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|  (i)If to the employer, to:                         Black    Warrior Wireline Corp.                      100    Rosecrest Lane                      Columbus,    Mississippi  39701                      Attn:  William L. Jenkins    (ii)If to the employee, to:                          Ron    Whitter                      6402    Gladehill Drive                      Kingwood,    TX 77345           11.          Change  of Control.   Upon a Change of  Control, the Employer shall pay to the Employee the sum of $125,000 (the “COC  Payment”).  As used  herein, a Change of Control shall mean any of the following:  (i) any person or group of persons (within  the meaning of the Securities Exchange Act of 1934,) shall have acquired, after  the Closing Date, beneficial ownership (within the meaning of Rule 13d-3  promulgated by the Securities and Exchange Commission under the Securities  Exchange Act of 1934,) of 20% or more of the issued and outstanding shares of  capital stock of Company having the right to vote for the election of Directors  of Company under ordinary  Page 3 **Back to Contents** circumstances; (ii) more than  25% of the assets of the Company are sold in a transaction or series of  transactions closing within twenty-four (24)  months of one another; (iii) the Company shall merge with any other person or  firm;  (iv) during any period of twelve  consecutive calendar months, individuals who at the beginning of such period  constituted the Board of Directors of Company (together with any new directors  whose election by the Board of Directors of Company or whose nomination for  election by the Stockholders of Company was approved by a vote of at least  two-thirds of the Directors then still in office who either were Directors at  the beginning of such period or whose election or nomination for election was  previously so approved cease) for any reason other than death or disability to  constitute a majority of the Directors then in office; (v) St. James Capital  Corp. ceases to be the general partner, managing partner orotherwise ceases to  be in control of St. James Capital Partners, LP or SJMB, LLC ceases to be the  general partner, managing partner or otherwise ceases to be in control of  SJMB, LP, (vi) William L. Jenkins ceases to  serve in as Chief Executive Officer, President or Director of the Company.             12.          Captions.  The captions or headings in this Agreement  are made for convenience and general reference only and shall not be construed  to describe, define or limit the scope or intent of the provisions of this  Agreement.           13.          Assignment.  In the event of a sale of the Employer, or a  sale of substantially all of the assets of the Employer, the Employer shall  either (i) cause the purchaser to assume its rights and obligations under this  Agreement or (ii) terminate this agreement and pay to Employee an early  termination fee equal to fifty percent (50%) of the compensation due to  Employee during the remainder of the Term.. Page 4 **Back to Contents** **          IN  WITNESS WHEREOF**,  the Employer by and through its duly authorized officers and the Employee have  caused this instrument to be executed under seal effective the 15th day of  September, 2004, but effective upon the Effective Date. WITNESS:BLACK WARRIOR WIRELINE CORP.       By: /s/ William L. Jenkins    William L. Jenkins  Its CEO   WITNESS:EMPLOYEE:     /s/ Ron Whitter  Ron Whitter Page 5  |
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