

Delaware partnership, (“Maker”), promises to pay to the order of Capital

Resource Lenders-I, L.L.C., an Arizona limited liability company, (the “Payee”;

Payee and each subsequent transferee and/or owner of this Note, whether taking

by endorsement or otherwise, are herein successively called “Holder”) at 1615

East Northern Avenue, Suite 102, Phoenix, Arizona 85020-3932, or at such other

place as the Holder may from time to time designate in writing, the principal

sum of ONE HUNDRED TWENTY FIVE THOUSAND AND 00/100 DOLLARS ($125,000.00), or so

much as has been advanced, plus interest calculated on a daily basis (based on

a 360-day year) from the date hereof on the principal balance from time to time

outstanding as hereinafter provided, principal, interest and all other sums

payable hereunder to be paid in lawful money of the United States of America as

follows:

 

(A)                              During the term of the Note, interest

shall accrue quarterly at the floating rate equal to the greater of (i) 8% per

annum or (ii) the Prime Rate plus 0.5%, and shall be adjusted at the beginning

of each calendar quarter. Notwithstanding the foregoing, at no time shall the

interest rate hereunder be greater than 10% per annum. The Prime Rate is

defined as the rate of interest, as of the first business day of each quarter,

designated in The Wall Street Journal as the “prime rate.”

 

(B)                                All accrued interest shall be due and

payable on the first day of each calendar quarter after the date of this Note

commencing with October 1, 2002, and continuing on each January 1, April 1, and

July 1 thereafter until this Note is paid in full.

 

(C)                                Payments shall be interest only, payable

quarterly until April 1, 2003; commencing on April 1, 2003, quarterly payments

shall include both interest and principal amortized over 20 years.

 

(D)                               The entire unpaid principal balance, all

accrued and unpaid interest, and all other amounts payable hereunder shall be

due and payable in full no later than September 30, 2009.

 

Maker hereby agrees that not less than 80% of each advance shall be

used by Maker to reduce the obligations under that certain loan secured by a

deed of trust in first position on the Real Property in the original principal

amount of $1,825,000. Advances shall in no event exceed the maximum principal

amount of this Note. Any advances made shall be and become sums secured by this

Note and subject to repayment pursuant to the terms hereof. Notwithstanding

anything herein to the contrary, Lender shall not be obliged to make any

advance under this Note and the determination to provide any advances requested

by Maker shall be made in Lender’s sole and absolute discretion.

 

1

 

If payment is ten (10) days or more late, Maker will be charged five

percent (5%) of the regularly scheduled payment. This late charge may be

assessed without written notice and shall be immediately due and payable and

shall be in addition to all other rights and remedies available to Holder.

 

Unless otherwise agreed to, in writing, or otherwise required by

applicable law, payments will be applied first to late charges and any unpaid

collection costs, then to accrued, unpaid interest, then to principal and other

charges; provided, however, upon delinquency or other default, Holder reserves

the right to apply payments among principal, interest, late charges, collection

costs and other charges at its discretion. All prepayments shall be applied to

the indebtedness owing hereunder in such order and manner as Holder may from

time to time determine in its sole discretion.

 

This Note is issued pursuant to that Loan Agreement (the “Loan

Agreement”) of even date herewith between Maker and Payee and is secured by,

among other things, one or more Deeds of Trust, Assignments of Rents, Security

Agreements and Fixture Filings (collectively, the “Deed of Trust”) of even date

herewith, executed by Maker, as trustor, in favor of Payee, as beneficiary,

encumbering property situated in Scottsdale, Maricopa County, Arizona, (the

“Real Property”). The Deed of Trust and all other documents or instruments

securing the indebtedness evidenced by this Note or executed or delivered in

connection with the indebtedness evidenced by this Note are hereinafter called

the “Security Documents.” The capitalized terms used herein and not otherwise

defined shall have the same meanings as set forth in the Loan Agreement.

 

Time is of the essence of this Note. At the option of Holder, the

entire unpaid principal balance, all accrued and unpaid interest and all other

amounts payable hereunder shall become immediately due and payable without

notice upon the failure to pay any sum due and owing hereunder as provided

herein if such failure continues for thirty (30) days after written notice

thereof to Maker or upon the occurrence of any Event of Default as defined in

the Loan Agreement or any of the Security Documents.

 

Upon default, including failure to pay upon final maturity, Holder, at

its option, may also, if permitted under applicable law, do one or both of the

following: (a) increase the applicable interest rate on this Note to fifteen

percent (15%) per annum, and (b) add any unpaid accrued interest to principal

and such sum will bear interest therefrom until paid at the rate provided in

this Note (including any increased rate). The interest rate will not exceed the

maximum rate permitted by applicable law. Maker shall pay all costs and

expenses, including reasonable attorneys’ fees and court costs, incurred in the

collection or enforcement of all or any part of this Note. All such costs and

expenses shall be secured by the Deed of Trust and by all other Security

Documents. In the event of any court proceedings, court costs and attorneys’

fees shall be set by the court and not by jury and shall be included in any

judgment obtained by Holder.

 

Maker shall not be entitled to prepay this Note at any time during the

first year of the Note. Thereafter, Maker shall have the option to prepay this

Note, in full or in part, at any time, provided that Maker pays a 4% prepayment

penalty based on the amount prepaid and Holder receives at least five (5) days

prior written notice of the intent to make such prepayment.

 

 

2

 

Failure of Holder to exercise any option hereunder shall not constitute

a waiver of the right to exercise the same in the event of any subsequent

default or in the event of continuance of any existing default after demand for

strict performance hereof.

 

Maker and all sureties, guarantors and/or endorsers hereof (or of any

obligation hereunder) and accommodation parties hereon (all of which, including

Maker, are severally each hereinafter called a “Surety”) each:  (a) agree that the liability under this Note

of all parties hereto is joint and several; (b) severally waive any homestead

or exemption laws and right thereunder affecting the full collection of this

Note; (c) severally waive any and all formalities in connection with this Note

to the maximum extent allowed by law, including (but not limited to) demand,

diligence, presentment for payment, protest and demand, and notice of

extension, dishonor, protest, demand and nonpayment of this Note; and (d)

consent that Holder may extend the time of payment or otherwise modify the

terms of payment of any part or the whole of the debt evidenced by this Note at

the request of any other person liable hereon, and such consent shall not alter

nor diminish the liability of any person hereon.

 

Maker agrees that to the extent Maker or any Surety makes any payment

to Holder in connection with the indebtedness evidenced by this Note, and all

or any part of such payment is subsequently invalidated, declared to be

fraudulent or preferential, set aside or required to be repaid by Holder or

paid over to a trustee, receiver or any other entity, whether under any

bankruptcy act or otherwise (any such payment is hereinafter referred to as a

“Preferential Payment”), then the indebtedness of Maker under this Note shall

continue or shall be reinstated, as the case may be, and, to the extent of such

payment or repayment by Holder, the indebtedness evidenced by this Note or part

thereof intended to be satisfied by such Preferential Payment shall be revived

and continued in full force and effect as if said Preferential Payment had not

been made.

 

Without limiting the right of Holder to bring any action or proceeding

against Maker or any Surety or against any property of Maker or any Surety (an

“Action”) arising out of or relating to this Note or any indebtedness evidenced

hereby in the courts of other jurisdictions, Maker and each Surety hereby

irrevocably submit to the jurisdiction, process and venue of any Arizona State

or Federal court sitting in Phoenix, Arizona, and hereby irrevocably agree that

any Action may be heard and determined in such Arizona State court or in such

Federal court. Maker and all Sureties each hereby irrevocably waives, to the

fullest extent it may effectively do so, the defenses of lack of jurisdiction

over any person, inconvenient forum or improper venue, to the maintenance of

any Action in any jurisdiction.

 

This Note shall be binding upon Maker and its successors and assigns

and shall inure to the benefit of Payee, and any subsequent holders of this

Note, and their successors and assigns.

 

All notices required or permitted in connection with this Note shall be

given at the place and in the manner provided in the Loan Agreement for the

giving of notices.

 

This Note shall be governed by and construed according to the laws of

the State of Arizona, without giving effect to conflict of laws principles.

 

 

3

 

 

JURY WAIVER. THE UNDERSIGNED AND HOLDER (BY ITS

ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND

UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY

DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG THE

UNDERSIGNED AND HOLDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT OR

ANY OTHER AGREEMENTS, DOCUMENTS OR INSTRUMENTS EXECUTED OR DELIVERED IN

CONNECTION WITH, OR OTHERWISE RELATING TO, THE INDEBTEDNESS EVIDENCED HEREBY

(TOGETHER WITH THIS NOTE, THE “RELATED DOCUMENTS”), OR ANY RELATIONSHIP BETWEEN

HOLDER AND THE UNDERSIGNED. THIS PROVISION IS A MATERIAL INDUCEMENT TO HOLDER

TO PROVIDE THE FINANCING DESCRIBED HEREIN OR IN THE OTHER RELATED DOCUMENTS.

 

IN WITNESS WHEEREOF, these presents are executed as of the date first

written above.

 

	

   

  	

  MAKER 

  
	

   

  	

   

  
	

   

  	

  RRF LIMITED PARTNERSHIP, 

  a Delaware limited partnership, 

  InnSuites Hospitality Trust, 

  General Partner, an Ohio real estate investment

  trust

  
	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Marc E. Berg

  
	

   

  	

   

  	

  Name: Marc E. Berg

  
	

   

  	

   

  	

  Title: Executive Vice-President

  

 

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00045-of-00352.parquet"}]]