Document:

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                                                                    EXHIBIT 10.1

                            STOCK PURCHASE AGREEMENT

                                     BETWEEN

                             PDG ENVIRONMENTAL, INC.

                                       AND

                               BARRON PARTNERS LP

                                      DATED

                                  MARCH 4, 2004

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                            STOCK PURCHASE AGREEMENT

         This STOCK PURCHASE AGREEMENT (the "AGREEMENT") is made and entered
into as of 4th day of March, 2003 by and between PDG ENVIRONMENTAL, INC., a
corporation organized and existing under the laws of the State of Delaware ("PDG
ENVIRONMENTAL" or the "COMPANY"), and Barron Partners LP, a Delaware limited
partnership ("INVESTOR").

                             PRELIMINARY STATEMENT:

         WHEREAS, the Investor wishes to purchase from the Company, upon the
terms and subject to the conditions of this Agreement, 1,250,000 shares of the
Common Stock of the Company and common stock purchase warrants described herein
(each share of Common Stock and corresponding stock purchase warrant are
referred to herein as a "UNIT") for a purchase price of Five Hundred Thousand
Dollars ($500,000); and

         WHEREAS, the parties intend to memorialize the purchase and sale of
such Units.

         NOW, THEREFORE, in consideration of the mutual covenants and premises
contained herein, and for other good and valuable consideration, the receipt and
adequacy of which are hereby conclusively acknowledged, the parties hereto,
intending to be legally bound, agree as follows:

                                    ARTICLE I

             INCORPORATION BY REFERENCE, SUPERSEDER AND DEFINITIONS

1.1      Incorporation by Reference. The foregoing recitals, the Exhibits
attached hereto and referred to herein, are hereby acknowledged to be true and
accurate, and are incorporated herein by this reference.

1.2      Superseder. This Agreement, to the extent that it is inconsistent with
any other instrument or understanding among the parties governing the affairs of
the Company, shall supersede such instrument or understanding to the fullest
extent permitted by law. A copy of this Agreement shall be filed at the
Company's principal office.

1.3      Certain Definitions. For purposes of this Agreement, the following
capitalized terms shall have the following meanings (all capitalized terms used
in this Agreement that are not defined in this Article I shall have the meanings
set forth elsewhere in this Agreement):

                  1.3.1    "1933 ACT" means the Securities Act of 1933, as
                           amended.

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
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                  1.3.2    "1934 ACT" means the Securities Exchange Act of 1934,
                           as amended.

                  1.3.3    "AFFILIATE" means a Person or Persons directly or
indirectly, through one or more intermediaries, controlling, controlled by or
under common control with the Person(s) in question. The term "control," as used
in the immediately preceding sentence, means, with respect to a Person that is a
corporation, the right to the exercise, directly or indirectly, of more than 50
percent of the voting rights attributable to the shares of such controlled
corporation and, with respect to a Person that is not a corporation, the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such controlled Person.

                  1.3.4    "CERTIFICATE". The Certificate of Incorporation of
the Company, as the same may be amended from time to time.

                  1.3.5    "CLOSING DATE" means the earlier of March 4, 2004 or
upon all of the conditions of Article VIII and Article IX herein are satisfied,
unless extended by mutual consent by the Company and the Investor.

                  1.3.6    "COMMON STOCK" means the shares of common stock of
PDG ENVIRONMENTAL, par value $0.02 per share.

                  1.3.7    "MATERIAL ADVERSE EFFECT" shall mean any adverse
effect on the business, operations, properties or financial condition of the
Company that is material and adverse to the Company and its subsidiaries and
affiliates, taken as a whole and/or any condition, circumstance, or situation
that would prohibit or otherwise materially interfere with the ability of the
Company to perform any of its material obligations under this Agreement or the
Registration Rights Agreement; provided, however, that none of the following
shall be deemed, in themselves, either alone or in combination, to constitute a
Material Adverse Effect, and none of the following shall be taken into account
in determining whether there has been or shall be a Material Adverse Effect: (i)
any change in the market price or trading volume of the Common Stock after the
date hereof, (ii) any adverse circumstance, change or effect resulting directly
from conditions affecting the industries in which the Company participates in
their entirety or the U.S. economy as a whole, (iii) any adverse circumstance,
change or effect resulting directly from the announcement or pendency of this
Agreement or (iv) any adverse circumstance, change or effect resulting from the
taking of any action by the Company that this Agreement or the Registration
Rights Agreement requires the Company to take.

                  1.3.8    "PERSON" means an individual, partnership, firm,
limited liability company, trust, joint venture, association, corporation, or
any other legal entity.

                  1.3.9    "REGISTRATION RIGHTS AGREEMENT" shall mean the
registration rights agreement between the Investor and the Company attached
hereto as Exhibit A.

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
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                  1.3.10   "REGISTRATION STATEMENT" shall mean the registration
statement under the 1933 Act to be filed with the SEC for the registration of
the Shares pursuant to the Registration Rights Agreement attached hereto as
Exhibit A.

                  1.3.11   "SEC" means the Securities and Exchange Commission.

                  1.3.12   "SEC DOCUMENTS" shall mean the Company's Form 10-K
for the year ended January 31, 2003 and all Forms 10-Q or 10-QSB and 8-K filed
thereafter until the date of this Agreement, including any filed amendment to
such documents, whether or not such amendment is required to be so filed, and
the Company's 2003 Proxy Statement.

                  1.3.13   "SHARES" shall mean, collectively, the shares of
Common Stock of the Company being subscribed for hereunder and those shares of
Common Stock issuable to the Investor upon exercise of the Warrants.

                  1.3.14   "UNITS" shall mean the Common Stock and the Warrants
collectively.

                  1.3.15   "FIRST WARRANTS" shall mean the common stock purchase
warrants in the form attached hereto as Exhibit B.

                  1.3.16   "SECOND WARRANTS" shall mean the common stock
purchase warrants in the form attached hereto as Exhibit C.

                  1.3.17   "WARRANTS" shall mean the First Warrants and Second
Warrants.

                                   ARTICLE II

                 SALE AND PURCHASE OF PDG ENVIRONMENTAL'S UNITS
                               AND PURCHASE PRICE

2.1      SALE OF PDG ENVIRONMENTAL UNITS Upon the terms and subject to the
conditions set forth herein, and in accordance with applicable law, the Company
agrees to sell, and the Investor agrees to purchase, the following Units for an
aggregate purchase price of Five Hundred Thousand Dollars ($500,000) (the
"PURCHASE PRICE") on the Closing Date.

                  2.1.1    COMMON STOCK Upon execution and delivery of this
Agreement and the Company's receipt of the Purchase Price, the Investor shall
receive 1,250,000 shares of Common Stock of the Company for a purchase price of
$ 0.40 per share. The Company shall register those shares of Common Stock
pursuant to the terms and conditions of a Registration Rights Agreement attached
hereto as Exhibit A.

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
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                  2.1.2    WARRANTS Upon execution and delivery of this
Agreement and the Company's receipt of the Purchase Price, the Investor shall
receive the First Warrants, in the form attached hereto as Exhibit B, and the
Second Warrants, in the form attached hereto as Exhibit C.

2.2      PURCHASE PRICE. The Purchase Price to be paid by the Investor on the
Closing Date shall be payable in United States Dollars. Payment to the Company
of the Purchase Price shall be made at the Closing Date by check payable to PDG
Environmental, Inc.

                                   ARTICLE II

                     CLOSING DATE AND DELIVERIES AT CLOSING

3.1      CLOSING DATE. The closing of the transactions contemplated by this
Agreement (the "CLOSING"), unless expressly determined herein, shall be held at
the offices of the Company, at 5:00 P.M. local time, on the Closing Date or on
such other date and at such other place as may be mutually agreed by the
parties, including closing by facsimile with originals to follow.

3.2      DELIVERIES BY THE COMPANY. In connection with the Closing, the Company
shall deliver, or cause to be delivered, to the Investor, the following:

                  (a)      Within seven (7) business days following the Closing,
                           Certificates representing PDG ENVIRONMENTAL Shares,
                           which certificates shall be duly endorsed to the
                           Investor and shall contain the restrictive legends
                           set forth in Section 7.3 below;

                  (b)      At or prior to Closing, an Agreement executed by the
                           Company;

                  (c)      At or prior to Closing, a First Warrant executed by
                           the Company in the name of the Investor in the form
                           attached hereto as Exhibit B;

                  (d)      At or prior to Closing, a Second Warrant executed by
                           the Company in the name of the Investor in the form
                           attached hereto as Exhibit C;

                  (e)      At or prior to Closing, a Registration Rights
                           Agreement executed by the Company in the form
                           attached hereto as Exhibit A; and

                  (f)      At or prior to Closing, confirmation that the
                           provisions of Paragraph 6.6 herein have been
                           satisfied or commenced, as appropriate.

3.3      DELIVERIES BY INVESTOR. In connection with the Closing, the Investor
shall deliver, or cause to be delivered, to the Company, as appropriate, the
following:

                  (a)      At or prior to Closing, the Purchase Price;

                  (b)      At or prior to Closing, an Agreement executed by the
                           Investor; and

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                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
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                  (c)      At or prior to Closing, a Registration Rights
                           Agreement executed by the Investor in the form
                           attached hereto as Exhibit A.

         In the event any document provided to the other party in Paragraphs 3.2
and 3.3 herein are provided by facsimile, the party shall forward an original
document to the other party within seven (7) business days.

3.4      FURTHER ASSURANCES. The Company and the Investor shall, upon request,
on or after the Closing Date, cooperate with each other by furnishing any
additional information, executing and delivering any additional documents and/or
other instruments and doing any and all such things as may be reasonably
required by the parties or their counsel to consummate or otherwise implement
the transactions contemplated by this Agreement.

                                   ARTICLE IV

               REPRESENTATIONS AND WARRANTIES OF PDG ENVIRONMENTAL

         PDG ENVIRONMENTAL represents and warrants to the Investor as of the
date hereof as follows:

4.1      ORGANIZATION AND QUALIFICATION. PDG ENVIRONMENTAL is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Delaware, and has the requisite corporate power and authority to own, lease and
operate its properties and to carry on its business as it is now being conducted
and is duly qualified to do business in any other jurisdiction by virtue of the
nature of the businesses conducted by it or the ownership or leasing of its
properties, except where the failure to be so qualified will not, when taken
together with all other such failures, have a Material Adverse Effect on PDG
ENVIRONMENTAL and its subsidiaries taken as a whole.

4.2      CERTIFICATE OF INCORPORATION AND BY-LAWS. The complete and correct
copies of PDG ENVIRONMENTAL's Certificate and by-laws, as amended or restated to
date which have been filed with the Securities and Exchange Commission are a
complete and correct copy of such document as in effect on the date hereof and
as of the Closing Date.

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                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
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4.3      CAPITALIZATION.

                  4.3.1    As of the date hereof, the authorized capital stock
of PDG ENVIRONMENTAL consists of 30,000,000 shares of Common Stock, par value
$0.02 per share and 5,000,000 shares of Preferred Stock, of which 5,000,000 is
designated Series A Preferred Stock, par value $0.02 per share. As of the date
hereof, there were (i) 9,423,800 shares of Common Stock issued and outstanding,
(ii) 6,000 shares of Series A Preferred Stock issued and outstanding and (iii)
46,510 shares of Common Stock and no shares of Series A Preferred Stock held in
treasury. All shares of capital stock have been duly authorized and are validly
issued, and are fully paid and no assessable, and free of preemptive rights.

                  4.3.2    Except pursuant to this Agreement or as otherwise set
forth in the SEC Documents, as of the date hereof, there are not now outstanding
options, warrants, rights to subscribe for, calls or commitments of any
character whatsoever relating to, or securities or rights convertible into or
exchangeable for, shares of any class of capital stock of PDG ENVIRONMENTAL, or
agreements, understandings or arrangements to which PDG ENVIRONMENTAL is a
party, or by which PDG ENVIRONMENTAL is or may be bound, to issue additional
shares of its capital stock or options, warrants, scrip or rights to subscribe
for, calls or commitment of any character whatsoever relating to, or securities
or rights convertible into or exchangeable for, any shares of any class of its
capital stock. The Company agrees to inform the Investor in writing of any
additional options or warrants granted prior to the Closing Date.

                  4.3.3    The Company on the Closing Date (i) will have full
right, power, and authority to sell, assign, transfer, and deliver, by reason of
record and beneficial ownership, to each Investor, PDG ENVIRONMENTAL Shares
hereunder, free and clear of all liens, charges, claims, options, pledges,
restrictions, and encumbrances whatsoever; and (ii) upon delivery of and payment
by each Investor of the Purchase Price to the Company, such Investor will
acquire good and marketable title to such Company Stock, free and clear of all
liens, charges, claims, options, pledges, restrictions, and encumbrances
whatsoever, except in each case of (i) and (ii), such liens, charges, claims,
options, pledges, restrictions and encumbrances as may be (x) imposed under
federal or state securities laws, (y) set forth in the Agreement or the
Registration Rights Agreement or (z) imposed through the actions of the
Investor.

4.4      AUTHORITY. PDG ENVIRONMENTAL has all requisite corporate power and
authority to execute and deliver this Agreement, to perform its obligations
hereunder and to consummate the transactions contemplated hereby. The execution
and delivery of this Agreement by PDG ENVIRONMENTAL and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action and no other corporate proceedings on the part of PDG
ENVIRONMENTAL is necessary to authorize this Agreement or to consummate the
transactions contemplated hereby except as disclosed in this Agreement. This
Agreement and the Registration Rights Agreement have been duly executed and
delivered by PDG

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                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
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ENVIRONMENTAL and constitute the legal, valid and binding obligations of PDG
ENVIRONMENTAL, enforceable against PDG ENVIRONMENTAL in accordance with their
respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium, or other similar laws affecting the enforcement of
creditors' rights generally and general principles of equity.

4.5      NO CONFLICT; REQUIRED FILINGS AND CONSENTS. Neither the execution and
delivery of this Agreement by PDG ENVIRONMENTAL, nor the performance by PDG
ENVIRONMENTAL of its obligations hereunder, will: (i) conflict with or violate
the Certificate or by-laws of PDG ENVIRONMENTAL; (ii) conflict with, breach or
violate any federal, state, foreign or local law, statute, ordinance, rule,
regulation, order, judgment or decree (collectively, "LAWS") in effect as of the
date of this Agreement and applicable to PDG ENVIRONMENTAL; or (iii) result in
any breach of, constitute a default (or an event that with notice or lapse of
time or both would become a default) under, give to any other entity any right
of termination, amendment, acceleration or cancellation of, require payment
under, or result in the creation of a lien or encumbrance on any of the
properties or assets of PDG ENVIRONMENTAL pursuant to, any note, bond, mortgage,
indenture, contract, agreement, lease, license, permit, franchise or other
instrument or obligation to which PDG ENVIRONMENTAL is a party or by PDG
ENVIRONMENTAL or any of its properties or assets is bound, except in each of the
cases of (i) through (iii) for any violations, conflicts, breaches, defaults,
terminations, accelerations, liens or encumbrances that would not, in the
aggregate, have a Material Adverse Effect on PDG Environmental.

4.6      REPORT AND FINANCIAL STATEMENTS. PDG ENVIRONMENTAL's Annual Report on
Form 10-KSB, filed on April 24, 2003 with the Securities and Exchange Commission
contains the audited financial statements of PDG ENVIRONMENTAL at and as of
January 31, 2003 (the "FINANCIAL STATEMENTS"). Each of the balance sheets
contained in or incorporated by reference into any such Financial Statements
(including the related notes and schedules thereto) fairly presented the
financial position of PDG ENVIRONMENTAL as of its date, and each of the
statements of income and changes in stockholders' equity and cash flows or
equivalent statements in such Financial Statements (including any related notes
and schedules thereto) fairly presents the results of operations, changes in
stockholders' equity and changes in cash flows, as the case may be, of PDG
ENVIRONMENTAL for the periods to which they relate, in each case in accordance
with United States generally accepted accounting principles ("U.S. GAAP")
consistently applied during the periods involved, except in each case as may be
noted therein, subject to normal year-end audit adjustments in the case of
unaudited statements. The books and records of PDG ENVIRONMENTAL have been, and
are being, maintained in all material respects in accordance with U.S. GAAP and
any other applicable legal and accounting requirements and reflect only actual
transaction.

4.7      COMPLIANCE WITH APPLICABLE LAWS. PDG ENVIRONMENTAL is not in violation
of, or, to the knowledge of PDG ENVIRONMENTAL is under investigation with
respect to or has been given notice or has been charged with the violation of
any Law of a governmental agency,

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                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
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except for violations which individually or in the aggregate do not have a
Material Adverse Effect on PDG Environmental.

4.8      BROKERS. No broker, finder or investment banker is entitled to any
brokerage, finder's or other fee or Commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or
on behalf of PDG ENVIRONMENTAL.

4.9      SEC DOCUMENTS. PDG ENVIRONMENTAL acknowledges that PDG ENVIRONMENTAL is
a publicly held company and has made available to the Investor after demand true
and complete copies of any requested SEC Documents. The Company has registered
its Common Stock pursuant to Section 12 of the 1934 Act, and the Common Stock is
listed and traded on the OTC Bulletin Board Market (the "OTC BULLETIN BOARD") of
the National Association of Securities Dealers, Inc. (the "NASD"). The Company
has received no notice, either oral or written, from the NASD stating that the
Company has failed to comply with any listing standards with respect to the
continued eligibility of the Common Stock for such listing on the OTC Bulletin
Board, and the Company has maintained all NASD requirements for the continuation
of such listing on the OTC Bulletin Board. As of their respective dates (or if
amended or superseded, as of the date of the last amendment or superseding
report filed prior to the date hereof), the SEC Documents complied in all
material respects with the requirements of the 1934 Act, and rules and
regulations of the SEC promulgated thereunder and the SEC Documents did not
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not
misleading.

4.10     LITIGATION. To the knowledge of PDG ENVIRONMENTAL, no litigation,
claim, or other proceeding before any court or governmental agency is pending or
threatened against PDG ENVIRONMENTAL, except as would not otherwise have a
Material Adverse Effect on PDG Environmental.

4.11     EXEMPTION FROM REGISTRATION. Subject to the accuracy of the Investor's
representations in Article V, the sale of the Units by the Company to the
Investor will not require registration under the 1933 Act and/or any applicable
state securities law. When validly converted in accordance with the terms of the
Warrants, the Shares underlying the Warrants will be duly and validly issued,
fully paid, and non-assessable. The Company is issuing the Units to the Investor
in accordance with and in reliance upon the exemption from securities
registration afforded, inter alia, by Rule 506 under Regulation D as promulgated
by the SEC under the 1933 Act, and/or Section 4(2) of the 1933 Act.

4.12     NO GENERAL SOLICITATION OR ADVERTISING IN REGARD TO THIS TRANSACTION.
Neither the Company nor any of its Affiliates nor, to the knowledge of the
Company, any Person acting on its or their behalf (i) has conducted or will
conduct any general solicitation (as that term is used in Rule 502(c) of
Regulation D as promulgated by the SEC under the 1933 Act) or general

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advertising with respect to the sale of the Units, or (ii) made any offers or
sales of any security or solicited any offers to buy any security under any
circumstances that would require registration of the Units, under the 1933 Act,
except as required herein.

4.13     NO MATERIAL ADVERSE CHANGE. Since January 31, 2003 until the date
hereof, no Material Adverse Effect has occurred or exists with respect to the
Company that has not been disclosed in the SEC Documents. No material supplier
has given notice, oral or written, that it intends to cease or reduce the volume
of its business with the Company from historical levels. Since January 31, 2003
until the date hereof, no event or circumstance has occurred or exists with
respect to the Company or its businesses, properties, operations or financial
condition, that, under any applicable law, rule or regulation, requires public
disclosure or announcement prior to the date hereof by the Company but which has
not been so publicly announced or disclosed in writing to the Investor.

4.14     INTERNAL CONTROLS AND PROCEDURES. The Company maintains books and
records and internal accounting controls which provide reasonable assurance that
(i) all transactions to which the Company or any subsidiary is a party or by
which its properties are bound are executed with management's authorization;
(ii) the recorded accounting of the Company's consolidated assets is compared
with existing assets at regular intervals; (iii) access to the Company's
consolidated assets is permitted only in accordance with management's
authorization; and (iv) all transactions to which the Company or any subsidiary
is a party or by which its properties are bound are recorded as necessary to
permit preparation of the financial statements of the Company in accordance with
U.S. generally accepted accounting principles.

4.15     FULL DISCLOSURE. No representation or warranty made by PDG
ENVIRONMENTAL in this Agreement contains any untrue statement of a material
fact, or omits to state a material fact necessary to make the statements
contained herein or therein not misleading.

                                    ARTICLE V

                 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

         The Investor represents and warrants to the Company as of the date
hereof that:

5.1      ORGANIZATION AND STANDING OF THE INVESTOR. The Investor is duly
organized, validly existing and in good standing under the laws of the state in
which it was formed. The state in which any offer to purchase shares hereunder
was made or accepted by the Investor is the state shown as such Investor's
address. The Investor was not formed for the purpose of investing solely in the
Units the subject of this Agreement.

5.2      AUTHORIZATION. The Investor has all requisite power and authority to
execute and deliver this Agreement, to perform its obligations hereunder and to
consummate the transactions

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contemplated hereby including the purchase of the Units being sold to it
hereunder. The execution and deliver of this Agreement by the Investor and the
consummation by the Investor of the transactions contemplated hereby have been
duly authorized by all necessary action and no other proceedings on the part of
the Investor is necessary to authorize this Agreement or to consummate the
transactions contemplated hereby except as disclosed in this Agreement. This
Agreement and the Registration Rights Agreement have been duly executed and
delivered by the Investor and constitute valid and binding obligations of the
Investor, enforceable against the Investor in accordance with their respective
terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, or other similar laws affecting the enforcement of
creditors' rights generally and general principles of equity.

5.3      NO CONFLICTS; REQUIRED FILINGS AND CONSENTS. Neither the execution and
delivery of this Agreement by the Investor nor the performance by the Investor
of its obligations hereunder will: (i) conflict with or violate the Investor's
charter documents or bylaws, (ii) conflict with, or breach or violate any Laws
in effect as of the date of this Agreement and applicable to the Investor; or
(iii) result in any breach of, or constitute a default (or an event that with
notice or lapse of time or both would become a default) under, or give to other
entity any right of termination, amendment, acceleration or cancellation of, any
note, bond, mortgage, indenture, contract, agreement, lease, license, permit,
franchise or other instrument or obligation to which the Investor is a party or
by which it or any of its properties or assets is bound, except in each of the
cases of (i) through (iii) for any violations, conflicts, breaches, defaults,
terminations, accelerations, liens or encumbrances that would not, in the
aggregate, have a Material Adverse Effect on the Investor. The Investor is not
required to obtain any consent, authorization or order of, or make any filing or
registration with, any court or governmental agency in order for it to execute,
deliver or perform any of such Investor's obligations under this Agreement or to
purchase the Units in accordance with the terms hereof, provided that for
purposes of the representation made in this sentence, the Investor is assuming
and relying upon the accuracy of the relevant representations and agreements of
the Company herein.

5.4      FINANCIAL RISKS. The Investor acknowledges that such Investor is able
to bear the financial risks associated with an investment in the Units and that
it has been given full access to such records of the Company and the
subsidiaries and to the officers of the Company and the subsidiaries as it has
deemed necessary or appropriate to conduct its due diligence investigation. The
Investor is capable of evaluating the risks and merits of an investment in the
Units by virtue of its experience as an investor and its knowledge, experience,
and sophistication in financial and business matters and the Investor is capable
of bearing the entire loss of its investment in the Units.

5.5      ACCREDITED INVESTOR. The Investor is (i) an "accredited investor" as
that term is defined in Rule 501 of Regulation D promulgated under the 1933 Act
by reason of Rule 501(a)(3) and (6), (ii) experienced in making investments of
the kind described in this Agreement and the related documents, (iii) able, by
reason of the business and financial experience of its officers (if

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an entity) and professional advisors (who are not affiliated with or compensated
in any way by the Company or any of its affiliates or selling agents), to
protect its own interests in connection with the transactions described in this
Agreement, and the related documents, and (iv) able to afford the entire loss of
its investment in the Units.

5.6      INVESTMENT INTENT. The Investor is purchasing the Units for its own
account as principal, for investment purposes only, and not with a present view
to, or for, resale, distribution or fractionalization thereof, in whole or in
part, within the meaning of the 1933 Act. The Investor understands that its
acquisition of the Units has not been registered under the 1933 Act or
registered or qualified under any state securities law in reliance on specific
exemptions therefrom, which exemptions may depend upon, among other things, the
bona fide nature of such Investor's investment intent as expressed herein. The
Investor shall not, directly or indirectly, offer, sell, pledge, transfer, or
otherwise dispose of (or solicit any offers to buy, purchase, or otherwise
acquire or take a pledge of) any of the Units, except in compliance with the
terms of this Agreement and the registration requirements of the 1933 Act, and
the rules and regulations promulgated thereunder, or an exemption thereunder.

5.7      NO LEGAL, TAX OR INVESTMENT ADVICE. The Investor understands that
nothing in this Agreement or any other materials presented to such Investor in
connection with the purchase of the Units constitutes legal, tax or investment
advice. The Investor has consulted such legal, tax and investment advisors as
it, in its sole discretion, has deemed necessary or appropriate in connection
with its purchase of the Units.

5.8      NO SHORT SALES. Prior to the Closing Date, neither the Investor nor any
of the Investor's Affiliates will be in a net short position with regard to the
Common Stock in any accounts directly or indirectly controlled by the Investor.

5.9      BROKERS. No broker, finder or investment banker is entitled to any
brokerage, finder's or other fee or Commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or
on behalf of the Investor.

5.10     KNOWLEDGE OF COMPANY. The Investor and such Investor's advisors, if
any, have been, upon request, furnished with all materials relating to the
business, finances and operations of the Company and materials relating to the
offer and sale of the Units. Each Investor and such Investor's advisors, if any,
have been afforded the opportunity to ask questions of the Company and have
received complete and satisfactory answers to any such inquiries.

5.11     RISK FACTORS The Investor understands that such Investor's investment
in the Units involves a high degree of risk. Each Investor understands that no
United States federal or state agency or any other government or governmental
agency has passed on or made any recommendation or endorsement of the Units.
Each Investor warrants that such Investor is able to bear the complete loss of
such Buyer's investment in the Units.

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 11 OF 25

<PAGE>

5.12     FULL DISCLOSURE. No representation or warranty made by the Investor in
this Agreement contains any untrue statement of a material fact, or omits to
state a material fact necessary to make the statements contained herein not
misleading. Except as set forth or referred to in this Agreement, Investor does
not have any agreement or understanding with any person relating to acquiring,
holding, voting or disposing of any equity securities of the Company.

                                   ARTICLE VI

                            COVENANTS OF THE COMPANY

6.1.     REGISTRATION RIGHTS. The Company shall cause the Registration Rights
Agreement to remain in full force and effect and the Company shall comply in all
material respects with the terms thereof.

6.2.     RESERVATION OF COMMON STOCK. As of the date hereof, the Company has
reserved and the Company shall continue to reserve and keep available at all
times, free of preemptive rights, shares of Common Stock for the purpose of
enabling the Company to issue the shares of Common Stock underlying the
Warrants.

6.3.     LISTING OF COMMON STOCK. The Company hereby agrees to maintain the
listing of the Common Stock on the OTC Bulletin Board or another publicly traded
market. The Company will take all action to continue the listing and trading of
its Common Stock on the OTC Bulletin Board or another publicly traded market and
will comply in all respects with the Company's reporting, filing and other
obligations under the bylaws or rules of such publicly traded market.

6.4.     EXCHANGE ACT REGISTRATION. The Company will cause its Common Stock to
continue to be registered under Section 12(b) or (g) of the 1934 Act, will use
its best efforts to comply in all respects with its reporting and filing
obligations under the 1934 Act, and will not take any action or file any
document (whether or not permitted by the 1934 Act or the rules thereunder) to
terminate or suspend such registration or to terminate or suspend its reporting
and filing obligations under the 1934 until the Investor have disposed of all of
their Shares or the shares of Common Stock underlying the Warrants.

6.5.     CORPORATE EXISTENCE; CONFLICTING AGREEMENTS. From the date hereof until
the Closing Date, the Company will take all steps necessary to preserve and
continue the corporate existence of the Company. The Company shall not enter
into any agreement, the terms of which agreement would restrict or impair the
right or ability of the Company to perform any of its obligations under this
Agreement or any of the other agreements attached as exhibits hereto.

6.6      PREFERRED STOCK. On or prior to the Closing Date, the Company will
cause the conversion of all 6,000 shares of Series A Preferred Stock currently
outstanding into 24,000 shares of Common Stock.

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 12 OF 25

<PAGE>

6.7      USE OF PROCEEDS. The Company will use the proceeds from the sale of the
Units (excluding amounts paid by the Company for legal and administrative fees
in connection with the sale of the Units) for working capital.

6.8      RIGHT OF FIRST REFUSAL. The Company hereby grants to the Investor the
right of first refusal to purchase its pro rata share of New Securities (as
defined in this Section 6.8(a)) which the Company may, from time to time,
propose to sell and issue after the date of this Agreement. The Investor's pro
rata share, for purposes of this right of first refusal, is equal to the ratio
of (a) the number of shares of Common Stock owned by the Investor immediately
prior to the issuance of New Securities (assuming full conversion and exercise
of all outstanding convertible securities, rights, options and warrants,
directly or indirectly, into Common Stock held by the Investor) to (b) the total
number of shares of Common Stock outstanding immediately prior to the issuance
of New Securities (assuming full conversion and exercise of all outstanding
convertible securities, rights, options and warrants, directly or indirectly,
into Common Stock).

                  (a)      "NEW SECURITIES" shall mean any capital stock of the
Company whether now authorized or not, and rights, convertible securities,
options or warrants to purchase such capital stock, and securities of any type
whatsoever that are, or may become, exercisable or convertible into capital
stock; provided that the term "NEW SECURITIES" does not include:

                           (i)      the Shares, the Warrants or the shares of
Common Stock issuable upon exercise of the Warrants;

                           (ii)     securities issued or issuable to (A)
officers, employees, directors, consultants, placement agents, and other service
providers of the Company (or any subsidiary) pursuant to stock grants, option
plans, purchase plans, agreements or other employee stock incentive programs or
arrangements approved by the Board of Directors of the Company or (B) suppliers
or third party service providers in connection with the provision of goods or
services pursuant to transactions approved by the Board of Directors of the
Company;

                           (iii)    securities issued or issuable to banks,
equipment lessors or other financial institutions pursuant to a commercial
leasing or debt financing transaction in an aggregate amount not to exceed five
percent (5%) of the shares of the Company's Common Stock then outstanding;

                           (iv)     securities issued or issuable as dividends
to shares of all of Company's Common Stock;

                           (v)      securities offered pursuant to a bona fide,
firmly underwritten public offering pursuant to a registration statement filed
under the Securities Act; and

                           (vi)     securities issued or issuable pursuant to
the acquisition of another

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 13 OF 25

<PAGE>

corporation by merger, purchase of substantially all of the assets or other
reorganization or to a joint venture agreement, provided, that such issuances
are approved by the Board of Directors of the Company.

                  (b)      In the event the Company proposes to undertake an
issuance of New Securities, it shall give the Investor written notice of its
intention, describing the type of New Securities, and their price and the
general terms upon which the Company proposes to issue the same. The Investor
shall have ten (10) days after any such notice is mailed or delivered to agree
to purchase its pro rata share of such New Securities for the price and upon the
terms specified in the notice by giving written notice to the Company, and
stating therein the quantity of New Securities to be purchased.

                  (c)      In the event the Investor fails to exercise fully the
right of first refusal and over-allotment rights, if any, within said ten (10)
day period (the "ELECTION PERIOD"), the Company shall have ninety (90) days
thereafter to sell or enter into an agreement (pursuant to which the sale of New
Securities covered thereby shall be closed, if at all, within ninety (90) days
from the date of said agreement) to sell that portion of the New Securities with
respect to which the Investor's right of first refusal option set forth in this
Section 6.8 was not exercised, at a price and upon terms no more favorable to
the purchasers thereof than specified in the Company's notice to the Investor
delivered pursuant to Section 6.8(b); provided, however, that the price to the
purchasers thereof must be 110% of the price offered to the Investor. In the
event the Company has not sold within such ninety (90) day period following the
Election Period, or such ninety (90) day period following the date of said
agreement, the Company shall not thereafter issue or sell any New Securities,
without first again offering such securities to the Significant Holders in the
manner provided in this Section 6.8.

                  (d)      Notwithstanding anything contained herein to the
contrary, the Investor shall not be entitled to the right of first refusal
granted under this Agreement with respect to any sale or issuance of New
Securities at any time the Company has an effective registration statement
registering the resale of the Shares or during any Black-Out Period (as defined
in the Registration Rights Agreement.)

6.9      TERMINATION OF COVENANTS. The provisions contained in this Article VI
shall terminate upon the earlier to occur of: (i) the second anniversary date of
the Closing Date, (ii) such date on which the Investor owns less than 20% of the
shares of Common Stock purchased hereunder and (iii) such time as the Investor
can sell all of its remaining shares of Common Stock purchased hereunder
pursuant to Securities Act Rule 144 in any three-month period.

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 14 OF 25

<PAGE>

                                   ARTICLE VII

                            COVENANTS OF THE INVESTOR

7.1      COMPLIANCE WITH LAW. The Investor's trading activities with respect to
shares of the Company's Common Stock will be in compliance with all applicable
state and federal securities laws, rules and regulations and rules and
regulations of any public market on which the Company's Common Stock is listed.

7.2      TRANSFER RESTRICTIONS. The Investor acknowledges that (1) the Shares,
Warrants and shares underlying the Warrants have not been registered under the
provisions of the 1933 Act, and may not be transferred unless (A) subsequently
registered thereunder or (B) the Investor's shall have delivered to the Company
an opinion of counsel, reasonably satisfactory in form, scope and substance to
the Company, to the effect that the Shares, Warrants and shares underlying the
Warrants to be sold or transferred may be sold or transferred pursuant to an
exemption from such registration; and (2) any sale of the Shares, Warrants and
shares underlying the Warrants made in reliance on Rule 144 promulgated under
the 1933 Act may be made only in accordance with the terms of said Rule and
further, if said Rule is not applicable, any resale of such Securities under
circumstances in which the seller, or the person through whom the sale is made,
may be deemed to be an underwriter, as that term is used in the 1933 Act, may
require compliance with some other exemption under the 1933 Act or the rules and
regulations of the SEC thereunder.

7.3      RESTRICTIVE LEGEND. The Investor acknowledges and agree that the
Shares, the Warrants and the shares underlying the Warrants and, until such time
as the Shares, the Warrants and the shares underlying the Warrants have been
registered under the 1933 Act and sold in accordance with an effective
Registration Statement, certificates and other instruments representing any of
the Shares, the Warrants and the shares underlying the Warrants shall bear a
restrictive legend in substantially the following form (and a stop-transfer
order may be placed against transfer of any such Securities):

         "THE [SHARES OF COMMON STOCK][WARRANTS] REPRESENTED BY THIS CERTIFICATE
         HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
         (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH
         SHARES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
         OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH
         RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY
         APPLICABLE STATE SECURITIES LAWS, OR (2) THE INVESTOR SHALL HAVE
         DELIVERED AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE
         AND SUBSTANCE TO THE COMPANY TO THE EFFECT THAT THE [SHARES OF COMMON
         STOCK][WARRANTS] TO BE SOLD OR TRANSFERRED MAY BE SOLD OR TRANSFERRED
         PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT."

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 15 OF 25

<PAGE>

                                  ARTICLE VIII

                CONDITIONS PRECEDENT TO THE COMPANY'S OBLIGATIONS

         The obligation of the Company to consummate the transactions
contemplated hereby shall be subject to the fulfillment, on or prior to Closing
Date, of the following conditions:

8.1      NO TERMINATION. This Agreement shall not have been terminated pursuant
to Article X hereof.

8.2      REPRESENTATIONS TRUE AND CORRECT. The representations and warranties of
the Investor contained in this Agreement shall be true and correct in all
material respects on and as of the Closing Date with the same force and effect
as if made on as of the Closing Date.

8.3      COMPLIANCE WITH COVENANTS. The Investor shall have performed and
complied in all material respects with all covenants, agreements, and conditions
required by this Agreement to be performed or complied by it prior to or at the
Closing Date.

8.4      NO ADVERSE PROCEEDINGS. On the Closing Date, no action or proceeding
shall be pending by any public authority or individual or entity before any
court or administrative body to restrain, enjoin, or otherwise prevent the
consummation of this Agreement or the transactions contemplated hereby or to
recover any damages or obtain other relief as a result of the transactions
proposed hereby.

                                   ARTICLE IX

                 CONDITIONS PRECEDENT TO INVESTOR'S OBLIGATIONS

         The obligation of the Investor to consummate the transactions
contemplated hereby shall be subject to the fulfillment, on or prior to Closing
Date unless specified otherwise, of the following conditions:

9.1      NO TERMINATION. This Agreement shall not have been terminated pursuant
to Article X hereof.

9.2      REPRESENTATIONS TRUE AND CORRECT. The representations and warranties of
PDG ENVIRONMENTAL contained in this Agreement shall be true and correct in all
material

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 16 OF 25

<PAGE>

respects on and as of the Closing Date with the same force and effect as if made
on as of the Closing Date.

9.1      COMPLIANCE WITH COVENANTS. PDG ENVIRONMENTAL shall have performed and
complied in all material respects with all covenants, agreements, and conditions
required by this Agreement to be performed or complied by it prior to or at the
Closing Date.

9.4      NO ADVERSE PROCEEDINGS. On the Closing Date, no action or proceeding
shall be pending by any public authority or individual or entity before any
court or administrative body to restrain, enjoin, or otherwise prevent the
consummation of this Agreement or the transactions contemplated hereby or to
recover any damages or obtain other relief as a result of the transactions
proposed hereby.

                                    ARTICLE X

                        TERMINATION, AMENDMENT AND WAIVER

10.1     TERMINATION. This Agreement may be terminated at any time prior to the
Effective Time:

                  10.1.1   by mutual written consent of the Investor and the
                           Company;

                  10.1.2   by the Company upon a material breach of any
representation, warranty, covenant or agreement on the part of the Investor set
forth in this Agreement, or the Investor upon a material breach of any
representation, warranty, covenant or agreement on the part of PDG ENVIRONMENTAL
set forth in this Agreement, or if any representation or warranty of PDG
ENVIRONMENTAL or the Investor, respectively, shall have become untrue, in either
case such that any of the conditions set forth in Article VIII or Article IX
hereof would not be satisfied (a "TERMINATING BREACH"), and such breach shall,
if capable of cure, not have been cured within five (5) days after receipt by
the party in breach of a notice from the non-breaching party setting forth in
detail the nature of such breach;

                  10.1.3   by either party, if the Closing Date is after April
30, 2004.

10.2     EFFECT OF TERMINATION. In the event of the termination of this
Agreement pursuant to Paragraph 10.1 hereof, there shall be no liability on the
party of PDG ENVIRONMENTAL or the Investor or any of their respective officers,
directors, agents or other representatives and all rights and obligations of any
party hereto shall cease, except as expressed herein, except that the Company
retains the obligations pursuant to Paragraph 11.1.

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 17 OF 25

<PAGE>

10.3     AMENDMENT. This Agreement may be amended by the parties hereto any time
prior to the Closing Date by an instrument in writing signed by the parties
hereto.

10.3     WAIVER. At any time prior to the Closing Date, PDG ENVIRONMENTAL or the
Investor, as appropriate, may: (a) extend the time for the performance of any of
the obligations or other acts of other party or; (b) waive any inaccuracies in
the representations and warranties contained herein or in any document delivered
pursuant hereto which have been made to it or them; or (c) waive compliance with
any of the agreements or conditions contained herein for its or their benefit.
Any such extension or waiver shall be valid only if set forth in an instrument
in writing signed by the party or parties to be bound hereby.

                                   ARTICLE XI

                               GENERAL PROVISIONS

11.1     TRANSACTION COSTS. Except as otherwise provided herein, each of the
parties shall pay all of his or its costs and expenses (including attorney fees
and other legal costs and expenses and accountants' fees and other accounting
costs and expenses) incurred by that party in connection with this Agreement.

11.2     INDEMNIFICATION.

         11.2.1 Each Investor, severally and not jointly agrees to defend and
hold the Company (following the Closing Date) and its officers and directors
harmless against and in respect of any and all claims, demands, losses, costs,
expenses, obligations, liabilities or damages, including interest, penalties and
reasonable attorney's fees, that it shall incur or suffer, which arise out of,
result from or relate to any breach of this Agreement by such Investor or
failure by such Investor to perform with respect to any of its representations,
warranties or covenants contained in this Agreement. The Company agrees to
defend and hold the Investor harmless against and in respect of any and all
claims, demands, losses, costs, expenses, obligations, liabilities or damages,
including interest, penalties and reasonable attorney's fees, that it shall
incur or suffer, which arise out of, result from or relate to any breach of this
Agreement or failure by the Company to perform with respect to any of its
representations, warranties or covenants contained in this Agreement or in any
exhibit or other instrument furnished or to be furnished under this Agreement.

         11.2.2 All claims for indemnification under this Section 11.2 must be
made within 12

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 18 OF 25

<PAGE>

months following the Closing Date or otherwise shall be considered null and
void.

         11.2.3 Neither the Investor nor the Company shall be required to make
any indemnification payments pursuant to this Section 11.2 unless and until the
claims asserted against such party exceed $50,000 after which such parties shall
be entitled to recover for damages in excess of such amount.

         11.2.4 The maximum liability of the Investor, on the one hand, and the
Company, on the other, shall be the Purchase Price.

         11.2.4 The indemnification obligations contained in this Section 11.2
shall be the exclusive remedy available to the parties hereto with respect to
this Agreement.

11.3     HEADINGS. The table of contents and headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement.

11.4     ENTIRE AGREEMENT. This Agreement (together with the Schedule, Exhibits,
Warrants and documents referred to herein) constitute the entire agreement of
the parties and supersede all prior agreements and undertakings, both written
and oral, between the parties, or any of them, with respect to the subject
matter hereof.

11.5     NOTICES. All notices and other communications hereunder shall be in
writing and shall be deemed to have been given (i) on the date they are
delivered if delivered in person; (ii) on the date initially received if
delivered by facsimile transmission followed by registered or certified mail
confirmation; (iii) on the date delivered by an overnight courier service; or
(iv) on the third business day after it is mailed by registered or certified
mail, return receipt requested with postage and other fees prepaid as follows:

                             If to PDG ENVIRONMENTAL:
                             -----------------------

                             PDG ENVIRONMENTAL, INC.
                             1386 Beulah Road, Building 801
                             Pittsburgh, Pennsylvania 15235
                             Tel: 412-243-3200
                             Attention: John Regan

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 19 OF 25

<PAGE>

                              With a copy to:
                              --------------

                              Cohen & Grigsby P.C.
                              11 Stanwix Street, 15th Floor
                              Pittsburgh, PA 15222
                              Tel: 412-297-4836
                              Attention: James Chiafullo, Esq.

                              If to the Investor:

                              Andrew Barron Worden
                              Managing Partner
                              Barron Partners LP
                              730 Fifth Avenue, 9th Floor
                              New York NY 10019
                              Tel 212-659-7790

11.6     SEVERABILITY. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such determination that any such term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the
original intent of the parties as closely as possible in an acceptable manner to
the end that the transactions contemplated hereby are fulfilled to the extent
possible.

11.7     BINDING EFFECT. All the terms and provisions of this Agreement whether
so expressed or not, shall be binding upon, inure to the benefit of, and be
enforceable by the parties and their respective administrators, executors, legal
representatives, heirs, successors and assignees.

11.8     PREPARATION OF AGREEMENT. This Agreement shall not be construed more
strongly against any party regardless of who is responsible for its preparation.
The parties acknowledge each contributed and is equally responsible for its
preparation.

11.9     GOVERNING LAW. This Agreement shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Pennsylvania, without giving
effect to applicable principles of conflicts of law.

11.10    JURISDICTION. This Agreement shall be exclusively governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania. If
any action is brought among the parties with respect to this Agreement or
otherwise, by way of a claim or counterclaim, the parties agree that in any such
action, and on all issues, the parties irrevocably waive their right to a trial
by jury. Exclusive jurisdiction and venue for any such action shall be the State
Courts of Pennsylvania. In the event suit or action is brought by any party
under this Agreement to enforce

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 20 OF 25

<PAGE>

any of its terms, or in any appeal therefrom, it is agreed that the prevailing
party shall be entitled to reasonable attorneys fees to be fixed by the
arbitrator, trial court, and/or appellate court.

11.11    PREPARATION AND FILING OF SECURITIES AND EXCHANGE COMMISSION FILINGS.
Each Investor shall reasonably assist and cooperate with the Company in the
preparation of all filings with the SEC after the Closing Date due after the
Closing Date.

11.12    THIRD PARTIES Except as disclosed in this Agreement, nothing in this
Agreement, whether express or implied, is intended to confer any rights or
remedies under or by reason of this Agreement on any persons other than the
parties hereto and their respective administrators, executors, legal
representatives, heirs, successors and assignees. Nothing in this Agreement is
intended to relieve or discharge the obligation or liability of any third
persons to any party to this Agreement, nor shall any provision give any third
persons any right of subrogation or action over or against any party to this
Agreement.

11.13 FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of any
party hereto in the exercise of any right hereunder shall impair such right or
be construed to be a waiver of, or acquiescence in, any breach of any
representation, warranty, covenant or agreement herein, nor shall nay single or
partial exercise of any such right preclude other or further exercise thereof or
of any other right.

11.14 COUNTERPARTS. This Agreement may be executed in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which when
executed shall be deemed to be an original, but all of which taken together
shall constitute one and the same agreement. A facsimile transmission of this
signed Agreement shall be legal and binding on all parties hereto.

                         [SIGNATURES ON FOLLOWING PAGE]

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 21 OF 25

<PAGE>

         IN WITNESS WHEREOF, the Investor and the Company have as of the date
first written above executed this Agreement.

PDG ENVIRONMENTAL

PDG ENVIRONMENTAL, INC.

By: /s/ John C. Regan
    -------------------------
Name: John C. Regan
Title: President & CEO

INVESTOR

BARRON PARTNERS LP

BY: /s/ Andrew Barron Worden
    -------------------------
       Andrew Barron Worden
       Managing Partner
       Barron Partners LP

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 22 OF 25

<PAGE>

                                    EXHIBIT A

                          REGISTRATION RIGHTS AGREEMENT

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 23 OF 25

<PAGE>

                                    EXHIBIT B

                                  FIRST WARRANT

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 24 OF 25

<PAGE>

                                    EXHIBIT B

                                 SECOND WARRANT

                        STOCK PURCHASE AGREEMENT BETWEEN
                  PDG ENVIRONMENTAL, INC. AND CERTAIN INVESTOR
                                  PAGE 25 OF 25<PAGE>

                                                                    EXHIBIT 10.2

                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (the "AGREEMENT") is made and
entered into as of 4th the day of March, 2004 by and among PDG ENVIRONMENTAL,
INC., a corporation organized and existing under the laws of the State of
Delaware ("PDG ENVIRONMENTAL" or the "COMPANY"), and BARRON PARTNERS, L.P., a
Delaware limited partnership (the "INVESTOR"). Unless defined otherwise,
capitalized terms herein shall have the identical meaning as in the Stock
Purchase Agreement.

                              PRELIMINARY STATEMENT

         WHEREAS, pursuant to the Stock Purchase Agreement, of even date
herewith, by and among PDG ENVIRONMENTAL and the Investor, as part of the
consideration, Investor shall receive shares of the Common Stock, par value
$0.02 per share, of PDG ENVIRONMENTAL and warrants to purchase shares of common
stock of PDG ENVIRONMENTAL; and

         WHEREAS, the ability of the Investor to sell their shares of Common
Stock is subject to certain restrictions under the 1933 Act; and

         WHEREAS, as a condition to the Stock Purchase Agreement, PDG
ENVIRONMENTAL has agreed to provide the Investor with a mechanism that will
permit the Investor, subject to a market stand-off agreement, to sell its shares
of Common Stock in the future.

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements, and subject to the terms and conditions herein
contained, the parties hereto hereby agree as follows:

                                    ARTICLE I

                     INCORPORATION BY REFERENCE, SUPERSEDER

1.1      Incorporation by Reference. The foregoing recitals and the Exhibits
attached hereto and referred to herein, are hereby acknowledged to be true and
accurate, and are incorporated herein by this reference.

1.2      Superseder. This Agreement, to the extent that it is inconsistent with
any other instrument or understanding among the parties governing the affairs of
the Company, shall supersede such instrument or understanding to the fullest
extent permitted by law. A copy of this Agreement shall be filed at the
Company's principal office.

                      REGISTRATION RIGHTS AGREEMENT BETWEEN
                PDG ENVIRONMENTAL, INC. AND BARON PARTNERS, L.P.
                                  PAGE 1 OF 17

<PAGE>

                                   ARTICLE II

                           DEMAND REGISTRATION RIGHTS

2.1      "REGISTRABLE SHARES" means and includes the Shares of PDG ENVIRONMENTAL
issued to the Investor pursuant to the Stock Purchase Agreement. As to any
particular Registrable Shares, such securities will cease to be Registrable
Shares when (a) they have been effectively registered under the 1933 Act and
disposed of in accordance with the registration statement covering them, (b)
they are or may be freely traded without registration pursuant to Rule 144 under
the 1933 Act (or any similar provisions that are then in effect), or (c) they
have been otherwise transferred and new certificates for them not bearing a
restrictive legend have been issued by PDG ENVIRONMENTAL and PDG ENVIRONMENTAL
shall not have "stop transfer" instructions against them. "SHARES" shall mean,
collectively, the shares of Common Stock of the Company being issued pursuant to
the Stock Purchase Agreement and the Warrant Shares. "WARRANT SHARES" means the
shares of Common Stock issuable to the Investor upon exercise of the Warrants
being issued to the Investor pursuant to the Stock Purchase Agreement.

2.2      REGISTRATION OF REGISTRABLE SECURITIES. The Company shall prepare and
file within ninety (90) days following the date hereof (the "FILING DATE") a
registration statement (the "SHELF REGISTRATION STATEMENT") covering the resale
by the Investor of the Registrable Securities. The Company shall use its
commercially reasonable efforts to cause the Shelf Registration Statement to be
declared effective by the SEC on the earlier of (i) the six month anniversary of
the Closing Date, (ii) ten (10) days following the receipt of a "No Review" or
similar letter from the SEC relating to the Shelf Registration Statement or
(iii) the first day following the day the SEC determines the Shelf Registration
Statement eligible to be declared effective (the "REQUIRED EFFECTIVENESS DATE").
Nothing contained herein shall be deemed to limit the number of Registrable
Securities required to be registered for resale under the 1933 Act by the
Company under this Section 2.2. As a result, should the Shelf Registration
Statement not relate to the maximum number of Registrable Securities acquired by
(or potentially acquirable by) the Investor pursuant to the Stock Purchase
Agreement, the Company shall be required to promptly file a separate
registration statement (utilizing Rule 462 promulgated under the Exchange Act,
where applicable) relating to such Registrable Securities which then remain
unregistered. The provisions of this Agreement shall relate to any such separate
registration statement as if it were an amendment to the Shelf Registration
Statement.

2.3      DEMAND REGISTRATION. Subject to the limitations of Section 2.2, at any
time after the Required Effectiveness Date until the date upon which the
Warrants have been exercised with respect to not less than 80% of the Warrant
Shares, the holder of a majority of the Shares (the "MAJORITY HOLDERS") may
request the registration, once and only once, under the 1933 Act of all or part
of the Registrable Shares which remain unsold and are not subject to an
effective registration statement (a "DEMAND REGISTRATION STATEMENT"). The
Majority Holders may exercise their rights under this Section 2.3 by providing
written notice thereof (which notice shall specify the Registrable Securities
intended to be disposed of by the Majority Holders and the intended method of
disposition thereof) ("DEMAND REGISTRATION REQUEST"). Subject to the

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conditions of Section 3, the Company shall use its commercially reasonable
efforts to file the Demand Registration Statement under the 1933 Act as promptly
as practicable after the date any such request is received by the Company and to
cause the Demand Registration Statement to be declared effective; provided,
however, that the Company shall have the right to postpone or defer the
registration thereof for a period of not more than 30 calendar days. The Company
shall notify the holders of Registrable Securities registering their securities
hereunder promptly when the Demand Registration Statement has been declared
effective.

2.4      REGISTRATION STATEMENT FORM. Registrations under Section 2.2 and
Section 2.3 shall be on Form SB-2 or such other appropriate registration form of
the SEC as shall permit the disposition of such Registrable Securities in
accordance with the intended method or methods of disposition specified in the
Shelf Registration Statement or the Demand Registration Statement (each, a
"REGISTRATION STATEMENT"); provided, however, such intended method of
disposition shall not include an underwritten offering of the Registrable
Securities.

2.5      EXPENSES. The Company will pay all registration expenses in connection
with any registration required by under Sections 2.2 and Section 2.3 herein;
except that the holders of the holders of the Registrable Securities shall pay
all selling commissions and stock transfer taxes applicable to the sale of such
holder's Registrable Securities and any fees and disbursements of counsel to
such holders.

2.6      EFFECTIVE REGISTRATION STATEMENT. A registration requested pursuant to
Sections 2.2 and Section 2.3 shall not be deemed to have been effected (i)
unless a registration statement with respect thereto has become effective within
the time period specified in Section 2.2 or 2.3, as applicable, provided that a
registration which does not become effective after the Company filed a
registration statement with respect thereto solely by reason of the refusal to
proceed of any holder of Registrable Securities (other than a refusal to proceed
based upon the advice of counsel in the form of a letter signed by such counsel
and provided to the Company relating to a disclosure matter unrelated to such
holder) shall be deemed to have been effected by the Company unless the holders
of the Registrable Securities shall have elected to pay all Registration
Expenses in connection with such registration) or (ii) if, after it has become
effective, such registration (x) becomes subject to any stop order, injunction
or other order or extraordinary requirement of the SEC or other governmental
agency or court or (y) otherwise ceases to be effective, in the case of either
(ii)(x) or (ii)(y), for a period in excess of the allowable Black-Out Period (as
defined herein).

2.7      PLAN OF DISTRIBUTION. The Company hereby agrees that the Registration
Statement shall include a plan of distribution section reasonably acceptable to
the Holder; provided, however, such plan of distribution section shall be
modified by the Company so as to not provide for the disposition of the
Registrable Securities on the basis of an underwritten offering.

2.8      LIQUIDATED DAMAGES.

         (a)      If the Company has not filed a Shelf Registration Statement
pursuant to Section 2.2 with the SEC by the Filing Date, then the Company shall,
for each day until the Shelf

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Registration Statement is filed with the SEC, pay the Investor, as liquidated
damages and not as a penalty, an amount equal to eighteen percent (18%) of the
Purchase Price per annum; and for any such day, such payment shall be made no
later than the first business day of the calendar month next succeeding the
month in which such day occurs.

         (b)      If (1) the Company does not register the Registrable
Securities pursuant to an effective Registration Statement under the 1933 Act by
the Required Effectiveness Date or (2) if the Company does register the
Registrable Securities pursuant to an effective Registration Statement under the
1933 Act by the Required Effectiveness Date but such registration is
subsequently deemed not to be effective as set forth in Section 2.6 above during
any time after the Required Effectiveness Date until the Effectiveness
Termination Date (subject to the Company's right to suspend use of the
registration statement during the allowable Black-Out Periods pursuant to
Sections 4.1 and 4.5 below), then the Company shall, for each such day, pay the
Purchaser, as liquidated damages and not as a penalty, an amount equal to
eighteen percent (18%) of the Purchase Price per annum; and for any such day,
such payment shall be made no later than the first business day of the calendar
month next succeeding the month in which such day occurs.

         (c)      The parties agree that the only damages payable for a
violation of the terms of this Agreement with respect to which liquidated
damages are expressly provided shall be such liquidated damages. Nothing shall
preclude the Investor from pursuing or obtaining specific performance or other
equitable relief with respect to this Agreement. The parties hereto agree that
the liquidated damages provided for in this Section 2.8 constitute a reasonable
estimate of the damages that may be incurred by the Investor by reason of the
failure of the Registration Statement to be filed or declared effective in
accordance with the provisions hereof.

         (d)      The obligation of the Company under this Section 2.8
terminates when the holder of shares of Registrable Securities no longer holds
more than twenty percent (20%) of their shares of Registrable Securities.

2.9      EFFECTIVENESS TERMINATION DATE; DEMAND EFFECTIVENESS TERMINATION DATE.
For purposes of this Agreement, (a) "EFFECTIVENESS TERMINATION DATE" means the
earlier of (i) the date that is the second anniversary of the Closing Date; (ii)
such time as all of such Registrable Securities have been sold and (iii) such
time as any remaining unsold Registrable Securities may be sold pursuant to
Securities Act Rule 144 in any three-month period and (b) "DEMAND EFFECTIVENESS
TERMINATION DATE" means the earlier of (i) the date that is the second
anniversary of the Demand Registration Notice; (ii) such time as all of such
Registrable Securities have been sold and (iii) such time as any remaining
unsold Registrable Securities may be sold pursuant to Securities Act Rule 144 in
any three-month period

                                   ARTICLE III

                         INCIDENTAL REGISTRATION RIGHTS

3.1      RIGHT TO INCLUDE ("PIGGY-BACK") REGISTRABLE SECURITIES. Provided that
the Registrable Securities have not been registered, if at any time after the
date hereof but before

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the Effectiveness Termination Date the Company proposes to register any of its
securities under the 1933 Act (other than by a registration in connection with
an acquisition in a manner which would not permit registration of Registrable
Securities for sale to the public, on Form S-8, or any successor form thereto,
on Form S-4, or any successor form thereto and other than pursuant to Section
2), on an underwritten basis (either best-efforts or firm-commitment), then, the
Company will each such time give prompt written notice to the Investor of its
intention to do so and of the Investor's rights under this Section 3.1. Upon the
written request of the Investor made within ten (10) days after the receipt of
any such notice (which request shall specify the Registrable Securities intended
to be disposed of by the Investor and the intended method of disposition
thereof), the Company will, subject to the terms of this Agreement, use its
commercially reasonable efforts to include such Registrable Securities specified
in such request in such registration under the 1933 Act, to the extent requisite
to permit the disposition (in accordance with the intended methods thereof as
aforesaid) of such Registrable Securities so to be registered. Notwithstanding
anything contained herein to the contrary, if, at any time after written notice
of its intention to register any securities and prior to the effective date of
the registration statement filed in connection with such registration, the
Company shall determine for any reason either not to register or to delay
registration of such securities, the Company may, at its election, give written
notice of such determination to each holders of Registrable Securities and,
thereupon, (i) in the case of a determination not to register, shall be relieved
of this obligation to register any Registrable Securities in connection with
such registration (but not from its obligation to pay the Registration Expenses
in connection therewith), without prejudice, however, to the rights of the
Investor to request that such registration be effected as a registration under
Section 2, and (ii) in the case of a determination to delay registering, shall
be permitted to delay registering any Registrable Securities, for the same
period as the delay in registering such other securities. No registration
effected under this Section 3.1 shall relieve the Company of its obligation to
effect any registration upon request under Section 2. The Company will pay all
Registration Expenses in connection with each registration of Registrable
Securities requested pursuant to this Section 3.1. The right provided the
Investor pursuant to this Section 3.1 shall be exercisable at its sole
discretion.

3.2      PRIORITY IN INCIDENTAL REGISTRATIONS. If the managing underwriter of
the underwritten offering contemplated by this Section 3 shall inform the
Company and the Investor by letter of its belief that marketing factors require
a limitation on the number of securities requested to be included in such
registration and underwriting, then the shares included in the registration and
underwriting shall be allocated as follows: (i) first, securities proposed by
the Company to be sold for its own account, and (ii) second, Registrable
Securities and securities of other selling security holders requested to be
included in such registration pro rata on the basis of the number of shares of
such securities so proposed to be sold and so requested to be included;
provided, however, the holders of Registrable Securities shall have pro rata
rights of registration with all shares sought to be included by officers and
directors of the Company as well as holders of ten percent (10%) or more of the
Company's Common Stock.

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                                   ARTICLE IV

                             REGISTRATION PROCEDURES

4.1      REGISTRATION PROCEDURES. If and whenever the Company is required to
effect the registration of any Registrable Securities under the 1933 Act as
provided in Section 2.2 and, as applicable, 2.3, the Company shall, as
expeditiously as possible:

         (i) prepare and file with the SEC the Registration Statement, or
amendments thereto, to effect such registration (including such audited
financial statements as may be required by the 1933 Act or the rules and
regulations promulgated thereunder) and thereafter use its commercially
reasonable efforts to cause such registration statement to be declared effective
by the SEC, as soon as practicable, but with respect to a registration pursuant
to Section 2.2 in no event later than the Required Effectiveness Date; provided,
however, that before filing such registration statement or any amendments
thereto, the Company will furnish to the counsel selected by the holders of
Registrable Securities which are to be included in such registration, copies of
all such documents proposed to be filed;

         (ii) prepare and file with the SEC such amendments and supplements to
such Registration Statement and the prospectus used in connection therewith as
may be necessary to keep such Registration Statement effective and to comply
with the provisions of the 1933 Act (subject to the right of the Company to
suspend the effectiveness thereof pursuant to Section 4.5 for not more than an
aggregate of 60 calendar days during each year (each a "BLACK-OUT PERIOD") or
such time as all of the securities which are the subject of such Registration
Statement cease to be Registrable Securities;

         (iii) furnish to each holder of Registrable Securities covered by such
Registration Statement such number of conformed copies of such Registration
Statement and of each such amendment and supplement thereto (in each case
including all exhibits), such number of copies of the prospectus contained in
such Registration Statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule 424 under the 1933
Act, in conformity with the requirements of the 1933 Act, and such other
documents, as such holder of Registrable Securities and underwriter, if any, may
reasonably request in order to facilitate the public sale or other disposition
of the Registrable Securities owned by such holder of Registrable Securities;

         (iv) use its commercially reasonable efforts to register or qualify all
Registrable Securities and other securities covered by such Registration
Statement under such other securities laws or blue sky laws as any holder of
Registrable Securities thereof shall reasonably request, to keep such
registrations or qualifications in effect for so long as such Registration
Statement remains in effect, and take any other action which may be reasonably
necessary to enable such holder of Registrable Securities to consummate the
disposition in such jurisdictions of the securities owned by such holder of
Registrable Securities, except that the Company shall not for any such purpose
be required to qualify generally to do business as a foreign

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corporation in any jurisdiction wherein it would not but for the requirements of
this subdivision (iv) be obligated to be so qualified or to consent to general
service of process in any such jurisdiction;

         (v) use its commercially reasonable efforts to cause all Registrable
Securities covered by such Registration Statement to be registered with or
approved by such other governmental agencies or authorities as may be necessary
to enable the holder of Registrable Securities thereof to consummate the
disposition of such Registrable Securities, subject to the right of the Company
to suspend the effectiveness thereof for and during the Black-Out Period;

         (vi) notify the Investor and its counsel promptly and confirm such
advice in writing promptly after the Company has knowledge thereof:

                  (A) when the Registration Statement, the prospectus or any
prospectus supplement related thereto or post-effective amendment to the
Registration Statement has been filed, and, with respect to the Registration
Statement or any post-effective amendment thereto, when the same has become
effective;

                  (B) of any request by the SEC for amendments or supplements to
the Registration Statement or the prospectus or for additional information;

                  (C) of the issuance by the SEC of any stop order suspending
the effectiveness of the Registration Statement or the initiation of any
proceedings by any Person for that purpose; and

                  (D) of the receipt by the Company of any notification with
respect to the suspension of the qualification of any Registrable Securities for
sale under the securities or blue sky laws of any jurisdiction or the initiation
or threat of any proceeding for such purpose;

         (vii) notify the Investor at any time when a prospectus relating to any
Registration Statement covering any Registrable Securities is required to be
delivered under the 1933 Act, upon the Company's discovery that the prospectus
included in such Registration Statement, as then in effect, includes, or the
occurrence of any event relating to the Company that would reasonably be
expected to result in such prospectus including, an untrue statement of a
material fact or omits to state any material facts required to be stated therein
or necessary to make the statements therein not misleading in the light of the
circumstances then existing, and at the request of the Investor promptly prepare
and furnish to such holder of Registrable Securities a reasonable number of
copies of a supplement to or an amendment of such prospectus as may be necessary
so that, as thereafter delivered to the purchasers of such securities, such
prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then
existing;

         (viii) use its commercially reasonable efforts to obtain the withdrawal
of any order suspending the effectiveness of the Registration Statement at the
earliest possible moment;

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         (ix) use its commercially reasonable efforts to comply with all
applicable rules and regulations of the SEC;

         (xi) enter into such agreements and take such other actions as the
Investor shall reasonably request in writing (at the expense of the requesting
or benefiting Investors) in order to expedite or facilitate the disposition of
such Registrable Securities; and

         (xii) use its commercially reasonable efforts to list all Registrable
Securities covered by such Registration Statement on any securities exchange on
which any of the Registrable Securities are then listed.

         The obligations of the Company in this Section 4.1 shall expire (x)
with respect to any registration effected pursuant to Section 2.2 on the earlier
of the Effectiveness Termination Date and such time as all of the securities
which are the subject of such Registration Statement cease to be Registrable
Securities or (y) with respect to registration effected pursuant to Section 2.3,
on the earlier of the Demand Effectiveness Termination Date and such time as all
of the securities which are the subject of such Registration Statement cease to
be Registrable Securities.

         The Company may require each holder of Registrable Securities as to
which any registration is being effected to furnish the Company such information
regarding such holder of Registrable Securities and the distribution of such
securities as the Company may from time to time reasonably request in writing.

4.2      SELLING PROCEDURES.

         (a)      The Company will not include any information regarding the
Investors in any registration statement to be filed pursuant to Section 2.2 or
Section 2.3, or amendment thereto or any prospectus or any supplement thereto,
to which the Investors shall reasonably object.

         (b)      The Company represents and warrants to each holder of
Registrable Securities that it has obtained all necessary waivers, consents and
authorizations necessary to execute this Agreement and consummate the
transactions contemplated hereby other than such waivers, consents and/or
authorizations specifically contemplated by the Stock Purchase Agreement.

         (c)      Following the date that a registration statement filed
pursuant to Section 2.2 or Section 2.3 is declared effective by the SEC, the
Investor shall be permitted, subject to the provisions hereof, to offer and sell
the Registrable Securities included thereon in the manner described in such
registration statement during the period of its effectiveness; provided however
that the Investor arranges for delivery of a current prospectus to the
transferee of the Registrable Securities.

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         (d)      As a condition precedent to the obligations of the Company to
include any Registrable Securities of the Investor in any registration statement
hereunder, the Investor shall furnish to the Company all such information and
materials regarding the Investor and the distribution proposed by the Investor
as the Company may reasonably request in writing in connection with any
registration hereunder. The Investor will promptly notify the Company in writing
of any changes in the information set forth in the registration statement after
it is prepared regarding the investor or its plan of distribution to the extent
required by law.

4.5      SUSPENSION OF USE OF REGISTRATION STATEMENTS. Notwithstanding anything
contained herein to the contrary, the Company may suspend offers and sales of
Registrable Securities pursuant to any registration statement filed pursuant to
Section 2.2, 2.3 or 3.1 at any time and from time to time upon the occurrence of
any event of the kind described in subdivision (vii) of Section 4.1. Each holder
of Registrable Securities agrees that, upon receipt of any notice from the
Company of the occurrence of such an event, such holder will forthwith
discontinue such holder of Registrable Securities' disposition of Registrable
Securities pursuant to the registration statement relating to such Registrable
Securities until such holder of Registrable Securities' receipt of the copies of
the supplemented or amended prospectus contemplated by subdivision (vi) of
Section 4.1 and, if so directed by the Company, will deliver to the Company (at
the Company's expense) all copies, other than permanent file copies, then in
such Holder's possession of the prospectus relating to such Registrable
Securities current at the time of receipt of such notice.

                                    ARTICLE V

                             UNDERWRITTEN OFFERINGS

5.1      INCIDENTAL UNDERWRITTEN OFFERINGS. If the Company at any time proposes
to register any of its securities under the 1933 Act as contemplated by Section
3.1 and such securities are to be distributed by or through one or more
underwriters, the Company will, if requested by any holder of Registrable
Securities as provided in Section 3.1 and subject to the provisions of Section
3.2, use its commercially reasonable efforts to arrange for such underwriters to
include all the Registrable Securities to be offered and sold by such holder
among the securities to be distributed by such underwriters.

5.2      HOLDBACK AGREEMENTS. Subject to such other reasonable requirements as
may be imposed by the underwriter as a condition of inclusion of the Registrable
Securities in the registration statement, the Investor agrees by acquisition of
Registrable Securities, if so required by the managing underwriter, not to sell,
make any short sale of, loan, grant any option for the purchase of, effect any
public sale or distribution of or otherwise dispose of, except as part of such
underwritten registration, any equity securities of the Company, during such
reasonable period of time requested by the underwriter; provided however, such
period shall not exceed the 90 day period commencing with the completion of a
underwritten offering. Notwithstanding the foregoing, the Company agrees and
acknowledges that the Investor may

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sell Registrable Securities in the amount of up to one percent of the shares of
Common Stock held by the Holder of Registrable Securities per week during any
holdback period.

5.3      PARTICIPATION IN UNDERWRITTEN OFFERINGS. The Investor may not
participate in any underwritten offering under Section 3.1 unless it (i) agrees
to sell its securities on the basis provided in any underwriting arrangements
entered into by the Company; (ii) enters into an underwriting agreement
acceptable to the Company; and (iii) completes and executes all questionnaires,
indemnities, underwriting agreements and other documents (other than powers of
attorney) required under the terms of such underwriting arrangements.
Notwithstanding the foregoing, no underwriting agreement (or other agreement in
connection with such offering) shall require the Investor to make a
representation or warranty to or agreements with the Company or the underwriters
other than representations and warranties contained in a writing furnished by
the Investor expressly for use in the related registration statement or
representations, warranties or agreements regarding the Investor, the Investor's
Registrable Securities and the Investor's intended method of distribution and
any other representation required by law.

5.4      PREPARATION; REASONABLE INVESTIGATION. In connection with the
preparation and filing of each registration statement under the 1933 Act
pursuant to this Agreement, the Company will give the Investor, and its counsel
and accountants, the opportunity to participate in the preparation of such
registration statement, each prospectus included therein or filed with the SEC,
and each amendment thereof or supplement thereto, and will give it such access
to its books and records and such opportunities to discuss the business of the
Company with its officers and the independent public accountants who have
certified its financial statements as shall be necessary, in the reasonable
opinion of such holders and such underwriters respective counsel, to conduct a
reasonable investigation within the meaning of the 1933 Act.

                                   ARTICLE VI

                                 INDEMNIFICATION

6.1      INDEMNIFICATION BY THE COMPANY. In the event of any registration of any
securities of the Company under the 1933 Act, the Company will, and hereby does
agree to indemnify and hold harmless the holder of any Registrable Securities
covered by such registration statement, its directors and officers, each other
Person who participates as an underwriter in the offering or sale of such
securities and each other Person, if any, who controls such holder or any such
underwriter within the meaning of the 1933 Act against any losses, claims,
damages or liabilities, joint or several, to which such holder or any such
director or officer or underwriter or controlling person may become subject
under the 1933 Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions or proceedings, whether commenced or threatened, in
respect thereof) arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in any registration statement
under which such securities were registered under the 1933 Act, any preliminary
prospectus, final prospectus or

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summary prospectus contained therein, or any amendment or supplement thereto, or
any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
the Company will reimburse such holder and each such director, officer,
underwriter and controlling person for any legal or any other expenses
reasonably incurred by them in connection with investigating or defending any
such loss, claim, liability, action or proceeding, provided that the Company
shall not be liable in any such case to the extent that any such loss, claim,
damage, liability, (or action or proceeding in respect thereof) or expense
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such registration statement, any such
preliminary prospectus, final prospectus, summary prospectus, amendment or
supplement in reliance upon and in conformity with written information furnished
to the Company by such holder or underwriter stating that it is for use in the
preparation thereof and, provided further that the Company shall not be liable
to any Person who participates as an underwriter in the offering or sale of
Registrable Securities or to any other Person, if any, who controls such
underwriter within the meaning of the 1933 Act, in any such case to the extent
that any such loss, claim, damage, liability (or action or proceeding in respect
thereof) or expense arises out of such Person's failure to send or give a copy
of the final prospectus, as the same may be then supplemented or amended, within
the time required by the 1933 Act to the Person asserting the existence of an
untrue statement or alleged untrue statement or omission or alleged omission at
or prior to the written confirmation of the sale of Registrable Securities to
such Person if such statement or omission was corrected in such final prospectus
or an amendment or supplement thereto. Such indemnity shall remain in full force
and effect regardless of any investigation made by or on behalf of such holder
or any such director, officer, underwriter or controlling person and shall
survive the transfer of such securities by such holder.

6.2      INDEMNIFICATION BY THE HOLDERS. In the event of any registration of any
securities of the Company under the 1933 Act, each holder of Registrable
Securities will, and hereby does agree to indemnify and hold harmless the
Company, its directors and officers, each other Person who participates as an
underwriter in the offering or sale of such securities and each other Person, if
any, who controls the Company or any such underwriter within the meaning of the
1933 Act against any losses, claims, damages or liabilities, joint or several,
to which the Company or any such director or officer or underwriter or
controlling person may become subject under the 1933 Act or otherwise, insofar
as such losses, claims, damages or liabilities (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact
contained in any registration statement under which such securities were
registered under the 1933 Act, any preliminary prospectus, final prospectus or
summary prospectus contained therein, or any amendment or supplement thereto, or
any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
each holder of Registrable Securities will reimburse the Company and each such
director, officer, underwriter and controlling person for any legal or any other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, liability, action or proceeding, if such
statement or alleged statement or omission or alleged omission was made in
reliance upon and in conformity with written information

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furnished to the Company through an instrument duly executed by such holder of
Registrable Securities specifically stating that it is for use in the
preparation of such registration statement, preliminary prospectus, final
prospectus, summary prospectus, amendment or supplement. Any such indemnity
shall remain in full force and effect, regardless of any investigation made by
or on behalf of the Company or any such director, officer or controlling person
and shall survive the transfer of such securities by such holder of Registrable
Securities.

6.3      NOTICES OF CLAIMS, ETC. Promptly after receipt by an indemnified party
of notice of the commencement of any action or proceeding involving a claim
referred to in Sections 6.1 and Section 6.2, such indemnified party will, if
claim in respect thereof is to be made against an indemnifying party, give
written notice to the latter of the commencement of such action, provided that
the failure of any indemnified party to give notice as provided herein shall not
relieve the indemnifying party of its obligations under Sections 6.1 and Section
6.2, except to the extent that the indemnifying party is actually prejudiced by
such failure to give notice. In case any such action is brought against an
indemnified party, unless in such indemnified party's reasonable judgment a
conflict of interest between such indemnified and indemnifying parties may exist
in respect of such claim, the indemnifying party shall be entitled to
participate in and to assume the defense thereof, jointly with any other
indemnifying party similarly notified, to the extent that the indemnifying party
may wish, with counsel reasonably satisfactory to such indemnified party, and
after notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, the indemnifying party shall not be
liable to such indemnified party for any legal or other expenses subsequently
incurred by the latter in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the
consent of the indemnified party, consent to entry of any judgment or enter into
any settlement of any such action which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability, or a covenant not to sue, in respect to such
claim or litigation. No indemnified party shall consent to entry of any judgment
or enter into any settlement of any such action the defense of which has been
assumed by an indemnifying party without the consent of such indemnifying party.

6.4      OTHER INDEMNIFICATION. Indemnification similar to that specified in
Sections 6.1 and Section 6.2 (with appropriate modifications) shall be given by
the Company and each holder of Registrable Securities (but only if and to the
extent required pursuant to the terms herein) with respect to any required
registration or other qualification of securities under any Federal or state law
or regulation of any governmental authority, other than the 1933 Act.

6.5      INDEMNIFICATION PAYMENTS. The indemnification required by Sections 6.1
and Section 6.2 shall be made by periodic payments of the amount thereof during
the course of the investigation or defense, as and when bills are received or
expense, loss, damage or liability is incurred.

6.6      CONTRIBUTION. If the indemnification provided for in Sections 6.1 and
Section 6.2 is unavailable to an indemnified party in respect of any expense,
loss, claim, damage or liability referred to therein, then each indemnifying
party, in lieu of indemnifying such indemnified

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party, shall contribute to the amount paid or payable by such indemnified party
as a result of such expense, loss, claim, damage or liability (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company on the one hand and the holder of Registrable Securities or underwriter,
as the case may be, on the other from the distribution of the Registrable
Securities or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not
only the relative benefits referred to in clause (i) above but also the relative
fault of the Company on the one hand and of the holder of Registrable Securities
or underwriter, as the case may be, on the other in connection with the
statements or omissions which resulted in such expense, loss, damage or
liability, as well as any other relevant equitable considerations. The relative
benefits received by the Company on the one hand and the holder of Registrable
Securities or underwriter, as the case may be, on the other in connection with
the distribution of the Registrable Securities shall be deemed to be in the same
proportion as the total net proceeds received by the Company from the initial
sale of the Registrable Securities by the Company to the purchasers bear to the
gain, if any, realized by all selling holders participating in such offering or
the underwriting discounts and commissions received by the underwriter, as the
case may be. The relative fault of the Company on the one hand and of the holder
of Registrable Securities or underwriter, as the case may be, on the other shall
be determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or omission to state a material fact relates
to information supplied by the Company, by the holder of Registrable Securities
or by the underwriter and the parties' relative intent, knowledge, access to
information supplied by the Company, by the holder of Registrable Securities or
by the underwriter and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission,
provided that the foregoing contribution agreement shall not inure to the
benefit of any indemnified party if indemnification would be unavailable to such
indemnified party by reason of the provisions contained herein, and in no event
shall the obligation of any indemnifying party to contribute under this Section
6.6 exceed the amount that such indemnifying party would have been obligated to
pay by way of indemnification if the indemnification provided for hereunder had
been available under the circumstances.

         The Company and the holders of Registrable Securities agree that it
would not be just and equitable if contribution pursuant to this Section 6.6
were determined by pro rata allocation (even if the holders of Registrable
Securities and any underwriters were treated as one entity for such purpose) or
by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount
paid or payable by an indemnified party as a result of the losses, claims,
damages and liabilities referred to in the immediately preceding paragraph shall
be deemed to include, subject to the limitations set forth herein, any legal or
other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim.

         Notwithstanding the provisions of this Section 6.6, no holder of
Registrable Securities or underwriter shall be required to contribute any amount
in excess of the amount by which (i) in the case of any such holder, the net
proceeds received by such holder from the sale of Registrable Securities or (ii)
in the case of an underwriter, the total price at which the Registrable
Securities purchased by it and distributed to the public were offered to the
public

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exceeds, in any such case, the amount of any damages that such holder or
underwriter has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

                                   ARTICLE VII

                                    RULE 144

7.1      RULE 144. The Company shall timely file the reports required to be
filed by it under the 1933 Act and the 1934 Act (including but not limited to
the reports under Sections 13 and 15(d) of the Exchange Act referred to in
subparagraph (c) of Rule 144 adopted by the SEC under the 1933 Act) and the
rules and regulations adopted by the SEC thereunder (or, if the Company is not
required to file such reports, will, upon the request of the Investor, make
publicly available other information) and will take such further action as the
Investor may reasonably request, all to the extent required from time to time to
enable such holder to sell Registrable Securities without registration under the
1933 Act within the limitation of the exemptions provided by (a) Rule 144 under
the 1933 Act, as such Rule may be amended from time to time, or (b) any similar
rule or regulation hereafter adopted by the SEC. Upon the request of any holder
of Registrable Securities, the Company will deliver to such holder a written
statement as to whether it has complied with the requirements of this Section
7.1.

                                  ARTICLE VIII

                                  MISCELLANEOUS

8.1      AMENDMENTS AND WAIVERS. This Agreement may be amended and the Company
may take any action herein prohibited, or omit to perform any act herein
required to be performed by it, only if the Company shall have obtained the
written consent to such amendment, action or omission to act, of the holder or
holders of the sum of the 51% or more of the shares of (i) Registrable
Securities issued at such time, plus (ii) Registrable Securities issuable upon
exercise or conversion of the Securities then constituting derivative securities
(if such Securities were not fully exchanged or converted in full as of the date
such consent if sought). Each holder of any Registrable Securities at the time
or thereafter outstanding shall be bound by any consent authorized by this
Section 8.1, whether or not such Registrable Securities shall have been marked
to indicate such consent.

8.2      NOMINEES FOR BENEFICIAL OWNERS. In the event that any Registrable
Securities are held by a nominee for the beneficial owner thereof, the
beneficial owner thereof may, at its election, be treated as the holder of such
Registrable Securities for purposes of any request or other action by any holder
or holders of Registrable Securities pursuant to this Agreement or any
determination of any number of percentage of shares of Registrable Securities
held by a holder or holders of Registrable Securities contemplated by this
Agreement. If the beneficial owner of

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any Registrable Securities so elects, the Company may require assurances
reasonably satisfactory to it of such owner's beneficial ownership or such
Registrable Securities.

8.3      NOTICES. Except as otherwise provided in this Agreement, all notices,
requests and other communications to any Person provided for hereunder shall be
in writing and shall be given to such Person (a) in the case of a party hereto
other than the Company, addressed to such party in the manner set forth in the
Stock Purchase Agreement or at such other address as such party shall have
furnished to the Company in writing, or (b) in the case of any other holder of
Registrable Securities, at the address that such holder shall have furnished to
the Company in writing, or, until any such other holder so furnishes to the
Company an address, then to and at the address of the last holder of such
Registrable Securities who has furnished an address to the Company, or (c) in
the case of the Company, at the address set forth on the signature page hereto,
to the attention of its President, or at such other address, or to the attention
of such other officer, as the Company shall have furnished to each holder of
Registrable Securities at the time outstanding. Each such notice, request or
other communication shall be effective (i) if given by mail, 72 hours after such
communication is deposited in the mail with first class postage prepaid,
addressed as aforesaid or (ii) if given by any other means (including, without
limitation, by fax or air courier), when delivered at the address specified
above, provided that any such notice, request or communication shall not be
effective until received.

8.4      ASSIGNMENT.

                  (a)      Except as set forth in Section 8.4(b) below, this
Agreement shall not be assigned by operation of law or otherwise by either party
hereto without the consent of the other party hereto. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto. In addition, and whether or not any express assignment shall have been
made, the provisions of this Agreement which are for the benefit of the parties
hereto other than the Company shall also be for the benefit of and enforceable
by any subsequent holder of any Registrable Securities.

                  (b)      The rights to cause the Company to register
securities granted to the Investor by the Company under this Agreement may be
transferred or assigned by a Holder only to a transferee or assignee of not less
than 100,000 shares of Registrable Securities (as presently constituted and
subject to subsequent adjustments for stock splits, stock dividends, reverse
stock splits, and the like); provided that (i) such transfer or assignment of
Registrable Securities is effected in accordance with the terms of Article VII
of the Stock Purchase Agreement and applicable securities laws, (ii) the Company
is given written notice prior to said transfer or assignment, stating the name
and address of the transferee or assignee and identifying the securities with
respect to which such registration rights are intended to be transferred or
assigned, (iii) the transferee or assignee of such rights assumes in writing the
obligations of the Investor under this Agreement and (iv) the Company shall not
be required to file or cause to become effective any post-effective amendment to
any registration statement filed with the SEC under this Agreement solely for
the purpose of adding such transferee or assignee as a selling stockholder under
such registration statement until such time as the Company is required to file
such post-effective amendment pursuant to Section 4.1(ii) for any

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other reason (provided, however, that the Company shall add such transferee or
assignee as a selling stockholder under such registration statement in the next
post-effective amendment the Company files with the SEC after such transfer or
assignment).

8.5      DESCRIPTIVE HEADINGS. The descriptive headings of the several sections
and paragraphs of this Agreement are inserted for reference only and shall not
limit or otherwise affect the meaning hereof.

8.6      GOVERNING LAW. This Agreement shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Pennsylvania, without giving
effect to applicable principles of conflicts of law.

8.7      JURISDICTION. This Agreement shall be exclusively governed by and
construed in accordance with the laws of the Commonwealth of Pennsylvania. If
any action is brought among the parties with respect to this Agreement or
otherwise, by way of a claim or counterclaim, the parties agree that in any such
action, and on all issues, the parties irrevocably waive their right to a trial
by jury. Exclusive jurisdiction and venue for any such action shall be the State
Courts of Pennsylvania. In the event suit or action is brought by any party
under this Agreement to enforce any of its terms, or in any appeal therefrom, it
is agreed that the prevailing party shall be entitled to reasonable attorneys
fees to be fixed by the arbitrator, trial court, and/or appellate court.

8.8      ENTIRE AGREEMENT. This Agreement embodies the entire agreement and
understanding between the Company and each other party hereto relating to the
subject matter hereof and supercedes all prior agreements and understandings
relating to such subject matter.

8.9      SEVERABILITY. If any provision of this Agreement, or the application of
such provisions to any Person or circumstance, shall be held invalid, the
remainder of this Agreement, or the application of such provision to Persons or
circumstances other than those to which it is held invalid, shall not be
affected thereby.

8.10     BINDING EFFECT. All the terms and provisions of this Agreement whether
so expressed or not, shall be binding upon, inure to the benefit of, and be
enforceable by the parties and their respective administrators, executors, legal
representatives, heirs, successors and assignees.

8.11     PREPARATION OF AGREEMENT. This Agreement shall not be construed more
strongly against any party regardless of who is responsible for its preparation.
The parties acknowledge each contributed and is equally responsible for its
preparation.

8.12     FAILURE OR INDULGENCE NOT WAIVER; REMEDIES CUMULATIVE. No failure or
delay on the part of any party hereto in the exercise of any right hereunder
shall impair such right or be construed to be a waiver of, or acquiescence in,
any breach of any representation, warranty, covenant or agreement herein, nor
shall any single or partial exercise of any such right preclude other or further
exercise thereof or of any other right.

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                                  PAGE 16 OF 17

<PAGE>

8.13     COUNTERPARTS. This Agreement may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original, but all of which taken
together shall constitute one and the same agreement. A facsimile transmission
of this signed Agreement shall be legal and binding on all parties hereto.

                         [SIGNATURES ON FOLLOWING PAGE]

         IN WITNESS WHEREOF, the Investor and the Company have as of the date
first written above executed this Agreement.

                                     PDG ENVIRONMENTAL, INC.

                                     By /s/ John C. Regan
                                        ------------------------------
                                     Title: President & CEO

                                     BARRON PARTNERS, L.P.

                                     By /s/ Andrew Barron Worden
                                        ------------------------------
                                     Title: Managing Partner

                      REGISTRATION RIGHTS AGREEMENT BETWEEN
                PDG ENVIRONMENTAL, INC. AND BARON PARTNERS, L.P.
                                  PAGE 17 OF 17

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