FIRST AMENDMENT to ASSET PURCHASE AGREEMENTAsset Purchase Agreement |
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KADANT INC | GranTek Inc | KADANT COMPOSITES LLC | LDI COMPOSITES CO | LIBERTY DIVERSIFIED INDUSTRIES, INC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit
10.1
FIRST
AMENDMENT
to
ASSET
PURCHASE AGREEMENT
among
KADANT
COMPOSITES LLC,
KADANT
INC.,
LDI
COMPOSITES CO.
and
LIBERTY
DIVERSIFIED INDUSTRIES, INC.
dated
as
of
October
10, 2006
FIRST
AMENDMENT TO ASSET PURCHASE AGREEMENT
This
First Amendment to Asset Purchase Agreement is made and entered into as of
October 10, 2006, among KADANT COMPOSITES LLC, a Delaware
limited liability company (“Seller”), KADANT
INC., a Delaware corporation (“Kadant”), LDI
COMPOSITES CO., a Minnesota corporation (“Buyer”), and
LIBERTY DIVERSIFIED INDUSTRIES, INC., a Minnesota corporation,
and parent corporation of Buyer (“Buyer
Parent”). Capitalized terms used herein and not otherwise
defined shall have the meaning ascribed to them in the Agreement (defined
below).
WHEREAS,
effective October 21, 2005, the parties entered into that certain Asset Purchase
Agreement (the “Agreement”) pursuant to which Seller sold to
Buyer all of the tangible and intangible assets of Seller other than the
Excluded Assets (as defined therein), and Buyer purchased the same on the terms
set forth therein.
WHEREAS,
the parties wish to amend certain of the provisions, covenants and obligations
under the Agreement in accordance with the terms and conditions of this
Amendment;
NOW,
THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, the parties hereto agree as follows:
1. Amendment
to Section 10 of Agreement. Section 10(a) of the Agreement is
hereby to provide the following additional provision:
“(iv)&#
