Document:

Unassociated Document

    

      COMMERCIAL
        LEASE 

       

      THIS
        LEASE
        is made on the 1st day of July, 2007.

       

      The
        Landlord hereby agrees to lease to the Tenant, and the Tenant hereby agrees
        to
        hire and take from the Landlord, the Leased Premises described below pursuant
        to
        the terms and conditions· specified herein:

      

      LANDLORD:
        Mary Passalaqua

      Address:
        106 Glenwood Dr. S., Liverpool, NY 13090

      

      

      TENANT(S):
        Fresca Worldwide Trading Corp.

      Address:
        7337 Oswego Rd., Liverpool, NY 13090

       

       

      1.
        Leased-Premises. The Leased Premises are those premises described as: 7337
        Oswego Rd., Liverpool, NY 13090

      

      2.
        Term.
        The term of the Lease shall be for a period of two (2) years commencing on
        the
1st
        day
        of July, 2007
        ending on
        the 30th
        day of June, 2009
        unless
        sooner terminated as 'hereinafter provided. If Tenant remains in possession
        of
        the Leased Premises with the written consent of the Landlord after the lease
        expiration date stated above, this Lease will be converted to a month-to-month
        Lease and each party shall have the right to terminate the Lease by giving
        at
        least one month's prior written notice to the other party.

       

      3.
        Rent.
        The Tenant agrees to pay the ANNUAL RENT of Two Thousand Four Hundred Dollars
        ($
        2,400.00)payable in equal installments $
        200.00
in
        advance
        on the first day of each and every calendar month during the full term of
        this
        Lease.

       

      4.
        Rent
        Adjustment. If in any tax year commencing with the fiscal year 2007, the
        real
        estate taxes on the land and buildings, of which the Leased Premises are
        a part,
        are in excess of the amount of the real estate taxes thereon for the fiscal
        year
        (hereinafter called the "Base Year"), Tenant will pay to Landlord as additional
        rent hereunder, when and as designated by notice in writing by Landlord,
        100 per
        cent of such excess that may occur in each year of the term of this Lease
        or any
        extension or renewal thereof and proportionately for any part of a fiscal
        year.

       

      5.
        Security Deposit. The sum of _____________0________________________Dollars
        ($
        ___________0______________) is
        deposited by the Tenant with the Landlord as security for the faithful
        performance of all the covenants and conditions of the lease by the said
        Tenant.
        If the Tenant faithfully performs all the covenants and conditions on his
        part
        to be performed, then the sum deposited shall be returned to the
        Tenant.

       

      6.
        Delivery of Possession. If for any reason the Landlord cannot deliver possession
        of the leased property to the Tenant when the lease term commences, this
        Lease
        shall not be void or voidable, nor shall the Landlord be liable to the Tenant
        for any loss or damage resulting therefrom. However, there shall be an abatement
        of rent for the period between the commencement of the lease term and the
        time
        when the Landlord delivers possession.

       

      7.
        Use of
        Leased Premises. The Leased Premises may be used only for the following
        purpose(s): ATM ownership and Management.

       

      8.
        Utilities. Except as specified below, the Tenant shall be responsible for
        all
        utilities and services that are furnished to the Leased Premises. The
        application for and connecting of utilities, as well as all services, shall
        be
        made by and only in the name of the Tenant: (List exceptions, if
        any)

       

      9.
        Condition of Leased Premise; Maintenance and Repair. The Tenant acknowledges
        that the Leased Premises are in good order and repair. The Tenant agrees
        to take
        good care of and maintain the Leased Premises in good condition throughout
        the
        term of the Lease.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      The
        Tenant, at his expense, shall make all necessary repairs and replacements
        to the
        Leased Premises, including the repair and replacement of pipes, electrical
        wiring, heating and plumbing systems, fixtures and all other systems and
        appliances and their appurtenances. The quality and class of all repairs
        and
        replacements shall be equal to or greater than the original worth. If Tenant
        defaults in making such repairs or replacements, Landlord may make them for
        Tenant's account, and such expenses will be considered additional
        rent.

       

      10.
        Compliance with Laws and Regulations. Tenant, at its expense, shall promptly
        comply with all federal, state, and municipal laws, orders, and regulations,
        and
        with all lawful directives of public officers, which impose any duty upon
        it or
        Landlord with respect to the Leased Premises. The Tenant at its expense,
        shall
        obtain all required licenses or permits for the conduct of its business within
        the terms of· this lease, or for the making of repairs, alterations,
        improvements, or additions. Landlord, when necessary, will join with the
        Tenant
        in applying for all such permits or licenses.

       

      11.
        Alterations and Improvements. Tenant shall not make any alterations, additions,
        or improvements to, or install any fixtures on, the Leased Premises without
        Landlord's prior written consent. If such consent is given, all alterations,
        additions, and improvements made, and fixtures installed by Tenant shall
        become
        Landlord's property at the end of the Lease/term. Landlord may, however,
        require
        Tenant to remove such fixtures, at Tenant's expense, at the end of the Lease
        term .

      

      12.
        Assignment/Subletting Restrictions. Tenant may not assign this agreement
        or
        sublet the Leased Premises without the prior written consent of the Landlord.
        Any assignment, sublease or other purported license to use the Leased Premises
        by Tenant without the Landlord's consent shall be void and shall (at Landlord's
        option) terminate this Lease.

       

      13. Insurance.

       

      (i)
        By
        Landlord. Landlord shall at all times during the term of this Lease, at its
        expense, insure and keep in effect on the building in which the Leased Premises
        are located fire insurance with extended coverage. The Tenant shall not permit
        any use of the Leased Premises which will make voidable any insurance on
        the
        property of which the Leased Premises are :, part, or on the contents of
        said
        property or which shall be contrary to any law or regulation from time to
        time
        established by the applicable fire insurance rating association. Tenant shall
        on
        demand reimburse the Landlord, and all other tenants, the full amount of
        any
        increase in insurance premiums caused by the Tenant's use of the
        premises.

      (ii)
        By
        Tenant. Tenant shall, at its expense, during the term hcreof, maintain and
        deliver to landlord public liability and property damage and plate glass
        insurance policies with respect to the Leased Premises. Such policies shall
        name
        the Landlord and Tenant as insureds, and have limits of at least $ __________for
        injury or death to anyone person and $_______________
        for
        anyone
        accident, and $            with
        respect to damage to property and with full coverage for plate glass. Such
        policies shall be in whatever form and with such insurance companies as are
        reasonably satisfactory to Landlord, shall name the Landlord as additional
        insured, and shall provide for at least ten days' prior notice to Landlord
        of
        cancellation.

       

      14.
        Indemnification of Landlord. Tenant shall defend, indemnify, and hold Landlord
        harmless from and against any claim, loss, expense or damage to any person
        or
        property in or upon the Leased Premises, arising out of Tenant's use or
        occupancy of the Leased Premises, or arising out of any act or neglect of
        Tenant
        or its servants, employees, agents, or invitees.

       

      15.
        Condemnation. If all or any part of the Leased Premises is taken by eminent
        domain, this lease shall expire on the date of such taking, and the rent
        shall
        be apportioned as of that date. No part of any award shall belong to
        Tenant.

      

      16.
        Destruction of Premises. If the building in which the Leased Premises is
        located
        is damaged by fire or other casualty, without Tenant's fault, and the damage
        is
        so extensive as to effectively constitute a total destruction of the property
        or
        building, this Lease shall terminate and the rent shall be apportioned to
        the
        time of the damage. In all other cases of damage without Tenant's fault,
        Landlord shall repair the damage with reasonable dispatch, and if the damage
        has
        rendered the Leased Premises wholly or partially untenantable, the rent shall
        be
        apportioned until the damage is repaired. In determining what constitutes
        reasonable dispatch, consideration shall be given to delays caused by strikes,
        adjustment of insurance, and other causes beyond the Landlord's
        control.

       

      17.
        Landlord's Rights upon Default. In the event of any breach of this lease
        by the
        Tenant, which shall not have been cured within TEN (10)
        DAYS,
        then
        the Landlord, besides other rights or remedies it may have, shall have the
        immediate right of reentry and may remove all persons and property from the
        Leased Premises; such property may be removed and stored in a public warehouse
        or elsewhere at the cost of, and for the account of, the Tenant. If the Landlord
        elects to reenter as herein provided, or should it take possession pursuant
        to
        any notice provided for by law, it may either terminate this Lease or may,
        from
        time to time, without terminating this lease, relet the Leased Premises or
        any
        part thereof, for such term or terms and at such rental or rentals. and upon
        such other terms and conditions as the Landlord in Landlord's own discretion
        may
        deem advisable. Should rentals received from such reletting during any month
        be
        less than that agreed to be paid during the month by the Tenant hereunder,
        the
        Tenant shall pay such deficiency to the Landlord monthly. The Tenant shall
        also
        pay to the Landlord, as soon as ascertained, the cost and expenses incurred
        by
        the Landlord, including reasonable attorneys fees, relating to such
        reletting.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      18.
        Quiet
        Enjoyment. The Landlord agrees that if the Tenant shall pay the rent as
        aforesaid and perform the covenants and agreements herein contained on its
        part
        to be performed, the Tenant shall peaceably hold and enjoy the said rented
        premises without hindrance or interruption by the Landlord or by any other
        person or persons acting under or through the Landlord.

       

      19.
        Landlord's Right to Enter. Landlord may, at reasonable times, enter the Leased
        Premises to inspect it, to make repairs or alterations, and to show it to
        potential buyers, lenders or tenants.

       

      20.
        Surrender upon Termination. At the end of the lease term the Tenant shall
        surrender the leased property in as good condition as it was in at the beginning
        of the term, reasonable use and wear excepted.

       

      21.
        Subordination. This lease, and the Tenant's leasehold interest, is and shall
        be
        subordinate, subject and inferior to any and all liens and encumbrances now
        and
        thereafter placed on the Leased Premises by Landlord, any and all extensions
        of
        such liens and encumbrances and all advances paid under such liens and
        encumbrances.

       

      22.
        Additional Provisions:

       

      23. Miscellaneous
        Terms.

      (i)
        Notices. Any notice, statement, demand or other communication by one party
        to
        the other, shall be given by personal delivery or by mailing the same, postage
        prepaid, addressed to the Tenant at the premises, or to the Landlord at the
        address set forth above.

      (ii)
        Severability., If any clause or provision herein shall be adjudged invalid
        or
        unenforceable by a court of competent jurisdiction or by operation of any
        applicable law, it shall not affect the validity of any other clause or
        provision, which shall remain in fuJl force and effect.

      (iii)
        Waiver. The failure of either party to enforce any of the provisions of this
        lease shall not be considered a waiver of that provision or the right of
        the
        party to thereafter enforce the provision.

      (iv)
        Complete Agreement. This Lease constitutes the entire understanding of the
        parties with respect to the subject matter hereof and may not be modified
        except
        by an instrument in writing and signed by the parties.

      (v)
        Successors. This Lease is binding on all parties who lawfully succeed to
        the
        rights or take the place of the Landlord or Tenant.

       

      24.
        [FOR
        LEASED PREMISES IN FLORIDA ONLY]: RADON GAS: Radon is a naturally occurring
        radioactive gas that, when it has accumulated in a building in sufficient
        quantities, may present health risks to persons who are exposed to it over
        time.
        Levels of radon that exceed federal and state guidelines have been found
        in
        buildings in Florida. Additional information regarding radon and radon testing
        may be obtained from your county public health unit.

       

      IN
        WITNESS
        WHEREOF the parties have set their hands and seals on this 1st day of September,
        2007.

       

       

      
        	
                       
                  /s/ Mary Passalaqua 

              	 	
                       
                  /s/ Margaret Burton 

              
	
                Landlord
                  or Landlord's Authorized Agent

              	 	
                Tenant
                  - President, Fresca Worldwide Trading Corp.

              
	 	 	 
	 	 	 
	 	 	
                 
                  

              
	 	 	
                TenantEXHIBIT
        4.1

       

      STOCKHOLDERS
        AGREEMENT

    

    
      

      This
        STOCKHOLDERS AGREEMENT (this “Agreement”)
        is
        entered into this 5th day
        of
        October, 2007 by and among UNITED FUEL & ENERGY CORPORATION, a Nevada
        corporation (the “Company”),
        FRANK
        P. GREINKE (“Greinke”),
        FRANK
        P. GREINKE, AS TRUSTEE UNDER THE GREINKE BUSINESS LIVING TRUST DATED APRIL
        20,
        1999 (“Trust”),
        THOMAS
        E. KELLY (“Kelly”),
        FALCON
        SEABOARD INVESTMENT COMPANY, L.P. (“Falcon
        Seaboard”)
        and
        CHARLES McARTHUR (“McArthur”)
        .

      

      

      W
        I T N E
        S S E T H:

      

      WHEREAS,
        the Company, Greinke, Trust and Cardlock Fuels System, Inc., a California
        corporation (“CFS”),
        have
        entered into a Mutual Stock Purchase Agreement dated September 14, 2007 (the
        “Purchase
        Agreement”),
        pursuant to which the parties thereto have agreed, upon the terms and subject
        to
        the conditions set forth therein, for the Company to acquire all of the
        outstanding capital stock of CFS from Trust in exchange for the Company’s
        issuance to Trust of 26,641,276 shares
        of
        the Company’s Common Stock;

      

      WHEREAS,
        upon receipt of the shares of Common Stock upon consummation of the transactions
        contemplated by the Purchase Agreement, Trust will become a significant
        stockholder of the Company; 

      

      WHEREAS,
        as a condition to its willingness to enter into the Purchase Agreement, the
        Company has required that Greinke and Trust agree, and to induce the Company
        to
        enter into the Purchase Agreement, each of Greinke and Trust is willing to
        agree
        to certain arrangements and understandings respecting Trust’s contemplated share
        ownership in the Company and certain other matters as set forth in this
        Agreement; and 

      

      WHEREAS,
        as a condition to their willingness to enter into the Purchase Agreement,
        Greinke and Trust have required that Kelly, Falcon Seaboard and McArthur
        agree,
        and to induce Greinke and Trust to enter into the Purchase Agreement, each
        of
        Kelly, Falcon Seaboard and McArthur is willing to agree to certain arrangements
        and understandings respecting their respective share ownership in the
        Company.

      

      NOW,
        THEREFORE, in consideration of the foregoing and the mutual covenants and
        agreements herein contained, and intending to be legally bound hereby, the
        Company, Greinke, Trust, Kelly, Falcon Seaboard and McArthur hereby agree
        as
        follows:

       

      ARTICLE
        1

      CERTAIN
        DEFINITIONS

      

      Capitalized
        terms used but not otherwise defined herein shall have the meanings ascribed
        to
        such terms in the Purchase Agreement. In addition, the following terms, as
        used
        in this Agreement, shall have the respective meanings set forth in this Article
        1:

       

      “Beneficial
        owner”
or
        “beneficially
        owned”
or
        “beneficial
        ownership”
shall
        have the meaning assigned to such term in Rule 13d-3 under the Exchange
        Act.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      “Board”
or
        “Board
        of Directors”
means
        the board of directors of the Company, as constituted from time to
        time.

      

      “Common
        Stock”
means
        the common stock of the Company, par value $0.001 per share.

      

      “Effective
        Time”
means
        the time at which the Purchase Agreement is consummated.

      

      “Exchange
        Act”
means
        the Securities Exchange Act of 1934, as amended, or any successor federal
        statute, as in effect from time to time.

      

      “Governmental
        Entity”
means
        any government or any agency, bureau, board, commission, court, department,
        official, political subdivision, tribunal or other instrumentality of any
        government, whether federal, state or local, domestic or foreign.

      

      “Person”
means
        any natural person, firm, individual, business trust, trust, association,
        corporation, partnership, joint venture, company, unincorporated entity or
        Governmental Entity. 

      

      “Voting
        Securities”
means
        the Common Stock and any other securities of the Company or its successors
        that
        are entitled by their terms to vote generally in the election of directors
        of
        the Company or its successors and all options, rights, warrants and other
        securities convertible into, or exercisable or exchangeable for, any shares
        of
        the Common Stock or other securities possessing such voting rights.

       

      ARTICLE
        2

      VOTING
        AGREEMENTS

       

      Section
        2.1 Greinke
        and Trust Voting Agreement.

      

      From
        the
        Effective Time and ending on the first anniversary of the Effective Time,
        each
        of Greinke and Trust hereby agrees to vote (or cause to be voted) all of
        the
        Voting Securities which Greinke and Trust is entitled to vote (or to provide
        his
        written consent thereto), at any annual, special or other meeting of the
        stockholders of Company, and at any adjournment or adjournments thereof,
        or
        pursuant to any consent in lieu of a meeting or otherwise:

      

      (i) against
        any action or proposal to remove any member of the Board of Directors in
        office
        at the Effective Time; 

      

      (ii) for
        any
        action or proposal to reelect the members of the Board of Directors in office
        at
        the Effective Time at any annual meeting of the stockholders of the Company;
        and

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      (iii) in
        accordance with the written recommendations of McArthur; provided,
        however,
        that if
        the provisions of this subsection (iii) conflict with the provisions of
        subsection (i) or subsection (ii) with respect to a particular action or
        proposal, the provisions of subsection (i) or subsection (ii) shall
        control.

      

      Section
        2.2. Kelly,
        Falcon Seaboard and McArthur Voting Agreement.

      

      From
        the
        Effective Time and ending on the first anniversary of the Effective Time,
        each
        of Kelly, Falcon Seaboard and McArthur hereby agrees to vote (or cause to
        be
        voted) all of the Voting Securities which Kelly, Falcon Seaboard and McArthur
        is
        entitled to vote (or to provide his written consent thereto), at any annual,
        special or other meeting of the stockholders of Company, and at any adjournment
        or adjournments thereof, or pursuant to any consent in lieu of a meeting
        or
        otherwise, in such a manner as to ensure that Greinke is appointed or elected
        a
        member of the Board of Directors; provided,
        however,
        that
        Kelly’s and McArthur’s agreement under this Section 2.2 is contingent on Falcon
        Seaboard not objecting to the election of Greinke to the Board of Directors.
        From the Effective Time and ending on the first anniversary of the Effective
        Time, Falcon Seaboard hereby agrees not to object to Greinke’s election as a
        member of the Board of Directors so as to prevent Messrs. Kelly and McArthur
        from voting (or causing to be voted) all of the Voting Securities which they
        are
        entitled to vote in favor of the election of Greinke as a member of the Board
        of
        Directors pursuant to the terms of that certain Voting Agreement dated as
        of
        April 21, 2006 by and among Falcon Seaboard, Kelly and McArthur.

      

      ARTICLE
        3

      REPRESENTATIONS
        AND WARRANTIES

      

      Section
        3.1. Representations
        and Warranties of Greinke and Trust. 

      

      (a)
        Binding
        Agreement.
        Each of
        Greinke and Trust represents and warrants as follows: (i) Greinke and Trust
        has
        the capacity to execute and deliver this Agreement and to consummate the
        transactions contemplated hereby; and (ii) Greinke and Trust has duly and
        validly executed and delivered this Agreement and this Agreement constitutes
        a
        legal, valid, and binding obligation of Greinke and Trust, enforceable against
        Greinke and Trust in accordance with its terms, except as such enforceability
        may be limited by applicable bankruptcy, insolvency, reorganization or other
        similar laws affecting creditors’ rights generally and by general equitable
        principles (regardless of whether enforceability is considered in a proceeding
        in equity or at law).

      

      (b)
        No
        Conflict.
        Each of
        Greinke and Trust represents and warrants that neither the execution and
        delivery of this Agreement, nor the compliance with any of the provisions
        hereof
        in each case by Greinke or Trust (i) requires any consent, approval,
        authorization or permit of, registration, declaration, or filing with, or
        notification to, any Governmental Entity (except for filings or notifications
        under the Exchange Act), (ii) results in a default (or an event which, with
        notice or lapse of time or both, will result in a default) or gives rise
        to any
        right of termination by any third party, cancellation, amendment, or
        acceleration under any material contract, agreement, instrument, commitment,
        arrangement, or understanding, or results in the creation of a security
        interest, lien, charge, encumbrance, equity, or claim with respect to any
        of the
        securities of CFS beneficially owned by Greinke or Trust, (iii) requires
        any
        material consent, authorization, or approval of any person other than a
        Governmental Entity which has not been obtained, or (iv) violates or conflicts
        with any order, writ, injunction, decree or law applicable to Greinke or
        Trust
        or the securities of the Company beneficially owned by Greinke or
        Trust.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Section
        3.2. Representations
        and Warranties of Kelly, Falcon Seaboard and McArthur.

      

      (a)
        Binding
        Agreement.
        Each of
        Kelly, Falcon Seaboard and McArthur represents and warrants as to himself
        or
        itself that: (i) he or it has the capacity to execute and deliver this Agreement
        and to consummate the transactions contemplated hereby; and (ii) he or it
        has
        duly and validly executed and delivered this Agreement and this Agreement
        constitutes a legal, valid, and binding obligation, enforceable against him
        or
        it in accordance with its terms, except as such enforceability may be limited
        by
        applicable bankruptcy, insolvency, reorganization or other similar laws
        affecting creditors’ rights generally and by general equitable principles
        (regardless of whether enforceability is considered in a proceeding in equity
        or
        at law).

      

      (b) No
        Conflict.
        Each of
        Kelly, Falcon Seaboard and McArthur represents and warrants as to himself
        or
        itself that neither the execution and delivery of this Agreement, nor the
        compliance with any of the provisions hereof by himself or itself (i)
        requires any consent, approval, authorization or permit of, registration,
        declaration, or filing with, or notification to, any Governmental Entity
        (except
        for filings or notifications under the Exchange Act), or (ii) violates or
        conflicts with any agreement, order, writ, injunction, decree or law applicable
        to him or it or the securities of the Company beneficially owned by him or
        it;
provided,
        however,
        that in
        the case of Kelly and McArthur, the voting agreement provided under Section
        2.3(b) hereof may conflict with the terms of that certain Voting Agreement
        dated
        as of April 21, 2006 by and among Falcon Seaboard, Kelly and McArthur in
        the
        event that Falcon Seaboard notifies Kelly and McArthur that it objects to
        the
        election of Greinke to the Board of Directors in violation of Falcon Seaboard’s
        agreement pursuant to Section
        2.2
        hereof.

      

      ARTICLE
        4

      MISCELLANEOUS

      

      Section
        4.1. Termination.
        This
        Agreement shall terminate upon the earlier to occur of the following: (i)
        one
        (1) year following the Effective Time, or (ii) the termination of the Purchase
        Agreement prior to consummation of the transactions contemplated thereby.
        

      

      Section
        4.2. Survival.
        The
        representations and warranties herein contained shall survive indefinitely
        following the termination of this Agreement, subject to applicable statutes
        of
        limitation, if any; provided, however, that no representations and warranties
        shall survive the termination of this Agreement pursuant to Section
        4.1(ii).

      

      Section
        4.3. Specific
        Enforcement.
        The
        parties hereto agree that if any of the provisions of this Agreement were
        not
        performed in accordance with their specific terms or were otherwise breached,
        irreparable damage would occur and it would be extremely impracticable and
        difficult to measure damages. Accordingly, in addition to any other rights
        and
        remedies to which the parties may be entitled by law or equity, each party
        shall
        be entitled to seek specific performance of the terms hereof. Further, the
        parties hereto expressly waive (a) the defense that a remedy in damages will
        be
        adequate and (b) any requirement, in an action for specific performance,
        for the
        posting of a bond. 

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      Section
        4.4. No
        Waiver.
        The
        parties hereby agree that no failure or delay by a party to this Agreement,
        in
        exercising any right, power or privilege hereunder will operate as a waiver
        thereof, nor will a single or partial exercise thereof preclude any other
        or
        further exercise thereof or the exercise of any right, power or privilege
        hereunder. 

      

      Section
        4.5. Governing
        Law.
        This
        Agreement shall be governed and construed in all respects in accordance with
        the
        laws of the State of Nevada (without giving effect to the provisions thereof
        relating to conflicts of law). 

      

      Section
        4.6. Successors
        and Assigns.
        Except
        as otherwise provided herein, the provisions hereof shall inure to the benefit
        of and be binding upon, the successors, permitted assigns, heirs, executors
        and
        administrators of the parties hereto. 

      

      Section
        4.7. Entire
        Agreement; Amendment.
        This
        Agreement constitutes the entire agreement between the parties with respect
        to
        the subject matter hereof and supersedes all other prior agreements and
        understandings, both written and oral, between the parties with respect to
        the
        subject matter hereof, and no party shall be liable or bound to any other
        party
        in any manner by any warranties, representations, or covenants except as
        specifically set forth herein or therein. Except as expressly provided herein,
        neither this Agreement nor any term hereof may be amended, waived, discharged
        or
        terminated other than by a written instrument signed by the party against
        whom
        enforcement of any such amendment, waiver, discharge, or termination is sought.
        

      

      Section
        4.8. Notices.
        Unless
        otherwise provided, any notice, request, demand or other communication required
        or permitted under this Agreement shall be given in writing and shall be
        deemed
        effectively given upon personal delivery to the party to be notified, or
        when
        sent by telex or telecopier (with receipt confirmed), or one business day
        following deposit with overnight courier or three business days following
        deposit with the United States Post Office, by registered or certified mail,
        postage prepaid and addressed as follows (or at such other address as a party
        may designate by notice to the other): 

      

      If
        to the Company:

      

      United
        Fuel & Energy Corporation

      405
        Marienfeld, Suite 300

      Midland,
        Texas 79701

      Attention:
        Charles McArthur

      Telephone:
        (432) 571-8055

      Facsimile:
        (432) 687-5580

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      With
        a copy to (which shall not constitute notice):

      

      Akin
        Gump
        Strauss Hauer & Feld LLP

      300
        Convent Street, Suite 1500

      San
        Antonio, Texas 78205

      Attention:
        Will Liebmann, Esq.

      Telephone:
        (210) 281-7000

      Facsimile:
        (210) 224-2035

      

      If
        to Greinke:

      

      Frank
        P.
        Greinke

      P.O.
        Box
        1258

      Tacoma,
        Washington 98401-1258

      

      With
        a copy to (which shall not constitute notice):

      

      Robert
        W.
        Bollar

      General
        Counsel

      P.O.
        Box
        4159

      Orange,
        California 92863-4159

      Telephone:
        (714) 516-7260 

      Facsimile:
        (714) 922-7230 

      

      And

      

      Rutan
        & Tucker, LLP

      Attn:
        Larry A. Cerutti

      611
        Anton
        Blvd., 14th
        Floor

      Costa
        Mesa, California 92626-9035

      Telephone:
        (714) 641-3450

      Facsimile:
        (714) 546-9035

      

      Section
        4.9. Assignment.
        Without
        the prior written consent of the other parties hereto, no party hereto may
        assign this Agreement or any of its rights or obligations hereunder, in whole
        or
        in part, by operation of law or otherwise except that the Company may, without
        the prior written consent of the other parties, assign this Agreement upon
        a
        merger, consolidation, “combination” as defined in Section 78.416 of the Nevada
        Revised Statutes as in effect on the date hereof, compulsory share exchange,
        recapitalization or other similar transaction, provided that holders of the
        capital stock of the Company or the surviving entity immediately prior to
        such
        transaction hold at least a majority of the capital stock of the Company
        or the
        surviving entity immediately after such transaction.

      

      Section
        4.10. Severability.
        Whenever
        possible, each provision or portion of any provision of this Agreement will
        be
        interpreted in such manner as to be effective and valid under applicable
        law but
        if any provision or portion of any provision of this Agreement is held to
        be
        invalid, illegal or unenforceable in any respect under any applicable law
        or
        rule in any jurisdiction, such invalidity, illegality or unenforceability
        will
        not affect any other provision or portion of any provision in such jurisdiction,
        and this Agreement will be reformed, construed and enforced in such jurisdiction
        as if such invalid, illegal or unenforceable provision or portion of any
        provision had never been contained herein.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      Section
        4.11. Electronic
        Signatures.
        Delivery
        of a copy of this Agreement bearing an original signature by facsimile
        transmission (whether directly from one facsimile device to another by means
        of
        a dial-up connection or whether mediated by the worldwide web), by electronic
        mail in “portable document format” (“.pdf”) form, or by any other electronic
        means intended to preserve the original graphic and pictorial appearance
        of a
        document, will have the same effect as physical delivery of the paper document
        bearing the original signature. “Originally signed” or “original signature”
means or refers to a signature that has not been mechanically or electronically
        reproduced.

      

      Section
        4.13. Counterparts.
        This
        Agreement may be executed in two or more counterparts, each of which shall
        be
        deemed to be an original, but all of which, taken together, shall constitute
        one
        and the same Agreement.

      

      Section
        4.14. Stockholder Capacity.
        Neither
        Greinke, Kelly nor McArthur makes any agreement or understanding herein in
        their
        capacities as directors or officers of the Company. Nothing herein will limit
        or
        affect any actions taken by Greinke, Kelly or McArthur in their capacities
        as
        officers or directors of the Company or any of its Subsidiaries to comply
        with
        their fiduciary obligations as officers or directors of the
        Company.

      

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      

      IN
        WITNESS WHEREOF,
        the
        parties have caused this Stockholders Agreement to be duly executed as of
        the
        day and year first above written.

      

        
          	 	
                  UNITED
                    FUEL & ENERGY CORPORATION

                	 
	 	 	 	 
	 	 	 	 
	 	
                  By: 
                    

                	
                  /s/
                    Charles McArthur

                	 
	 	
                   

                	
                  Charles
                    McArthur

                	 
	 	
                   

                	
                  President
                    and Chief Executive Officer

                	 
	 	 	 	 
	 	 	 	 
	 	
                  FRANK
                    P. GREINKE, AS TRUSTEE UNDER THE GREINKE BUSINESS LIVING TRUST
                    DATED APRIL
                    20, 1999

                
	 	 	 	 
	 	 	 	 
	 	
                  /s/
                    Frank P. Greinke

                	 
	 	
                  FRANK
                    P. GREINKE, TRUSTEE

                	 
	 	 	 	 
	 	 	 	 
	 	
                  /s/
                    Frank P. Greinke

                	 
	 	
                  FRANK
                    P. GREINKE

                	 
	 	 	 	 
	 	 	 	 
	 	
                  /s/
                    Charles McArthur

                	 
	 	
                  CHARLES
                    MCARTHUR

                	 
	 	 	 	 
	 	 	 	 
	 	
                  /s/
                    Thomas E. Kelly

                	 
	 	
                  THOMAS
                    E. KELLY

                	 
	 	 	 	 
	 	 	 	 
	 	
                  FALCON
                    SEABOARD INVESTMENT COMPANY, L.P.

                
	 	 	 	 
	 	 	 	 
	 	
                  By:
                    

                	
                   /s/
                    Gene Dewhurst

                	 
	 	
                   

                	
                  Name:
                    E. H. (Gene) Dewhurst

                	 
	 	
                   

                	
                  Title:
                    Authorized Representative

                	 

        

         

      

      
        
          
          

        

        
          8

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