Document:

EXHIBIT 10.5

STOCK PURCHASE AGREEMENT

PROMISSORY
NOTE

	
  $2,700,000

  	
   

  	
  Atlanta, Georgia 

  October 20, 2006

  

FOR VALUE RECEIVED, the
undersigned, Ayin Holding Company Inc., a Delaware corporation (“Maker”),
hereby promises to pay to the order of Matthew B. Mitchell, an individual
resident of the State of Louisiana (“Seller”), at Lafayette, Louisiana,
or such other place as Holder shall designate in writing, in lawful money of
the United States of America, the principal sum of Two Million Seven Hundred
Thousand and no/100 Dollars ($2,700,000), subject to adjustment pursuant to
Section IV below, together with interest thereon, at the rate hereinafter set
forth below, with such principal sum and interest being payable as set forth
below.

Section I.                                              Definitions

All capitalized terms not otherwise defined herein
shall have the meaning given to them in the Stock Purchase Agreement, dated as
of June 20, 2006, among Mitchell Site Acq, Inc., Maker, Seller, and certain
other parties identified therein (the “Stock Purchase Agreement”).

For the purposes of this Note, the terms set forth
below shall be defined as follows:

(a)                                  Holder
shall mean Seller, or any subsequent holder hereof.

(b)                                 Maturity
Date shall mean the second anniversary of this Note.

(c)                                  Company
shall mean Mitchell Site Acq, Inc.

(d)                                 Senior
Lender shall mean McMahan Securities Co., or any replacement lender or
lenders providing, directly or indirectly, senior debt to Company.

(e)                                  EBITDA
means, for any period, the net income (or loss) of Company, for such period,
adjusted (i) to add thereto (to the extent deducted from revenues in
determining net income), without duplication, (A) interest expense, (B)
depreciation and amortization expense, and (C) the annual salary paid to Seller
by Company, and (D) the accrual of the 2005 profit distribution, including any
provisions or payments made for payroll and benefit Taxes associated therewith,
and (ii) to subtract therefrom (to the extent included in determining net
income) (A) consolidated interest income, (B) income not related to the Company’s
Business, and (C) any extraordinary, unusual or non-recurring income or gain,
including gain on the sale of any asset, business or subsidiary outside the
ordinary course of

 

 

business, in each case
determined on a basis consistent with United States generally accepted
accounting principals (applied on a basis constituent with the Audited
Financial Statements) utilizing the percentage completion method of accounting.

Section II.                                          Rate
of Interest

From and after the date hereof through the Maturity
Date, interest shall accrue on the outstanding principal balance hereof at a
rate equal to nine percent (9%) per annum, calculated on the basis of 365 days
per year and actual days elapsed.

Section III.                                      Payment
of Principal and Interest

The principal amount evidenced by this Note shall be
payable by Maker in two equal annual installments of $1,350,000.00, plus
accrued interest, subject to adjustment pursuant to Section IV below (the “Annual
Note Payment”), not later than the fifth (5th) business day following the
Final Calculation Date (as defined below) for each of the two Calculation
Periods (as defined below) ending in 2007 and 2008 (each a “Note Payment
Date”); provided, however, that any cash payments due
hereunder shall be subject to the terms of the loan agreements to which Parent
and Company are parties.

Section IV.                                      
Annual Note Payment Adjustment.

At the end of each of the first three twelve-month
periods following Closing (each, a “Calculation Period”, and collectively,
the “Calculation Periods”), Maker and Holder shall compare the audited EBITDA
of Company to the projected EBITDA of Company, and the Annual Note Payment
shall be subject to adjustment as follows:

(a)                                  Within
120 days after each Calculation Period, Maker shall cause to be prepared and
delivered to Holder an audited statement of Company’s EBITDA for the preceding
twelve-month period (the “Audited EBITDA”).  The Audited EBITDA shall be prepared in
accordance with GAAP.

(b)                                 If,
during a Calculation Period, Company shall achieve or exceed eighty-five
percent (85%) of the projected EBITDA as set forth below (the “Minimum EBITDA
Target”), as evidenced by Company’s Audited EBITDA for such Calculation
Period, the Annual Note Payment for the corresponding Calculation Period shall
not be subject to adjustment.  If, during
a Calculation Period, Company shall not achieve or exceed the Minimum EBITDA
Target, as evidenced by the Company’s Audited EBITDA for such Calculation
Period, the Annual Note Payment for such Calculation Period shall be reduced (i)
by ten (10%) percent, plus (ii) an
additional two percent (2%) for each one percent (1%) the Audited EBITDA for
such Calculation Period is below the Minimum EBITDA Target, provided that in no
event shall any Annual Note Payment be reduced more than fifty-percent (50%).

	
  Calculation Period

  	
   

  	
  Projected EBITDA

  	
   

  	
  Minimum EBITDA Target

  	
   

  
	
  1

  	
   

  	
  $4,953,000

  	
   

  	
  $4,210,050

  	
   

  
	
  2

  	
   

  	
  $5,456,000

  	
   

  	
  $4,637,600

  	
   

  

 

 

 

For purposes of this Section IV, if Holder has any
objection to the Audited EBITDA, as calculated by Maker for any Calculation
Period, Holder shall deliver to Maker a detailed statement describing Holder’s
objections within 30 days after receiving the Audited EBITDA (and if Holder
does not object within such 30-day period, then Holder shall be deemed to have
accepted the Audited EBITDA as calculated by Maker for such Calculation Period).  Maker and Holder shall use their reasonable
best efforts to resolve any such objections. 
If a final resolution is not obtained within 30 days after Maker has
received Holder’s statement of objections, Maker and Holder shall appoint a nationally-recognized
accounting firm as is mutually acceptable to them, to resolve any remaining
objections.  The decision of such
accounting firm shall be final and binding on all parties.  If any unresolved objections are submitted to
an accounting firm for resolution as provided above, the fees and expenses shall
be borne (i) by Maker, in the event such accounting firm determines that the
Audited EBITDA is 100% or more of the amount calculated by Maker, or (ii) by
Holder, in the event such accounting firm determines that the Audited EBITDA is
less than 100% of the amount calculated by Maker.  The date upon which the Audited EBITDA is
finally determined pursuant to this subsection (b) shall be deemed the “Final
Calculation Date”.

Section V.                                          Subordination

Holder acknowledges and agrees that the entire
outstanding principal balance of the indebtedness evidenced by this Note,
together with all accrued and unpaid interest, shall be expressly subordinate
and junior in right of payment and exercise of remedies to the prior payment in
full of all amounts owed to Senior Lender. 
Holder hereby acknowledges and agrees that all rights and privileges
vested in it as the legal holder of this Note shall be and are subordinate and
inferior to the rights, liens, and privileges vested in Senior Lender.

Section VI.                                      Holder’s
Right of First Refusal

Prior to Senior Lender exercising any right to
accelerate the indebtedness owed to it by Maker, Holder shall have the right to
pay in full all outstanding principal and interest any other amounts owing by
Maker and Company to Senior Lender (the “Right of First Refusal”).  If Holder exercises the Right of First Refusal,
then Maker hereby acknowledges and agrees that it shall tender to Holder, for
no additional consideration, all of the issued and outstanding capital stock of
Company.  Maker agrees to cause Senior
Lender to agree to the foregoing, and shall provide a copy of such agreement to
Holder.

Section VII.                                  Prepayments

Maker shall have the right to prepay the indebtedness
evidenced by this Note, in full or in part, at any time, without penalty, fee
or charge.  All prepayments shall be
applied first to interest accrued hereunder, then to principal.

Section VIII.                              Events
of Default

For purposes of this Note, the occurrence of any of
the following events or conditions shall constitute an event of default
hereunder:

 

 

(a)                                  Maker
shall fail to pay in full any Annual Note Payment under this Note when due;

(b)                                 Any
representation or warranty of Maker contained in this Note shall prove to have
been untrue in any material respect when made;

(c)                                  Maker
shall default in the observance or performance of any material covenant or
agreement contained in this Note, and such default shall continue uncured for a
period of 45 days after Holder notifies Maker of such default;

(d)                                 Maker
shall: (i) file a voluntary petition or assignment in bankruptcy or a voluntary
petition or assignment or answer seeking liquidation, reorganization,
arrangement, readjustment of its debts, or any other relief under the
Bankruptcy Reform Act of 1978, as amended (the “Bankruptcy Code”), or
under any other act or law pertaining to insolvency or debtor relief, whether
State, Federal, or foreign, now or hereafter existing; (ii) enter into any
agreement indicating consent to, approval of, or acquiescence in, any such
petition or proceeding; (iii) apply for or permit the appointment, by consent
or acquiescence, of a receiver, custodian or trustee of all or a substantial
part of its property; (iv) make an assignment for the benefit of creditors; (v)
be unable or shall fail to pay its debts generally as such debts become due, or
(vi) admit in writing its inability or failure to pay its debts generally as
such debts become due; and

(e)                                  There
occurs (i) a filing or issuance against Maker of an involuntary petition in
bankruptcy or seeking liquidation, reorganization, arrangement, readjustment of
its debts or any other relief under the Bankruptcy Code, or under any other act
or law pertaining to insolvency or debtor relief, whether State, Federal or
foreign, now or hereafter existing; (ii) the involuntary appointment of a
receiver, liquidator, custodian or trustee of Maker or for all or a substantial
part of its property; or (iii) the issuance of a warrant of attachment,
execution or similar process against all or any substantial part of the
property of Maker and such shall not have been discharged (or provision shall
not have been made for such discharge), or stay of execution thereof shall not
have been procured, within sixty (60) days from the date of entry thereof.

Upon any such event of default, the total outstanding
principal and accrued, unpaid interest shall become immediately due and
payable, and the entire unpaid principal of this Note shall bear interest until
paid at a rate of interest equal to twelve percent (12%), computed on the basis
of 365 days per year for the actual number of days elapsed.  Forbearance by Holder to exercise its rights
with respect to any failure or breach of Maker shall not constitute a waiver of
the right as to any subsequent failure or breach.

 

 

Section IX.                                     Guaranty

Charys Holding Company, Inc., a Delaware corporation (“Guarantor”)
guarantees and promises to and for the benefit of Holder that Maker shall
perform its payment obligations under this Note (the “Obligations”).  If Maker defaults in its Obligations, Holder
shall provide Guarantor and Maker notice of such default within fifteen (15)
days after the occurrence of such default. 
If Maker has not cured such default within thirty (30) business days
after receipt of the notice, Holder may proceed to enforce against Guarantor or
Maker any rights that Holder may have under this Note or pursuant to applicable
laws. For the avoidance of doubt, the guaranty set forth in this Section IX
requires Guarantor to perform the Obligations to the same extent, and only to
such extent, that Maker is obligated to do so. 
Any dispute between Guarantor and Holder shall be subject to the dispute
resolution requirements of the Stock Purchase Agreement.  Holder acknowledges and agrees that the
guaranty provisions under this Section IX shall be subject to the terms of all
loan agreements to which Guarantor and Maker are a party to, and that this
guaranty is subordinate to any guarantee that Guarantor must provide to a
lender providing financing in connection with the Stock Purchase Agreement and
the transactions contemplated thereby.

Section
X.                                         General
Provisions

In no event shall the amount of interest due or
payable hereunder exceed the maximum rate of interest allowed by applicable
law, and in the event any such payment is inadvertently paid by Maker or
inadvertently received by Holder, then such excess sum shall be credited as a
payment of principal, unless Maker shall notify Holder, in writing, that Maker
elects to have such excess sum returned to it forthwith.  It is the express intent hereof that Maker
not pay and Holder not receive, directly or indirectly in any manner
whatsoever, interest in excess of that which may be legally paid by Maker under
applicable law.

Time is of the essence of this Note and, in case this
Note is collected by law or through an attorney at law, or under advice
herefrom, Maker agrees to pay all costs of collection, including reasonable
attorneys’ fees and expenses.

Maker hereby waives presentment, demand for payment,
notice of protest and notice of non-payment.

This Note is non-negotiable and the obligations of
Maker hereunder are subject in all respects to Maker’s rights under the Stock
Purchase Agreement and Section 5 of that certain Employment Agreement (“Employment
Agreement”), dated the date hereof, by and between Seller and Mitchell Site
Acq, Inc. Seller acknowledges that Maker is a third party beneficiary of the
Employment Agreement.

THIS NOTE, AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF LOUISIANA (WITHOUT REGARD TO
PRINCIPLES OF CONFLICT OF LAWS).  ANY
DISPUTE HEREUNDER SHALL BE SUBJECT TO THE DISPUTE RESOLUTION REQUIREMENTS OF
THE STOCK PURCHASE AGREEMENT.

(THE REMAINDER OF THIS PAGE HAS
BEEN INTENTIONALLY LEFT BLANK)

 

 

IN WITNESS WHEREOF,
the undersigned Maker has hereunto executed and sealed this instrument as of
the day and year first above written.

	
   

  	
  MAKER:

  
	
   

  	
   

  
	
   

  	
  AYIN
  HOLDING COMPANY INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jimmy Taylor

  	
   

  
	
   

  	
   

  	
  Jimmy Taylor

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AGREED
  AND ACKNOWLEDGED

  
	
   

  	
  BY:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Matthew B.
  Mitchell

  	
   

  
	
   

  	
  Matthew B.
  Mitchell

  
	
   

  
	
   

  
	
  CHARYS HOLDING
  COMPANY, INC.

  
	
  for
  purposes of Section IX only:

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Billy V.
  Ray, Jr.

  	
   

  
	
  Name: Billy V.
  Ray, Jr.

  
	
  Title:

  	
  CEO

  	
   

  
									

 

(Signature
Page to Amended MSAI SPA Promissory Note)EXHIBIT
10.6

GOODWILL PURCHASE AGREEMENT

PROMISSORY NOTE

 

	
  $2,700,000

  	
   

  	
  Atlanta, Georgia

  October 20, 2006

  

FOR VALUE RECEIVED, the
undersigned, Ayin Holding Company Inc., a Delaware corporation (“Maker”),
hereby promises to pay to the order of Matthew B. Mitchell, an individual
resident of the State of Louisiana (“Seller”), at Lafayette, Louisiana,
or such other place as Holder shall designate in writing, in lawful money of
the United States of America, the principal sum of Two Million Seven Hundred
Thousand and no/100 Dollars ($2,700,000), subject to adjustment pursuant to
Section IV below, together with interest thereon, at the rate hereinafter set
forth below, with such principal sum and interest being payable as set forth
below.

Section I.               Definitions

All capitalized terms not otherwise defined herein
shall have the meaning given to them in the Stock Purchase Agreement, dated as
of June 20, 2006, among Mitchell Site Acq, Inc., Maker, Seller, and certain
other parties identified therein (the “Stock Purchase Agreement”).

For the purposes of this Note, the terms set forth
below shall be defined as follows:

(a)           Holder shall mean Seller, or
any subsequent holder hereof.

(b)           Maturity Date shall mean the second
anniversary of this Note.

(c)           Company shall mean Mitchell
Site Acq, Inc.

(d)           Senior Lender shall mean McMahan
Securities Co., or any replacement   lender
or lenders providing, directly or indirectly, senior debt to Company.

(e)                                  EBITDA
means, for any period, the net income (or loss) of Company, for such period,
adjusted (i) to add thereto (to the extent deducted from revenues in
determining net income), without duplication, (A) interest expense, (B)
depreciation and amortization expense, and (C) the annual salary paid to Seller
by Company, and (D) the accrual of the 2005 profit distribution, including any
provisions or payments made for payroll and benefit Taxes associated therewith,
and (ii) to subtract therefrom (to the extent included in determining net
income) (A) consolidated interest income, (B) income not related to the Company’s
Business, and (C) any extraordinary, unusual or non-recurring income or gain,
including gain on

 

the sale of any asset,
business or subsidiary outside the ordinary course of business, in each case
determined on a basis consistent with United States generally accepted
accounting principals (applied on a basis constituent with the Audited
Financial Statements) utilizing the percentage completion method of accounting.

Section II.              Rate of Interest

From and after the date hereof through the Maturity
Date, interest shall accrue on the outstanding principal balance hereof at a
rate equal to nine percent (9%) per annum, calculated on the basis of 365 days
per year and actual days elapsed.

Section III.             Payment of Principal and
Interest

The principal amount evidenced by this Note shall be
payable by Maker in two equal annual installments of $1,350,000.00, plus
accrued interest, subject to adjustment pursuant to Section IV below (the “Annual
Note Payment”), not later than the fifth (5th) business day following the
Final Calculation Date (as defined below) for each of the two Calculation
Periods (as defined below) ending in 2007 and 2008 (each a “Note Payment
Date”); provided, however, that any cash payments due
hereunder shall be subject to the terms of the loan agreements to which Parent
and Company are parties.

Section IV.             Annual Note Payment Adjustment.

At the end of each of the first two twelve-month
periods following Closing (each, a “Calculation Period”, and collectively,
the “Calculation Periods”), Maker and Holder shall compare the audited
EBITDA of Company to the projected EBITDA of Company, and the Annual Note
Payment shall be subject to adjustment as follows:

(a)           Within 120 days after each
Calculation Period, Maker shall cause to be prepared and delivered to Holder an
audited statement of Company’s EBITDA for the preceding twelve-month period
(the “Audited EBITDA”).  The
Audited EBITDA shall be prepared in accordance with GAAP.

(b)           If, during a Calculation Period,
Company shall achieve or exceed eighty-five percent (85%) of the projected
EBITDA as set forth below (the “Minimum EBITDA Target”), as evidenced by
Company’s Audited EBITDA for such Calculation Period, the Annual Note Payment
for the corresponding Calculation Period shall not be subject to
adjustment.  If, during a Calculation
Period, Company shall not achieve or exceed the Minimum EBITDA Target, as
evidenced by the Company’s Audited EBITDA for such Calculation Period, the
Annual Note Payment for such Calculation Period shall be reduced (i) by ten
(10%) percent, plus (ii) an additional two
percent (2%) for each one percent (1%) the Audited EBITDA for such Calculation
Period is below the Minimum EBITDA Target, provided that in no event shall any
Annual Note Payment be reduced more than fifty-percent (50%).

	
  Calculation
  Period

  	
   

  	
  Projected EBITDA

  	
   

  	
  Minimum EBITDA Target

  
	
  1

  	
   

  	
  $4,953,000

  	
   

  	
  $4,210,050

  
	
  2

  	
   

  	
  $5,456,000

  	
   

  	
  $4,637,600

  

 

 

For purposes of this
Section IV, if Holder has any objection to the Audited EBITDA, as calculated by
Maker for any Calculation Period, Holder shall deliver to Maker a detailed
statement describing Holder’s objections within 30 days after receiving the
Audited EBITDA (and if Holder does not object within such 30-day period, then
Holder shall be deemed to have accepted the Audited EBITDA as calculated by
Maker for such Calculation Period). 
Maker and Holder shall use their reasonable best efforts to resolve any
such objections.  If a final resolution
is not obtained within 30 days after Maker has received Holder’s statement of
objections, Maker and Holder shall appoint a nationally-recognized accounting
firm as is mutually acceptable to them, to resolve any remaining
objections.  The decision of such
accounting firm shall be final and binding on all parties.  If any unresolved objections are submitted to
an accounting firm for resolution as provided above, the fees and expenses of
such accounting firm shall be borne (i) by Maker, in the event such accounting
firm determines that the Audited EBITDA is 100% or more of the amount
calculated by Maker, or (ii) by Holder, in the event such accounting firm
determines that the Audited EBITDA is less than 100% of the amount calculated
by Maker.  The date upon which the
Audited EBITDA is finally determined pursuant to this subsection (b) shall be
deemed the “Final Calculation Date”.

 

Section V.              Subordination

Holder acknowledges and agrees that the entire
outstanding principal balance of the indebtedness evidenced by this Note,
together with all accrued and unpaid interest, shall be expressly subordinate
and junior in right of payment and exercise of remedies to the prior payment in
full of all amounts owed to Senior Lender. 
Holder hereby acknowledges and agrees that all rights and privileges
vested in it as the legal holder of this Note shall be and are subordinate and
inferior to the rights, liens, and privileges vested in Senior Lender.

Section VI.             Holder’s Right of First Refusal

Prior to Senior Lender exercising any right to
accelerate the indebtedness owed to it by Maker, Holder shall have the right to
pay in full all outstanding principal and interest any other amounts owing by
Maker and Company to Senior Lender (the “Right of First Refusal”).  If Holder exercises the Right of First
Refusal, then Maker hereby acknowledges and agrees that it shall tender to
Holder, for no additional consideration, all of the issued and outstanding
capital stock of Company.  Maker agrees
to cause Senior Lender to agree to the foregoing, and shall provide a copy of
such agreement to Holder.

Section VII.           Prepayments

Maker shall have the right to prepay the indebtedness
evidenced by this Note, in full or in part, at any time, without penalty, fee
or charge.  All prepayments shall be
applied first to interest accrued hereunder, then to principal.

Section
VIII.          Events of Default

For purposes of this Note, the occurrence of any of
the following events or conditions shall constitute an event of default
hereunder:

 

(a)           Maker shall fail to pay in full any
Annual Note Payment under this Note when due;

(b)           Any representation or warranty of
Maker contained in this Note shall prove to have been untrue in any material
respect when made;

(c)           Maker shall default in the observance
or performance of any material covenant or agreement contained in this Note,
and such default shall continue uncured for a period of 45 days after Holder
notifies Maker of such default;

(d)           Maker shall: (i) file a voluntary
petition or assignment in bankruptcy or a voluntary petition or assignment or
answer seeking liquidation, reorganization, arrangement, readjustment of its
debts, or any other relief under the Bankruptcy Reform Act of 1978, as amended
(the “Bankruptcy Code”), or under any other act or law pertaining to
insolvency or debtor relief, whether State, Federal, or foreign, now or
hereafter existing; (ii) enter into any agreement indicating consent to,
approval of, or acquiescence in, any such petition or proceeding; (iii) apply
for or permit the appointment, by consent or acquiescence, of a receiver,
custodian or trustee of all or a substantial part of its property; (iv) make an
assignment for the benefit of creditors; (v) be unable or shall fail to pay its
debts generally as such debts become due, or (vi) admit in writing its
inability or failure to pay its debts generally as such debts become due; and

(e)           There occurs (i) a filing or issuance
against Maker of an involuntary petition in bankruptcy or seeking liquidation,
reorganization, arrangement, readjustment of its debts or any other relief
under the Bankruptcy Code, or under any other act or law pertaining to
insolvency or debtor relief, whether State, Federal or foreign, now or
hereafter existing; (ii) the involuntary appointment of a receiver, liquidator,
custodian or trustee of Maker or for all or a substantial part of its property;
or (iii) the issuance of a warrant of attachment, execution or similar process
against all or any substantial part of the property of Maker and such shall not
have been discharged (or provision shall not have been made for such
discharge), or stay of execution thereof shall not have been procured, within
sixty (60) days from the date of entry thereof.

Upon any such event of default, the total outstanding
principal and accrued, unpaid interest shall become immediately due and payable,
and the entire unpaid principal of this Note shall bear interest until paid at
a rate of interest equal to twelve percent (12%), computed on the basis of 365
days per year for the actual number of days elapsed.  Forbearance by Holder to exercise its rights
with respect to any failure or breach of Maker shall not constitute a waiver of
the right as to any subsequent failure or breach.

 

Section IX.            Guaranty

Charys Holding Company, Inc., a Delaware corporation (“Guarantor”)
guarantees and promises to and for the benefit of Holder that Maker shall
perform its payment obligations under this Note (the “Obligations”).  If Maker defaults in its Obligations, Holder
shall provide Guarantor and Maker notice of such default within fifteen (15)
days after the occurrence of such default. 
If Maker has not cured such default within thirty (30) business days
after receipt of the notice, Holder may proceed to enforce against Guarantor or
Maker any rights that Holder may have under this Note or pursuant to applicable
laws. For the avoidance of doubt, the guaranty set forth in this Section IX
requires Guarantor to perform the Obligations to the same extent, and only to
such extent, that Maker is obligated to do so. 
Any dispute between Guarantor and Holder shall be subject to the dispute
resolution requirements of the Stock Purchase Agreement.  Holder acknowledges and agrees that the
guaranty provisions under this Section IX shall be subject to the terms of all
loan agreements to which Guarantor and Maker are a party to, and that this
guaranty is subordinate to any guarantee that Guarantor must provide to a
lender providing financing in connection with the Stock Purchase Agreement and
the transactions contemplated thereby.

Section
X.              General Provisions

In no event shall the amount of interest due or
payable hereunder exceed the maximum rate of interest allowed by applicable
law, and in the event any such payment is inadvertently paid by Maker or
inadvertently received by Holder, then such excess sum shall be credited as a payment
of principal, unless Maker shall notify Holder, in writing, that Maker elects
to have such excess sum returned to it forthwith.  It is the express intent hereof that Maker
not pay and Holder not receive, directly or indirectly in any manner whatsoever,
interest in excess of that which may be legally paid by Maker under applicable
law.

Time is of the essence of this Note and, in case this
Note is collected by law or through an attorney at law, or under advice
herefrom, Maker agrees to pay all costs of collection, including reasonable
attorneys’ fees and expenses.

Maker hereby waives presentment, demand for payment,
notice of protest and notice of non-payment.

This Note is non-negotiable and the obligations of
Maker hereunder are subject in all respects to Maker’s rights under the Stock
Purchase Agreement and Section 5 of that certain Employment Agreement (“Employment
Agreement”), dated the date hereof, by and between Seller and Mitchell Site
Acq, Inc. Seller acknowledges that Maker is a third party beneficiary of the
Employment Agreement.

THIS NOTE, AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES HEREUNDER, SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF LOUISIANA (WITHOUT REGARD TO
PRINCIPLES OF CONFLICT OF LAWS).  ANY
DISPUTE HEREUNDER SHALL BE SUBJECT TO THE DISPUTE RESOLUTION REQUIREMENTS OF
THE STOCK PURCHASE AGREEMENT.

(THE REMAINDER OF THIS PAGE HAS
BEEN INTENTIONALLY LEFT BLANK)

 

IN WITNESS WHEREOF,
the undersigned Maker has hereunto executed and sealed this instrument as of
the day and year first above written.

	
   

  	
   

  	
  MAKER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AYIN HOLDING COMPANY INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Jimmy Taylor

  	
   

  
	
   

  	
   

  	
   

  	
   Jimmy Taylor

  
	
   

  	
   

  	
   

  	
   President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  AGREED AND ACKNOWLEDGED

  
	
   

  	
   

  	
  BY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SELLER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Matthew B. Mitchell

  	
   

  
	
   

  	
   

  	
  Matthew B. Mitchell

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  CHARYS HOLDING COMPANY, INC.

  	
   

  	
   

  
	
  for purposes of Section IX only:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  
	
  By:

  	
  /s/ Billy V. Ray, Jr.

  	
   

  
	
  Name:

  	
  Billy V. Ray, Jr.

  	
   

  
	
  Title:

  	
  CEO

  	
   

  
											

 

 

(Signature
Page to Amended MSAI Goodwill Promissory Note)

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