Document:

EXHIBIT 10.1
                                                                    ------------
                               PalWeb Corporation
                              1613 East 15th Street
                              Tulsa, Oklahoma 74120

August 1, 2004

Marshall S. Cogan
390 Park Avenue, 2nd Floor
New York, New York 10022

Dear Mr. Cogan:

         This letter of agreement (this "Letter of Agreement") sets forth the
agreement of Marshall S. Cogan ("Cogan") and PalWeb Corporation (the "Company"),
a corporation organized under the laws of the State of Oklahoma, with respect to
the contemplated business relationship between the Company and Cogan.

         The Company and Cogan hereby agree as follows:

         1. Cogan shall serve as the Non-Executive Chairman of the Company's
board of directors (the "Board") and shall perform such other services as the
Company may from time to time request which Cogan agrees to undertake. It is
contemplated that such services include but are not limited to assisting the
Company in seeking financing opportunities, developing relationships with
banking and other commercial/financial institutions developing marketing
opportunities for the Company's product and the development of potential
acquisition candidates for the Company. Cogan shall perform these services on
behalf of the company and shall coordinate his efforts with those of Mr. Kruger
("Kruger"), President and CEO of the Company. The Company has provided an office
for Cogan at its headquarters in Tulsa, Oklahoma; however, Cogan shall at his
option and expense office primarily in the New York metropolitan area, but will
travel as required in connection with the services to be provided by him
hereunder.

         2. The term of the this Letter of Agreement (the "Term") shall begin on
the date hereof (the "Effective Date") and end on July 13, 2007 (the "Expiration
Date"), unless sooner terminated as provided herein; provided, however, that
this Letter of Agreement shall continue for a minimum of three (3) years and
thereafter from year to year following the Expiration Date unless the Board or
Cogan elects otherwise, by giving notice of termination of this Letter of
Agreement at least six months prior to the Expiration Date (as such date may be
extended from time to time). Notwithstanding anything in this Letter of
Agreement to the contrary, the term of this Letter of Agreement shall expire
immediately and the Letter of Agreement and Warrant Agreement ("Annex B") shall
become null and void in the event that either the Private Placement investments
by Cogan totaling $500,000 as set forth in paragraph 8 fails to occur regardless
of reason or if Cogan is terminated for any of the following reasons:

            (i)         A refusal or material failure (as determined by the
                        Company) of Cogan to perform the duties required of him
                        in his position or gross negligence in the performance
                        of those duties;

            (ii)        Theft, embezzlement, willful misconduct on the part of
                        Cogan or any act by Cogan which could materially injure
                        the reputation or business of the Company (as determined
                        by the Company) or of another employee of the Company;
                        or
<PAGE>

            (iii)       Material violation of the provisions of this Agreement.

         The termination of the Warrant Agreement and the Letter of Agreement
shall be the only consequence of Cogan not investing his $500,000 in the Private
Placement.

         3. The Company shall pay to Cogan a base salary of $10,000 per month
through September 2004 and beginning October 1, 2004 such base salary shall be
$15,000 per month.

         4. Cogan shall be eligible to receive an annual bonus payment to be
determined by the Board (excluding Cogan) with respect to any fiscal year
completed during the Term, based on an evaluation by the Board of Cogan's
performance of his duties hereunder; provided, however, that in no event shall
such bonus payment be less than fifty percent (50%) of the bonus paid to Kruger
for the relevant year.

         5. The Company shall allow Cogan and his spouse to participate in an
employee health and insurance benefit plan on the same terms and conditions as
Kruger.

         6. The Company shall provide Cogan with (a) a PalWeb American Express
or Visa credit card and (b) an allowance thereunder of $3000 per month to cover
all entertainment expenses incurred by him on behalf of the Company Travel,
hotel and logistics expenses are separate from the entertainment allowance and
shall be reimbursed by the Company upon receipt of documentation for all such
reasonable expenses.

         7. Cogan covenants and agrees that he does not and will not seek
control of the Company, whether directly or indirectly, for a period of ten (10)
years from the date hereof and acknowledges and agrees that the President and
CEO shall manage the Company and nominate members to the Company's Board of
Directors. As further consideration for Cogan's covenant and agreement "not to
seek control of the Company" the Company shall take all actions necessary to (a)
cause the election of Cogan as of the date hereof to the position of
Non-Executive Chairman of the Board, (b) cause Cogan's re-election as
Non-Executive Chairman of the Board at each subsequent annual meeting of the
Company's shareholders (including, without limitation, obtaining any requisite
shareholder approvals) and (c) obtain any requisite consents of the Board and
the holders of any of the Company's debt or equity securities to the
transactions contemplated by this Letter of Agreement. The Company represents
that as of the date hereof it has procured such consents verbally from Mr. Paul
A. Kruger and that this Letter of Agreement will not (x) violate the Company's
Certificate of Incorporation, Certificate of the Designation, Preferences,
Rights and Limitations of the Company's Series 2003 Cumulative Convertible
Senior Preferred Stock or bylaws or (y) cause a breach or default under (with or
without the giving of notice, the lapse of time, or both) any agreement or
instrument to which the Company is a party or by which it or any of its assets
is bound.

         8. Cogan shall invest in the Company's contemplated private placement
transaction (the "Private Placement") on the same terms and conditions as the
other investors in the Private Placement pursuant to a Subscription Agreement in
the form attached hereto as Annex A. Such investment shall be made as follows: a
total of $500,000 by October 2004. It is further agreed that Cogan will purchase
shares in the private placement at the same price terms and conditions as the
other investors.

         9. The Company shall grant to Cogan warrants to acquire 5% of the
issued and outstanding shares of the Company's common stock (the "Common
Stock"), calculated on a fully-diluted basis after giving effect to (a) the
exercise, conversion and exchange into Common Stock of all exercisable,

                                      -2-
<PAGE>

convertible and exchangeable securities and (b) the Private Placement, the
principal terms and conditions of which shall be as follows:

            (i)         the Warrants for 1,250,000 PalWeb Shares shall vest
                        twenty-five percent (25%) on the date hereof,
                        twenty-five percent (25%) on September 30, 2005,
                        twenty-five percent (25%) on September 30, 2006 and
                        twenty-five percent (25%) on September 30, 2007 and upon
                        vesting shall be immediately exercisable and shall have
                        a term which expires on September 30, 2013;

            (ii)        the exercise price of the Warrants (which may be paid in
                        the form of cash or pursuant to a "cashless" exercise)
                        shall be as follows: $0.50 per Share until expiration on
                        September 30, 2013.

            (iii)       the shares of Common Stock underlying the Warrants shall
                        be entitled to the benefit of customary registration
                        rights and indemnification and contribution in
                        connection therewith.

                        The Company shall execute the Form of Warrant to be
attached hereto as Annex B.

         10. This Letter of Agreement constitutes the entire agreement between
the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings, written or oral, with respect thereto. Any term
of this Letter of Agreement may be amended and the observance of any term of
this Agreement may be waived, only by an instrument in writing and signed by the
party against whom such amendment or waiver is sought to be enforced. This
Agreement shall bind and inure to the benefit of and be enforceable by the
parties hereto and their respective successors, heirs, legal representatives and
permitted assigns. If an ambiguity or question of intent or interpretation
arises with respect to the terms hereof, this Agreement will be construed as if
drafted jointly by the parties and no presumption or burden of proof will arise
favoring or disfavoring any party because of the authorship of any provision of
this Agreement.

         11. This Letter of Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Oklahoma, without regard
to the conflicts of laws principles thereof. Any action to enforce the terms of
this Letter of Agreement may be brought in Oklahoma or United States Federal
District Court of the Northern District of Oklahoma located in the County of
Tulsa, and each of the parties to this Letter of Agreement hereby irrevocably
consents to the jurisdiction of any such court over its person, and waives any
defenses based upon improper venue, inconvenient forum or lack of personal
jurisdiction. Each of the parties to this Letter of Agreement hereby irrevocably
consents to service of process in any such action by delivery to such party by
any of the methods set forth in paragraph 13 hereof.

         12. All notices, requests and other communications provided for or
permitted to be given under this agreement must be in writing and shall be given
by personal delivery, by certified or registered U.S. mail (postage prepaid,
return receipt requested), by a nationally recognized overnight delivery service
for next day delivery, or by facsimile transmission, as follows (or to such
other address as any party may give in a notice given in accordance with the
provisions hereof): if to the Company, to PalWeb Corporation, 1613 East 15th
Street, Tulsa, Oklahoma 74120, Fax: 214-745-4578, Attn: Warren Kruger; with a
copy to William W. Pritchard, 320 South Boston Avenue, Suite 400, Tulsa,
Oklahoma 74103 (when copy does not constitute notice)

                                      -3-
<PAGE>

if to Cogan, to Marshall S. Cogan, 390 Park Avenue, 2nd Floor, New York, New
York 10022, Fax: (212) 271-3638 (with a copy (which copy does not constitute
notice) to Steven H. Scheinman, Esq., Akin Gump Strauss Hauer & Feld LLP, 590
Madison Avenue, New York, New York 10022, Fax: (212) 872-1002.

         13. The provisions of this Agreement will be deemed severable and the
invalidity or unenforceability of any provision will not affect the validity or
enforceability of the other provisions hereof; provided that if any provision of
this Agreement, as applied to any party or to any circumstance, is judicially
determined not to be enforceable in accordance with its terms, the parties agree
that the court judicially making such determination may modify the provision in
a manner consistent with its objectives such that it is enforceable, and/or to
delete specific words or phrases, and in its modified form, such provision will
then be enforceable and will be enforced.

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

         If you are in agreement with the foregoing, please so indicate by
signing a copy of this Letter of Agreement in the space set forth below and
returning such signed copy to the Company, whereupon this Letter of Agreement
shall constitute a binding agreement as of the date hereof.

                                    Very truly yours,

                                    PALWEB CORPORATION

                                    By:   /s/ Warren Kruger
                                       -----------------------------------------
                                    Name: Warren Kruger
                                    Title: President and Chief Executive Officer

ACCEPTED AND AGREED TO:

      /s/ Marshall S. Cogan
---------------------------------
      Marshall S. Cogan

                                      -4-EXHIBIT 10.2
                                                                    ------------

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") shall be effective on the 1st
day of November 2004 ("Effective Date") between PalWeb Corporation (the
"Company") and Robert H. Nelson ("Nelson").

                                    RECITALS

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

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

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

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

         1. Employment Duties.

                    (a) The Company agrees to employ Nelson as its Director of
            Finance with the duties and responsibilities generally associated
            with such position, and such other reasonable additional
            responsibilities as may be added to Nelson's duties from
            time-to-time by Warren F. Kruger ("Kruger"), the President and CEO
            of the Company. Nelson shall report directly to Kruger.

                    (b) Nelson shall (i) diligently follow and implement all
            policies and decisions communicated by Kruger; (ii) timely prepare
            business plans, lease/finance plans and will be in charge of and
            prepare all financial reports and accountings reports 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. (See
            Attachment A)

                    (c) The work product to be produced hereunder by Nelson
            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, Nelson shall immediately disclose
            and assign to Company any right, title and interest in any
            inventions, models, processes, patents, copyrights and improvements
            thereon relating to services or processes or products of Company
            that Nelson conceives or acquires during the
<PAGE>

            employment relationship with Company or that Nelson 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 thirty months (30)
("Initial Term"). The Initial Term shall begin November 1, 2004 and shall have
two (2) automatic thirty (30) month renewal periods; however, the terms shall
not renew in the event that either party gives the other party written notice of
non-renewal ("Notice") at least ninety (90) days prior to the end of the
then-current term. In the event either party provides Notice or terminates this
Agreement pursuant to Section 4, Nelson shall diligently assist the Company in
transitioning all matters and work for which he was responsible as the Company
shall direct.

         3. Compensation.

                    (a) Nelson shall be paid a monthly compensation of
            $15,245/month plus travel and entertainment expenses. Nelson will be
            obligated to work approximately four (4) days a week either at the
            Company's headquarters in Tulsa, Oklahoma, or at the Company's plant
            in Bettendorf, Iowa.

                    (b) Not later than the end of the first One Hundred Twenty
            (120) days ("Move In Date") of this Agreement Nelson will have moved
            his residence to Tulsa, Oklahoma.

                    (c) The Company will reimburse Nelson for moving expenses to
            Tulsa and incurred by Nelson based on the average cost of three (3)
            written bids.

                    (d) Upon the Move In Date, Nelson will receive an option to
            purchase up to 500,000 shares of the Company Common Stock
            immediately and 500,000 shares thirty (30) months thereafter for a
            total of 1,000,000 shares. The option price shall be $0.50/share and
            related terms and conditions shall be set in accordance with the
            Company's stock option plan.

                    (e) At such time that either the gross sales as booked by
            the Company exceed $1.2 million per month for at least six (6)
            consecutive months or the Company secures $25,000,000 of additional
            debt and/or equity financing, Nelson will receive an annual bonus of
            not less than $65,000 per year.

                    (f) Throughout the term of the Agreement, Nelson will in
            addition be entitled to related benefits as provided by the Company
            to other management of the Company such as:

                        (i) The Company will provide health insurance benefits
                        for Nelson and his dependents on the same basis of the
                        other Company employees.

                        (ii) Nelson 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 Kruger

                                      -2-
<PAGE>

                        and incurred by Nelson on behalf of Company in the
                        normal course of business.

                        (iii) Nelson shall receive four (4) 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.

                        (v) Upon moving to Tulsa, Oklahoma, Nelson shall be
                        reimbursed up to $600/month for lease car expense
                        related to his company car.

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

                    (a) Upon the death of Nelson; or

                    (b) Upon Nelson'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) For Cause immediately and without notice. Cause means
            either the joint or several conduct of Nelson 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) a conviction or plea of guilty or nolo
            contendere to a felony or a crime involving dishonesty: (vi) a
            material breach or violation of the terms of his Agreement, the
            Company's general employment policies or any other agreement to
            which Nelson and the Company are party; or (vii) any malfeasance or
            misfeasance by Nelson of his duties to the Company that is not
            corrected within ten (10) calendar days after notice thereof to
            Nelson; or

                    (a) (d) At anytime during the Pre-Move Period.

         5. Effects of Termination.

                        Upon termination:

                    (a) Pursuant to Section 4 (a)(b), the Company shall pay
            Nelson 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 Nelson shall
            terminate upon the effective date of termination.

                                      -3-
<PAGE>

                    (b) Pursuant to Section 4 (c), Nelson 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.

                    (c) Pursuant to Section 4(d) the Company shall pay Nelson
            within ten (10) days of termination a $30,000 lump sum payment
            (three (3) months salary at $10,000/month).

                    (d) Notwithstanding the above or the cause of termination
            Nelson's 1,000,000 option shares shall vest as scheduled.

            Accordingly, as further consideration for the compensation to be
paid Nelson pursuant to the Nelson 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 the term of the Agreement and for a period of
one (1) year thereafter.

         6. 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 modified to make the provision consistent with and valid and
enforceable under the law or public policy.

         7. 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.

         8. 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.

         9. 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.

         10. 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

                                      -4-
<PAGE>

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.

         11. 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.

         12. 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.

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

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

THE COMPANY:                                      EMPLOYEE:
PALWEB CORPORATION

By:         /s/ Warren Kruger                     By:     /s/ Robert H. Nelson
     ---------------------------------                 -------------------------
       Warren F. Kruger, President                        Robert H. Nelson

                                      -5-

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