Document:

Exhibit 10.2

 

 

Redemption and Repurchase Agreement

 

THIS REDEMPTION
AND REPURCHASE AGREEMENT (“Agreement”) is made and entered into on this 25th day of August, 2022 (“Effective
Date”) by and among Tradition Transportation Group, Inc., an Indiana corporation (“TTG”), Bulwark Capital,
L.L.C., an Indiana limited liability company (“Bulwark”); Timothy E. Evans (“T. Evans”), James L.
Evans (“J. Evans”), and Joseph M. Davis (“J. Davis”) (T. Evans, J. Evans and J. Davis are collectively,
the “Remaining Shareholders”, and collectively with Bulwark, the “Shareholders”); and, Robin C.
Montel (“Thornburgh”). Collectively, TTG, the Shareholders and Thornburgh will be referred to as the “Parties”
and individually as a “Party”.

 

WHEREAS,
TTG has issued and outstanding Seven Hundred Forty-Five Thousand One Hundred Ninety Six (745,196) shares of common stock, no par value;

 

WHEREAS,
Bulwark is the record owner of Two Hundred Six Thousand (206,000) shares of common stock, no par value per share of TTG;

 

WHEREAS,
T.Evans is the record owner of Two Hundred Seventy Thousand and one (270,001) shares of common stock, no par value per share of TTG, J.Evans
is the record owner of Two Hundred Twenty-Four Thousand (224,000) shares of common stock, no par value per share of TTG, and J.Davis is
the record owner of Forty-Five Thousand One Hundred and Ninety Five (45,195) shares of common stock, no par value per share of TTG;

 

WHEREAS,
TTG desires to redeem, and Bulwark desires to sell, One Hundred Three Thousand (103,000) shares of common stock owned by Bulwark;

 

WHEREAS,
Bulwark desires for TTG to pay the Purchase Price directly to Thornburgh in full and final satisfaction of certain obligations of the
sole member of Bulwark to Thornburgh; and

 

WHEREAS,
TTG desires to grant to Bulwark, a Repurchase Right with respect to the Redeemed Shares on the terms set forth herein.

 

NOW,
THEREFORE, in consideration of the premises, the agreements, representations, warranties, covenants, and obligations contained
in this Agreement, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the
Parties to this Agreement, intending to be legally bound, agree as follows, to wit:

 

		1.	Redemption of Redeemed Shares.

 

		a.	On the Effective Date, upon and subject to the terms and conditions of this Agreement,
Bulwark shall and does warrant, grant, sell, convey, assign, transfer and deliver all right, title and interest of Bulwark in and to One
Hundred Three Thousand (103,000) shares of TTG (“Redeemed Shares”) (leaving Bulwark with One Hundred Three Thousand
(103,000) shares) to TTG, free and clear of any and all liens, claims, pledges, equities, security interests, options, restrictions and
encumbrances and other rights of any person or entity of any kind, nature or description whatsoever. TTG shall and does purchase, from
Bulwark, the Redeemed Shares upon, and subject to, the terms and conditions of this Agreement.
	 	 	 
		b.	The purchase price for the Redeemed Shares shall be Two Million Five Hundred Thousand Dollars
                                                              ($2,500,000) (the “Purchase Price”), which TTG agrees to pay as follows: (i) Four Hundred Fifty Thousand Dollars
                                                              ($450,000) (the “Cash Consideration”) by wire transfer into an account designated by Thornburgh on or before
                                                              August 25, 2022; and, (ii) Two Million Fifty Thousand Dollars ($2,050,000) to Thornburgh in accordance with the unsecured
                                                              subordinated promissory note attached hereto and incorporated herein
by reference as Exhibit A (“Redemption Note”).

 

 

 

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		2.	Repurchase Right.

 

		a.	Bulwark, or any designee of Bulwark, shall and does have, for a period of twenty-four
(24) months after the Effective Date, the right and option, in one or more transactions, to repurchase any or all of the Redeemed Shares
(“Repurchase Right”). Upon written election of exercise of the Repurchase Right to TTG (“Repurchase Notice”),
Bulwark shall tender the Repurchase Price, as defined below, to TTG in cash or by wire transfer. TTG agrees to and does sell, assign and
transfer to Bulwark, all TTG’s right, title and interest in and to the shares subject to the Repurchase Notice upon receipt of the
Repurchase Price. The form of agreement shall be mutatis mutandis of the redemption provisions of this Agreement, including the
representations and warranties provided by Bulwark in this Agreement.
	 	 	 
		b.	The Repurchase Notice may be any form of written communication, including an email
to the President of TTG, and shall include: (i) the number of Redeemed Shares being repurchased, (ii) the Repurchase Price calculation,
and (iii) date on which the Repurchase Price will be paid to TTG. The “Repurchase Price” shall be computed by dividing
the Purchase Price by the number of Redeemed Shares, times the number of shares subject to the Repurchase Notice (~$24.27 per share).
The Parties agree that the number of Redeemed Shares shall be adjusted to accommodate any splits, issuances, options, warrants, or other
interest in TTG occurring after the Effective Date without increase to the Repurchase Price and that no such action shall occur unless
unanimously approved by the Shareholders.
	 	 	 
		c.	If any portion of the Redemption Note remains outstanding, the Repurchase Price
shall take into account the assumption of the Redemption Note (i.e., if the Repurchase Price is $2,500,000 and the outstanding
Redemption Note balance is $1,000,000 then the Repurchase Price is satisfied if TTG is paid $1,500,000 and the Repurchase Notice indicates
the assumption of the Redemption Note). Repurchase of less than all of the Redeemed Shares will be allocated first to the Redemption Note.

 

3.            
Closing. The consummation of the transactions contemplated by this Agreement (the “Closing”) shall, subject
to the conditions hereof, take place virtually using email or any mutually acceptable cloud-based electronic collaboration service, simultaneous
with the execution of this Agreement by the Parties and satisfaction of the Closing deliveries pursuant to Section 4 hereof.

 

		4.	Deliveries. On the date of this Agreement,

 

		a.	Bulwark shall deliver to TTG, a stock power, duly executed by Bulwark, together
with such other instruments of transfer in form and substance reasonably satisfactory to TTG and such other documents as may be required
under applicable law or reasonably requested by TTG in order to transfer the Redeemed Shares to TTG subject to the terms of this Agreement.
TTG and Bulwark acknowledge and agree that the Redeemed Shares are not certificated. To the extent required, in order to effectively transfer
the Redeemed Shares as provided in this Agreement, Bulwark undertakes to obtain any prior approval or authorization that may be required
in the circumstance, enabling it to warrant that (i) it is not subject to any restrictions preventing it from transferring the Redeemed
Shares and (ii) the Redeemed Shares are free and clear of any and all liens, claims, pledges, equities, security interests, options, restrictions
and encumbrances and other rights of any person or entity of any kind, nature or description whatsoever.
	 	 	 
		b.	TTG shall deliver to Thornburgh the Cash Consideration and the Redemption Note.

 

5.             
Consent of Remaining Shareholders. The Remaining Shareholders do hereby consent to the sale and redemption of the Redeemed
Shares and the grant of the Repurchase Right to Bulwark. The Remaining Shareholders hereby agree to cooperate with Bulwark and to cause
TTG to execute and to enter into any other such agreements or to perform any such acts as may be reasonably necessary for TTG to perform
its obligations set forth herein.

 

 

 

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6.             
Representations and Warranties of Bulwark. Bulwark represents and warrants to TTG, the Remaining Shareholders and Thornburgh
as set forth below.

 

		a.	Right and Title to Shares. Bulwark legally and beneficially owns the Redeemed
Shares and no other party, person or entity has any rights therein or thereto. There are no liens or other encumbrances of any kind on
the Redeemed Shares and Bulwark has the sole right to dispose of the Redeemed Shares. There are no outstanding options, warrants or other
similar agreements with respect to the Redeemed Shares.
	 	 	 
		b.	Organization and Standing. Bulwark is a limited liability company duly organized
and validly existing under the laws of the State of Indiana and has all requisite power and authority to own its properties and conduct
its business as it is now being conducted.
	 	 	 
		c.	Due Authority; No Violation. Bulwark has all requisite rights and authority
or the capacity to execute, deliver and perform its obligations under this Agreement. The execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of
Bulwark, and no other proceedings on the part of Bulwark are necessary to authorize the execution, delivery and performance of this Agreement
or the transactions contemplated hereby or thereby on the part of Bulwark. The execution, delivery and performance of this Agreement will
not (x) violate, conflict with, or result in the breach, acceleration, default or termination of, or otherwise give any other contracting
party the right to terminate, accelerate, modify or cancel any of the terms, provisions, or conditions of any material agreement or instrument
to which Bulwark is a party or by which it or its assets may be bound or (y) constitute a violation of any applicable law, rule or regulation,
or of any judgment, order, injunctive award or decree of any governmental authority applicable to Bulwark or (z) conflict with, result
in the breach or termination of any provision of, or constitute a default under (in each case whether with or without the giving of notice
or the lapse of time, or both) Bulwark’s organizational or operating documents or any order, judgment, arbitration award, or decree
to which Bulwark is a party or by which it or any of its assets or properties are bound.
	 	 	 
		d.	Approvals. No approval, authority, or consent of or filing by Bulwark with,
or notification to, any governmental authority, is necessary to authorize the execution and delivery of this Agreement or the consummation
of the transactions contemplated herein.
	 	 	 
		e.	Enforceability. This Agreement has been duly executed and delivered by Bulwark
and, assuming that this Agreement constitutes the legal, valid and binding obligation of TTG, the Remaining Shareholders, and Thornburgh,
constitutes the legal, valid, and binding obligation of Bulwark, enforceable against Bulwark in accordance with its terms, except to the
extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
and other similar laws of general application affecting enforcement of creditors’ rights generally.
	 	 	 
		f.	Full Disclosure. No representation or warranty by Bulwark contained in this
Agreement, and no representation, warranty or statement contained in any list, certificate, exhibit, schedule or other instrument, document, agreement
or writing furnished or to be furnished to, or made with, TTG, the Remaining Shareholders or Thornburgh pursuant to this Agreement or
in connection with the negotiation, execution or performance of this Agreement, contains or will contain any untrue statement of material
fact or omits or will omit to state any material fact necessary of making a statement in this agreement or therein not misleading.
	 	 	 
		g.	Securities Matters. Bulwark has not relied on TTG or any Remaining Shareholder,
in connection with this Agreement, the transactions contemplated by this Agreement, or in valuing the shares to be transferred pursuant
to this Agreement. The sole member of Bulwark possesses such knowledge, sophistication and experience in business and financial matters
to render Bulwark fully capable of evaluating the merits and risks of the transactions contemplated by this Agreement. Bulwark fully understands
the nature, scope and duration of any limitations of the transfer of Bulwark’s shares, and the effect of such limitation upon the
valuation of Bulwark’s shares. Bulwark can fully bear the economic risk of continuing Bulwark’s investment in TTG, or in selling
Bulwark’s shares in TTG in accordance with the terms and conditions of this Agreement. Bulwark has had an adequate opportunity to
ask questions and receive answers from the other officers of TTG (acknowledging that the sole remaining member of Bulwark is a corporate
officer and Thornburgh is an officer of TTG) concerning any and all matters relating to the transactions described in this Agreement and
contemplated by this Agreement. Bulwark has asked any and all questions Bulwark has or had, of every kind and nature pertaining to this
Agreement and the transactions contemplated by this Agreement, and all such questions have been answered to Bulwark’s satisfaction.

 

 

 

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7.             
Representations and Warranties of TTG. TTG represents and warrants to the Remaining Shareholders, Bulwark and Thornburgh
as set forth below.

 

		a.	Organization and Standing. TTG is a corporation incorporated and duly validly
existing under the laws of the State of Indiana and has all requisite power and authority to own its properties and conduct its business
as it is now being conducted.
	 	 	 
		b.	Due Authority; No Violation. TTG has all requisite rights and authority
or the capacity to execute, deliver and perform its obligations under this Agreement. The execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary action on the part of
TTG, and no other proceedings on the part of TTG are necessary to authorize the execution, delivery and performance of this Agreement
or the transactions contemplated hereby or thereby on the part of TTG. The execution, delivery and performance of this Agreement will
not (x) violate, conflict with, or result in the breach, acceleration, default or termination of, or otherwise give any other contracting
party the right to terminate, accelerate, modify or cancel any of the terms, provisions, or conditions of any material agreement or instrument
to which TTG is a party or by which it or its assets may be bound or (y) constitute a violation of any material applicable law, rule or
regulation, or of any judgment, order, injunctive award or decree of any governmental authority applicable to TTG or (z) conflict with,
result in the breach or termination of any provision of, or constitute a default under (in each case whether with or without the giving
of notice or the lapse of time, or both) TTG’s organizational documents, or any order, judgment, arbitration award, or decree to
which such TTG is a party or by which it or any of its assets or properties are bound.
	 	 	 
		c.	Approvals. No approval, authority, or consent of or filing by TTG with, or
notification to, any governmental authority, is necessary to authorize the execution and delivery of this Agreement or the consummation
of the transactions contemplated herein.
	 	 	 
		d.	Enforceability. This Agreement has been duly executed and delivered by TTG
and, assuming that this Agreement constitutes the legal, valid and binding obligation of Bulwark, the Remaining Shareholders and Thornburgh,
constitutes the legal, valid, and binding obligation of TTG, enforceable against TTG in accordance with its terms, except to the extent
that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
and other similar laws of general application affecting enforcement of creditors’ rights generally.
	 	 	 
		e.	Full Disclosure. No representation or warranty by TTG contained in this
Agreement, and no representation, warranty or statement contained in any list, certificate, exhibit, schedule or other instrument, document,
agreement or writing furnished or to be furnished to, or made with, Bulwark, the Remaining Shareholders or Thornburgh pursuant to this
Agreement or in connection with the negotiation, execution or performance of this Agreement, contains or will contain any untrue statement
of material fact or omits or will omit to state any material fact necessary of making a statement in this agreement or therein not misleading.

 

8.             
Representations and Warranties of the Remaining Shareholders. The Remaining Shareholders represent and warrant to TTG, Bulwark
and Thornburgh as set forth below.

 

		a.	Capacity. Each of the Remaining Shareholders has, without exception or limitation,
the full legal capacity without consent, authorization, release or waiver of any third party, including the spouse of any such Remaining
Shareholder, to execute, deliver and perform all of the Remaining Shareholder’s obligations under this Agreement, none of which
will violate, conflict with, or breach any agreement to which the Remaining Shareholder is a party, or by which the Remaining Shareholder
is bound, or any law, rule, regulation, order, writ, or decree to which the Remaining Shareholder is subject or by which the Remaining
Shareholder is bound.

 

 

 

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		b.	Validity of Contemplated Transactions. The execution, delivery and performance
of this Agreement and the transactions contemplated by this Agreement by the Remaining Shareholders does not, and will not, violate, conflict
with, or result in the material breach of, any term, condition or provision of, or require the consent of any other person under, (a)
any existing law, ordinance, or governmental rule or regulation to which the Remaining Shareholders are subject, (b) any judgment, order,
writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority which is applicable
to the Remaining Shareholders, or (c) any mortgage, indenture, agreement, commitment, lease, plan, authorization, or other instrument,
document or understanding, oral or written, to which the Remaining Shareholders are parties, by which the Remaining Shareholders may have
rights, or which gives any party with rights thereunder the right to terminate, modify, accelerate or otherwise change the existing rights
or obligations of the Remaining Shareholders thereunder. No authorization, approval or consent of, and no registration or filing with,
any governmental or regulatory official, body or authority is required in connection with the execution, delivery or performance of this
Agreement by the Remaining Shareholders.
	 	 	 
		c.	Full Disclosure. No representation or warranty by the Remaining Shareholders
contained in this Agreement, and no representation, warranty or statement contained in any list, certificate, exhibit, schedule or other
instrument, document, agreement or writing furnished or to be furnished to, or made with, either TTG, Bulwark, or the Remaining Shareholders
pursuant to this Agreement or in connection with the negotiation, execution or performance of this Agreement, contains or will contain
any untrue statement of material fact or omits or will omit to state any material fact necessary of making a statement in this agreement
or therein not misleading.

 

9.             
Representations and Warranties of Thornburgh. Thornburgh represents and warrants to TTG, the Remaining Shareholders and
Bulwark as set forth below.

 

		a.	Capacity. Thornburgh has, without exception or limitation, the full legal
capacity without consent, authorization, release or waiver of any third party, including the spouse of Thornburgh, to execute, deliver
and perform all of the Thornburgh’s obligations under this Agreement, none of which will violate, conflict with, or breach any agreement
to which Thornburgh is a party, or by which Thornburgh is bound, or any law, rule, regulation, order, writ, or decree to which Thornburgh
is subject or by which Thornburgh is bound.
	 	 	 
		b.	Validity of Contemplated Transactions. The execution, delivery and performance
of this Agreement and the transactions contemplated by this Agreement by Thornburgh does not, and will not, violate, conflict with, or
result in the material breach of, any term, condition or provision of, or require the consent of any other person under, (a) any existing
law, ordinance, or governmental rule or regulation to which Thornburgh is subject, (b) any judgment, order, writ, injunction, decree or
award of any court, arbitrator or governmental or regulatory official, body or authority which is applicable to Thornburgh, or (c) any
mortgage, indenture, agreement, commitment, lease, plan, authorization, or other instrument, document or understanding, oral or written,
to which Thornburgh is a party, by which Thornburgh may have rights, or which gives any party with rights thereunder the right to terminate,
modify, accelerate or otherwise change the existing rights or obligations of Thornburgh thereunder. No authorization, approval or consent
of, and no registration or filing with, any governmental or regulatory official, body or authority is required in connection with the
execution, delivery or performance of this Agreement by Thornburgh.
	 	 	 
		c.	Full Disclosure. No representation or warranty by Thornburgh contained in
this Agreement, and no representation, warranty or statement contained in any list, certificate, exhibit, schedule or other instrument,
document, agreement or writing furnished or to be furnished to, or made with, either TTG, the Remaining Shareholders, or Bulwark pursuant
to this Agreement or in connection with the negotiation, execution or performance of this Agreement, contains or will contain any untrue
statement of material fact or omits or will omit to state any material fact necessary of making a statement in this agreement or therein
not misleading.

 

10.           
Release by Thornburgh. Thornburgh hereby releases and forever discharges TTG, its successors, assigns, agents, employees,
officers, directors and representatives from any and all claims, demands, actions and causes of action of any kind or character, known
or unknown, suspected or unsuspected, whether having arisen or hereafter to arise which Thornburgh ever had, now has, or claims to have,
or hereafter may for any reason have, against TTG arising out of the transactions contemplated by this Agreement except for claims Thornburgh
may have against TTG respecting breaches of this Agreement. Thornburgh acknowledges and agrees that the payment of the Cash Consideration
and the delivery of the Redemption Note satisfy the obligations of the sole member of Bulwark to Thornburgh and that Thornburgh shall
have no claim to the assets of TTG or any equity interest in TTG.

 

 

 

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11.           
Conditions Precedent to the Obligations of TTG and the Remaining Shareholders. The obligation of TTG and the Remaining Shareholders
to consummate any of the transactions contemplated herein are subject to the fulfillment or waiver by TTG of each of the following conditions:

 

		a.	The representations and warranties of Bulwark and Thornburgh contained in this
Agreement and all related documents shall be true and correct in all material respects, except for those representations and warranties
which are qualified as to materiality, which shall be true and correct in all respects.
	 	 	 
		b.	Bulwark and Thornburgh shall have complied in all material respects with all covenants,
agreements, and conditions that this Agreement requires.
	 	 	 
		c.	TTG shall have received all other documents and instruments from Bulwark and Thornburgh
as TTG may reasonably request, in order to consummate the transactions contemplated herein.

 

12.           
Conditions Precedent to the Obligations of Bulwark. The obligations of Bulwark to consummate the transactions contemplated
herein are subject to the fulfillment or waiver by Bulwark of each of the following conditions:

 

		a.	The representations and warranties of TTG, the Remaining Shareholders and Thornburgh
contained in this Agreement and all related documents shall be true and correct in all material respects, except for those representations
and warranties which are qualified as to materiality, which shall be true and correct in all respects.
	 	 	 
		b.	TTG shall have paid the Cash Consideration and issued the Note to Thornburgh and
complied in all material respects with all covenants, agreements, and conditions that this Agreement requires.
	 	 	 
		c.	Bulwark shall have received all other documents and instruments from TTG, the Remaining
Shareholders and Thornburgh as Bulwark may reasonably request in order to consummate the transactions contemplated herein.

 

13.          
Conditions Precedent to the Obligations of Thornburgh. The obligations of Thornburgh to consummate the transactions contemplated
herein are subject to the fulfillment or waiver by Thornburgh of each of the following conditions:

 

		a.	The representations and warranties of TTG, Bulwark, and the Remaining Shareholders
contained in this Agreement and all related documents shall be true and correct in all material respects, except for those representations
and warranties which are qualified as to materiality, which shall be true and correct in all respects.
	 	 	 
		b.	TTG shall have paid the Cash Consideration and issued the Note to Thornburgh and
complied in all material respects with all covenants, agreements, and conditions that this Agreement requires.
	 	 	 
		c.	Thornburgh shall have received all other documents and instruments from TTG, the
Remaining Shareholders and Bulwark as Thornburgh may reasonably request in order to consummate the transactions contemplated herein.

 

		14.	Miscellaneous.

 

		a.	Advice of Counsel. EACH PERSON SIGNING THIS AGREEMENT: (A) UNDERSTANDS THAT
THIS AGREEMENT CONTAINS LEGALLY BINDING PROVISIONS; (B) HAS HAD THE OPPORTUNITY TO CONSULT WITH A LAWYER; AND (C) HAS EITHER CONSULTED
A LAWYER OR CONSCIOUSLY DECIDED NOT TO CONSULT A LAWYER. THE PARTIES AGREE AND ACKNOWLEDGE THAT THE LAW FIRM DRAFTING THIS AGREEMENT,
SMITHAMUNDSEN LLC, REPRESENTS TTG AND NOT THE SHAREHOLDERS OR THORNBURGH.

 

 

 

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		b.	Further Assurances. From time to time, whether at or following the Closing,
each Party shall make reasonable commercial efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things
reasonably necessary, proper or advisable, including as required by applicable laws, to consummate and make effective as promptly
as practicable the transactions contemplated by this Agreement.
	 	 	 
		c.	Expenses. Each of the Parties shall pay its own costs that it incurs incident
to the preparation, execution, and delivery of this Agreement and the performance of any related obligations, whether or not the transactions
contemplated by this Agreement shall be consummated.
	 	 	 
		d.	Fees. Each Party agrees to pay the costs and expenses, including reasonable
attorneys’ fees, incurred by the prevailing Party in litigation, arbitration, administrative proceeding or any other proceeding
related to the enforcement or interpretation of any of the terms of this Agreement.
	 	 	 
		e.	Consequential Damages. EACH PARTY HERETO WAIVES ANY AND ALL CLAIMS AGAINST
THE OTHER FOR ANY LOSS, COST, DAMAGE, EXPENSE, INJURY OR OTHER LIABILITY WHICH IS IN THE NATURE OF INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE
OR CONSEQUENTIAL DAMAGES WHICH ARE SUFFERED OR INCURRED AS THE RESULT OF, ARISE OUT OF, OR ARE IN ANY WAY CONNECTED TO THE PERFORMANCE
OF THE OBLIGATIONS UNDER THIS AGREEMENT.
	 	 	 
		f.	Representations and Warranties. All representations, warranties, and agreements
made by the Parties pursuant to this Agreement shall survive the consummation of the transactions contemplated herein until the expiration
of the applicable statute of limitations.
	 	 	 
		g.	Notices. All notices or other communications required or permitted hereunder
shall be in writing shall be deemed duly given (a) if by personal delivery, when so delivered, (b) if mailed, three(3) business days after having
been sent by registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth
below, or (c) if sent through an overnight delivery service in circumstances to which such service guarantees next day delivery, the day
following being so sent to the addresses of the Parties as indicated on the signature page hereto; or (d) if sent via email, when sent
with return receipt requested and received, in each case to the addresses as set forth below. Any Party may change the address to which
notices and other communications hereunder are to be delivered by giving the other Party notice in the manner herein set forth.

 

	 	If to TTG or the	Tradition Transportation, Group, Inc.
	 	Remaining	300 Growth
parkway
	 	Shareholders, to:	Angola, Indiana 46703
	 	 	Attention: Timothy E. Evans, President CEO
	 	 	O: 260-209-0700
Ext.100
	 	 	C: 260-466-4526
	 	 	TimEvans@traditiontrans.com
	 	 	 
	 	If to Bulwark, to:	Bulwark Capital, L.L.C.
	 	 	Post Office Box 3970
	 	 	Carmel, Indiana 46082
	 	 	Attention: Joseph J. Montel, Member
	 	 	C: 317-250-0499
	 	 	joemontel@montellaw.com
	 	 	 
	 	If to Thornburgh, to:	Robin C. Montel
	 	 	3245 North Pennsylvania Street
	 	 	Indianapolis, Indiana 46205
	 	 	Rcthorn15@gmail.com

 

 

 

 

 

 

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		h.	Choice of Law. This Agreement, including, but not limited to, any controversy
or claim arising out of or relating to this Agreement or its breach, the construction of its terms, and the interpretation of the rights
and duties of the Parties, shall be construed and governed exclusively according to the internal laws of the State of Indiana, without
regard to that jurisdiction’s law regarding conflicts of law. It shall be subject to the exclusive jurisdiction of Indiana state
courts and of the federal courts with jurisdiction over Marion County, Indiana, regardless of the residence or situs of the Parties, to
which jurisdiction of the Court the Parties expressly submit. This Agreement shall be subject to, and litigated in, the exclusive and
preferred venue of Indiana state courts located in Marion County, Indiana or of the federal courts with jurisdiction over Marion County,
Indiana.
	 	 	 
		i.	Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 14.I.
	 	 	 
		j.	Assignment. This Agreement shall be binding upon and shall inure to the
benefit of the Parties and their permitted successors and assigns. Except as expressly contemplated herein, no Party may assign or delegate,
by operation of law or otherwise, all or any portion of its rights, obligations or liabilities under this Agreement without the prior
written consent of the other Party, which any such Party may withhold in its absolute discretion.
	 	 	 
		k.	No Third Party Beneficiaries. Nothing in this Agreement shall confer any
rights, remedies or claims upon any person or entity not a Party or a permitted assignee of a Party.
	 	 	 
		l.	Specific Performance. The Parties agree that irreparable damage would occur
in the event that any of the provisions of this Agreement were not performed by them in accordance with the terms hereof or were otherwise
breached and that each Party shall be entitled to an injunction or injunctions, specific performance and other equitable relief to prevent
breaches of the provisions hereof and to enforce specifically the terms and provisions hereof, without the proof of actual damages, in
addition to any other remedy to which they are entitled at law or in equity. Each Party agrees to waive any requirement for the security
or posting of any bond in connection with any such equitable remedy, and agrees that it will not oppose the granting of an injunction,
specific performance or other equitable relief on the basis that (a) the other Party has an adequate remedy at law, or (b) an award of
specific performance is not an appropriate remedy for any reason at law or equity.
	 	 	 
		m.	Entire Agreement. This Agreement represents the entire understanding and
agreement between the Parties regarding the subject matter hereof and supersede all prior agreements, representations, warranties, and
negotiations between the Parties. This Agreement may be amended, supplemented, or changed only by an agreement in writing that makes specific
reference to this Agreement or the agreement delivered pursuant to it, and must be signed by all of the Parties. This Agreement may not be amended by email or other
electronic communications.

 

 

 

    	 	8	 

     

    

 

		n.	Interpretation. The Parties have jointly participated in the drafting and
negotiation of this Agreement and if an ambiguity or question of interpretation should arise, this Agreement shall be construed as if
drafted jointly by the Parties and no presumption of burden of proof shall arise favoring or burdening any Party by virtue of the authorship
of any provision in this Agreement.

 

		o.	Severability. Whenever possible, each provision of this Agreement shall
be interpreted in a manner to be effective and valid under applicable law, but if one or more of the provisions of this Agreement is subsequently
declared invalid or unenforceable, the invalidity or unenforceability shall not in any way affect the validity or enforceability of the
remaining provisions of this Agreement. In the event of the declaration of invalidity or unenforceability, this Agreement, as modified,
shall be applied and construed to reflect substantially the intent of the Parties and achieve the same economic effect as originally intended
by its terms. In the event that the scope of any provision to this Agreement is deemed unenforceable by a court of competent jurisdiction,
or by an arbitrator, the Parties agree to the reduction of the scope of the provision as the court or arbitrator shall deem reasonably
necessary to make the provision enforceable under the circumstances.

 

		p.	Headings. The headings contained in this Agreement are intended solely for
convenience and shall not affect the rights of the Parties.

 

		q.	Waiver; Amendment. Waiver of any term or condition of this Agreement by
any Party shall only be effective if in writing and shall not be construed as a waiver of any subsequent breach or failure of the same
term or condition, or a waiver of any other term or condition of this Agreement. This Agreement may only be amended in a writing duly
executed by each Party.

 

		r.	Counterparts. This Agreement may be signed in any number of counterparts
with the same effect as if the signature on each counterpart were on the same instrument. The execution and delivery of a facsimile or
other electronic transmission of a signature to this Agreement shall constitute delivery of an executed original and shall be binding
upon the person whose signature appears on the transmitted copy.

 

 

[Remainder
Of Page Intentionally Left Blank – Signature Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	9	 

     

    

 

 

	“TTG”	 	“BULWARK”
	 	 	 
	TRADITION TRANSPORTATION GROUP, INC.	 	BULWARK CAPITAL, L.L.C.
	 	 	 
	/s/ Timothy E. Evans	 	/s/ Joseph J. Montel
	Timothy E. Evans, President CEO	 	Joseph J. Montel, Member
	 	 	 
	 	 	 
	“REMAINING SHAREHOLDERS”	 	“THORNBURGH”
	 	 	 
	/s/ Timothy E. Evans	 	/s/ Robin C. Montel
	Timothy E. Evans	 	Robin C. Montel
	 	 	 
	/s/ James L. Evans	 	 
	James L. Evans	 	 
	 	 	 
	/s/ Joseph M. Davis	 	 
	Joseph M. Davis	 	 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Redemption
and Repurchase Agreement]

 

 

 

    	 	10	 

     

    

 

Exhibit A

 

to

 

Redemption and Repurchase
Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	11	 

     

    

 

PROMISSORY NOTE

 

 

	

$2,050,000.00

	Dated: February 1, 2023
	 	Final Maturity: January 15, 2028

 

Tradition
Transportation Group, Inc., an Indiana corporation (the “Maker”) promises to pay to the order of Robin C. Montel, an
individual residing in the State of Indiana (“Lender”) at the Lender’s residence at 3245 N Pennsylvania St.,
Indianapolis, Indiana 46205, the principal sum of Two Million Fifty Thousand and 00/100 Dollars ($2,050,000.00) as herein provided.

 

This Note
is entered into in connection with that certain Redemption and Repurchase Agreement to be entered and to by and among Tradition Transportation
Group, Inc., Bulwark Capital, L.L.C., Timothy E. Evans, James L. Evans, Joseph M. Davis, and Robin C. Montel (the “Redemption
Agreement”).

 

The principal
of the Loan shall be paid in monthly installments in the amount of $34,166.67. The first payment shall be due on February 1, 2023 and
all subsequent payments shall be due on the 15th day of each calendar month until January 15, 2028 (such date hereinafter referred
to as “Maturity Date”), on which date the entire unpaid principal balance of this Note shall be due and payable in
full. Principal may be prepaid without penalty or premium in whole or in part at any time or from time to time; provided, however, that
upon an Event of Default (as hereinafter defined) occurring hereunder, the Lender reserves the right to apply payments among principal,
late fees, and collection costs as it shall determine in its sole discretion.

 

This Note shall not bear interest.

 

The following shall constitute “Events of Default”
for purposes of this Note:

 

		·	Nonpayment by the Maker when due of any amount payable under the terms this Note
or failure by the Maker to pay when due any other monetary obligation owed to the Lender.
	 	 	 
		·	Failure by the Maker to comply with any term or provision contained in this Note
or in any other loan document required by or given in connection with this Note.
	 	 	 
		·	Any statement, representation, or warranty herein or at any time furnished to the
Lender by or on behalf of the Maker proving to have been untrue in any material respect as of the date made, or acceleration of the maturity
of any of the Maker’s material indebtedness to others.
	 	 	 
		·	The Maker admitting in writing its inability to pay its debt as they mature or
an administrative or judicial order of dissolution or insolvency being entered against the Maker as debtor.
	 	 	 
		·	The Maker applying for, consenting to or acquiescing in the appointment of a trustee
or receiver for the Maker or any of the property of the Maker or the Maker making a general assignment for the benefit of creditors.
	 	 	 
		·	The commencement of any proceeding under the Bankruptcy Code or any other in solvency
law by or against the Maker as debtor (a “Bankruptcy Default”).

 

 

 

    	 	12	 

     

    

 

Upon the occurrence
of a Bankruptcy Default as described above, the outstanding principal balance of this Note shall become immediately due and payable, all
without notice of any kind. Upon the occurrence of any other event set forth above or upon the occurrence of a “Change in Control”
or the completion of a “Capital Raise,” the Lender may, in its sole discretion, declare all amounts outstanding under this
Note immediately due and payable in full.

 

For purposes
hereof, the terms “Change in Control” and “Capital Raise” shall be defined as follows:

 

(i)  
“Change in Control” means (1) a sale of all or substantially all of the Maker’s assets outside of the ordinary
course of business, (2) a merger, consolidation or other capital reorganization or business combination transaction of the Maker with
or into another corporation, limited liability company or other entity, or (3) the consummation of a transaction, or series of related
transactions, in which any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) who did not before
such transaction, or series of transactions, own more than 50% of the Maker’s then outstanding voting securities becomes the “beneficial
owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of more than 50% Maker’s then outstanding voting
securities.

 

(ii)  
“Capital Raise” means the issuance by the Maker, in a private or public offering, of common shares, preferred shares
or other equity securities (including securities convertible into equity securities) pursuant to which the Maker raises additional capital
in one or more tranches, of at least One Million Dollars ($1,000,000).

 

The Lender
shall have and may exercise, successively or concurrently, any and all rights and remedies available hereunder or existing at law or in
equity or under any loan document executed pursuant hereto, including without limitation the right to set off and apply any indebtedness
from the Lender to the Maker toward payment of the Note and any other obligations of the Maker to the Lender.

 

No delay or
omission of the Lender to exercise any right or power hereunder shall impair such right or power or be construed as a waiver of any default
or as acquiescence therein; and any single or partial exercise of any such right or power shall not preclude other or further exercise
thereof or the exercise of any other right or power, and no waiver shall be valid unless in writing signed by the Lender, and then only
to the extent specifically set forth in such writing.

 

Lender
and Maker each agree that this Note is and shall be subordinated in right of payment to all “Secured Debt” of Maker or any
subsidiary of Maker (each, a "Subsidiary" and collectively, the “Subsidiaries”), whether now or hereafter
existing and, whether for principal, interest, fees, premiums, expenses or otherwise (the "Obligations"). For the purposes
of this Note, "Secured Debt" shall mean all indebtedness of the Maker or any Subsidiary for which the Maker or any Subsidiary
has granted to the lender (the “Secured Lender”) a security interest, pledge, encumbrance or other lien in collateral,
whether personal or real.

 

In the event
that any Secured Lender has delivered written notice to the Maker that an Event of Default has occurred, then no payment shall be made
by or on behalf of the Maker for or on account of this Note (such missed payment, a “Subordinated Payment”) or any
other indebtedness of the Maker being subordinated to payment of this Note, and the Lender shall not take or receive from the Maker, directly
or indirectly, in cash or other property or by set-off or in any other manner, including, without limitation, from or by way of collateral,
payment of all or any of the amount due on this Note, unless and until such default has been cured or waived.

 

The Lender
hereby agrees to enter into any inter-creditor and/or subordination agreement among the Lender, the Maker and any present or future Secured
Lender, promptly upon the Maker’s request, and if the Lender fails to do so, the Lender hereby appoints Bulwark Capital, L.L.C.
through its presiding member, as Lender’s attorney-in-fact, coupled with an interest, to execute and deliver such agreement for
and on behalf of the Lender, which agreement shall be a valid, legal and binding obligation of the Lender.

 

 

 

    	 	13	 

     

    

 

THE LENDER
AND THE MAKER IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY DISPUTE OR CLAIM, WHETHER BASED UPON CONTRACT OR
ALLEGED WRONGFUL ACT OR OMISSION, WHICH DISPUTE OR CLAIM ARISES OUT OF, OR IS INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THE MAKER
AND THE LENDER BY THIS OR ANY OTHER LOAN DOCUMENT. THIS PROVISION IS A MATERIAL INDUCEMENT TO THE LENDER TO ENTER INTO THIS NOTE.

 

The obligations of the Maker under this Note are unsecured.

 

Except with
respect to a Subordinated Payment, for which no late payment fee may be assessed by Lender, if any installment of principal due under
the terms of this Note prior to maturity is not paid in full when due, then the Lender at its option and without prior notice to the Maker,
may assess a late payment fee in an amount equal to ten percent (10%) of the amount past due. Each late payment fee assessed shall be
due and payable on the earlier of the due date of the next regularly scheduled payment of principal, or the maturity of this Note. Waiver
by the Lender of any late payment fee assessed, or the failure of the Lender in any instance to assess a late payment fee shall not be
construed as a waiver by the Lender of its right to assess late payment fees thereafter.

 

The Maker
and any endorsers severally waive demand, presentment for payment and notice of nonpayment of this Note, and each of them consents to
any renewals or extensions of the time of payment of this Note without notice.

 

All amounts
payable under the terms of this Note shall be payable with expenses of collection, including attorneys' fees, and without relief from
valuation and appraisement laws.

 

This Note
is made under and will be governed in all cases by the substantive laws of the State of Indiana, notwithstanding the fact that Indiana
conflicts of law rules might otherwise require the substantive rules of law of another jurisdiction to apply.

 

	 	TRADITION TRANSPORTATION GROUP, INC.
	 	 
	 	 
	 	/s/ Timothy E. Evans
	 	Printed: Timothy E. Evans
	 	Its: President and CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14Exhibit 10.3

 

 

ASSET PURCHASE
AND SALE AGREEMENT

 

This Asset Purchase and Sale Agreement (the "Agreement")
is entered into as of this 31st day of January, 2022 (the "Effective Date"), by and between EDSCO Holding
Company, LLC ("Seller") and Anthem Anchor Bolts & Fasteners, LLC ("Buyer"). Seller and Buyer may
be collectively referred to herein as the "Parties" and individually as a "Party."

 

RECITALS

 

		A.	Seller
                                            is the owner of certain equipment and inventory, as more particularly identified on Exhibit
                                            A attached hereto and
                                            incorporated herein by reference (the ''Assets").
	 	 	 
		B.	Seller
                                            desires to sell to Buyer, and Buyer desires to purchase from Seller, the Assets, upon the
                                            terms and conditions contained in this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants set forth in this Agreement, the Parties agree as follows:

 

		1.	Purchase
                                            and Sale of Assets.

		a.	Assets.
                                            On the Closing Date (as defined below in Section 2), Seller shall sell, transfer, convey,
                                            assign, and deliver to Buyer, and Buyer shall purchase, accept, and pay for all right, title,
                                            and interest in and to the Assets, for a total purchase price of Four Hundred Seventy-Seven
                                            Thousand Nine Hundred Eighteen and 52/100 Dollars ($477,918.52) (the "Purchase Price")
                                            according to the terms set forth in Section I
                                            (b) below.
		b.	Payment
                                            for Assets. On the Closing Date, Buyer shall deliver the Purchase Price to Seller in
                                            readily available funds.
		c.	Allocation
                                            of Purchase Price. The Purchase Price shall be allocated among the Assets for all purposes
                                            (including tax and financial accounting) at the values set forth on Exhibit A, and shall
                                            be properly and timely reported by both parties using IRS Form 8594 (or such other form as
                                            is proper). Buyer and Seller shall file all returns, declarations, reports, information returns
                                            and statements and other documents relating to
                                            taxes (including any amended returns and claims for refund) in a manner consistent
                                            with Exhibit A.

 

		2.	Closing

		a.	Closing
                                            Date. The closing and consummation of the transactions contemplated by this Agreement
                                            (the "Closing") shall
                                            take place electronically on January 31, 2022, and delivery of the original documents via
                                            FedEx or other overnight courier the next business day, or such other date as the Parties
                                            may mutually determine. "Closing Date" means the date of the exchange of
                                            documents via email.
		b.	Deliveries.
                                            On or before the Closing Date: (A) Seller shall: (I) deliver to Buyer a bill of sale substantially
                                            in the form attached hereto as Exhibit B (the "Bill of Sale") to transfer
                                            and vest in Buyer good and marketable title to the Assets, free and clear of all liens and
                                            encumbrances; and (2) make the Assets available to the Buyer at Seller's location; and (B)
                                            Buyer shall deliver to Seller the Purchase Price. Buyer shall arrange promptly to take possession
                                            of the Assets.

 

 

 

    	 	1	 

     

    

 

		3.	Representations
                                            and Warranties of Seller. Seller represents and warrants to Buyer that the statements
                                            contained in this Section 3 are true, correct and complete as of the Effective Date and will
                                            be true, correct and complete as of the Closing Date.

		a.	Organization
                                            of Seller and Authorization of Transaction). Seller is a Limited Liability Company. duly
                                            organized and in good standing in the State of Delaware. Seller has full power and authority,
                                            including full company power and authority, to execute and deliver this Agreement and to
                                            perform and consummate, its obligations hereunder. This Agreement constitutes the valid and
                                            legally binding obligation of Seller, enforceable in accordance with its terms and conditions.
		b.	Noncontravention.
                                            Neither the execution and delivery of this Agreement, nor the consummation of the transactions
                                            contemplated hereby, will, immediately or with the passage of time: (A) violate any
                                            statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other
                                            restriction of any government,
governmental agency, or court to which any of the Seller or the Assets are subject; or (B) conflict with, result in a breach of, constitute
a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require
any notice under any agreement, contract, lease, license, instrument, or other arrangement to which Seller is a party or by which it
is bound or to which any of the Assets are subject.
		c.	Consents.
                                            No approval, consent, waiver, or authorization of or filing or registration with any governmental
                                            authority or third party is required for the execution, delivery, or performance by Seller
                                            of the transactions contemplated by this Agreement.
		d.	Title
                                            to Assets. Seller has good and marketable title to the Assets, free and clear of all
                                            security interests, liens and encumbrances. Other than as expressly set forth herein, the
                                            Assets arc being sold "as-is" "where-is" with no representations or warranties
                                            of any kind. None of the Assets (i)
                                            is property which is required to be treated as being owned by any other person including
                                            pursuant to the so-called "safe harbor lease" provisions of former section I 68(f)(8)
                                            of the Code; or (ii) directly or indirectly secures any debt. Seller is not a "foreign
                                            person" (as the quoted term is defined in section 1445(()(3) of the Code). The transactions
                                            contemplated by this Agreement are not subject to the tax withholding provisions of Code
                                            section 3406, or of subchapter A of Chapter 3 of the Code, or of any other comparable provision
                                            of law.
		e.	Litigation.
                                            Neither Seller nor the Assets, in whole or in part: (A) is subject to any outstanding injunction,
                                            judgment, order, decree, ruling, or charge that would limit, restrict or prevent consummation
                                            of the transactions contemplated hereby; or (B) is a party or the subject of, or is, to Seller's
                                            knowledge, threatened to be made a party to, or the subject of, any action, suit, proceeding,
                                            hearing, or investigation ot: in, or before any court or quasi-judicial or administrative
                                            agency of any federal, state, local, or foreign jurisdiction or before any arbitrator that
                                            would, if determined adversely to Seller: ( I) limit, restrict or prevent consummation of
                                            the transactions contemplated hereby; or (2) cause any representation or warranty of Seller
                                            herein to be not true.
		f.	Brokers'
                                            Fees. Seller has no liability or obligation to pay any fees or commissions to any broker,
                                            finder, or agent with respect to the transactions contemplated by this Agreement for which
                                            the Buyer could become liable or obligated or for which a lien or encumbrance could be placed
                                            on the Assets.
		g.	Adequacy
                                            and Maintenance. Buyer acknowledges that, other than as expressly set forth herein, the
                                            Assets are being sold "as-is" "where-is" with no representations or warranties
                                            of any kind; and, Seller, expressly sets forth that Seller has no actual knowledge of any
                                            material defect or inoperability, or damage outside of ordinary wear and tear.
		h.	Disclosure.
                                            The representations and warranties contained in this Section 3 do not contain any untrue
                                            statement of a fact or omit to state any fact necessary in order to make the statements and
                                            information contained in this Section 3 not misleading.

 

		4.	Representations
                                            and Warranties of Buyer. Buyer represents and warrants to Seller that the statements
                                            contained in this Section 4 are true, correct and complete as of the Effective Date and will
                                            be true, correct and complete as of the Closing Date.

		a.	Organization
                                            of the Seller/ Authorization of Transaction. The Buyer is an Indiana limited liability
                                            company, duly organized and existing in the State of Indiana. Buyer has full power and authority,
                                            including full corporate power and authority, to execute and deliver this Agreement and to
                                            perform and consummate its obligations hereunder. This Agreement constitutes the valid and
                                            legally binding obligation of Buyer, enforceable in accordance with its terms and conditions.
                                            The Buyer need not give any notice to, make any filing with, or obtain any authorization,
                                            consent, or approval of any person(s), or government or governmental agency in order to consummate
                                            the transactions contemplated by this Agreement.

 

 

 

    	 	2	 

     

    

 

		b.	Noncontravention.
                                            Neither the execution and the delivery of this Agreement, nor the consummation of the transactions
                                            contemplated hereby, will, immediately or with the passage of time: (A) violate any constitution,
                                            statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other
                                            restriction of any government, governmental agency, or court to which Buyer is subject; or
                                            (B) conflict with, result in a breach ot: constitute a default under, result in the acceleration
                                            of, create in any Party the right to accelerate, terminate, modify, or cancel, or require
                                            any notice under any agreement, contract, lease, license, instrument, or other arrangement
                                            to which Buyer is a party or by which it is bound.
		c.	Consents.
                                            No approval, consent, waiver, or authorization of or filing or registration with any governmental
                                            authority or third party is required for the execution, delivery, or performance by Buyer
                                            of the transactions contemplated by this Agreement.
		d.	Litigation.
                                            Buyer is not: (A) subject to any outstanding injunction, judgment, order, decree,
                                            ruling, or charge that would limit, restrict or prevent consummation of the transactions
                                            contemplated hereby; or (B) a
                                            party, or, to the knowledge of Buyer's officers, threatened to be made a party, to any action,
                                            suit, proceeding, hearing, or investigation of, in, or before any court or quasi-judicial
                                            or administrative agency of any federal, state, local, or foreign jurisdiction or before
                                            any arbitrator that would, if determined adversely to Buyer: (I) limit, restrict or prevent
                                            consummation of the transactions contemplated hereby; or (2) cause any representation or
                                            warranty of Seller herein to be not true.
		e.	Brokers'
                                            Fees. Buyer has no liability or obligation to pay any fees or commissions to any broker,
                                            finder, or agent with respect to the transactions contemplated by this Agreement for which
                                            the Seller could become liable or obligated.

 

		5.	Continuing
                                            Obligations. Each of the Parties will use its reasonable best efforts to
                                            take all actions and to do all things necessary, proper, or advisable in order to
                                            consummate and make effective the sale and purchase of the Assets described in Section I
                                            above. In case at any time after the Closing Date any further action is necessary or desirable
                                            to carry out the purposes of this Agreement, each of the Parties will
                                            take such further action (including the execution and delivery of such further instruments
                                            and documents) as any other Party may request, at the sole cost and expense of the requesting
                                            Party (unless the requesting Party is entitled to indemnification therefore under Section
                                            6 below). Without limiting
                                            the foregoing, Seller shall from time to time at the request of Buyer and without further
                                            consideration, execute and deliver such instruments of transfer, conveyance, and assignment
                                            in addition to those delivered hereunder, and will take such other actions as Buyer may request
                                            from time to time, to more effectively transfer, convey, and assign to and vest in Buyer,
                                            and to put Buyer in possession of, all or any portion of the Assets.

 

Seller shall
pay all federal, state and local sales, documentary, sates and other transfer taxes, if any, due
as a result of the purchase, sale or transfer of the Assets whether imposed by law on Seller or Buyer and Seller shall indemnify,
reimburse and hold harmless Buyer in respect of the liability for payment of or failure to pay any
such taxes or the filing of or failure to file any reports required in connection therewith. All utilities, license fees and other charges
regarding Seller's operation of the Assets shall be prorated as of the Closing Date.

 

		6.	Indemnification.

		a.	Seller
                                            shall indemnify and hold Buyer harmless from any and all losses, claims, liabilities, damages,
                                            obligations, liens, encumbrances, costs and expenses, including reasonable attorney fees,
                                            pretrial, trial and appellate, and court costs (collectively being "Damages"),
                                            that are suffered or incurred by Buyer or the Assets, in whole or in part, from time
                                            to time, and arise as a result of any breach of the covenants, warranties or representations
                                            of this Agreement or the Bill of Sale by Seller.
		b.	Buyer
                                            shall indemnify and hold Seller harmless from any and ail Damages that are suffered or incurred
                                            by Seller, in whole or in part, from time to time, and arise as a result of: (A) any breach
                                            of the covenants, warranties or representations of this Agreement or the Bill of Sale by
                                            Buyer; or (B) Buyer's ownership and utilization of the Assets on and after the Closing Date.

 

 

 

    	 	3	 

     

    

 

		7.	Restrictive
                                            Covenants. Buyer acknowledges and agrees that by virtue of its purchase of the Assets,
                                            Buyer is capable of adversely impacting the existing relationships of Seller, its subsidiaries
                                            and affiliates with their customers, suppliers, consultants, Buyers, or agent. Buyer acknowledges
                                            that Seller has a legitimate interest in protecting these relationships against solicitation
                                            and/or interference by Buyer for a reasonable period of time following the Closing Date.
                                            Accordingly, the parties agree that the covenants described in this Section 7 shall apply
                                            for a period of twenty-four (24) months following the Closing Date (the "Restricted
                                            Period"). Buyer further acknowledges that the covenants in this Section 7 arc intended
                                            to protect and preserve the legitimate business interests of Seller, its subsidiaries and
                                            affiliates and that the Purchase Price includes fair consideration for these covenants. Buyer
                                            further acknowledges and agrees that breach by Buyer of' these provisions will cause Seller,
                                            its subsidiaries and affiliates irreparable injury and damage that cannot be reasonably or
                                            equitably compensated by monetary damages and therefore Buyer expressly agrees that Seller
                                            shall be entitled to injunctive or other equitable relief in order to prevent a breach of
                                            this Section 7 in addition to other remedies legally available to it.

		a.	Buyer
                                            shall not without the prior written consent of Seller, during the Restricted Period, carry
                                            on any activity anywhere within the territory or territories in which Seller operates that
                                            competes in whole or in part with the business of Seller as it pertains to either the "Products"
                                            or "Customers" listed and defined in Exhibit C hereto, including but not
                                            limited to engaging or investing in, owning, managing, operating, financing, controlling,
                                            or participating in the ownership, management, operation, financing, or control of, being
                                            employed by, associated with, or in any manner connected with any business whose products
                                            or activities compete in whole or in part with the Products or Customers of Seller.
		b.	Buyer
                                            shall not without the prior written consent of Seller, during the Restricted Period, directly
                                            or indirectly solicit, participate in or promote the solicitation of or interfere with or
                                            attempt to otherwise affect the employment of any person who was or is employed by Seller,
                                            its subsidiaries or affiliates on the Closing Date or thereafter. Seller expressly consents
                                            to the Buyer hiring the employees of Seller from its location at 300 East Railroad Street,
                                            Waterloo, Indiana 46793, specifically including: Kevin Welker, Operation Manager; Todd McAfee,
                                            Sales; Sean Gowthrop, Office Manager; Phillip Knepper, Production/ Lead Welder; Austin Parker,
                                            Production; and, Bryce Tibbetts, Production.
		c.	Buyer
                                            shall not without the prior written consent of Seller, during the Restricted Period, directly
                                            or indirectly solicit any person or entity who as of the Closing Date is a customer (as listed
                                            in Exhibit C hereto), supplier, consultant or agent to Seller, its subsidiaries or affiliates,
                                            to discontinue business with Seller or its subsidiaries or affiliates and/or move that business
                                            elsewhere or otherwise change an existing relationship with the Seller, its subsidiaries
                                            or affiliates.

 

		8.	Entire
                                            Agreement. Waiver and Modification. This Agreement sets forth the entire understanding
                                            of the Parties concerning the subject matter hereof and incorporates all prior negotiations
                                            and understandings. There are no covenants, promises, agreements, conditions or understandings,
                                            either oral or written, between them relating to the subject matter of this Agreement other
                                            than those set forth herein. No purported waiver by any Party of any default by another Party
                                            of any term or provision contained herein shall be deemed to be a waiver of such term or
                                            provision unless the waiver is in writing and signed by the waiving Party. No such waiver
                                            shall in any event be deemed a waiver of any subsequent default under the same or any other
                                            term or provision contained herein. No alteration, amendment, change or addition to this
                                            Agreement shall be binding upon any Party unless in writing and signed by the Party to be
                                            charged.
	 	 	 
		9.	Notices.
                                            Any consent, waiver, notice, demand, request or other instrument required or permitted to
                                            be given under this Agreement shall be in writing and deemed to have been properly given
                                            at the earlier of; (A) actual delivery, when delivered in person; (B) the next business day
                                            following a complete successful facsimile transmission to the appropriate number first set
                                            forth above; (C) the next business day if sent via overnight express courier (e.g., FedEx)
                                            to the Party's address first set forth above; or (D) three (3) business days after being
                                            sent by certified United States mail, return receipt requested, postage prepaid, to the Party's
                                            address first set forth above. Either Party may change its address for notices or facsimile
                                            phone number in the manner set forth herein.
	 	 	 
	 	10.	Captions. The captions and paragraph numbers
                           appearing in this Agreement are inserted only as a matter of convenience. They do not define, limit, construe
                           or describe the scope or intent of the provisions of this Agreement.
	 	 	 
		11.	Applicable
                                            Law. This Agreement shall be construed and governed under and by the laws of the State
                                            of Indiana for contracts entered and to be performed within Indiana.

 

 

 

    	 	4	 

     

    

 

		12.	Construction.
                                            The Parties have participated jointly in the negotiation and drafting of this Agreement.
                                            In the event an ambiguity or question of intent or interpretation arises, this Agreement
                                            shall be construed as if drafted jointly by the Parties and no presumption or burden of proof
                                            shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions
                                            of this Agreement. Any reference to any federal, state, local, or foreign statute or law
                                            shall be deemed also to refer to all rules and regulations promulgated thereunder, unless
                                            the context requires otherwise. The word "including" shall mean including without
                                            limitation. The Parties intend that each representation, warranty, and covenant contained
                                            herein shall have independent significance. If any Party
                                            has breached any representation, warranty, or covenant contained herein in any respect, the
                                            fact that there exists another representation, warranty, or covenant relating to the same
                                            subject matter (regardless of the relative levels of specificity) which the Party has not
                                            breached shall not detract from or mitigate the fact that the Party is in breach of the first
                                            representation, warranty, or covenant.
	 	 	 
		13.	Attorney's
                                            Fees. In the event any litigation, mediation, arbitration, or controversy between the
                                            Parties hereto arises out of or relates to this Agreement, the prevailing Party in such litigation,
                                            mediation, arbitration or controversy shall be entitled to recover from the other Party all
                                            reasonable attorneys' fees, expenses and suit costs, including those associated with any
                                            appellate proceedings or any post-judgment collection proceedings.
	 	 	 
		14.	Counterparts.
                                            This Agreement may be executed in one or more counterparts, each of which shall be deemed
                                            an original but all of which together will constitute one and the same Agreement.
	 	 	 
		15.	Survival.
                                            Sections 5, 6, 7 and 9 through 15 shall survive the Closing and shall continue in full force
                                            and effect thereafter.

 

 

IN WITNESS WHEREOF, the Parties hereto have executed
this Agreement as of the date first above written.

 

 

	Seller:	 	Buyer:
	 	 	 
	EDSCO HOLDING COMPANY, LLC	 	ANTHEM ANCHOR BOLTS &
FASTENERS LLC
	 	 	 
	 /s/ Cullen Johnson	 	/s/ Timothy E. Evans
	By: Cullen Johnson	 	By: Timothy E. Evans
	Title: President	 	Title: President

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	5

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