Document:

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                                                                   EXHIBIT 10.24

                              SETTLEMENT AGREEMENT

     THIS SETTLEMENT AGREEMENT is entered into the 23rd day of November, 2001,
but effective as of November 15, 2001 (the "Effective Date"), by and among
NESCO, Inc., an Oklahoma corporation ("NESCO"); Hopkins Appraisal Services,
Inc., a Missouri corporation wholly-owned by NESCO ("HAS"); David E. Hopkins
("DEH"); Marie L. Hopkins ("MLH"); and HVS, Inc., a Missouri corporation
wholly-owned by DEH ("HVS").

     In consideration of the mutual covenants contained herein, the parties
agree as follows:

1.   RECITALS.

     (a) NESCO, DEH, MLH and HVS are parties in an action styled NESCO, Inc. v.
David E. Hopkins, Marie L. Hopkins, David Hatutian, Brock Rule and Hopkins
Valuation Services, Case No. 01-0528-CV-W-1, presently pending in the United
States District Court for the Western District of Missouri (the "Litigation").

     (b) The parties to this Agreement have agreed to settle the Litigation upon
the terms set forth herein. The terms of the settlement include, without
limitation, (i) the parties' agreement to dismiss all claims and counterclaims
made by them in the Litigation with prejudice, (ii) the agreement of HVS to
cease all operations and transfer the business and certain of the assets of HVS
to HAS, (iii) the agreement of DEH to resume his employment with HAS under terms
here after described, (iv) the agreement of NESCO, DEH and MLH to affirm the
obligations and restrictions of the non-competition obligations to NESCO and HAS
under that certain Non-Competition Agreement dated June 12, 2000 (the
"Non-Competition Agreement"), and (v) a mutual release of all claims under that
certain Purchase and Sale Agreement dated June 12, 2000 (the "Purchase and Sale
Agreement").

2.   EMPLOYMENT OF DEH BY HAS.

     (a) HAS hereby employs DEH in the capacity of President.

     (b) The term of DEH's employment shall commence on the Effective Date and
shall continue until June 1, 2005 (the "Term").

     (c) DEH acknowledges that his employment by HAS shall be "at will," and
that HAS shall have the right to terminate the employment of DEH at any time for
any reason or for no reason.

     (d) DEH acknowledges that his job duties give him access to trade secrets
and confidential information belonging to HAS, including, without limitation,
lists of past, present and future customers and the database of assembled
appraisal information. DEH responsibilities include using commercially
reasonable efforts and diligence to protect such secret and confidential
material and refraining from disclosing it to any person without the consent of
the

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Board of Directors of HAS. Upon leaving the employment of HAS for any reason,
DEH agrees not to take any files, computer disks or printouts, address books or
files, or other unpublished material belonging to HAS unless he has obtained the
prior written consent of the Board of Directors of HAS to do so or as provided
by Section 11. DEH further acknowledges that his breach of this covenant shall
cause irreparable harm to HAS and that HAS shall be entitled to injunctive
relief to prevent any such violations.

     (e) During the Term, HAS shall pay DEH a base salary at the rate of $10,000
per month, commencing as of the Effective Date.

     (f) Subject to the provisions of Sections 2(g), (h) and (i), in addition to
base salary, HAS shall pay DEH a monthly bonus equal to 15% of the EBITDA (as
defined below) of HAS for the previous month, payable on or before the 15th day
of each month commencing the month after HAS has achieved a cumulative EBITDA of
$1,000,000 from and after the Effective Date.

     (g) For the purposes of calculating the monthly bonus payable to DEH,
"EBITDA" shall mean and be defined as the net income of HAS, as reflected on the
unaudited income statement of HAS submitted to NESCO on or before the 10th day
of each month commencing the 10th day of December, 2001. The income statement
shall be prepared in accordance with generally accepted accounting principles
consistently applied (except for footnotes), and after deduction from net
revenues all ordinary and necessary business expenses incurred by HAS,
including, without limitation, cost of goods sold, selling, general and
administrative expenses, depreciation and amortization of goodwill, transaction
expenses and other non-cash items, interest expenses and federal, state and
local income taxes paid or accrued for the month in question; provided, however,
for purposes of calculating EBITDA, there shall be added back or deducted from
such net income, as the case may be, the following:

          (i) there shall be added back to such net income that portion of all
     federal, state and local income taxes paid or accrued (or deducted from
     such net income all tax credits from net operating loss carryforwards or
     otherwise) in the previous month in respect of the operations of HAS;

          (ii) there shall be deducted from such net income all gains realized,
     and added back to such net income all losses incurred, in the previous
     month from the disposition of any assets other than in the ordinary course
     of business of HAS;

          (iii) there shall be deducted from or added to such net income all
     "extraordinary items" of gain or loss, as that term is defined in GAAP,
     paid or accrued in the previous month;

          (iv) there shall be added back to such net income all interest paid or
     accrued in respect of indebtedness for money borrowed by HAS, irrespective
     of whether such indebtedness was incurred prior or subsequent to the
     Effective Date;

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          (v) there shall be added back to such net income any deductions in the
     previous month in respect of depreciation or the amortization of goodwill
     or transaction expenses (including attorneys' fees, accounting fees,
     brokers or finders fees);

          (vi) there shall be added back to such net income any deductions in
     the previous month in respect of the salary of DEH paid or accrued;

          (vii) there shall be added back to such net income that portion of
     NESCO corporate overhead allocated to HAS during the previous month; and

          (viii) there shall be added back to such net income any cash payments
     made by HAS during the previous month to any of the contract appraisers
     described on Exhibit A hereto, for the purpose of reducing the indebtedness
     owed by HAS to such contract appraisers for services rendered to HAS prior
     to May 8, 2001, as set forth on such Exhibit A.

     (h) The books of HAS shall be maintained on the accrual basis. No monthly
bonus shall be paid to DEH unless HAS shall have, after payment of the bonus,
sufficient cash to pay the next thirty (30) days of HAS' normal operating
expenses. If HAS has insufficient cash to pay the monthly bonus to DEH, the same
shall accrue until HAS has sufficient cash available to pay the bonus to DEH and
meet its expense reserve requirement.

     (i) The books and records of HAS shall be maintained in Tulsa, Oklahoma and
Independence, Missouri and shall be subject to inspection (including an audit)
by either HAS or DEH at any time at the inspecting party's expense. If, upon
completion of any such inspection it is determined that there has been an
underpayment or overpayment of monthly bonuses to DEH for the accounting period
that is the subject of the inspection or audit, the DEH shall promptly remit to
HAS (in the case of an overpayment of bonuses), or HAS shall promptly pay to DEH
(in the case of an underpayment of bonuses), the amount of the discrepancy,
without interest. In lieu of payment, the adjustment may be made by an
appropriate debit or credit to the amount owed by HAS to DEH the month or months
following the inspection.

     (j) During the Term, and for so long as DEH remains an employee of HAS, HAS
shall:

          (i) retain for the benefit of all HAS employees, DEH and his family
     the same Blue Cross and Blue Shield health insurance coverage currently
     maintained and provided for by HVS; and

          (ii) take such action as is necessary to allow DEH to serve on the Key
     Management and Incentive Plan Committee of HAS, without compensation and
     not as an employee or officer of NESCO.

3.   TRANSFER OF HVS ASSETS TO HAS.

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     (a) Upon the execution of this Agreement, HVS shall (i) cease all
operations, (ii) terminate the employment of all employees and contractors,
(iii) cease billing customers under the name of "Hopkins Valuation Services,"
(iv) file an amendment to its Certificate of Incorporation changing the
corporate name of HVS to DEH, Inc., and (v) execute a consent in the form of
Exhibit B hereto, permitting HAS to conduct business under the name of "HVS" or
"Hopkins Valuation Services, Inc." in the state of Missouri and any other state.
Exhibit C attached hereto is a list of all of the states in which HVS has
qualified to do business as a foreign corporation. HVS agrees to take such steps
as are necessary to avoid confusion between HAS and HVS in such states,
including withdrawing HVS from the state or amending HVS' qualification papers
to reflect the change of its name to DEH, Inc.

     (b) As of the Effective Date, HVS shall assign and transfer all of its
Accounts Receivable, Business and Proprietary Rights, to HAS, and shall enter
into an agreement with HAS pertaining to its current premises and Equipment, in
the form of Exhibit D attached hereto. NESCO shall indemnify and defend HVS, DEH
and/or MLH from and for any loss, liability or claim arising out of HAS' failure
to satisfy the obligations of HVS' lease or Exhibit D. As used herein,

          (i) "Accounts Receivable" means the accounts receivable of HVS as of
     the Effective Date.

          (ii) "Equipment" means the computers, copiers, office furniture, phone
     system and other miscellaneous property listed on Exhibit E hereto.

          (iii) "Business" means the current business of HVS of commercial
     appraisal and related services and any other business of or activity by HVS
     necessary to accomplish the foregoing purposes.

          (iv) "Proprietary Rights" means all trade secrets, copyrights,
     patents, trademarks, service marks, customer lists, databases and all
     similar types of intangible property developed, created, or owned by HVS,
     or used by HVS in connection with its Business, whether or not the same are
     entitled to legal protection, including without limitation: (i) all
     designs, methods, inventions and know-how related thereto, (ii) all
     trademarks, trade names, service marks, and copyrights claimed or used by
     HVS whether or not they have been registered, and (iii) all customer lists
     of HVS, and (iv) corporate names used by HVS.

     (c) All invoices issued by HAS after the Effective Date, whether or not the
invoices are attributable to services rendered by HVS prior to the Effective
Date, shall be sent to customers under the name of "Hopkins Appraisal Services,
Inc., d/b/a Hopkins Valuation Services, Inc."

     (d) All liabilities of HVS as of the Effective Date, or incurred by HVS
after the Effective Date, shall be retained by HVS, except the liabilities under
HVS' lease, HVS' obligations under Exhibit D, and payments due appraisal
subcontractors by HVS or HAS.

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     (e) Attached hereto as Exhibit F are the balance sheet of HVS as of the
Effective Date, and the income statement of HVS for the accounting period then
ended. DEH and HVS represent and warrant to NESCO and HAS that such financial
statements have been prepared in accordance with generally accepted accounting
principles consistently applied (except for footnotes), are complete in all
material respects and present fairly the financial condition of HVS as at the
Effective Date and the results of operations for the period indicated.

     (f) Upon the execution and delivery of this Agreement, HVS shall
irrevocably deliver to HAS a check in the amount of $50,000. In addition, all
cash, checks and other revenues collected by HVS and/or HAS after the Effective
Date, that are attributable to operations conducted by HVS prior to the
Effective Date, shall be deposited in HAS' account in Kansas City at
____________Bank (account number __________), or such other account as may be
approved by DEH and NESCO (the "HAS Account"). The authorized signers on the HAS
Account shall be David E. Hopkins, Cherish Couch and Wesley Hill. The deposits
to the HAS Account shall be used only for the following purposes and in the
following order of priority:

          (i) The first disbursements from the HAS Account shall be used to pay
     all operating expenses of HAS that shall become due and payable on or
     before December 7, 2001; provided, however, if as of such date the amount
     on deposit in the HAS Account is not sufficient to pay all such expenses,
     HVS and/or DEH shall promptly and irrevocably make such deposits to the HAS
     Account as are necessary to make up the deficiency;

          (ii) The next $150,000 in the HAS Account shall be delivered to HVS,
     after deducting an estimated amount to be held in reserve to pay the next
     thirty (30) days' operating expenses of HAS; and

          (iii) After an aggregate of $150,000 has been delivered to HVS
     pursuant to Section 3(f)(ii), the balance in the HAS Account shall be
     delivered to NESCO, after deducting an estimated amount to be held in
     reserve to pay the accrued monthly bonus to DEH, as provided by Section
     2(f).

     (g) Revenues collected by HAS that are attributable to services rendered by
HAS after the Effective Date shall also be deposited to the HAS Account, but
shall be accounted for separately from the deposits made pursuant to Section
3(f). All deposits made pursuant to this Section 3(g) shall be delivered to
NESCO after reserving an amount sufficient to pay at least thirty (30) days of
HAS' normal operating expenses, and an amount sufficient to pay the accrued
monthly bonus to DEH, as provided by Section 2(f); provided, however, neither
such reserve shall be made to the extent it has been previously established
pursuant to Sections 3(f)(ii) and (iii).

     (h) Payments to NESCO pursuant to Sections 3(f)(iii) and 3(g) shall be made
on the 1st and 15th of each month, commencing with the 15th day of December,
2001.

4.   GOVERNANCE OF HAS.

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     (a) During the Term, and as long as DEH remains an employee of HAS, NESCO
agrees to vote its shares of voting stock of HAS to maintain a board of
directors of HAS of four (4) persons, one of whom shall be DEH and the remainder
NESCO designees.

     (b) During the Term, and as long as DEH remains an employee of HAS, NESCO
agrees to vote its shares of voting stock of HAS to cause the election David E.
Hopkins and Wesley Hill as the President and a Vice President of HAS,
respectively.

5.   AFFIRMATION OF ORIGINAL NON-COMPETITION OBLIGATIONS OF HVS, DEH, MLH.

     All obligations of HVS, DEH and MLH under the Non-Competition Agreement, a
copy of which is attached hereto as Exhibit G, are hereby affirmed and ratified
as though fully set forth herein.

6.   DISMISSAL OF LITIGATION.

     Upon execution and delivery of this Agreement, NESCO agrees to dismiss with
prejudice all claims filed against HVS, DEH and MLH in the Litigation, and each
of HVS, DEH and MLH agrees to dismiss or cause the dismissal with prejudice of
all counterclaims filed by them against NESCO in the Litigation.

7.   RELEASES BY HVS, DEH AND MLH.

     (a) Each of HVS, DEH and MLH (collectively "Hopkins") does hereby remise,
release, and forever discharge each of NESCO and HAS (collectively, "NESCO"),
its employees, agents, officers and directors, as well as its successors and
assigns, of and from all and all manner of actions, causes of action, suits,
proceedings, debts, dues, contracts, judgments, damages, claims, and demands
whatsoever in law or equity, which against NESCO Hopkins ever had, now has, or
which Hopkins' successors, heirs, executors, or administrators hereafter can,
shall, or may have for or by reason of any matter, cause, or thing whatsoever,
including but not limited to any manner of actions, causes of action, suits,
proceedings, debts, dues, contracts, judgments, damages, claims, and demands
whatsoever arising out of

          (i) any breach or alleged breach by NESCO of its obligations under the
     Purchase and Sale Agreement, or any other documents signed in conjunction
     with ort related to the Purchase and Sale Agreement, including, without
     limitation, (A) the failure of NESCO to pay Hopkins the $200,000 Holdback
     amount described therein, (B) the failure of NESCO to issue 50,000 shares
     of NESCO stock to Hopkins as additional consideration thereunder, and (C)
     the failure of NESCO to pay Hopkins a $30,000 cash bonus pursuant to his
     employment agreement dated June 12, 2000;

          (ii) any breach or alleged breach by NESCO of its obligations to
     Hopkins in connection with the acquisition of the business and assets of
     Brock Rule and/or Rule & Company (collectively, "Rule"), including, without
     limitation, the failure of NESCO to reimburse Hopkins the $200,000 advanced
     by Hopkins to Rule;

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          (iii) the failure of NESCO (A) to pay or cause the payment of amounts
     owed by HAS to certain of its vendors, which vendors have held or may seek
     to hold Hopkins personally liable for nonpayment, and (B) the failure of
     NESCO to reimburse Hopkins for all amounts advanced to such vendors;

          (iv) any of the facts pled in the counterclaims made by Hopkins in the
     Litigation; and

          (vi) all attorneys fees and other costs incurred by Hopkins in
     connection with the foregoing.

     (b) Hopkins further acknowledges and represents that:

          (i) NESCO, by entering into this Agreement, makes no admission of
     wrongdoing or liability of any kind, but instead is compromising disputed
     matters.

          (ii) It is Hopkins' intent to release all current or potential claims
     of any type or kind whatsoever, withholding and preserving nothing.

          (iii) No inducement or representation of any kind, save and except the
     covenants set forth in this Agreement, has been made to Hopkins in
     connection with this general release.

8.   RELEASES BY NESCO AND HAS.

     (a) NESCO does hereby remise, release, and forever discharge Hopkins, its
employees, agents, officers and directors (with the exclusion of David Hatutian
and Rule, each of whom has entered or will enter into a separate agreement with
NESCO), as well as its successors and assigns, of and from all and all manner of
actions, causes of action, suits, proceedings, debts, dues, contracts,
judgments, damages, claims, and demands whatsoever in law or equity, which
against Hopkins NESCO ever had, now has, or which NESCO's successors, heirs,
executors, or administrators hereafter can, shall, or may have for or by reason
of any matter, cause, or thing whatsoever, including but not limited to any
manner of actions, causes of action, suits, proceedings, debts, dues, contracts,
judgments, damages, claims, and demands whatsoever arising out of

          (i) any breach or alleged breach by Hopkins of its obligations under
     the Purchase and Sale Agreement, or any other documents signed in
     conjunction with or related to the Purchase and Sale Agreement;

          (ii) any breach or alleged breach by Hopkins of its obligations to
     NESCO under the Non-Competition Agreement or Employment Agreement;

          (iii) any breach or alleged breach by Hopkins of its obligations to
     NESCO in connection with the acquisition of the business and assets of
     Rule;

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          (iv) any of the facts pled in the claims made by NESCO in the
     Litigation; and

          (v) all attorneys fees and other costs incurred by NESCO in connection
     with the foregoing.

     (b) NESCO further acknowledges and represents that:

          (i) Hopkins, by entering into this Agreement, makes no admission of
     wrongdoing or liability of any kind, but instead is compromising disputed
     matters.

          (ii) It is NESCO's intent to release all current or potential claims
     of any type or kind whatsoever, withholding and preserving nothing.

          (iii) No inducement or representation of any kind, save and except the
     covenants set forth in this Agreement, has been made to NESCO in connection
     with this general release.

9.   PURCHASE OPTION.

     (a) Subject to the provisions of Section 9(b), NESCO hereby grants DEH an
option ("Purchase Option") to acquire the assets of HAS d/b/a HVS, including
data bases, files, client lists, software, the DEH non-compete obligation, the
Rule non-compete obligation, the Hatutian non-compete obligation, the property
sublease, tradenames, trademarks and other general intangibles/goodwill. The
Purchase Price shall total $3,000,000, of which amount $300,000 shall be paid in
cash at the closing and the balance by the execution and delivery of a
promissory note by DEH and MLH to NESCO in the form of Exhibit H hereto. The
note shall be in the principal amount of $2,700,000, and shall be repaid in
monthly installments equal to 15% of the acquiring entity's gross revenue
receipts, plus simple interest on the outstanding principal balance at a fixed
rate of ten percent (10%) per annum; provided, all outstanding principal and
accrued interest thereon shall be due and payable on the fifth anniversary of
such note. The note shall be secured by all of the assets acquired. No
prepayment premium shall apply.

     (b) Except as otherwise provided in Section 9(c), the Purchase Option shall
be exercisable only upon the receipt by HAS of written notice of exercise by DEH
within sixty (60) days after the occurrence of one of the following events
(referred to herein as a "Triggering Event"):

          (i) the voluntary filing of a bankruptcy proceeding by HAS;

          (ii) any filing by HAS' creditors of a valid involuntary proceeding in
     bankruptcy against HAS, thereby causing HAS' assets and/or obligations to
     come under the jurisdiction and/or control of any bankruptcy court
     (excluding any jurisdiction related to NESCO's lenders who are determined
     to have a valid and perfected security interests in HAS/HVS accounts
     receivable and other collateral);

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          (iii) the filing of a valid dissolution or liquidation proceeding
     against HAS by a third party;

          (iii) the inability of HAS to meet its direct, non-contingent
     obligations as they become due; or

          (iv) the termination of DEH's employment by HAS without Cause, or
     forced removal of DEH from the board of HAS without Cause. As used herein,
     "Cause" shall mean

               (A) DEH shall have committed a willful and serious act against
          HAS intending to enrich himself at the expense of HAS;

               (B) DEH shall have engaged in conduct that has caused
          demonstrable and serious injury, monetary or otherwise, to HAS as
          evidenced by a binding and final judgment, order, or decree of a court
          or administrative agency of competent jurisdiction in effect after
          exhaustion of all rights of appeal of the action, suit or proceeding,
          whether civil, criminal, administrative, or investigative;

               (C) DEH, in carrying out his duties hereunder, shall have been
          guilty of willful gross neglect or willful gross misconduct resulting,
          in either case, in material harm to HAS;

               (D) DEH shall have refused to carry out his duties in gross
          dereliction of duty and, after receiving written notice to such effect
          from HAS, shall have failed to cure the problem within thirty (30)
          days;

               (E) DEH shall have been convicted of a Class A felony; or

               (F) DEH or HVS shall have breached any of his or its obligations
          under this Agreement or the Non-Competition Agreement and, after
          receiving notice to such effect from HAS, shall have failed to cure
          the breach within ten (10) days.

     (c) None of the events described in Section 9(b) shall be a Triggering
Event if the event was caused by or resulted from the disbursement of $150,000
to HVS pursuant to Section 3(f).

     (d) The Purchase Option shall expire if not exercised on or before the
expiration of the expected Term of DEH's employment or any mutually agreeable
renewal thereof.

10.  SITE TRAC.

     (a) NESCO shall pay DEH a bonus equal to 5% of net revenue for collected
sales of the Site Trac system to New Customers which result from DEH's direct
contacts and efforts after the date of this Agreement.

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          (i) "New Customers" shall exclude any Person utilizing the Site Trac
     system as of the date of this Agreement, or any Affiliates of such Person.

          (ii) "Affiliate," means, with respect to any specified Person, any
     other Person that directly, or indirectly through one or more
     intermediaries, controls, is controlled by, or is under common control
     with, such specified Person.

          (iii) "Person" means a natural person, or governmental agency or other
     unit, or an entity, including, without limitation, a trust, estate,
     association, partnership, or domestic or foreign limited partnership,
     limited liability company, limited liability partnership or corporation.

     (b) All expenses directly incurred by DEH in the marketing of Site Trac
shall be subject to approval by NESCO for reimbursement, which approval shall
not be unreasonably withheld.

     (c) All expenses incurred by Site Trac in connection with the marketing of
the Site Trac system shall be borne solely by Site Trac.

11.  ACCESS TO FILES.

     DEH and each contract appraiser performing work for HAS shall have access
to any files pertaining to the services performed for HAS by the contract
appraiser and shall have the right to retain a copy of any such file at DEH's
expense. DEH's copies shall be for use with regulators and for compliance with
any state licensing requirements. DEH's access and retention to such files shall
be for the sole purpose of regulatory compliance (unless acquired pursuant to
the Purchase Option).

12.  NOTICES.

     (a) Each notice required or given under this Agreement shall be in writing
and shall be deemed given (i) when received, if personally delivered; (ii) the
day after it is sent, if sent by a recognized expedited delivery service with
next-day delivery requested; or (iii) five days after it is sent, if mailed,
postage prepaid, via certified mail, return receipt requested. In each case,
notice shall be sent to the following, as applicable, or such other address as
such party shall have specified by notice in writing to the other parties:

     If to NESCO or HAS:    NESCO, Inc.
                            12331 E. 60th St.
                            Tulsa, Oklahoma 74146
                            Attention: Wesley Hill
                            Phone: 918-250-2227
                            Fax: 918-250-1418
                            E-mail: wesh@nesco-usa.com

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        With copy to:       H. Wayne Cooper
                            Doerner, Saunders, Daniel & Anderson, LLP
                            320 S. Boston Ave., Suite 500
                            Tulsa, Oklahoma 74103
                            Phone: 918-582-1211
                            Fax: 918-591-5360
                            E-mail: hwcooper@dsda.com

     If to HVS, DEH or MLH: David E. Hopkins
                            4228 S. Hocker Drive, Building 12
                            Independence, Missouri 64055
                            Phone: 816-373-1890
                            Fax: 816-373-2585
                            E-mail: dhopkins@hopkinsvaluation.com

        With copy to:       Edward E. Embree
                            7400 West 130th Street, Suite 130
                            Overland Park, KS 66213
                            Phone: 913-814-8900
                            Fax: 913-814-8999
                            E-Mail: eembree@ntelaw.com

     (b) Whenever any notice is required to be given under the provisions of law
or this Agreement, a waiver thereof, in writing, signed by the party or parties
entitled to such notice, whether before or after the time stated therein, shall
be deemed equivalent to notice.

13.  GENERAL.

     (a) This Agreement shall be binding upon and inure to the benefit of the
parties, their heirs, personal representatives, successors and permitted
assigns.

     (b) All section captions in this Agreement are for convenience only. They
shall not be deemed part of this Agreement and in no way define, limit, extend
or describe the scope or intent of any provisions hereof.

     (c) This Agreement may be executed in several counterparts, each of which
shall be deemed an original, and said counterparts shall constitute but one and
the same instrument which may be sufficiently evidenced by one counterpart.

     (d) Whenever the context may require, any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the
singular form of nouns, pronouns and verbs shall include the plural and vice
versa.

     (e) The parties to this Agreement shall execute and deliver all documents,
provide all information and take or refrain from taking action as may be
necessary or appropriate to achieve the purposes of this Agreement.

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     (f) This Agreement and the Non-Competition Agreement constitute all of the
agreements among the parties hereto pertaining to the subject matter hereof and
supersede all prior agreements and understandings pertaining thereto, including,
without limitation, the Purchase and Sale Agreement, the employment agreement
between NESCO and DEH dated June 12, 2000, and all prior settlement agreements
between the parties relating to the Litigation.

     (g) No failure by any party to insist upon the strict performance of any
covenant, duty, agreement or condition of this Agreement or to exercise any
right or remedy consequent upon a breach thereof shall constitute waiver of any
such breach or any other covenant, duty, agreement or condition.

     (h) This Agreement (other than the Non-Competition Agreement) shall be
governed by and construed in accordance with the domestic laws of the State of
Oklahoma without giving effect to any choice or conflict of law provision or
rule (whether of the State of Oklahoma or any other jurisdiction) that would
cause the application of the laws of any jurisdiction other than the State of
Oklahoma. The Non-Competition Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Missouri without giving effect
to any choice or conflict of law provision or rule (whether of the State of
Missouri or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Missouri.

     (i) If any action is brought to enforce, or to construe or determine the
validity of, any term or provision of this Agreement, the prevailing party shall
be entitled to reasonable attorney's fees and costs of the action.

     (j) If any provision of this Agreement is or becomes invalid, illegal, or
unenforceable in any respect, the validity, legality, and enforceability of the
remaining provisions contained herein shall not be affected thereby.

     (k) Each of the parties submits to the jurisdiction of any federal or state
court sitting in Tulsa, Oklahoma or Kansas City, Missouri, in any action or
proceeding arising out of or relating to this Agreement, and agrees that all
claims in respect of the action or proceeding may be heard and determined in any
such court. Each of the parties waives any defense of inconvenient forum to the
maintenance of any action or proceeding so brought and waives any bond, surety,
or other security that might be required of any other party with respect
thereto. Any party may make service on any other party by sending or delivering
a copy of the process to the party to be served at the address and in the manner
provided for the giving of notices as described above in Section 12. Nothing in
this Section 13(k), however, shall affect the right of any party to bring any
action or proceeding arising out of or relating to this Agreement in any other
court or to serve legal process in any other manner permitted by law or in
equity. Each party agrees that a final judgment in any action or proceeding so
brought shall be conclusive and may be enforced by suit on the judgment or in
any other manner provided by law or in equity.

                  [Remainder of page intentionally left blank]

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the 23 day of November, 2001.

                                       NESCO, Inc.

                                       By: /s/ Wesley Hill
                                           ------------------------------------

                                       Title: President
                                              ---------------------------------

                                       Hopkins Appraisal Services, Inc.

                                       By: /s/ Wesley Hill
                                           ------------------------------------

                                       Title: President
                                              ---------------------------------

                                       /s/ David E. Hopkins
                                       ----------------------------------------
                                       David E. Hopkins

                                       /s/ Marie L. Hopkins
                                       ----------------------------------------
                                       Marie L. Hopkins

                                       HVS, Inc.

                                       By: /s/ David E. Hopkins
                                           ------------------------------------

                                       Title: President
                                              ---------------------------------

Exhibits:

A    Indebtedness Owed By HAS to Certain Contract Appraisers

B    Consent by HVS to Use of Corporate Name

C    List of States In Which HVS is Qualified To Do Business

D    Agreement Regarding HVS' Premises and Equipment

E    List of Equipment of HVS

F    Financial Statements of HVS

G    Non-Competition Agreement of HVS, DEF and MLH

H    Promissory Note<PAGE>
                                                                    EXHIBIT 10.1

                       [RELIABLE POWER SYSTEMS, INC. LOGO]

This Amended and Restated Letter Agreement (this "Amended and Restated Letter
Agreement") is executed this 5th day of October, 2001 (the "Effective Date"), by
and among Thomas J. Wiens, a Colorado resident ("Wiens"), First Western
Industries, LLC ("First Western"), New West Capital Partner, LLC ("New West
Capital Partner"), New West Capital, LLC ("New West Capital") (Wiens, First
Western, New West Capital Partner and New West Capital, together, the
"Surrendering Shareholders"), Reliable Power Systems, Inc., a Colorado
corporation (the "Company"), John R. Walter, an Illinois resident ("Walter"),
David H. Hoffmann, an Illinois resident ("Hoffmann"), and Joseph D. Livingston,
a Colorado resident ("Livingston"). Each party hereto shall be referred to as a
"Party" and all parties collectively, the "Parties".

WHEREAS, the Surrendering Shareholders and the Company entered into that certain
Letter Agreement, dated as of September 28, 2001 (the "Letter Agreement");

WHEREAS, for the reasons described below, the Surrendering Shareholders and the
Company originally intended to include Walter, Hoffmann and Livingston in the
Letter Agreement and the Surrendering Shareholders originally intended to
surrender a portion of the Surrendered Shares (defined below) to each of Walter,
Hoffmann and Livingston and the remaining portion of the Surrendered Shares to
the Company;

WHEREAS, in order to better reflect the intentions of the Parties, the
Surrendering Shareholders, as of the date hereof, have not surrendered the
Surrendered Shares to the Company as provided for in the Letter Agreement, and
accordingly, consistent with such intentions, the Surrendering Shareholders and
the Company wish to amend and restate in its entirety the Letter Agreement;

WHEREAS, the Company is currently experiencing significant financial
difficulties and is in need of additional financing;

WHEREAS, despite diligent efforts, the Company has been unable to secure
sufficient additional financing;

WHEREAS, the Company requires individuals to affiliate, or continue their
affiliation, with the Company whose affiliation in terms of reputation, contacts
and business acumen will assist the Company in its efforts to obtain additional
financing;

WHEREAS, within the business community, each of Walter, Hoffmann and Livingston
are highly regarded and experienced individuals and their affiliation or
continued affiliation with the Company will assist the Company in obtaining
additional financing;

CONFIDENTIAL AND PROPRIETARY

                                        1
<PAGE>

WHEREAS, Wiens, Graydon Neher and Robert Broderich each delivered his respective
letter of resignation as a director of the Company, effective immediately
between September 28, 2001 and October 4, 2001;

WHEREAS, each of Walter and Livingston has agreed to serve as a director of the
Company's Board of Directors (the "Board") immediately following the execution
of this Amended and Restated Letter Agreement;

WHEREAS, for the reasons discussed above, inter alia, and as a material
inducement to Walter, Hoffmann and Livingston to execute this Amended and
Restated Letter Agreement, the Surrendering Shareholders have determined that it
is in their best interests and the best interests of the Company to execute this
Amended and Restated Letter Agreement and surrender to the Company, Walter,
Hoffmann and Livingston their respective ownership in the Surrendered Shares in
accordance with the terms of this Amended and Restated Letter Agreement; and

WHEREAS, after careful analysis and deliberation, and the advice of its
professional advisors, the Board has determined that it is in the best interests
of the Company and its shareholders to execute this Amended and Restated Letter
Agreement upon the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound
hereby, the Parties agree as follows:

     1.   SURRENDER OF OWNERSHIP OF SHARES OF THE COMPANY'S STOCK. Upon
          execution of this Amended and Restated Letter Agreement, each of the
          Surrendering Shareholders have surrendered his or its respective
          ownership of the following shares of common stock of the Company
          (together, the "Surrendered Shares"), or Wiens shall cause such
          Surrendering Shareholder to surrender its respective ownership in the
          Surrendered Shares, to each of Walter, Hoffmann, Livingston and the
          Company, duly endorsed for transfer or accompanied by an assignment in
          blank separate from the certificate, in the amounts set forth below,
          all of which Wiens warrants and represents are beneficially owned by
          him or under his direct control:

                   NAME OF PARTY ACCEPTING SURRENDERED SHARES

<Table>
<Caption>
SURRENDERING
SHAREHOLDER                            COMPANY         WALTER        HOFFMANN      LIVINGSTON
------------                          ----------     ----------     ----------     ----------
<S>                                   <C>            <C>            <C>            <C>
First Western                            187,000      2,000,000      2,000,000              0
New West Capital Partner               1,500,000              0              0              0
New West Capital                         100,000              0              0              0
Wiens                                  1,000,000              0              0      2,000,000
</Table>

          Following the surrender of the Two Million Seven Hundred and Eighty
          Seven Thousand (2,787,000) shares (the "Company Surrendered Shares")
          by the Surrendering Shareholders to the Company, the Company
          Surrendered Shares

CONFIDENTIAL AND PROPRIETARY

                                       2
<PAGE>

          shall become part of the Company's pool of shares, which it shall be
          authorized to issue in accordance with the Company's Articles of
          Incorporation and By-laws.

     2.   REMAINING OWNERSHIP BY WIENS. Following the surrender of the
          Surrendering Shares, except as expressly set forth in Section 6 of
          this Amended and Restated Letter Agreement regarding the stock
          transfer of 213,000 shares of the Company's common stock, Wiens
          (through his beneficial ownership of the shares of Company common
          stock held by First Western) shall retain beneficial ownership of
          1,213,000 shares of the Company's common stock previously owned by
          him.

     3.   ASSUMPTION BY COMPANY OF THE COMPASS BANK LOAN. Pursuant to that
          certain loan made by Compass Bank to the Company in the principal
          amount of $685,000 (the "Compass Bank Loan"), Wiens is currently the
          personal guarantor of such Compass Bank Loan. The Company hereby
          agrees to assume from Wiens all liability associated with such Compass
          Bank Loan and to execute such documents as are required to eliminate
          the personal liability of Wiens for the Compass Bank Loan, as well as
          the release of the pledge of any of Wiens' or any of the Surrendering
          Shareholders' assets, including any cash amounts pledged by Wiens or
          one of the Surrendering Shareholders. The elimination of Wiens'
          personal liability for the Compass Bank Loan shall be completed no
          later than 10 business days after the closing of one or more debt or
          equity financings in a total amount of not less than $4,000,000 that
          close subsequent to the Effective Date. Until Wiens is free and clear
          of all liabilities under the Compass Bank Loan and such pledged assets
          are released, the Company agrees that it will not commit any acts that
          will cause a material default thereunder.

     4.   REPAYMENT OF FUNDS ISSUED PURSUANT TO LINE OF CREDIT ISSUED BY FIRST
          WESTERN. Pursuant to that certain Line of Credit issued by First
          Western to the Company, effective as of February 7, 2001 ("Line of
          Credit"), First Western issued credit in the total amount of $250,000.
          The Company shall repay to Wiens (through First Western) the amount of
          $50,000 (the "Repayment") and the remaining balance on the Line of
          Credit shall be forgiven by First Western. Subject to such loan
          forgiveness, the Repayment shall be made to Wiens (through First
          Western) no later than 10 business days after the closing of one or
          more debt or equity financings in a total amount of not less than
          $4,000,000 that close subsequent to the Effective Date.

     5.   ADDITIONAL REIMBURSEMENTS. In addition to the Repayment of the Line of
          Credit, the Company agrees to reimburse Wiens for additional amounts
          that he, either in his individual capacity or through one or more of
          his affiliated entities, loaned to the Company in furtherance of its
          business operations in a total amount not to exceed $75,000 (the
          "Supplemental Repayment"). The Company's obligations with respect to
          the Supplemental Repayment shall be subject to reasonable and accurate
          documentation to be submitted by Wiens that clearly demonstrates that
          such additional amounts were used in the furtherance of the Company's
          business operations. The Supplemental Repayment shall be made to Wiens
          (or to the appropriate affiliated entity of Wiens as directed by
          Wiens) no later than 10 business days after the closing of one or more
          debt or equity

CONFIDENTIAL AND PROPRIETARY

                                       3
<PAGE>

          financings in a total amount of not less than $4,000,000 that close
          subsequent to the Effective Date.

     6.   THIRD PARTY STOCK TRANSFERS. Wiens agrees to sell the shares and all
          of his rights in and to the shares to the persons at the times and at
          the prices set forth in SCHEDULE 6 attached hereto (the "Third Party
          Share Transfers"). The Company shall hold such shares of common stock
          currently owned by Wiens in escrow for the express purpose of such
          Third Party Share Transfer and shall have the right to oversee the
          individual transfers and sales in accordance with SCHEDULE 6. In this
          regard, Wiens expressly assumes any and all obligations that the
          Company may have had to issue such shares directly and agrees to
          cooperate with the Company to effectuate each and every transfer and
          sale made pursuant to the Third Party Stock Transfers.

     7.   RIGHT OF FIRST REFUSAL. Wiens agrees to give, or cause to be given to,
          the Company the right to purchase his or any other Surrendering
          Shareholders' shares of the Company's common stock in the event that
          he or it wishes to sell all or a portion of such shares.

     8.   REGISTRATION RIGHTS. The Company agrees to use commercially reasonable
          efforts to allow Wiens to sell 100,000 shares of the Company's common
          stock in any Secondary Offering, subject to Wiens entering into an
          underwriter's agreement, underwriter's cutbacks and priority
          registration rights for private placement investors in any future
          public equity offering.

     9.   REPRESENTATIONS AND WARRANTIES OF THE SURRENDERING SHAREHOLDERS. The
          Surrendering Shareholders, jointly and severally, represent and
          warrant to each of Walter, Hoffmann and Livingston that the statements
          contained in this Section 9 are true and correct as of the Effective
          Date:

               (a) Each of the Surrendering Shareholders has full power, right
               and authority to execute and deliver this Amended and Restated
               Letter Agreement, and to perform his or its obligations hereunder
               and all other agreements and documents required to be executed or
               delivered by such Surrendering Shareholder pursuant to this
               Amended and Restated Letter Agreement or such other agreements,
               and all such action has been duly authorized and, if necessary,
               all action has been taken by the members and managers of each
               Surrendering Shareholder that is a limited liability company.
               This Amended and Restated Letter Agreement and such other
               documents and agreements have been duly executed by each of the
               Surrendering Shareholders and constitute the legal, valid and
               binding obligations, enforceable against each Surrendering
               Shareholder in accordance with the terms thereof.

               (b) Except for the items described on SCHEDULE 9(b) attached
               hereto, each of the Surrendering Shareholders is the beneficial
               and record owners of his or its respective Surrendered Shares and
               such Surrendered Shares are not subject to any lien, encumbrance,
               security interest or any other claim by any person or entity, or
               any restriction on transfer (other than restrictions under the
               Securities Act of 1933, as amended, and applicable state
               securities laws).

CONFIDENTIAL AND PROPRIETARY

                                       4
<PAGE>

               (c) Each of the Surrendering Shareholders is not subject to any
               agreement, mortgage, lien, lease or other restriction that would
               prevent the consummation of the transactions contemplated by this
               Amended and Restated Letter Agreement, and such transactions
               would not violate any agreement by which it or any of its
               properties are bound or conflict or violate any judgment, order,
               writ, injunction, decree, rule, or regulation of any court or
               governmental agency, or instrumentality, or the certificate of
               formation or limited liability company agreement of any of the
               Surrendering Shareholders that are limited liabilities companies.

               (d) As of the date of this Amended and Restated Letter Agreement,
               the Surrendering Shareholders together own of record and
               beneficially only Ten Million (10,000,000) shares of common
               stock, and no other equity securities of the Company, and
               immediately following the execution of this Amended and Restated
               Letter Agreement and surrender of the Surrendered Shares, no
               other Surrendering Shareholders except First Western, and
               therefore Wiens, as the beneficial owner of One Million Two
               Hundred and Thirteen Thousand (1,213,000) shares of common stock
               held by First Western, will own any equity securities of the
               Company or any other warrants, purchase rights, subscription
               rights, conversion rights, exchange rights or other contracts or
               commitments to acquire any equity securities of the Company. None
               of the Surrendering Shareholders has any other warrants, purchase
               rights, subscription rights, conversion rights, exchange rights
               or other contracts or commitments that could require the
               Surrendering Shareholders to acquire any additional common stock
               of the Company or sell any of its own common stock of the
               Company.

     10.  REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company represents
          and warrants to each of Walter, Hoffmann and Livingston that the
          statements contained in this Section 10 are true and correct as of the
          Effective Date.

               (a) The Company has full power, right and authority to execute
               and deliver this Amended and Restated Letter Agreement, and to
               perform its obligations hereunder and all other agreements and
               documents required to be executed or delivered by the Company
               pursuant to this Amended and Restated Letter Agreement or such
               other agreements, and all such action has been duly authorized,
               and if necessary, all required action has been taken by the Board
               and the Company's shareholders. This Amended and Restated Letter
               Agreement and such other documents and agreements have been duly
               executed by the Company and constitutes the legal, valid and
               binding obligations, enforceable against the Company in
               accordance with the terms thereof, and do not violate the
               Company's articles of incorporation or by-laws.

               (b) The Company is not subject to any agreement, mortgage, lien,
               lease or other restriction that would prevent the consummation of
               the transactions contemplated by this Amended and Restated Letter
               Agreement, and such transactions would not violate any agreement
               by which it or any of its properties are bound or conflict or
               violate any judgment, order, writ, injunction, decree, rule, or
               regulation of any court or governmental agency, or
               instrumentality.

CONFIDENTIAL AND PROPRIETARY

                                       5
<PAGE>

               (c) SCHEDULE 10(c) attached hereto sets forth for the Company (i)
               the number of shares of authorized common stock of each class of
               its common stock, (ii) the number of issued and outstanding
               shares of each class of its common stock, (iii) the number of
               shares of its common stock held in treasury, (iv) the number of
               shares of authorized preferred stock of each series of its
               preferred stock; (v) the number of issued and outstanding shares
               of each series of its preferred stock, and (vi) all outstanding
               stock options and warrants. The Company has delivered to each of
               Walter, Hoffmann and Livingston correct and complete copies of
               the articles of incorporation and bylaws of the Company as
               amended to date. All of the issued and outstanding shares of
               common stock of the Company have been duly authorized and are
               validly issued, fully paid and nonassessable. Except as set forth
               on SCHEDULE 10(c), there are no outstanding or authorized
               options, warrants, purchase rights, subscription rights,
               conversion rights, exchange rights or other contracts or
               commitments that could require the Company to issue, sell or
               otherwise cause to become outstanding any of its own common stock
               or any other capital stock. There are no outstanding stock
               appreciation, phantom stock, profit participation or similar
               rights with respect to the Company. There are no voting trusts,
               proxies or other agreements or understandings with respect to the
               voting of any of the Company Shares. The minute books, stock
               certificate books and stock record books of the Company are
               correct and complete. The Company does not control directly or
               indirectly or have any direct or indirect equity participation in
               any entity, partnership, corporation, limited liability company,
               person or similar entity.

               (d) The Company has filed all required forms, reports and
               documents (including proxy statements) with the Securities and
               Exchange Commission (the "SEC") since February 7, 2001 (all
               forms, reports and documents filed by the Company with the SEC,
               the "Company SEC Documents"). As of their respective dates, the
               Company SEC Documents complied in all material respects with the
               requirements of the Securities Act of 1933, as amended (the
               "Securities Act"), or the Securities Exchange Act of 1934, as
               amended, as the case may be, and, at the respective times they
               were filed (or, in the case of any Company SEC Document that has
               been amended or superseded, as of the date of such amending or
               superseding filing), none of the Company SEC Documents contained
               any untrue statement of a material fact or omitted to state a
               material fact required to be stated therein or necessary to make
               the statement therein, in light of the circumstances under which
               they were made, not misleading. The financial statements
               (including, in each case, any notes thereto) of the Company
               included in the Company SEC Documents complied as to form in all
               material respects with applicable accounting requirements and the
               published rules and regulations of the SEC with respect thereto,
               were prepared in accordance with United States generally accepted
               accounting principles ("GAAP") (except, in the case of the
               unaudited statements, as permitted by Form 10-QSB of the SEC)
               applied on a consistent basis during the period involved (except
               as may be indicated therein or in the notes thereto) and fairly
               presented in all material respects the financial position of the
               Company as of the respective dates thereof and the results of
               operations and cash flows for the periods then ended (subject, in
               the case of unaudited statements, to the absence of footnotes and
               to normal year-end audit adjustments and to any other adjustments
               described therein),

CONFIDENTIAL AND PROPRIETARY

                                       6
<PAGE>

               except as disclosed in the Company SEC Documents filed prior to
               the date hereof. Except as disclosed in the Company SEC Documents
               as required by GAAP, the Company has not, since February 7, 2001,
               made any change in the accounting practices or policies applied
               in the preparation of financial statements.

     11.  REPRESENTATIONS AND WARRANTIES OF WALTER, HOFFMANN AND LIVINGSTON.
          Each of Walter, Hoffmann and Livingston represents and warrants
          severally to the Surrendering Shareholders that the statements
          contained in this Section 11 are true and correct as of the Effective
          Date:

               (a) He has full power, right and authority to execute and deliver
               this Amended and Restated Letter Agreement, and to perform his
               obligations hereunder and all other agreements and documents
               required to be executed or delivered by him pursuant to this
               Amended and Restated Letter Agreement or such other agreements,
               without the consent or approval of any person, entity or court of
               competent jurisdiction. This Amended and Restated Letter
               Agreement and such other documents and agreements have been duly
               executed by him and constitutes the legal, valid and binding
               obligation, enforceable against him in accordance with the terms
               thereof.

               (b) He meets one of the following tests and therefore qualifies
               as an "accredited investor" as defined under Regulation D of the
               Securities Act:

               (i) he is a natural person who has individual income in excess of
               $200,000 in each of the two most recent years, or joint income
               with his spouse in excess of $300,000 in each of these years, and
               has a reasonable expectation of reaching the same income level in
               the current year; or

               (ii) he is a natural person whose individual net worth or joint
               net worth with his spouse, exceeds $1,000,000 at the time of this
               Amended and Restated Letter Agreement.

     12.  GENERAL INDEMNIFICATION. Each of the Parties (each, an "Indemnifying
          Party") agrees to indemnify the other Party and such other Party's
          officers and directors (the "Indemnified Parties") from and against
          any liability, damage or deficiency, all actions, suits, proceedings,
          demands, assessments, judgments, costs and expenses including
          reasonable attorney's fees incident to any of the foregoing, resulting
          from any misrepresentations, breach of covenant or warranty or
          non-fulfillment of any agreement on the part of the Indemnifying Party
          or any of its affiliated entities.

     13.  TAX INDEMNIFICATION. The Company hereby agrees to indemnify and hold
          harmless each of Walter, Hoffmann and Livingston from and against any
          increase in his federal and state income tax liability resulting from
          a tax audit with respect to his receipt of his respective portion of
          the Surrendered Shares pursuant to this Amended and Restated Letter
          Agreement. Furthermore, any payment under this Section 13 (the "Tax
          Indemnity Payment") shall be "grossed-up" to reflect the fact that any
          such Tax Indemnity Payment will be taxable to each of Walter, Hoffmann
          and Livingston. Accordingly, the amount of the Tax Indemnity Payment
          shall be calculated by dividing the additional federal and

CONFIDENTIAL AND PROPRIETARY

                                       7
<PAGE>

          state income taxes imposed on each of Walter, Hoffmann and Livingston
          by the reciprocal of the highest marginal federal and state income tax
          rate then in effect. (For example, if the highest marginal federal and
          state rate is 40%, the reciprocal is 1-.4=.6. Thus if Walter, Hoffmann
          or Livingston has $10,000 of additional income taxes, the grossed-up
          Tax Indemnity Payment would be $10,000 / .6 = $16,667.)

          Notwithstanding the above, the Company's indemnity obligation under
          this Section 13 shall be limited to any income tax benefit actually
          received by the Company for a corresponding increase in its tax
          deductions due to the inclusion of additional income in the tax return
          for each of Walter, Hoffmann and Livingston. The Company's tax benefit
          shall be calculated using the "with and without" method, which
          measures the tax benefit by determining the difference in tax whether
          or not such deduction is included in the return or not. A tax benefit
          will be deemed to exist only when the related deduction is allowed on
          the Company's tax return and such deduction causes an actual lessening
          of tax. An amount equal to such tax benefits received by the Company
          in any taxable year shall be payable to each of Walter, Hoffmann and
          Livingston within 10 days after the Company files its income tax
          return for such year.

     14.  RELEASE OF CLAIMS BY THE SURRENDERING SHAREHOLDERS. Except for his or
          its rights and benefits under this Amended and Restated Letter
          Agreement, for and in consideration of the benefits provided herein,
          each of the Surrendering Shareholders, on behalf of himself or itself,
          and his or its heirs and dependents, executors, administrators and
          assigns, as well as his or its affiliated companies and such
          companies' respective shareholders, officers, directors, partners,
          employees, agents, attorneys, successors and assigns (the "Releasing
          Surrendering Shareholders"), hereby releases and discharges each of
          the Company, Walter, Hoffmann and Livingston, and any of his or its
          heirs and dependents, executors, administrators and assigns, as well
          as the Company's, and Walter's, Hoffmann's and Livingston's companies
          and the Company's and Walter's, Hoffmann's or Livingston's companies
          affiliates' shareholders, officers, directors, partners, employees,
          agents, attorneys, successors and assigns (collectively, the "Company
          or New Shareholder Releasees"), from any and all rights, claims,
          causes of action, liability, damages, attorney's fees and costs of any
          kind or nature, whether known or unknown, which the Releasing
          Surrendering Shareholders ever had or now have against the Company or
          New Shareholder Releasees by reason of any actual or alleged act,
          omission, transaction, practice, conduct, occurrence or other matter
          occurring up to and including the date of this Amended and Restated
          Letter Agreement.

     15.  RELEASE OF CLAIMS BY THE COMPANY. Except for its rights and benefits
          under this Amended and Restated Letter Agreement, for and in
          consideration of the benefits provided herein, the Company, on behalf
          of itself as well as its affiliated companies and the Company's and
          such affiliated companies' respective shareholders, officers,
          directors, partners, employees, agents, attorneys, successors and
          assigns (the "Releasing Company"), hereby releases and discharges each
          of the Surrendering Shareholders, himself or itself, and his or its
          heirs and dependents, executors, administrators and assigns, as well
          as his or its affiliated companies and such companies' respective
          shareholders, officers, directors, partners, employees, agents,
          attorneys, successors and assigns (the

CONFIDENTIAL AND PROPRIETARY

                                       8
<PAGE>

          "Surrendering Shareholder Releasees") from any and all rights, claims,
          causes of action, liability, damages, attorney's fees and costs of any
          kind or nature, whether known or unknown, which the Releasing Company
          ever had or now have against the Surrendering Shareholder Releasees by
          reason of any actual or alleged act, omission, transaction, practice,
          conduct, occurrence or other matter occurring up to and including the
          date of this Amended and Restated Letter Agreement.

     16.  RELEASE OF CLAIMS BY EACH OF WALTER, HOFFMANN AND LIVINGSTON. Except
          for his respective rights and benefits under this Amended and Restated
          Letter Agreement, for and in consideration of the benefits provided
          herein, each of Walter, Hoffmann and Livingston, on behalf of himself
          and his heirs and dependents, executors, administrators and assigns,
          as well as his affiliated companies and such affiliated companies'
          respective shareholders, officers, directors, partners, employees,
          agents, attorneys, successors and assigns (the "Releasing
          Individuals"), hereby releases and discharges each of the Surrendering
          Shareholders, himself or itself, and his or its heirs and dependents,
          executors, administrators and assigns, as well as his or its
          affiliated companies and such companies' respective shareholders,
          officers, directors, partners, employees, agents, attorneys,
          successors and assigns (the "Surrendering Shareholder Releasees") from
          any and all rights, claims, causes of action, liability, damages,
          attorney's fees and costs of any kind or nature, whether known or
          unknown, which the Releasing Individual ever had or now have against
          the Surrendering Shareholder Releasees by reason of any actual or
          alleged act, omission, transaction, practice, conduct, occurrence or
          other matter occurring up to and including the date of this Amended
          and Restated Letter Agreement.

     17.  NON-DISPARAGEMENT. The Parties agree and covenant (i) not to disparage
          one another to any person, company or entity; (ii) to do nothing that
          could adversely affect the goodwill or reputation of the Company,
          Wiens or any of his companies, Walter or any of his companies,
          Hoffmann or any of his companies, or Livingston or any of his
          companies, as the case may be; and (iii) to do nothing that could
          adversely affect the morale of employees of the Company or of Wiens',
          Walter's, Hoffmann's or Livingston's other companies, as the case may
          be.

     18.  CONFIDENTIALITY. The Parties agree to keep the terms of this Amended
          and Restated Letter Agreement strictly confidential, except insofar as
          such disclosure is required by law. Such confidentiality shall not
          pertain to the Parties' accountants, attorneys or governmental taxing
          authorities; provided, however, that each person so informed shall be
          bound to the confidentiality obligations herein and an unauthorized
          disclosure by such person shall be deemed to be a breach of this
          Amended and Restated Letter Agreement. The Parties further agree not
          to disclose any of their companies' confidential and/or proprietary
          information, which shall be deemed to mean all non-public information
          (in whatever form) relating to or arising from each of the applicable
          companies' business, including, without limitation, trade secrets
          used, developed or acquired by such company in connection with its
          business, together with any analyses, records or data generated from
          such information and material; information concerning the manner and
          details of such company's operation, organization and management;
          financial information and/or documents and non-public policies,
          procedures and other printed, written or electronic material generated
          or

CONFIDENTIAL AND PROPRIETARY

                                       9
<PAGE>

          used in connection with such company's business; such company's
          business plans and strategies; and all other information concerning
          such company's concepts, prospects, customers, employees, agents,
          contractors, earnings, products, services, equipment, systems and/or
          prospective and executed contracts and other business arrangements.

     19.  NON-SOLICITATION. For a one year period from the date of execution of
          this Amended and Restated Letter Agreement, each of the Surrendering
          Shareholders with respect to the Company, and the Company with respect
          to each of the Surrendering Shareholders agrees that it will not,
          directly or indirectly, without the other applicable Party's prior
          written consent, (i) cause or attempt to cause any employee or agent
          of the other Party to terminate his or her relationship with the other
          Party; or interfere or attempt to interfere with the relationship
          between the other Party and any of its employees or agents; or hire or
          attempt to hire any employee or agent of the other Party; or (ii)
          solicit business from or conduct business from any customer or client
          served by the other Party at any point during the Parties' association
          with one another prior to the date of this Amended and Restated Letter
          Agreement or interfere or attempt to interfere with any business that
          the other Party conducted with a customer or client during the
          applicable Parties' association with one another prior to the
          execution of this Amended and Restated Letter Agreement. In this
          regard, Wiens expressly agrees that he will not solicit business from,
          or interfere with the Company's relationship with, On-Line Power,
          Perfect Power and/or any of such companies' respective agents,
          subcontractors and/or employees.

     20.  GOVERNING LAW. This Amended and Restated Letter Agreement shall be
          governed and construed in accordance with the laws of the State of
          Colorado, excluding its choice of law rules, and be binding upon the
          parties hereto and their respective successors and assigns.

     21.  ARBITRATION. Except for the parties' rights to obtain injunctive
          relief to enforce the confidentiality obligations and agreement not to
          compete, this Agreement may be enforced only by final and binding
          arbitration pursuant to the rules of the American Arbitration
          Association (AAA), before a single arbitrator selected under AAA
          rules, in Denver Colorado metropolitan area, including without
          limitation Castle Rock, Colorado. The Arbitrator's Award may be
          enforced in the U.S. District Court for the District of Colorado
          pursuant to the Federal Arbitration Act, 9 U.S.C. Section 1, et seq.
          By submitting all disputes to arbitration, the parties give up the
          right to a trial by jury. The arbitrator shall award statutory costs,
          the arbitrator's fees and attorney's fees to the prevailing party to
          the same extent as provided by applicable law as if that party had
          prevailed in court.

     22.  ADVICE OF COUNSEL. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES THAT, IN
          EXECUTING THIS AGREEMENT, SUCH PARTY HAS HAD THE OPPORTUNITY TO SEEK
          THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND HAS READ AND UNDERSTOOD
          ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT
          SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR
          PREPARATION HEREOF.

CONFIDENTIAL AND PROPRIETARY

                                       10
<PAGE>

     23.  FEES AND EXPENSES. The Parties hereto agree that each Party shall bear
          and pay all expenses that have been incurred or that are in the future
          incurred by or on behalf of such Party in connection with this Amended
          and Restated Letter Agreement or any additional costs and expenses
          incurred in connection with other transactions or documents entered
          into in connection with this Amended and Restated Letter Agreement;
          provided, however, the Company shall reimburse each of Walter,
          Hoffmann and Livingston for all professional fees, including, without
          limitation, attorneys' fees, accounting fees or financial
          advisor/appraisal fees, incurred by Walter, Hoffmann and Livingston in
          connection with the negotiation and completion of this Amended and
          Restated Letter Agreement and any related transactions or agreements
          entered into in connection with this Amended and Restated Letter
          Agreement.

     24.  MISCELLANEOUS. The Parties agree that this Amended and Restated Letter
          Agreement is fair and reasonable and has been entered into freely and
          voluntarily after good faith, arms length negotiations. Each Party
          agrees that it is the owner of any claims released by this Amended and
          Restated Letter Agreement and that it has not assigned any such claims
          to any other person or entity. The Parties agree that, in entering
          into this Agreement, they have not relied upon any representations,
          warranties, promises and/or any other conditions made by the other
          party that are not specifically set forth in this Amended and Restated
          Letter Agreement. The Parties agree to execute such further documents
          that are necessary to effectuate the intentions and terms and
          conditions set forth herein. The Parties agree that there are no
          collateral oral agreements between them with respect to the subject
          matter of this Amended and Restated Letter Agreement or otherwise
          (including, but not limited to, any previously contemplated agreements
          between Wiens and the Company, Walter, Hoffmann or Livingston). This
          Amended and Restated Letter Agreement may be executed in any number of
          counterparts, each of which shall be an original, but all of which
          together shall constitute one instrument.

CONFIDENTIAL AND PROPRIETARY

                                       11
<PAGE>

The Parties have executed this Amended and Restated Letter Agreement the date
first written above.

                                     RELIABLE POWER SYSTEMS, INC.

                                     By:
                                         ---------------------------------------
                                                   DAVID MAZUR

                                     Title:  Director and President

                                     EXECUTION BY THE COMPANY WITNESSED BY:

                                     ----------------------------------
                                     NAME:

CONFIDENTIAL AND PROPRIETARY

                                       12
<PAGE>

                                     ACCEPTED AND AGREED TO BY:

                                     -------------------------------------------
                                     THOMAS J. WIENS, in his individual
                                     capacity

                                     EXECUTION BY THOMAS J. WIENS WITNESSED BY:

                                     ----------------------------------
                                     NAME:

                                     FIRST WESTERN INDUSTRIES, LLC,

                                     By:
                                         ---------------------------------------
                                                   THOMAS J. WIENS

                                     Title:
                                            ------------------------------------

                                     EXECUTION BY FIRST WESTERN INDUSTRIES, LLC
                                     WITNESSED BY:

                                     ----------------------------------
                                     NAME:

                                     NEW WEST CAPITAL PARTNER, LLC

                                     By:
                                         ---------------------------------------
                                                   THOMAS J. WIENS

                                     Title:
                                            ------------------------------------

                                     EXECUTION BY NEW WEST CAPITAL PARTNER, LLC
                                     WITNESSED BY:

                                     ----------------------------------
                                     NAME:

CONFIDENTIAL AND PROPRIETARY

                                       13
<PAGE>

                                     NEW WEST CAPITAL, LLC

                                     By:
                                         ---------------------------------------
                                                   THOMAS J. WIENS

                                     Title:
                                            ------------------------------------

                                     EXECUTION BY NEW WEST CAPITAL, LLC
                                     WITNESSED BY:

                                     ----------------------------------
                                     NAME:

                                     -------------------------------------------
                                     JOHN R. WALTER, in his individual capacity

                                     EXECUTION BY JOHN R. WALTER
                                     WITNESSED BY:

                                     ----------------------------------
                                     NAME:

                                     -------------------------------------------
                                     DAVID H. HOFFMANN, in his individual
                                     capacity

                                     EXECUTION BY DAVID H. HOFFMANN
                                     WITNESSED BY:

                                     ----------------------------------
                                     NAME:

                                     -------------------------------------------
                                     JOSEPH D. LIVINGSTON, in his individual
                                     capacity

                                     EXECUTION BY JOSEPH D. LIVINGSTON
                                     WITNESSED BY:

                                     ----------------------------------
                                     NAME:

CONFIDENTIAL AND PROPRIETARY

                                       14
<PAGE>

                                   SCHEDULE 6
                           THIRD PARTY SHARE TRANSFERS

<Table>
<Caption>
                           # OF STOCK OPTIONS
NAME                            GRANTED            OPTION PRICE         VESTING
----                       ------------------      ------------         -------
<S>                        <C>                    <C>                 <C>
Luke Botica                      75,000                $0.54          immediately
Robin Wiens                      25,000                $0.54          immediately
David Groom                      65,000                $0.54          immediately
John Ransom                      15,000                $0.54            3 years
Matthew Elledge                   5,000                $0.54            3 years
Scott McClure                    10,000                $0.54            3 years
Gregg Copps                       5,000                $0.54            3 years
Jodi Ladner                       5,000                $0.54            3 years
Shane Ladner                      5,000                $0.54            3 years
Jodi Angle                        3,000                $1.00            3 years
                                -------
Total stock options
granted by Wiens to
non-employees:                  213,000
                                =======
</Table>

CONFIDENTIAL AND PROPRIETARY

                                       15
<PAGE>

                                  SCHEDULE 9(b)
                      SURRENDERING SHAREHOLDERS EXCEPTIONS

                                      None.

CONFIDENTIAL AND PROPRIETARY

                                       16
<PAGE>

                                 SCHEDULE 10(c)
                             COMPANY CAPITALIZATION

(i) The number of shares of authorized common stock of each class of the
Company's common stock is 65,000,000 shares of no par value common stock.

(ii) The number of issued and outstanding shares of each class of the Company's
common stock is 10,758,679, as of September 30, 2001.

(iii) There are no shares of Company common stock held in treasury.

(iv) The number of shares of authorized preferred stock of each series of the
Company's preferred stock is 15,000,000 shares of no par value preferred stock.

(v) The number of issued and outstanding shares of each series of the Company's
preferred stock includes:

Series  A Preferred Stock:               0
Series B Preferred Stock:          300,000

(vi) The total number of outstanding stock options and warrants include:

716,923 stock options, and

pursuant to Private Debt Offering, there are 17.9 warrants that give each
promissory note holder the option to acquire 10,000 shares of common stock per
warrant at $3.50.

CONFIDENTIAL AND PROPRIETARY

                                       17

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