Document:

Exhibit
10.1

     

    EMPLOYMENT
AGREEMENT

     

    THIS EMPLOYMENT AGREEMENT (the
“Agreement”), dated as of the 26th day of August, 2009 (the “Effective Date”),
is by and between American Patriot Bank, a Tennessee state-banking corporation
(the “Bank”), and John Donald Belew (the “Executive”).

     

    WHEREAS, the Bank is a wholly
owned subsidiary of American Patriot Financial Group, Inc., a Tennessee
corporation (the “Company”); and

     

    WHEREAS, the Bank desires to
employ the Executive and to enter into this Agreement embodying the terms and
conditions of such employment; and

     

    WHEREAS, the Executive desires
to accept such employment and enter into this Agreement setting forth the terms
and conditions of the employment relationship of the Executive with the
Company.

     

    NOW, THEREFORE, in
consideration of the mutual covenants and promises contained herein, and for
other good and valuable consideration, and intending to be legally bound hereby,
the parties agree as follows:

     

    1.           Employment.  The
Bank hereby employs the Executive and the Executive hereby accepts employment
with the Bank, upon the terms and subject to the conditions set forth
herein.

     

    2.           Term.  Subject
to termination as stated in Section 8, Executive shall be employed by the Bank
for a period commencing on the Effective Date, and shall have a term of three
hundred sixty five (365) days thereafter (the “Term”).  The Term shall
automatically be extended for additional one year periods (each, a “Renewal
Term”) each on the terms and conditions provided herein, unless either party
shall give the other party no less than ninety (90) days’ written notice prior
to the expiration of the Term or Renewal Term, as applicable.  On the
date on which the Company receives the approval of the Federal Reserve Bank of
Atlanta for the hiring of Executive as an executive officer of the Company or
the date after which the Federal Reserve Bank of Atlanta may no longer object to
the appointment of the Executive as an executive officer of the Company, the
Company shall execute an addendum to this Agreement and the Executive shall be
appointed as the Chief Executive Officer of the Company.

     

    3.           Position and
Duties.

     

    (a)           Chief Executive
Officer.  During the Term, the Executive shall serve as Chief
Executive Officer of the Bank performing duties commensurate with the position
and such additional duties as the Bank’s Board of Directors or a committee
thereof (collectively referred to as the “Board”) shall
determine.  Executive agrees to abide by all by-laws, policies,
practices, procedures or rules of the Company and the Bank.  The
Executive shall primarily perform his duties under this Agreement at the Bank’s
offices in Greeneville, Tennessee.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    (b)           Full-Time
Employment.  During the Term, the Executive shall devote
substantially all of Executive’s business time, and shall devote Executive’s
personal best efforts, to the performance of Executive’s duties hereunder in
accordance with the Company’s and the Bank’s by-laws, policies, practices,
procedures or rules in effect from time to time, and will not engage or serve in
any other business, profession or occupation for compensation or otherwise which
would, directly or indirectly, materially conflict or materially interfere with
the services rendered by Executive hereunder, without the prior written consent
of the Company and the Bank; provided, however, that it
shall not be a violation of this Agreement for the Executive with the approval
of the Company and the Bank to (a) devote reasonable periods of time to
charitable and community activities and industry or professional activities,
and/or (b) manage personal investments, so long as such activities do not
materially conflict or materially interfere with the performance of the
Executive’s responsibilities under this Agreement.

     

    4.           Base
Salary.  The Executive’s initial base salary as of the
Employment Date is $150,000, payable in substantially equal periodic payments in
accordance with the Bank’s regular payroll practices. The Executive shall be
entitled to such increases in the Executive’s base salary, if any, as may be
determined from time to time in the sole discretion of the Board. The Base
Salary rate at which the Executive is being compensated on the Date of
Termination (as defined below) shall be the Base Salary rate used in determining
all severance amounts, if any, payable to the Executive hereunder.

     

    5.           Bonus
Plan.  Executive shall be eligible to participate in such bonus
plans, if any, as shall be determined by the Board, and shall be paid in
accordance with the terms and conditions of any bonus plan established for the
Bank for which the Executive is eligible to participate (“Bonus Plan”);
provided, however, that in addition to such Bonus Plan the Executive shall have
the opportunity to earn those amounts set forth in Schedule A attached
hereto upon the achievement of those metrics specified in Schedule A attached
hereto.  Notwithstanding any provision to the contrary herein, in any
Bonus Plan, Company or Bank incentive or other compensation plan or any award
agreement, in addition to other remedies described in this Agreement, if at any
time the Executive breaches any provisions of this Agreement or otherwise
engages in activity or conduct that constitutes Cause (as defined below), the
Company and the Bank may each rescind any bonus payments, cash settlement of
awards granted under any Bonus Plan, Company or Bank incentive plan or other
incentive payments received by the Executive within one (1) year of the date of
Executive’s breach or the discovery by the Company or the Bank of
Cause.  In the event of any such rescission, Executive shall return to
the Company or the Bank, as applicable, the amount (before taxes) of any bonus
or incentive compensation. The payment shall be made in such manner and on such
terms and conditions as may be required by the Company or the Bank, as the case
may be. Each of the Company and the Bank shall be entitled to set off against
the amount of any such payment any amounts otherwise owed to the Executive by
the Company or the Bank.  In addition, upon demand by the Company or
the Bank, the Executive agrees to return to the Company or the Bank, as
applicable, all or a portion of any compensation, including, without limitation,
any bonus awards and incentive plan award payouts, paid to the Executive based
upon financial information or performance metrics later found to be materially
inaccurate. The amount to be recovered shall be equal to the excess of the
pre-tax amount paid out over the pre-tax amount that would have been paid out
had such financial information or performance metric been fairly stated at the
time the payout was made.

     

    
      
        
           

        

        
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    6.           Employee
Benefits.  During the Term, Executive shall be entitled to
participate in the Bank’s employee benefit plans as in effect from time to time
(collectively “Employee Benefits”), on the same basis and terms as those
benefits are generally made available to other employees of the Bank; provided,
that the Bank shall pay all monthly premium payments for the health insurance
component of the Employee Benefits for Executive and his spouse. Notwithstanding
anything to the contrary, during the Term, Executive shall be entitled to the
use of a Bank-owned automobile, cell phone and personal digital assistant, all
fully paid for and provided by the Bank.  Executive shall be entitled
to four weeks of paid vacation during the Term.  Nothing herein
contained shall be construed as requiring either the Company or the Bank to
establish or continue any particular benefit plan in the discharge of the Bank’s
obligations under this Agreement.

     

    7.           Expenses and
Perquisites.

     

    (a)           Expenses.  During
the Term, reasonable and necessary business expenses incurred by Executive in
the performance of Executive’s duties hereunder shall be reimbursed by the Bank
in accordance with Bank policies then in effect.

     

    (b)           Relocation
Expenses.  The Bank shall reimburse the Executive for his
reasonable and documented household moving expenses incurred in relocating to
Greeneville, Tennessee; provided, however, that the Bank’s obligations under
this Section 7(b) shall not collectively exceed $10,000.

     

    (c)           409A and
Reimbursements.  Notwithstanding anything herein to the
contrary, to the extent that any reimbursement of expenses, any fringe benefit
(including any benefit described in Section 6, if applicable) or other, similar
plan or arrangement in which the Executive participates during the term of the
Executive’s employment under this Agreement or thereafter provides for a
“deferral of compensation” within the meaning of Section 409A of the Internal
Revenue Code, as amended (the “IRC”) and Section 1.409A-1(d) of the related
Treasury Regulations, (i) the amount eligible for reimbursement or payment under
such plan or arrangement in one calendar year may not affect the amount eligible
for reimbursement or payment in any other calendar year (except that a plan
providing medical or health benefits may impose a generally applicable limit on
the amount that may be reimbursed or paid); (ii) subject to any shorter time
periods provided herein or the applicable plans or arrangements, any
reimbursement or payment of an expense under such plan or arrangement must be
made on or before the last day of the calendar year following the calendar year
in which the expense was incurred; and (iii) the right to reimbursement or
payment is not subject to liquidation or exchange for another
benefit.

     

    8.           Termination of
Agreement.  The Executive’s employment under this Agreement
shall not be terminated except as set forth in this Section 8 or upon the
expiration of the Term.  Any reference to the date of delivery of a
notice of termination or resignation by either the Bank or the Executive in this
Section shall constitute the “Date of Termination,” unless otherwise set forth
herein.

     

    

    
      
        
           

        

        
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    (a)           By Mutual
Consent.  The Executive’s employment pursuant to this Agreement
may be terminated at any time by the mutual written agreement of the Bank and
the Executive upon such terms as are agreed upon between the
parties.

     

    (b)           Death.  If
Executive dies during the Term or any Renewal Term of this Agreement, his
employment shall automatically terminate and the Bank shall pay his Base Salary
due through the date of his death.  The accrued Base Salary shall be
paid within thirty (30) days of the Executive’s death (with the payment date
determined by the Bank in its sole discretion). All outstanding stock options,
restricted stock, restricted stock units and any other unvested equity
incentives held by the Executive as of his Date of Termination shall vest and/or
remain exercisable for their stated terms solely in accordance with the terms of
the stock option agreements, restricted stock agreements or other award
agreements to which the Company and the Executive are parties at the time of his
death.  Neither the Bank nor the Company shall then have any further
obligations to the Executive or any representative of his estate or his
heirs.

     

    (c)           Disability.  The
Executive’s employment may be terminated by written notice by either party to
the other party, when the Executive suffers a physical or mental disability
entitling the Executive to long-term disability benefits under the Bank’s
long-term disability plan, if any, or in the absence of a Bank long-term
disability plan, the Executive is determined to be disabled in accordance with
Section 409A(a)(2)(C) of the IRC.

     

    If the
Executive’s employment is terminated under this Section 8(c), the Executive
shall be entitled to receive all Base Salary and benefits due to the Executive
through the Date of Termination. The accrued Base Salary shall be paid within
thirty (30) days of the Executive’s Date of Termination (with the payment date
determined by the Company or the Bank in its sole
discretion).  Furthermore, all outstanding stock options, restricted
stock, restricted stock units and any other unvested equity incentives held by
the Executive as of Date of Termination shall vest and/or remain exercisable for
their stated terms solely in accordance with the terms of the stock option
agreements, restricted stock agreements or other award agreements to which the
Company and the Executive are parties on the Date of Termination.

     

    (d)           By the Company for
Cause.  The Executive’s employment may be terminated
immediately by the Board by written notice to the Executive specifying the
event(s) relied upon for such termination upon the occurrence of any of the
following events (each of which shall constitute “Cause” for
termination):

     

    (i)           the
continued failure by the Executive to substantially perform his duties (other
than as a result of total or partial incapacity due to physical or mental
illness) after written notice and failure to cure within ten (10)
days;

     

    (ii)     
    engaging in misconduct which is materially injurious to
the Company or the Bank, monetarily or otherwise;

    

    
      
        
           

        

        
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    (iii)
        engaging in an act
constituting a felony, a misdemeanor involving the Company or any subsidiary or
affiliate of the Company, including the Bank, or a misdemeanor that results in
material and demonstrable harm to the business reputation of the Company or the
Bank;

     

    (iv)         engaging
in fraud, misappropriation, dishonesty, embezzlement or similar conduct by the
Executive;

     

    (v)          engaging
in conduct that brings the Company or the Bank or any subsidiary or affiliate of
the Company or the Bank into public disgrace or disrepute;

     

    (vi)         the
breach by the Executive of any of his obligations under this Agreement or any
other material agreement between the Company or the Bank, or any subsidiary or
affiliate thereof, and the Executive; or

     

    (vii)        willful
malfeasance, willful misconduct, or gross negligence in performing Company or
Bank policies or procedures after written notice and failure to cure within ten
(10) days.

     

    If the
Executive’s employment is terminated under this Section 8(d), the Executive
shall be entitled to receive all Base Salary and benefits to be paid or provided
to the Executive under this Agreement through the Date of
Termination.  The accrued Base Salary shall be paid within thirty (30)
days of the Executive’s Date of Termination (with the payment date determined by
the Company or the Bank in its sole discretion).  All outstanding
stock options, restricted stock, restricted stock units and any other vested
equity incentives held by the Executive as of the Date of Termination shall
remain exercisable solely in accordance with the terms of the stock option
agreements, restricted stock agreements or other award agreements to which the
Company and the Executive are parties on the Date of Termination.  All
unvested equity incentives shall terminate on the Date of Termination for Cause
and Executive shall have no further rights with respect thereto.

     

    (e)           By the Company Without
Cause.  The Executive’s employment may be terminated by the
Board at any time without Cause by delivery of a written notice of termination
to the Executive. If the Executive’s employment is terminated under this Section
8(e), the Executive shall be entitled to receive on the 60th day
following his Date of Termination unless the Company or the Bank is prohibited
from paying such amounts to the Executive under applicable state or federal
banking regulations:

     

    (i)           all
Base Salary and benefits due to the Executive through the Date of Termination;
and

     

    (ii)          subject
to continued compliance by the Executive with the previous of Section 12 of this
Agreement, an amount equal to the portion of Executive’s Base Salary that would
have been payable to the Executive for the ninety (90) day-period following the
Date of Termination payable in equal installments following such 60-day period
in accordance with the Company’s and the Bank’s normal payroll
process.

     

    
      
        
           

        

        
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    Furthermore,
all outstanding stock options, restricted stock, restricted stock units and any
other unvested equity incentives held by the Executive as of the Date of
Termination shall vest and/or remain exercisable for their stated terms solely
in accordance with the terms of the stock option agreements, restricted stock
agreements or other award agreements to which the Company and the Executive are
parties on the Date of Termination.

     

    Notwithstanding
the foregoing, if the Executive fails to execute, or timely revokes, a full and
complete release of claims (the “Release”) in favor of the Company, the Bank and
all affiliates, subsidiaries, agents, employees and directors of the Company and
the Bank and any affiliate or subsidiary of the Company or the Bank (the
“Released Parties”), then the Executive shall forfeit his right to receive any
payment under Section 8(e)(i) or (ii) above.

     

    (f)           By the Executive for Good
Reason.  The Executive’s employment may be terminated by the
Executive by written notice of his resignation delivered within sixty (60) days
after the occurrence of any of the following events, each of which shall
constitute “Good Reason” for resignation:

     

    (i)           a
material reduction in the Executive’s Base Salary (unless such reduction is part
of an across the board reduction affecting all employees of the Company or the
Bank); and

     

    (ii)          a
requirement by the Company or the Bank to relocate the Executive to a location
that is greater than fifty (50) miles from the location of the office in which
the Executive performs his duties hereunder at the time of such relocation
without the consent of the Executive.

     

    The
Executive shall give the Company and the Bank written notice of his intention to
resign for Good Reason (stating the reason therefor) within sixty (60) days
following the occurrence of one of the events described in Section 8(f)(i) or
(ii) above and the Company and the Bank shall have sixty (60) days thereafter to
cure the situation giving rise to such claim of Good Reason, in which event the
Executive no longer shall have the right to resign for Good Reason.

     

    If the
Executive resigns for Good Reason as defined in this Section 8(f), the Executive
shall be entitled to receive on the 60th day
following his Date of Termination unless the Company or the Bank is prohibited
from paying such amounts to the Executive under applicable state or federal
banking regulations:

     

    (i)           all
Base Salary and benefits due to the Executive under this Agreement through the
Date of Termination; and

    

    
      
        
           

        

        
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    (ii)          subject
to continued compliance by the Executive with the provisions of Section 12 of
this Agreement, an amount equal to the portion of Executive’s Base Salary that
would have been payable to the Executive for the ninety (90) day-period
following the Date of Termination payable in equal installments following such
60-day period in accordance with the Company’s and the Bank’s normal payroll
process.

     

    Furthermore,
all outstanding stock options, restricted stock, restricted stock units and any
other unvested equity incentives held by the Executive as of the Date of
Termination shall vest and/or remain exercisable for their stated terms solely
in accordance with the terms of the stock option agreements, restricted stock
agreements or other award agreements to which the Company and the Executive are
parties on the Date of Termination.

     

    Notwithstanding
the foregoing, if the Executive fails to execute, or timely revokes, a Release
in favor of the Released Parties, then the Executive shall forfeit his right to
receive any payment under Section 8(f)(i) or (ii) above.

     

    (g)           By the Executive Without
Good Reason.  The Executive may terminate his employment at any
time by delivery of a written notice of resignation to the Company and the Bank
no less than sixty (60) days and no more than ninety (90) days prior to the
effective date of the Executive’s resignation.  If the Executive
voluntarily terminates his employment with the Bank pursuant to this Section
8(g), the Executive shall be entitled to receive all Base Salary and benefits
due to the Executive through the Date of Termination.  The accrued
Base Salary shall be paid within thirty (30) days of the Executive’s Date of
Termination (with the payment date determined by the Company or the Bank in its
sole discretion).  All outstanding stock options, restricted stock,
restricted stock units and any other vested equity incentives held by the
Executive as of the Date of Termination without Good Reason shall remain
exercisable solely in accordance with the terms of the stock option agreements,
restricted stock agreements or other award agreements to which the Company and
the Executive are parties on the Date of Termination. All unvested equity
incentives shall terminate on the Date of Termination without Good Reason and
Executive shall have no further rights with respect thereto.

     

    (h)           Following a Change in
Control.  If, within twelve (12) months following a Change in
Control,  the Executive’s employment is terminated (i) by the
Executive or (ii) by the Company or the Bank without Cause (pursuant to Section
8(e)), the Executive shall be entitled to receive, or commence to receive, on
the 60th day
following his Date of Termination, unless the Company or the Bank is prohibited
from paying such amounts to the Executive under applicable state or federal
banking regulations:

     

    (i)           all
Base Salary and benefits due to the Executive through the Date of Termination;
and

     

    (ii)          subject
to continued compliance by the Executive with the provisions of Section 12 of
this Agreement, an amount equal to the Executive’s Base Salary for a total of
three hundred sixty-five (365) days following the Date of Termination payable
periodically in equal installments following such 60-day period in accordance
with the Company’s and the Bank’s normal payroll process.

    

    
      
        
           

        

        
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    Notwithstanding
the foregoing, if the Executive fails to execute, or timely revokes, a Release
in favor of the Released Parties, then the Executive shall forfeit his right to
receive any payment under Section 8(h)(i) or (ii) above.

     

    (i)           For
the purposes of this Agreement, a “Change in Control” shall mean any of the
following events:

     

    (A)           any
person or entity, including a “group” as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), other than the
Company or a wholly-owned subsidiary thereof or any employee benefit plan of the
Company or any of its subsidiaries, becomes the beneficial owner of the
Company’s securities having 40% or more of the combined voting power of the then
outstanding securities of the Company that may be cast for the election of
directors of the Company (other than as a result of an issuance of securities
initiated by the Company in the ordinary course of business); or

    

    (B)           as
the result of, or in connection with, and upon the consummation of, any cash
tender or exchange offer, merger or other business combination, sales of assets
or contested election, or any combination of the foregoing transactions, less
than a majority of the combined voting power of the then outstanding securities
of the Company or any successor corporation or entity entitled to vote generally
in the election of the directors of the Company or such other corporation or
entity after such transaction are held in the aggregate by the holders of the
Company’s securities entitled to vote generally in the election of directors of
the Company immediately prior to such transaction; or

    

    (C)           during
any twelve-month period, individuals who at the beginning of any such period
constitute the Board cease for any reason to constitute at least a majority
thereof, unless the election, or the nomination for election by the Company’s
stockholders, of each director of the Company first elected during such period
was approved by a vote of at least two-thirds of the directors of the Company
then still in office who were directors of the Company at the beginning of any
such period.

     

    (j)           Excise Tax
Payment.  If, in connection with a Change in Control, the
Internal Revenue Service asserts, or if the Executive or the Company or the Bank
is advised in writing by an established accounting firm, that any payment in the
nature of compensation to, or for the benefit of, the Executive from the Bank
(or any successor in interest) constitutes an “excess parachute payment” under
Section 280G of the IRC, whether paid pursuant to this Agreement or any other
agreement, and including property transfers pursuant to securities and other
employee benefits that vest upon a Change in Control (collectively, the “Excess
Parachute Payments”) the Bank shall pay to the Executive, a cash sum equal to
the amount of excise tax due under section 4999 of the IRC on the entire
amount of the Excess Parachute Payments (excluding any payment pursuant to this
Section 8(j)). Any payment due under this Section 8(j) shall be paid as soon as
reasonably possible following demand of payment by the Executive, but in no
event later than December 31 of the year following the year (A) any tax is paid
to the Internal Revenue Service regarding this Section 8(j) or any tax audit or
litigation brought by the Internal Revenue Service or other relevant taxing
authority related to this Section 8(j) is completed or resolved.

    

    
      
        
           

        

        
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    9.           Delayed
Payments.  Notwithstanding anything herein to the contrary, to
the maximum extent permitted by applicable law, the payments to be made to the
Executive pursuant to Section 8 of the Agreement (the “Termination Payments”)
shall be made in reliance upon Treasury Regulations promulgated under Section
409A of the IRC, including Section 1.409A-1(b)(9) of the Treasury Regulations
(including any exceptions from the application of Section 409A thereunder) or
Section 1.409A-1(b)(4) of the Treasury Regulations.  For this purpose,
each Termination Payment shall be considered a separate and distinct payment for
purposes of Section 409A of the IRC.  However, to the extent any such
payments are treated as non-qualified deferred compensation subject to Section
409A of the IRC, then (a) no amount shall be payable pursuant to Section 8 above
unless Executive’s termination of employment constitutes a “separation from
service” within the meaning of Section 1.409A-1(h) of the Treasury Regulations
and (b) if Executive is deemed at the time of his separation from service to be
a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the IRC, then
to the extent delayed commencement of any portion of the Termination Payments to
which Executive is entitled under this Agreement is required in order to avoid a
prohibited distribution under Section 409A(a)(2)(B)(i) of the IRC, such portion
of Executive’s Termination Payments shall not be provided to Executive prior to
the earlier of (x) the expiration of the six-month period measured from the date
of the Executive’s “separation from service” with the Bank (as such term is
defined in Section 1.409A-1(h) of the Treasury Regulations) or (y) the date of
Executive’s death.  Upon the earlier of such dates, all payments
deferred pursuant to this Section 9 shall be paid in a lump sum to the
Executive, and any remaining payments due under the Agreement shall be paid as
otherwise provided herein.  The determination of whether the Executive
is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the IRC as
of the time of his separation from service shall be made by the Company and the
Bank in accordance with the terms of Section 409A of the IRC and applicable
guidance thereunder (including without limitation Section 1.409A-1(i) of the
Treasury Regulations and any successor provision thereto).

     

    10.           Representations.  The
Executive represents and warrants that he is not a party to any agreement or
instrument which would prevent him from entering into or performing his duties
in any way under this Agreement.

     

    11.           Assignment; Binding
Agreement.  This Agreement is a personal contract and the
rights and interests of the Executive hereunder may not be sold, transferred,
assigned, pledged, encumbered, or hypothecated by him, except as otherwise
expressly permitted by the provisions of this Agreement.  This
Agreement shall inure to the benefit of and be enforceable by the Executive and
his personal or legal representatives, executors, administrators, successors,
heirs, distributees, devisees and legatees.  If the Executive should
die while any amount would still be payable to him hereunder had the Executive
continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to his devisee, legatee or
other designee or, if there is no such designee, to his estate.

     

    
      
        
           

        

        
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    12.           Confidentiality;
Non-Competition; Non-Solicitation.

     

    (a)           The
Executive acknowledges that: (i) the Company’s and the Bank’s business is
intensely competitive and that the Executive’s employment by the Bank will
require that the Executive have access to and knowledge of confidential
information of the Company and the Bank relating to, among other things, each
entity’s business plans, financial data, marketing programs, client information,
contracts and other trade secrets, in each case other than as and to the extent
such information is generally known or publicly available through no violation
of this Agreement by the Executive, (ii) the use or disclosure of such
information other than in furtherance of the Company’s and the Bank’s business
may place the Company and the Bank at a competitive disadvantage and may do
damage, monetary or otherwise, to the Company’s business; and (iii) the engaging
by the Executive in any of the activities prohibited by this Section 12 shall
constitute improper appropriation and/or use of such information.  The
Executive expressly acknowledges the trade secret status of the Company’s and
the Bank’s confidential information and that the confidential information
constitutes a protectable business interest of the Company or the Bank, as the
case may be.  Other than as may be required in the performance of his
duties, Executive expressly agrees not to divulge such confidential information
to anyone outside the Company or the Bank without the prior written consent of
the Company or the Bank, as the case may be.

     

    (b)           The
“Company” (which for purposes of the Section 12 shall be construed to include
the Company, its subsidiaries, including the Bank, and its and their respective
affiliates) and the Executive agree that for a period of one year after the Date
of Termination (the “Restricted Period”) if the Executive’s employment is
terminated under Sections 8(c)–(h), the Executive shall not:

     

    (i)           be
employed by or act as a consultant or advisor to, or be a director, officer,
employee, principal, agent, stockholder, member, owner or partner of, or permit
his name to be used in connection with the activities of any entity whose
business competes with the depository, lending or other business activities of
the Company in any city, town or county in which the Company has an office or
branch or has filed an application for regulatory approval to establish an
office or branch determined as of the Date of Termination, provided that, it shall not be
a violation of this sub-paragraph for the Executive to become the registered or
beneficial owner of less than five percent (5%) of any class of the capital
stock of any one or more competing corporations registered under
the  Securities Exchange Act of 1934, as amended, provided that, the Executive
does not participate in the business of such corporation until such time as this
covenant expires.

     

    (ii)          The
Executive further agrees that for the Restricted Period he will not, directly or
indirectly, for his benefit or for the benefit of any other person or entity, do
any of the following:

     

    (A)           solicit
from any customer, doing business with the Company as of the Executive’s Date of
Termination, business of the same or of a similar nature to the business of the
Company with such customer; or

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

     

    (B)           recruit
or solicit the employment or services of any person who was employed by the
Company as of the Executive’s Date of Termination and is employed by the Company
at the time of such recruitment or solicitation.

     

    (c)           The
Executive acknowledges that the services to be rendered by him to the Company
are of a special and unique character, which causes this Agreement to be of
significant value to the Company, the loss of which may not be reasonably or
adequately compensated for by damages in an action at law, and that a breach or
threatened breach by him of any of the provisions contained in this Section will
cause the Company irreparable injury.  The Executive therefore agrees
that the Company will be entitled, in addition to any other right or remedy, to
a temporary, preliminary and permanent injunction, without the necessity of
proving the inadequacy of monetary damages or the posting of any bond or
security, enjoining or restraining the Executive from any such violation or
threatened violations. The Executive acknowledges that the terms of this
Section 12 and its obligations are reasonable and Executive’s experience
and capabilities are such that Executive can obtain employment in a business
engaged in other lines and/or of a different nature than the Company, and that
the enforcement of a remedy by ways of injunction will not prevent Executive
from earning a livelihood.

     

    (d)           If
any one or more of the provisions contained in this Agreement shall be held to
be excessively broad as to duration, activity or subject, such provisions shall
be construed by limiting and reducing them so as to be enforceable to the
fullest extent permitted by law.

     

    13.           Entire
Agreement.  This Agreement contains all the understandings
between the parties pertaining to the matters referred to herein, and supersedes
any other undertakings and agreements, whether oral or written, previously
entered into by them with respect thereto.  The Executive represents
that, in executing this Agreement, he does not rely and has not relied upon any
representation or statement not set forth herein made by the Bank with regard to
the subject matter or effect of this Agreement or otherwise and that Executive
has had the opportunity to be represented by counsel of his
choosing.

     

    14.           Amendment or Modification;
Waiver.  No provision of this Agreement may be amended or
waived, unless such amendment or waiver is agreed to in writing, signed by the
Executive and by a duly authorized officer of the Bank.  No waiver by
any party hereto of any breach by another party hereto of any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of a similar or dissimilar condition or provision at the same time, any
prior time or any subsequent time.

     

    15.           Notices.  Any
notice to be given hereunder shall be in writing and shall be deemed given when
delivered personally, sent by courier, facsimile or registered or certified
mail, postage prepaid, return receipt requested, addressed to the party
concerned at the address indicated below or to such other address as such party
may subsequently give notice in writing:

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

     

    
      
        	
                If
      to the Company and the Bank to:

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

              
	 
      	 
      	 
      
	
                American
      Patriot Financial Group, Inc.

                American
      Patriot Bank

                3095
      East Andrew Johnson Highway

                Greeneville,
      Tennessee 37745

                Attn:
      Chairman

                Telephone:  (423)
      636-1555

                Facsimile:  (423)
      636-1563

              	 
      	
                D.
      Scott Holley

                Bass,
      Berry & Sims PLC

                315
      Deaderick Street, Suite 2700

                Nashville,
      Tennessee 37238-3001

                Telephone:  (615)
      742-7721

                Facsimile:  (615)
      742-2813

              
	 
      	 
      	 
      
	
                If
      to Executive to:

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

              
	 
      	 
      	 
      
	
                ______________________

                ______________________

                ______________________

                Telephone:  (___)
      ___-____

                Facsimile:  (___)
      ___-____

              	 
      	
                ______________________

                ______________________

                ______________________

                Telephone:  (___)
      ___-____

                Facsimile:  (___)
      ___-____

              
	 
      	 
      	 
      

      

    

    Any notice delivered personally or by
courier shall be deemed given on the date delivered. Any notice sent by
facsimile, registered or certified mail, postage prepaid, return receipt
requested, shall be deemed given on the date transmitted by facsimile or
mailed.

    

    16.           Severability.  If
any provision of this Agreement or the application of any such provision to any
party or circumstances shall be determined by any court of competent
jurisdiction to be invalid and unenforceable to any extent, the remainder of
this Agreement or the application of such provision to such person or
circumstances other than those to which it is so determined to be invalid and
unenforceable, shall not be affected thereby, and each provision hereof shall be
validated and shall be enforced to the fullest extent permitted by
law.

     

    17.           Survivorship.  The
respective rights and obligations of the parties hereunder shall survive any
termination of this Agreement to the extent necessary to the intended
preservation of such rights and obligations.

     

    18.           Governing Law;
Venue.  This Agreement will be governed by and construed in
accordance with the laws of the State of Tennessee, without regard to the
principles of conflicts of law thereof.

     

    19.           Headings.  All
descriptive headings of sections and paragraphs in this Agreement are intended
solely for convenience, and no provision of this Agreement is to be construed by
reference to the heading of any section or paragraph.

     

    20.           Counterparts.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

     

    21.           Compliance with Section
409A.  The parties acknowledge and agree that, to the extent
applicable, this Agreement shall be interpreted in accordance with, and the
parties agree to use their best efforts to achieve timely compliance with,
Section 409A of the IRC and the Treasury Regulations and other interpretive
guidance issued thereunder, including without limitation any such regulations or
other guidance that may be issued after the Effective Date. Notwithstanding any
provision of this Agreement to the contrary, in the event that the Company or
the Bank determines that any compensation or benefits payable or provided under
this Agreement may be subject to Section 409A of the IRC, the Company and the
Bank may adopt such limited amendments to this Agreement and appropriate
policies and procedures, including amendments and policies with retroactive
effect, that each of  the Company and the Bank reasonably determines
are necessary or appropriate to (i) exempt the compensation and benefits payable
under this Agreement from Section 409A of the IRC and/or preserve the intended
tax treatment of the compensation and benefits provided with respect to this
Agreement or (ii) comply with the requirements of Section 409A of the
IRC.

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

    

    IN WITNESS WHEREOF, the
parties hereto have executed this Employment Agreement effective as of date set
forth above.

    

    
      
        	 
      	
                AMERICAN
      PATRIOT BANK

              
	 	 
	 
      	
                By:

              	
                /s/ William J. Smead

              	 
      
	 
      	
                Name:

              	
                William J. Smead

              	 
      
	 
      	
                Title:

              	
                Chairman

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                EXECUTIVE

              
	 
      	 
      	 
      	 
      
	 
      	
                /s/ John Donald Belew

              	 
      
	 
      	
                John
      Donald Belew

              	 
      

      

    

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

    

    SCHEDULE  A

    

    MINIMUM
EXECUTIVE BONUS

    

    Capitalized terms used in this Schedule
A without definition shall have the meaning ascribed to such term in the
Employment Agreement dated as of August 26, 2009, by and between American
Patriot Bank and John Donald Belew.

     

    1.           The
Executive shall be entitled to receive a cash incentive payment equal to 5% of
the Executive’s then current Base Salary in the event that the Bank’s composite
CAMELS rating for any given examination report is a 2 or better, or such rating
is at least one level better than the Bank’s composite CAMELS rating reflected
in the Bank’s immediately preceding examination report.  The cash
incentive payment, if earned, shall be made on the date that the final
examination report is delivered to the Bank by the regulatory agency responsible
for the examination giving rise to the relevant examination report.

     

    2.           The
Executive shall be entitled to receive a cash inventive payment equal to 5% of
the Executive’s then current Base Salary if, based on the Company’s audited
financial statements for any fiscal year ending on or after December 31, 2009,
the quotient, rounded to the nearest 100th of a
percent, resulting from (x) the Company’s non-interest expense for such fiscal
year as set forth on the Company’s audited consolidated income statement divided
by (y) the sum of (I) the Company’s net interest income for such fiscal year and
(II) the Company’s non-interest income for such fiscal year, each as set forth
on the Company’s audited financial statements (such quotient the “Efficiency
Ratio”), exceeds by 5% the Efficiency Ratio for the Company’s immediately
preceding fiscal year based on the audited financial statements for such
immediately preceding fiscal year.  The cash incentive payment, if
earned, shall be paid on the date that the Company’s independent registered
public accounting firm issues an unqualified opinion with respect to the
Company’s audited financial statements for the most recently completed fiscal
year.

     

    3.           The
Executive shall be entitled to receive a cash incentive payment equal to 5% of
the Executive’s then current Base Salary if, based on the Company’s audited
financial statements for any fiscal year ending on or after December 31, 2009,
the quotient, rounded to the nearest 100th of a
percent, resulting from (x) the Company’s net income for such fiscal year as set
forth on the Company’s audited consolidated income statement divided by (y) the
Company’s total assets as of the end of such fiscal year as set forth on the
Company’s audited consolidated balance sheet (“ROA”) is (A) equal to, or higher
than, 0.25%; and (B) exceeds by
0.10% the Company’s ROA for the immediately preceding fiscal year based on the
audited financial statements for such immediately preceding fiscal year. The
cash incentive payment, if earned, shall be paid on the date that the Company’s
independent registered public accounting firm issues an unqualified opinion with
respect to the Company’s audited financial statements for the most recently
completed fiscal year.AGREEMENT

     

    THIS AGREEMENT (this “Agreement”) is made and
entered into as of the 24 day of August, 2009, by and among Amerex Group, Inc.
(“Group”), a Delaware
corporation, Amerex Companies, Inc., an Oklahoma corporation (“Amerex”), and Waste Express,
Inc. (“Waste Express”)
(Group, Amerex and Waste Express, collectively, the “Company”), and CAMOFI Master,
LDC, a Cayman Islands limited duration company (“Lender”), and WES&A
Holdings, LLC, a Missouri limited liability company, as designee of
Lender.

    

    WITNESSETH:

     

    WHEREAS, Lender and Amerex are parties
to a Securities Purchase Agreement, dated as of November 21, 2005 (as further
amended, modified or supplemented from time to time, the “Purchase Agreement”), pursuant
to which Amerex originally issued 10% Senior Secured Convertible Notes due
November 21, 2007 (the “Notes”), to Lender in the
aggregate principal amount of $6,000,000; and

     

    WHEREAS, pursuant to a series of letter
agreements executed between December 19, 2007, and September 9, 2008, between
the Company and Lender, (i) the maturity date of the Notes was extended from
November 21, 2007, to November 21, 2010, and the interest rate on the Notes was
increased from 10% to 12%; (ii) Amerex issued to Lender a new promissory note in
the aggregate principal amount of $5,141.648 (the “New Note”) and; (iii) Amerex
issued and continues to issue to Lender additional promissory notes
substantially identical to the Notes (the “Additional Notes”)
representing additional monies loaned to the Company by Lender for operating
expenses and certain interest payments due under the Notes and New Note;
and

     

    WHEREAS, on August 31, 2006, Amerex
entered into an agreement with Lender for a line of credit of $1,500,000 (the
“LOC”), which was
subsequently increased to a maximum borrowing amount of $1,925,301;
and

     

    WHEREAS, Waste Express executed and
delivered to Lender a Subsidiary Guarantee, dated November 21, 2005 (as further
amended, modified or supplemented from time to time, the “Guaranty”), unconditionally
and irrevocably guaranteeing to Lender complete payment and performance by
Amerex when due of all obligations and indebtedness to Lender; and

     

    WHEREAS, Amerex executed in favor of
Lender a Security Agreement dated November 21, 2005 (as further amended,
modified or supplemented from time to time, the “Security Agreement”), granting
Lender a security interest in certain collateral, including but not limited to
goods, machinery, equipment, vehicles, rolling stock, inventory, contract
rights, accounts and general intangibles, whether now owned or after-acquired,
wherever situated, and all proceeds, products or accounts thereof (the “Personal Property”), including
all of Amerex’s interest in 100% of the issued and outstanding common stock of
Waste Express (the “Stock”), to secure all of the
Company’s obligations under the Notes, New Note, Additional Notes and any other
instruments, agreements or other documents executed or delivered in connection
therewith, including any amendments, modifications or extensions (the “Indebtedness”);
and

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    WHEREAS, Amerex has executed in favor
of Lender a Texas Deed of Trust, Security Agreement and Fixture Filing dated
November 22, 2005, and recorded in Harrison County, Texas, on December 20, 2005,
in Book OR, Vol. 3251, Page 100 (the “Deed of Trust”), which grants
Lender a first lien on certain land and improvements located in Leigh, Texas, of
which Amerex is owner of record and more particularly described in the form of
Special Warranty Deed on Exhibit A2 attached
hereto  (the “Texas
Real Estate”), to secure payment of the Indebtedness; and

    

    WHEREAS, Amerex is the owner of record
of certain land and improvements located in Pryor, Oklahoma, and more
particularly described in the form of Special Warranty Deed on Exhibit A3 attached
hereto (the “Oklahoma Real
Estate”), and certain land and improvements located in Kansas City,
Missouri and more particularly described in the form of Special Warranty Deed on
Exhibit A1
attached hereto (the “Missouri
Real Estate” and together with the Oklahoma Real Estate and the Texas
Real Estate, collectively the “Real Estate”);
and

    

    WHEREAS, the Purchase Agreement, the
Notes, New Note, Additional Notes, LOC, Guarantee, Security Agreement, Deed of
Trust, and all other agreements, documents and instruments heretofore, now or
hereafter executed in connection therewith are hereinafter collectively referred
to as the “Loan
Documents”); and

    

    WHEREAS, the amount due and owing to
Lender under the Loan Documents as of August 7, 2009 is approximately
$27,891,959; and

    

    WHEREAS, one or more material defaults
now exist under the terms of the Loan Documents, including, without limitation,
the Company’s failure to pay amounts currently due and owing; and

    

    WHEREAS, the Company acknowledges that
Lender has no further commitment or obligation to make any additional loans,
advances or other credit accommodations to the Company under any of the Loan
Documents and that Lender is entitled to immediately exercise all of its rights
and remedies under the Loan Documents, and as otherwise provided by law, which
rights and remedies include, but are not limited to, foreclosing their security
interests in and/or liens on any or all of the Personal Property, Stock and the
Real Estate (collectively, the “Property”); and

    

    WHEREAS, the Company is unable and/or
unwilling to cure said defaults and Lender is left to pursue its various
remedies available to it under the Loan Documents; and

    

    WHEREAS, the Company has consulted with
counsel as to the business and legal aspects of the matter.

    

    NOW, THEREFORE, in consideration of the
mutual covenants hereof and for other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged, the parties hereto do
hereby agree as follows:

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

    

    AGREEMENT

     

    1.   Accuracy of
Recitals.  The foregoing recitals are true and correct and are
deemed to be a part of this Agreement.

     

    2.           Conveyance.  Simultaneously
with the date of this Agreement (the “Closing Date”), Amerex
shall:

     

    (i)   Convey
to Lender (or its designee) its entire interest in the Real Estate and all
property related thereto and used in connection therewith, whether personal,
real or mixed, subject only to the encumbrances recited herein, it being
understood that such instruments specifically shall negate any intention to
merge the Notes, Deeds of Trust  and other related instruments into
the title conveyed to Lender.  The Real Estate shall be conveyed by
special warranty deed in the forms attached hereto as Exhibit A1, A2 and
A3.

     

    (ii)  Convey
to Lender its interest in the Personal Property pursuant to the Bill of Sale,
Blanket Transfer and Assignment in the form attached hereto as Exhibit
B.  Amerex shall deliver contemporaneously herewith an
inventory of all Personal Property, which list shall be compiled from the
existing books and records maintained in connection therewith;

     

    (iii) Assign
all of its right, title and interest in all contracts, leases and agreements
(the “Contracts”)
identified on Exhibit
C pursuant to the Assignment and Assumption Agreement in the form annexed
hereto as Exhibit
D.  Amerex shall deliver contemporaneously herewith a list of
all Contracts and all writings memorializing said Contracts;

     

    (iv) Transfer
to Lender (or its designee) all books, records, keys and other property,
contracts and documentation relating to the Property (which information shall be
made available to Lender for review prior to the closing) and from and after
such date, turn over control and possession of the Property to
Lender;

     

    (v)  Transfer
to Lender (or its designee) the Stock, in accordance with the form of stock
transfer agreement attached hereto as Exhibit E ;
and

     

    (vi) Transfer
to Lender (or its designee) exclusive possession and control of the
Property.

     

    3.           Absolute Conveyances and
Right of Redemption.  The conveyances by Amerex under this
Agreement are intended to be and are acknowledged to effect absolute conveyances
and unconditional transfers all of its interests in the Property and all rights,
titles, interests, income, rents, rent equivalents, issues, revenues, royalties
and profits in connection therewith as of the date hereof, and are not given as
security; provided, however, title to the Property shall remain subject to the
Security Agreement  and Deed of Trust, as applicable, to the full
extent of the Indebtedness and all obligations arising thereunder.  In
the event that, contrary to the foregoing, it is at any time hereafter
determined that Amerex had any equitable and/or statutory rights of redemption
for the Property, then, for the consideration herein set forth, Amerex hereby
sells, transfers and conveys all of such rights to Lender or its designee and
waives for itself any and all equitable or statutory rights of redemption with
respect to the Property.

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

    4.           Title
Policy.  At the sole expense of Lender, Lender has obtained one
or more ALTA owner’s title commitments (collectively, the “Title Commitments”) issued by
First American Title Insurance Company (the “Title Company”), showing
Amerex to be vested with fee simple title to the Missouri Real Estate, the Texas
Real Estate and the Oklahoma Real Estate; and agreeing to issue to Lender (or
its designee) one or more ALTA owner’s title insurance policy in an amount
designated by Lender (the “Owner’s
Policy”).  Amerex shall execute all documents and deliver all
materials reasonably required by the Title Company to delete the standard
exceptions, including the standard exceptions for parties in possession,
mechanic’s liens, status of taxes and assessments, matters of survey and
unrecorded easements, to delete the “gap” exclusion, and to enable the Title
Company to issue the Owner’s Policy without any creditors’ rights exception and
with such other endorsements as are contained in the Title
Commitments.  Amerex shall provide evidence reasonably satisfactory to
Lender and the Title Company that all documents executed by each of them on the
Closing Date were duly authorized, executed and delivered, including incumbency
of all signatories to such documents and all documents required by the Title
Company to insure title to the Real Estate is in accordance with the terms of
the Commitment.

     

    5.           Representations, Warranties,
and Covenants.  Each of Group, Amerex and Waste Express,
jointly and severally, represents, warrants, acknowledges and covenants as
follows:

     

    (a)  It
has all requisite power and authority to enter into and perform its obligations
under this Agreement and the conveyance documents.  All acts and other
proceedings required to be taken by, or taken on the part of each to authorize
it to carry out this Agreement and consummate the conveyance and other
transactions contemplated herein have been duly and properly taken.

     

    (b)  Waste
Express hereby ratifies and confirms (i) the Security Agreement, executed on
behalf of Amerex in favor of Lender, granting a first priority security interest
in the Personal Property to secure the Indebtedness; and (ii) the Missouri Deed
of Trust, Security Agreement and Fixture Filing dated November 22, 2005,
executed by Amerex on behalf of Waste Express, and recorded in Jackson County,
Missouri on December 16, 2005, as Document Number 2005K0081247, which grants
Lender a first lien on certain land and improvements described therein, commonly
known as 6300 Stadium Drive, Kansas City, Missouri, to secure payment of the
Indebtedness.

     

    (c)  Exhibit C contains a
list of parties to all leases, contracts, agreements and other obligations known
to the Company relating to the Property and there are no other such agreements
(written or oral), outstanding options to purchase or other unrecorded
agreements, relating to the Property.

     

    (d)  No
notice of any unresolved violation of any statute, law or ordinance has been
received from any governmental authority having jurisdiction over the Property,
except for those notices reflected in Exhibit D, including the federal and state
tax liens.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    (e)  It
has not received notice of any condemnation proceedings relating to the
Property.

     

    (f)   Except
as shown on Exhibit
F, Amerex has not sold, assigned, conveyed, transferred, mortgaged,
hypothecated, pledged or encumbered the Property, or any portion thereof, except
for the Deeds of Trust and Security Agreement.

     

    (g)  Except
as shown on Exhibit
G, no construction work has been performed on the Property or materials
supplied for the Property and there is no person or entity to whom a debt is due
for labor or materials in connection with any improvement thereof within one
hundred twenty (120) days prior to the effective date of the Title Commitment
for which a mechanic’s or construction lien could presently be
filed.  Each of Group, Amerex and Waste Express agrees to hold Lender
and/or its designee harmless against any costs, damages and expenses incurred by
Lender and/or its designee, including reasonable attorney’s fees, as a result of
mechanic’s or construction liens by persons, firms or corporations claiming to
have performed work on the Property or supplied materials for the Property prior
to the Closing Date pursuant to authorization from the Company or the Company’s
authorized agents or employees.

     

    (h)  The
execution and delivery of this Agreement and the performance by it of all
transactions contemplated by this Agreement (including the execution and
delivery of all documents required by this Agreement to be executed and
delivered by it) do not breach any contractual covenants or restrictions between
it and any third party; do not conflict with or violate any provision of its
Articles of Incorporation or By-laws, as each may have been amended to date; do
not create or cause to be created any lien, pledge, mortgage, hypothecation,
deed of trust, charge, claim or encumbrance of any nature whatsoever
(collectively, “Lien”)
on the Property, other than those permitted by this Agreement; do not conflict
with any applicable laws or with any applicable public or private restrictions;
do not require any consent or approval of any public or private authority; will
not result in a violation of any law, rule, regulation, order, judgment or
decree (including federal and state securities laws and regulations) applicable
to Amerex or by which any property or asset of Amerex is bound or affected; and
are not threatened with invalidity or unenforceability by any action, proceeding
(including bankruptcy or insolvency proceedings), investigation pending or
threatened by or against it or the Property.

    

    (i)   The
intent of the Company in entering into this Agreement and effecting the transfer
and conveyances contemplated herein is not, and shall not be, intended to
hinder, delay or defraud any creditors of the Company.  The Company
believes that the outstanding indebtedness under the Loan Documents exceeds the
value of the Property, the conveyance documents are not intended as a preference
or fraudulent conveyance as defined in the United States Bankruptcy Code of
1978, as amended (the “Code”), as against any other
creditor of the Company.  As of the date hereof, there is no other
person or entity nor any other creditors whose rights would be prejudiced by
such conveyance of the Property by the Company.  In executing and
delivering the conveyance documents, it is the Company’s intention not to
prejudice the rights of any such other creditor; and the Company is not
obligated upon any debt whereby any Lien has been created or exists against the
Property, which Lien is senior to the Lien and security interests of the Loan
Documents given to Lender.  The conveyance of the Property and the
releases described herein are intended by the Company to be, and are made as, a
contemporaneous exchange for new value to the Company, and the Company has not
entered into this Agreement to provide preferential treatment to Lender or any
other creditor.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

       

    

    (j)   This
Agreement represents the Company’s efforts to reorganize and restructure its
financial obligations with respect to the Property and the Indebtedness and
therefore the Company agrees that it will not seek relief under the
Code.  The Company further agrees that, should a voluntary or
involuntary bankruptcy be filed by or against any the Company, it will not
contest a motion to dismiss, to abstain or to lift the automatic stay, based
upon this Agreement and the settlement it contemplates.  The Company
further acknowledges that the exercise of any bankruptcy court’s discretion to
determine to dismiss or suspend the proceeding pursuant to 11 U.S.C. § 305(a)(1)
is not reviewable by appeal or otherwise pursuant to the provisions of 11 U.S.C.
§ 305(c).  The Company hereby acknowledges and agrees that its
representations and agreements set forth in this paragraph constitute a material
inducement for Lender’s acceptance of the Property from the Company pursuant to
this Agreement and that Lender’s acceptance of the Property is in reliance upon
such representations and agreements.

     

    (k)  Each
Loan Document and this Agreement are the product and result of arm’s length
negotiations between the parties and no party has exerted or attempted to exert
improper or unlawful pressure or in any way attempted to induce, through threats
or otherwise, the execution of any Loan Document or this Agreement by any other
party to such Loan Document, Stock transfer document, or this
Agreement.  Each term, provision, stipulation, representation,
warranty and all other facts, matters and agreements set forth in, referenced in
or otherwise made a part of any or all of the Loan Documents and this Agreement
are the results of arm’s length bargaining between the parties to the respective
documents.  Without in any way limiting the generality of the
foregoing, at all times during the course of the negotiation surrounding the
execution of any Loan Document or this Agreement, the Company has, to the extent
it has deemed necessary or advisable in its sole discretion, been advised and
assisted by competent legal counsel, that counsel has been present and has
actively participated in the negotiations surrounding the respective documents
and that it has been fully advised by counsel of its choosing of the effect of
each term, provision and stipulation contained within such document. The Company
has conducted such investigation of the facts, circumstances and other matters
surrounding or in any way involving or otherwise material to any term,
conditions, provision or statement contained in the Loan Documents and this
Agreement and the contractual relationships created thereby and all other facts,
matters and circumstances as it, in its sole and absolute discretion, deems
material, and it has not relied upon any facts, statements or representations
made by the Lender or its designee or Lender or its designee’s
agents.

     

    
      The
representations, warranties, and covenants set forth above in this Section shall
survive the closing of the transactions contemplated by this
Agreement.

    

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    6.           Reservation of Right to Seek
Deficiency.  Lender expressly reserves, and does not waive, the
right to seek judgment for the deficiency owed on the Indebtedness after
disposition of the Property in accordance with this Agreement and Lender’s
rights under the Loan Documents and applicable law.

     

    7.           Release.  Each
of Group, Amerex and Waste Express hereby releases and forever discharges the
Lender and each and every one of its members, shareholders, affiliates, related
entities, subsidiaries, parent corporations and their respective agents,
officers, executive, employees, predecessors and/or successors in interest,
attorneys, directors and assigns from any and all matters, claims, charges,
demands, damages, causes of action, debts, liabilities, controversies,
judgments, and suits of every kind and nature whatsoever, foreseen or
unforeseen, known or unknown, which have arisen between the Lender and any such
Company entity in connection with any of the Loan Documents or otherwise
relating to the Property, including, without limitation, those that were or
could have been asserted, whether known or unknown.  The Company
agrees not to file suit or otherwise submit any charge, claim, complaint,
grievance or action to any agency, court, organization, or judicial forum (nor
will they permit any person, group of persons, or organization to take such
action on their behalf) against the Lender or any of its related entities, its
successors or assigns arising out of any actions or non-actions that have
occurred to the date of this release of claims with respect to the Loan
Documents.  The Company further agrees that in the event that any
person or entity should bring such a charge, claim, complaint, or action on
their behalf, they hereby waive and forfeit any right to recovery under said
claim and will exercise every good faith effort to have such claim
dismissed.

     

    8.           Documents to be Provided at
Closing.  On or before the Closing Date, the Amerex shall make,
duly execute and deliver to  Lender (or its designee) the following
executed original documents:

     

    (a)  Special
Warranty Deeds in the forms attached hereto as Exhibit A1, A2 and A3
(the “Deeds”);

     

    (b)  Bill
of Sale, Blanket Transfer and Assignment in the form attached hereto as Exhibit
B;

     

    (c)  Assignment
and Assumption Agreement in the form attached hereto as Exhibit
D;

     

    (d)  Stock
Transfer Agreement, in the form attached hereto as Exhibit  E;
and

     

    (e)  Such
other documents or instruments reasonably necessary to effectuate the terms of
this Agreement.

     

    9.           Proration of Operating
Expenses.  Except as otherwise provided for herein, all
operating expenses relating to the Property shall be prorated as of the Closing
Date.

     

    10.         Cooperation.  Prior
to and at all times following the date on which Lender accepts title to the
Property, the Company agrees to execute and deliver, or to cause to be executed
and delivered, such documents and to do, or cause to be done, such other acts
and things as might reasonably be requested by the Title Company or any party to
this Agreement to assure that the benefits of this Agreement are realized by the
parties.  None of Group, Amerex and Waste Express shall lease, rent
and/or develop the Property or any part thereof or conduct any gainful activity
thereon, without the prior written consent of Lender.  From and after
the date hereof, the Company further covenants and agrees that it will not place
any restrictions, liens, easements, licenses, deeds of trust, mortgages or other
agreements against the title to the Property, and that any such restriction,
easement, license, deed of trust, mortgage or other agreement shall be void
without having first received Lender’s written consent.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    11.         No
Merger.  The parties acknowledge and agree that the Loan
Documents will remain in full force and effect after the transactions
contemplated by this Agreement have been consummated.  The parties
further acknowledge and agree that the interest of Lender in the Property
created by all of the conveyances provided for herein will not merge with the
interest of Lender in the Property under the Loan Documents.  It is
the express intention of each of the parties that such interests of Lender in
the Property will not merge, but be and remain at all times separate and
distinct, notwithstanding any union of said interest in Lender at any time by
purchase, termination or otherwise and that the liens held by Lender against the
Property created by the Loan Documents will remain at all times valid and
continuous against the Property.

     

    12.         Foreclosure
Proceedings.  Amerex hereby covenants and agrees that it will
not interfere with or oppose Lender in, and hereby consents to,
any:

     

    (a)  foreclosure
proceedings by court action or otherwise, or any other proceedings instituted by
Lender in connection with realizing upon the security granted pursuant to the
Deeds of Trust and other Loan Documents, including the right to institute
proceedings against Amerex in order to effectuate such foreclosure;
and

     

    (b)  action
to quiet title which may be instituted by Lender to perfect its right, title and
interest in the Property.

     

    Amerex
waives the right to a hearing in connection with any such foreclosure proceeding
or other suit or proceedings, and further waives the right to require sale of
the Property in any such suit to be made in parcels.  If the Company
contests Lender’s right to proceed in any suit, in addition to the Company being
liable to Lender or its designee for all damages which Lender may suffer as a
result thereof, the Company acknowledges and agrees that it will be liable to
Lender for all reasonable attorneys’ fees and court costs incurred by Lender in
such suit.  This provision in this section shall survive the closing
of the transactions contemplated in this Agreement.

    

    13.         Disposition of Collateral
Governed by UCC.  Each of Group, Amerex and Waste Express
hereby renounces and waives all rights that are waivable under Article 9 of the
Uniform Commercial Code (the “UCC”) of any jurisdiction in
which any of the Property may now or hereafter be located.  Without
limiting the generality of the foregoing, the Company hereby (i) renounces any
right to receive notice of any disposition by Lender, as the secured party of
any of the Property pursuant to Section 9-611 of the UCC, whether such
disposition is by public or private sale under the UCC or otherwise; (ii) waives
any rights relating to compulsory disposition of any of the Property pursuant to
Section 9-620 of the UCC; and (iii) consents to Lender’s acceptance of the
Property in partial satisfaction of the Indebtedness.  Each of Group,
Amerex, Waste Express and Lender stipulate and agree that the Company shall be
entitled to a credit against the Indebtedness, in the amount of $14,000,000,
representing the fair market value of the Personal Property, in the event that
(i) Lender accepts the Personal Property as partial satisfaction of the
Indebtedness, pursuant to Section 9-620 of the UCC; or (ii) Lender and/or its
designee is the purchaser at a disposition of the Personal Property, pursuant to
Section 9-611 of the UCC.  Each of Group, Amerex, Waste Express also
hereby acknowledges and agrees that the transactions contemplated by this
Agreement shall constitute a commercially reasonable manner for the disposition
of the Property, or any part thereof.  This provision in this
subsection shall survive the closing of the transactions contemplated in this
Agreement.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    14.         Revival of
Liability.  (a)  To the extent that any payment or
payments made to Lender under this Agreement, the Loan Documents, or any
conveyance of the Property or payment or proceeds of any Property received by
Lender in the reduction of the indebtedness evidenced therein or with respect to
any of the allocations evidenced by this Agreement or any related documents are
subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, to the Company, to a surety, or any
other person liable for any of the obligations evidenced and/or secured by this
Agreement, the Loan Documents, or any other related documents, whether directly
or indirectly, as a debtor-in-possession or to a receiver or any other party
under any bankruptcy law, state or federal law, common law or equitable cause,
then the liens created by the Loan Documents against the Property and the
portion of the indebtedness of the Company or such other liable person intended
to have been satisfied by such payment or proceeds hereunder, will be revived
and will continue in full force and effect as if such payment or proceeds had
never been received by Lender.

     

    (b)          If,
at any time following the Closing Date (i) the Company or any third-party
creditor of the Company undertakes any legal proceeding to rescind or set aside
the conveyance documents; (ii) any representation or warranty of the Company
contained herein shall be untrue or the Company should fail to comply with any
covenant contained herein, or (iii) the Property, or any part thereof, must be
returned by Lender for any reason, including, without limitation, the
insolvency, bankruptcy or reorganization of the Company, Lender may, at its
option, declare this Agreement to be null and void by giving written notice to
that effect to the Company.  In such event, Lender specifically
reserves the right to exercise any right or remedy which was available to Lender
or exercisable by Lender prior to the execution of this Agreement, including
without limitation, any rights or remedies which Lender may have as the holder
of the Note and Deeds of Trust including, without limitation, the right to
commence foreclosure proceedings pursuant to the Deeds of Trust; PROVIDED,
HOWEVER, THAT THE LIMITATION PERIOD FOR ANY SUCH FORECLOSURE, ENFORCEMENT OR
EXERCISE OF OTHER REMEDY FOR PURPOSES OF THE STATUTE OF LIMITATIONS SHALL NOT
COMMENCE TO RUN UNTIL THE DATE UPON WHICH LENDER DECLARES IN WRITING ITS
DECISION TO DECLARE THIS AGREEMENT TO BE NULL AND VOID AND OF NO FORCE AND
EFFECT.

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

    15.         Miscellaneous
Provisions:  The parties hereto further agree as
follows:

     

    (a)  This
Agreement shall be binding upon each of Group, Amerex and Waste Express and
Lender and shall inure to the benefit of the heirs, successors, and assigns of
the respective parties hereto.

     

    (b)  Whenever
notice is required or permitted hereunder, it shall be deemed effective when
delivered by reputable overnight courier or mailed, certified mail, postage
prepaid, to the parties at the following addresses:

    

      
        
          
            	
                    If
      to the Company:

                  	 
      	
                    Amerex
      Companies, Inc.

                  
	 
      	 
      	
                    Attention:
      Steven K. Onody

                  
	 
      	 
      	
                    1105
      N. Peoria Avenue

                  
	 
      	 
      	
                    Tulsa,
      Oklahoma  74106

                  
	 
      	 
      	
                    Fax:  (918)
      599-0786

                  
	 
      	 
      	 
      
	
                    With
      a copy to:

                  	 
      	
                    Moyers,
      Martin, Santee & Imel, LP

                  
	 
      	 
      	
                    c/o
      James E. Martin

                  
	 
      	 
      	
                    401
      S. Boston Avenue, Suite 110

                  
	 
      	 
      	
                    Tulsa,
      Oklahoma  74103

                  
	 
      	 
      	 
      
	
                    If
      to Lender:

                  	 
      	
                    CAMOFI
      Master LDC

                  
	 
      	 
      	
                    c/o
      Centrecourt Asset Management LLC

                  
	 
      	 
      	
                    Attention:
      Michael Loew

                  
	 
      	 
      	
                    350
      Madison Avenue, 8th
      Floor

                  
	 
      	 
      	
                    New
      York, New York  10017

                  
	 
      	 
      	
                    Fax:
      (646) 758-6751

                  
	 
      	 
      	 
      
	
                    With
      a copy to:

                  	 
      	
                    Bryan
      Cave, LLP

                  
	 
      	 
      	
                    Attention:  Michael
      Royle

                  
	 
      	 
      	
                    1200
      Main Street, Suite 3500

                  
	 
      	 
      	
                    Kansas
      City, Missouri  64105

                  
	 
      	 
      	
                    Fax:  (816)
      374-3300

                  

          

        

      

    

     

    (c)  Various
representations, warranties, acknowledgments and agreements contained herein and
in documents executed by the Company in conjunction herewith shall not merge
into the Deeds to be delivered hereunder, but shall survive such
delivery;

     

    (d)  Lender
may foreclose the Deeds of Trust and otherwise pursue its rights and remedies
under the Deeds of Trust and other instruments disclosed herein related
thereto.

     

    (e)  Except
as otherwise specifically provided herein to the contrary, Lender is not
assuming or accepting any liabilities with respect to the Property and the
Company hereby agrees to defend, hold harmless and indemnify Lender against any
and all claims, causes of action and liabilities which may be asserted or
established against Lender which are beyond the scope of its undertakings under
this Agreement.  No person not a party to this Agreement will be a
third party beneficiary or acquire any rights hereunder.

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

     

    (f)   It
is expressly acknowledged by each of Group, Amerex and Waste Express that all
agreements, representations, warranties and acknowledgments contained herein and
in documents executed by the Company in conjunction herewith shall survive the
closing of this transaction and the delivery and recording of any and all
documents given pursuant thereto.  Notwithstanding anything contained
herein or elsewhere to the contrary, nothing contained herein shall preclude
Lender from exercising its rights and remedies for any breach of any such
representation, warranty, acknowledgment or covenant and/or agreement of
indemnification subsequent to closing.

     

    (g)  This
Agreement may be executed simultaneously in two or more counterparts, each of
which shall be deemed an original and all of which together shall constitute but
one and the same instrument.

     

    (h)  No
amendment to this Agreement shall be binding on either of the parties to this
Agreement unless such amendment is in writing and executed by both parties
hereto.

     

    (i)   This
Agreement and any claim, controversy or dispute arising under or related to this
Agreement, the relationship of the parties and/or the interpretation and
enforcement of the rights and duties of the parties, and all transactions
hereunder shall be governed by the laws of the State of New York, without giving
effect to its conflict of laws principles. The Company hereby agrees that it
shall bring any action, suit or proceeding (collectively, an “Action”), relating to or in
any manner whatsoever arising out of this Agreement, exclusively in the Federal
or state courts located in the Borough of Manhattan, New York, and that CAMOFI
may bring any Action in any jurisdiction it deems appropriate, and the Company
hereby waives, to the maximum extent permitted by law, any objection, including
any objection based on forum
non conveniens, to the bringing of any such proceeding in such
jurisdictions or to any claim that such venue of the suit, action or proceeding
is improper.  Nothing in this paragraph shall affect or limit any
right to serve process in any other matter permitted by law.  If
either party shall commence an action or proceeding to enforce any provisions of
this Agreement, then the prevailing party in such action or proceeding shall be
reimbursed by the other party for its attorneys fees and other costs and
expenses incurred with the investigation, preparation and prosecution of any
such action or proceeding.

     

    (j)   TO THE MAXIMUM EXTENT PERMITTED BY
LAW, THE COMPANY AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON,
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE DEEDS, ANY OF
THE DOCUMENTS OF WHICH COPIES ARE ATTACHED AS EXHIBITS HERETO, ANY OTHER LOAN
DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL
OR WRITTEN) OR ACTION OF EITHER PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR
RESPECTIVE RIGHTS UNDER THIS AGREEMENT, THE DEEDS, ANY OF THE DOCUMENTS OF WHICH
COPIES ARE ATTACHED AS EXHIBITS HERETO, ANY OTHER LOAN DOCUMENT OR IN ANY WAY
RELATING TO THE LOAN OR THE PROPERTY (INCLUDING, WITHOUT LIMITATION, ANY ACTION
TO RESCIND OR CANCEL THIS AGREEMENT, AND ANY CLAIM OR DEFENSE ASSERTING THAT
THIS AGREEMENT WAS FRAUDULENTLY INDUCED, COERCED OR IS OTHERWISE  VOID
OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT TO LENDER TO ENTER THIS
AGREEMENT.

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

     

    IN WITNESS WHEREOF, the parties hereto
have executed this Agreement this 24 day of August, 2009.

    

    [signature
page to follow]

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	 
      	 
      	
                                      AMEREX
      GROUP, INC.

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      /s/ Stephen K. Onody

                                    	 
	 
      	 
      	
                                      By:
      Stephen K. Onody

                                    	 
	 
      	 
      	
                                      Title:  Interim
      CEO

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      AMEREX
      COMPANIES, INC.

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      /s/ Stephen K. Onody

                                    	 
	 
      	 
      	
                                      By:
      Stephen K. Onody

                                    	 
	 
      	 
      	
                                      Title:  Interim
      CEO

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      WASTE
      EXPRESS, INC.

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      /s/ Stephen K. Onody

                                    	 
	 
      	 
      	
                                      By:
      Stephen K. Onody

                                    	 
	 
      	 
      	
                                      Title:  Interim
      CEO

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      CAMOFI
      MASTER LDC

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      /s/Michael Loew

                                    	 
	 
      	 
      	
                                      By:
      Michael Loew

                                    	 
	 
      	 
      	
                                      Title:  General
      Counsel

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      WES&A
      HOLDINGS, LLC

                                    	 
	 
      	 
      	 
      	 
	 
      	 
      	
                                      /s/ Daniel J McLaughlin

                                    	 
	 
      	 
      	
                                      By:
      Daniel J McLaughlin

                                    	 
	 
      	 
      	
                                      Title:
      Manager

                                    	 

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
A1

    Form of
Missouri Special Warranty Deed

     

    
      
        

      

    

    

    SPECIAL
WARRANTY DEED

    

    THIS SPECIAL WARRANTY DEED,
made as of the 24th day of
August, 2009, by and between Amerex Companies, Inc., an Oklahoma corporation
(“Grantor”), and
WES&A Holdings, LLC, a Missouri limited liability company (“Grantee”), as designee of
CAMOFI Master LDC, a Cayman Islands limited duration company, c/o Centrecourt
Asset Management, LLC, 350 Madison Avenue, 8th Floor,
New York, New York  10017.

     

    WITNESSETH: THAT THE GRANTOR,
in consideration of the sum of TEN DOLLARS ($10.00) and other
good and valuable considerations, to it in hand paid by the Grantee, the receipt
of which is hereby acknowledged, does by these presents GRANT, BARGAIN AND SELL, CONVEY AND
CONFIRM, unto the Grantee, its successors and assigns, the real property
described on Exhibit
A hereto.

     

    TO HAVE AND TO HOLD the
premises aforesaid, with all and singular the rights, privileges, appurtenances
and immunities thereto belonging or in anyway appertaining, unto the Grantee and
unto its successors and assigns forever, the Grantor herein, for itself and for
its successors and assigns, hereby covenanting that it is lawfully seized of an
indefeasible estate in fee in the premises herein conveyed; that it has good
right to convey the same; that the said premises are free and clear from any
encumbrance done or suffered by it; and that it will, except as hereinabove
specifically set forth, warrant and defend the title of the said premises unto
the Grantee and unto its successors and assigns forever, against the lawful
claims and demands of all persons whomsoever, lawfully claiming the same by,
through or under the Grantor.

     

    IN WITNESS WHEREOF, the
Grantor has caused these presents to be signed by its duly authorized officer as
of the day and year first above written.

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

     

    
      
        
          
            
              
                	 
      	 
      	
                        Amerex
      Companies, Inc.,

                      
	 
      	 
      	
                        an
      Oklahoma corporation

                      
	 
      	 
      	 
      
	
                        (SEAL)

                      	 
      	 
      
	 
      	 
      	
                        By:

                      	 
      
	 
      	 
      	
                        Its:

                      	 
      

              

            

          

        

      

      

      
        
          
            
              	
                      STATE OF

                    	 
      	
                      )

                    
	 
      	
                      )
      SS.

                    
	
                      COUNTY OF

                    	 
      	
                      )

                    

            

          

        

      

    

     

    On this
___ day of August, 2009, before me, appeared
_____________________________________________________________________________,
to me personally known, who being by me duly sworn, did say that he/she is the
President of Amerex Companies, Inc., an Oklahoma corporation, that the seal
affixed to the foregoing instrument is the corporate seal of the corporation,
that said instrument was signed and sealed on behalf of said corporation by
authority of its Board of Directors, and acknowledged said instrument to be the
free act and deed of said corporation.

     

    IN
WITNESS WHEREOF, I have hereunto set my hand and affixed my notarial seal at my
office in _______________, _______________, the day and year last above
written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 
      	 
      	 
      
	 	 	 	 
	 
      	 
      	
                                    Printed Name:

                                  	 
      
	 
      	 
      	
                                    Notary
      Public in and for

                                  
	 
      	 
      	
                                    said
      County and
State

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      
        
          	
                  My
      Commission Expires:

                
	 
      
	 
      	 
      

        

      

      (The
Notary Public must type or print his/her name immediately beneath his/her
signature.)

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    EXHIBIT
A

     

    Lots 2,
3, 4, 5, 6, 7, 8 and 9, RENICK’S FIRST ADDITION TO LEEDS,  a
subdivision in Kansas City, Jackson County, Missouri.

    

      Exhibit
A

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
A2

    

    Form of
Texas Special Warranty Deed

    

    SPECIAL
WARRANTY DEED

    

    
      
        
          	
                  THE
      STATE OF _______________

                	
                  §

                	 
      
	 
      	
                  §

                	
                  KNOW
      ALL MEN BY THESE PRESENTS:

                
	
                  COUNTY
      OF _________________

                	
                  §

                	 
      

        

      

    

    

    THAT Amerex Companies, Inc., an
Oklahoma corporation, (hereinafter referred to as “Grantor”), for and in
consideration of the sum of Ten and No/100 Dollars ($10.00) and other good and
valuable consideration to it in hand paid by WES&A Holdings, LLC, a Missouri
limited liability company, (hereinafter referred to as “Grantee”), as designee of
CAMOFI Master LDC, a Cayman Islands limited duration company, whose mailing
address is 305 Madison Avenue, New York, New York  1001 c/o
Centrecourt Asset Management LLC, 350 Madison Avenue, 8th Floor,
New York, New York  10017, the receipt and sufficiency of which
consideration are hereby acknowledged, and upon and subject to the exceptions,
liens, encumbrances, terms and provisions hereinafter set forth and described,
has GRANTED, BARGAINED, SOLD and CONVEYED, and by these presents does hereby
GRANT, BARGAIN, SELL and CONVEY, unto Grantee all of the real property situated
in Harrison County, Texas, described on Exhibit A
attached hereto and made a part hereof for all purposes, together with all and
singular the rights, benefits, privileges, easements, tenements, hereditaments
and appurtenances thereon or in anywise appertaining thereto, and together with
all improvements located thereon and any right, title and interest of Grantor in
and to adjacent streets, alleys and rights-of-way (said land, rights, benefits,
privileges, easements, tenements, hereditaments, appurtenances, improvements and
interests being hereinafter referred to as the “Property”).

    

    TO HAVE
AND TO HOLD the Property as aforesaid, unto Grantee, its successors and assigns,
forever; and Grantor does hereby bind itself and its successors, to WARRANT AND
FOREVER DEFEND all and singular the Property unto Grantee, its successors and
assigns, against every person whomsoever lawfully claiming or to claim the same,
or any part thereof, by, through or under Grantor, but not
otherwise.

    

    IN
WITNESS WHEREOF, this Special Warranty Deed has been executed by Grantor to be
effective as of August 24, 2009.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                	
                        GRANTOR:

                      
	 
      
	
                        Amerex
      Companies, Inc.

                      
	 
      
	
                        By:

                      	 
      
	
                        Name: 

                      	 
      
	
                        Its:

                      	 
      

              

            

          

        

      

    

    

    
      
        
          	
                  THE
      STATE OF __________

                	
                  §

                
	 
      	
                  §

                
	
                  COUNTY
      OF ____________

                	
                  §

                

        

      

    

    

    This
instrument was acknowledged before me on August __, 2009, by
______________________, the ____________________________ of Amerex Companies,
Inc., an Oklahoma corporation, on behalf of said corporation.

    

    
      
        
          
            	 
      	 
      
	 
      	
                    Notary
      Public in and for the State of __________

                  
	 
      	 
      
	 
      	 
      
	 
      	
                    Printed/Typed
      Name of Notary

                  
	 
      	 
      
	 
      	
                    My
      Commission
  Expires:  _______________________

                  

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
A

     

    BEING
25.40 acres of land situated in Harrison County, Texas about 17.6 miles
east-northeast of the courthouse in the City of Marshall and also being in the
southeast corner of the C. L. WALL SURVEY Abstract 792. Said 25.40 acres also
are located on the north side of Texas F.M. Road No. 1999 and is part of a 128
acre tract conveyed to Charles D. Trice in a Warranty Deed form Minnie Wisdom
Trice, dated October 6, 1975, and is recorded in Volume 776, Page 33 of the Deed
Records at Harrison County, Texas. Said 25.40 acres of land also being more
particularly described as follows:

     

    BEGINNING
at a 1⁄2” iron rod set for corner in the north R.O.W. line of said F.M. road, said
iron rod also being at the occupied southeast corner of said WALL SURVEY and the
occupied southwest corner of the F.L. MERRIWEATHER SURVEY, Abstract 476, said
iron rod also being in the north line of the FRANCIS O’NEAL SURVEY, Abstract
528;

     

    THENCE 89
deg, 55 min, 41 sec, W., along the north R.O.W. line of said F.M. road and also
along the south occupied line of said WALL SURVEY and the northline of said
O’NEAL SURVEY, 334.18 feet to a wood R.O.W. monument found at the beginning of a
curve;

     

    THENCE,
along said curve which is concave to the north; and continuing along said north
R.O.W. line, a sub-chord bearing a distance of N. 88 deg. 49 min. 29 sec. W.,
186.49 feet to a 1⁄2” iron pipe found for corner, said iron pipe also being the
southeast corner of a called 24.54 acre tract conveyed from Charles D. Trice and
wife, Edna G. Trice to Katie Trice Ross and husband, William G. Ross, Jr., in
Warranty Deed dated October 28, 1980 and recorded in Volume 914, Page 147 of
said Deed Records;

     

    THENCE N.
0 deg. 46 in. E., 1505.65 feet (Deed call 1510.0 feet) along the east line of
said 24.54 acre tract to a 1/4” iron pipe found for corner;

     

    THENCE N.
89 deg. 13 min. 52 sec. W., 721.87 feet (Deed call North 89 deg. 15 min. West,
722.2 feet), along the North line of said 24.54 acre tract to a 1⁄2” iron pipe
found for corner; i

     

    THENCE
North 00 deg. 13 min. 52 sec. East, 272.71 feet to a 1⁄2” iron rod set in a new
fence corner;

     

    THENCE
along said new fence the following three (3) bearings and
distances;

     

    (1) North
89 deg. 05 min. 48 sec. East, 200.16 feet to a 1⁄2” iron rod set for angle
point;

     

    (2) North
88 deg. 08 min. 35 sec. East, 348.25 foot to a 1⁄2” iron rod set for angle
point;

     

    (3) South
89 deg. 39 min. 46 sec. East, 652.42 feet to a 1⁄2” iron rod set for corner at a
fence corner, said iron rod also being in the occupied West line of said Wall
Survey and the occupied East line of said Merriweather Survey;

     

    THENCE
South 00 deg. 37 min. 07 sec. East, 1802.85 feet along a fence on the occupied
East line of said Wall Survey and the occupied West line of said Merriweather
Survey to the place of beginning and containing 25.40 acres of land, more or
less.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
A3

     

    Oklahoma
Special Warranty Deed

    

    SPECIAL
WARRANTY DEED

    

    THIS
SPECIAL WARRANTY DEED made as of the 24th day of
August, 2009, by and between Amerex Companies, Inc., an Oklahoma corporation, as
"Grantor", and WES&A
Holdings, LLC, a Missouri limited liability company, (hereinafter referred to as
“Grantee”), as designee
of CAMOFI Master LDC, a Cayman Islands limited duration company, whose mailing
address is 305 Madison Avenue, New York, New York  1001 c/o
Centrecourt Asset Management, LLC, 350 Madison Avenue, 8th Floor,
New York, New York  10017.

     

    WITNESSETH,
that the Grantor, in consideration of the sum of Ten Dollars ($10.00) and other
valuable consideration, to it paid does by these presents SELL AND CONVEY to the
GRANTEE, its successors and assigns, all that tract or parcel of land described
in Exhibit A
attached hereto and made a part hereof, together with all buildings and other
improvements located thereon, and together with all appurtenances thereunto
belonging, and will warrant title to the same against the lawful claims of all
persons claiming by, through or under Grantor, but none other.

     

    TO HAVE
AND TO HOLD said described premises unto Grantee, its successors and assigns
forever.

     

    IN
WITNESS WHEREOF, this Deed has been executed the day and year first above
written.

    

    
      
        
          	 
      	
                  GRANTOR:

                
	 
      	 
      
	 
      	
                  Amerex
      Companies, Inc.

                
	 
      	 
      
	 
      	
                  By:
      /s/ Stephen K. Onody

                
	 
      	
                  Name:
      Stephen K. Onody

                
	 
      	
                  Its:
      Interim CEO

                

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    STATE OF
_______________, COUNTY OF ______________, SS:

    

    On this
______ day of August, 2009, before me the undersigned, a Notary Public in and
for the County and State aforesaid, personally appeared
_________________________________________________, to me known to be the
identical person who signed the name of the maker thereof to the within and
foregoing instrument as President of Amerex Companies, Inc., an Oklahoma
corporation, and acknowledged to me that he executed the same as his free and
voluntary act and deed, and as the free and voluntary act and deed of said
corporation, for the uses and purposes therein set forth.

    

    
      
        
          	 
      	 
      
	 
      	
                  Notary
      Public

                

        

      

    

    My
Commission Expires:

    

    SEAL

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    
      A tract
of land lying in the E1/2 NWl/4 and in the W1/2 NE1/4 of Section 33, Township 21
North, Range 19 East of the Indian Base and Meridian, in Mayes County, Oklahoma,
and being more particularly described as follows:

      

      Beginning
at the North one quarter corner of said Section 33, also being the Northwest
corner of the W1/2 NEl/4; THENCE East along the North line of said Section 33, a
distance of 1257.3 feet; THENCE South, parallel with the East boundary of the
said Wl/2 NEl/4, a distance of 1316.93 feet, to the North line of the SW1/4
NEl/4; THENCE East along the North line of the said SW1/4 NEl/4, a distance of
15 feet; THENCE South, parallel with the East line of the said SW1/4 NEl/4, a
distance of 551.5 feet; THENCE Southwesterly on a curve to the right, having a
radius of 843.64 feet, a distance of 783.77 feet; THENCE S. 53° 13’ 47” W., a
distance of 110.51 feet; THENCE Southwesterly on a curve to the left, having a
radius of 611.78 feet, a distance of 44.58 feet, to a point on the South
boundary line of the said SW1/4 NEl/4, said point being 513.48 feet West of the
Southeast corner of the said SW1/4 NEl/4; THENCE West along the South boundary
of the SWl/4 NEl/4, a distance of 807.33 feet, to the Southeast corner of the
E1/2 NWl/4; THENCE West along the South boundary of the El/2 NWl/4, a distance
of 1320.81 feet, to the Southwest corner of the said El/2 NWl/4; THENCE North
along the West Boundary of the E1/2 NWl/4, a distance of 2637.98 feet, to the
Northwest corner of the El/2 NWl/4; THENCE East along the North line of Section
33, a distance of 1323.3 feet, to the point of beginning. Said tract contains
155 acres, more or less.

      

      The above
described tract includes two landfills located on Tract A and Tract B, more
particularly described as follows:

      

      Landfill Tract
A:

      

      Commencing
at the 1/2” diameter iron pin designating the Northwest corner of Section 33,
Township 21 North, Range 19 East of the Indian Meridian, Mayes County, Oklahoma;
thence 1323.3 feet due East along a county road; thence 1800 feet due South
along the West boundary of the property to a point of beginning on a property
boundary; thence 80 feet due East; thence North 45° 00’ 00” East for 350 feet;
thence 200 feet due East; thence South 30° 00’ 00” East for 300 feet; thence 250
feet due South; thence South 30° 00’ 00” West for 667.05 feet to the point of
interSection with the property line; thence 343.96 feet due West to the
Southwest property corner; thence 840 feet due North to the point of beginning,
said parcel containing approximately 13.10 acres.

      

      Landfill Tract
B:

      

      Commencing
at the 1/2” diameter iron pin designating the Northwest corner of Section 33,
Township 21 North, Range 19 East of the Indian Meridian, Mayes County, Oklahoma;
thence 1323.3 feet due East along a county road; thence 2640 feet due South
along the West boundary of the property; thence 1800 feet due East
along the Southern boundary of the property; thence 180 feet North to a
point of beginning on the West bank of an existing railroad spur; thence 150
feet due West; thence North 200 feet; thence 34.53 feet due East; thence 230.94
feet South 30° 00’ 00 East to the point of beginning, said parcel containing
approximately 0.42 acres.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    Form of
Bill of Sale

     

    Exhibit
B

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    BILL OF SALE, BLANKET
TRANSFER AND ASSIGNMENT AGREEMENT

    

    KNOW ALL
MEN BY THESE PRESENTS, that the assignors identified in the signature pages
hereto (collectively, “Assignor”), for and in
consideration of Ten and No/100ths Dollars ($10.00) to it paid by WES&A
Holdings, LLC a Missouri limited liability company (“Assignee”), as designee of
CAMOFI Master LDC, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, does hereby ASSIGN, GRANT,
BARGAIN, SELL, TRANSFER, CONVEY, CONFIRM AND DELIVER unto Assignee all of
Assignor’s right, title and interest in and to the personal property, contracts
and interests (the “Personal
Property”) being used in connection with the ownership, use and operation
of the real estate described on Exhibit A attached
hereto and improvements thereon and made a part hereof (the “Property”), including without
limitation those items specifically identified on the schedules attached hereto
as Exhibit B,
and the following:

     

    A.          All
cash, accounts receivable, electronic transfer payments, security deposits,
promissory notes, negotiable instruments, general intangibles, causes of action
and litigation claims;

     

    B.          All
of Assignor’s right, title, interest, and benefit, if any, in, to, and under any
and all goods, equipment, machinery, appliances, furniture, furnishings,
fixtures, supplies, inventory, tangible and intangible personal property, and
other items, located in, on, upon or under and comprising a part of the
Property, or with respect to any of the Personal Property which is conveyed
hereby; and

     

    C.          All
of Assignor’s right, title and interest in and to any assignable or otherwise
transferable permits, licenses and other governmental approvals relating to
Assignor’s operations and/or the Property or the Personal Property.

     

    D.          All
of Assignor’s right, title and interest in and to all warranties and guarantees
relating to the Property or to the Personal Property which is conveyed
hereby.

     

    E.           All
of Assignor’s right, title and interest in and to all leases or subleases to
which Assignor is a party, and all files, including but not limited to,
correspondence, plans and specifications, revenue and operating expense books,
records and accounts, and any other documents specifically relating to the
operating of the Property.

     

    F.           All
of Assignor’s right, title and interest in any operating agreement, franchise
agreement, equipment lease and all management, service, supply and maintenance
contracts and agreements with respect to the ownership, operation, maintenance
and administration of the Property or the Personal Property.

     

    G.           All
environmental reports, environmental audits, and environmental studies relating
to the Property.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    H.          All
original drafts and copies of employment agreements, collective bargaining
agreements, pension plans, employee records, and employee documents of any kind
or nature relating to Assignor.

     

    I.          Copies
of all financial statements relating to Assignor, including schedules of
receivables, payables and deposits.

     

    J.          All
keys, security cards, lock combinations, and other tangible and intangible means
of gaining access to, and securing, the Property.

     

    K.         All
contracts, contract rights, warranties, agreements and other rights relating to
the operation of Assignor, including without limitation all trade names,
transferable business licenses, booklets, manuals, signs, advertising materials,
and transferable utility contracts.

     

    L.          The
proceeds from any claims made or to be made under any property casualty
insurance policies that Assignor maintains with respect to the Property (the
“Policies”), as well as the right, coupled with a power of attorney, to act on
behalf of the named insured under the Policies, to settle and compromise any
such claims made or to be made with respect thereto (collectively, the
“Insurance Claims”).

     

    M.          Any
excess or unearned premiums that are returned to Assignor after the date of this
Bill of Sale, Blanket Transfer and Assignment Agreement (collectively, the
“Insurance Premiums”).

     

    N.          All
of the right, title, interest and benefit (including income) of Assignor, if
any, in and to any personal property which is conveyed hereby.

     

    Assignor
represents and warrants that (i) Assignor is the owner of the Personal Property,
(ii) Assignor has the full right and title thereto and authority to transfer and
dispose of the same, and (iii) the Personal Property is free and clear of all
liens and encumbrances other than liens of CAMOFI Master LDC, and those liens
set forth in Exhibit F, including those federal and state tax
liens.  The Personal Property is hereby assigned and transferred
“As-Is”, and without any warranty or representation as to its condition, fitness
for a particular purpose or as to any other matters concerning the Personal
Property.

     

    This
instrument is executed and delivered and accepted as a sale in lieu of
foreclosure of, and not as additional security for, that certain security
interest granted in that certain Security Agreement dated November 21, 2005 (as
further amended, modified or supplemented from time to time), and evidenced by
UCC-1 Financing Statements filed in connection therewith.  It is the
intention of the Assignor to transfer the absolute title to the Personal
Property to the Assignee free of any equity of redemption by the
Assignor.  It is the further intention of the Assignor and the
Assignee that the security interest created by the above described deed of trust
will not merge into the absolute ownership acquired by the Assignee pursuant to
this bill of sale.  No such merger will occur until such time as the
Assignee executes written UCC-3 termination statements and duly records the
same.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, Assignor has executed this Bill of Sale, Blanket Transfer and
Assignment Agreement this ___ day of August, 2009.

     

    
      
        
          
            
              
                
                  
                    	
                            AMEREX
      COMPANIES, INC.

                          
	 
      
	
                            By:

                          	 
      
	
                            Title:

                          	 
      
	 
      
	
                            WASTE
      EXPRESS, INC.

                          
	 
      
	
                            By:

                          	 
      
	
                            Title:

                          	 
      
	 
      
	
                            ASSIGNEE:

                          
	 
      
	
                            WES&A
      HOLDINGS, LLC

                          
	 
      
	
                            By:

                          	 
      
	
                            Title: 

                          	 
      

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT A

     

    TO
BILL OF SALE, BLANKET TRANSFER AND ASSIGNMENT AGREEMENT

     

    Missouri
locations:

    

    Lots 2,
3, 4, 5, 6, 7, 8 and 9, RENICK’S FIRST ADDITION TO LEEDS,  a
subdivision in Kansas City, Jackson County, Missouri

    

    And

    

    TRACT
I:

    Lots 10,
11 and 12, EXCEPT the West 8 feet of said Lot 12, RENICK’S FIRST ADDITION TO
LEEDS, a subdivision in Kansas City, Jackson County, Missouri, according to the
recorded plat thereof, and that portion of the vacated alley which lies North
and adjacent to Lot 12.

     

    TRACT
II:

    Lots 15,
16 and 17, RENICK’S FIRST ADDITION, a subdivision in Kansas City, Jackson
County, Missouri, according to the recorded plat thereof, and the North 1/2 of
the vacated alley lying South and adjacent to Lot 15.

     

    TRACT
III:

    Lots 13,
14 and the West 8 feet of Lot 12, EXCEPT that part in 37th Street, RENICK’S
FIRST ADDITION, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof, and the South 1/2 of the vacated alley
lying North and adjacent to said premises.

     

    NOTE:  A
portion of the above described tracts now platted as Tract “I” H.W.R. 1ST
ADDITION, a subdivision in Kansas City, Jackson County, Missouri.

     

    TRACT
IV:

    Lots 18
and 19, RENICK’S FIRST ADDITION TO LEEDS, a subdivision in Kansas City, Jackson
County, Missouri.

     

    TRACT
V:

    The East
one half of that certain North-South alley, vacated pursuant to City of Kansas
City, Missouri, Ordinance No. 021498, as more fully described therein and the
West boundary line of said vacated alley being contiguous to the East boundary
line of Lots 15, 16, 17, 18, 19, 20, 21, 22 and 23 of RENICK’S FIRST ADDITION,
and the East boundary line of said vacated alley being contiguous to the West
boundary line of Lots 1, 2, 3, 4, 5, 6, 7, 8 and 9 of RENICK’S FIRST ADDITION,
both extending Southward from the South right-of-way line of 36th Street to the
North line of Lot 12, RENICK’S FIRST ADDITION, said vacated portion extending
Southwardly from the North line of Lot 2 to the South line of Lot 9 of RENICK’S
FIRST ADDITION, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof; AND

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The North
one half of the East-West alley, vacated pursuant to City of Kansas City,
Missouri Ordinance No. 021498, the South boundary line of said vacated alley
being contiguous to the North boundary line of Lots 10, 11 and 12 of RENICK’S
FIRST ADDITION and the North boundary line of said vacated alley being
contiguous to the South boundary line of Lot 9 of RENICK’S FIRST ADDITION,
extending Westerly from the West right-of-way line of Freemont Avenue to a point
on the East boundary line of Lot 15 of RENICK’S FIRST ADDITION, said vacated
portion being adjacent to the South line of Lot 9 of RENICK’S FIRST ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, according to the recorded
plat thereof.

     

    Commonly
known as 6300 Stadium Drive, Kansas City, Missouri.

     

    Arizona
location:

     

    6965
South Priest Drive, Suite #6, Guadalupe, Arizona  85283

     

    Oregon
location:

     

    Leased
facility at 5555 N. Channel Avenue, Portland Oregon

     

    Oklahoma
locations:

     

    1010
& 1105 North Peoria Avenue, Tulsa, Oklahoma  74106

     

    And

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        A tract
of land lying in the E1/2 NWl/4 and in the W1/2 NE1/4 of Section 33, Township 21
North, Range 19 East of the Indian Base and Meridian, in Mayes County, Oklahoma,
and being more particularly described as follows:

        

        Beginning
at the North one quarter corner of said Section 33, also being the Northwest
corner of the W1/2 NEl/4; THENCE East along the North line of said Section 33, a
distance of 1257.3 feet; THENCE South, parallel with the East boundary of the
said Wl/2 NEl/4, a distance of 1316.93 feet, to the North line of the SW1/4
NEl/4; THENCE East along the North line of the said SW1/4 NEl/4, a distance of
15 feet; THENCE South, parallel with the East line of the said SW1/4 NEl/4, a
distance of 551.5 feet; THENCE Southwesterly on a curve to the right, having a
radius of 843.64 feet, a distance of 783.77 feet; THENCE S. 53° 13’ 47” W., a
distance of 110.51 feet; THENCE Southwesterly on a curve to the left, having a
radius of 611.78 feet, a distance of 44.58 feet, to a point on the South
boundary line of the said SW1/4 NEl/4, said point being 513.48 feet West of the
Southeast corner of the said SW1/4 NEl/4; THENCE West along the South boundary
of the SWl/4 NEl/4, a distance of 807.33 feet, to the Southeast corner of the
E1/2 NWl/4; THENCE West along the South boundary of the El/2 NWl/4, a distance
of 1320.81 feet, to the Southwest corner of the said El/2 NWl/4; THENCE North
along the West Boundary of the E1/2 NWl/4, a distance of 2637.98 feet, to the
Northwest corner of the El/2 NWl/4; THENCE East along the North line of Section
33, a distance of 1323.3 feet, to the point of beginning. Said tract contains
155 acres, more or less.

        

        The above
described tract includes two landfills located on Tract A and Tract B, more
particularly described as follows:

        

        Landfill Tract
A:

        

        Commencing
at the 1/2” diameter iron pin designating the Northwest corner of Section 33,
Township 21 North, Range 19 East of the Indian Meridian, Mayes County, Oklahoma;
thence 1323.3 feet due East along a county road; thence 1800 feet due South
along the West boundary of the property to a point of beginning on a property
boundary; thence 80 feet due East; thence North 45° 00’ 00” East for 350 feet;
thence 200 feet due East; thence South 30° 00’ 00” East for 300 feet; thence 250
feet due South; thence South 30° 00’ 00” West for 667.05 feet to the point of
interSection with the property line; thence 343.96 feet due West to the
Southwest property corner; thence 840 feet due North to the point of beginning,
said parcel containing approximately 13.10 acres.

        

        Landfill Tract
B:

        

        Commencing
at the 1/2” diameter iron pin designating the Northwest corner of Section 33,
Township 21 North, Range 19 East of the Indian Meridian, Mayes County, Oklahoma;
thence 1323.3 feet due East along a county road; thence 2640 feet due South
along the West boundary of the property; thence 1800 feet due East
along the Southern boundary of the property; thence 180 feet North to a
point of beginning on the West bank of an existing railroad spur; thence 150
feet due West; thence North 200 feet; thence 34.53 feet due East; thence 230.94
feet South 30° 00’ 00 East to the point of beginning, said parcel containing
approximately 0.42 acres.

      

    

     

    Texas
locations:

     

    BEING
25.40 acres of land situated in Harrison County, Texas about 17.6 miles
east-northeast of the courthouse in the City of Marshall and also being in the
southeast corner of the C. L. WALL SURVEY Abstract 792. Said 25.40 acres also
are located on the north side of Texas F.M. Road No. 1999 and is part of a 128
acre tract conveyed to Charles D. Trice in a Warranty Deed form Minnie Wisdom
Trice, dated October 6, 1975, and is recorded in Volume 776, Page 33 of the Deed
Records at Harrison County, Texas. Said 25.40 acres of land also being more
particularly described as follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    BEGINNING
at a 1⁄2” iron rod set for corner in the north R.O.W. line of said F.M. road, said
iron rod also being at the occupied southeast corner of said WALL SURVEY and the
occupied southwest corner of the F.L. MERRIWEATHER SURVEY, Abstract 476, said
iron rod also being in the north line of the FRANCIS O’NEAL SURVEY, Abstract
528;

     

    THENCE 89
deg, 55 min, 41 sec, W., along the north R.O.W. line of said F.M. road and also
along the south occupied line of said WALL SURVEY and the northline of said
O’NEAL SURVEY, 334.18 feet to a wood R.O.W. monument found at the beginning of a
curve;

     

    THENCE,
along said curve which is concave to the north; and continuing along said north
R.O.W. line, a sub-chord bearing a distance of N. 88 deg. 49 min. 29 sec. W.,
186.49 feet to a 1⁄2” iron pipe found for corner, said iron pipe also being the
southeast corner of a called 24.54 acre tract conveyed from Charles D. Trice and
wife, Edna G. Trice to Katie Trice Ross and husband, William G. Ross, Jr., in
Warranty Deed dated October 28, 1980 and recorded in Volume 914, Page 147 of
said Deed Records;

     

    THENCE N.
0 deg. 46 in. E., 1505.65 feet (Deed call 1510.0 feet) along the east line of
said 24.54 acre tract to a 1/4” iron pipe found for corner;

     

    THENCE N.
89 deg. 13 min. 52 sec. W., 721.87 feet (Deed call North 89 deg. 15 min. West,
722.2 feet), along the North line of said 24.54 acre tract to a 1⁄2” iron pipe
found for corner; i

     

    THENCE
North 00 deg. 13 min. 52 sec. East, 272.71 feet to a 1⁄2” iron rod set in a new
fence corner;

     

    THENCE
along said new fence the following three (3) bearings and
distances;

     

    (1) North
89 deg. 05 min. 48 sec. East, 200.16 feet to a 1⁄2” iron rod set for angle
point;

     

    (2) North
88 deg. 08 min. 35 sec. East, 348.25 foot to a 1⁄2” iron rod set for angle
point;

     

    (3) South
89 deg. 39 min. 46 sec. East, 652.42 feet to a 1⁄2” iron rod set for corner at a
fence corner, said iron rod also being in the occupied West line of said Wall
Survey and the occupied East line of said Merriweather Survey;

     

    THENCE
South 00 deg. 37 min. 07 sec. East, 1802.85 feet along a fence on the occupied
East line of said Wall Survey and the occupied West line of said Merriweather
Survey to the place of beginning and containing 25.40 acres of land, more or
less.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT B

     

    TO
BILL OF SALE, BLANKET TRANSFER AND ASSIGNMENT AGREEMENT

     

    Schedules
of Personal Property

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
C

     

    List of
Contracts, Leases and Agreements

     

    Real Estate
Leases

     

    Lease
Agreement dated December 30, 2005, between CDI Properties and Amerex Companies,
Inc., with respect to 1010 & 1105 North Peoria, Tulsa
OK  74106.

     

    Commercial
Lease dated June 12, 2009, between MS Guadalupe, L.L.C. and Amerex Companies,
Inc., with respect to 6965 South Priest Drive, #6, Guadalupe,
AZ  85283.

     

    Tenancy
Agreement dated January 1, 2006, between Cascade General, Inc. and Amerex
Environmental Solutions, Inc., with respect to certain property located at 5555
N. Channel Avenue, Portland Oregon

     

    Equipment
Leases

     

    Equipment
Lease Agreement No. 625L133 between XTRA Lease, LLC and Amerex Companies,
Inc.

     

    Master
Lease Schedule No. 3677332007-10-15, between DaimlerChrysler Truck Financial and
Amerex Companies, Inc.

     

    Installment
Sale Contract dated March 28, 2008, between Caterpillar Financial Services Corp.
and Environmental Remediation Specialists, Inc.

     

    Month-to
month lease for 2 PU Trucks, Tulsa

     

    Month-to-month
lease for 1 PU Truck, Phoenix

     

    Week-to
week lease for box trucks and sleepers

     

    Copies
Leases with Preferred Business Systems/DotCom Leasing/Copy World Business
Solutions

     

    Insurance
Policies

     

    
      
        	
                Property

              	
                Travelers

              	 
      
	
                General
      Liability

              	
                Westchester
      Surplus Lines

              	 
      
	
                Workers
      Comp

              	
                XL
      (thru 4/24/09)

              	
                New
      policies not 
available

              
	
                Umbrella

              	
                Westchester
      Surplus Lines

              	 
      
	
                Pollution-ERS

              	
                Westchester
      Surplus Lines

              	 
      
	
                Pollution-WE

              	
                Westchester
      Surplus Lines

              	
                Amerex
      Co on policy

              
	
                D
      & O-Primary

              	
                Navigators
      Insurance Company

              	 
      
	
                D
      & O-$2M Excess

              	
                Carolina
      Casualty

              	 
      

      

    

    
      
         

      

      
        Exhibit
C

        
          

        

      

      
         

      

    

    EXHIBIT
D

     

    Form of
Assignment and Assumption Agreement

     

    
      
         

      

      
        Exhibit
E

        
          

        

      

      
         

      

    

    ASSIGNMENT AND ASSUMPTION
AGREEMENT

    

    KNOW ALL
MEN BY THESE PRESENTS, that the assignors identified in the signature pages
hereto (collectively, “Assignor”), for and in
consideration of Ten and No/100ths Dollars ($10.00) to it paid by WES&A
Holdings, LLC, a Missouri limited liability company, as designee of CAMOFI
Master LDC, a Cayman Islands limited duration company (“Assignee”), and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, does hereby ASSIGN, GRANT, BARGAIN, SELL, TRANSFER, CONVEY,
CONFIRM AND DELIVER unto Assignee all of Assignor’s right, title and interest in
and to the personal property, contracts and interests (“Personal Property”),
being used in connection with the ownership, use and operation of the real
estate and improvements described on Exhibit A attached
hereto and made a part hereof (the “Property”),
including, without limitation the following those items specifically identified
on Exhibit B
attached hereto and made a part hereof, and the following:

     

    1.           All
of Assignor’s right, title and interest in and to any assignable or otherwise
transferable permits, licenses and other governmental approvals relating to
Assignor’s operations and/or the Property or the Personal Property.

     

    2.           All
of Assignor’s right, title and interest in and to all warranties and guarantees
relating to the Property or to the Personal Property which is conveyed
hereby.

     

    3.           All
of Assignor’s right, title and interest in and to all leases or subleases to
which Assignor is a party, and all files, including but not limited to,
correspondence, plans and specifications, revenue and operating expense books,
records and accounts, and any other documents specifically relating to the
operating of the Property.

     

    4.           All
of Assignor’s right, title and interest in any operating agreement, franchise
agreement, equipment lease and all management, service, supply and maintenance
contracts and agreements with respect to the ownership, operation, maintenance
and administration of the Property or the Personal Property.

     

    5.           All
contracts, contract rights, warranties, agreements and other rights relating to
the operation of Assignor, including without limitation all trade names,
transferable business licenses, booklets, manuals, signs, advertising materials,
and transferable utility contracts.

     

    Assignor has the full right and title
thereto and authority to transfer and dispose of the same.

     

    Assignor and Assignee each agree that
at any time and from time to time, upon the request of the other party, to
execute and deliver all further required documents and provide any reasonably
required information to effectuate the transfer and assumption of the Personal
Property to Assignee.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This Assignment and Assumption
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns.

    

    This Assignment and Assumption
Agreement may be executed in any number of counterparts and by any party hereto
on a separate counterpart, each of which when so executed and delivered shall be
deemed an original and all of which taken together shall constitute but one and
the same instrument.

     

    IN
WITNESS WHEREOF, Assignor and Assignee have executed this Assignment and
Assumption Agreement as of this 24th day of August, 2009.

     

    
      
        	
                ASSIGNOR:

              
	 
      
	
                AMEREX
      COMPANIES, INC.

              
	 
      	 
      
	
                By:

              	
                           

              
	
                Title: 

              	
                           

              
	 
      	 
      
	
                WASTE
      EXPRESS, INC.

              
	 
      	 
      
	
                By:

              	
                           

              
	
                Title:

              	
                           

              
	 
      	 
      
	
                ASSIGNEE:

              
	 
      
	
                WES&A
      HOLDINGS, LLC

              
	 
      	 
      
	
                By:

              	
                           

              
	
                Title:

              	
                           

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A TO ASSIGNMENT AND ASSUMPTION AGREEMENT

     

    Missouri
locations:

    

    Lots 2,
3, 4, 5, 6, 7, 8 and 9, RENICK’S FIRST ADDITION TO LEEDS,  a
subdivision in Kansas City, Jackson County, Missouri

    

    And

    

    TRACT
I:

    Lots 10,
11 and 12, EXCEPT the West 8 feet of said Lot 12, RENICK’S FIRST ADDITION TO
LEEDS, a subdivision in Kansas City, Jackson County, Missouri, according to the
recorded plat thereof, and that portion of the vacated alley which lies North
and adjacent to Lot 12.

     

    TRACT
II:

    Lots 15,
16 and 17, RENICK’S FIRST ADDITION, a subdivision in Kansas City, Jackson
County, Missouri, according to the recorded plat thereof, and the North 1/2 of
the vacated alley lying South and adjacent to Lot 15.

     

    TRACT
III:

    Lots 13,
14 and the West 8 feet of Lot 12, EXCEPT that part in 37th Street, RENICK’S
FIRST ADDITION, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof, and the South 1/2 of the vacated alley
lying North and adjacent to said premises.

     

    NOTE:  A
portion of the above described tracts now platted as Tract “I” H.W.R. 1ST
ADDITION, a subdivision in Kansas City, Jackson County, Missouri.

     

    TRACT
IV:

    Lots 18
and 19, RENICK’S FIRST ADDITION TO LEEDS, a subdivision in Kansas City, Jackson
County, Missouri.

     

    TRACT
V:

    The East
one half of that certain North-South alley, vacated pursuant to City of Kansas
City, Missouri, Ordinance No. 021498, as more fully described therein and the
West boundary line of said vacated alley being contiguous to the East boundary
line of Lots 15, 16, 17, 18, 19, 20, 21, 22 and 23 of RENICK’S FIRST ADDITION,
and the East boundary line of said vacated alley being contiguous to the West
boundary line of Lots 1, 2, 3, 4, 5, 6, 7, 8 and 9 of RENICK’S FIRST ADDITION,
both extending Southward from the South right-of-way line of 36th Street to the
North line of Lot 12, RENICK’S FIRST ADDITION, said vacated portion extending
Southwardly from the North line of Lot 2 to the South line of Lot 9 of RENICK’S
FIRST ADDITION, a subdivision in Kansas City, Jackson County, Missouri,
according to the recorded plat thereof; AND

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The North
one half of the East-West alley, vacated pursuant to City of Kansas City,
Missouri Ordinance No. 021498, the South boundary line of said vacated alley
being contiguous to the North boundary line of Lots 10, 11 and 12 of RENICK’S
FIRST ADDITION and the North boundary line of said vacated alley being
contiguous to the South boundary line of Lot 9 of RENICK’S FIRST ADDITION,
extending Westerly from the West right-of-way line of Freemont Avenue to a point
on the East boundary line of Lot 15 of RENICK’S FIRST ADDITION, said vacated
portion being adjacent to the South line of Lot 9 of RENICK’S FIRST ADDITION, a
subdivision in Kansas City, Jackson County, Missouri, according to the recorded
plat thereof.

     

    Commonly
known as 6300 Stadium Drive, Kansas City, Missouri.

     

    Arizona
location:

     

    6965
South Priest Drive, Suite #6, Guadalupe, Arizona  85283

     

    Oregon
location:

     

    Leased
facility at 5555 N. Channel Avenue, Portland Oregon

     

    Oklahoma
locations:

     

    1010
& 1105 North Peoria Avenue, Tulsa, Oklahoma  74106

     

    And

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
        A tract
of land lying in the E1/2 NWl/4 and in the W1/2 NE1/4 of Section 33, Township 21
North, Range 19 East of the Indian Base and Meridian, in Mayes County, Oklahoma,
and being more particularly described as follows:

        

        Beginning
at the North one quarter corner of said Section 33, also being the Northwest
corner of the W1/2 NEl/4; THENCE East along the North line of said Section 33, a
distance of 1257.3 feet; THENCE South, parallel with the East boundary of the
said Wl/2 NEl/4, a distance of 1316.93 feet, to the North line of the SW1/4
NEl/4; THENCE East along the North line of the said SW1/4 NEl/4, a distance of
15 feet; THENCE South, parallel with the East line of the said SW1/4 NEl/4, a
distance of 551.5 feet; THENCE Southwesterly on a curve to the right, having a
radius of 843.64 feet, a distance of 783.77 feet; THENCE S. 53° 13’ 47” W., a
distance of 110.51 feet; THENCE Southwesterly on a curve to the left, having a
radius of 611.78 feet, a distance of 44.58 feet, to a point on the South
boundary line of the said SW1/4 NEl/4, said point being 513.48 feet West of the
Southeast corner of the said SW1/4 NEl/4; THENCE West along the South boundary
of the SWl/4 NEl/4, a distance of 807.33 feet, to the Southeast corner of the
E1/2 NWl/4; THENCE West along the South boundary of the El/2 NWl/4, a distance
of 1320.81 feet, to the Southwest corner of the said El/2 NWl/4; THENCE North
along the West Boundary of the E1/2 NWl/4, a distance of 2637.98 feet, to the
Northwest corner of the El/2 NWl/4; THENCE East along the North line of Section
33, a distance of 1323.3 feet, to the point of beginning. Said tract contains
155 acres, more or less.

        

        The above
described tract includes two landfills located on Tract A and Tract B, more
particularly described as follows:

        

        Landfill Tract
A:

        

        Commencing
at the 1/2” diameter iron pin designating the Northwest corner of Section 33,
Township 21 North, Range 19 East of the Indian Meridian, Mayes County, Oklahoma;
thence 1323.3 feet due East along a county road; thence 1800 feet due South
along the West boundary of the property to a point of beginning on a property
boundary; thence 80 feet due East; thence North 45° 00’ 00” East for 350 feet;
thence 200 feet due East; thence South 30° 00’ 00” East for 300 feet; thence 250
feet due South; thence South 30° 00’ 00” West for 667.05 feet to the point of
interSection with the property line; thence 343.96 feet due West to the
Southwest property corner; thence 840 feet due North to the point of beginning,
said parcel containing approximately 13.10 acres.

        

        Landfill Tract
B:

        

        Commencing
at the 1/2” diameter iron pin designating the Northwest corner of Section 33,
Township 21 North, Range 19 East of the Indian Meridian, Mayes County, Oklahoma;
thence 1323.3 feet due East along a county road; thence 2640 feet due South
along the West boundary of the property; thence 1800 feet due East
along the Southern boundary of the property; thence 180 feet North to a
point of beginning on the West bank of an existing railroad spur; thence 150
feet due West; thence North 200 feet; thence 34.53 feet due East; thence 230.94
feet South 30° 00’ 00 East to the point of beginning, said parcel containing
approximately 0.42 acres.

      

    

     

    Texas
locations:

     

    BEING
25.40 acres of land situated in Harrison County, Texas about 17.6 miles
east-northeast of the courthouse in the City of Marshall and also being in the
southeast corner of the C. L. WALL SURVEY Abstract 792. Said 25.40 acres also
are located on the north side of Texas F.M. Road No. 1999 and is part of a 128
acre tract conveyed to Charles D. Trice in a Warranty Deed form Minnie Wisdom
Trice, dated October 6, 1975, and is recorded in Volume 776, Page 33 of the Deed
Records at Harrison County, Texas. Said 25.40 acres of land also being more
particularly described as follows:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    BEGINNING
at a 1⁄2” iron rod set for corner in the north R.O.W. line of said F.M. road, said
iron rod also being at the occupied southeast corner of said WALL SURVEY and the
occupied southwest corner of the F.L. MERRIWEATHER SURVEY, Abstract 476, said
iron rod also being in the north line of the FRANCIS O’NEAL SURVEY, Abstract
528;

     

    THENCE 89
deg, 55 min, 41 sec, W., along the north R.O.W. line of said F.M. road and also
along the south occupied line of said WALL SURVEY and the northline of said
O’NEAL SURVEY, 334.18 feet to a wood R.O.W. monument found at the beginning of a
curve;

     

    THENCE,
along said curve which is concave to the north; and continuing along said north
R.O.W. line, a sub-chord bearing a distance of N. 88 deg. 49 min. 29 sec. W.,
186.49 feet to a 1⁄2” iron pipe found for corner, said iron pipe also being the
southeast corner of a called 24.54 acre tract conveyed from Charles D. Trice and
wife, Edna G. Trice to Katie Trice Ross and husband, William G. Ross, Jr., in
Warranty Deed dated October 28, 1980 and recorded in Volume 914, Page 147 of
said Deed Records;

     

    THENCE N.
0 deg. 46 in. E., 1505.65 feet (Deed call 1510.0 feet) along the east line of
said 24.54 acre tract to a 1/4” iron pipe found for corner;

     

    THENCE N.
89 deg. 13 min. 52 sec. W., 721.87 feet (Deed call North 89 deg. 15 min. West,
722.2 feet), along the North line of said 24.54 acre tract to a 1⁄2” iron pipe
found for corner; i

     

    THENCE
North 00 deg. 13 min. 52 sec. East, 272.71 feet to a 1⁄2” iron rod set in a new
fence corner;

     

    THENCE
along said new fence the following three (3) bearings and
distances;

     

    (1) North
89 deg. 05 min. 48 sec. East, 200.16 feet to a 1⁄2” iron rod set for angle
point;

     

    (2) North
88 deg. 08 min. 35 sec. East, 348.25 foot to a 1⁄2” iron rod set for angle
point;

     

    (3) South
89 deg. 39 min. 46 sec. East, 652.42 feet to a 1⁄2” iron rod set for corner at a
fence corner, said iron rod also being in the occupied West line of said Wall
Survey and the occupied East line of said Merriweather Survey;

     

    THENCE
South 00 deg. 37 min. 07 sec. East, 1802.85 feet along a fence on the occupied
East line of said Wall Survey and the occupied West line of said Merriweather
Survey to the place of beginning and containing 25.40 acres of land, more or
less.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
B TO ASSIGNMENT AND ASSUMPTION AGREEMENT

     

    Real Estate
Leases

     

    Lease
Agreement dated December 30, 2005, between CDI Properties and Amerex Companies,
Inc., with respect to 1010 & 1105 North Peoria, Tulsa
OK  74106.

     

    Commercial
Lease dated June 12, 2009, between MS Guadalupe, L.L.C. and Amerex Companies,
Inc., with respect to 6965 South Priest Drive, #6, Guadalupe,
AZ  85283.

     

    Tenancy
Agreement dated January 1, 2006, between Cascade General, Inc. and Amerex
Environmental Solutions, Inc., with respect to certain property located at 5555
N. Channel Avenue, Portland Oregon

     

    Equipment
Leases

     

    Equipment
Lease Agreement No. 625L133 between XTRA Lease, LLC and Amerex Companies,
Inc.

     

    Master
Lease Schedule No. 3677332007-10-15, between DaimlerChrysler Truck Financial and
Amerex Companies, Inc.

     

    Installment
Sale Contract dated March 28, 2008, between Caterpillar Financial Services Corp.
and Environmental Remediation Specialists, Inc.

     

    Month-to
month lease for 2 PU Trucks, Tulsa

     

    Month-to-month
lease for 1 PU Truck, Phoenix

     

    Week-to
week lease for box trucks and sleepers

     

    Copies
Leases with Preferred Business Systems/DotCom Leasing/Copy World Business
Solutions

     

    Insurance
Policies

     

    
      
        	
                Property

              	
                Travelers

              	 
      
	
                General
      Liability

              	
                Westchester
      Surplus Lines

              	 
      
	
                Workers
      Comp

              	
                XL
      (thru 4/24/09)

              	
                New
      policies not
available

              
	
                Umbrella

              	
                Westchester
      Surplus Lines

              	 
      
	
                Pollution-ERS

              	
                Westchester
      Surplus Lines

              	 
      
	
                Pollution-WE

              	
                Westchester
      Surplus Lines

              	
                Says
      Amerex Cos on
policy

              
	
                D
      & O-Primary

              	
                Navigators
      Insurance Company

              	 
      
	
                D
      & O-$2M Excess

              	
                Carolina
      Casualty

              	 
      

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
E

     

    Stock
Transfer Agreement

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
F

     

    Permitted
Encumbrances

     

    
      
         

      

      
        Exhibit
F

        
          

        

      

      
         

      

    

    EXHIBIT
G

     

    Work
Performed or Materials Supplied to the Property

     

    NONE

     

    
      
         

      

      
        Exhibit
G

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