Document:

EXHIBIT 10.5
                                                                    ------------

                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT (the "Agreement") dated as of the 3rd day of
September, 2003, between GREYSTONE MANUFACTURING, L.L.C., an Oklahoma limited
liability company ("Borrower," which term shall be construed to include its
successors-in-interest and assigns), and GREYSTONE PLASTICS, INC., an Iowa
corporation ("Creditor," which term shall be construed to include its
successors-in-interest and assigns).

                                    RECITALS

         A. Borrower is or shall be in the future indebted to Creditor under a
promissory note dated September 3, 2003 (the "Note").

         B. All present and future obligations of Borrower to Creditor are to be
secured by a security interest in favor of Creditor in the "Collateral" as such
term is defined in Section 3 of this Agreement and as set forth in Schedule 3
hereof.

         C. The purpose of this Agreement is to evidence the security interest
granted Creditor in the Collateral.

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

         1.  Defined Terms.

             (a) The following terms shall have the following meanings, (such
                 terms to be equally applicable to both singular and plural
                 forms of the terms defined):

                 (i)   "Code" shall mean the Uniform Commercial Code as the same
                       may from time to time be in effect in the State of Iowa.

                 (ii)  "Collateral" shall have the meaning set forth in Section
                       3 of this Agreement.

                 (iii) "Event of Default" shall mean any default in the timely
                       payment or performance by Buyer of any of Borrower's
                       Obligations (as defined in Section 2 hereof) to Creditor.

             (b) The following terms shall have the meanings set forth in the
                 Code (such terms to be equally applicable to both singular and
                 plural forms of the terms defined): (i) "Accounts," (ii)
                 "Chattel Payer," (iii) "Document," (iv) "Equipment," (v)
                 "Fixtures," (vi) "General Intangible," (vii) "Inventory,"
                 (viii) "Investment Property," (ix) "Instrument" (x) "Goods" and
                 (xi) "Proceeds."
<PAGE>
         2.  Obligations Secured by the Agreement. The security interest herein
granted is given to secure all indebtedness of Borrower to Creditor, whether the
same is incurred under an open account, is evidenced by a promissory note
(including the Note) or otherwise and whether such indebtedness is now existing
or is hereafter incurred, and all obligations of Borrower to Creditor under this
Agreement (hereinafter collectively referred to as the "Obligations"), and all
expenditures by Creditor involving the performance of or enforcement of any
agreement, covenant or warranty provided for by this Agreement or under the
Obligations, including all costs, attorneys' fees (whether incurred in
connection with bankruptcy, appellate, probate or nonjudicial proceedings or
otherwise) and other expenditures of Creditor in the collection and enforcement
of any obligation or liability of Borrower to Creditor under this Agreement or
under the Obligations and in the collection and enforcement of or realization
upon any of the Collateral.

         3.  Assignment and Grant of Security Interest. Borrower hereby assigns,
transfers and conveys to Creditor and grants to Creditor a security interest in,
to and under all assets of both in Schedule 3 hereof (all of which are
hereinafter collectively called the "Collateral").

         4.  Continuing Liability. Borrower hereby expressly agrees that,
anything herein to the contrary notwithstanding, it shall remain liable under
each contract, agreement and instrument, assigned by it to Creditor hereunder to
observe and perform all the conditions and obligations to be observed and
performed by it thereunder, and covenants and agrees to observe and perform all
such conditions and obligations, all in accordance with and pursuant to the
terms and provisions thereof. Creditor shall have no obligation or liability
under any such contract, agreement or instrument, or the Accounts, by reason of
or arising out of this Agreement or the assignment thereof to Creditor or the
receipt by Creditor of any payment relating to any such contract, agreement or
instrument, or the Accounts pursuant hereto, nor shall Creditor be required or
obligated in any manner to perform or to fulfill any of the obligations of
Borrower thereunder or pursuant thereto, or to make any payment, or to make any
inquiry as to the nature or the sufficiency of any payment received by it or the
sufficiency of any performance by any party under any such contract, agreement
or instrument, or the Accounts, or to present or file any claim, or to take any
action to collect or enforce any performance or the payment of any amounts which
may have been assigned to it or to which it may be entitled at any time or
times.

         5.  Representations, Warranties and Covenants of Borrower.

             (a) Borrower hereby represents and warrants to Creditor that:

                 (i)   this Security Agreement constitutes and shall at all
                       times constitute the only lien on the Collateral except
                       for the lien of US BANCORP ("Bank Lien") (in the amount
                       of $_________) which shall have priority over the lien
                       granted pursuant to this Agreement;

                 (ii)  Borrower is the absolute owner of the Collateral, free
                       and clear of any and all claims or liens in favor of
                       others (except as noted in (i) above), with full right to
                       pledge, sell, assign, transfer and create a security
                       interest therein;

                                       -2-
<PAGE>
                 (iii) The Borrower is a limited liability company duly formed,
                       validly existing and in good standing under the laws of
                       the State of Oklahoma.

                 (iv)  The Borrower has places of business at the following
                       locations: 1613 East 15th Street, Tulsa, Oklahoma 74120;

                 (v)   If the Borrower has more than one place of business, the
                       Borrower has its chief executive office at: 1613 East
                       15th Street, Tulsa, Oklahoma 74120.

             (b) Borrower shall at its expense forever warrant and, at
                 Creditor's request, defend the Collateral from any and all
                 claims and demands of any other person and it shall not grant,
                 create or permit to exist any lien upon or security interest in
                 the Collateral in favor of any other person (except for the
                 Bank Lien).

             (c) Borrower shall not sell, transfer, lease or otherwise dispose
                 of any of the Collateral (except for sales of Inventory in the
                 ordinary course of business) without obtaining the prior
                 written consent of Creditor to such sale, transfer, lease or
                 other disposition.

             (d) Borrower shall not move any item of Equipment from the 2601
                 Shoreline Drive, Bettendorf, Iowa 52722 where it is now
                 located, locate at a new place of business, remove from a place
                 of business as set forth above, establish a new chief executive
                 office, change its corporate name or state of incorporation or
                 use a trade name not listed above until the lien has been
                 released or otherwise approved by the Creditor giving written
                 notice of such intended relocation, removal, establishment,
                 change or use.

             (e) Borrower shall not merge, consolidate, dissolve, liquidate,
                 convert or otherwise engage in any restructuring or
                 reorganization without obtaining the prior written consent of
                 Creditor to such transaction.

             (f) Borrower shall not agree to do anything which it is prohibited
                 from doing under subsections (b), (c) or (e) above.

             (g) No other lien on the Equipment other than the lien of Bank
                 Lien.

         6.  Creditor Appointed as Attorney-in-Fact.

             (a) Borrower hereby irrevocably constitutes and appoints Creditor
                 and any officer or agent thereof, with full power of
                 substitution, as its true and lawful attorney-in-fact with full
                 irrevocable power and authority in the place and stead of
                 Borrower and in the name of Borrower or in its own name, from
                 time to time in Creditor's discretion, for the purpose of
                 carrying out the terms of this Agreement, such power and
                 authority to be exercisable upon the occurrence of an Event of
                 Default, to take any and all appropriate action and to execute
                 any and all documents and instruments which may be necessary or
                 desirable to accomplish the purposes of this Agreement,
                 including, without limiting the generality of the foregoing,
                 the power and right, without notice to or assent by Borrower to
                 do the following:

                                       -3-
<PAGE>
                 (i)   upon the occurrence and continuance of any Event of
                       Default, to ask, demand, collect, receive and give
                       acquittances and receipts for any and all moneys due and
                       to become due, or any performance to be rendered, under
                       any Account or any contract, agreement or instrument
                       included in the Collateral and, in the name of Borrower
                       or its own name or otherwise, to take possession of and
                       endorse and collect any checks, drafts, notes,
                       acceptances or other instruments for the payment of
                       moneys due under any Account, or any other contract,
                       agreement or instrument included in the Collateral and to
                       file any claim or to take any other action or proceeding
                       in any court of law or equity or otherwise deemed
                       appropriate by Creditor for the purpose of collecting any
                       and all such moneys due or securing any performance to be
                       rendered under any such contract, agreement or instrument
                       pledged and assigned hereby;

                 (ii)  upon the occurrence and continuance of any Event of
                       Default, to pay or discharge taxes, liens, security
                       interests or other encumbrances levied or placed on or
                       threatened against the Collateral; and

                 (iii) upon the occurrence and continuance of any Event of
                       Default (A) to direct any party liable for any payment or
                       performance under any of the Accounts included in the
                       Collateral to make payment of any and all moneys due and
                       to become due thereunder or to render any performance
                       provided for therein directly to Creditor or as Creditor
                       shall direct; (B) to receive payment of and receipt for
                       any and all moneys, claims and other amounts due and to
                       become due at any time in respect of or arising out of
                       any Collateral; (C) to sign and endorse any invoices,
                       freight or express bills, bills of lading, drafts against
                       debtors, assignments, verifications and notices in
                       connection with Accounts and other documents relating to
                       the Collateral; (D) to commence and prosecute any suits,
                       actions or proceedings at law or in equity in any court
                       of competent jurisdiction to collect the Collateral or
                       any Proceeds thereof and to enforce any other right in
                       respect of any Collateral; (E) to defend any suit, action
                       or proceeding brought against Borrower with respect to
                       any Collateral; (F) to settle, compromise or adjust any

                                       -4-
<PAGE>
                       suit, action or proceeding described above and, in
                       connection therewith, to give such discharges or releases
                       as Creditor may deem appropriate; and (G) generally to
                       sell, transfer, pledge, make any agreement with respect
                       to or otherwise deal with any of the Collateral as fully
                       and completely as though Creditor was the absolute owner
                       thereof for all purposes, and to do, at Creditor's option
                       and Borrower's expense, at any time, or from time to
                       time, all acts and things which Creditor deems necessary
                       to protect, preserve or realize upon the Collateral and
                       Creditor's security interest therein in order to effect
                       the intent of this Agreement, all as fully and
                       effectively as Borrower might do.

                       Borrower hereby ratifies all that said attorneys shall
                       lawfully do or cause to be done by virtue hereof. This
                       power-of-attorney is a power coupled with an interest and
                       shall be irrevocable.

             (b) The powers conferred on Creditor and the other attorneys
                 appointed hereunder are solely to protect the interests of
                 Creditor in the Collateral and shall not impose any duty upon
                 them to exercise any such powers. Creditor and the other
                 attorneys appointed hereunder shall be accountable only for
                 amounts that they actually receive as a result of the exercise
                 of such powers, and neither they nor any of their officers,
                 directors, employees or agents shall be responsible to Borrower
                 for any act or failure to act, except for their gross
                 negligence or willful misconduct.

             (c) Borrower also authorizes Creditor, at any time and from time to
                 time, (i) to communicate in its own name with any party to any
                 contract, agreement or Account included in the Collateral with
                 regard to the assignment thereof hereunder and other matters
                 relating thereto; and (ii) to execute, in connection with the
                 sale provided for in Section 9 of this Agreement, any
                 endorsements, assignments, bills of sale or other instruments
                 of conveyance or transfer with respect to the Collateral.

         7.  Performance by Creditor of Borrower's Obligations. If Borrower
fails to perform or comply with any of its agreements contained herein, under
the obligations or in any contract, agreement or instrument included in the
Collateral, and Creditor, as provided for by the terms of this Agreement, shall
itself perform or comply, or otherwise cause performance or compliance, with
such agreement, the expenses of Creditor incurred in connection with such
performance or compliance, together with interest thereon at the maximum lawful
interest rate permitted under the laws of the State of Oklahoma shall be payable
by Borrower to Creditor on demand and until such payment shall constitute
Obligations secured hereby. Creditor shall have the right to pay off any lien,
security interest or other encumbrance on the Collateral, regardless of whether
the obligations secured by such lien, security interest or other encumbrance are
due and owing, and such amount shall constitute obligations secured hereby.

                                       -5-
<PAGE>
         8. Inspection Rights. Creditor is hereby given the right and privilege,
during regular business hours, of making such inspections of the Collateral and
records thereof as it deems necessary and of auditing or causing an audit or
verification of the books and records of Borrower relating to the Collateral at
any time and from time to time, including the contacting of customers or
suppliers of Borrower in connection with such audit or verification. Borrower
agrees to assist Creditor in every way necessary to facilitate such audits,
verifications and inspections.

         9.  Remedies. If an Event of Default hereunder or under the obligations
has occurred and is continuing, Creditor may exercise, in addition to all other
rights and remedies granted to it in this Agreement, all rights and remedies of
a secured party under the Code or any other applicable law. Creditor, at its
option, may proceed as to all or any part of the Collateral in accordance with
its rights or remedies hereunder. Without limiting the generality of the
foregoing, Borrower expressly agrees that in any such event Creditor, without
demand of performance or other demand, advertisement or notice of any kind to or
upon Borrower or any other person (all and each of which demands, advertisements
and/or notices are hereby expressly waived), may forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may
forthwith sell, lease, license, assign, give option or options to purchase, or
sell or otherwise dispose of and deliver said Collateral (or contract to do so),
or any part thereof, in one or more parcels at public or private sale or sales,
at any exchange, broker's board or at any of Creditor's offices or the
Borrower's offices or elsewhere at such prices as it may deem best, for cash or
on credit or for future delivery without assumption of any credit risk, and
Creditor shall apply the net proceeds (after expenses) of any such sale, lease,
license, assignment or other disposition against the indebtedness secured hereby
in such order as Creditor in its sole discretion shall determine, Borrower
remaining liable for any deficiency therein. Creditor shall have the right upon
any such public sale or sales to purchase the whole or any part of the
Collateral so sold. To the extent permitted by applicable law, Borrower waives
all claims, damages and demands against Creditor arising out of the
repossession, retention, sale or license of the Collateral. In the event
Creditor is required by law to give written notice to Borrower of any
disposition of the Collateral, Borrower agrees that five (5) days' prior written
notice by Creditor to Borrower shall be deemed to be reasonable notice.

         10. Grant of License to Use Intangibles. For the purpose of enabling
Creditor to exercise rights and remedies under this Agreement at such time as
Creditor shall be lawfully entitled to exercise such rights and remedies and for
no other purpose, Borrower hereby grants to Creditor an irrevocable,
nonexclusive license (exercisable without payment of royalty or other
compensation to Borrower) to use, assign or sublicense any of the Collateral,
now owned or hereafter acquired by Borrower and wherever the same may be
located, including in such license reasonable access to all media in which any
of the licensed items may be recorded or stored and to all computer programs
used for the compilation or printout thereof. Until such time as Creditor is
entitled to exercise such rights and remedies Borrower is entitled to use the
Collateral without payment of royalty or other compensation to Creditor.

         11. Limitation on Creditor's Duty in Respect of Collateral. Beyond the
use of reasonable care in the custody and preservation thereof, Creditor shall
not have any duty as to any Collateral in its possession or control or in the
possession or control of its agent or nominee or any income thereon or as to the
preservation of rights against prior parties or any other rights pertaining
thereto.

                                       -6-
<PAGE>
         12. Further Assurances, Etc. Borrower authorizes Creditor to sign and
file financing statements, continuation statements and any other forms, filings
or other statements required or permitted under the Code at any time and from
time to time with respect to the Collateral without Borrower's signature and on
Borrower's behalf. Borrower will, however, at any time upon Creditor's request,
sign financing statements, continuation statements, trust receipts, security
agreements or other agreements, forms, filings or other statements with respect
to the Collateral. Upon the failure of Borrower to do so, Creditor is authorized
as Borrower's agent to sign any such instrument or agreement. Borrower agrees
that at any time and from time to time upon the written request of Creditor,
Borrower will promptly execute and deliver any and all such further instruments
and documents and do such further acts as Creditor may reasonably request in
order to carry out more effectively the purposes of this Agreement and obtain
for Creditor the full benefits of the security interests granted to Creditor
hereby.

         13. Notices. All notices, requests and other communications to any
party hereunder shall be in writing (including telegraph, cable, telex,
facsimile or similar transmissions or writing) and shall be given to such party
at its address, or telex, cable or facsimile number set forth below or such
other address or telex, cable or facsimile number as such party may hereafter
specify by written notice to the other parties hereto.

         14. Partial Invalidity. If any term, covenant or condition of this
Agreement or the application thereof to any person or circumstance shall, to any
extent, be invalid or unenforceable, the remainder of this Agreement, or the
application of such term, covenant or condition to persons or circumstances
other than those as to which it is held invalid or unenforceable, shall not be
affected thereby and each term, covenant or condition of this Agreement shall be
held valid and be enforced to the fullest extent permitted by law.

         15. No Waiver; Cumulative Remedies. Creditor shall not by any act,
delay, omission or otherwise be deemed to have waived any of its rights or
remedies hereunder, and no waiver shall be valid unless in writing, signed by
Creditor, and then only to the extent therein set forth. A waiver by Creditor of
any right or remedy hereunder on any one occasion shall not be construed as a
bar to any right or remedy which Creditor would otherwise have had on any future
occasion. No failure to exercise nor any delay in exercising on the part of
Creditor any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies
hereunder provided are cumulative with any rights and remedies under the Note or
any other loan document and may be exercised singly or concurrently, and are not
exclusive of any rights and remedies provided by law or equity.

         16. Limitations by Law. All rights, remedies and powers provided by
this Agreement may be exercised only to the extent that the exercise thereof
does not violate any applicable provision of law, and all the provisions of this
Agreement are intended to be subject to all applicable mandatory provisions of
law which may be controlling and to be limited to the extent necessary so that
they will not render this Agreement invalid, unenforceable in whole or in part
or not entitled to be recorded, registered or filed under the provisions of any
applicable law.

                                       -7-
<PAGE>
         17. Binding Effect. This Agreement and all the covenants and agreements
herein will be binding upon and inure to the benefit of the parties hereto and
their respective successors in interest and assigns. The Creditor shall at all
times have the right to assign its rights and interest under this Agreement.

         18. Applicable Law. This Agreement shall be governed by, and be
construed and interpreted in accordance with, the laws of the State of Oklahoma
and the United States.

         IN WITNESS WHEREOF the parties have caused this Agreement to be
executed as of the day and year first set forth above.

"GREYSTONE PLASTICS, INC."

By: /s/ Bill Hamilton
    -------------------
Name:  Bill Hamilton
       ----------------
Title:  President
        ---------------

"GREYSTONE MANUFACTURING, L.L.C.

By: /s/ Warren F. Kruger
    --------------------
Name:  Warren F. Kruger
       -----------------
Title:  Manager
        ----------------

                                       -8-

All annexes to this agreement are omitted from this Exhibit. The registrant will
furnish supplementally a copy of any omitted annex to the Commission upon
request.EXHIBIT 10.6
                                                                    ------------

                              EMPLOYMENT AGREEMENT
                              --------------------

         THIS EMPLOYMENT AGREEMENT shall be effective on 3rd day of September,
2003 (Effective Date) between Greystone Manufacturing, L.L.C. (the "Company")
and Bill Hamilton ("Hamilton").

                                    RECITALS
                                    --------

         WHEREAS, the Company has determined that Hamilton's services to the
Company will be of great value to the Company, and accordingly, the Company
desires to enter into this Agreement with Hamilton as set forth herein in order
to secure such services;

         WHEREAS, Hamilton hereby represents and warrants to the Company that he
is free to work for the Company without violation of any other agreements to
which Hamilton is a party;

         WHEREAS, Hamilton desires to serve as an employee of the Company on the
terms set forth herein;

         NOW THEREFORE, for and in consideration of Hamilton's employment by the
Company, the promises and the mutual agreements set forth herein, Hamilton and
the Company agree as follows:

         1.   Employment Duties.

              (a) The Company agrees to employ Hamilton as the Manager and
         person in charge of the Company's beverage pallet operations in
         Princeton, Iowa, operating as Greystone Pallet Company ("Greystone") a
         wholly owned subsidiary of the Company with the duties and
         responsibilities generally associated with such position, and such
         other reasonable additional responsibilities as may be added to
         Hamilton's duties from time-to-time by the Company's Board of Directors
         (the "Board"). Hamilton shall report directly to Warren F. Kruger (the
         "President") of the Company.

              (b) Hamilton shall (i) diligently follow and implement all
         policies and decisions communicated by the President; (ii) timely
         prepare and forward to the President all reports and accountings as may
         be requested; and, (iii) devote all of his professional time, attention
         and efforts to the business and affairs of the Company, subject to
         vacations and to reasonable periods of illness and/or disability
         consistent with the Company's policy and applicable law. Hamilton may
         continue his trucking business, but only as it relates to providing
         trucking services to the Company at the same rates previously charged
         to Greystone Plastic, Inc.

              (c) The work product to be produced hereunder by Hamilton shall be
         considered a work made for hire as defined in the Copyright Act of
         1976, and is therefore owned exclusively by the Company which vests
         copyright ownership of works for hire in the Company for whom the work
         is prepared. If any works hereunder shall be found not to be works made
         for hire, or ownership does not otherwise automatically vest in the
         Company, Hamilton shall immediately disclose and assign to Company any
         right, title and interest in any inventions, models, processes,
<PAGE>
         patents, copyrights and improvements thereon relating to services or
         processes or products of Company that Hamilton conceives or acquires
         during the employment relationship with Company or that Hamilton may
         conceive or acquire, during the period of (1) one year after
         termination of this Agreement.

         2.   Term. The initial term of employment shall be five (5) years
("Initial Term") with three (3) automatic five (5) year renewal periods ("New
Terms"); however, the New Terms shall not renew in the event that either party
gives the other party at least ninety (90) days prior written notice of
non-renewal prior to the end of the then-current term. In the event either party
provides notice of non-renewal or terminates their Agreement pursuant to Section
4, Hamilton shall jointly and severally diligently assist the Company in
transitioning all matters and work for which he was responsible as the Company
shall direct.

         3.   Compensation.

              (a) Upon Closing the purchase of the Greystone assets of the
         Company, Hamilton shall be paid a total annual cash compensation as
         salary totaling $170,000 per year (the "Base Salary"). The company
         shall split the Base Salary between Hamilton as directed by Hamilton
         and the payments shall accrue and be due and payable in equal, or as
         nearly equal as practicable, semi-monthly installments.

              (b) At Closing, Hamilton will receive an option from the Company's
         parent company, PalWeb Corporation ("PalWeb") to purchase up to 60,000
         shares of the PalWeb Common Stock each year for a period of five (5)
         years for a total of up to 300,000 shares. The option price and related
         terms and conditions shall be set in accordance with the Company's
         stock option plan.

              (c) Conditioned upon the beverage pallets assembled with the
         in-house manufactured fiberglass rods maintaining a net revenue margin
         (pre-tax) of at least $4.00 per pallet, the Company agrees to pay
         Hamilton for a period of three (3) years from the date hereof an annual
         bonus equal to 50% of the net cash savings resulting from the in-house
         manufacturing of the fiberglass rods ("In-House Rods") utilized in the
         beverage pallet of Greystone. (Example: the current cost is $1.50 per
         fiberglass rod and the actual cost (fully burdened) of producing a
         comparable or better In-House Rods by the Company is $0.50 per
         fiberglass rod, then the net cash savings would equal $1.00 per
         fiberglass and each year 50% of the annual savings (12 months of
         accumulated savings) would be bonused out to Hamilton in single or
         split amounts as designated by Hamilton so long as the combined split
         did not exceed 50% of the annual savings).

              (d) Hamilton will also be entitled to related benefits provided by
         the Company to other Managers and Operations officers such as:

                                       -2-
<PAGE>
              (i)  The Company will provide health insurance benefits for
              Hamilton and dependents on the same basis of the other Company
              employees.

              (ii) Hamilton shall, upon submission of written documentation of
              business related expenses incurred, be reimbursed for any and all
              necessary, customary and usual expenses, as approved by the
              President and incurred by Hamilton on behalf of Company in the
              normal course of business.

              (iii) Hamilton shall receive three (3) weeks of paid vacation.
              Accrued unused vacation time shall expire at the end of each
              calendar year.

              (iv) The Base Salary and any bonuses, allowance payments, and all
              other payments shall be subject to withholding for all applicable
              taxes as required under applicable federal and state laws.

         4.   Termination. This Agreement and Hamilton's employment can be
terminated by the President of the Company as follows:

              (a) Upon the death of Hamilton; or

              (b) Upon Hamilton's permanent disability (which shall mean his
         inability to perform his duties and responsibilities under this
         Agreement for a period of at least six (6) consecutive months); or

              (c) By the Company for Cause immediately and without notice. Cause
         means either the joint or several conduct of Hamilton which amounts to
         (i) fraud, dishonesty or breach of fiduciary duty against the Company;
         (ii) willful misconduct, insubordination, repeated refusal to follow
         the reasonable directions of the President or violation of law in the
         course of performance of duties with the Company; (iii) repeated
         absences from work without a reasonable excuse; (iv) intoxication with
         alcohol or drugs while on the Company's premises during regular
         business hours; (v) having a primary residence located more than twenty
         (20) miles from the Greystone plant; (vi) a conviction or plea of
         guilty or NOLO CONTENDERE to a felony or a crime involving dishonesty:
         (vii) a material breach or violation of the terms of his Agreement, the
         Company's general employment policies or any other agreement to which
         Hamilton and the Company are party; or (viii) any malfeasance or
         misfeasance by Hamilton of his duties to the Company that is not
         corrected within ten (10) calendar days after notice thereof to
         Hamilton.

         5.   Effects of Termination.

         Upon termination:

              (a) Pursuant to Section 4 (a)(b), the Company shall pay Hamilton
         the Base Salary through the effective date of termination and
         thereafter at a rate of 25% of the Base Salary through the conclusion
         of the then current term of the Agreement. All other benefits, bonuses
         and obligations of the Company to Hamilton shall terminate upon the
         effective date of termination.

              (b) Pursuant to Section 4 (c), Hamilton shall be entitled to no
         further payments of the Base Salary or any other amounts or any
         benefits under his Agreement and all then accrued but unpaid amounts
         and benefits shall be immediately paid, and no further amounts or
         benefits shall accrue.

                                       -3-
<PAGE>
         6.   Covenant Not to Compete and Non-Circumvention. The undersigned
parties understand and agree that a substantial portion of the value of the
assets being sold by Hamilton to the Company by separate agreement is based on
the goodwill, know-how and customer relationships ("Intangible Assets") held and
maintained by Hamilton. The undersigned parties further understand and agree
that the tangible assets have a greatly diminished value if these Intangible
Assets are denied to Company or otherwise circumvented or diverted by Hamilton,
then material damages would result to the detriment of the Company.

         Accordingly, as further consideration for this Agreement and the
purchase of Hamilton's interest in Greystone Plastics, Inc., by the Company,
Hamilton covenants and agrees that he will not directly or indirectly run,
advise or otherwise participate in the plastic pallet business in the U.S.
during this agreement and for a period of three (3) years thereafter.

         7.   Severability. The parties agree that each of the provisions
included in this Agreement is separate, distinct, and severable from the other
provisions of these Agreement, and that the invalidity or unenforceability of
any Agreement provision shall not affect the validity or enforceability of any
other provision of these Agreement. Further, if any provision of this Agreement
is ruled invalid or unenforceable by a court of competent jurisdiction because
of a conflict between the provision and any applicable law or public policy, the
provision shall be redrawn to make the provision consistent with and valid and
enforceable under the law or public policy.

         8.   Assignment. This Agreement and the rights and obligations of the
hereunder may not be assigned by either party hereto without the prior written
consent of the other party hereto. Notwithstanding the foregoing, this Agreement
shall be binding on and inure to the benefit of the Company's successors.

         9.   Notices. Except as otherwise specifically provided herein, any
notice required or permitted to be given by, or to, either party pursuant to
this Agreement shall be given in writing, and shall be personally delivered, or
mailed by certified mail, return receipt requested, or provided by electronic
transmission with a copy sent contemporaneously by certified mail, return
receipt requested, at the address set forth below or at such other address as
either party shall designate by written notice to the other given in accordance
with this Section. Any notice complying with their Section shall be effective
immediately upon personal delivery or electronic transmission, and if mailed
only, on the third business day after mailing.

         10.  Waiver. The waiver by either party hereto of any breach of this
Agreement by the other party hereto shall not be effective unless in writing,
and no such waiver shall operate or be construed as the waiver of the same or
another breach on a subsequent occasion.

         11.  Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Oklahoma. The parties agree that
jurisdiction and venue for any matter arising out of or pertaining to this
Agreement shall be proper only in the state courts located in Tulsa County,
Oklahoma, and the federal courts having jurisdiction over the Northern District
of Oklahoma, and the parties hereby consent to such venue and jurisdiction.

                                       -4-
<PAGE>
         12.  Beneficiary. All of the terms and provisions of this Agreement
shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and his respective successors, heirs, executors, administrators
and permitted assigns.

         13.  Entire Agreement. This Agreement executed contemporaneously
herewith embody the entire agreement of the parties on the subject matter stated
in the Agreement. No amendment or modification of this Agreement shall be valid
or binding upon the Company or Employee unless made in writing and signed by
both parties. All prior understandings and agreements relating to the subject
matter of this Agreement are hereby expressly terminated.

         14.  Confidentiality. The terms, conditions and existence of this
Agreement shall be confidential.

         IN WITNESS WHEREOF, Hamilton and the Company have executed and
delivered this Agreement as of the date first shown above.

THE COMPANY:                               EMPLOYEE:

GREYSTONE MANUFACTURING, L.L.C.

By: /s/ Warren F. Kruger                   By:  /s/ Bill Hamilton
    ---------------------------                 -----------------------
    WARREN F. KRUGER, PRESIDENT                 BILL HAMILTON

                                       -5-

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