-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V+9jUITj6d7OANc0u7J3WVyK+P0xIzh41FlUiiIXVcUTOB4uxyJHEKDKHiib7DG3 RItqAl5jUGByaDi1gsBwCQ== 0000065201-05-000003.txt : 20050128 0000065201-05-000003.hdr.sgml : 20050128 20050128150734 ACCESSION NUMBER: 0000065201-05-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050128 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20050128 DATE AS OF CHANGE: 20050128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MET PRO CORP CENTRAL INDEX KEY: 0000065201 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] IRS NUMBER: 231683282 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07763 FILM NUMBER: 05557870 BUSINESS ADDRESS: STREET 1: 160 CASSELL ROAD CITY: HARLEYSVILLE STATE: PA ZIP: 19438 BUSINESS PHONE: 2157236751 MAIL ADDRESS: STREET 1: 160 CASSELL ROAD STREET 2: BOX 144 CITY: HARLEYSVILLE STATE: PA ZIP: 19438 FORMER COMPANY: FORMER CONFORMED NAME: MET PRO WATER TREATMENT CORP DATE OF NAME CHANGE: 19740924 FORMER COMPANY: FORMER CONFORMED NAME: MET PRO INC DATE OF NAME CHANGE: 19661026 8-K 1 mpr8k012805.htm 8K 8K


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
  
Date of Report (date of earliest event reported):

January 28, 2005

MET-PRO CORPORATION
(Exact name of registrant as specified in charter)
 
 
 
 
Pennsylvania
 001-07763
23-1683282
(State or Other Jurisdiction of
Incorporation or 
Organization of Registrant)
(Commission File Number) 
(I.R.S. Employer Identification No.)
 
 
 
160 Cassell Road, P.O. Box 144 Harleysville, Pennsylvania
 
19438
(Address of principal executive offices)
 
(Zip Code)
 
(215) 723-6751
  
 
(Registrant's telephone number, including area code)
 
 
 
  
 
Not Applicable
  
 
(Former name or former address, if changed since last report.)
  
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ] Soliciting material pursuant to rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 


 
     
 
 
Item 1.01 Entry into a Material Definitive Agreement.

On January 28, 2005, we amended the terms of certain stock option award agreements by accelerating the vesting of certain of the options to January 28, 2005.  The stock option agreements that we amended granted options under either our 1997 or 2001 Stock Option Plans.  All of the affected options were awarded on February 23, 2004, and all have an option exercise price of $17.145 per share. The table below presents certain additional information concerning the affected option awards and option holders.  Our stock price closed at $12.90 on January 28, 2005.  
 
 
 
 
 
 
Total number
 of options awarded on
 Feb. 23, 2004
 
Less - Options
  which vested
Feb. 23, 2004
 
 
 
 
Options for which vesting was accelerated to
Jan. 28, 2005
 
Chief Executive and the five other most highly compensated executive officers (for fiscal year ended January 31, 2004):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Raymond J. De Hont
 
 
25,000
 
8,333
 
16,667
 
 
 
 
 
 
 
 
 
William L. Kacin(1)
 
 
7,000
 
2,333
 
6,667
 
 
 
 
 
 
 
 
 
 
Gary J. Morgan
 
10,000
 
3,333
 
2,600
 
 
 
 
 
 
 
 
 
 
Paul A. Tetley
 
 
10,000
 
3,333
 
357
 
 
 
 
 
 
 
 
 
 
William F. Mersch(1)
 
 
4,000
 
1,333
 
2,357
 
 
 
 
 
 
 
 
 
 
James G. Board
 
 
4,500
 
1,500
 
2,495
 
 
 
 
60,500
 
20,165
 
31,143
 
 
 
 
 
 
 
 
 
 
All other Directors and
executive officers as a group
 
 
52,500 
 
17,498
 
31,372
 
 
 
 
 
 
 
 
 
 
All other employees
 
 
 4,000
 
1,333
 
2,667
 
 
 
 
 
 
 
 
 
 
Total
 
117,000
 
38,996
 
65,182
 
 
(1)  Not presently an executive officer of the Company.
 
Prior to the amendment of these stock option agreements, the options were scheduled to vest 33.33% on February 23, 2004, 33.33% on February 23, 2005, and 33.34% on February 23, 2006. Accordingly, an aggregate of 38,996 of the options covered by the above award agreements vested on the date of grant, February 23, 2004, pursuant to the original provisions of the agreements. As a result of the amendment of the stock option agreements on January 28, 2005, vesting of an additional 65,182 of the options was accelerated to January 28, 2005. Vesting of an aggregate of 12,822 of the options granted on February 23, 2004 was not accelerated, and these stock options are subject to vesting according to their terms on either February 23, 2005 or February 23, 2006.

 
     
 



SIGNATURE

Pursuant to requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
 
   
 
Met-Pro Corporation
   
 
     
Date:  January 28, 2005
By:
 /s/ Raymond J. De Hont       
 
 
Raymond J. De Hont
   
President and Chief Executive Officer

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