Document:

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                                                                    Exhibit 10.2

                                                      Human Resources Department
                                                                500 Water Street
                                                                Speed Code J-120
                                                          Jacksonville, FL 32202
ROBERT J. HAULTER                                       Telephone (904) 366-5603
SENIOR VICE PRESIDENT HUMAN RESOURCES                         Fax (904) 359-1859

                                February 4, 2004

HAND DELIVERED

P. Michael Giftos

                       RETIREMENT AND SEPARATION AGREEMENT

Dear Mike:

         As used in this Agreement, the "Companies" will mean CSX
Transportation, Inc. ("CSXT") and CSX Corporation ("CSX") and each reference to
"the Companies" will include CSXT, CSX and their respective affiliates. This
Agreement sets forth the agreement between you and the Companies with respect to
your retirement and separation from employment with the Companies.

         1. SEPARATION. Your resignation from your position as Executive Vice
President and Chief Commercial Officer of CSXT is effective March 31, 2004 (the
"Resignation Date").

         2. SEPARATION PAY AND BENEFITS AND PERQUISITES. In exchange for your
commitments and undertakings in this Agreement, the Companies will pay you the
amounts set forth in this Section 2.

                  a. SEPARATION PAYMENT. The Companies will pay you separation
                  payments in the amount of one year of your base salary of
                  $375,000 per year in effect as of November 10, 2003, payable
                  in (a) monthly installments for twelve (12) months beginning
                  on April 1, 2004 and ending on March 31, 2005, or (b) a single
                  lump sum as soon as practicable after the Resignation Date, at
                  your election. These payments, referred to as "Separation Pay"
                  are in lieu of severance pay under the CSX Corporation
                  Severance Pay Plan or any other severance or similar plan or
                  program. You agree that you will not make any claim for
                  separation payments under any such plan or program.

                  b. BONUSES. You will not be eligible for any bonuses under the
                  MICP Plan.

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P. Michael Giftos
February 4, 2004
Page 2

                  c. BENEFITS AND PERQUISITES.

                           (i) PENSION BENEFITS.In addition to tax-qualified
                  benefits under the CSX Pension Plan (the "Pension Plan"), you
                  will receive a Special Retirement Allowance under the Special
                  Retirement Plan of CSX Corporation and Affiliated
                  Corporations, which calculation is to include constructive
                  service of an additional 2 years, for a total of 44 years
                  thereunder. In addition, the reduction of your Special
                  Retirement Allowance for commencement prior to your attainment
                  of normal retirement age under the Pension Plan shall be
                  calculated as though you had attained 58 years and two months
                  of age at the time of such commencement. Your Special
                  Retirement Allowance benefits shall be payable in a lump sum.

                           (ii) RETIREE MEDICAL BENEFITS. If you elect to
                  commence receiving your benefits under the Pension Plan as of
                  the Resignation Date, you and your dependent spouse, Mary,
                  will be eligible for retiree medical benefits pursuant to the
                  terms of the CSX Corporation Comprehensive Medical Plan (the
                  "Medical Plan"). With respect to medical benefits for your
                  spouse, Mary, in the event that certain medical services or
                  expenses are determined by the plan fiduciary, Aetna, not to
                  qualify as covered medical expenses under the Medical Plan,
                  the Company will pay, or provide you with reimbursement, as
                  applicable, for such uncovered medical expenses from the
                  Company's general assets, provided that medical services and
                  expenses are medically necessary as determined by physicians
                  chosen by Mrs. Giftos. You agree that in the event the Company
                  requires any additional information from you or Mrs. Giftos in
                  order to comply with this provision, that you will provide
                  such information as necessary.

                           (iii) OUTPLACEMENT. You will be eligible if you so
                  elect for a 6-month outplacement assistance program to be
                  provided by Lee Hecht Harrison. This outplacement assistance
                  must be completed within one year of the effective date of
                  this Agreement.

                           (iv) PERQUISITES. You will be eligible for the
                  financial counseling by Ayco for 2004 and reimbursement for
                  tax preparation for tax years 2003 and 2004, pursuant to the
                  Company's tax preparation program. In addition, the Company
                  will continue to pay for the automobile insurance on your
                  leased car until the earlier of the end of the lease term in
                  September 2004 or the date that you otherwise dispose of the
                  car. Other than as stated in the previous sentences, you will
                  not be eligible for any perquisites after March 31, 2004.

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P. Michael Giftos
February 4, 2004
Page 3

                           (v) OPTIONS. All CSX options previously granted to
                  you will vest or be exercisable in accordance with their
                  terms.

                  d. TAX. The Companies will withhold applicable taxes,
         including railroad retirement, federal, state and local with respect to
         the Separation Pay described in Section 2.

                  e. PLAN AMENDMENTS. YOU ACKNOWLEDGE AND AGREE THAT IF ANY
         BENEFIT OR PERQUISITE PLANS OR POLICIES ARE AMENDED OR TERMINATED, YOU
         WILL BE SUBJECT TO SUCH AMENDED OR TERMINATED PLANS OR POLICIES.

                  f. DEATH. If you die prior receiving all payments contemplated
         hereunder, your designated beneficiary will be entitled to the payments
         contemplated by Section 2 of this Agreement when, and to the extent,
         such payments would otherwise have been payable hereunder.

         3. WAIVER AND RELEASE. In exchange for the Separation Pay and benefits
promised herein, you hereby waive and release the Companies from any and all
claims you may have against them, except for claims relating solely to the
performance of their obligations under this Agreement, and further agree to
execute the Waiver and Release attached hereto as EXHIBIT A at the time of
execution of this Agreement to more completely set forth the parties'
understanding. You are not waiving any claims you might have under the Age
Discrimination in Employment Act that arise after the effective date of this
Agreement. Notwithstanding any failure by you to deliver such additional Waiver
and Release, your obligations under this Agreement, including those under this
Section 4, will remain in full force and effect.

         4. CONFIDENTIAL INFORMATION.

                  a. CONFIDENTIAL INFORMATION DEFINED. The parties recognize
         that during your employment, you have learned trade secrets and other
         information confidential to the Companies and that the Companies would
         be substantially injured if the confidentiality of such information
         were not maintained. For the purposes of this Section 4, "Confidential
         Information" means and includes every item of and all the contents of
         any discussions, documents, information, technology, procedures,
         customer lists, business plans, employee compensation data, pricing
         information, strategies, software, financial data, ideas and
         assumptions and all other material relating to or in connection with
         your employment with the Companies and their property, business methods
         and practices, suppliers and customers, other than that which is
         generally known to the public. To the

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P. Michael Giftos
February 4, 2004
Page 4

         extent that the Confidential Information comprises any written material
         or other material in a reproducible form by any means whatsoever,
         whether manual, mechanical or electronic, you will not copy, extract or
         reproduce the same by any means whatsoever, nor provide nor otherwise
         make such material available to any third party, nor use such
         Confidential Information for your own purposes.

                  b. RESTRICTION ON USE. You agree not to disclose to third
         persons such documents or Confidential Information without the prior
         consent of the Companies, whether for compensation or otherwise. You
         further agree not to use such documents or Confidential Information for
         any purpose detrimental to the Companies. You will at all times use
         your best possible reasonable efforts to ensure that any person to whom
         the Confidential Information is disclosed pursuant to this Agreement
         keeps the same secret and confidential and observes an obligation of
         confidentiality in relation thereto.

                  c. NOTICE TO PROSPECTIVE EMPLOYERS. You specifically agree
         that for one year after the Resignation Date, you will notify in
         writing any prospective employer or client of yours that meets any of
         the following criteria of these confidentiality restrictions and your
         obligations under this Agreement and state that your provision of
         services to such prospective employer or client will not violate this
         Agreement, and you will deliver a copy of such notice to the Companies.
         Any such notice shall be required for any prospective employer or
         client that is (i) engaged in the railroad or intermodal transportation
         business; (ii) a customer representing more than 1% of the revenues of
         either CSXT or CSX Intermodal, Inc.; (iii) affiliated with the Norfolk
         Southern Corporation; or (iv) a labor union or organization or any law
         firm or other company, association, or person representing or seeking
         to represent employees of the Companies.

                  d. NON-SOLICITATION. You will not, at any time before April 1,
         2005, without the prior written consent of the Companies, directly or
         indirectly employ, or solicit the employment of (whether as an
         employee, officer, director, agent, consultant or independent
         contractor), any person who was or is at any time during the previous
         twelve (12) months an employee, representative, officer or director of
         the Companies or their affiliates; PROVIDED, HOWEVER, that a public
         advertisement not specifically targeted at the employees of the
         Companies shall not be deemed to be a solicitation for purposes of this
         provision.

                  e. NO WAIVER OF LEGAL RIGHTS. You hereby acknowledge that none
         of the provisions of this Agreement will be deemed or construed to
         reduce the protections afforded the Companies by common law, statute or
         regulation.

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P. Michael Giftos
February 4, 2004
Page 5

                  f. PERPETUAL RESTRICTION. Notwithstanding the expiration of
         the provisions of this Agreement, you acknowledge that your obligations
         with respect to Confidential Information are perpetual.

         5. PRIVATE AGREEMENT. It is the desire and in the interest of all
parties affected by this Agreement that the terms hereof be maintained in
strictest confidence. To that end, you and the Companies covenant and agree to
maintain each and every term of this Agreement in the strictest confidence, and
to neither release nor divulge either orally or in writing any term, covenant or
condition hereof to any person, firm or entity PROVIDED, HOWEVER:

                  a. that the Companies or you may disclose as required by law,
         including pursuant to a lawful subpoena or court order;

                  b. that the Companies or you may disclose in accordance with a
         prepared written statement approved in advance by the Companies;

                  c. that the Companies may disclose to employees or advisors,
         including counsel, determined to have a need to know; or

                  d. that you may disclose to your spouse, counsel, tax advisor,
         and estate planner, whom you will instruct to preserve confidentiality.

         6. GOVERNING LAW. This Agreement will be governed, construed and
interpreted under the laws of the Commonwealth of Virginia.

         7. INJUNCTIVE REMEDY. You acknowledge that any breach or threatened
breach of the covenants set forth in this Agreement would cause irreparable
injury to the Companies and that money damages alone would not provide an
adequate remedy to the Companies. The parties agree that any reviewing court
will have the authority to reform this provision to conform to applicable law,
provided that it is the intent of the parties that this Section 7 be given full
effect in all respects.

         8. ADEQUATE CONSIDERATION. You acknowledge and agree that the
compensation and benefits reflected herein and which you have already received
fully satisfy all obligations of the Companies arising from your employment or
the termination thereof and that the Companies are not required to provide the
special separation pay and other termination benefits reflected in this
Agreement under the terms of any personnel policy or benefit plan or contract.
You further acknowledge that you have signed this Agreement in exchange for
consideration in excess of any to which you were otherwise entitled and that
such consideration is satisfactory and adequate for the covenants made by you
herein.

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P. Michael Giftos
February 4, 2004
Page 6

         9. PARTIES' INTENT; MUTUAL COOPERATION. The parties mutually agree to
conduct themselves with a spirit of harmony and mutual cooperation, and to
refrain from and avoid any disparaging or defamatory comments or statements to
any third parties after execution hereof that would reflect negatively on the
business, person or professional reputation of any parties hereto. You
acknowledge and agree that the foregoing applies only to the executive officers
of the Companies and that your remedy with respect to any breach of the
foregoing shall be solely to seek an injunction.

         10. LITIGATION. Notwithstanding the termination of your employment you
agree that to the extent required at any time in the future, you will cooperate
and provide information and assistance to the Companies in any dispute,
proceeding, arbitration, investigation or litigation involving the Companies or
their affiliates of which you have knowledge or involvement as a result of your
employment with the Companies. You acknowledge that the demands of such
proceedings are not necessarily within the control of the Companies and agree
that notwithstanding any other provision of this Agreement, you will make
yourself available to the extent possible and will advise the Companies
immediately and in writing of any contacts from third-parties to you in
connection with such proceedings. During any such activity, you will be
reimbursed for reasonable and customary expenses in accordance with the
Companies' Travel and Expense Reimbursement policies and procedures.

         11. DISPUTE RESOLUTION. Any dispute, controversy or claim arising out
of or relating to this Agreement, or the breach, termination or validity hereof,
except an injunction proceeding under either Section 4 or 7, shall be finally
settled through binding arbitration by a sole, disinterested arbitrator in
accordance with the Rules of the American Arbitration Association. The
arbitrator shall be jointly selected by you and the Companies but, if you and
the Companies do not agree on an arbitrator within thirty days after a party
makes demand for arbitration, the arbitrator shall be designated by the American
Arbitration Association. The award of the arbitrator shall be final and
conclusive, and the arbitration shall be concluded within six months of its
commencement. Each party to the arbitration shall pay the compensation, costs,
fees and expenses of its own witnesses, experts and counsel, and the
compensation and any costs and expenses of the arbitrator shall be borne equally
by the parties.

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P. Michael Giftos
February 4, 2004
Page 7

         12. ENTIRE AGREEMENT. This Agreement, together with the Waiver and
Release Agreement, reflects the entire understanding of the parties with respect
to the subject matter hereof and supersedes all prior discussions,
understandings and agreements between the parties with respect to such matters.
For the avoidance of doubt, this Agreement renders null and void in all respects
the Employment Agreement between you and the Companies dated November 1, 2000.

         13. TIME FOR CONSIDERATION. You have a period of twenty-one (21) days
to review and consider this Agreement and you are encouraged to consult an
attorney before signing it. You may use as much or all of this 21-day period as
you wish prior to signing and you acknowledge that you have done so. You have
seven (7) days after you sign this Agreement to revoke it in writing to Robert
J. Haulter, Senior Vice President - Human Resources, CSX Transportation, Inc.,
500 Water Street, Jacksonville, Florida 32202. This Agreement shall not become
effective until the seven days have expired without Mr. Haulter's having
received such a revocation.

         14. AMENDMENT. The terms of this Agreement may not be amended, deleted
or modified except by prior written agreement signed by you and the Companies.

         15. SUCCESSORS AND ASSIGNS. You and the Companies have read this
Agreement and understand its contents. You and the Companies further acknowledge
satisfaction with the terms of this Agreement and agree that the Agreement will
be binding upon your and the Companies' respective attorneys, heirs, personal
representatives, successors and assigns.

                                       Very truly yours,

                                       CSX TRANSPORTATION, INC.

                                       By: /s/ Robert J. Haulter
                                           -------------------------------------
                                           Robert J. Haulter

Reviewed, approved and
agreed as of the _____ day of
February, 2004

/s/ P. Michael Giftos
------------------------------
P. Michael Giftos

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P. Michael Giftos
February 4, 2004
Page 8

                                    EXHIBIT A
                               WAIVER AND RELEASE
--------------------------------------------------------------------------------

         In exchange for CSX Transportation, Inc. (the "Company") entering into
the Retirement and Separation Agreement with me:

         1. I hereby release the Company and its affiliates, their respective
employee benefit plans and programs and all present and former employees,
officers, directors and other agents (hereinafter "Released Parties") from all
claims, demands and legal proceedings I may have based in any way on my
employment in any capacity with the Company, except as provided in Paragraph 5
hereof. This includes a release of any rights or claims if any, which I may have
under the Age Discrimination in Employment Act, as amended ("ADEA"), which
prohibits age discrimination in employment; Title VII of the Civil Rights Act of
1964, as amended by the Civil Rights Act of 1991, which prohibits discrimination
in employment based on race, color, national origin, religion or sex; the Civil
Rights Act of 1866, as amended by the Civil Rights Act of 1991, which requires
equality in contractual relations without regard to race or national origin; the
Equal Pay Act, which prohibits paying men and women unequal pay for equal work;
the Americans with Disabilities Act of 1990 which prohibits discrimination
against qualified individuals with disabilities; the Rehabilitation Act of 1973
which prohibits discrimination against the handicapped; the Employee Retirement
Income Security Act; the Fair Labor Standards Act; Executive Order 11246; the
Family and Medical Leave Act; or any other federal, state or local laws or
regulations prohibiting employment discrimination or regulating any aspect of
employment. This also includes a release of any rights or claims I may have
under the Worker Adjustment and Retraining Notification Act or any similar law
which requires, among other things, that advance notice be given of certain work
force reductions. This also includes a release of any rights or claims I may
have for wrongful discharge; breach of contract, whether express or implied or
breach of any collective bargaining agreement; termination of employment in
violation of any public policy; any other tort or contract claim; the implied
covenant of good faith and fair dealing; negligent or intentional infliction of
emotional distress; fraud or negligent misrepresentation; defamation; any claim
for labor protection, including but not limited to conditions imposed by the
Surface Transportation Board, its predecessor, or any labor agreement; any claim
under any workers' compensation law; and any other claim for relief of any
nature.

         2. I agree to withdraw all lawsuits, if any, against the Released
Parties and I represent that I will not file any lawsuit against the Released
Parties based on the claims released under this Waiver and Release. I promise
not to seek any damages, remedies or other relief for myself personally by
filing or prosecuting a charge with any administrative agency with respect

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P. Michael Giftos
February 4, 2004
Page 9

to any claim purportedly released by this Agreement. I promise to request any
administrative agency or other body assuming jurisdiction of any such lawsuit,
complaint, or charge to withdraw from the matter or dismiss the matter with
prejudice. However, I understand that nothing contained in this paragraph 2
precludes me from challenging the validity of this Waiver and Release under the
ADEA.

                   I agree to pay the reasonable attorneys' fees, costs, and
expenses and any damages the Released Parties may incur as a result of my filing
a lawsuit against the Released Parties based on the claims released under this
Waiver and Release. However, this paragraph 2 does not apply to lawsuits brought
solely to assert claims under the ADEA.

         3. I acknowledge that the Company has advised me that in executing this
Waiver and Release, I will waive any rights which I may have against the Company
arising out of any claim under ADEA, including the amendments made by the Older
Worker Benefit Protection Act of 1990, and that the Company has advised me to
consult with an attorney prior to executing this Waiver and Release. I hereby
acknowledge that the terms of this Waiver and Release constitute adequate
consideration in addition to anything of value to which I already am entitled in
connection with my employment relationship with the Company for my waiver of
rights as aforesaid.

         4. I understand and agree that the terms of this Waiver and Release
shall remain private between the Company and me, provided that I may disclose
the terms to my spouse, counsel, tax advisor and estate planner, or as otherwise
required by law.

         5. It is understood that the consideration from the Company as
expressed herein and in the Retirement and Consulting Agreement shall not be
deemed or construed at any time for any purpose as an admission of liability or
violation of any applicable law by the Company. The Company expressly denies
liability for any and all claims.

         6. I acknowledge that the provisions of this Waiver and Release shall
be binding upon my heirs, executors, administrators and assigns. By signing this
Waiver and Release I understand that I do not relinquish any rights I currently
have under the CSX Pension Plan or the Tax Savings Thrift Plan for Employees of
CSX Corporation and Affiliated Companies, nor am I waiving any rights or claims
which may arise after the date I sign this Waiver and Release.

         7. This Waiver and Release shall be governed by and construed in
accordance with the laws of the Commonwealth of Virginia.

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P. Michael Giftos
February 4, 2004
Page 10

         8. This Waiver and Release may not be modified or amended except by an
instrument in writing signed by the parties hereto.

         9. If, for any reason, any provision of this Waiver and Release is held
invalid, such invalidity shall not affect any other provision of this Waiver and
Release not held so invalid, and each such other provision shall to the full
extent consistent with law continue in full force and effect.

         10. I acknowledge that I have been given a period of twenty-one (21)
days to review and consider this Waiver and Release, and that I have been
encouraged to consult an attorney before signing it. I understand that I may use
as much or all of this 21-day period as I wish prior to signing and have done
so.

         11. I understand that I have seven (7) days after I sign this Waiver
and Release to revoke it by notice in writing to Robert J. Haulter, Senior Vice
President - Human Resources, 500 Water Street, 15th Floor J120, Jacksonville,
Florida 32202 and that this Waiver and Release shall not become effective until
the seven days have expired without Mr. Haulter's having received such a
revocation. This Waiver and Release shall become enforceable upon expiration of
this seven-day revocation period.

         I HAVE CAREFULLY READ THIS WAIVER AND RELEASE. I FULLY UNDERSTAND THE
FINAL AND BINDING EFFECT OF THIS WAIVER AND RELEASE AND ACKNOWLEDGE THAT IT
CONTAINS AN UNCONDITIONAL, GENERAL, AND VOLUNTARY RELEASE OF ALL KNOWN AND
UNKNOWN CLAIMS RELATING TO, OR ARISING OUT OF, MY EMPLOYMENT WITH THE COMPANY
AND/OR MY RETIREMENT AND RESIGNATION FROM THE COMPANY. I ENTER INTO THIS WAIVER
AND RELEASE VOLUNTARILY, WITHOUT COERCION, AND BASED ON MY OWN JUDGMENT AND NOT
IN RELIANCE UPON ANY REPRESENTATIONS, SUGGESTIONS OR PROMISES BY THE COMPANY,
OTHER THAN THOSE CONTAINED HEREIN. I AM SIGNING THIS WAIVER AND RELEASE
VOLUNTARILY AND WITH THE FULL INTENT OF RELEASING THE COMPANY FROM ALL CLAIMS
RELATING TO, OR ARISING OUT OF, MY EMPLOYMENT AND THE RETIREMENT AND RESIGNATION
OF MY EMPLOYMENT.

                                       /s/ P. Michael Giftos
                                       -----------------------------------------
                                       P. Michael Giftos

                                       Dated:
                                              ----------------------------------<PAGE>
                                                                    Exhibit 10.1

                                 LOAN AGREEMENT

         THIS LOAN AGREEMENT (the "LOAN AGREEMENT") is entered into and made
effective this 16th day of April 2004, by and among AESP, INC., a Florida
corporation ("AESP"), SLAV STEIN ("STEIN"), ROMAN BRISKIN ("BRISKIN") and BENDES
INVESTMENT LTD, a Hong Kong Limited ("BENDES").

                                    RECITALS

         WHEREAS, on September 23, 1999, AESP entered into that certain loan
agreement ("COMMERCE AGREEMENT") in the maximum principal amount of $3,500,000,
in favor of Commercebank, N.A. (the "BANK");

         WHEREAS, on September 23, 1999, AESP entered into a Security Agreement
(the "COMMERCE SECURITY Agreement") granting to the Bank a security interest in
the "COLLATERAL" as such term is defined in the Commerce Security Agreement, as
security for AESP's obligations under the Commerce Agreement;

         WHEREAS, on September 23, 1999, each of Stein and Briskin entered into
a Guaranty Agreement (each a "GUARANTY" and collectively, the "GUARANTEES")
guaranteeing all of the obligations of AESP to the Bank;

         WHEREAS, the Bank has demanded that AESP repay the Commerce Agreement
in the amount of $631,000 (the "LOAN BALANCE");

         WHEREAS, Bendes has agreed, subject to the terms and conditions of this
Loan Agreement, to lend (the "BENDES LOAN") to AESP the sum of $631,000.00 (the
"BENDES LOAN AMOUNT") to pay off in-full the Loan Balance;

         WHEREAS, as a material inducement for Bendes to enter into this Loan
Agreement and to grant the Bendes Loan, AESP has agreed to enter into a secured
promissory note, in the form attached hereto as EXHIBIT A (the "BENDES
PROMISSORY NOTE"), evidencing the terms and conditions of the Bendes Loan;

         WHEREAS, as a material inducement for Bendes to enter into this Loan
Agreement and to grant the Bendes Loan, AESP has agreed to enter into a security
agreement in the form attached hereto as EXHIBIT B (the "BENDES SECURITY
AGREEMENT") granting to Bendes a first priority perfected security interest in
and to all of the assets of AESP, excluding those assets upon which KBK
Financial, Inc. has been granted a security interest or about on November 4,
2003, to which Bendes shall have second priority, as security for AESP's
obligations under the Bendes Promissory Note;

         WHEREAS, as a material inducement for Bendes to enter into this Loan
Agreement and to grant the Bendes Loan, Stein and Briskin (each a "GUARANTOR"
and collectively, the "GUARANTORS") shall enter into a guaranty, in the form
attached hereto as EXHIBIT C (the "BENDES

<PAGE>

GUARANTY"), guaranteeing, jointly and severally, the full and prompt payment and
performance of AESP' obligations under the Bendes Promissory Note; and

         WHEREAS, this Loan Agreement, the Bendes Promissory Note, the Bendes
Security Agreement and the Bendes Guaranty, shall collectively be referred to as
the "TRANSACTION DOCUMENTS".

         NOW THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties agree as follows:

         1. RECITALS. The above recitals are true and correct and same are
incorporated herein by this reference.

         2. BENDES LOAN. Pursuant to the terms and subject to the conditions set
forth in this Loan Agreement, Bendes hereby agrees to grant to AESP the Bendes
Loan in the Bendes Loan Amount ($631,000.00). The entire principal balance
outstanding on the Bendes Loan from time to time shall accrue interest at a rate
of the Prime Rate (as defined in the Bendes Promissory Note) plus eight percent
(8%). Interest only shall be payable by AESP to Bendes on a monthly basis, as
set forth in the Bendes Promissory Note. The entire principal balance of the
Bendes Loan together with accrued but unpaid interest and such other amounts
payable by AESP to Bendes under the Bendes Promissory Note shall be due and
payable on or before April 16, 2005, and shall otherwise be payable in
accordance with the terms and subject to the conditions set forth in the Bendes
Promissory Note.

         3. FUNDING. At the Closing (as hereinafter defined) and in full
satisfaction of its obligations hereunder, Bendes shall deliver to the Bank via
wire transfer the Bendes Loan Amount in full payment of the Loan Balance.

         4. BENDES GUARANTY. On the date of the Closing (the "CLOSING DATE") and
as a material inducement for the Bendes to enter into this Loan Agreement and to
grant the Bendes Loan to AESP, each of the Guarantors, each deriving a material
benefit from such transaction, shall enter into the Bendes Guaranty,
guaranteeing, jointly and severally, the prompt and full payment and performance
by AESP of its obligations under the Bendes Promissory Note.

         5. SECURITY.

                  5.1. BENDES SECURITY AGREEMENT. On the Closing Date and as a
material inducement for Bendes to enter into this Loan Agreement and to grant
the Bendes Loan to AESP, AESP hereby agrees to enter into the Bendes Security
Agreement granting to Bendes a first priority perfected security interest in all
of its assets, both tangible and intangible, AESP, excluding those assets upon
which KBK Financial, Inc. has been granted a security interest on or about
November 4, 2003 to which Bendes shall have second priority, pursuant to the
terms and subject to the conditions of the Bendes Security Agreement, as
security for its obligations under the Bendes Promissory Note.

                  5.2. KEY-MAN INSURANCE. For so long as any obligations are
outstanding under the Bendes Promissory Note, AESP shall maintain, at its sole
cost and expense, a term life

                                       2
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insurance policy (the "POLICY") on the life of Stein and Briskin in an amount
not less than the total obligations then outstanding under the Bendes Promissory
Note designating Bendes the sole beneficiary thereof with a last-to-die
provision. On the Closing Date and on each anniversary thereof, for so long as
the obligations are outstanding under the Bendes Promissory Note, AESP shall
provide evidence to Bendes that the premium for the Policy has been paid in
advance for at least twelve (12) months after the date thereof.

         6. EQUITY CAPITAL OBTAINED BY AESP. During any time that the Bendes
Loan remains outstanding and not fully repaid, if AESP obtains any equity
funding from any source ("EQUITY FUNDING"), all amounts net of the expenses of
such Equity Funding shall be paid to Bendes within two (2) business days of the
AESP's receipt of the Equity Funding until all principal and accrued, but
unpaid, interest due under the Bendes Loan has been paid to Bendes.

         7. CLOSING. The Closing and the funding of the Bendes Loan shall be
subject to:

                  7.1. Bendes being satisfied in his sole and absolute
discretion with his due diligence of AESP and the Guarantors, respectively, and
of the assets to which he is receiving a security interest pursuant to the
Transaction Documents;

                  7.2. the Bank acknowledging and agreeing, in writing, that
upon its receipt of the Bendes Loan Amount, none of the parties under the
Commerce Agreement, Commerce Security Agreement or Guarantees shall have any
further obligations arising from or relating thereto;

                  7.3. the Bank acknowledging and agreeing, in writing, that
upon its receipt of the Bendes Loan Amount, it shall file a UCC-3 terminating
its security interest in the Collateral and any and all other assets of AESP in
which it has a security interest;

                  7.4. each of the parties hereto having executed this Loan
Agreement;

                  7.5. AESP having executed the Bendes Promissory Note and the
Bendes Security Agreement;

                  7.6. each of the Guarantors having entered into the Bendes
Guaranty;

                  7.7. certificates of good standing for AESP shall have been
delivered to Bendes;

                  7.8. resolution of the board of directors of AESP, authorizing
this Loan Agreement, the Transaction Documents and the transactions contemplated
hereby and thereby shall have been delivered to Bendes;

                  7.9. payment by AESP to Bendes of all fees, costs and
expenses, including reasonable attorneys' fees, incurred in the negotiation and
preparation of this Loan Agreement and the Transaction Documents, as well as all
fees, costs and taxes (other than any Federal or State Income Tax liability)
arising from the transactions contemplated hereby (including, without
limitation, recording costs and documentary stamp taxes);

                                       3
<PAGE>

                  7.10. an opinion from AESP's counsel that upon execution of
this Loan Agreement, the Transaction Documents and the filing of a UCC-1
covering the Pledged Collateral (as defined in the Security Agreement), Bendes
shall have a perfected security interest in and to the Pledged Collateral;

                  7.11. the parties hereto having delivered any and all other
instruments or documents required to be delivered pursuant to, or necessary or
proper in order to give effect to, the provisions of this Loan Agreement, and to
consummate the transactions contemplated by this Loan Agreement;

                  7.12. KBK Financial, Inc. and Bendes shall executed an
Intercredit Agreement, the form of which shall be approved by Bendes.

         8. FURTHER ASSURANCES. The parties hereto shall from time to time do
and perform such additional acts and execute and deliver such additional
documents and instruments as may be required or reasonably requested by any
party to establish, maintain or protect its rights and remedies or to effect the
purposes of this Loan Agreement and the Transaction Documents.

         9. DEFAULT.

                  9.1. Each of the following events shall constitute a default
under this Agreement (each an "EVENT OF DEFAULT"):

                           9.1.1. any default, whether in whole or in part,
shall occur in the payment to the Secured Party of principal or interest or AESP
shall default in the payment of any other item comprising the Bendes Notes or
other payments under the Transaction Documents as and when due and five (5)
calendar days shall have elapsed without cure thereof;

                           9.1.2. any default by AESP, whether in whole or in
part, shall occur in the due observance or performance of any other covenant,
term or provision to be performed under this Agreement or any of the Transaction
Documents and fifteen (15) calendar days shall have elapsed without cure
thereof;

                           9.1.3. any other default, whether in whole or in
part, by the Guarantors shall occur in the due observance or performance of any
covenant, term or provision to be performed under the Transaction Documents and
fifteen (15) calendar days shall have elapsed without cure thereof;

                           9.1.4. AESP or any Guarantor shall: (1) make a
general assignment for the benefit of its creditors; (2) apply for or consent to
the appointment of a receiver, trustee, assignee, custodian, sequestrator,
liquidator or similar official for itself or any of its assets and properties;
(3) commence a voluntary case for relief as a debtor under the United States
Bankruptcy Code; (4) file with or otherwise submit to any governmental authority
any petition, answer or other document seeking: (A) reorganization, (B) an
arrangement with creditors or (C) to take advantage of any other present or
future applicable law respecting bankruptcy, reorganization, insolvency,
readjustment of debts, relief of debtors, dissolution or liquidation; (5) file
or otherwise submit any answer or other document admitting or failing to contest
the material allegations of a petition or other document filed or otherwise
submitted against it in any

                                       4
<PAGE>

proceeding under any such applicable law, or (6) be adjudicated a bankrupt or
insolvent by a court of competent jurisdiction;

                           9.1.5. any case, proceeding or other action shall be
commenced against the Borrower or any Guarantor for the purpose of effecting, or
an order, judgment or decree shall be entered by any court of competent
jurisdiction approving (in whole or in part) anything specified in Section
2.2(c)(iv) hereof, or any receiver, trustee, assignee, custodian, sequestrator,
liquidator or other official shall be appointed with respect to the Borrower or
any Guarantor, or shall be appointed to take or shall otherwise acquire
possession or control of all or a substantial part of the assets and properties
of the Borrower or any Guarantor; and the same shall not be stayed, dismissed,
bonded or discharged within sixty (60) calendar days after commencement, entry
or appointment, as the case may be; or

                           9.1.6. a Change of Control shall occur. For purposes
hereof, a "CHANGE OF CONTROL" means (a) the occurrence of a change in more than
fifty percent (50%) of the Board of Directors of AESP or (b) any person
acquiring, directly or indirectly, voting control of thirty-five percent (35%)
or more of the issued and outstanding capital stock of AESP, in each case,
without the prior written consent of Bendes, which consent shall not be
unreasonably withheld.

         10. REPRESENTATIONS AND WARRANTIES.

                  10.1. REPRESENTATIONS AND WARRANTIES OF AESP, STEIN AND
BRISKIN. AESP, Stein and Briskin hereby represent and warrant, jointly and
severally, as of the date hereof and as of the Closing Date, as follows:

                           10.1.1. AESP is a corporation duly organized, validly
existing and in good standing under the laws of its jurisdiction of
incorporation. AESP has the corporate power and authority to carry on its
business as now conducted and to operate, own and lease its properties.

                           10.1.2. Each of AESP, Stein and Briskin has the full
power and authority to execute and deliver this Loan Agreement and the
Transaction Documents and to consummate the transactions contemplated hereby and
thereby. The execution and delivery of the Transaction Documents and the
consummation of the transactions contemplated hereby and thereby have been duly
and validly authorized by AESP. Each of the Transaction Documents have been duly
and validly executed and delivered, and constitute the legal, valid and binding
agreements of AESP, Stein and Briskin enforceable against each of them in
accordance with its terms, subject in each case to bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect
relating to creditors' rights.

                           10.1.3. The execution and delivery of the Transaction
Documents and the consummation and compliance with the transactions contemplated
hereunder and thereunder by each of AESP, Stein and Briskin shall not, directly
or indirectly (with or without notice or the lapse of time or both): (i)
contravene, conflict with, or result in a violation of any provision of any of
their respective governing documents, if applicable, or the resolutions adopted
by their respective Board of Directors, if applicable; or (ii) result in the
breach or violation of any contract, agreement or instrument to which it is a
party or by which it is bound.

                                       5
<PAGE>

                           10.1.4. There is no requirement applicable to AESP,
Stein and Briskin to make any filing with, or to obtain any permit,
authorization, license, consent or approval of, any governmental or regulatory
authority as a condition to the lawful consummation of the transactions
contemplated by this Loan Agreement.

                           10.1.5. AESP is the owner and holder of the Pledged
Collateral (as defined in the Security Agreement) and has the right, title and
authority to grant a security interest it, pledge, assign and convey the Pledged
Collateral. AESP has not previously sold, transferred, or conveyed the Pledged
Collateral except to KBK Financial, Inc., to the extent set forth in Section 5.1
and AESP has not entered into any executory contracts for the sale, transfer
conveyance of the Pledged Collateral, and Bendes, upon consummation of the
transactions contemplated hereby, shall have a first priority perfected security
interest in and to the Pledged Collateral, free and clear of any claims,
security interests, mortgages, restriction or encumbrances of any kind
whatsoever (collectively, "ENCUMBRANCES"), except as customary for the business
of AESP, which would not materially adversely affect Bendes' security interest
in the Pledged Collateral.

                           10.1.6. No legal proceeding before any federal,
national, international, foreign, provincial, state, local, agency, department
or body ("GOVERNING AUTHORITY") is pending or threatened against or affecting
AESP, Stein, Briskin or, the Pledged Collateral and none of AESP, Stein and
Briskin are aware of any third party that is contemplating any such legal
proceeding or believes that it has a basis in law for any such legal proceeding.

         11. LIMITATION OF LIABILITY/INDEMNIFICATION. Bendes shall not have any
obligations arising from or relating to the Pledged Collateral as a result of
the transactions contemplated by this Loan Agreement or the Transaction
Documents, and each of AESP, Stein and Briskin hereby indemnify and hold Bendes
harmless from any claims arising from or relating to the breach by any of AESP,
Stein and Briskin or any of their affiliated or related parties, of any of their
obligations under this Loan Agreement or the Transaction Document, or arising
from or relating to the Pledged Collateral.

         12. MISCELLANEOUS.

                  12.1. ENTIRE AGREEMENT AND AMENDMENTS. This Loan Agreement,
together with the Transaction Documents, constitutes the entire agreement of the
parties with respect to the subject matter hereof and supersedes any prior
agreement or understanding between the parties hereto, and neither this Loan
Agreement nor any provision hereof may be waived, modified, amended or, except
to the extent, if any, otherwise provided in this Loan Agreement, terminated,
except by a written agreement signed by the parties hereto.

                  12.2. WAIVERS. No waiver of any breach, default or provision
hereunder shall be considered valid unless in a writing signed by the party to
be charged therewith, and no such waiver shall be deemed a waiver of any
subsequent breach or default hereunder.

                  12.3. ASSIGNMENT OF LOAN AGREEMENT. Neither AESP nor Bendes
may assign this Loan Agreement without the written consent of the other party.

                                       6
<PAGE>

                  12.4. SUCCESSORS AND ASSIGNS. This Loan Agreement shall be
binding upon and against the parties hereto and their heirs, personal or other
legal representatives, administrators, successors and permitted assigns.

                  12.5. NEGOTIATED AGREEMENT. The parties to this Loan Agreement
have fully participated in its negotiation and preparation. Accordingly, this
Loan Agreement shall not be more strictly construed against any of the parties.

                  12.6. SEVERABILITY. If any provision of this Loan Agreement,
not effecting the commercial purpose of this Loan Agreement, shall be held to be
illegal, invalid or unenforceable, such illegality, invalidity or
unenforceability shall attach only to such provision and shall not in any manner
affect or render illegal, invalid or unenforceable any other provision of this
Loan Agreement, and this Loan Agreement shall be carried out as if any such
illegal, invalid or unenforceable provision were not contained herein; provided,
however, that if any provision effecting the commercial purpose of this Loan
Agreement, including the granting of any security interest contemplated herein,
or any guaranty contemplated herein, is rendered void, in whole or in part, then
the entire amounts outstanding under the Bendes Note shall immediately become
due and payable.

                  12.7. SURVIVAL. The representations, warranties and
indemnities of each of the parties hereto, as well as all obligations of each
party hereto contemplated to occur after the Closing, shall continue in full
force and effect and shall survive the Closing.

                  12.8. NOTICES. All notices, requests, demands, instructions,
consents or other communications required or permitted to be given under this
Loan Agreement shall be in writing and shall be deemed to have been duly given
if and (a) when delivered personally, (b) five days after they are mailed by
first class certified mail, return receipt requested, postage prepaid, or (c)
two days after they are sent by a nationally recognized express courier service,
postage or delivery charges prepaid, to the parties at the following addresses
or to such other addresses as the parties may give notice in accordance
herewith:

If to Bendes:                          Bendes Investment Ltd
                                       1523 Prince's Building
                                       10 Chater Road
                                       Hong Kong, SAR
                                       Attn:    Dr. Matthias W. Rickenbach

With a copy to:                        Kirkpatrick & Lockhart LLP
                                       Miami Center, Suite 2000
                                       201 S. Biscayne Blvd.
                                       Miami, Florida  33131
                                       Attn:    Harris C. Siskind, Esq.

                                       7
<PAGE>

If to AESP, Stein or Briskin           AESP, Inc.
                                       1810 N.E. 114th Street
                                       North Miami, Florida 33181
                                       Attn:    Slav Stein

With a copy to:                        Akerman Senterfitt
                                       One Southeast Third Avenue, Suite 2800
                                       Miami, Florida  33131
                                       Attn:    Philip Schwartz

                  12.9. GOVERNING LAW; FORUM. This Loan Agreement and all
transactions contemplated by this Loan Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Florida,
without regard to principles of conflicts of law. The parties hereto hereby
agree to the exclusive jurisdiction of the state courts situated in Miami-Dade
County and the parties hereby waive any objection which they may have to the
laying of venue of any such proceeding in such court and waive any claim of
inconvenient forum with respect to such venue. The parties hereto further agree
that service of process, relating to an action arising hereunder, pursuant to
the notice provision set forth in this Loan Agreement shall be sufficient and
hereby waive any claim for insufficiency of process as a result of a party's use
of such method of service.

                  12.10. WAIVER OF JURY TRIAL. THE PARTIES TO THIS LOAN
AGREEMENT HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THEY
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY
PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE PARTIES ENTERING INTO THIS
LOAN AGREEMENT.

                  12.11. ENFORCEMENT COSTS. If any legal action or other
proceedings is brought for the enforcement of this Loan Agreement, or because of
an alleged dispute, breach, default or misrepresentation in connection with any
provision of this Loan Agreement, the prevailing party shall be entitled to
recover reasonable attorneys' fees, court costs and all expenses (including,
without limitation, all such fees, costs and expenses incident to appellate,
bankruptcy, post-judgment and alternative dispute resolution proceedings),
incurred in that action or proceeding, in addition to any other relief to which
such party or parties may be entitled.

                  12.12. COSTS AND EXPENSE. All fees, costs and expenses,
including reasonable attorneys' fees, incurred in the negotiation and
preparation of this Loan Agreement and the Transaction Documents, as well as all
fees, costs and taxes (other than any Federal or State Income Tax liability)
arising from the transactions contemplated hereby (including, without
limitation, recording costs and documentary stamp taxes) shall be the sole
responsibility and liability of AESP and shall be payable to Bendes at Closing.

                                       8
<PAGE>

                  12.13. INDEPENDENT REPRESENTATION. Each party hereto
acknowledges and agrees that it, he or she has had the opportunity to seek
independent counsel of its, his or her own choice in connection with this Loan
Agreement and fully understanding the terms of this Loan Agreement and the
transactions contemplated hereby.

                  12.14. COUNTERPARTS. This Loan Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Confirmation by a
facsimile signature shall be binding upon that party so confirming.

         IN WITNESS WHEREOF, the parties hereunto have executed this Loan
Agreement as of the day and year first above written.

                                       AESP, INC.

                                       By: /s/ Roman Briskin
                                           -------------------------------------
                                       Name:    Roman Briskin
                                       Title:   Executive Vice President

                                       BENDES INVESTMENT LTD

                                       By: /s/ Dr. Matthias W. Rickenbach
                                           -------------------------------------
                                       Name:    Dr. Matthias W. Rickenbach
                                       Title:   Director

         The undersigned hereby acknowledges the terms of, and join in the
covenants, representations and warranties of Sections 8, 10, 11 and 12 of, that
certain Loan Agreement dated April 16, 2004 delivered by AESP, Inc. to Bendes
Investment, Ltd.

                                       /s/ Slav Stein
                                       -----------------------------------------
                                       Slav Stein

                                       /s/ Roman Briskin
                                       -----------------------------------------
                                       Roman Briskin

                                       9

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