Document:

6th Amdmt. to Credit Agmt. between Contango Oil & Gas Company and Guaranty Bank

 EXHIBIT 10.24 
  

  
 SIXTH AMENDMENT TO CREDIT AGREEMENT 
  
 BETWEEN

  
 CONTANGO OIL AND GAS COMPANY 
  
 AND 
  
 GUARANTY BANK, FSB 
 AS LENDER 
  
 Effective as of September 1, 2003

  

  
 REDUCING REVOLVING LINE OF CREDIT OF UP TO $50,000,000 
 REDUCING REVOLVING TERM LOAN OF $2,500,000 
  

  

  
  

 TABLE OF CONTENTS 
  

			
	 	  	 	  	PAGE

	 ARTICLE I       DEFINITIONS
	  	1
	 1.01
	  	Terms Defined Above	  	1
	 1.02
	  	Terms Defined in Agreement	  	1
	 1.03
	  	References	  	1
	 1.04
	  	Articles and Sections	  	1
	 1.05
	  	Number and Gender	  	1
	 ARTICLE II     WAIVERS
	  	2
	 2.01
	  	Waivers	  	2
	 2.02
	  	Limitation on Waivers	  	2
	 ARTICLE III    AMENDMENTS
	  	2
	 3.01
	  	Amendment of Section 1.2	  	2
	 3.02
	  	Amendment of Section 2.1A (a) and (b)	  	2
	 3.03
	  	Amendment of Section 2.6	  	3
	 3.04
	  	Amendment of Exhibit I(A)	  	3
	 ARTICLE IV    CONDITIONS
	  	3
	 4.01
	  	Receipt of Documents	  	3
	 4.02
	  	Accuracy of Representations and Warranties	  	4
	 4.03
	  	Matters Satisfactory to Lender	  	4
	 ARTICLE V     REPRESENTATIONS AND WARRANTIES
	  	4
	 ARTICLE VI    RATIFICATION
	  	4
	 ARTICLE VII  MISCELLANEOUS
	  	4
	 7.01
	  	Scope of Amendment	  	4
	 7.02
	  	Agreement as Amended	  	4
	 7.03
	  	Parties in Interest	  	4
	 7.04
	  	Rights of Third Parties	  	4
	 7.05
	  	ENTIRE AGREEMENT	  	4
	 7.06
	  	GOVERNING LAW	  	5
	 7.07
	  	JURISDICTION AND VENUE	  	5

  

 i 

 SIXTH AMENDMENT TO CREDIT AGREEMENT 
  
 This SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Sixth
Amendment”) is made and entered into effective as of September 1, 2003, between CONTANGO OIL AND GAS COMPANY, a Delaware corporation, (the “Borrower”), and GUARANTY BANK, FSB, a federal savings bank (the
“Lender”). 
  
 W I T N
E S S E T H 
  
 WHEREAS,
the above named parties did execute and exchange counterparts of that certain Credit Agreement dated June 29, 2001, as amended by First Amendment to Credit Agreement dated January 8, 2002, Second Amendment to Credit Agreement dated February 13,
2002, Third Amendment to Credit Agreement dated April 26, 2002, Fourth Amendment to Credit Agreement dated September 9, 2002, Letter Amendment to Credit Agreement dated January 7, 2003, and Fifth Amendment to Credit Agreement dated June 1, 2003 (the
“Agreement”), to which reference is here made for all purposes; 
  
 WHEREAS, the parties subject to and bound by the Agreement are desirous of amending the Agreement in the particulars hereinafter set forth; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements of the parties to the Agreement, as set forth
therein, and the mutual covenants and agreements of the parties hereto, as set forth in this Sixth Amendment, the parties hereto agree as follows: 
  
 ARTICLE I 
 DEFINITIONS

  
 1.01 Terms Defined Above. As used herein, each of
the terms “Agreement,” “Borrower,” “Sixth Amendment,” and “Lender” shall have the meaning assigned to such term hereinabove. 
  
 1.02 Terms Defined in Agreement. As used herein, each term defined in
the Agreement shall have the meaning assigned thereto in the Agreement, unless expressly provided herein to the contrary. 
  
 1.03 References. References in this Sixth Amendment to Article or Section numbers shall be to Articles and Sections of this Sixth Amendment, unless
expressly stated herein to the contrary. References in this Sixth Amendment to “hereby,” “herein,” hereinafter,” hereinabove,” “hereinbelow,” “hereof,” and “hereunder” shall be to this
Sixth Amendment in its entirety and not only to the particular Article or Section in which such reference appears. 
  
 1.04 Articles and Sections. This Sixth Amendment, for convenience only, has been divided into Articles and Sections and it is understood that the
rights, powers, privileges, duties, and other legal relations of the parties hereto shall be determined from this Sixth Amendment as an entirety and without regard to such division into Articles and Sections and without regard to headings prefixed
to such Articles and Sections. 
  
 1.05 Number and Gender.
Whenever the context requires, reference herein made to the single number shall be understood to include the plural and likewise the plural shall be understood to 
  

 1 

 include the singular. Words denoting sex shall be construed to include the masculine, feminine, and neuter, when such
construction is appropriate, and specific enumeration shall not exclude the general, but shall be construed as cumulative. Definitions of terms defined in the singular and plural shall be equally applicable to the plural or singular, as the case may
be. 
  
 ARTICLE II 
 WAIVERS 
  
 2.01 Waivers. The Lender hereby waives, for one time only, any Default or Event of Default arising under the Agreement or any other Loan Document
solely as a result of violations of Section 6.7 to allow the Borrower to repurchase 330,000 options held by Brad Juneau for a total of up to $800.000. 
  
 2.02 Limitation on Waivers. The scope of the waivers set forth in Section 2.01 are expressly limited to their terms and do not extend to any other
or future breaches, Defaults, violations or Events of Default under the Agreement or any other Loan Document. 
  
 ARTICLE III 
 AMENDMENTS 
  
 The Borrower and the Lender hereby amend the Agreement in the following
particulars: 
  
 3.01 Amendment of Section 1.2. Section 1.2
of the Agreement is hereby amended as follows: 
  
 The following
definitions are added and/or amended to read as follows: 
  
 “Floating Rate” shall mean shall mean an interest rate per annum equal to the Base Rate from time to time in effect plus one-fourth percent (1/4%) for the revolving line of credit and plus three-fourths of one percent
(0.75%) for the Reducing Revolving Term Loan, but in no event exceeding the Highest Lawful Rate. 
  
 “LIBOR Base Rate” shall mean with respect to any Euro-Dollar Amount, the rate per annum (expressed as a percentage) determined by Lender
to be equal to the sum of (a) the quotient of the LIBOR Rate for the applicable Euro-Dollar Amount and the applicable Interest Period, divided by (1 minus the applicable Reserve Requirement), rounded up to the nearest 1/100 of 1%, plus (b) the
applicable Assessments, plus (c) two percent (2%) for the revolving line of credit and (d) three percent (3%) for the Reducing Revolving Term Loan. 
  
 “Reducing Revolving Term Loan Available Commitment” shall mean on the date of this Sixth Amendment, the sum of $2,500,000. Such amount
shall reduce by $425,000 per month beginning October 1, 2003. 
  
 3.02 Amendment of Section 2.1A (a) and (b). Section 2.1A (a) and (b) of the Agreement shall be amended to read as follows: 
  

	 	“A.	Reducing Revolving Term Loan 

  

 2 

	 	(a)	The Reducing Revolving Term Loan shall be in the total amount of $2,500,000, with interest at the LIBOR Base Rate payable as set forth in the Agreement or the Floating Rate payable
monthly by the Borrower to the Lender beginning on the first day of the month following the month in which borrowings were made under this facility, and continuing on the first day of each calendar month thereafter until the Reducing Revolving Term
Loan Balance is zero and/or until March 1, 2004, when all sums owing under this facility are due and payable. 

  

	 	(b)	The Borrower may only borrow under the Reducing Revolving Term Loan up to the amount of the Reducing Revolving Term Loan Available Commitment. Principal payments of the greater of
$425,000 per month or an amount necessary to reduce the Reducing Revolving Term Loan Balance to the Reducing Revolving Term Loan Available Commitment will be required should the amount of borrowings equal to or exceed the Reducing Revolving Term
Loan Available Commitment. 

  
 3.03 Amendment of
Section 2.6. Section 2.6(a) of the Agreement is amended to read as follows: 
  
 “2.6 Borrowing Base Determinations. (a) The Borrowing Base as of September 1, 2003, is acknowledged by the Borrower and the Lender to be $21,700,000. Commencing on October 1, 2003, and continuing
thereafter on the first day of each calendar month through the next Borrowing Base review, the amount of the Borrowing Base shall be reduced by $620,000.” 
  

3.04 Amendment of Exhibit I(A). Exhibit I(A), i.e. the Form of Reducing Revolving Term Note, shall be as set forth on Exhibit I(A) to this Sixth
Amendment. 
  
 ARTICLE IV 
 CONDITIONS 
  
 The obligation of the Lender to amend the Agreement as provided herein is subject to the fulfillment of the following conditions precedent: 
  
 4.01 Receipt of Documents. The Lender shall have received, reviewed,
and approved the following documents and other items, appropriately executed when necessary and in form and substance satisfactory to the Lender: 
  

	 	(a)	multiple counterparts of this Sixth Amendment as requested by the Lender; 

  

	 	(b)	Reducing Revolving Term Note; 

  

	 	(c)	payment by the Borrower to the Lender an Engineering Fee in the amount of $5,000; and 

  

	 	(d)	such other agreements, documents, items, instruments, opinions, certificates, waivers, consents, and evidence as the Lender may reasonably request. 

  

 3 

 4.02 Accuracy of Representations and Warranties. The representations and warranties contained in
Article IV of the Agreement and this Sixth Amendment shall be true and correct. 
  
 4.03 Matters Satisfactory to Lender. All matters incident to the consummation of the transactions contemplated hereby shall be satisfactory to the Lender. 
  
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
  
 The Borrower hereby expressly re-makes, in favor of the Lender, all of the representations and warranties set forth in Article IV of the Agreement, and
represents and warrants that all such representations and warranties remain true and unbreached. 
  
 ARTICLE VI 
 RATIFICATION 
  
 Each of the parties hereto does hereby adopt, ratify, and confirm the
Agreement and the other Loan Documents, in all things in accordance with the terms and provisions thereof, as amended by this Sixth Amendment. 
  
 ARTICLE VII 
 MISCELLANEOUS

  
 7.01 Scope of Amendment. The scope of this Sixth
Amendment is expressly limited to the matters addressed herein and this Sixth Amendment shall not operate as a waiver of any past, present, or future breach, Default, or Event of Default under the Agreement. except to the extent, if any, that any
such breach, Default, or Event of Default is remedied by the effect of this Sixth Amendment. 
  
 7.02 Agreement as Amended. All references to the Agreement in any document heretofore or hereafter executed in connection with the transactions contemplated in the Agreement shall be deemed to refer to the
Agreement as amended by this Sixth Amendment. 
  
 7.03 Parties
in Interest. All provisions of this Sixth Amendment shall be binding upon and shall inure to the benefit of the Borrower, the Lender and their respective successors and assigns. 
  
 7.04 Rights of Third Parties. All provisions herein are imposed solely and exclusively for the benefit of the Lender
and the Borrower, and no other Person shall have standing to require satisfaction of such provisions in accordance with their terms and any or all of such provisions may be freely waived in whole or in part by the Lender at any time if in its sole
discretion it deems it advisable to do so. 
  
 7.05
ENTIRE AGREEMENT. THIS SIXTH AMENDMENT CONSTITUTES THE ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO WITH RESPECT TO THE SUBJECT HEREOF AND SUPERSEDES ANY PRIOR AGREEMENT, WHETHER WRITTEN OR ORAL, BETWEEN SUCH PARTIES REGARDING THE SUBJECT
HEREOF. FURTHERMORE IN THIS REGARD, THIS SIXTH AMENDMENT, THE AGREEMENT, THE NOTES, THE SECURITY INSTRUMENTS, AND THE OTHER 
  

 4 

 WRITTEN DOCUMENTS REFERRED TO IN THE AGREEMENT OR EXECUTED IN CONNECTION WITH OR AS SECURITY FOR THE NOTES REPRESENT,
COLLECTIVELY, THE FINAL AGREEMENT AMONG THE PARTIES THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
  
 7.06 GOVERNING LAW. THIS SIXTH AMENDMENT, THE AGREEMENT AND
THE NOTES SHALL BE DEEMED TO BE CONTRACTS MADE UNDER AND SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF TEXAS. THE PARTIES ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT AND THE NOTES AND THE TRANSACTIONS CONTEMPLATED
HEREBY BEAR A NORMAL, REASONABLE, AND SUBSTANTIAL RELATIONSHIP TO THE STATE OF TEXAS. 
  
 7.07 JURISDICTION AND VENUE. ALL ACTIONS OR PROCEEDINGS WITH RESPECT TO, ARISING DIRECTLY OR INDIRECTLY IN CONNECTION WITH, OUT OF, RELATED TO, OR FROM THIS SIXTH AMENDMENT, THE AGREEMENT OR ANY OTHER
LOAN DOCUMENT MAY BE LITIGATED IN COURTS HAVING SITUS IN HARRIS COUNTY, TEXAS. EACH OF THE BORROWER AND THE LENDER HEREBY SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE, OR FEDERAL COURT LOCATED IN HARRIS COUNTY, TEXAS, AND HEREBY WAIVES ANY RIGHTS
IT MAY HAVE TO TRANSFER OR CHANGE THE JURISDICTION OR VENUE OF ANY LITIGATION BROUGHT AGAINST IT BY THE BORROWER OR THE LENDER IN ACCORDANCE WITH THIS SECTION. 
  

 5 

 IN WITNESS WHEREOF, this Sixth Amendment to Credit Agreement is executed effective the date first
hereinabove written. 
  

	 BORROWER
  
 CONTANGO OIL AND GAS COMPANY

		
	By:	 	 /s/    WILLIAM H. GIBBONS        

	 	

	 	 	 William H. Gibbons
 Vice President and Treasurer

  

 6 

	 LENDER
  
 GUARANTY BANK, FSB

		
	By:	 	 /s/     RICHARD E. MENCHACA        

	 	

	 	 	 Richard E. Menchaca
 Senior Vice President

  
  

 7 

 EXHIBIT I(A) 
  
 [FORM OF REDUCING REVOLVING TERM NOTE]  
 REDUCING REVOLVING TERM 
 PROMISSORY NOTE 
  

	 $2,500,000
	 	Houston, Texas	 	September 1, 2003

  
 FOR VALUE RECEIVED and
WITHOUT GRACE, the undersigned (“Maker”) promises to pay to the order of GUARANTY BANK, FSB (“Payee”), at its banking quarters in Houston, Harris County, Texas, the sum of TWO MILLION, FIVE HUNDRED THOUSAND
DOLLARS ($2,500,000), or so much thereof as may be advanced against this Note pursuant to the Credit Agreement dated of even date herewith by and between Maker and Payee (as amended, restated, or supplemented from time to time, the “Credit
Agreement”), together with interest at the rates and calculated as provided in the Credit Agreement. 
  
 Reference is hereby made to the Credit Agreement for matters governed thereby, including, without limitation, certain events which will entitle the holder
hereof to accelerate the maturity of all amounts due hereunder. Capitalized terms used but not defined in this Note shall have the meanings assigned to such terms in the Credit Agreement. 
  
 This Note is issued pursuant to, is the “Note” under, and is payable as provided in the Credit Agreement. Subject
to compliance with applicable provisions of the Credit Agreement, Maker may at any time pay the full amount or any part of this Note without the payment of any premium or fee, but such payment shall not, until this Note is fully paid and satisfied,
excuse the payment as it becomes due of any payment on this Note provided for in the Credit Agreement. 
  
 Without being limited thereto or thereby, this Note is secured by the Security Instruments. 
  
 THIS NOTE SHALL BE GOVERNED AND CONTROLLED BY THE LAWS OF THE STATE OF TEXAS WITHOUT GIVING EFFECT TO PRINCIPLES THEREOF
RELATING TO CONFLICTS OF LAW; PROVIDED, HOWEVER, THAT CHAPTER 345 OF THE TEXAS FINANCE CODE (WHICH REGULATES CERTAIN REVOLVING CREDIT LOAN ACCOUNTS AND REVOLVING TRIPARTY ACCOUNTS) SHALL NOT APPLY TO THIS NOTE. 
  

	 BORROWER:
  
 CONTANGO OIL AND GAS COMPANY

		
	By:	 	 
	 	

	 	 	 William H. Gibbons
 Vice President and TreasurerThird Renewal Agreement, dated 8/8/03

 Exhibit 10.3 
  

				
	 [LOGO OF MILLER]
	 	 	 	 	 	 
				
	 E s t a b l i s h e d 1972
	 	 	 	 	 	The Miller Group
	

	 	 	 	 	 	 	Miller Management Corporation
				
	 	 	 	 	 	 	Miller Capital Corporation
				
	 	 	 	 	 	 	Miller Investments

  
 August 22, 2003 
  
 Mr. Richard
Kozuback 
 President and Chief Executive Officer 
 GLOBAL ENTERTAINMENT CORPORATION 
 4909 East McDowell Road, Suite 104 
 Phoenix, Arizona 85008-4293 
  
 Re: Third Renewal Agreement 
  
 Dear Rick: 
  
 It has been our pleasure to work with you and to have Global Entertainment Corporation as a client since 1999. We are pleased to enter into
this our third renewal of the original agreement dated October 8, 1999. This agreement (the “Agreement”) shall become effective upon the closing of the Agreement and Plan of Merger and Reorganization between Global Entertainment
Corporation, Global Entertainment Acquisition Corp. and Cragar Industries, Inc., dated June 13, 2003 (the “Effective Date”). 
  
 Therefore, this letter sets forth the third renewal of the exclusive financial advisory agreement between Miller Capital Corporation, an Arizona corporation
(“MCC”), and Global Entertainment Corporation, a Nevada corporation, (hereinafter “Global” or the “Company”) in connection with MCC acting as a management consultant to the Company and the exclusive financial advisor
for Global, its subsidiaries and any new enterprise established and owned by the Company, existing or proposed, for such consulting and financing services as required by the Company, which services are to include negotiating and exploring financings
as may be required for Global or any new entity (“Entity”) created to finance and operate developments by the Company, and when applicable to serve as Investor Relations Counsel to Global, a public company, during the term of this
Agreement. MCC will assist Global as their management consultant and exclusive financial advisor, and investor relations counsel as detailed in this Agreement. 
  

	I.	 	RESPONSIBILITIES OF MCC 

  
 Subject to the terms and conditions hereof, MCC services will include, among other things, management consulting services that encompass reviewing the Company’s
financial position and projections relating to the Company’s capital requirements, analyzing the pro forma effects of a financing on such projections, rendering advice on methods of structuring financing, assisting the Company in approaching
and negotiating 
  

	 4909 East McDowell Road Ÿ Phoenix Arizona 85008 Ÿ Telefax (602) 225-9024 Ÿ email tmg(@themillergroup.net Ÿ
www.themillergroup.net

 with selected enterprises or individuals for potential equity or debt investment (“Financing”) and, when
applicable, MCC will also provide critical investor relations services that a developing public company requires. 
  
 It is expressly acknowledged and agreed by the parties hereto that MCC’s obligations do not insure the successful negotiation of or obtaining of any type of
Financing for the Company and any efforts for obtaining financing shall be on a “best efforts” basis only. MCC is not registered with the Securities and Exchange Commission (SEC) as a broker/dealer or a member of the National
Association of Securities Dealers (NASD). MCC’s principal is a registered member in good standing of the Institute of Management Consultants headquartered in Washington, D.C. 
  
 It is expressly acknowledged and agreed by the parties hereto that MCC and employees of MCC are independent contractors and are not
employees or officers of the Company. 
  

	II.	 	INFORMATION 

  
 In connection with MCC’s activities on behalf of the Company, the Company will continue to furnish MCC with all information concerning the Company (“Information”) which MCC reasonably deems appropriate
and will provide MCC with reasonable access to accountants and counsel of the Company. The Company and its officers represent that all Information relating to the Company, including but not limited to the Company financial statements, made available
to MCC by the Company will be complete and correct in all material respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to avoid making the statements therein misleading. In
rendering its services hereunder, MCC will be using and relying primarily on the Information without independent verification thereof, and MCC does not assume responsibility for the accuracy or completeness of the Information. 
  
 MCC will accept and hold such Information in complete confidence for their use as
contemplated hereby. MCC will only disclose the Information to prospective investors or their employees, attorneys, accountants, agents, bankers, or advisors and consultants who shall reasonably need to know the Information in order to assist MCC or
the Company. 
  
 The aforesaid confidentiality obligations assumed by MCC
hereunder will not apply to any Information which is presently in or subsequently becomes part of the public domain or is otherwise generally known through no fault of MCC or is obtained from any third party which is lawfully in possession and
permitted to provide such Information. 
  

	III.	 	COMPENSATION 

  
 In consideration of our services as set forth above, as of the Effective Date, MCC shall be entitled to receive, and Global agrees to pay to MCC the following: 

	 	A.	 	MCC will be retained as the Company’s financial management consultant and exclusive financial advisor for a monthly fee of $12,500 for a period of twenty-four (24) months with
the initial monthly fee due on the Effective Date and payable monthly in advance thereafter. Effective with the acceptance of this renewal, MCC’s services will encompass the multiple of tasks that are associated with being a public company. The
monthly fee includes MCC’s services as Investor Relations Counsel to the Company; 

  

	 	B.	 	MCC will receive a success fee (“Success Fee”) in the form of a cash payment in the amount of ten (10%) percent of the gross proceeds of any private placement of equity
Financing, and a Success Fee in the form of a cash payment in the amount of four (4%) percent of the gross proceeds of any public equity Financing (public offering) or public debt Financing. For assistance in arranging private debt Financing (other
than bank or similar loans in the ordinary course of business), including convertible debt, debt with warrants, debt with equity incentives to the lender, or any other form of equity, debt or guarantees obtained by or invested in the Company, MCC
will receive a Success Fee in the form of a cash payment in the amount of three (3%) percent. Success fees are payable upon closing or receipt of funds by the Company; 

  

	 	C.	 	MCC will receive as a fee for its services in the capacity of advisor to the Company in a merger or acquisition transaction of the Companies based on the Lehman formula according to
the following standard: 

  
 5% of the consideration
from $1 and up to $3,000,000, plus 
 4% of the consideration in excess of $3,000,000 and up to $6,000,000, plus 
 3% of the consideration in excess of $6,000,000 and up to $9,000,000, plus 
 2% of the consideration in excess of $9,000,000 and up to $12,000,000, plus 
 1% of the consideration in
excess of $12,000,000; 
  

	 	D.	 	Global shall have sole discretion in determining what constitutes an acceptable Financing as contemplated by this Agreement. MCC shall earn the Success Fee only upon
the closing or receipt of funds from a Financing or the completion of a merger or acquisition transaction as described in Section III. B. and C. and not merely for presenting a financing option or prospective investor that in the Company’s sole
discretion is unacceptable; and 

  

	 	E.	 	On the Effective Date of this Agreement, MCC will receive a warrant to purchase a total of 20,000 shares of the Company’s common stock (the 

 “Warrant”) at a price of $3.50 per share pursuant to the terms set forth in the Warrant
Agreement attached hereto as Exhibit A (the “Warrant Agreement”). The Warrant will have a cashless exercise feature, will expire five (5) years from the date of grant and will include priority “Piggy Back” registration rights for
MCC on any future public registration filings, subject to normal and customary exceptions as set forth in the Warrant Agreement. 
  

	IV.	 	EXCLUSIVITY 

  

	 	A.	 	From the Effective Date of this Agreement, the Company and its officer will not engage any other person or entity to serve as its agent or representative to provide services similar
to those to be provided by MCC through the term of this Agreement without the prior written consent of MCC. 

  

	 	B.	 	If for a period of two (2) years after successfully closing a Financing, as contemplated under this Agreement, the Company desires to commence any Transaction (as hereinafter
defined), MCC shall have the right of first refusal to act as the Company’s financial advisors to arrange for placement agents or underwriters, as the case may be, with respect to any such Transaction or Transactions, at rates competitive with
other parties. For purposes of this Agreement, the term “Transaction” shall include each of the following; the purchase, sale, merger, consolidation or any other business combination, in one or a series of transactions, involving the
Company or one of the organizations comprising the Company, or any sale of securities of the Company or a New Entity, as described below, effected pursuant to a private sale or an underwritten public offering. 

  

	 	C.	 	If the Company decides to actively pursue any such Transaction, and MCC exercises its right of first refusal provided hereunder, MCC and the Company will enter into an agreement
appropriate and customary for services and compensation that is competitive to market conditions at the time, containing provisions for, among other things, compensation, indemnification, contribution, and representations and warranties, which are
usual and customary for similar agreements entered into by MCC or other intermediaries acting in similar transactions. The Company agrees that they will not enter into any such Transaction unless MCC has waived its right of first refusal with
respect thereto or prior to or simultaneously with the consummation of such Transaction, adequate provision is made with respect to the payment of compensation to MCC, as contemplated hereby. 

  

	V.	 	ASSIGNMENT AND TRANSFER OF OBLIGATIONS 

 In the event that the Company or one of the organizations comprising the Company contributes, pledges, guarantees or
otherwise conveys any of its assets (including without limitation the assets of its subsidiaries or affiliates) to, or incurs any liabilities on behalf of, or grants the authority to operate its business(es) or affiliated business(es) to: a new
entity, whether a corporation, partnership, sole proprietorship, or natural person (“New Entity”) for the purpose of obtaining Financing as contemplated by this Agreement, then MCC will be compensated by the Company, as more fully
described in Section III, above, for whatever funds were received by the New Entity on the same basis as if the funds were invested directly in the Company or one of the organizations comprising the Company. The parties further agree that all
MCC’s rights and obligations under this Agreement will be equally binding upon New Entity and that the Company will not enter into or create any agreement, undertaking or legal obligation with a New Entity without requiring said New Entity to
accept and satisfy MCC’s rights and obligations under this Agreement as if they were their own. 
  

	VI.	 	TWO YEAR PROVISION 

  
 If, within two (2) years from the termination of this Agreement, the Company or one of the organizations comprising the Company or its officers consummate any Financing with any party to whom the Company or its
officers were introduced by MCC, or who was contacted by MCC in connection with its services for the Company hereunder, or who received information prepared by MCC in connection with the Financing (“Qualified Prospect”), then the Company
shall pay to MCC the compensation detailed in Section III above. For this purpose, within twenty (20) days of each quarter end of this Agreement, MCC shall provide the Company with a list of Qualified Prospects MCC contacted in connection with the
matters encompassed by this Agreement. 
  

	VII.	 	EXPENSE REIMBURSEMENT 

  
 The Company agrees to reimburse MCC all amounts due and owing MCC, under the terms of this Agreement, no later than fifteen (15) days after receiving an invoice for all customary or reasonable out-of-pocket expenses
including but not limited to, the cost of telephone calls, travel, facsimile transmissions, translation, interpretation, paper duplication, due diligence reports, postage and delivery services, or fees of counsel, incurred in connection with the
performance by MCC of its duties as contemplated by this Agreement. All out-of-town travel, counsel or third party consultant fees, and other significant expenses (over $1,000) will be approved by the Company in advance. The Company will make
arrangements directly with, and be responsible for, costs of accountants, appraisers, counsel and other experts and for the costs of printing and circulating a business plan, memorandum or other documents prepared in connection with performing
appropriate due diligence of this Financing. 
  

	VIII.	 	TERMINATION 

 This Agreement shall terminate twenty-four (24) months from the signing of this Agreement unless extended pursuant to the
terms of Paragraph IV, above or unless terminated by the Company for cause. Cause shall be the gross negligence, willful misconduct, violation of law or breach of this Agreement by MCC. MCC shall be paid by the Company all fees earned through the
date of the act which causes the termination of this Agreement together with reimbursement of all expenses due hereunder. All such fees and reimbursement due MCC shall be paid on or before the Termination Date. Notwithstanding anything expressed or
implied herein to the contrary, the terms and provisions of Sections II, IV, V, VI, VII, IX, X, XI, XII, XIII, XIV, XV, XVI and XVII shall survive the termination of this Agreement except that Sections IV, VI and XVI will not survive a termination
for cause. 
  

	IX.	 	INDEMNIFICATION 

  
 Since we will be acting on your behalf, it is our practice to receive indemnification. The Company agrees to indemnify and hold harmless MCC against any and all losses, claims, damages, liabilities or costs (and all
actions in respect thereof and any reasonable legal or other expenses in giving testimony or furnishing documents in response to a subpoena or otherwise), including the costs of investigating, preparing or defending any such action or claim, in
connection with litigation in which MCC is a party or otherwise required to participate, as and when incurred, directly or indirectly, caused by, relating to, based upon or arising out of (a) any Financing (as defined in or contemplated by this
engagement letter agreement, as it may be amended from time to time (the “Agreement”)), or (b) MCC’s acting for the Company, including, without limitation, any act or omission by MCC in connection with its acceptance of or of the
performance of its obligations under the Agreement; provided, however, such indemnity agreement shall not apply to any such loss, claim, damage, liability or cost to the extent it is found to have resulted from the gross negligence, willful
misconduct, violation of law or breach of this Agreement of MCC, as to which MCC shall indemnify the Company. The Company also agrees that MCC shall not have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company
for or in connection with the engagement of MCC, except for any such liability for losses, claims, damages, liabilities or expenses that is found to have resulted primarily and directly from MCC’s gross negligence, willful misconduct, violation
of law or breach of this Agreement. 
  
 This Indemnification Agreement shall be in
addition to any liability which a party may otherwise have to the other party or its affiliates, and the indemnification provided for shall extend to officers, employees, agents, legal counsel and controlling persons of a party within the meaning of
the Securities Act of 1933, as amended. All references to a party in this indemnification provision shall be understood to include any of the foregoing. 
  
 If any action, proceeding, or investigation is commenced or claim is made as to which a party proposes to demand indemnification, it will notify the other party with
reasonable promptness. The indemnifying party reserves the right to assume the defense of the indemnified party with counsel of its choosing, which counsel shall be reasonably 

 acceptable to the indemnified party. The indemnifying party will be liable for any settlement of any claim against the
indemnified party. However, the indemnified party may not settle any claim without the consent of the indemnifying party. 
  
 No person found liable for fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for such fraudulent
misrepresentation. Notwithstanding the foregoing, MCC shall not be obligated to contribute any amount under this Agreement that exceeds the amount of fees MCC previously received pursuant to this Agreement. 
  
 If the indemnification provided for in this Indemnification Agreement shall for any reason be
unavailable to a party in respect of any loss, claim, damage, or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or
payable by such indemnified party as a result of such loss, claim, damage, or liability, or any action in respect thereof (i) in such proportion as shall be appropriate to reflect the relative benefits received by the parties from the applicable
Financing, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in such clause (i), but also the relative fault of the
parties, with respect to the actions or inactions (including statements and omissions) that resulted in such loss, claim, damage, or liability, or any action in respect thereof, as well as any other relevant equitable considerations. 
  

	X.	 	ENTIRE AGREEMENT 

  
 The parties agree that this Agreement dated August 22, 2003, embodies the entire agreement and understanding of the Parties and supersedes all previous agreements, and that no understandings or agreements, verbal or
otherwise, exist between the Parties except as set forth in this Agreement. Any modifications to the Agreement must be reduced to writing, signed by both Parties, and attached to the Agreement to be effective. 
  

	XI.	 	SEVERABILITY 

  
 Should any section or any part of any section of the Agreement be rendered void, invalid, or unenforceable by any court of law, for any reason, such a determination shall not render void, invalid, or unenforceable any
other section or any part of any section in the Agreement. 
  

	XII.	 	SURVIVAL OF REPRESENTATIONS 

  
 Each Party, for itself, and its successors, heirs, executors, administrators, representatives, insurers, agents, and assigns, covenants and agrees that all
representations made hereunder and obligations created hereunder shall apply to their successors and assigns; provided, however, that MCC shall not assign this Agreement to a third party without the prior written consent of a duly authorized
representative of the Company, which consent shall not be unreasonably withheld. 

	XIII.	 	NOTICES 

  
 Any required notices under this Agreement shall be made by overnight courier or certified mail, postage prepaid and return receipt requested as follows: 
  
 If to MCC: 
 Rudy R. Miller 
 Chairman, President and Chief Executive Officer 
 Miller Capital Corporation 
 4909 East McDowell Road 
 Phoenix, Arizona 85008-4293 
  
 If to Global: 
 Rick Kozuback 
 President and Chief Executive Officer 
 Global Entertainment Corporation 
 4909 East McDowell Road, Suite 104 
 Phoenix, Arizona 85008-4293 
  

	XIV.	 	CHOICE OF LAW 

  
 The validity and interpretation of this Agreement shall be governed by the laws of the State of Arizona, without giving effect to the State of Arizona’s choice of law principles, and all actions arising under
this Agreement or arising out of the operative facts represented by services performed pursuant to this Agreement shall be resolved in the courts of the State of Arizona. 
  

	XV.	 	HEADINGS 

  
 The headings are for informational purposes only and shall not constitute a part of this Agreement. 
  

	XVI.	 	PUBLICITY 

  
 Upon advance written notice and opportunity to review, the Company agrees that MCC may prepare a tombstone or other similar announcements with respect to completed Financings and the Company grants MCC the right to
include the Company’s corporate name or logo in any announcements or other publicity including tombstones and advertising related materials. 
  

	XVII.	 	NO WAIVER OF BREACH 

 Waiver of any one breach of the provisions of this Agreement shall not be deemed a waiver of any other breach of the same
or any other provision of this Agreement. 
  
 AGREED AND ACCEPTED:

  
 Please confirm that the foregoing correctly sets forth
our mutual understanding by signing and returning the copy of this agreement provided for that purpose. 
  

	 GLOBAL ENTERTAINMENT CORPORATION
	 	 	 	 MILLER CAPITAL CORPORATION

	 RICHARD KOZUBACK
	 	 	 	RUDY R. MILLER
					
	 By:
	 	
	 	 	 	 By:
	 	 /s/    RUDY R.
MILLER        

	 Title:
	 	President and Ceo	 	 	 	 Title:
	 	Chairman, President and Ceo
					
	 Date:
	 	 	 	 	 	 Date:
	 	September 22, 2003

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00058-of-00352.parquet"}]]