Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.47

CONSULTANT AGREEMENT

This Agreement is made and entered into as of the 2nd day of July, 2007 between Rio Vista Energy
Partners, L.P. (the “Company”) and CEOcast, Inc. (the “Consultant”)

In consideration of and for the mutual promises and covenants contained herein, and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as
follows:

	1.	 	Purpose. The Company hereby employs the Consultant during the Term (as defined below)
to
render Investor Relations services to the Company, upon the terms and conditions as set forth
herein.

	 
	2.	 	Term. This Agreement shall be effective for a one-year period (the “Term”) commencing
on
the date hereof.

	 
	 	 	Thereafter, unless terminated by either party by providing written notice to the other party on
or before May 30, 2008, this Agreement shall automatically renew for additional one year
periods (“Additional Period”) under the same terms and conditions except that either party may
terminate the Agreement at any time during any Additional Period by providing 60 days written
notice to the other party. If this Agreement is terminated, then any cash and/or unit payments
shall be made on a prorata basis in accordance with the same payment schedule provided for in
the original term. In determining the amount of units to be granted in Additional Periods, the
parties agree that the amount will be calculated as follows: The first $15,000 of value (or
prorata portion thereof) based on the closing price of Common Units as of the Additional Period
anniversary date, the next $25,000 of value (or prorata portion thereof) based on average of
the closing price of the Common Units during the thirty calendar days immediately preceding the
September 30 quarter during the Additional Period, the next $25,000 of value (or prorata
portion thereof) based on average of the closing price of the Common Units during the thirty
calendar days immediately preceding the December 31 quarter during the Additional Period, and
the next $25,000 of value (or prorata portion thereof) based on average of the closing price of
the Common Units during the thirty calendar days immediately preceding the March 31 quarter
during the Additional Period. Any Common Units due to Consultant under any Additional period
shall be made at the soonest practical date after March 31 of the annual period in which the
Additional period falls, at the best efforts of the Company.

	 
	3.	 	Duties of Consultant. During the term of this Agreement, the Consultant shall
provide to the
Company those services outlined in Exhibit A. Notwithstanding the foregoing, it is
understood and acknowledged by the parties that the Consultant: (a) shall perform its analysis
and reach its conclusions about the Company independently, and that the Company shall have
no involvement therein; and (b) shall not render advice and/or services to the Company in any
manner, directly or indirectly, that is in connection with the offer or sale of securities in a
capital raising transaction or that could result in market making.

	 
	4.	 	Expenses. The Company, upon receipt of appropriate supporting documentation, shall
reimburse the Consultant for any and all reasonable out-of-pocket expenses incurred by it in
connection with services requested by the Company, including, but not limited to, all charges
for travel, printing costs and other expenses spent on the Company’s behalf. The Company
shall immediately pay such expenses upon the presentation of invoices. Consultant shall not
incur more than $500 in expenses without the express written consent of the Company.

 

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	5.	 	Compensation. For services to be rendered by the Consultant hereunder, the
Consultant shall
receive from the Company upon the signing of the Agreement: (a) $15,000 (the “Retainer),
which shall represent the first and last month’s payment under the Agreement and (b) the
Company shall pay Consultant $7,500 per month on or before the 2nd day of each of the next
ten months excluding the final month of the Agreement.

	 
	 	 	The Company shall also issue Consultant (a) 1,399 of the Company’s fully-paid, non-assessable
common units (“Common Units”) and (b) $75,000 worth of Common units on March 31, 2008 based on
the following calculation of units; $25,000 divided by the average of the closing price of the
Common Units during the thirty calendar days immediately preceding September 30, 2007, $25,000
divided by the average of the closing price of the Common Units during the thirty calendar
days immediately preceding December 31, 2007 and $25,000 divided by the average of the closing
price of the Common Units during the thirty calendar days immediately preceding March 31,
2008. Company shall grant Consultant or its designee “piggyback” registration rights, which
shall entitle Consultant or its designee to register its Common Stock in connection with the
Company’s next registration of securities on Form S-3, at Company’s expense, subject to
underwriter cutback and customary indemnification covenants. Company shall also agree to
provide, at Company’s expense, a legal opinion which will allow Consultant or its designee to
sell its Common Units under Rule 144. The delivery of any Common Units provided for herein
shall be made at the soonest practical date after March 31, 2008, based on the best efforts of
the Company. Company shall also pay Consultant Expenses as outlined in Section 4 promptly.

	 
	6.	 	Voting Agreements. Because of the nature of the services being provided by
Consultant
hereunder, Consultant acknowledges that if it may receive access to Confidential Information
(as defined in Section 7 hereof) and that, as a consultant to the Company, it will attempt to
provide advice that serves the best interest of the Company. Because of the uniqueness of this
relationship, the Consultant covenants and agrees that, with respect to the Common Units that
it receives. Consultant shall, at all times that it is the beneficial owner of such units, vote
such
units on all matters coming before it as a unitholder of the Company in the same manner as
the majority of the Board of Managers of the Company shall recommend.

	 
	7.	 	Confidentiality. Consultant acknowledges that as a consequence of its relationship
with the
Company, it may be given access to confidential information which may include the
following types of information: financial statements and related financial information with
respect to the Company and its subsidiaries, information regarding pending transactions and
SEC filings, trade secrets, products, product development, product packaging,
future marketing materials, business plans, certain methods of operations,
procedures,
improvements, systems, customer lists, supplier lists and specifications, and other private and
confidential materials concerning the Company’s business (collectively, “Confidential
Information”).

	 
	 	 	Consultant covenants and agrees to hold such Confidential Information strictly confidential and
shall only use such information solely to perform its duties under this Agreement, and
Consultant shall refrain from allowing such information to be used in any way for its own
private or commercial purposes. Consultant shall also refrain from disclosing any such
Confidential Information to any third parties. Consultant agrees to take all reasonable
precautions to prevent any trading in securities of Company or Perm Octane Corporation by
Consultant’s officers, directors, employees and agents who have access to such Confidential
Information. Consultant further agrees that upon termination or expiration of this Agreement,
it will return all Confidential Information and copies thereof to the Company and will destroy
all notes, reports and other material prepared by or for it containing Confidential
Information. Consultant understands and agrees that the Company might be irreparably harmed by
violation of this Agreement and that monetary damages may be inadequate to compensate the
Company. Accordingly, the Consultant agrees that, in addition to any other remedies
available to it at law or in equity, the Company shall be entitled to injunctive relief to
enforce the terms of this Agreement.

 

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	 	 	Notwithstanding the foregoing, nothing herein shall be construed as prohibiting Consultant
from disclosing any Confidential Information (a) which at the time of disclosure. Consultant
can demonstrate either was in the public domain and generally available to the public or
thereafter becomes a part of the public domain and is generally available to the public by
publication or otherwise through no act or omission of the Consultant; (b) which Consultant
can establish was independently developed by a third party who developed it without the use of
the Confidential Information and who did not acquire it directly or indirectly from Consultant
under an obligation of confidence; (c) which Consultant can show was received by it after the
termination of this Agreement from a third party who did not acquire it directly or indirectly
from the Company under an obligation of confidence; or (d) to the extent that the Consultant
can reasonably demonstrate such disclosure is required by law or in any legal proceeding,
governmental investigation, or other similar proceeding after giving reasonable notice to
Company in order to permit Company to seek an appropriate protective order before such
disclosure.

	 
	8.	 	Governing Law; Venue; Jurisdiction. This Agreement shall be construed and enforced
in accordance with and governed by the laws of the State of New York, without reference to
principles of conflicts or choice of law thereof. Each of the parties consents to the
jurisdiction of the U.S. District Court in the Southern District of New York in connection
with any dispute arising under this Agreement and 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. Each party
hereby agrees that if another party to this Agreement obtains a final, non-appealable
judgment against it in such a proceeding, the party which obtained such judgment may enforce
same by summary procedure in the courts of any country having jurisdiction over the party
against whom such judgment was obtained, and each party hereby waives any defenses available
to it under local law and agrees to the enforcement of such a judgment. Each party to this
Agreement irrevocably consents to the service of process in any such proceeding by the
mailing of copies thereof by registered or certified mail, postage prepaid, to such party at
it address set forth herein. Nothing herein shall affect the right of any party to serve
process in any other manner permitted by law. Each party waives its right to a trial by jury.

	 
	9.	 	Miscellaneous.

	(a)	 	Any notice or other communication between parties hereto shall be sufficiently given if
sent by certified or registered mail, postage prepaid, if to the Company, addressed to it
at
Rio Vista Energy Partners L.P., 840 Apollo Street, Suite 313, El Segundo, CA 90245
Attention: Chief Financial Officer, facsimile number (310) 563-6255, or if to Consultant,
addressed to it at CEOcast, Inc., 369 Lexington Avenue – 4th Floor, New York,
NY
10017 Attention: Administrator, facsimile number: (212)732-1131, or to such address as
may hereafter be designated in writing by one party to the other. Any notice or other
communication hereunder shall be deemed given three business days after deposit in the
mail if mailed by certified mail, return receipt requested, or on the business day after
deposit with an overnight courier service for next day delivery, or on the date delivered
by hand or by facsimile with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated above (if delivered on a
business
day during normal business hours where such notice is to be received), or the first
business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received).

 

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	(b)	 	This Agreement embodies the entire Agreement and understanding between the
Company and the Consultant and supersedes any and all negotiations, prior discussions
and preliminary and prior arrangements and understandings related to the central subject
matter hereof.

	 
	(c)	 	This Agreement has been duly authorized, executed and delivered by and on behalf of the
Company and the Consultant.

	 
	(d)	 	This Agreement and all rights, liabilities and obligations hereunder shall be binding upon
and inure to the benefit of each party’s successors but may not be assigned without the
prior written approval of the other party.

	 
	 	 	IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
hereof.

	 	 	 	 	 
	 	 	RIO VISTA ENERGY PARTNERS, L.P.
	 
	 	 	 	 
	 	 	By: Rio Vista GP LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	CEOCAST, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

 

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EXHIBIT A

1. Non-deal road shows including meetings with brokers, fund managers and high net-worth investors.

2. Company featured on the Home Page of CEOcast site for one week.

3. The writing and/or review and/or distribution of all Company press releases (including
Penn Octane Corporation) to major new wire services as well as to over 275,000 opt-in
energy investors.

4. Company covered in CEOcast newsletter.

5. Calls to 200 brokers on each news release.

6. Interviews on ceocast.com web site as desired with distribution to over 275,000 opt-in
energy investors.

7. Investor line to handle call volume.

8. Strategic advice, including technical analysis to ensure that press release distribution
and other dissemination of news releases generates the maximum impact.

9. Maintenance of company databases.

 

5Filed by Bowne Pure Compliance

 

Exhibit 10.48

EMPLOYMENT AND NON-COMPETITION AGREEMENT

This EMPLOYMENT AND NON-COMPETITION AGREEMENT (the “Agreement”) is effective as of the 27th
day of July, 2007 (the “Effective Date”), and is made by and between Regional Enterprises, Inc., a
Virginia corporation (herein referred to as “Employer” or “Company”), and W. Gary Farrar, III, an
individual currently residing in the Commonwealth of Virginia (the “Employee”).

WHEREAS, the Employer specializes in liquid bulk storage, railcar transloading and
transportation of bulk liquids, including hazardous, non-hazardous and food grade products
(“Employer’s Business”);

WHEREAS, the Employer is the successor by merger to Regional Enterprizes, Inc., a Virginia
corporation and the former employer of Employee prior to the Effective Date;

WHEREAS, the Employer is a wholly owned subsidiary of Rio Vista Energy Partners L.P., a
Delaware limited partnership (“RVEP”);

WHEREAS, the Employer desires to retain the Employee as the Vice President, Director of
Marketing; and

WHEREAS, effective as of the Effective Date, the Employee desires to serve the Employer as the
Vice President, Director of Marketing on the terms and conditions provided in this Agreement, and
acknowledges that such terms and conditions provide adequate consideration and benefits to the
Employee;

NOW, THEREFORE, in consideration of the promises, covenants and agreements of the Employer and
the Employee (collectively, the “Parties”) contained in this Agreement and in consideration of the
Employee’s continued employment by the Employer, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. Position and Duties. The Employer hereby agrees to employ the Employee as its Vice
President, Director of Marketing. In this role, the Employee shall be responsible for customer
relationships, customer growth/development, customer retention as it relates to Sales and Marketing
of the Employer and any other duties reasonably assigned by the Employer (“Job Description”).
Employee will report directly to the President/Chief Executive Officer of Employer or RVEP. The
Employee will perform his duties at the principal office of the Company in Hopewell, Virginia, or
at such other locations as the Company and the Employee shall hereafter agree, including such
travel as reasonably required for the efficient and effective performance of his duties. Employee
shall devote substantially all of his business time and expend his best efforts, energies and
skills to the diligent and faithful performance of his employment responsibilities. Those
responsibilities may change at the discretion of the Employer or RVEP. However, in all cases the
responsibilities and duties of Employee will not

be changed significantly from those described above, but in no event will such responsibilities and
duties include being primarily responsible for the day to day operations of the Employer.

 

 

 

2. At-will employment. Employee’s employment with Employer is at-will, meaning that
Employer or Employee can terminate the employment relationship at any time, for any reason, with or
without good or just cause.

3. Compensation. The Employee’s annual base salary as of the effective date of this
Agreement will be Two Hundred Ten Thousand Dollars ($210,000.00) (“Base Salary”). This Base Salary
may increase subject to annual performance evaluations by the Employer and is subject to
withholdings and other deductions by reason of Federal, State or local law. The Employer shall pay
such Base Salary in accordance with its regular payroll dates. The Employee shall also be eligible
for any annual bonuses, if any, awarded to employees of the Employer in accordance with the terms
or criteria set for such bonus awards. The Employer also agrees to reimburse the Employee for all
reasonable business expenses incurred by the Employee in connection with the performance of the
Employee’s employment responsibilities and obligations under this Agreement, subject to any
established reimbursement policies of the Employer in effect from time-to-time.

4. Benefits. The Employee shall be entitled to the following benefits during his
employment:

a. Paid Time Off. The Employee shall be allowed vacation of three (3) weeks, sick
leave, and personal leave, in an amount pursuant to the leave allowances as set forth from
time-to-time in the Employer’s policies and procedures.

b. Medical Insurance. The Employee and the Employee’s immediate family shall be
entitled to health insurance benefits comparable to those benefits made available generally to
other employees of the Employer. In addition, Employee will have the continued benefit of full
quarterly reimbursement of all healthcare-related expenses with exception of employees’ paid
portion to semi-monthly premiums. This reimbursement is not to exceed $2,500 during any quarterly
period (beginning on the Effective Date) provided such expenses were actually incurred during the
period.

c. Salary Withholding Plans. The Employee shall be entitled to participate in any
employee benefit plan that the Employer has in existence pursuant to Paragraph 403(b) or 401(k) or
any other provision of the Internal Revenue Code providing for tax-deferred salary withholding
plans in accordance with the same terms and conditions that the Employer may make available
generally to other employees of the Employer.

d. Commissions: Employee will be entitled to commissions based on the revenue of the
Company as set forth in Exhibit A, attached to this Agreement and incorporated herein by reference.

 

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e. Employer options: Employee will be entitled to receive options to purchase 25,000
common units of RVEP with an exercise price equal to the closing price of

RVEP units on the date of the grant. Such options shall expire five years from the date of the
grant and shall vest ratably for each month over a period of twenty-four months. The options will
be exercisable only during the end of a calendar quarter. If termination of Employee’s employment
occurs for any reason, all of Employee’s vested options shall expire on that date which is six
months from the Separation Date (defined herein). Employee shall not be entitled to any additional
vesting of options beyond the Separation Date. The common units acquired through the exercise of
the option will be restricted as provided for under regulations of the Securities and Exchange
Commission. RVEP is under no obligation to register the underlying common units.

5. Limited Restrictive Covenants. For and in consideration of Employee’s continued
employment, compensation, employee benefits and other good and valuable consideration, the
adequacy, sufficiency and receipt of which is hereby acknowledged, and intending to be legally
bound, the Employee agrees to the following:

a. Confidentiality of Employer’s Business Records and Information: The Parties
acknowledge that in the course of performing the duties of the Job Description and due to
Employee’s previous employment with the Employer, Employee has had and will have frequent contact
with Employer’s existing and prospective customers and will have or will develop familiarity with
Employer’s methods of operation, including, but not limited to: (i) the Employer’s methods of
estimating the cost of Employer’s products and services, (ii) the specifications for Employer’s
products and services, and/or (iii) the Employer’s techniques of promoting, selling, and supplying
its services to its customers (“Employer’s Business Practices”). The Employer’s Business
Practices, all records, whether original, duplicated, computerized, electronic, memorized,
handwritten or in any other form, and all information contained therein, including names,
addresses, phone numbers, and account and financial information of any customer, client, customer
lead or prospect, any person or entity to whom or to which the Employer provided services, or any
person or entity to whom or to which the Employer submitted or made a bid, proposal, or offer of
sale for the purpose of providing services (“Customer”), exclusive of information that is generally
available to the public, are confidential and are the sole and exclusive property of the Employer
(collectively, “Confidential Information”).

Employee hereby acknowledges and recognizes that the Confidential Information is the exclusive
property of the Employer, and that the use or disclosure of such information, whether confidential
or otherwise, to any person or entity will irreparably injure the Employer’s business interests.
Employee agrees not to use Confidential Information or remove any such information or records from
the Employer’s office except for the sole purpose of conducting the Employer’s Business on behalf
of the Employer. Except as required by order of a court or other tribunal, or as permitted by the
written consent of the Employer, Employee agrees not to use Confidential Information for Employee’s
benefit or for the benefit of any other entity, or disclose Confidential Information to any person
or entity outside the Company. Specifically, Employee agrees not to divulge or disclose this
information or records to any third party and under no circumstances will reveal or permit this
information or these records to become known by any competitor of Employer either during Employee’s
employment or at any time thereafter.

 

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b. Limited Non-Competition: During Employee’s employment and for a period of eighteen
(18) months following the Separation Date, defined herein (or from the date of entry by a court of
competent jurisdiction of a final judgment enforcing the covenant, whichever is later), Employee
agrees that he shall not, within the following States — Virginia, North Carolina, South Carolina,
Georgia, Florida, West Virginia, Tennessee, Kentucky, Maryland, Pennsylvania, or any territory in
which Employer is performing services (hereinafter collectively “Market Territory”), serve in any
capacity for a Competing Business, defined herein, where Employee’s services or duties would be
similar, comparable or akin to those duties listed in the Job Description set forth above. The
“Separation Date” shall be the last day of Employee’s employment with Employer without regard to
the reasons for cessation of employment. A “Competing Business” shall be an individual or entity
that (a) engages in liquid bulk storage, railcar transloading of bulk liquids and/or transportation
of bulk liquids; and (b) directly competes with the Employer’s Business within the Market
Territory.

Notwithstanding the foregoing restrictions, the Parties agree that the Employee may work for,
provide services to, or own: (a) a Competing Business that conducts no business within the Market
Territory; or (b) a Competing Business where the work or services performed by Employee are
different from or dissimilar to the work or services that the Employee provided to Employer.

c. Limited Non-Solicitation of Customers: During Employee’s employment and for a
period of eighteen (18) months following the Separation Date (or from the date of entry by a court
of competent jurisdiction of a final judgment enforcing the covenant, whichever is later), Employee
agrees that he will not, on behalf of or in conjunction with a Competing Business, solicit or
attempt to induce or persuade any Customer to whom Employer provided services, or whose name became
known to Employee while employed by Employer, to (a) reduce or discontinue its or their business
with or patronage of Employer; or (b) purchase or acquire from a Competing Business the same or
similar products or services as were sold or provided by the Employer.

d. Limited Non-Solicitation of Employees. During Employee’s employment and for a
period of eighteen (18) months following the Separation Date (or from the date of entry by a court
of competent jurisdiction of a final judgment enforcing the covenant, whichever is later), Employee
agrees that he will not, on his own behalf, or on the behalf of or in conjunction with any other
person or entity, solicit for hire or assist others in the solicitation or hiring of any employee
of the Employer for work in a Competing Business. This includes, but is not limited to: (i)
providing a Competing Business the identities of any of the Employer’s employees; or (ii) assisting
any of the Employer’s employees in obtaining employment with a Competing Business through the
dissemination of resumes or otherwise.

6. Remedies

(a) Injunctive Relief. In the event Employee breaches any of the covenants of
Paragraph 5 above, Employee agrees that Employer will be entitled to injunctive relief. Employee
recognizes that Employer will suffer immediate and irreparable harm, and that money damages will
not be adequate to compensate Employer or to preserve or protect the
status quo. Accordingly, EMPLOYEE CONSENTS TO THE ISSUANCE OF A TEMPORARY RESTRAINING ORDER OR A PRELIMINARY
INJUNCTION OR PERMANENT INJUNCTION ordering:

 

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(i) That Employee immediately return to Employer all records whether original,
duplicated, computerized, electronic, handwritten, or in any other form whatsoever, and that
Employee be enjoined and restrained from using or disclosing any information contained in
such records; and

(ii) That for a period of eighteen (18) months, Employee be enjoined and restrained
from violating the non-competition provisions of Paragraph 5(b) of this Agreement;

(iii) That for a period of eighteen (18) months, Employee be enjoined and restrained
from violating the non-solicitation of Customer provisions of Paragraph 5(c) of this
Agreement; and

(iv) That for a period of eighteen (18) months, Employee be enjoined and restrained
from violating the non-solicitation of employees provisions of Section 5(d) of this
Agreement.

Employee agrees to submit to the personal jurisdiction of the Circuit Court of the County of
Henrico, Virginia, or the United District Court for the Eastern District of Virginia, Richmond
Division, for purposes of the injunctive relief described herein and any proceedings by Employer to
compel Employee’s participation in an arbitration of disputes under this Agreement.

7. Employee’s Representations. The Employee represents and warrants that: (i) as of
the commencement of the Employee’s employment, he is not and will not be subject to any covenants
or contracts that impair, restrict, or limit his ability to perform his duties under this Agreement;
and (ii) there are no physical or mental limitations that would impair, restrict, or limit his
ability to carry out Employee’s duties under this Agreement.

8. Assignment; Binding Effect. This Agreement is personal as to the Employee and
shall not be assignable by him. The Employer may assign its rights under this Agreement to any
person, firm, corporation, or other entity which may acquire all, or substantially all, of the
business which is now or hereafter conducted by the Employer or which may acquire substantially all
of the assets of the Employer, or with or into which the Employer may be consolidated or merged,
provided, that any such assignment shall be subject to the express terms and conditions hereof.
This Agreement shall be binding upon and shall inure to the benefit of the respective Parties
hereto and their heirs, executors, personal representatives and successors.

9. Severance Benefit. If the Employer terminates Employee’s employment without “Good
Cause” as defined below, Employer will pay the Employee’s an amount equal to $210,000 less the
amount of Base Salary received from the Effective Date. Employee will not be entitled to any other
payments except any amounts owing on accrued and unpaid commissions and accrued and unpaid expense
reimbursements through the date of termination. All of

Employee’s vested options shall expire on that date which is six months from the Separation Date.

 

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For purposes of this Agreement, termination for “Good Cause” shall mean a termination of
Employee’s employment by Employer due to Employee’s failure to follow directives provided by his
superiors, Employee’s material breach of his obligations under this Agreement, breach of a material
fiduciary duty owed to the Employer, fraud, theft, embezzlement, misappropriation of Employer
funds, abuse of controlled substances (including alcohol) that materially impairs Employee’s
ability to perform his duties and responsibilities hereunder, conviction of a felony, forgery or
the knowing falsification of documents, unauthorized use or disclosure of Confidential Information
and/or misconduct by Employee that is materially injurious to the Employer.

If the Employee resigns, is terminated for Good Cause, as defined above, becomes disabled and
is unable to perform the essential functions of his job, or dies, Employee will be entitled to none
of the payments discussed in this section.

The amounts payable pursuant to this section, if any, shall be paid such that the payments do
not constitute a nonqualified deferred compensation plan under Section 409A of the Internal Revenue
Code (the “Code”). Accordingly, neither the Employer nor the Employee may accelerate the payment
of the amounts as set forth above, except as specifically permitted pursuant to Code Section
409A. 

10. Miscellaneous.

a. Governing Law. This Agreement shall in all respects be governed by, and construed
in accordance with, the laws of the Commonwealth of Virginia without reference to its conflicts of
law principals.

b. Integration; Modification of Agreement. This instrument constitutes the entire
agreement of the Parties hereto with respect to the subject matter herein. No provisions of this
Agreement may be amended, modified, or discharged, unless such amendment, modification, or
discharge has been approved by the Parties and agreed to in writing and signed by the Parties.

c. Severability. Each section and subsection of this Agreement constitutes a separate
and distinct provision hereof. It is the intent of the Parties hereto that the provisions of this
Agreement be enforced to the fullest extent permissible under the laws and public policies
applicable. Accordingly, if any provision of this Agreement shall be adjudicated to be invalid,
ineffective, or unenforceable, the remaining provisions shall not be affected thereby.

d. Waiver. No waiver by either Party of a right or remedy hereunder shall be deemed
to be a waiver of any other right or remedy or of any subsequent right or remedy of the same kind.
No such waiver shall be enforceable unless expressed in a written instrument executed by the Party
against whom enforcement is sought.

 

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IN WITNESS WHEREOF, the Parties have executed this Agreement as follows:

	 	 	 	 	 
	 	 	Employer:

Regional Enterprises, Inc.
	 
	 	 	 	 
	Date: July 27, 2007

	 	By:
	 	     /s/ Ian T. Bothwell
	 

	 	 	 	 
	 

	 	 	 	     Ian T. Bothwell
	 

	 	 	 	     President and Chief Executive Officer
	 
	 	 	 	 
	 	 	Employee:
	 
	 	 	 	 
	Date: July 27, 2007	 	/s/ W. Gary Farrar, III
	 	 	 
	 	 	     W. Gary Farrar, III

 

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EXHIBIT A

COMMISSION SCHEDULE

	 	 	 	 	 
	 	 	Revenue	 
	 	 	Commission	 
	REVENUES (a), (b, (c))	 	Rate	 
	$  0 - $7,100,000
	 	 	0.0	%
	$ > 7,100,000 < $10,000,000
	 	 	1.0	%
	$ > 10,000,001 < $15,000,000
	 	 	1.5	%

 

			
	(a)	 	Commodity based revenues will be adjusted to net profits (revenues less related
commodity costs)

	 
	(b)	 	Only includes operating revenues related to liquid bulk storage, railcar transloading
and transportation of bulk liquids, including hazardous, non-hazardous and food grade
products.

	 
	(c)	 	Increased commission rates apply to incremental revenues only.

 

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