AMENDMENT TO OPTION AGREEMENT
THIS AMENDMENT TO OPTION AGREEMENT (the "Amendment") is made and entered
into this 22nd day of December 1999, by and between Flanders Corporation, a
North Carolina corporation (formerly known as Elite Acquisitions, Inc.)
("Flanders Corporation"), Flanders Filters, Inc., a North Carolina corporation
("Flanders Filters") (Flanders Corporation and Flanders Filters are sometimes
hereinafter collectively referred to as the "Company"), and Xxxxxx Xxxxx
("Xxxxx" or the "Executive"). In this Amendment, Flanders Corporation, Flanders
Filters, and Xxxxx, together with their successors and permitted assignees, are
separately referred to as a "Party" and collectively as the "Parties."
W I T N E S S E T H:
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxx entered into an
Option Agreement (the "Agreement") dated February 22, 1996.
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxx amended the
Agreement on December 22, 1999; and
WHEREAS, Flanders Corporation, Flanders Filters and Xxxxx desire to further
amend the Agreement upon the terms provided herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties hereby agree to amend
the Agreement as follows:
1. AMENDMENT TO EXPIRATION DATE.
The expiration date of the Option Agreement shall end on February 22, 2006.
2. NUMBER OF SHARES
The number of shares shall remain 1,000,000 which may be purchased pursuant
to the Agreement.
Dated: 12/22/99 /s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx
