Document:

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                                                                   Exhibit 10.14

                              [COWLEY HEARNE LOGO]

                           BRAMBLES AUSTRALIA LIMITED

                                (ACN 000 164 938)

                                       and

                         A.C.N. 094 802 141 PTY LIMITED

                                (ACN 094 802 141)

                                       and

                      NACCO MATERIALS HANDLING GROUP, INC.

                ------------------------------------------------

                             BUSINESS SALE AGREEMENT
                ------------------------------------------------

                                (C) COWLEY HEARNE
                        Website: www.cowleyhearne.com.au
                     Tel: 61 2 9956 2100 Fax: 61 2 9959 3614
                                REF: DRZ/SPW 1093

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                                TABLE OF CONTENTS
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1.       DEFINITIONS.....................................................1

2.       SALE AND PURCHASE OF ASSETS....................................14

3.       PURCHASE PRICE.................................................15

4.       COMPLETION.....................................................17

5.       STOCK AT THE CALCULATION TIME..................................19

6.       COMPLETION STATEMENT...........................................20

7.       PAYMENT OF THE PURCHASE PRICE..................................21

8.       APPORTIONMENT..................................................23

9.       CONDUCT OF BUSINESS PENDING COMPLETION.........................23

10.      RISK AND INSURANCE.............................................25

11.      ASSIGNMENT OF CUSTOMER CONTRACTS, AND LICENCES.................25

12.      PROPERTY LEASES AND VEHICLE LEASES.............................26

13.      EMPLOYEES......................................................28

14.      SUPERANNUATION.................................................29

15.      BOOK DEBTS/TRADE CREDITORS.....................................32

16.      CUSTOMERS' AND SUPPLIERS' NOTICE/USE OF TRADE NAME.............33

17.      WARRANTIES.....................................................33

18.      RESTRAINT OF TRADE AND OFFER OF FUTURE BUSINESS................35

19.      DISPUTE........................................................38

20.      COSTS, STAMP DUTY AND GST......................................39

21.      NOTICES........................................................40

22.      ASSIGNMENT.....................................................41

23.      GENERAL........................................................41

24.      GUARANTEE AND INDEMNITY........................................43

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25.      ACCESS TO BWANA COMMUNICATION SYSTEM...........................46

SCHEDULE 1..............................................................47

SCHEDULE 2..............................................................48

SCHEDULE 3..............................................................49

SCHEDULE 4..............................................................50

SCHEDULE 5..............................................................51

ORIX LEASES AS AT 31/10/2000............................................53

NEW SOUTH WALES.........................................................53

SOUTH AUSTRALIA.........................................................53

QUEENSLAND..............................................................54

SCHEDULE 7..............................................................55

1.       ACCURACY OF INFORMATION........................................58

2.       POWER AND AUTHORITY............................................59

3.       TITLE..........................................................59

4.       SOLVENCY.......................................................60

5.       FINANCIAL ARRANGEMENTS.........................................61

6.       LIABILITIES....................................................61

7.       ENVIRONMENTAL LAWS.............................................62

8.       ACCOUNTS.......................................................64

9.       PRE-COMPLETION DATE EVENTS.....................................66

10.      TAXATION.......................................................67

11.      ASSETS.........................................................69

12.      LEASED PREMISES................................................71

13.      CONTRACTS AND COMMITMENTS......................................72

14.      INTELLECTUAL PROPERTY..........................................74
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TABLE OF CONTENTS                                                    Page 3
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15.      EMPLOYEES......................................................75

16.      INSURANCE......................................................76

17.      COMPLIANCE WITH LEGISLATION AND ABSENCE OF LITIGATION..........77

18.      AUTHORISATIONS.................................................77

19.      RECORDS AND CORPORATE MATTERS..................................78

20.      POWERS OF ATTORNEY.............................................79

21.      FINDER'S FEES..................................................79

SCHEDULE 9..............................................................85

SCHEDULE 10.............................................................87

ANNEXURE A..............................................................96

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                            BUSINESS SALE AGREEMENT
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AGREEMENT dated 10 November 2000

BETWEEN:       BRAMBLES AUSTRALIA LIMITED (ACN 000 164 938) whose registered
               office is situated at Level 40, Gateway Plaza, 1 Macquarie Place
               Sydney NSW 2000 trading as "BRAMBLES EQUIPMENT" and "Brambles
               Industrial Services" (VENDOR)

AND:           A.C.N. 094 802 141 PTY LIMITED (ACN 094 802 141) whose registered
               office is situated at 1 Bullecourt Avenue, Milperra NSW 2214
               (PURCHASER)

AND            NACCO MATERIALS HANDLING GROUP, INC., A DELAWARE CORPORATION,
               whose registered office is situated at 650 NE Holladay Street,
               Suite 1600, Portland, Oregon 97232 USA (PURCHASER'S GUARANTOR)

RECITAL

A.       The Vendor has agreed to sell and the Purchaser to purchase the
         Business on the basis set out in this agreement.

B.       The Purchaser's Guarantor has agreed to guarantee the obligations of
         the Purchaser under and pursuant to this agreement.

OPERATIVE PROVISIONS

1.       DEFINITIONS

1.1      DEFINITIONS

         ACCOUNTING STANDARDS means the accounting standards issued by the
         Australian Accounting Standards Board from time to time and, if and to
         the extent that any matter is not covered by accounting standards
         issued by the Australian Accounting Standards Board, means generally
         accepted accounting principles applied from time to time in Australia
         for a business similar to the Business.

         ACCRUED EMPLOYEE ENTITLEMENTS means the following, as at the
         Calculation Time:

         (a)      the accrued annual leave entitlements including leave loading
                  of the Transferring Employees determined under the
                  legislation, awards and enterprise bargaining agreements
                  applicable to the Transferring Employees;

         (b)      the accrued long service leave entitlements of Transferring
                  Employees determined under the legislation applicable to the
                  Transferring Employees recognising their continuous service,
                  with the Vendor, either actual or deemed pursuant to the
                  applicable legislation; and

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BUSINESS SALE AGREEMENT                                                  Page 2
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         (c)      the accrued rostered day off entitlements of Transferring
                  Employees determined under the legislation, awards and
                  enterprise bargaining agreements applicable to the
                  Transferring Employees.

         For the avoidance of doubt, the actual Accrued Employee Entitlements
         will be different from the amounts accrued by the Vendor in its Records
         for the relevant Employees' entitlements. This is because, for
         convenience, the Vendor adopts a national rather than a State by State
         policy of accrual of employee entitlements, which policy does not
         recognise each separate State's particular statutory provisions in
         relation to the accrual of employee entitlements.

         ACCRUAL means any payment by the Purchaser after the Calculation Time
         in the ordinary course of business for goods or services supplied to
         the Business before the Calculation Time, or any other payment by the
         Purchaser after the Calculation Time in respect of the Business where
         the benefit was received by the Business before the Calculation Time.

         ADJUSTMENT PAYMENT means the payment pursuant to CLAUSE 7.3 as
         determined in accordance with CLAUSE 3.1.

         ASSETS means all of the:

         (a)   Book Debts;

         (b)   Goodwill;

         (c)   Intellectual Property Rights;

         (d)   Plant and Equipment;

         (e)   rights and benefits of the Vendor under the Contracts and the
               Principal and Agency Arrangements;

         (f)   rights and benefits of the Vendor under the Property Leases
               (including leasehold improvements);

         (g)   Records;

         (h)   rights and benefits of the Vendor under the Software Licences;

         (i)   Prepayments;

         (j)   Stock; and

         (k)   Work in Progress.

         AUSTRALIAN DOLLARS AND THE SIGN $ means the lawful currency of the
         Commonwealth of Australia.

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BUSINESS SALE AGREEMENT                                                  Page 3
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         AUTHORISATION means:

         (a)      an authorisation, consent, declaration, exemption, or waiver,
                  of whatever nature; and

         (b)      in relation to anything that could be prohibited by law if a
                  Government Agency acts in any way within a specified period,
                  the expiry of that period without that prohibition being
                  implemented,

         and includes any renewal or amendment.

         BOOK DEBT means a trade or other debt invoiced by and owed to the
         Vendor in respect of the Business.

         BUSINESS means:

         (a)      the business of the Vendor which trades nationally under the
                  name "Brambles Equipment" and provides forklift fleet
                  management services, rental and maintenance services in
                  respect of forklifts, materials handling equipment, sweepers,
                  loaders, excavators, bobcats and other specialised plant; and

         (b)      the forklift component of the business carried on by the
                  Vendor in Tasmania under the name "Brambles Industrial
                  Services", as detailed in the Information Memorandum dated 12
                  September 2000. The Brambles Industrial Services business
                  provides heavy industrial contracting services for fleet
                  management, transport, earthmoving, mining industry related,
                  steel industry related, industrial maintenance, logistics
                  management and lifting activities; and

         (c)      (i)     the forklift component of the business the Vendor
                          carries on in Newcastle under the name "Brambles
                          Industrial Services", as described in Section 2
                          "Proposed Sale of Assets" (not Section 1 "Proposed
                          Sale and Leaseback Arrangements) of the Information
                          Memorandum dated 25 September 2000; and

                  (ii)    the forklift component of the business the Vendor
                          carries on in North Queensland under the name
                          "Brambles Industrial Services", as described in
                          Section 2 "Proposed Sale of Assets" (not Section 1
                          "Proposed Sale and Leaseback Arrangements) of the
                          Information Memorandum dated 25 September 2000.

         BUSINESS DAY means a day on which banks are open for business and:

         (a)      for the purpose of receiving a notice, a day which is not a
                  Saturday, Sunday, public holiday or bank holiday in the city
                  in which the notice is received; and

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BUSINESS SALE AGREEMENT                                                  Page 4
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         (b)      for any other purpose, a day which is not a Saturday, Sunday ,
                  public holiday or bank holiday in Sydney.

         BWANA COMMUNICATION SYSTEM means the Vendor's proprietary wide area
         computer network which it operates throughout Australia, which is
         utilised by all of its divisions and businesses including the Business.

         CALCULATION TIME means the close of business on the Completion Date.

         CALCULATION TIME ASSET AND LIABILITY STATEMENT means the statement
         referred to in clause 6.1(b)(i), which forms part of the comprehensive
         Completion Statement as specified in clause 6.1(b).

         CAPITAL WIP means all plant and equipment owned by the Vendor
         (including forklifts, sweepers, loaders, excavators, bobcats and other
         specialised plant and equipment) as at the Calculation Time which has
         undergone, or is undergoing, modification (including by the fitting of
         additional equipment) to satisfy the requirements and specifications of
         Customers under Customer Contracts, but which has not been supplied to
         those Customers. The Capital WIP as at 30 June 2000 is identified in
         the list of Capital WIP attached as Annexure A.

         COMPLETION means the date the parties complete the sale and purchase of
         the Assets in accordance with CLAUSE 4.

         COMPLETION STATEMENT means the statement prepared in accordance with
         clause 6.1(b).

         COMPLETION DATE means 17 November 2000 or another date agreed between
         the Purchaser and the Vendor on which Completion occurs.

         CONFIDENTIAL INFORMATION means any trade secret, financial, marketing,
         customer related and technical information, idea, concept, know how,
         technology, process or knowledge which relates to the Business and
         which is confidential or of a sensitive nature and includes material in
         the Information Memorandum but excluding that which is:

         (a)      in the public domain otherwise than by virtue of a breach of
                  the confidentiality obligations in this agreement;

         (b)      lawfully in the possession of the recipient of the information
                  through sources other than the party who supplied the
                  information; or

         (c)      lawfully or properly required to be disclosed by law.

         CONTRACTS means the agreements or arrangements relating to the Business
         to which the Vendor is a party as at the Calculation Time including the
         Customer Contracts and the Principal and Agency Arrangements.

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BUSINESS SALE AGREEMENT                                                  Page 5
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         CONTRACT TASK MANAGEMENT means the services provided by the Vendor's
         "Brambles Industrial Services" division as a contractor of performing
         specific customer tasks, such as the transport of ore from site to
         site, and pursuant to which the Vendor provides the customer the
         vehicles, materials handling equipment, vehicle operators and
         maintenance of the vehicles and bears all vehicle running costs
         necessary to perform and manage the specified task.

         CORPORATIONS LAW means the Corporations Law under the Corporations Act
         1989, as amended from time to time.

         CUSTOMER means a customer of the Business.

         CUSTOMER CONTRACTS means the Contracts and commitments entered into by
         the Vendor with Customers of the Business for the provision of services
         to those customers.

         DATA ROOM MATERIAL means the written material relating to the Business
         made available by the Vendor to the Purchaser in the data room at the
         Vendor's solicitors' offices prior to Completion and in written
         correspondence between them, an index of which is attached to this
         agreement as Schedule 16, and complete identical sets of which have
         been exchanged by the Vendor and the Purchaser in sealed and initialled
         boxes simultaneously with the execution of this Agreement.

         EMPLOYEE means an employee of the Business engaged in the Business as
         at the Calculation Time. The employees of the Business at the date of
         this agreement are identified in Schedule 4.

         ENCUMBRANCE means an interest or power:

         (a)      reserved in or over an interest in any asset including, but
                  not limited to, any retention of title; or

         (b)      created or otherwise arising in or over any interest in any
                  asset under a bill of sale, mortgage, charge, lien, pledge,
                  trust or power,

         by way of security for the payment of a debt, any other monetary
         obligation or the performance of any other obligation, and includes,
         but is not limited to, any agreement to grant or create any of the
         above.

         ENVIRONMENT means components of the earth, including:

         (a)      land, air and water;

         (b)      any layer of the atmosphere;

         (c)      any organic or inorganic matter and any living organism; and

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BUSINESS SALE AGREEMENT                                                  Page 6
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         (d)      human-made or modified structures and areas, and includes
                  interacting natural ecosystems that include components
                  referred to in paragraphs (a) and (c).

         ENVIRONMENTAL LAW means a provision of law, or a law, which provision
         or law relates to any aspect of the Environment, safety, health or the
         use of substances or activities which may harm the Environment or be
         hazardous or otherwise harmful to health.

         EXCLUDED ASSETS means the assets listed is Schedule 11.

         EXCLUDED EMPLOYEES means the employees listed in Schedule 17.

         EXCLUDED RECORDS means those Records which the Vendor is required by
         law to retain.

         GOODWILL means the goodwill of the Business including the exclusive
         right of the Purchaser to represent itself as carrying on the Business
         as the successor of the Vendor and the expertise and systems of
         operation developed by the Vendor relating to the Business, but does
         not include any right whatsoever to the names "Brambles Equipment" or
         "BED", save as specifically provided for in clause 16.2.

         GOVERNMENTAL AGENCY means a government or any governmental,
         semi-governmental, administrative or judicial entity, agency, tribunal,
         commission or authority, including a self regulating organisation
         established under statute or a stock exchange.

         GST means any goods and services tax or other form of value added or
         consumption tax and includes GST as defined in Section 195-1 of A New
         Tax System (Goods and Services Tax) Act 1999.

         INFORMATION MEMORANDUM means (i) the Information Memorandum dated 3
         August 2000 in relation to the Brambles Equipment component of the
         Business, provided by the Vendor to the Purchaser; (ii) the Information
         Memorandum dated 12 September 2000 relating to the forklift rental
         business of the Tasmania division of the Brambles Industrial Services
         component of the Business provided by the Vendor to the Purchaser; and
         (iii) the Information Memorandum dated 25 September 2000 relating to
         the Sale & Leaseback and Sale outright of Assets of the North
         Queensland, Southern New South Wales and Newcastle divisions of the
         Brambles Industrial Services component of the Business, provided by the
         Vendor to the Purchaser referred to in Schedule 10.

         INDEPENDENT VALUER means the person appointed to resolve a dispute
         under CLAUSE 19.

         INTELLECTUAL PROPERTY RIGHTS means the rights and interests of the
         Vendor:

         (a)      in respect of confidential information, trade secrets,
                  know-how, scientific, technical and product information used
                  in or forming part of the Business; and

         (b)      in any copyright (including any software), patent, design or
                  trade mark used in or forming part of the Business.

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BUSINESS SALE AGREEMENT                                                  Page 7
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         INVENTORY means spare parts for the forklifts for sale forming part of
         the Stock used or intended to be used in the Business.

         LAST BALANCE DATE ASSET AND LIABILITY STATEMENT means the statement
         referred to in clause 6.1(b)(ii) which forms part of the comprehensive
         Completion Statement provided for in clause 6.1.

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BUSINESS SALE AGREEMENT                                                  Page 8
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         LAST ACCOUNTS means:

         (a)      the consolidated pro-forma balance sheet of the Brambles
                  Equipment component of the Business on the Last Balance Date,
                  derived from the audited balance sheet of the Vendor as at
                  that date;

         (b)      the pro-forma balance sheet of the forklift component of the
                  Brambles Industrial Services component of the Business in
                  Tasmania on the Last Balance Date, derived from the audited
                  balance sheet of the Vendor as at that date; and

         (c)      the pro-forma balance sheet of the non-contracted (or
                  contracted for a term of 1 year or less) forklift component of
                  the Brambles Industrial Services component of the Business in
                  North Queensland and Newcastle on the Last Balance Date,
                  derived from the audited balance sheet of the Vendor as at
                  that date attached as Schedule 3.;

         LAST BALANCE DATE means 30 June 2000.

         LEASED PREMISES means the properties leased by the Vendor from third
         parties as at the Calculation Time, listed in Schedule 7.

         LIABILITIES means the Accrued Employee Entitlements, the Trade
         Creditors, the obligations of the Vendor under the Principal and Agency
         Arrangements and the Vehicle Leases, and the Accruals, all as at the
         relevant time for determination, but excludes all other liabilities of
         the Business as at the relevant time for determination (including any
         liability for any current, pending or threatened litigation against the
         Business).

         MIXED FLEET SERVICES means the service provided by the Vendor's
         "Brambles Industrial Services" division whereby a fleet comprising of a
         combination of forklifts and other materials handling equipment of
         which the forklifts, as a proportion of total units in the fleet, is
         less than 50%, is provided in its entirety by the Vendor to the
         customer by the Vendor on the basis that it be fully maintained by the
         Vendor.

         NMHG APPROVED FORKLIFTS means (a) any forklifts Vendor buys or leases
         from Purchaser, or Hyster or Yale dealers affiliated with Purchaser,
         with full maintenance; (b) any forklifts the Vendor buys or leases from
         Purchaser, or Hyster or Yale dealers affiliated with Purchaser, for
         which Purchaser or such dealers decline to quote on the full
         maintenance of such forklifts on terms which are commercially
         satisfactory to the Vendor; or (c) forklifts which Vendor buys or
         leases from Purchaser, or Hyster or Yale dealers affiliated with
         Purchaser, but on which Vendor provides maintenance, subject to these
         forklifts being used only in internal applications of Vendor that are
         non-revenue generating.

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BUSINESS SALE AGREEMENT                                                  Page 9
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         NON-CAPITAL WIP means:

         (a)      the refurbishment, repair and maintenance services provided by
                  the Vendor to Customers in respect of equipment owned by those
                  Customers, for which the Vendor has the right to charge those
                  Customers, but for which no obligation of those Customers to
                  pay the Vendor has arisen as at the Calculation Time; and

         (b)      refurbishment, repair and maintenance services performed by
                  the Vendor in respect of the equipment owned by the Vendor in
                  the process of being commissioned for hire to Customers (but
                  not yet on hire to them) ,as at the Calculation Time. The
                  Non-Capital WIP as at 30 June 2000 is identified in the list
                  of Capital WIP attached as Annexure A.

         OWNED PROPERTIES means the freehold properties owned by the Vendor and
         more particularly described in Schedule 1.

         OWNED PROPERTY LEASES means the leases of the Owned Properties on the
         terms and conditions set out in Schedule 13.

         PLANT AND EQUIPMENT means the equipment (including but not limited to
         forklifts) for hire, plant, equipment, motor vehicles, machinery,
         furniture, and fixtures and fittings owned by the Vendor, and used by
         or forming part of the Business. The Plant and Equipment of the
         Business as at 30 June 2000 is identified in the list of Plant and
         Equipment attached as Schedule 2.

         PROPERTY LEASES means the leases and other informal occupation
         arrangements between the Vendor and the owners of the Leased Premises
         as more particularly described in Schedule 7.

         PREPAYMENTS means:

         (a)      any payments in advance of the Calculation Time made by the
                  Vendor for goods or services to be supplied to the Business in
                  the ordinary course of ordinary business after the Calculation
                  Time to the benefit of the Purchaser; and

         (b)      any other payments in advance made by the Vendor in respect of
                  the Business in the ordinary course of ordinary business
                  before the Calculation Time, the benefit of which is received
                  by the Business after the Calculation Time.

         PRINCIPAL AND AGENCY ARRANGEMENTS means the principal and agency
         agreement dated 14 September 1998 (as amended) entered into by the
         Vendor with Westpac Banking Corporation, providing for the funding of
         selected Plant and Equipment by Westpac, with the Vendor acting as its
         agent, as listed in Part 1 of schedule 6, and as more fully described
         in that schedule and PRINCIPAL AND AGENCY ASSETS has a corresponding
         meaning.

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BUSINESS SALE AGREEMENT                                                  Page 10
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         PURCHASE PRICE means the consideration for the Assets and Liabilities
calculated under CLAUSE 3.

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BUSINESS SALE AGREEMENT                                                  Page 11
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         PURCHASER'S ACCOUNTANTS means Arthur Andersen.

         PURCHASER'S AFFILIATE means, for the purposes of the right of first
         refusal provided for in clause 18.1(d), any of the Purchaser, NACCO
         Materials Handling Group Pty Ltd. ACN 000 297 914, NMHG Distribution
         Pty Limited ACN 053 380 291, or any of their owned or independent duly
         authorised dealers in Hyster or Yale branded forklifts, as nominated by
         the Purchaser or NACCO Materials Handling Group Pty Ltd. ACN 000 297
         914..

         RECORDS means the following, relating to the Business:

         (a)      sales and purchasing records;

         (b)      customer lists;

         (c)      supplier lists;

         (d)      price lists;

         (e)      records of the Contracts and Principal and Agency
                  Arrangements;

         (f)      Property Leases;

         (g)      all books of account, accounts records and data; and

         (h)      records relating to Transferring Employees and the Accrued
                  Employee Entitlements,

         except the Excluded Records.

         REGISTERED INDUSTRIAL AGREEMENTS means any agreement between the Vendor
         and a registered union of Employees, or any agreement between the
         Vendor and the employees of a location as a whole, certified by the
         Australian Industrial Relations Commission under the Workplace
         Relations Act 1996 or similar document developed and registered under
         the auspices of a State Industrial Commission.

         RELATED BODY CORPORATE means in relation to a body corporate, another
         body corporate deemed to be related to it under the Corporations Law.

         SOFTWARE LICENCES means the Baseplan, Prism for Windows, MYOB and other
         licences and related agreements described in Schedule 9 held by the
         Vendor pursuant to which it uses the software described in that
         schedule.

         STATUTORY LICENCES means the statutory and regulatory licences used in
         the operation and performance of the Business.

         STOCK means the stock of the Business as at the Calculation Time
         including all forklifts for sale, office supplies, stock-in-trade, raw
         materials, packaging, consumable spare parts,

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BUSINESS SALE AGREEMENT                                                  Page 12
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         tools or other maintenance items that are used or intended for use in
         connection with the Business.

         SUBLEASES means the subleases and in respect of the property at Hendra
         Queensland, the sub-sublease specified in Schedule 15.

         SUPPLIER CONTRACTS means all contracts and arrangements entered into by
         or on behalf of the Vendor with suppliers in the ordinary course of
         business for the provision of goods or services to the Vendor which are
         to be delivered in whole or in part after Completion or which contain
         obligations to be satisfied in whole or in part after Completion.

         SUPPLY has the meaning given under section 195-1 of A New Tax System
         (Goods and Services) Tax Act 1999.

         TAX means any tax, levy, charge, impost, duty, fee, deduction,
         compulsory loan or withholding (including stamp and transaction duty
         and any goods and services tax) which is assessed, levied, imposed or
         collected by any Governmental Agency and includes, but is not limited
         to, any interest, fine, penalty, charge, fee or other amount imposed in
         respect of the above.

         TRADE CREDITORS means the trade creditors of the Vendor in respect of
         the Business as at the Calculation Time.

         TRADE NAMES means BRAMBLES EQUIPMENT, BED, BRAMBLES INDUSTRIAL SERVICES
         or BIS or a combination of any of those words with another, or others,
         whether in a business name, company name, logo, trade mark, or other
         representation used or owned at any time by the Vendor in connection
         with the Business and whether registered or unregistered.

         TRANSFERRING EMPLOYEES means the Employees who accept the Purchaser's
         offer of employment under CLAUSE 13.

         TRANSITIONAL PROCEDURES means the procedures and arrangements specified
         in Schedule 14 relating to payroll arrangements, migration of computer
         systems and banking generally, which are necessary to assist the
         Purchaser to effect an orderly and effective transfer of the Business
         following Completion.

         VEHICLE LEASES means the vehicle leases more particularly described in
         Part 2 of Schedule 6.

         WARRANTIES means the warranties and representations expressly stated in
         this agreement.

         WORK IN PROGRESS means the aggregate of all Capital WIP and Non-capital
         WIP as at the Calculation Time.

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BUSINESS SALE AGREEMENT                                                  Page 13
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1.2      INTERPRETATION

         The following rules of interpretation apply unless the context requires
         otherwise:

         (a)      headings are for convenience only and do not affect
                  interpretation;

         (b)      the singular includes the plural and conversely;

         (c)      a gender includes any gender;

         (d)      if a word or phrase is defined, then its other grammatical
                  forms have a corresponding meaning;

         (e)      a reference to PERSON includes:

                  (i)     a body corporate, an unincorporated or other entity
                          and conversely; and

                  (ii)    a reference to that person's executors,
                          administrators, successors, permitted assigns and
                          substitutes including but not limited to a person to
                          whom this agreement is novated;

         (f)      a reference to CLAUSE, SCHEDULE, ANNEXURE or EXHIBIT is to a
                  clause, schedule annexure or exhibit to this agreement;

         (g)      a reference to an agreement or document is to that agreement
                  or document as amended, novated, supplemented, varied or
                  replaced;

         (h)      a reference to legislation or to a provision of that
                  legislation includes a modification or re-enactment of it, a
                  legislative provision substituted for it and a regulation or
                  statutory instrument under it;

         (i)      a provision of this agreement must not be construed adversely
                  to a party on the grounds that the party is responsible for
                  the preparation of it;

         (j)      a reference to MONTH is a reference to a calendar month;

         (k)      a reference to YEAR is a reference to a calendar year;

         (l)      a reference to WRITING includes any mode of representing and
                  reproducing words in tangible and permanently visible form and
                  includes telex, email and facsimile transmission;

         (m)      a reference to LIQUIDATION includes an arrangement,
                  compromise, winding up, dissolution, appointment of an
                  administrator, assignment for the benefit of a creditor,
                  scheme of arrangement with creditors, insolvency, bankruptcy
                  or a similar procedure or if it applies, a merger,
                  amalgamation, reconstruction or

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BUSINESS SALE AGREEMENT                                                  Page 14
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                  change in the constitution of an entity for the purpose or
                  having the effect of altering a party's rights with its
                  creditors;

         (n)      a reference to a day including a Business Day is a reference
                  to the period which starts at midnight and ends 24 hours
                  later;

         (o)      if a period of time is specified and that period begins:

                  (i)     at the time of an act or event; or

                  (ii)    on a specified date,

         then the calculation of the period begins on the day following the day
         of the act, the event or the specified date.

1.3      BUSINESS DAY

         If the day on which anything must be done is not a Business Day, then
         that thing must be done on the preceding Business Day.

2.       SALE AND PURCHASE OF ASSETS

2.1      SALE AND TRANSFER

         (a)      The Vendor, as legal and beneficial owner, will sell to the
                  Purchaser all of the Assets of the Business free of any
                  Encumbrance or third party rights for the Purchase Price, on
                  the terms and conditions of this agreement, with effect from
                  Completion.

         (b)      The Purchaser will purchase the Assets referred to in clause
                  2.1(a) free of any Encumbrance or third party rights with
                  effect from Completion on the terms and conditions of this
                  agreement.

2.2      LEASES OF OWNED PROPERTIES

         At completion the Purchaser will enter into leases of the Owned
         Properties in the form of the Owned Property Leases.

2A       CONDITIONS PRECEDENT

2A.1     CONDITIONS TO COMPLETION

         The obligation of the Purchaser to purchase the Business is subject to
         the following conditions precedent, (and the Purchaser may waive the
         condition precedent set out in clause 2A.1(b), in whole or in part
         without prior notice, but none of the parties may waive either of the
         conditions precedent set out in Clauses 2.1A(a) or 2.1A(c)):

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 15
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         (a)      the Purchaser shall have received from Westpac Banking
                  Corporation:

                  (i)      approval for the assignment/novation/amendment of the
                           Principal and Agency Arrangements to the Purchaser on
                           terms and conditions acceptable to the Purchaser;

                  (ii)     signed documentation relating to such
                           assignment/novation/amendment in a form acceptable to
                           the Purchaser

         (b)      the Purchaser shall have received from GE Commercial:

                  (i)      a written commitment to provide the financing for the
                           Purchaser's acquisition of the Business on terms and
                           conditions acceptable to the Purchaser; and

                  (ii)     signed documentation relating to such financing in a
                           form acceptable to the Purchaser.

         (c)      the Purchaser and the Vendor being satisfied with the content
                  of each of the schedules and exhibits to this Agreement and
                  the indexes and contents of the Data Room Material, with each
                  party having confirmed in writing to one another that they are
                  so satisfied.

2A.2     FULFILMENT OF CONDITIONS

         The Purchaser will use its best endeavours to procure the due
         fulfilment of the conditions precedent referred to in CLAUSE 2A.1 (a)
         AND (b) as expeditiously as possible and the parties will work together
         to procure the due fulfilment of the conditions precedent referred to
         in CLAUSE 2A.1 (c) as expeditiously as possible.

2A.3     TERMINATION

         If the conditions precedent in CLAUSE 2A.1 are not fulfilled by 15
         November 2000 then this Agreement may be terminated by notice given by
         either the Purchaser or the Vendor to the other, with immediate effect,
         and without penalty save in respect of any breach of this Agreement
         prior to that date."

3.       PURCHASE PRICE

3.1      AMOUNT

         The Purchase Price for the Assets and the Liabilities is $83,666,571
         ($91,500,000 for the Assets net of $7,833,429 for the Liabilities),
         which will be adjusted post-completion for the movement in value
         between the Calculation Time Asset and Liabilities Statement and the
         Last Balance Date Asset and Liability Statement as provided for in
         CLAUSE 6.1, and paid in accordance with CLAUSE 7.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 16
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3.2      APPORTIONMENT OF PURCHASE PRICE

         The Purchase Price for the Assets will be recorded in the Completion
         Statement, and apportioned as follows:

         (a)      for the Plant and Equipment - $74,500,000, plus or minus any
                  increase or decrease in value as at the Calculation Time;

         (b)      for the Stock, $3,170,000, plus or minus any increase or
                  decrease in value as at the Calculation Time, subject to the
                  conditions of clause 5.3(b);

         (c)      for the Software Licences - $1.00;

         (d)      for the Contracts - $1.00;

         (e)      for the Prepayments - $430,000, plus or minus any increase or
                  decrease in value as set out in the Records at the Calculation
                  Time ;

         (f)      for the Property Leases and leasehold improvements - $1.00;

         (g)      for the Records - $1.00;

         (h)      for the Work in Progress -$714,995, plus or minus any increase
                  or decrease in value as set out in the Records at the
                  Calculation Time;

         (i)      for the Intellectual Property Rights - $1.00;

         (j)      for the Book Debts -$7,685,000, plus or minus any increase or
                  decrease in value as at the Calculation Time, to be determined
                  on the following basis:

                  (i)     In respect of Book Debts owed by Customers as at
                          Completion who are not Related Bodies Corporate or
                          divisions of the Vendor and which have not been paid
                          in full within (a) 90 days of the date they were
                          invoiced to the relevant Customers, 85% of their
                          aggregate face value at the Calculation Time, or (b)
                          150 days of the date they were invoiced to the
                          relevant Customers, 0% of their aggregate face value
                          at the Calculation Time; and

                  (ii)    In respect of Book Debts other than those referred to
                          in sub-paragraph 3.2(j)(i) the aggregate of their face
                          value as at the Calculation Time less any provision in
                          the Records for bad or doubtful Book Debts; and

         (k)      for the Goodwill -$5,000,000.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 17
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4.       COMPLETION

4.1      The steps to be taken on Completion of the sale and purchase of the
         Assets as provided in clause 4 and as otherwise provided in this
         Agreement will be so taken at 2.00pm on the Completion Date at the
         offices of Cowley Hearne, Level 10, 60 Miller Street, North Sydney, or
         any other earlier time and place agreed by the Vendor and the
         Purchaser, but in any event Completion will only be deemed to have
         taken place at 5pm on the date that Completion occurs. Without limiting
         any other provision of this agreement, it is a condition precedent to
         Completion that prior to Completion the Purchaser:

         (a)      procures the consent of Westpac Banking Corporation to the
                  assignment/novation of the Principal and Agency Arrangements
                  to the Purchaser, effective from Completion; and

         (b)      if and only if prior to Completion the Purchaser receives
                  notice from the Australian Competition and Consumer Commission
                  ("ACCC") that it proposes to, or it threatens to, take action
                  to prevent the completion of any of the transactions
                  contemplated by this Agreement, the Purchaser receives a
                  further notice from the ACCC either to the effect that the
                  transactions contemplated by this Agreement do not contravene
                  the Trade Practices Act 1974 or to the effect that the ACCC
                  will not take action to prevent the completion of those
                  transactions, and if such notice is given subject to
                  conditions, requirements or undertakings by the parties, that
                  such conditions, requirements or undertakings are reasonably
                  acceptable to the Purchaser.

4.2      The Vendor will on Completion, or afterwards if expressly permitted by
         the other relevant provisions of this agreement, cause to be delivered
         to the Purchaser:

         (a)      evidence of release of all Encumbrances and other third party
                  rights affecting any Assets of the Business;

         (b)      PROPERTY LEASES and VEHICLE LEASES: (after Completion and in
                  accordance with CLAUSE 12 in respect of the Property Leases,
                  and on Completion and in accordance with CLAUSE 12 in respect
                  of the Vehicle Leases):

                  (i)      undisturbed possession of the Leased Premises;

                  (ii)     assignments or novations of each of the Property
                           Leases duly executed by the relevant lessor, assignee
                           and assignor;

                  (iii)    the Vendor's original Property Leases bearing
                           evidence of the payment of all stamp duty, or where
                           not available, certified copies of the originals; and

                  (iv)     assignments or novations of each of the Vehicle
                           Leases duly executed by the relevant Employee, the
                           Vendor and the relevant financial institution and
                           possession of the vehicles subject to the Vehicle
                           Leases.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 18
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         (c)      SOFTWARE LICENCE TRANSFERS: (after Completion, if required or
                  applicable, executed transfers or assignments, in favour of
                  the Purchaser of the Software Licences in accordance with
                  CLAUSE 11).

         (d)      CUSTOMER CONTRACTS AND SUPPLIER CONTRACTS: (after Completion,
                  if required or applicable, assignments of the Customer
                  Contracts and Supplier Contracts , together with the Vendor's
                  original copies of any documentation confirming them, in
                  accordance with and subject to CLAUSE 11).

         (e)      PLANT AND EQUIPMENT CERTIFICATES: certificates of registration
                  (where necessary) in the name of the Vendor or other documents
                  evidencing ownership pertaining to the Plant and Equipment.

         (f)      ASSETS GENERALLY: those Assets capable of transfer by delivery
                  by leaving them where they are normally located, and
                  permitting the Purchaser to take possession of those Assets
                  and the remainder of the assets in situ.

         (g)      COMPLETION STATEMENT: (after Completion in accordance with
                  CLAUSE 6) a Completion Statement.

         (h)      RECORDS: the Records, providing always that the Vendor will
                  have the right to examine those Records at all reasonable
                  times and to freely make copies of them.

         (i)      SERVICES: the transfer forms, if any, in relation to the
                  telephone and other similar services to the Business.

         (j)      BOOK DEBTS AND PREPAYMENTS: evidence of the Book Debts and
                  Prepayment in the form usually maintained by the Vendor.

         (k)      TRADE CREDITORS AND ACCRUALS: evidence of the Trade Creditors
                  and Accruals in the form usually maintained by the Vendor of
                  the Trade Creditors and Accruals.

         (l)      OWNED PROPERTY LEASES: counterparts of the Owned Property
                  Leases duly executed by the Vendor and undisturbed possession
                  of the Owned Properties.

         (m)      PRINCIPAL AND AGENCY ARRANGEMENTS:
                  assignment/novation/amending documents in respect of the
                  Principal and Agency Arrangements which have been duly
                  executed by the Vendor.

4.3      On Completion the Purchaser will:

         (a)      pay the Vendor the payment identified in CLAUSE 7.2(a);

         (b)      assume liability for the Liabilities;

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 19
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         (c)      deliver to the Vendor counterparts of the Owned Property
                  Leases duly executed by the Purchaser; and

         (d)      deliver to the Vendor assignment/novation/amending documents
                  in respect of the Principal and Agency Arrangements which have
                  been duly executed by the Purchaser and Westpac Banking
                  Corporation.

4.4      Except as otherwise provided in this agreement unencumbered legal and
         beneficial title to the Businesses and in the Assets will pass to the
         Purchaser on Completion.

4.5      If reasonably requested by the Purchaser for the purposes of the
         continued operation of the Business, the Vendor must provide the
         Purchaser with copies of the Excluded Records which are relevant to the
         operation of the Business.

4.6      If requested by the Vendor for the purposes of defending or
         investigating any claim which arose before Completion, the Purchaser
         must provide the Vendor with copies of those Records which are in the
         Purchaser's possession. This clause does not merge on Completion.
         Further, the Purchaser undertakes to allow the Vendor or its duly
         authorised representatives access to the Records from time to time for
         a maximum period of 3 months following Completion, and always subject
         to the provision of reasonable advance notice to the Purchaser for the
         specific purpose of determining the Vendor's cost base for the Assets
         sold pursuant to this agreement.

5.       STOCK AT THE CALCULATION TIME

5.1      The parties agree that the amount and value of the Stock at the
         Calculation Time will be determined by a stocktake conducted by the
         Vendor immediately after the Calculation Time at which representatives
         of the Purchaser are entitled to attend.

5.2      On conclusion of the stocktake, representatives of the Purchaser and
         Vendor must agree and initial lists setting out the amount and value of
         the Stock at the Calculation Time. Such lists shall be made a part of
         the Completion Statement.

5.3      The Stock, including tires, batteries and similar items, other than the
         forklifts for sale (which will be valued as set out below), will be
         valued, as at the Calculation Time, at the lowest of its:

         (a)      cost to the Vendor;

         (b)      its written down book value in the Records in respect of such
                  of the Stock as the Vendor writes down in the ordinary course
                  of its Business; or

         (c)      its wholesale fair-market value;

         and such Stock which has been previously expensed shall be valued at
         zero.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 20
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5.4      The Stock comprising forklifts for sale will be divided into 2
         categories and valued as follows:

         (a)      forklifts for sale acquired by the Vendor up to and including
                  30 June 2000 will be valued at the lower of its cost or its
                  written down book value in the Records; and

         (b)      forklifts for sale acquired by the Vendor after 30 June 2000
                  up to an including Completion will be valued at the lowest of
                  its:

                  (a)      cost to the Vendor;

                  (b)      its written down book value in the Records; or

                  (c)      its wholesale fair-market value.

6.       COMPLETION STATEMENT

6.1      VENDOR TO PREPARE

         (a)      Subject to there being no dispute under CLAUSE 5.2 or CLAUSE
                  6.1(f), the Vendor will prepare the Completion Statement on a
                  basis consistent with the preparation of the Last Accounts
                  within 15 BUSINESS DAYS of the Completion Date and will give
                  to the Purchaser a copy of the Completion Statement within 20
                  BUSINESS DAYS of the Completion Date.

         (b)      The Completion Statement must set out:

                  (i)      a separate sub-statement setting out the value of the
                           Assets (valuing Book Debts in accordance with CLAUSE
                           3.2(j), the Liabilities, recognising in respect of
                           annual leave 68% (rather than 100%) and recognising
                           in respect of long service leave 70% (rather than
                           100%) of the Accrued Employee Entitlements as part of
                           the Liabilities, and the apportionments referred to
                           in CLAUSE 8, all as at the Calculation Time;

                  (ii)     a separate sub-statement setting out the value of the
                           Assets and Liabilities as set out in the Last
                           Accounts;

                  (iii)    the movement in value between the Calculation Time
                           Asset and Liability Statement and the Last Balance
                           Date Asset and Liability Statement;

                  (iv)     provide for a $100,000 adjustment in favour of the
                           Purchaser in recognition of part of the Purchaser's
                           costs in procuring the assignment or novation of the
                           Principal and Agency Arrangements to the Purchaser as
                           required by the Vendor, on a basis satisfactory to
                           the Purchaser.

                  (iv)     the final Purchase Price calculated in accordance
                           with CLAUSE 3.1,

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 21
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                  state the net adjusting payment to be made under CLAUSE 7.3,
                  taking into account the final Purchase Price for the Assets,
                  the Liabilities to be assumed by the Purchaser and the
                  payments already made by the Purchaser under CLAUSES 7.1 and
                  7.2.

         (c)      The Vendor must provide the Purchaser's Accountants full
                  access to the books and records of the Vendor to verify the
                  figures in the Completion Statement and ensure that the Vendor
                  provides the Purchaser's Accountants full access to the
                  working papers used in preparing the Completion Statement.

         (d)      The parties must ensure that the Purchaser and the Vendor
                  confer and use their best endeavours to agree on the
                  Completion Statement within 10 Business days after the
                  delivery of the draft Completion Statement to the Purchaser.

         (e)      If the contents of the Completion Statement are agreed between
                  the Purchaser and the Vendor, the Completion Statement will be
                  final and binding on the parties.

         (f)      If the Purchaser and the Vendor do not agree on the value of
                  an item in the Completion Statement within the period referred
                  to in CLAUSE 6.1(d), then either party may at any time within
                  5 BUSINESS DAYS after the end of that period refer the matter
                  to the Independent Valuer for determination under CLAUSE 19.
                  If no referral is made to the Independent Valuer, then the
                  value determined by the Vendor will be final and binding on
                  the parties and payable by the date specified in CLAUSE
                  6.1(a). If a referral is made to the Independent Valuer,
                  payment shall be made within three (3) Business Days of the
                  final determination of the Independent Valuer.

         (g)      Any dispute in relation to the Completion Statement will be
                  resolved in accordance with CLAUSE 19.

6.2      PURCHASER MUST CO-OPERATE

         The Purchaser must give the Vendor reasonable access to the Records and
         the Transferring Employees to enable the Vendor to prepare the
         Completion Statement.

7.       PAYMENT OF THE PURCHASE PRICE

7.1      PAYMENT IN ESCROW

         (a)      On Completion the Purchaser must pay $5,000,000.00 of the
                  Purchase Price to Cowley Hearne lawyers, to be held in escrow
                  in accordance with this clause. Cowley Hearne must procure the
                  deposit of such monies into an interest bearing controlled
                  monies trust account at the Commonwealth Bank, such account to
                  be styled as the "Cowley Hearne - Athletics/Brambles Escrow
                  Account" and to be disbursed in accordance with clause 7.3A
                  (ESCROW AMOUNT).

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 22
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         (b)      Subject to clause 7.3A, all interest earned on the Escrow
                  Amount will be paid to the Vendor.

7.2      PAYMENT AT COMPLETION

         (a)      The Purchaser must pay to the Vendor the sum of $78,666,571 on
                  Completion.

         (b)      The amount specified in CLAUSE 7.2(a) is an estimate of the
                  final Purchase Price less the Liabilities to be assumed by the
                  Purchaser, based on the Last Accounts and the agreed value of
                  the Goodwill, less the Escrow Amount provided for in CLAUSE
                  7.1(a).

7.3      ADJUSTMENT PAYMENT

         If an adjustment payment is necessary following the calculation of the
         Purchase Price pursuant to CLAUSE 3.1 and after determination of the
         Completion Statement, and the Completion Statement is not disputed,
         then the party required to pay to the other party the adjustment
         payment shall do so within 3 Business Days of the final determination
         of this amount. The adjustment payment shall not be subject to the
         `Limitation on Quantum and General" provisions set out in paragraph 9
         of Schedule 8A, and shall be made on a dollar for dollar basis, and
         shall be the value of:

         (a)      the Purchase Price determined in accordance with CLAUSE 3.1
                  after the Completion Statement has been agreed; less

         (b)      $78,666,571 (being the payment made by the Purchaser on
                  Completion pursuant to CLAUSE 7.2.

         If the adjustment payment is positive (greater than zero) then the
         Purchaser shall pay the adjustment payment to the Vendor and if the
         adjustment payment is negative (less than zero) then the Vendor shall
         pay the (positive) value of the Adjustment Payment to the Purchaser.

7.3A     The Escrow Amount will be applied in satisfaction of any adjusting
         payment as required pursuant to clause 7.3. If any part of the said
         adjusting payment remains unpaid after the application of the Escrow
         Amount in accordance with this clause, then the outstanding balance of
         such adjusting payment must be paid by the relevant party to the other
         party simultaneously with and in the same manner as the payment
         required under clause 7.3. Any part of the Escrow Amount remaining
         after payment of such adjusting payment to the Vendor will be paid to
         the Purchaser with the interest attributable to that amount.

7.4      METHOD OF PAYMENT

         (a)      Subject to CLAUSE 7.4(b), a party making a payment under this
                  agreement must pay by bank cheque.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 23
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         (b)      A party may agree in writing to accept payment in another
                  form.

8.       APPORTIONMENT

         Parties must apportion

         The Vendor will ensure the Completion Statement apportions between the
         Vendor and the Purchaser as at the Completion Date all expenses and
         outgoings normally apportioned on the purchase of a business similar to
         the Business, including but not limited to rent, rates, registration
         fees, licence fees and other similar items.

9.       CONDUCT OF BUSINESS PENDING COMPLETION

9.1      VENDOR'S OBLIGATION

         Until Completion, the Vendor must carry on the Business in the normal
         manner and in the ordinary course of business.

         Before Completion the Vendor must:

         (a)      consult with and keep the Purchaser informed in relation to
                  Customer Contracts lost or won;

         (b)      use its best endeavours to obtain and maintain in full force
                  and effect all Authorisations and Statutory Licences required
                  for or in connection with the Business and the Assets;

         (c)      comply in all material respects with all laws, regulations,
                  ordinances and orders binding on it or affecting any of the
                  Assets; and

         (d)      meet the Liabilities as they fall due and make no change to
                  its policy or manner of collection of Book Debts.

9.2      Before Completion the Vendor must not:

         (a)      dispose of any material Asset other than the sale of Stock in
                  the ordinary course of ordinary business;

         (b)      place orders for or acquire any material Asset (including
                  forklifts and other equipment usually hired out to customers
                  by the Business, in the ordinary course of business). If the
                  Vendor wishes to acquire any such Asset it must first obtain
                  the Purchaser's consent which may not be unreasonably
                  withheld;

         (c)      enter into a material contract other than in the ordinary
                  course of business;

         (d)      terminate any Employee other than in the ordinary course of
                  business; or

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 24
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         (e)      do, or omit to do, or allow to happen, anything which would
                  make any Warranty materially false, misleading or incorrect
                  when made or regarded as made under this Agreement;

         (f)      add any additional trucks to the Principal and Agency
                  Arrangements;

         (g)      induce or attempt to induce any Employee of the Business to
                  terminate his or her employment with the Business or to accept
                  employment with the Vendor in the remainder of its business or
                  any Related Body Corporate;

         (h)      enter into any Registered Industrial Agreement without the
                  consent of the Purchaser which will not be unreasonably
                  withheld;

         (i)      employ any new person without the consent of the Purchaser
                  which will not be unreasonably withheld;

         (j)      change any term of employment including remuneration or
                  provide any bonus to any Employee without the consent of the
                  Purchaser which will not be unreasonably withheld. In this
                  regard the Purchaser acknowledges that bonuses for the year
                  ended 30 June 2000 were paid prior to the execution of this
                  Agreement and the Vendor has advised the Purchaser of the
                  bonus scheme for the financial year ending June 2001
                  previously discussed with current senior Employees but not yet
                  formalised or implemented by the Vendor, and that there is
                  some expectation amongst those current Employees that the
                  bonus scheme for the financial year ending June 2001 will be
                  implemented in accordance with the proposed scheme previously
                  discussed with them.

9.3      Before the Completion Date the Vendor must:

         (a)      allow the Purchaser, and any person authorised by the
                  Purchaser, reasonable access during normal business hours to
                  inspect the Assets, the Records and the Leased Premises;

         (b)      promptly provide the Purchaser with all explanations and
                  information it reasonably requests in respect of the Business
                  and the Assets and the Property Leases; and

         (c)      use its reasonable efforts to allow the Purchaser to have
                  access to Customer premises, as the ongoing requirements of
                  the Business and circumstances permit.

9A.      TRANSITIONAL ARRANGEMENTS

         For the 6 months following Completion the Vendor and the Purchaser will
         use their best endeavours to assist the Purchaser to effect an orderly
         and effective transfer of the Business by implementing the Transitional
         Procedures.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 25
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9B       CONFIDENTIALITY

9B.1     MAINTENANCE OF CONFIDENTIALITY

         Prior to the conditions precedent specified in clause 2A being
         satisfied, except if ordered to do so by a court having jurisdiction:

         (a)      the negotiations of the parties and the subject matter and
                  terms of this document are to be kept strictly confidential
                  and not released to the public or any third parties (other
                  than the parties' professional advisers); and

         (b)      any press release, public circular or announcement related to
                  the subject matter of this Agreement will require the prior
                  agreement of each of the parties.

10.      RISK AND INSURANCE

         RISK

         (a)      Until Completion, the Vendor remains the owner of and bears
                  all risks in connection with the Business and the Assets.

         (b)      From Completion, the Purchaser becomes the owner of and bears
                  all the risk of the Business and the Assets.

11.      ASSIGNMENT OF CUSTOMER CONTRACTS, AND LICENCES

11.1     On and before Completion the parties shall use their best endeavours to
         obtain the assignment or novation of the Customer Contracts, Supplier
         Contracts and the Software Licences in favour of the Purchaser,
         effective from Completion. The Vendor's best endeavours obligations in
         this regard will be satisfied by introducing the Purchaser to the
         relevant third parties at the appropriate management level, making
         Employees available to communicate verbally and in writing with third
         parties in connection with the assignments, making the payments if any
         pursuant to CLAUSE 11.4 and providing all documentation reasonably
         requested by the Purchaser.

11.2     In respect of any Customer Contract, Supplier Contract or Software
         Licence that is not assigned or novated at Completion, the Vendor's
         beneficial interest in the Customer Contracts, Supplier Contracts and
         the Software Licences are deemed to have been assigned to the Purchaser
         to the extent lawfully permitted under their terms. From Completion,
         the Vendor will use its best endeavours to ensure that the Purchaser
         obtains the full benefit of the Customer Contracts, Supplier Contracts
         and the Software Licences.

11.3     The Purchaser undertakes to the Vendor to duly perform the Vendor's
         obligations under the Customer Contracts Supplier Contracts and the
         Software Licences that the Purchaser obtains the full benefit of at the
         Purchaser's sole cost.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 26
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11.4     The parties will pay their own costs, charges and expenses incurred in
         connection with the assignment of the Customer Contracts, Supplier
         Contracts and the Software Licences.

11.5     The Vendor indemnifies the Purchaser against any liability, loss or
         claim arising under any of the Customer Contracts, Supplier Contracts
         and the Software Licences after the Calculation Time to the extent that
         such liability, loss or claim, relates to an event, omission or
         circumstance that existed as at or before the Calculation Time, and
         which constituted a breach of any of those contracts by the Vendor.

11.6     The Purchaser indemnifies the Vendor against any liability or loss
         arising under any of the Customer Contracts, Supplier Contracts and the
         Software Licences after the Calculation Time the benefit of which has
         been assigned to the Purchaser effective from Completion to the extent
         that such liability, loss or claim, relates to an event, omission or
         circumstance that occurred after the Calculation Time and is not caused
         by a breach of Vendor's Warranties.

12.      PROPERTY LEASES AND VEHICLE LEASES

12.1     PAYMENTS

         (a)      The Vendor undertakes to continue to comply with the terms of
                  the Property Leases until Completion.

         (b)      From Completion, the Purchaser must:

                  (i)      pay any payments due from Completion under the
                           Property Leases and in respect of the Subleases; and

                  (ii)     comply with all other terms of the Property Leases
                           and in respect of the Subleases.

         (c)      The Purchaser indemnifies the Vendor against liability or loss
                  arising from and any cost, charge or expense incurred in
                  connection with a breach by the Purchaser of this CLAUSE 12.1
                  and is not caused by a breach of Vendor's Warranties.

         (d)      The Vendor indemnifies the Purchaser against any liability,
                  claim or loss arising as a consequence of the Purchaser being
                  disturbed in its use or occupation of the Leased Premises,
                  pending, or as a result of a failure to effect, the assignment
                  or novation of the Property Leases to the Purchaser.

         (e)      The Vendor indemnifies the Purchaser against any liability,
                  claim, expense or loss arising pursuant to the Property Leases
                  that results from an act, omission or circumstance that
                  occurred or existed at or prior to the Calculation Time
                  pursuant to the Property Leases.
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BUSINESS SALE AGREEMENT                                                  Page 27
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12.2     As soon as possible after Completion, the Vendor will subject to the
         co-operation of the Purchaser, use its best endeavours to assign all of
         the Property Leases (other than the Subleases) to the Purchaser. If the
         consent of another party is required, the Vendor will use its best
         endeavours to obtain such consent. The Vendor will pay any costs,
         expenses, penalty or consideration requested or required by the third
         party in connection with the grant of that consent.

12.3     Until the Property Leases are effectively assigned, novated or
         subleased to the Purchaser, subject to compliance by the Purchaser with
         the terms of the Property Leases, the Vendor undertakes to the
         Purchaser:

         (a)      to allow the Purchaser unfettered use and occupation of the
                  property the subject of the Property Leases in the manner
                  provided in the Property Leases from the Completion Date until
                  such leases are assigned to the Purchaser;

         (b)      to enforce its rights under the Property Leases against other
                  parties to those leases in such manner as the Purchaser may
                  reasonably direct from time to time, at no expense to the
                  Vendor; and

         (c)      not to agree to any amendment to the Property Leases or waiver
                  of the Vendor's rights under the relevant Property Lease
                  without the prior written approval of the Purchaser.

12.4     The Purchaser agrees, to execute the forms of deed of assignment of the
         Property Leases or subleases that are reasonably required by the
         lessors under the Property Leases and to provide such lessors
         information concerning the Purchaser as the lessors reasonably require.

12.5     (a)      The Vendor will procure the novation or assignment of
                  the Vehicle Leases to the Purchaser on Completion.

         (b)      From Completion, the Purchaser must:

                  (i)      pay any payments due from Completion under the
                           Vehicles Leases; and

                  (ii)     comply with all other terms of the Vehicles Leases.

12.6     As soon as possible after Completion, the Purchaser will enter into a
         sublease from the Vendor in respect of those premises the subject of
         the Subleases on the terms set out in Schedule 15.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 28
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13.      EMPLOYEES

13.1     OFFER OF EMPLOYMENT

         On or before the Completion Date, the Purchaser must make an offer of
         employment to each Employee other than Excluded Employees listed in
         Schedule 17 (being an offer on terms taken as a whole, not less
         favourable than the terms of employment of the Employee with the Vendor
         at the Completion Date; provided, however, that such terms shall not
         include share options) with effect from and conditional upon
         Completion. The offers to be made by the Purchaser will be
         substantially in the form set out in schedule 5 and will be settled by
         the parties prior to Completion.

         The Purchaser must state in its offer of employment and in any contract
         arising from acceptance of that offer that:

         (a)      the offer is conditional upon Completion;

         (b)      an Employee must advise the Purchaser of his acceptance within
                  5 Business Days after the later of:

                  (i)      the date of the offer; and

                  (ii)     if the Employee is on leave, the date the Employee
                           returns from leave.

         The Vendor must use its best endeavours to encourage the Employees to
         accept the Purchaser's offer of employment.

13.2     TERMINATION BY VENDOR

         On Completion the Vendor must:

         (a)      release the Transferring Employees from employment with the
                  Vendor, that release to take effect at the Calculation Time;
                  and

         (b)      pay the Transferring Employees any entitlement to wages,
                  salaries, remuneration, compensation or benefits arising out
                  of their employment (other than superannuation benefits), due
                  to or accrued by them at the Calculation Time;

         (c)      CLAUSE 13.2(b) does not apply to annual leave, leave loading,
                  or long service leave.

13.3     NON-TRANSFERRING EMPLOYEES

         The Vendor is solely responsible for the wages, salaries, annual leave,
         leave loading, long service leave, sick leave and any other
         remuneration, compensation or benefits of those Employees who do not
         accept the Purchaser's offer of employment, arising out of their
         employment or the termination of their employment, whether under any
         agreement, statute, industrial award or in any other way. If any
         Employee is made redundant by the

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 29
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         Vendor following that Employee legitimately refusing the Purchaser's
         offer of employment under clause 13.1 on the grounds that he or she
         would have to relocate an unreasonable distance to take up employment
         with the Purchaser, the Purchaser will pay the Vendor in full any
         redundancy payment which the Vendor is required to pay such Employee,
         forthwith on demand by the Vendor.

13.4     INDEMNITY

         The Purchaser indemnifies the Vendor against any liability to a
         Transferring Employee for annual leave, leave loading or long service
         leave.

13.5     CALCULATING THE PERIOD OF SERVICE

         (a)      When calculating a benefit to a Transferring Employee, the
                  parties must count as service with the Vendor the period of
                  service which a Transferring Employee has had with the Vendor
                  before and up to the Transferring Employee's commencement of
                  employment with the Purchaser.

         (b)      CLAUSE 13.5(a) applies to a benefit which arises under law,
                  award or agreement between the Vendor and the Transferring
                  Employee.

         (c)      The continuity of a Transferring Employee's period of service
                  is not broken because the Transferring Employee ceases to be
                  an employee of the Vendor and becomes an employee of the
                  Purchaser on the Completion Date.

         (d)      This CLAUSE is subject to any relevant law, award or
                  agreement.

         (e)      The service period includes any period of service deemed by
                  law or contract.

13.6     The Vendor will provide Purchaser with evidence of satisfaction of its
         obligations to Transferring Employees regarding the payment of bonuses
         to those Employees for the fiscal year completed 30 June 2000.

14.      SUPERANNUATION

14.1     Up to the Calculation Time the Vendor will make all superannuation
         contributions it is obliged to make in respect of the period up to the
         Calculation Time, to the Vendor's Fund for those of the Transferring
         Employees that are Members of the Vendor's Fund and to the relevant
         industry superannuation funds for those of the Transferring Employees
         that are members of those funds.

         As from the Calculation Time the Purchaser will be responsible for
         making all superannuation contributions for the Transferring Employees
         that must be made:

         (a)      under any industrial award, industrial agreement or contract
                  of employment; or

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 30
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         (b)      to avoid any tax or charge under the superannuation guarantee
                  charge legislation,

         in respect of the period after Completion.

14.2     The Vendor and the Purchaser will co-operate to ensure the lawful
         transfer on the Completion Date or as soon as reasonably practicable
         thereafter of the withdrawal benefit of each Transferring Employee who
         is a member of the Vendor's Fund as determined in accordance with the
         Governing Rules of the Vendor's Fund:

         (a)      to a complying fund established or identified by the Purchaser
                  (being the Purchaser's Fund);

         (b)      to any other superannuation fund or approved deposit fund
                  nominated by any Transferring Employee; or

         (c)      if required to do so by a Transferring Employee, to the
                  Transferring Employee, if and to the extent permitted by law.

         Clauses 14.2,,14.5 and 14.6 have no application to those Transferring
         Employees who are members of any industry superannuation fund.

14.3     Other than as previously disclosed in writing by the Vendor to the
         Purchaser, the Vendor does not know of any facts which will result in
         any present or former employee of the Vendor having any valid claim on
         the date of termination of his or her employment as contemplated in
         this agreement against the Vendor, whether under any law or employment
         agreement or otherwise.

14.4     In this CLAUSE 14.4:

         VENDOR'S FUND means the Brambles Superannuation Fund established by
         deed dated 27 September 1978;

         GOVERNING RULES means, in relation to a superannuation fund, the trust
         deed, rules or other documents governing that fund;

         MEMBER means a member of the Brambles Fund at Completion;

         PURCHASER'S FUND means a superannuation fund which is a "complying
         superannuation fund" (within the meaning of section 45 of SIS) to be
         established or identified by the Purchaser before Completion;

         SIS means the Superannuation Industry (Supervision) Act 1993 (Cth).

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 31
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14.5     MEMBERSHIP OF PURCHASER'S FUND

         (a)      The Purchaser must use best endeavours to ensure that each
                  Transferring Member becomes a member of the Purchaser's Fund
                  as soon as reasonably practicable after Completion.

         (b)      The Vendor must provide, and must use its best endeavours to
                  ensure that the trustee of the Vendor's Fund provides to the
                  Purchaser and to the trustee of the Purchaser's Fund any
                  information reasonably required by them for the transfer of
                  membership of the Transferring Employees in accordance with
                  this CLAUSE 14.

14.6     CONTINUATION OF TRANSFERRING EMPLOYEE'S SALARY CONTINUANCE AND DEATH
         INSURANCE BENEFITS FOR 30 DAYS AFTER COMPLETION

         (a)      The Vendor will procure the continuation, (at the same level
                  as applies at the date of this Agreement), of each
                  Transferring Employee's:

                  (i)      salary continuance insurance, based on the salary of
                           the relevant Transferring Employees as at Completion;
                           and

                  (ii)     insured death benefit;

                  for a maximum period of up to 30 days following Completion;

         (b)      (i)      The Purchaser must secure the agreement of the
                           trustee of the Purchaser's Fund to provide the
                           Transferring Employees that become members of the
                           Purchaser's Fund similar insurance benefits to those
                           enjoyed by the Transferring Employee's under the
                           Vendor's Fund from Completion; and

                  (ii)     In any event, if not maintained by the Purchaser's
                           Fund, the Purchaser itself must procure equivalent
                           insurance covers for the Transferring Employees to
                           those referred to in clause 14.6(a) within the time
                           period stipulated in that clause,

                  and the Purchaser must ensure that such insurance is in place
                  no later than 30 days from Completion; and

         (c)      Any claim by a Transferring Employee pursuant to the insurance
                  benefits to be procured by the Vendor under clause 14.6(a),
                  will be reduced to the extent of any recovery by the
                  Transferring Employee under its corresponding insurance
                  benefits with the Purchaser's Fund or insurance benefits as
                  procured by the Purchaser itself (as provided for in clause
                  14.6(b)(ii)), and any overpayment to a Transferring Employee
                  will be similarly reimbursed to the Vendor or the Vendor's
                  Fund as the case may be.

<PAGE>

BUSINESS SALE AGREEMENT                                                  Page 32
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         (d)      The cost to the Vendor of procuring the continuity of
                  insurance benefits for the Transferring Employees as provided
                  for in clause14.6(a) will be borne by the Purchaser and will
                  be adjusted for accordingly in the Completion Accounts.

15.      BOOK DEBTS/TRADE CREDITORS

15.1     PURCHASER ACQUIRES OWNERSHIP OF BOOK DEBTS

         (a)      The Purchaser will acquire ownership of all of the Book Debts.
                  For the avoidance of doubt, the claim by the Vendor in respect
                  of overpaid Sales Tax as referred to in Warranty 10.2 will not
                  form part of the Book Debts.

         (b)      On Completion the Vendor must procure payment of all Book
                  Debts as at Completion owed to the Business by those Customers
                  who are Related Bodies Corporate or divisions of the Vendor.

15.2     COLLECTION OF BOOK DEBTS

         (a)      The Purchaser will immediately following Completion, be
                  responsible for the collection of each Book Debt as and when
                  it falls due.

15.3     PAYMENT OF TRADE CREDITORS

         (a)      The Purchaser accepts sole liability for the Trade Creditors,
                  and will pay the Trade Creditors as and when they fall due,
                  and the Purchaser indemnifies the Vendor and will keep the
                  Vendor indemnified against all claims arising out of its
                  failure to satisfy them.

         (b)      The Purchaser agrees to use its best endeavours to obtain
                  releases on Completion, or as soon as reasonably practicable
                  thereafter, of the Vendor and any of its Related Bodies
                  Corporate from all bonds, bank guarantees, security deposits,
                  customs bonds and any other third party obligation entered
                  into by the Vendor or its Related Bodies Corporate in relation
                  to the Business, including by offering equivalent replacement
                  securities for such obligations in relation to the Business
                  all of which are listed in Schedule 12. The Purchaser
                  indemnifies the Vendor and will keep the Vendor indemnified
                  against any liability or loss arising under any bonds, bank
                  guarantees, security deposits, customs bonds and any other
                  third party obligation entered into by the Vendor or its
                  Related Bodies Corporate in relation to the Business, after
                  the Calculation Time effective from Completion to the extent
                  that such liability, loss or claim, relates to an event,
                  omission or circumstance that occurred after the Calculation
                  Time.

         (c)      The Vendor indemnifies the Purchaser and will keep the
                  Purchaser indemnified against any liability or loss arising
                  under any bonds, bank guarantees, security deposits, customs
                  bonds and any other third party obligation suffered by the
                  Purchaser or its Related Bodies Corporate in relation to the
                  Business, after the

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 33
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                  Calculation Time effective from Completion to the extent that
                  such liability, loss or claim, relates to an event, omission
                  or circumstance that occurred before the Calculation Time.

16.      CUSTOMERS' AND SUPPLIERS' NOTICE/USE OF TRADE NAME

16.1     JOINT NOTICE TO CUSTOMERS AND SUPPLIERS

         On or about the Completion Date, the parties will send to each of the
         customers and suppliers of the Business a notice in a form agreed by
         the parties before Completion.

16.2     To the extent it is lawful to do so, the Purchaser will be entitled to
         use the Trade Names for a period of 12 months following Completion by:

         (a)      leaving the Trade Names on items of Plant and Equipment
                  currently bearing the Trade Names initially following
                  Completion, and progressively removing the Trade Names from
                  the items of Plant and Equipment during the 12 month period;

         (b)      prefacing the use of the Trade Names on any stationery and
                  other written materials of the Business with the word
                  "formerly", in sufficient prominence so as not to mislead any
                  recipient of the material; and

         (c)      in the case of BIS/ Brambles Industrial Services by the use of
                  the words "formerly part of the forklift division of Brambles
                  Industrial Services".

17.      WARRANTIES

17.1     PURCHASER'S WARRANTIES

         The Purchaser warrants that:

         PURCHASER AUTHORISED

         (a)      it has taken all necessary action to authorise the execution,
                  delivery and performance of this agreement in accordance with
                  its terms and obtained any necessary consents to such
                  performance;

         POWER TO PERFORM

         (b)      it has full power to enter into and perform its obligations
                  under this agreement;

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 34
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         NO LIQUIDATION OR WINDING UP

         (c)      it has not gone into liquidation nor passed a winding up
                  resolution, nor received a notice under the Corporations Law;

         NO PETITION

         (d)      as far as it is aware:

                  (i)      there is no petition or other process for winding up
                           presented or threatened against the Purchaser;

                  (ii)     there are no circumstances justifying a petition of
                           this nature;

         NO RECEIVER

         (e)      no receiver or manager of any part of the undertaking or asset
                  of the Purchaser has been appointed;

17.2     DUE DILIGENCE

         (a)      The Purchaser has:

                  (i)      had the opportunity to make and has made reasonable
                           enquiries in relation to all matters material to it
                           which are not covered by the Warranties;

                  (ii)     has satisfied itself in relation to these matters.

         (b)      Subject to any law and the Warranties, all terms, conditions,
                  warranties and statements, whether express, implied, written,
                  oral, collateral, statutory or otherwise, are excluded;

         (c)      The Vendor disclaims all liability in relation to CLAUSE
                  17.2(b) to the maximum extent permitted by law.

17.3     VENDOR'S WARRANTIES

         GENERAL NATURE OF WARRANTIES

         The Vendor gives the Warranties set out at Schedule 8 in favour of the
         Purchaser at the date of this agreement and at Completion unless
         otherwise specifically provided in the Warranty, subject absolutely to
         the limitations contained in Schedule 8A.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 35
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18.      RESTRAINT OF TRADE AND OFFER OF FUTURE BUSINESS

18.1     RESTRAINT OF TRADE

         The following definitions apply in this clause 18:

         RESTRAINT AREA means:

         (a)      Australia;

         (b)      Victoria, New South Wales, Queensland, Western Australia,
                  South Australia, Tasmania, Australian Capital Territory;

         (c)      Victoria, New South Wales, Queensland, Western Australia,
                  South Australia, Tasmania;

         (d)      Victoria, New South Wales, Queensland, Western Australia,
                  South Australia;

         (e)      Victoria, New South Wales, Queensland, Western Australia;

         (f)      Victoria, New South Wales, Queensland;

         (g)      New South Wales Victoria;

         (h)      New South Wales.

         RESTRAINT PERIOD means:

         (a)      3 years from Completion;

         (b)      2 years from Completion;

         (c)      1 year from Completion.

         Each of:

         (a)      the restraint obligations set out in this clause18;

         (b)      the Restraint Period; and

         (c)      the Restraint Area,

         must be combined and each combination imposes a separate and
         independent covenant on the Vendor. If a covenant is prohibited,
         invalid or unenforceable, that covenant will be ineffective but will
         not affect the validity or enforceability of the other covenants.

<PAGE>

BUSINESS SALE AGREEMENT                                                  Page 36
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         (a)      Subject to CLAUSE 18.1(b) AND (c), the Vendor must procure for
                  the Restraint Period and in the Restraint Area that neither
                  the Vendor nor any Related Body Corporate of the Vendor:

                  (i)      engages or involves itself in any forklift hire and
                           maintenance or forklift fleet management business;

                  (ii)     induces or attempts to induce any Transferring
                           Employee of the Business post Completion to terminate
                           his or her employment with the Purchaser;

                  (iii)    use the Trade Names in connection with any business
                           which the Vendor is prohibited from conducting under
                           clause 18.1(a)(i);

                  (iv)     and CLAUSE 18.1(a) applies whether the Vendor's or
                           any Related Body Corporate's activities under that
                           clause are:

                           (A)      direct or indirect;

                           (B)      as a principal, agent, partner, employee,
                           shareholder, unitholder, director, trustee,
                           beneficiary, manager, consultant, advisor or
                           financier.

         (b)      Nothing in this clause 18 in any way prohibits or otherwise
                  restricts the Vendor from:

                  (i)      permitting its "Brambles Industrial Services"
                           business from (aa) providing customers with Mixed
                           Fleet Services, including adding additional forklifts
                           to the fleet of a Mixed Fleet Services customer or
                           (bb) providing customers with Contract Task
                           Management Services including adding additional
                           forklifts to the fleet of a Contract Task Management
                           Services customer; provided, however, that Brambles
                           Industrial Services (including its Mixed Fleet
                           Services and Contract Task Management Services) may
                           not acquire (through purchase, lease or other means
                           and whether for replacement of currently owned
                           forklifts or new business needs) more than 300
                           forklifts that are not NMHG Approved Forklifts; and

                  (ii)     continuing to conduct its "Wreckair" short-term
                           equipment hire business, which it conducts throughout
                           Australia, and in respect of which the Vendor will
                           not increase its fleet of forklifts above 250.

         (c)      (i)      For the Restraint Period the Vendor agrees to
                           procure that its Brambles Industrial Services
                           division and its Wreckair division each gives the
                           Purchaser's Affiliate the first opportunity to quote
                           on the sale of additional forklifts before any other
                           forklift supplier.
<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 37
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                  (ii)    The Vendor must provide the Purchaser's Affiliate with
                          a description of the number of forklifts, capacities
                          and model types in respect of which the quote is
                          required and any other specifications which the Vendor
                          considers material for an informed quote by the
                          Purchaser's Affiliate. The Vendor will also specify
                          the period within which the Vendor requires the quote
                          from the Purchaser's Affiliate.

                  (iii)   Both parties will endeavour to negotiate in good faith
                          mutually acceptable commercial terms for the purchase
                          of the forklifts by the Vendor from the Purchaser's
                          Affiliate.

                  (iv)    If the quote by the Purchaser's Affiliate is not
                          received within the time period specified by the
                          Vendor, or if the quote received from the Purchaser's
                          Affiliate is not on terms which are commercially
                          satisfactory to the Vendor then:

                          (A)      the Vendor may purchase the additional
                                   forklifts from a third party, but only on
                                   terms that are more favourable to the Vendor
                                   than those offered by the Purchaser's
                                   Affiliate; and

                          (B)      in that event, the Vendor's obligations to
                                   the Purchaser under this clause in respect of
                                   those specific forklifts will be
                                   extinguished.

         (e)      In addition, following Completion, the Vendor will procure
                  introductions for the Purchaser to the senior management and
                  relevant purchasing personnel of all of the Vendor's other
                  businesses within Australia which require or may require
                  forklifts.

18.2     VENDOR ACKNOWLEDGMENT

         The Vendor acknowledges that the prohibitions and restrictions
         contained in this CLAUSE 18 are reasonable and necessary to protect the
         Goodwill and ongoing viability of the Business, and that any breach by
         the Vendor of these undertakings will diminish the value of the
         Goodwill and ongoing viability of the Business.

18.3     If any part of the undertakings contained in this CLAUSE 18 is
         unenforceable it may be severed without affecting the remaining
         enforceability of the undertakings. The Vendor acknowledges that it has
         received legal advice in relation to this CLAUSE 18 and that monetary
         damages may not be sufficient to compensate the Purchaser for breach of
         this undertaking, and that the Purchaser shall be entitled to seek
         injunctive relief.

18.4     After Completion the Vendor must promptly and at its own cost refer to
         the Purchaser any enquiry made to it in respect of the Business and not
         refer any such enquiry to any person other than the Purchaser.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 38
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18.5     On and after Completion, the Vendor agrees to allow the Purchaser and
         its representatives reasonable access to the Excluded Records at all
         reasonable times upon receipt of reasonable notice from the Purchaser
         in accordance with clause 4.5. The Purchaser shall be entitled to
         inspect and make copies of these Records at the Purchaser's expense.

18.6     The Vendor undertakes that it shall preserve the Excluded Records for
         the period required by law.

18.7     The Vendor undertakes that for a period of 2 years after Completion
         where its divisions within Australia require services of a nature
         offered by the Business as carried on by the Purchaser after
         Completion, it will use reasonable endeavours to procure that such
         division or divisions will;

         (a)      before contracting for such services from a third party, give
                  the Purchaser the first opportunity to provide such services
                  at a reasonable commercial rate; and

         (b)      in the event that reasonable commercial terms cannot be agreed
                  between the parties, the Vendor may obtain such services from
                  a third party provided that the terms of the agreement such
                  third party are not less favourable to the Vendor than those
                  offered by the Purchaser pursuant to clause 18.7(a).

19.      DISPUTE

19.1     REFERENCE TO INDEPENDENT VALUER

         (a)      If the parties are in dispute either of them may notify the
                  other of that fact in writing. If they cannot settle the
                  dispute within 21 Business Days of the dispute being so
                  notified, then either party may refer the dispute to the
                  Independent Valuer.

         (b)      The Vendor and the Purchaser must jointly appoint the
                  Independent Valuer.

         (c)      The Independent Valuer must be an expert in the relevant area.

         (d)      If the Vendor and the Purchaser cannot agree on the
                  appointment within 21 days of either of them notifying the
                  other of the dispute in writing either party may then request
                  the President of the Institute of Chartered Accountants in
                  Australia to appoint a suitable expert to the position of
                  Independent Valuer.

         (e)      The referring party must request the Independent Valuer to
                  make a decision on the dispute as soon as practicable, (but in
                  any event no later than 1 month after referral of the dispute
                  to him or her), and to establish a suitable timetable to
                  ensure he or she receives:

                  (i)      the reference; and

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 39
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                  (ii)    any submissions from the parties,

                  sufficiently promptly to allow the Independent Valuer to make
                  his or her determination within the specified 1 month period.

         (f)      The decision of the Independent Valuer is conclusive and
                  binding on the parties in the absence of manifest error, and,
                  where applicable, must be incorporated into the Completion
                  Statement.

         (g)      The Independent Valuer in its absolute discretion determines
                  the proportion of the Independent Valuer's costs and expenses
                  that each party must pay.

         (h)      The Independent Valuer is an expert and not an arbitrator.

         (i)      The procedures for determination are to be decided by the
                  Independent Valuer in its absolute discretion.

         (j)      Each party:

                  (i)      must provide the Independent Valuer full access to
                           its books and records and any information required by
                           the Independent Valuer to complete any valuation
                           under this agreement; and

                  (ii)     is entitled to make written submissions to the
                           Independent Valuer in respect of any valuation under
                           this agreement; and

                  (iii)    must provide to the other party a copy of any written
                           submissions to the Independent Valuer
                           contemporaneously with that submission.

         (k)      The costs of the Valuer must be borne equally by the parties
                  unless the Independent Valuer determines otherwise.

20.      COSTS, STAMP DUTY AND GST

         (a)      Subject to CLAUSE 20(b), the Vendor and the Purchaser must pay
                  their own legal and other costs and expenses of and incidental
                  to the preparation, execution and completion of this
                  agreement.

         (b)      The Purchaser must pay stamp duty payable or assessed:

                  (i)     on this agreement;

                  (ii)    the transfer of the Assets to the Purchaser; and

                  (iii)   any other document which relates to this sale.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 40
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         (c)      If a GST is imposed on any Supply made by a party (PAYEE)
                  under this agreement, the other party (PAYER) must pay to the
                  Payee (without any deduction or set-off), in addition to any
                  consideration payable or to be provided by Payer under this
                  agreement, an additional amount calculated by multiplying the
                  Prevailing GST Rate by the consideration for the relevant
                  Supply. Any amount payable by Payer under this clause is
                  payable on demand by the Payee, whether that demand is by
                  means of an invoice or otherwise.

         (d)      Solely for Tax purposes, the Vendor and the Purchaser agree
                  that the supply constituted by the sale and purchase of the
                  Business made under this agreement is of a going concern as
                  defined within A New Tax System (Goods and Services Tax) Act
                  1999. In the event that a party (SUPPLIER) breaches a term or
                  condition of this agreement, including without limitation any
                  warranty provided by it, Supplier indemnifies the other
                  parties in respect of any Tax which may be payable by the
                  other parties arising out of the remedying of such breach.

21.      NOTICES

21.1     NOTICE

         (a)      A notice, approval, consent or other communication to a person
                  in connection with this agreement must be in legible writing.

         (b)      If the notice is to the Vendor, then it must be addressed as
                  follows:

                  Name:        Brambles Australia Limited

                  Attention:   Company Secretary

                  Address:     Level 40, Gateway, 1 Macquarie Place, Sydney 2000

                  Facsimile:   (02) 9256 5299

         (c)      If the notice is to the Purchaser, then it must be addressed
                  as follows:

                  Name:        A.C.N. 094 802 141

                  Attention:   Managing Director

                  Address:     1 Bullecourt Avenue, Milperra, 2214

                  Facsimile:   (02) 9772 3690

         (d)      If the notice is to the Purchaser's Guarantor, then it must be
                  addressed as follows:

                  Name:        NACCO Materials Handling Group, Inc.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 41
--------------------------------------------------------------------------------
                  Attention:   General Counsel

                  Address:     650 NE Holladay Street, Suite 1600, Portland,
                               Oregon 97232 USA

                  Facsimile:   (503) 721-6059

                  Notices to either the Purchaser or the Purchaser's Guarantor
                  must always be copied to both of them simultaneously.

         (e)      Notice is sent by the sender and received by the receiver:

                  (i)      if the notice is hand delivered, upon delivery to the
                           receiving party;

                  (ii)     if the notice is sent by facsimile, upon the
                           successful completion of the relevant transmission
                           evidenced by the production of a transmission report;

                  (iii)    if the notice is sent by registered mail within
                           Australia 2 Business Days from and including the
                           registration of notice of posting;

                  (iv)     if the notice is sent by ordinary mail within
                           Australia 3 Business Days from and including the date
                           of postage; and

                  (v)      If the notice is sent to or from overseas 7 Business
                           Days from and including the date of posting.

22.      ASSIGNMENT

         (a)      Each party's rights arising under this agreement are the
                  personal rights of that party.

         (b)      Subject to clause 22(c) the rights of the Purchaser under this
                  agreement may be assigned in law or equity.

         (c)      The Purchaser acknowledges that the Vendor may withhold
                  consent to an assignment by the Purchaser to a third party of
                  the Purchaser's right to use the Trade Name pursuant to clause
                  16. The Vendor will not withhold consent to an assignment by
                  the Purchaser to a Related Body Corporate of the Purchaser's
                  right to use the Trade Name pursuant to clause 16.

23.      GENERAL

23.1     PROPER LAW

         (a)      The laws of NSW and the Commonwealth of Australia apply to
                  this agreement to the exclusion of any other law.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 42
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         (b)      The parties submit to the jurisdiction of the courts of NSW.

23.2     SEVERABILITY

         (a)      If a provision of this agreement is invalid, illegal or
                  unenforceable, then that provision to the extent of the
                  invalidity, illegality or unenforceability must be ignored in
                  the interpretation of this agreement.

         (b)      All other provisions of this agreement remain in full force
                  and effect.

23.3     NO WAIVER

         (a)      A party does not waive a right or entitlement it may have
                  under this agreement unless that waiver is notified in writing
                  to the party seeking the benefit of the alleged waiver.

         (b)      Waiver by a party in respect of an act or thing required to be
                  done under this agreement does not act as a waiver of any
                  other act or thing required to be done under this agreement.

         (c)      A failure or delay in exercise of a right arising from a
                  breach of this agreement does not result in a waiver of that
                  right.

23.4     VARIATION AND FURTHER ASSURANCE

         (a)      The parties can only vary a term of this agreement if the
                  variation is in writing and executed by both parties.

         (b)      Each party must do all things necessary to give full effect to
                  this agreement and the transactions contemplated by this
                  agreement.

23.5     ENTIRE AGREEMENT

         (a)      This agreement embodies the entire agreement between the
                  parties.

         (b)      This agreement supersedes all previous agreements.

23.6     COUNTERPARTS

         (a)      A party may execute this agreement by signing any counterpart.

         (b)      All counterparts constitute one document when taken together.

23.7     CUMULATIVE RIGHTS

         A right, power, discretion and remedy arising out of this agreement in
         favour of a party:

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 43
--------------------------------------------------------------------------------

         (a)      is cumulative; and

         (b)      does not diminish any other right, power, discretion and
                  remedy of a party.

23.8     PUBLICITY

         (a)      A party may only make an announcement or release including a
                  press announcement or release relating to this agreement and
                  the transaction related to this agreement if it first obtains
                  the approval in writing of the other party.

         (b)      This clause does not apply if a party must announce or release
                  information to comply with a law or by a stock exchange, in
                  which event the party having to make the announcement or
                  release the information will consult with the others before
                  doing complying with its obligations to the extent reasonable
                  and practicable in the circumstances.

23.9     NON-MERGER AND SURVIVAL OF THE WARRANTIES

         (a)      Neither the Warranties nor any other provision of this
                  agreement merges on Completion.

         (b)      The Warranties survive Completion of this agreement.

23.10    SURVIVAL OF INDEMNITIES

         (a)      Each indemnity of the parties contained in this agreement is a
                  continuing obligation of the parties despite any settlement of
                  account or the occurrence of any other thing and remains in
                  full force and effect until all money owing under any
                  indemnity, contingently or otherwise, has been paid in full.

         (b)      Each indemnity of the parties contained in this agreement
                  survives the termination of the agreement and is separate and
                  independent.

24.      GUARANTEE AND INDEMNITY

24.1     The Purchaser's Guarantor warrants that:

         (a)      it has taken all necessary action to authorise the execution,
                  delivery and performance of this agreement in accordance with
                  its terms and obtained any necessary consents to such
                  performance;

         (b)      it has full power to enter into and perform its obligations
                  under this agreement;

         (c)      it has not gone into liquidation nor passed a winding up
                  resolution, nor received a notice under the Corporations Law;

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 44
--------------------------------------------------------------------------------

         (d)      as far as it is aware:

                  (i)      there is no petition or other process for winding up
                           presented or threatened against the Purchaser's
                           Guarantor;

                  (ii)     there are no circumstances justifying a petition of
                           this nature;

         (e)      no receiver or manager of any part of the undertaking or asset
                  of the Purchaser has been appointed.

24.2     The Purchaser's Guarantor gives the guarantee and indemnity in this
         CLAUSE 24 in consideration of the Vendor agreeing to enter into this
         agreement. The Purchaser's Guarantor acknowledges the receipt of
         valuable consideration from the Vendor for the Purchaser's Guarantor
         incurring obligations and giving rights under this guarantee and
         indemnity.

24.3     The Purchaser's Guarantor unconditionally and irrevocably guarantees to
         the Vendor the due and punctual performance and observance by the
         Purchaser of its obligations under this agreement including the
         obligations to pay money.

24.4     As a separate undertaking, the Purchaser's Guarantor unconditionally
         and irrevocably indemnifies the Vendor against all liability or loss
         arising from, and any costs, charges or expenses incurred in connection
         with, a breach by the Purchaser of this agreement, including a breach
         of the obligations to pay money. It is not necessary for the Vendor to
         incur expenses or make payment before enforcing that right of
         indemnity.

24.5     The Purchaser's Guarantor waives any right it has of first requiring
         the Vendor to commence proceedings or enforce any other right against
         the Purchaser or any other person before claiming under this guarantee
         and indemnity.

24.6     TIME OF GUARANTEE

         (a)      This guarantee and indemnity does not merge on completion.
                  This guarantee and indemnity is a continuing security.

         (b)      This guarantee will continue in full force and effect until
                  the obligations of the Purchaser to the Vendor the subject of
                  the proceedings have been satisfied.

24.7     The liabilities of the Guarantor under this guarantee and indemnity are
         as a guarantor, indemnifier and principal debtor and the rights of the
         Vendor under this guarantee and indemnity are not affected by anything
         which might otherwise affect them at law or in equity including, but
         not limited to, one or more of the following:

         (a)      the Vendor granting time or other indulgence to, compounding
                  or compromising with or releasing the Purchaser, or any other
                  guarantor;

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 45
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         (b)      acquiescence, delay, acts, omissions or mistakes on the part
                  of the Vendor;

         (c)      any novation of a right of the Vendor;

         (d)      any variation of this agreement, or any agreement entered into
                  in performance of it; and

         (e)      the invalidity or unenforceability of an obligation or
                  liability of a person other than the Purchaser's Guarantor.

24.8     The Purchaser's Guarantor may not, without the consent of the Vendor:

         (a)      raise a set-off or counterclaim available to it or the
                  Purchaser against the Vendor in reduction of its liability
                  under this guarantee and indemnity; or

         (b)      claim to be entitled by way of contribution, indemnity,
                  subrogation, marshalling or otherwise to the benefit of any
                  security or guarantee held by the Vendor in connection with
                  this agreement; or

         (c)      prove in competition with the Vendor if a liquidator,
                  provisional liquidator, receiver, official manager or trustee
                  in bankruptcy is appointed in respect of the Purchaser or the
                  Purchaser is otherwise unable to pay its debts when they fall
                  due,

         until all money payable to the Vendor in connection with this agreement
         are paid.

24.9     If a claim that a payment or transfer to the Vendor in connection with
         this agreement is void or voidable (including, but not limited to, a
         claim under laws relating to liquidation, insolvency or protection of
         creditors) is upheld, conceded or compromised then the Vendor is
         entitled immediately as against the Purchaser's Guarantor to the rights
         to which it would have been entitled under this guarantee and indemnity
         if the payment or transfer had not occurred.

24.10    The Purchaser's Guarantor agrees to pay or reimburse the Vendor on
         demand for:

         (a)      its costs, charges and expenses in making, enforcing and doing
                  anything in connection with this guarantee and indemnity
                  including, but not limited to, legal costs and expenses on a
                  full indemnity basis; and

         (b)      all stamp duties, fees, taxes and charges which are payable in
                  connection with this guarantee and indemnity or a payment,
                  receipt or other transaction contemplated by it.

         Money paid to the Vendor by the Purchaser's Guarantor must be applied
         first against payment of costs, charges and expenses under CLAUSE 24.9
         then against other obligations under the guarantee and indemnity.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 46
--------------------------------------------------------------------------------

24.11    The Purchaser's Guarantor acknowledges having been given a copy of this
         agreement and having had full opportunity to consider its provisions
         before entering into this guarantee and indemnity.

25.      ACCESS TO BWANA COMMUNICATION SYSTEM

25.1     The Vendor acknowledges and agrees that in order to assist the
         Purchaser to effect an orderly and effective transfer of the
         information and communication capability components of the Business to
         the Purchaser, the Vendor will grant the Purchaser reasonable access to
         the BWANA Communication System for a period of 6 months after
         Completion. The Purchaser will be entitled to access to the Vendor's
         BWANA Communication System in the same manner as Vendor had access
         prior to Completion, (subject to any security requirements of the
         Vendor), and to reasonable assistance from the Vendor, at the sole cost
         of the Purchaser, to procure the migration of the relevant data and
         systems from the Vendor's network to one established by the Purchaser.

25.2     The Purchaser will reimburse the Vendor for its costs incurred pursuant
         to clause 25.1 at a rate of $2,000.00 per month, per site of the
         Business which remain on the said network, together with any applicable
         GST.

25.3     Consistent with the Vendor's obligations under this clause, the Vendor
         will ensure that all JD Edwards software used in the Business is
         replaced with Base Plan software before the expiry of the 6 months
         after Completion.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 47
--------------------------------------------------------------------------------

                                   SCHEDULE 1

                                OWNED PROPERTIES

                                     PART A

A.       OWNED PROPERTIES

<TABLE>
<CAPTION>
                               ADDRESS                                            TITLE PARTICULARS

<S>      <C>                                                  <C>
1.       Factory/Warehouse building with associated offices   Lot 2 in Deposited Plan 502272, Certificate of Title
         and amenities at 767 The Horsley Drive Smithfield    Folio Identifier 2/502272.
         NSW

2.       Industrial facility at 2161-2181 Princes Highway     Part Lot 1 on Plan of Subdivision No 6439, Certificate
         Clayton VIC                                          of Title Volume 9161 Folio 594.
</TABLE>

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 48
--------------------------------------------------------------------------------

                                   SCHEDULE 2

                               PLANT AND EQUIPMENT

                SEE EXHIBITED CD (DULY INITIALLED BY THE PARTIES)

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 49
--------------------------------------------------------------------------------

                                   SCHEDULE 3

                                THE LAST ACCOUNTS

                  SEE EXHIBIT 1 DULY INITIALLED BY THE PARTIES

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 50
--------------------------------------------------------------------------------

                                   SCHEDULE 4

                    NAMES OF EMPLOYEES AND EMPLOYMENT DETAILS

                  SEE EXHIBIT 1 DULY INITIALLED BY THE PARTIES

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 51
--------------------------------------------------------------------------------

                                   SCHEDULE 5

            FORM OF OFFER OF EMPLOYMENT BY #[INSERT NAME OF PURCHASER]
Date:

Name:

Location:

[insert name of Purchaser] (ACN #[insert ACN of Purchaser]) (#[INSERT DEFINITION
OF PURCHASER]) has signed an agreement with #[insert name of Vendor] (ACN
#[insert ACN of Vendor]) (#[INSERT DEFINITION OF VENDOR]).

#[insert definition of Vendor] is selling (#[insert name of Business] to
#[insert definition of Purchaser].

Following completion of the sale arrangement between #[insert definition of
Purchaser] and #[insert definition of Vendor], and assuming you accept this
offer, the terms of your employment with #[insert definition of Purchaser] will
be as specified in the attached standard conditions of employment #[insert
definition of Purchaser] undertakes that the conditions of employment are, taken
as a whole, not less favourable than currently apply to you at #[insert
definition of Vendor] including all entitlements in respect of retrenchment,
redundancy and superannuation; provided however, that such conditions of
employment do not include share options.

Your continuous service with #[insert definition of Vendor] will be recognised
by #[insert definition of Purchaser] and all benefits and entitlements you have
accrued at #[insert definition of Vendor] for annual leave, sick leave, long
service leave and rostered days off (where applicable) will be transferred.

Please sign and return the enclosed copy letter to acknowledge your acceptance
of this arrangement by #[insert time]. We look forward to welcoming you to
#[insert definition of Purchaser].

Yours faithfully

 Signed

I wish to continue in employment with #[insert definition of Purchaser]
following the sale to #[insert definition of the business] to [insert the name
of the Purchaser] on terms and conditions [as attached].

Name:

Date:

Signature:

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 53
--------------------------------------------------------------------------------

                                   SCHEDULE 6

                                     PART 1

                        PRINCIPAL AND AGENCY ARRANGEMENTS

                                  See exhibit 1

                                     PART 2

                                 VEHICLE LEASES

ORIX LEASES AS AT 31/10/2000.

NEW SOUTH WALES

NIL

SOUTH AUSTRALIA

Holden VT II Commodore Exec 3.81 PFI 4 Speed Auto 4 Dr Sedan - Contract No.
1416325

Holden VT II Commodore Berlina Wagon 3.81 PFI 4 Speed Auto 4 Dr Sedan - Contract
No. 1472362

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 54
--------------------------------------------------------------------------------

QUEENSLAND

Holden VT II Commodore Exec 3.81 PFI 4 Speed Auto 4 Dr Sedan - Contract No.
1410731

Holden VT II Commodore Exec 3.81 PFI 4 Speed Auto 4 Dr Sedan - Contract No.
1410758

WESTERN AUSTRALIA.

Holden VT II Commodore Exec 3.81 PFI 4 Speed Auto 4 Dr Sedan - Contract No.
1426155

Holden VX Commodore Exec 3.81 PFI 4 Speed Auto 4 Dr Sedan - Contract No. 1474421

VICTORIA/TASMANIA.

HSV VT II Club Sport R8 5.71 PFI 4 Speed Auto 4 Dr Sedan - Contract No. 1398710

Holden VT II Commodore Supercharged 4 Speed Auto 4 Dr Sedan - Contract No.
1405638

AWAITING ORIX DELIVERY.

Holden VX Commodore Exec 3.81 PFI 4 Speed Auto 4 Dr Sedan - Quote No. Q1476193
(WA)

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 55
--------------------------------------------------------------------------------

                                   SCHEDULE 7

                         PARTICULARS OF PROPERTY LEASES

All annual rentals are stated as at the date of commencement of the lease unless
stated otherwise.

<TABLE>
<CAPTION>
<S>                                            <C>
1.       PROPERTY ADDRESS:                     Unit 5, Locked 10 Littlebourne Street
                                               KELSO (Bathurst) NSW

         LESSOR:                               Walter Ernest Carter, Raymond Wade Carter and
                                               Ian Rodney Carter

         LESSEE:                               Brambles Australia Limited ACN 000 164 938

         ANNUAL RENTAL:                        $14,280 per annum

         TERM:                                 3 years from 12 February 1999 to 11 February 2002

         OPTIONS:                              Nil

2.       PROPERTY ADDRESS:                     5 Cellana Court
                                               Portland VIC

         LESSOR:                               Pentrans Cargo Pty Ltd

         LESSEE:                               Brambles Australia Limited ACN 000 164 938

         ANNUAL RENTAL:                        $35,642 per annum

         TERM:                                 2 years from 1 March 1998 to 28 February 2001

         OPTIONS                               2 options each of 3 years

3.       PROPERTY ADDRESS:                     50 - 58 Grandview Parade
                                               Moolap (Geelong) VIC

         LESSOR:                               D & M SGRO Properties Pty Ltd

         LESSEE:                               Brambles Australia Limited ACN 000 164 938

         ANNUAL RENTAL:                        $25,500 per annum

         TERM:                                 3 years commencing 1 July 1998 to 30 June 2001

         OPTIONS:                              1 option for 3 years
</TABLE>

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 56
--------------------------------------------------------------------------------

<TABLE>
<S>                                            <C>
4.       PROPERTY ADDRESS:                     23 Mint Street, Wodonga VIC

         LESSOR:                               D&J Calder Nominees Pty Ltd ACN 005 715 417

         LESSEE:                               Brambles Australia Limited ACN 000 164 938

         ANNUAL RENTAL:                        $18,720 per annum

         TERM:                                 10 years from 21 November 1994 to 20 November 2004

         OPTIONS:                              2 options each of 5 years

5.       PROPERTY ADDRESS:                     217 Hanson Road, Athol Park SA

         LESSOR:                               Yornelg Pty Ltd ACN 060 506 694

         LESSEE:                               Brambles Australia Limited ACN 000 164 938

         ANNUAL RENTAL:                        $56,000 per annum

         TERM:                                 6 months from 1 September 2000 to 31 March 2001

         OPTIONS:                              Nil

6.       PROPERTY ADDRESS:                     209 Bannister Road Canning Vale WA

         LESSOR:                               William Barton Ryan and Patricia Annette Ryan

         LESSEE:                               Brambles Australia Limited ACN 000 164 938

         ANNUAL RENTAL:                        $150,000 per annum

         TERM:                                 5 years from 20 August 1998 to 19 August 2002

         OPTIONS:                              1 option of 5 years

7.       PROPERTY ADDRESS:                     11/66 Coonawara Winnellie NT

         LESSOR:                               Interpret Pty Ltd ACN 009 637 405

         LESSEE:                               Brambles Australia Limited ACN 000 164 938

         ANNUAL RENTAL:                        $28,291.93 per annum

         TERM:                                 3 years from 14 August 1998 to 13 August 2001

         OPTIONS:                              NIL
</TABLE>

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 57
--------------------------------------------------------------------------------

<TABLE>

<S>                                            <C>
8.       PROPERTY ADDRESS:                     Wendoree VIC

         LESSOR:                               Brambles Australia Limited division - Wreckair

         LESSEE:                               Brambles Australia Limited division - Brambles
                                               Equipment Division

         ANNUAL RENTAL:                        $120.00 per week

         TERM:                                 Month to Month

         OPTIONS:                              Nil

9.       PROPERTY ADDRESS:                     Shed at Clovelly Park SA

         LESSOR:                               Mitsubishi

         LESSEE:                               Brambles Australia Limited ACN 000 164 938

         ANNUAL RENTAL:                        Nominal rent

         TERM:                                 Periodic

         OPTION                                Nil

         10.PROPERTY ADDRESS                   511 Nudgee Road Hendra Qld

         SUB LESSOR                            Brambles Australia Limited Division - BIS

         SUB LESSEE                            Brambles Australia Limited - BED

         ANNUAL RENTAL                         $10,833 per month

         TERM                                  Month to Month

         OPTIONS:                              Nil
</TABLE>

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 58
--------------------------------------------------------------------------------

                                   SCHEDULE 8

                               GENERAL WARRANTIES

1.       ACCURACY OF INFORMATION

1.1      (SCHEDULES)

         The information set out Schedules 1 to 16 is complete and accurate in
         all respects.

1.2      (DATA ROOM MATERIAL)

         (a)      The Data Room Material, (the Data Room Material being made up
                  of the original material provided by the Vendor in the
                  relevant data room, the written questions from the Purchaser
                  to the Vendor regarding the Business and the written responses
                  of the Purchaser to those questions, as well as material
                  progressively added to the data room during the period the
                  Purchaser conducted its due diligence investigations in
                  relation to the Business), provides an accurate record of the
                  affairs of the Business to which that information relates:

         (b)      The index to the Data Room Material is complete, and for the
                  avoidance of any doubt it separately and clearly identifies
                  each item of information subsequently added as part of the
                  Data Room Material, after the first date upon which the
                  Purchaser was given access to the room in which the Data Room
                  Material was located.

         (c)      To the best of the Vendor's knowledge and belief, the
                  information is not misleading in any material particular,
                  whether by inclusion of misleading information or omission of
                  material information or both and the Vendor has included in
                  the Data Room Material all that information covering the
                  Business which it would have required from a vendor of a
                  similar business.

1.3      (FORECASTS AND PROJECTIONS)

         Each forecast or projection (if any) in the Data Room Material:

         (a)      was made after due and careful consideration by its author;

         (b)      was based on information which the author reasonably believed
                  was reliable;

         (c)      is, to the best of the Vendor's knowledge and belief, fair and
                  reasonable in the circumstances prevailing at the time the
                  forecast or projection was made and in the light of the
                  assumptions made;

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 59
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         (d)      was based on assumptions which to the best of the Vendor's
                  knowledge and belief were fair and reasonable in the context
                  of the forecast or projection.

1.4      (FULL DISCLOSURE)

         The Data Room Material discloses all information which the Vendor to
         the best of its knowledge and belief considers is material to be
         disclosed to a purchaser for value of the Assets.

2.       POWER AND AUTHORITY

2.1      (INCORPORATION AND POWER)

         The Vendor:

         (a)      is a body corporate is duly incorporated under the laws of the
                  place of its incorporation;

         (b)      has the power to own its assets and carry on its business as
                  it is now being conducted; and

         (c)      is duly registered and authorised to do business in every
                  jurisdiction which, by the nature of its business and assets,
                  makes registration or authorisation necessary, and each of
                  these jurisdictions is noted in Schedule 1.

2.2      (CONSTITUENT DOCUMENTS)

         The business and affairs of the Vendor have been conducted in
         accordance with the Constitution or other constituent documents of the
         Vendor.

2.3      (POWER AND AUTHORITY)

         The Vendor has the power and authority to execute and exchange this
         agreement and perform and observe all its terms. This agreement has
         been duly executed by the Vendor and is a legal, valid and binding
         agreement of the Vendor enforceable against the Vendor in accordance
         with its terms.

2.4      (NO RESTRICTION ON VENDOR)

         The Vendor is not bound by any contract arrangement or understanding
         (written or unwritten) which may restrict the Vendor's right or ability
         to enter into or perform this agreement.

3.       TITLE

         As of the Completion Date:

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 60
--------------------------------------------------------------------------------

         (a)      the Vendor is the legal and beneficial owner of the Assets;

         (b)      the Assets are free and clear of any Encumbrance or other
                  third party interests or rights and the Vendor has not agreed
                  to grant any of the foregoing;

         (c)      the Purchaser will acquire the full beneficial ownership of
                  the Assets;

         (d)      the Assets are fully paid for; and

         (e)      the Assets are in the possession of the Vendor.

4.       SOLVENCY

4.1      (ADMINISTRATION, WINDING UP, ARRANGEMENTS, INSOLVENCY ETC)

         None of the following has occurred and is subsisting, or is threatened,
         in relation to the Vendor:

         (a)      The appointment of an administrator.

         (b)      An application or an order made, proceedings commenced, a
                  resolution passed or proposed in a notice of meeting or other
                  steps taken for:

                  (i)      the winding up, dissolution, or administration of the
                           Vendor, or

                  (ii)     the Vendor entering into an arrangement, compromise
                           or composition with or assignment for the benefit of
                           its creditors or a class of them.

         (c)      The Vendor:

                  (i)      being (or being taken to be under applicable
                           legislation) unable to pay its debts, other than as
                           the result of a failure to pay a debt or claim the
                           subject of a good faith dispute; or

                  (ii)     stopping or suspending, or threatening to stop or
                           suspend, payment of all or a class of its debts.

         (d)      The appointment of a receiver, receiver and manager,
                  administrative receiver or similar officer to any of the
                  Assets and undertakings of the Vendor.

4.2      (CLAIM AGAINST ASSET)

         None of the Assets is, or may in the future be, liable to a claim by a
         trustee in bankruptcy or liquidator of the Vendor or any predecessor in
         title.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 61
--------------------------------------------------------------------------------

5.       FINANCIAL ARRANGEMENTS

5.1      (DISCLOSURE)

         The Data Room Material discloses every Encumbrance other than those
         which arise by operation of law affecting any asset of the Vendor.

5.2      (ARMS-LENGTH NATURE OF COMMITMENTS AND BENEFITS)

         The Data Room Material contains full details and complete terms of
         every material written Contract under which the Vendor has any
         obligations to (whether financial or otherwise) or receives any benefit
         from (whether financial or otherwise), any third party or from any
         Related Body Corporate which is not on an arm's length basis.

5.3      (FOREIGN CURRENCY TRANSACTIONS)

         The Data Room Material contains full details of each foreign currency
         transaction related to the Business to which the Vendor is a party as
         at the date of this agreement and involving any forward cover
         contracts, or otherwise involving any exposure to fluctuations in
         foreign currency exchange rates.

6.       LIABILITIES

6.1      (CONSUMER CLAIMS: GOODS)

         No goods supplied by a Vendor have:

         (a)      failed to comply with the express or implied terms of sale or
                  the requirements of any law; or

         (b)      been supplied in circumstances which would entitle the
                  recipient to make a claim against a Vendor.

6.2      (CONSUMER CLAIMS: SERVICES)

         No services supplied by the Vendor have:

         (a)      been supplied in a negligent or unworkmanlike manner;

         (b)      failed to comply with the requirements of law or the express
                  or implied terms of any agreement to supply the services; or

         (c)      been supplied in the manner which would entitle the recipient
                  to make a claim against the Vendor.

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BUSINESS SALE AGREEMENT                                                  Page 62
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7.       ENVIRONMENTAL LAWS

         For the purposes of Warranties 7.1 to 7.11, LEASED PREMISES includes
         property formerly occupied by a Vendor, to the extent referrable to the
         period of occupation by the Vendor.

7.3      (AUTHORISATION)

         (a)      Each Authorisation required for the conduct of the Business
                  and the conduct of all activities being conducted on the
                  Leased Premises including those Authorisations necessary for
                  the handling, storage and maintenance of all containers and
                  substances used in connection with the Business and in which
                  the Vendor has an interest:

                  (i)     is and has been at all relevant times effective; and

                  (ii)    has been complied with in all respects.

         (b)      No event has occurred nor does any fact or circumstance exist
                  which, with the giving of notice or lapse of time or both,
                  would cause the Vendor to be in breach of any Authorisation.

7.4      (RENEWAL OR AMENDMENT OF AUTHORISATIONS)

         The Vendor is not aware of any fact or circumstance, other than facts
         or circumstances which relate to the Purchaser, that would cause any
         Governmental Agency:

         (a)      (assuming that the Governmental Agency is aware of all such
                  facts or circumstances) not to renew any Authorisation of a
                  Vendor which relates to the Business or the Leased Premises;
                  or

         (b)      to revise or amend the terms of any Authorisation in any
                  material respect.

7.5      (COMPLIANCE WITH LAW)

         (a)      The Vendor complies with and has not committed any offences
                  under any Environmental Law.

         (b)      No event has occurred nor does any fact or circumstance exist
                  which, with the giving of notice or lapse of time or both,
                  would cause the Vendor to be in breach of any Environmental
                  Law.

7.6      (OCCURRENCE OF EVENT)

         No event has occurred and no fact or circumstance exists which could
         give rise to a claim from, and no claim is pending or threatened by,
         and no notice to this effect has been received from, any person
         (including a Governmental Agency) against the Vendor relating to:

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BUSINESS SALE AGREEMENT                                                  Page 63
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         (a)      a breach by the Vendor of any Environmental Law or
                  Authorisation;

         (b)      the handling, storage, transportation or use of any substance
                  by the Vendor in respect of the Business;

         (c)      the discharge, release or emission of any substance, smell or
                  noise from the Leased Premises into the Environment; or

         (d)      any damage or contamination to property or injury or illness
                  to any person arising in connection with the Business from
                  exposure to any substance, whether present on the Leased
                  Premises or not.

7.7      (ACT OR OMISSION)

         No act or omission has occurred and there is no circumstance relating
         to the Leased Premises or the Business which had or is likely to have
         an effect on the Environment and which has given rise to or may give
         rise to:

         (a)      the requirement of expenditure in respect of the Business or
                  the Leased Premises; or

         (b)      the cessation or alteration of any activity of the Business or
                  at the Leased Premises.

7.8      (PRESENCE OF SUBSTANCES)

         (a)      There is no substance present on the Leased Premises, in its
                  present state or after reaction with any other substance
                  stored in proximity to it, has caused or could or might
                  reasonably be expected to cause damage or contamination to any
                  property or the Environment or injury or illness to any
                  person, except substances which are in containers which are in
                  good operating and leakproof condition and are maintained,
                  operated and placed in accordance with Environmental Law and
                  all applicable Authorisations and best international practice
                  and utilise best available technology.

         (b)      There is no condition of the Leased Premises and no substance
                  is present on or within the Leased Premises which entitles any
                  Governmental Agency or any other person to require the Vendor
                  to restore any property, remove contamination, expend money or
                  perform any work in or around the Leased Premises or to
                  contribute to the costs of doing so.

7.9      (FILINGS AND REPORTS)

         (a)      All filings, reports and notices required by any Authorisation
                  applicable to the Business or the Leased Premises:

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 64
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                  (i)      have been prepared and, where applicable, lodged with
                           the relevant Governmental Agency; and

                  (ii)     are accurate and complete.

         (b)      Complete copies of these documents are in the possession of
                  the Group and will be delivered to the Purchaser on
                  Completion.

7.10     (BOND OR SECURITY)

         There is no:

         (a)      bond or security deposit given by the Vendor in favour of any
                  Governmental Agency in connection with any Authorisation which
                  relates to the Business or the Leased Premises;

         (b)      underground container present on the Leased Premises;

         (c)      agreement with any contractor for disposal of hazardous waste
                  which relates to the Business or the Leased Premises; or

         (d)      asbestos present on the Leased Premises.

8.       ACCOUNTS

8.1      (LAST ACCOUNTS)

         The Last Accounts:

         (a)      have been prepared in accordance with the Corporations Law (or
                  previous applicable corresponding legislation) and the
                  Accounting Standards;

         (b)      of the Vendor show a true and fair view of:

                  (i)      the assets and liabilities and of the state of
                           affairs, financial position and results of the
                           Business as at and up to the Completion Date; and

                  (ii)     the profit or loss of the Business for the financial
                           period ended on the Completion Date;

         (c)      in respect of Completion have been prepared in accordance with
                  the same accounting policies as were applied in the
                  corresponding accounts for the preceding three financial
                  periods;

         (d)      are not affected by any abnormal or extraordinary item, except
                  as expressly disclosed in the Last Accounts;

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 65
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         (e)      take account of all gains and losses, whether realised or
                  unrealised, arising from foreign currency transactions and on
                  translation of foreign currency financial statements;

         (f)      include reserves and provisions for taxation that are
                  sufficient to cover all tax liabilities of the Business in
                  respect of all periods up to the Completion Date;

         (g)      provide for all liabilities for long service leave and annual
                  leave entitlements;

         (h)      provide for all other liabilities (whether quantified,
                  contingent or otherwise) of the Business at the Completion
                  Date; and

         (i)      give full particulars in the notes of all contingent
                  liabilities and commitments and any other liabilities which
                  cannot be quantified.

8.2      (NO WRITE DOWNS)

         No receivable owed to the Business has been written down or written off
         in the year ended on the Completion Date and since the Completion Date
         other than those for which a provision has been made in the Last
         Accounts.

8.3      (FINANCING)

         The Vendor has not or is not engaged in financing of a type that is not
         required to be shown or reflected in the Last Accounts except for
         Principal and Agency Agreements.

8.4      (PROFITS)

         The profits or losses of the Business shown in the Last Accounts for
         the financial period ended on the Completion Date and by the audited
         accounts (if any) of the Business for the previous two financial
         periods, and the trend of profits or losses shown in those accounts
         over those three periods, have not resulted to any material extent
         from:

         (a)      material inconsistencies of accounting practices;

         (b)      the inclusion of abnormal or extraordinary items of income or
                  expenditure (but only in relation to the Last Accounts); and

         (c)      transactions entered into other than on normal commercial
                  terms.

8.5      (ASSETS)

         Each of the following is reflected in the Last Accounts.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 66
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         (a)      Redundant, obsolete, excessive and slow moving inventories of
                  the Business have been written off or written down to an
                  amount not greater than their net realisable value in the
                  ordinary and usual course of business.

         (b)      The basis of valuation for Stock, (except to the extent
                  otherwise expressed in the accounting principles set out in
                  the Last Accounts, or in respect of the forklifts for sale
                  referred to in those accounts which were valued at the lower
                  of their cost or their written down book value IS the lower of
                  cost and net realisable value, and has remained substantially
                  the same in respect of the commencement and end of each of the
                  3 accounting periods of the Business referred to in Warranty
                  8.1(c) (inclusive).

         (c)      Other than in respect of the entry in the Last Accounts
                  referred to as "Other Debtors", and subject to the provisions
                  of Warranty 8.1(b), the rate of depreciation applied to each
                  item of depreciable property, plant and equipment

                  (i)      has been consistently applied over previous
                           accounting periods of the Business; and

                  (ii)     is adequate to write down the value of each fixed
                           asset to its net realisable value as at the end of
                           its useful working life;

8.6      (NO SET OFFS)

         There is no set off arrangement between the Vendor and any other person
         relating to the Business.

9.       PRE-COMPLETION DATE EVENTS

9.1      EVENTS

         In the 12 month period prior to the Completion Date, each of the
         following has occurred.

         (a)      (CONDUCT OF BUSINESS) The Business has been continued in the
                  ordinary and usual course and not otherwise.

         (b)      (NO DISPOSALS) Except for disposals in the ordinary and usual
                  course of business and at not less than market value, the
                  property of the Business has been and remains in the
                  possession or under the control of the Vendor. The Vendor has
                  not created an Encumbrance over or declared itself trustee of
                  any of its assets.

         (c)      (DEALINGS) The Vendor has not dealt with any person except at
                  arm's length relating to the Business. No property of the
                  Business has been acquired by the Vendor for more than market
                  value.

         (d)      (CAPITAL EXPENDITURE) The Vendor has not made any capital
                  expenditure relating to the Business, other than as referred
                  to in the Accounts.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 67
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         (e)      (DEFERRAL OF CAPITAL EXPENDITURE) No decision has been made to
                  defer any capital expenditure of the Business.

         (f)      (NO MATERIAL ADVERSE CHANGE) There has been no material
                  adverse change in the financial condition or prospects of the
                  Business.

         (g)      (INVENTORY) No inventories with an aggregate value in excess
                  of $100,000 in respect of a provision (if any) in the Last
                  Accounts which the Vendor has acquired or produced relating to
                  the Business has become, or is, redundant, obsolete or
                  excessive.

         (h)      (CONTRACTS) No Contract has been terminated or has expired
                  which could reasonably be expected to have a material adverse
                  effect on the profitability of the Business.

         (i)      (NOTICE OF TERMINATION) The Vendor has not received any
                  written notice or threat of termination of a Contract which
                  could reasonably be expected to have a material adverse effect
                  on the profitability of the Business.

         (j)      (AUTHORISATIONS) No Authorisation from which the Business
                  benefits has been terminated or has expired and in either case
                  could reasonably be expected to have a material adverse effect
                  on the profitability of the Business.

         (k)      (EMPLOYEES) As at the Completion Date, there has been no
                  material change in the number of persons employed by the
                  Business. No material change has been made in the remuneration
                  or other benefits paid or allowed to, or expected by, any
                  employee of the Business, except as required under any award,
                  determination or legislation.

         (l)      (NO DEFAULT) The Business has not defaulted in paying any
                  creditor.

         (m)      (WAIVER) The Vendor has not waived any right or a debt owed to
                  the Business.

9.2      (STOCK)

         The level of Stock of the Business at the Completion Date will not be
         materially different from its level of Stock shown in the most recent
         balance sheet date in the Last Accounts.

10.      TAXATION

10.1     (ACCOUNTS)

         The Last Accounts contain provisions adequate to cover Taxes for or in
         respect of the Business for all periods up to the Completion Date. No
         additional or other Taxes are or will be payable (whether on, before or
         after the Completion Date) by the Purchaser relating to the Business.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 68
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10.2     (DEDUCTIONS)

         The Vendor has deducted all Tax required to be deducted from any
         payments made by it relating to the Business. When necessary, the
         relevant Vendor has accounted for that Tax in accordance with relevant
         law. The Vendor has made an overpayment of sales Tax in an amount of
         $250,000.00 in respect of which it is seeking a refund as at the date
         of this agreement, and in respect of which the Purchaser will provide
         such information from the Records as the Vendor may reasonably require
         from time to time to allow the Vendor to pursue such claim.

10.3     (PAYMENT OF TAX)

         All Taxes which have been or deemed to have been assessed or imposed on
         the Vendor relating to the Business, or have been required to be
         withheld from any payment made by the Vendor to another person relating
         to the Business:

         (a)      which are due and payable, have been paid by the final date
                  for payment by that Vendor; and

         (b)      which are not yet payable but become payable before the
                  Completion Date, shall be paid by the due date.

         The Vendor has not entered into any agreement or arrangement which
         extends the period for assessment or payment of any Taxes.

10.4     (APPLICATIONS)

         All particulars given to any Governmental Agency in connection with or
         affecting any application for any ruling, consent or clearance on
         behalf of the Business fully and accurately disclosed all facts and
         circumstances material for the decision of the Governmental Agency.
         Each ruling, consent or clearance is valid and effective. Each
         transaction for which that ruling, consent or clearance has previously
         been obtained has been carried into effect in accordance with the terms
         of the relevant application, ruling, consent or clearance.

10.5     (NO ADDITIONAL TAXES)

         Prior to the Completion Date, the Vendor has not become liable to pay
         any additional taxes, interest, penalty, charge, fee or other like
         amount imposed or made on or in respect of the failure to file a return
         in respect of or to pay any Taxes relating to the Business.

10.6     (INVESTIGATIONS)

         All necessary information, notices, computations and returns have:

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 69
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         (a)      been properly and duly submitted by the Vendor to each
                  relevant Governmental Agency in respect of Taxes for or in
                  respect of the Business for all periods up to the date of this
                  agreement; and

         (b)      will continue to be submitted in respect of periods after the
                  date of this agreement until the Completion Date in respect of
                  those later periods.

         There is no unresolved correspondence or dispute with any Governmental
         Agency. Neither the Commissioner of Taxation nor any other fiscal
         authority is at present conducting any investigation into all or any
         part of the Business. The Vendor knows of no reason why any such
         investigation may be initiated.

10.7      (STAMP DUTY)

         All stamp duty and other similar tax payable in respect of every
         Contract or transaction to which a Vendor is or has been a party in
         relation to the Business, or by which a Vendor derives, has derived or
         will derive a substantial benefit in respect of the Business, have been
         duly paid. No Contract is unstamped or insufficiently stamped unless
         stamping has not been legally required..

11.      ASSETS

11.1     (TITLE)

         Each Asset (other than inventory disposed of prior to the Completion
         Date in the ordinary and usual court of business), is the absolute
         property of, and legally and beneficially owned by, the Vendor free of
         any encumbrance, except for:

         (a)      any Encumbrance disclosed in the Data Room Material; or

         (b)      any item disclosed in the Data Room Material as being subject
                  to hire purchase, lease or rental agreements.

11.2     (CONDITION)

         Other than in accordance with normal business practices, each item of
         Plant and Equipment of the Vendor with a market value in excess of
         $10,000:

         (a)      is, consistent with its age, in good repair and condition, and
                  the purpose for which it has been used;

         (b)      is in satisfactory working order and has been maintained in
                  accordance with prudent business practice and (where
                  applicable) manufacturer's recommended maintenance procedures;

         (c)      to the best of the Vendor's knowledge and belief, is capable
                  of doing the work for which it was designed or purchased and
                  will be capable (subject to fair wear and

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 70
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                  tear) of doing so over the period of time in which it will be
                  written down to the net amount expected to be recovered on
                  disposal of the asset at the end of its useful life in the
                  accounts of the relevant Vendor under its current accounting
                  policies;

         (d)      is not surplus to the requirements of the Business; and

         (e)      is recorded in the plant and equipment register of the Vendor.

11.3     (PLANT AND EQUIPMENT REGISTER)

         The plant and equipment register is complete and accurate in all
         material respects. It sets out, in respect of each item recorded in it,
         the date the item was acquired, its cost, current book value, its
         location, and its current tax depreciated value, such tax depreciated
         value having been determined in accordance with allowable and
         applicable taxation rates permitted by the Commissioner of Taxation.

11.4     (INVENTORIES)

         All current assets of the Business comprising inventories,
         work-in-progress, raw and processed materials, finished goods and
         merchandise, whether in hand, in transit or in bond, are of good and
         merchantable quality consistent with their age and the purpose for
         which the assets have been used. They are fit for the purpose for which
         they are intended to be used. They conform with all relevant
         descriptions, specifications and standards.

11.5     (LOCATION AND ALL RELEVANT ASSETS HELD)

         All assets owned, leased or hired by the Business are located at the
         Owned Properties or the Leased Premises (other than forklifts for hire
         at customer locations, any vehicles in the course of being used for the
         purposes of the Vendor's business and inventory in transit or bond or
         in vehicles owned by a Vendor) and are all the assets:

         (a)      used in the Business; and

         (b)      needed to conduct that Business in the manner in which it was
                  conducted in the 12 months before the date of this agreement.

         No asset located at the Leased Premises (except an asset leased or
         hired by the Vendor) is owned by any person other than the Vendor,
         other than usual employee personal effects.

11.6     (NO IMPAIRMENT)

         No notice has been served on the Vendor by any Governmental Agency
         which might materially impair, prevent or otherwise interfere with that
         Vendor's use of or proprietary rights in any of the Assets.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 71
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12.      LEASED PREMISES

12.1     (LEASED PREMISES)

         The Leased Premises comprises all the freehold and leasehold land and
         premises owned, used or occupied by the Vendor. The Vendor does not
         have any freehold or leasehold interest in land relating to the
         Business except for the Leased Premises.

12.2     (OCCUPATION)

         The Vendor has exclusive occupation and quiet enjoyment of the Leased
         Premises.

12.3     (EASEMENTS)

         The Vendor holds all easements, rights, interests and privileges
         necessary or appropriate for the carrying on of its business and the
         protection of the value of the Leased Premises.

12.4     (LEASES)

         The Data Room Material contains accurate copies of each lease in
         respect of the Leased Premises. Any lease required by law to be
         registered has been registered.

12.5     (COMPLIANCE WITH LEASES)

         The Vendor has duly performed and complied with all covenants,
         restrictions, reservations, conditions, agreements, leases, licences,
         statutory requirements, by-laws, orders, building regulations and other
         stipulations and regulations affecting the Leased Premises and its use.
         Without limitation, all outgoings have been paid to date and for the
         Leased Premises, all rents and service charges have been duly paid. No
         notice of any alleged breach of any terms of any lease has been served
         on the Vendor.

12.6     (USE)

         The existing use of each of the Leased Premises is the lawful permitted
         use under the terms of the relevant lease.

12.7     (SUB-LEASE)

         The Data Room Material contains full particulars of any lease,
         sub-lease, tenancy, licence or agreement granted by or entered into by
         the Vendor of any Leased Premises and accurate and up to date copies of
         each lease, sub-lease or licence have been delivered to the Purchaser.

12.8     (COVENANTS ETC)

         There are no covenants, restrictions or arrangements affecting the
         Leased Premises which conflict with the present use of all or any part
         of the Leased Premises.
<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 72
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12.9     (NO BREACH OF LEGISLATION)

         The past and present use of the Leased Premises for the carrying on of
         the business of the Vendor has not breached and does not breach any
         legislation. No breach of any other legislation has been committed in
         relation to the Leased Premises.

12.10    (CONSENTS)

         Each consent required under any legislation for every development
         carried out in relation to any Leased Premises has been properly
         obtained. Any conditions or restrictions imposed in any consent have
         been observed and performed.

12.11    (NOTICES)

         The Vendor has not received any notice from any Governmental Agency
         related to any Leased Premises. So far as it is aware, there are no
         proposals made or intended to be made by any Governmental Agency:

         (a)      concerning the acquisition or resumption of, or the change of
                  the planning, zoning or other legislation affecting the whole
                  or any part of the Leased Premises;

         (b)      requiring the doing of work or expenditure of money on or in
                  relation to the Leased Premises or any footpath or road
                  adjoining any of the Leased Premises where the total cost
                  could reasonably be expected to exceed $10,000;

         (c)      which would adversely affect the whole or any part of the
                  Leased Premises, or its use.

12.12    (SAFETY)

         The Leased Premises and all buildings and other improvements and
         equipment on the Leased Premises are safe and are maintained and
         operated in accordance with the standards of law and best Australian
         practice. All activities conducted on the Leased Premises (or on any
         other property in connection with the Business of the Vendor) are
         conducted safely in accordance with the standards of law and best
         Australian practice and utilise appropriate available technology.

13.      CONTRACTS AND COMMITMENTS

13.1     (PROFIT SHARING)

         No Vendor is a party to any Contract in terms of which it is or will be
         bound to share profits, pay any royalties or waive or abandon any
         rights.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 73
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13.2     (BINDING CONTRACTS)

         No Contract:

         (a)      is outside the ordinary and proper course of business or is
                  otherwise unusual;

         (b)      imposes or is likely to impose an obligation on the Vendor to
                  make payments exceeding $200,000 after the date of this
                  agreement;

         (c)      has a period of more than 36 months to run from the date of
                  this agreement until its expiration or termination;

         (d)      is incapable of being fulfilled or performed on time, or only
                  with undue or unusual expenditure of money or effort;

         (e)      is not on arm's length terms;

         (f)      other than the Western Australian Manitou contract provides
                  that a Vendor will act as distributor of goods or services or
                  as agent for another person or provides that another person
                  will so act for a Vendor;

         (g)      limits the freedom of the Vendor, or any of its officers,
                  employees or agents, to carry on the Business or activity,
                  including in competition with any person or in any area;

         (h)      other than in respect of employment, is with the Vendor or a
                  person controlling or controlled by the Vendor; or

13.3     (EMPLOYEES)

         No Contract limits the freedom of Vendor, or that of any of its
         employees, to carry on the Business in any area other than
         confidentiality requirements.

13.4     (CONTRACTS AFFECTED BY THIS AGREEMENT)

         Other than in respect of the Property Leases, the Principal and Agency
         Arrangements and the Contracts with Qantas in Queensland and Victoria,
         no party is entitled under any Contract because of any change in the
         legal or beneficial ownership of the Assets or any of them, or the
         compliance with this agreement (including the effect of the change in
         the ultimate ownership or control of any subsidiary):

         (a)      to terminate the Contractor accelerate the maturity or
                  performance of any obligation; or

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 74
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         (b)      to require the adoption of terms less favourable to the
                  Vendor; or

         (c)      to do anything which would adversely affect the interests,
                  Business or assets of the Vendor.

13.5     (NO DEFAULT)

         No party to any Contract:

         (a)      is in default; or

         (b)      but for the requirements of notice or lapse of time or both,
                  would be in default and the default could be reasonably
                  expected to have a material adverse effect on its business,
                  assets or financial condition.

13.6     (SECURITY)

         All security (including any guarantee or indemnity) held by a Vendor is
         valid and enforceable by the Vendor against the grantor in accordance
         with the terms of the security.

14.      INTELLECTUAL PROPERTY

14.1     (INTELLECTUAL PROPERTY COMPLETE)

         The Vendor does not own, use or require in its Business the use of any
         copyright, patent, trade mark, service mark, design, business name,
         trade secret, confidential information or other intellectual or
         industrial property rights, except for the Trade Names.

14.2     (NO INFRINGEMENTS)

         No right, title or interest in the Trade Names is at present being
         infringed or under threat of infringement or subject to a claim of
         invalidity. The conduct of the Business by the Vendor does not infringe
         the confidential information or intellectual or industrial property
         rights of any other party, nor has there been at any time a claim of
         such infringement.

14.3     (REGISTRATION)

         The Trade Names have been registered by the Vendor and each
         registration is valid and in full force and effect. No person has
         sought or threatened to seek the cancellation of any such registration.

14.4     (CONFIDENTIAL INFORMATION OF VENDOR)

         No disclosure has been made to any person of any Confidential
         Information relating to the Business except:

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 75
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         (a)      in the ordinary and proper course of business of the Vendor,
                  on receipt of an undertaking to keep the information
                  confidential; and

         (b)      in respect of negotiations for the sale of the Assets to the
                  Purchaser, on receipt of an undertaking to keep the
                  information confidential.

15.      EMPLOYEES

15.1     (DISCLOSURE)

         The Data Room Material in relation to Employees of the Business
         contains complete and accurate particulars as at 30 September 2000 of:

         (a)      the position and age of each Employee of the Business;

         (b)      all remuneration and other benefits paid to or conferred on
                  each Employee;

         (c)      the period of service of each Employee of the Vendor and the
                  accrued long service leave, annual leave, leave loading and
                  entitlements of each employee;

         (d)      sample written contracts of service or consultancy to which
                  the Business is a party.

         (e)      each oral contract of service or consultancy between the
                  Business and any person (except for any oral contract which
                  may be terminated on three months' notice or less without
                  payment of compensation) other than bona fide redundancy under
                  Australian law.

         (f)      the employment details contained in Schedule 4.

15.2     (OUTSTANDING CLAIM)

         No amount due to or in respect of any Employee or former Employee of
         the Business is in arrears and unpaid other than his current salary for
         the relevant period at the date of this agreement.

15.3     (UNIONS)

         The Data Room Material contains the details of any agreement between
         the Business and any union or industrial organisation in respect of its
         employees and their employment.

15.4     (COMPLIANCE WITH LAW)

         The Business has, in relation to each of its Employees and each of its
         former Employees, complied in all material respects with all
         legislation, collective agreements, orders, awards and codes of conduct
         and practice relevant to conditions of service and to the relations
         between it and its Employees and any trade union.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 76
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15.5     (INDUSTRIAL DISPUTES)

         Other than in respect of the industrial dispute in Victoria as
         disclosed to the Purchaser prior to execution of this agreement, the
         Business is not involved in, and there are no present circumstances
         which are likely to give rise to, any industrial or trade dispute or
         any dispute or negotiation regarding a claim of material importance
         with any trade union or association of trade unions or organisation or
         body of employees.

15.6     (DISCIPLINARY MEASURES)

         Other than in respect of the disciplinary measures undertaken in
         respect of 1 employee in Western Australia as disclosed to the
         Purchaser prior to execution of this agreement, full particulars of all
         disciplinary measures involving dishonesty (including warnings) taken
         in relation to any employees of the Business in the period of 6 months
         before the date of this agreement are included in the Data Room
         Material.

15.7     (TERMINATION OF EMPLOYMENT)

         No Employee of the Business:

         (a)      has been given an unexpired notice terminating his contract of
                  employment;

         (b)      is under notice of dismissal; or

         (c)      has been terminated in circumstances which may give rise to a
                  claim against the Business in relation to loss of office or
                  termination of employment (including, without limitation,
                  redundancy).

15.8     (LIABILITY TO GOVERNMENTAL AGENCY)

         The Business does not have any undischarged liability to pay to any
         Governmental Agency any contribution, Taxes or other impost which has
         fallen due arising in connection with the employment or engagement of
         personnel by the Business.

15.9     (OCCUPATIONAL HEALTH AND SAFETY)

         To the best of the Vendor's knowledge and belief, the Business has not
         breached any legislation or Authorisation relating to the health or
         safety of its employees.

16.      INSURANCE

16.1     (NO CLAIMS)

         There are no claims relating to the Business made by the Vendor or any
         person on its behalf under any insurance policy held or previously held
         by the Vendor which are outstanding. No event (other than one which has
         given rise to a claim which is not

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 77
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         outstanding) has arisen which may give rise to such a claim under any
         insurance policy. Without limiting the preceding provisions, any claim
         which might be made against the Business by an employee or workman or
         third party in respect of any accident or injury is fully covered by
         insurance.

16.2     (NO NOTICE)

         The Business has not been notified by any insurer that it is required
         or it is advisable for it to carry out any maintenance, repairs or
         other works in relation to any of its assets.

17.      COMPLIANCE WITH LEGISLATION AND ABSENCE OF LITIGATION

17.1     (NO CONTRAVENTION OF LEGISLATION)

         The Business has not committed or omitted to do any act or thing the
         commission or omission of which is in contravention of any legislation.

17.2     (TRADE PRACTICES)

         The Business is not a party to any contract which is in breach of any
         applicable restrictive trade practices legislation. The Business has
         not engaged and does not engage in any conduct or practice which is in
         breach of that legislation.

17.3     (DISPUTES)

         There are no matters pending or threatened in respect of which verbal
         or written communication has been given or received by or against the
         Vendor in relation to the Business. There are no facts or disputes
         which may or might give rise to any such matters.

17.4     (ASIC INVESTIGATION)

         There is no outstanding correspondence between the Vendor and the
         Australian Securities and Investments Commission relating to the
         Business.

17.5     (ORDERS)

         The Vendor is not the subject of any order, waiver, declaration,
         exemption or notice relating to the Business granted or issued by the
         Australian Securities Commission, the Australian Securities and
         Investments Commission or any predecessor of that body or any other
         person under the Corporations Law or any previous corresponding
         legislation.

18.      AUTHORISATIONS

         The Vendor had and has all necessary Authorisations to carry on the
         Business properly. In respect of each such Authorisation:

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 78
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         (a)      all fees due have been paid;

         (b)      all conditions or requirements have been duly complied with;
                  and

         (c)      the Vendor does not know of any factor that might prejudice
                  its continuance or renewal.

19.      RECORDS AND CORPORATE MATTERS

19.1     (Accounts and records)

         All accounts, books, ledgers and financial and all other records of the
         Vendor relating to the Business:

         (a)      have been fully and properly maintained and contain complete
                  and accurate records of all matters required to be entered in
                  them by any relevant legislation and the Accounting Standards;

         (b)      do not contain or reflect any material inaccuracies or
                  discrepancies;

         (c)      give a true and fair view of the trading transactions, state
                  of affairs, results, financial and contractual position and
                  assets and liabilities of the Business;

         (d)      are in the possession and unqualified control of the Vendor;
                  and

         (e)      for Employee records, contain adequate and suitable records
                  regarding the service of each of its Employees.

19.2     (CONSTITUENT DOCUMENTS)

         Accurate and up to date copies of the Constitution or other constituent
         documents of the Vendor are included in the Data Room Material.

19.3     (FILINGS)

         All documents required to be filed with the Australian Securities &
         Investments Commission (or equivalent predecessor bodies) under any
         relevant legislation have been duly filed.

19.4     (RECTIFICATION OF REGISTERS)

         The Vendor has no notice of any application or intended application
         under the Corporations Law or other relevant legislation to rectify any
         register which it is required by law to maintain.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 79
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20.      POWERS OF ATTORNEY

20.1     (POWERS OF ATTORNEY)

         There is no power of attorney or other authority in force by which a
         person is able to bind the Business other than normal authorities under
         which officers or employees of a Vendor may carry out the Business in
         the ordinary course.

20.2     (OFFERS)

         To the best of the Vendors' knowledge and belief, no outstanding offer,
         tender, quotation or the like given or made by the Vendor relating to
         the Business is capable of giving rise to a contract merely by any
         unilateral act of a third party, other than in the ordinary course of
         business and on terms calculated to yield a gross profit margin
         consistent with that usually obtained by the Vendor.

21.      FINDER'S FEES

         The vendor has not taken any action under which any person other than
         deutsche bank ag is or will be entitled to receive from the vendor or
         the purchaser any finder's fee, brokerage or other commission in
         connection with the acquisition of the assets.22.superannuation and
         other benefits fund.

22.3     NO AGREEMENTS

         The Vendor is not a party to any agreement with any union or industrial
         organisation in respect of superannuation benefits for the Employees
         other than as disclosed in the Data Room Material.

22.4     NO OTHER FUNDS

         Other than the Vendor's Funds and the industry superannuation funds:

         (a)      there are no superannuation, retirement or provident funds or
                  other arrangements providing for any payment to Employees on
                  their retirement or death or on the occurrence of any
                  permanent or temporary disability in operation by or in
                  relation to the Business or its Employees; and

         (b)      the Vendor does not contribute to any funds which will provide
                  its Employees or their respective dependents with pensions,
                  annuities or lump sum payments on retirement or earlier death
                  or otherwise.
<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 80
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22.5     VENDOR FUNDS

         The following applies with respect to each of the Vendor's Funds and
         the industry superannuation funds:

         (a)      otherwise than in the ordinary course of administration, there
                  are no outstanding and unpaid contributions on the part of the
                  Vendor in respect of Employees of the Business;

         (b)      no Employee of the Business who is a member of the fund has
                  any right or entitlement to have any benefit under the fund
                  augmented, increased or accelerated by reason of this
                  Agreement or by reason of any other arrangement, agreement or
                  understanding;

         (c)      a list of the names of all directors, Employees of the
                  Business who are members of the fund has been supplied to the
                  Purchaser; and

         (d)      no undertaking or assurance has been given to Employees of the
                  Business as to the continuance, introduction, increase or
                  improvement of any benefits under the fund, except as provided
                  for in clause 14.

22.6     SUPERANNUATION GUARANTEE CHARGE

The Vendor will not be liable to pay the superannuation guarantee charge in
respect of any of the Employees of the Business for any contribution period as
defined in the Superannuation Guarantee (Administration) Act 1992 up to
Completion.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 81
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SCHEDULE 8A

                            LIMITATIONS ON LIABILITY

1.       DEFINITIONS

         The following definitions apply in this agreement.

         PURCHASER COMPANY means the Purchaser and any related body corporate of
         the Purchaser.

         CLAIM means a claim against the Vendor or against a Related Person:

         (a)      under a Warranty;

         (b)      under an indemnity in this agreement;

         (c)      of any kind, for example, in tort, for negligence, under a
                  statutory provision or under a contractual term implied by
                  statute, in connection with or relating to this agreement or
                  the transactions it records, or in connection with or relating
                  to an Interdependent Agreement or the transactions they
                  record.

         RELATED PERSON means each related body corporate of the Vendor and each
         agent, director, officer, employee, representative and adviser of the
         Vendor or of a related body corporate of the Vendor.

2.       GENERAL

         (a)      Where the Purchaser cannot make a Claim because of this
                  schedule, the Purchaser:

                  (i)      must not make a Claim against the Vendor or against
                           any Related Person;

                  (ii)     must ensure that no Purchaser Company brings against
                           the Vendor or against a Related Person a Claim; and

                  (iii)    acknowledges that the Vendor enters this paragraph 2
                           for itself, and on behalf of each Related Person,
                           each of whom may rely on this paragraph 2 in
                           consideration of an undertaking to pay to the
                           Purchaser the sum of $1 on demand after the bringing
                           of such a claim, or a Claim, against that Related
                           Person.

3.       DISCLOSURE

         The Purchaser cannot claim that anything fully and properly disclosed
         in the Data Room Material, or recorded in this agreement, or in any
         annexure or exhibit to this agreement, causes any of the Warranties to
         be breached.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 82
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4.       KNOWLEDGE OF PURCHASER

         The Warranties are further qualified by, and the Purchaser cannot Claim
         in relation to:

         (a)      any information about the Business available to the public
                  from any registers of the Australian Securities and
                  Investments Commission and the Land Property Information New
                  South Wales Titles Office;

         (b)      any consequence of any law or regulation, or of any
                  administrative practice of a Government Agency taking effect
                  after Completion, in any jurisdiction affecting the Business;
                  and

         (c)      anything relating to the Business which the Purchaser or any
                  of its related bodies corporate or any of its officers,
                  employees, agents or advisers actually knows, or is disclosed
                  in the Data Room Material.

5.       NO FURTHER WARRANTIES

         (a)      Except for the Warranties, neither the Vendor nor any Related
                  Person makes any express or implied representation or
                  warranty.

         (b)      Neither the Vendor nor any Related Person makes any express or
                  implied representation or warranty as to future matters,
                  including future or forecast costs, revenues or profits.

         (c)      To the maximum extent permitted by law, all conditions,
                  warranties, representations and undertakings (express,
                  implied, written, oral, collateral, statutory or otherwise)
                  except the Warranties are excluded.

6.       PURCHASER ACKNOWLEDGMENTS

         (a)      the Purchaser acknowledges, represents and warrants that:

                  (i)      the Purchaser has had independent legal, financial
                           and technical advice relating to the purchase of the
                           Business and to the terms of this agreement and the
                           documents to be executed pursuant to it;

                  (ii)     the Purchaser and its representatives have had an
                           opportunity to make and conduct, and have made and
                           conducted, inquiries and due diligence investigationS
                           and evaluationS of the Business.

7.       CLAIMS BY PURCHASER ONLY

         Except as otherwise provided in this agreement, only the Purchaser, or
         its assignee as permitted by CLAUSE 22(b), can make a Claim for
         anything under this agreement including

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 83
--------------------------------------------------------------------------------

         a Claim for a breach of a Warranty or under an indemnity in this
         agreement, and then only strictly in accordance with this schedule.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 84
--------------------------------------------------------------------------------

8.       MITIGATION

         The Purchaser must take all reasonable action to mitigate any loss
         suffered by the Purchaser for which a Claim could be made. Nothing in
         this agreement restricts or limits the Purchaser general obligation at
         law to mitigate any loss or damage.

9.       LIMITATION ON QUANTUM AND GENERAL

         (a)      The Purchaser cannot make any Claim:

                  (i)      for less than $100,000.00 (but a series of related
                           Claims about the same facts or circumstances or a
                           series of similar facts and circumstances is taken to
                           be 1 Claim); and

                  (ii)     unless and until the aggregate amount of all Claims
                           exceeds $500,000.00 and then the Purchaser may claim
                           the full amount including the first $500,000.00

         (b)      The maximum liability of the Vendor in respect of any Claims
                  arising in respect of this Agreement is limited in aggregate
                  to an amount equivalent to the final Purchase Price.

10.      TIME LIMITS FOR BRINGING CLAIMS

         The Purchaser cannot make any Claim, and the liability of the Vendor
         for a Claim shall absolutely terminate, unless the Claim is bona fide
         and:

         (a)      in respect of all Claims of which the Purchaser is aware
                  before 15 May 2001 the Purchaser gives to the Vendor prompt
                  notice of the Claims on or before 1 June 2001, specifying (in
                  detail) the matter which gives rise to the Claim, the nature
                  of the Claim, the amount claimed, and how the amount is
                  calculated; and

         (b)      in respect any Claims the Purchaser gives to the Vendor prompt
                  notice of the Claim, specifying (in detail) the matter which
                  gives rise to the Claim, the nature of the Claim, the amount
                  claimed, and how the amount is calculated within 12 months
                  after the Completion Date; and

         (c)      legal proceedings for the Claim have been properly issued and
                  validly served upon the Vendor within 6 months from the date
                  on which Purchaser gave notice of the Claim.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 85
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                                   SCHEDULE 9

                                SOFTWARE LICENCES

1.       Microsoft - O/S, BackOffice and Office

2.       Lotus

3.       Citrix

4.       MYOB

5.       Adaptec DirectCD

6.       Adobe Acrobat Reader

7.       Backup Exec

8.       CBA Diammond Services

9.       Maximiser

10.      MicroGrafx Flowcharter

11.      Microsoft TechNet

12.      Reflection (access to SLAM)

13.      Tracker 97

14.      Ulead Photo Impact

15.      WINEBS (Software supplied by Telstra)

16.      WinFax Pro

17.      PowerChute UPS

18.      Diskeeper

19.      HP JetAdmin

20.      Crystal Info

21.      Symantec PC Anywhere

22.      Baseplan

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 87
--------------------------------------------------------------------------------

                                   SCHEDULE 10

                             INFORMATION MEMORANDUM

                                  SEE EXHIBIT 1

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 88
--------------------------------------------------------------------------------

                                   SCHEDULE 11

                                 EXCLUDED ASSETS

Nine Fantuzzi trucks (or any contractual obligation associated therewith)
ordered by Brambles Industrial Services, Tasmania.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 89
--------------------------------------------------------------------------------

                                   SCHEDULE 12

                   BONDS BANK GUARANTEES AND SECURITY DEPOSITS

                                       NIL

       1.

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 90
--------------------------------------------------------------------------------

                                   SCHEDULE 13

                         TERMS OF OWNED PROPERTY LEASES

1.       PROPERTY ADDRESS:      767 The Horsley Drive, Smithfield NSW

         LESSOR:                Brambles Australia Limited (ACN 000 164 938)

         LESSEE:

         ANNUAL RENTAL:         $3,000.00 per week

         TERM:                  3 months

         OPTIONS:               Nil

2.       PROPERTY ADDRESS:      2161 - 2181 princes Highway Clayton Vic

         LESSOR:                Brambles Australia Limited (ACN 000 164 938)

         LESSEE:

         ANNUAL RENTAL:         $20,000.00 per month

         TERM:                  12 months with Athletics right to terminate on
                                90 days notice.
         OPTIONS:               Nil

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 91
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                                   SCHEDULE 14

                             TRANSITIONAL PROCEDURES

The Vendor and the Purchaser to agree appropriate transitional procedures in
relation to the following matters:

Migration of computer systems in accordance with clause 25

Banking generally

Payroll arrangements

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 92
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                                   SCHEDULE 15

TERMS OF SUBLEASES                   209 Bannister Road Canning Vale WA

1.       PROPERTY ADDRESS:

         LESSOR:                     Brambles Australia Limited

         LESSEE:

         ANNUAL RENTAL:              Consistent with headlease

         TERM:                       12 months from Completion

         OPTIONS:                    Nil

         SPECIAL CONDITION:          During term of Sub-lease Athletics has
                                     right to request assignment of lease from
                                     Brambles Australia Ltd. This right is
                                     extinguished if it is not exercised before
                                     30 June 2001.

3.       PROPERTY ADDRESS:           23 Mint Street Wodonga Vic

         LESSOR:                     Brambles Australia Limited

         LESSEE:

         ANNUAL RENTAL:              Consistent with headlease

         TERM:                       6 months from Completion

         OPTIONS:                    Nil

         SPECIAL CONDITION:          During term of Sub-lease Athletics has
                                     right to request assignment of lease from
                                     Brambles Australia Ltd.

4.       PROPERTY ADDRESS:           511 Nudgee Road Hendra Qld

         SUB-LESSOR:                 Brambles Australia Limited division -
                                     Brambles Equipment division

         SUB-LESSEE:

         ANNUAL RENTAL:              Consistent with headlease

         TERM:                       Month to Month

         OPTIONS:                    Nil

         SPECIAL CONDITION:          Nil

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 94
--------------------------------------------------------------------------------

                                   SCHEDULE 16

                                 DATA ROOM INDEX

                                  SEE EXHIBIT 1

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 95
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                                   SCHEDULE 17

                               EXCLUDED EMPLOYEES

1.       Employees engaged as sweeper drivers at Portland, Victoria

2.       Jesus Munoz

3.       Paul Mete

4.       Graham Turner

5.       Therese Whithington

6.       Any employees engaged on a casual basis.

7.       Victor Fielden

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 96
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                                   ANNEXURE A

                                   CAPITAL WIP

                                  SEE EXHIBIT 1

<PAGE>
BUSINESS SALE AGREEMENT                                                  Page 97
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THE COMMON SEAL of BRAMBLES       )
AUSTRALIA LIMITED was affixed in  )
the presence of:                  )

/s/ Robert John Anderson                   /s/ John Edward Fletcher
--------------------------------------     -------------------------------------
Signature                                  Signature

Robert John Anderson                       John Edward Fletcher
--------------------------------------     -------------------------------------
Print Name                                 Print Name

Director                                   Director
--------------------------------------     -------------------------------------
Office Held                                Office Held

THE COMMON SEAL of A.C.N. 094
802 141 PTY LIMITED was           )
affixed in the presence of:       )
                                  )
                                  )

/s/ Geoffrey D. Lewis                        /s/ Kenneth L. Fish
--------------------------------------       -----------------------------------
Signature                                    Signature

Geoffrey D. Lewis                            Kenneth L. Fish
--------------------------------------       -----------------------------------
Print Name                                   Print Name

THE COMMON  SEAL of NACCO         )
MATERIALS  HANDLING  GROUP,       )
INC. was affixed in the presence  )
of:                               )

/s/ Geoffrey D. Lewis
--------------------------------------       -----------------------------------
Signature of Witness                         Signature

Geoffrey D. Lewis
--------------------------------------       -----------------------------------
Print Name                                   Print Name<PAGE>
                                                                    EXHIBIT 10.1

                               SUNTRON CORPORATION
                              AMENDED AND RESTATED
                             2002 STOCK OPTION PLAN

         Suntron Corporation, a Delaware corporation, has adopted the Suntron
Corporation Amended and Restated 2002 Stock Option Plan (the "Plan"), effective
as of April 24, 2002, for the benefit of its eligible employees, consultants and
directors.

         The purposes of the Plan are as follows:

         (1) To provide an additional incentive for Directors, key Employees and
Consultants (as each such term is defined below) to further the growth,
development, and financial success of the Company by personally benefiting
through the ownership of Company stock and/or rights which recognize such
growth, development, and financial success.

         (2) To enable the Company to obtain and retain the services of
directors, key Employees, and Consultants considered essential to the long range
success of the Company by offering them an opportunity to own stock in the
Company and/or rights which will reflect the growth, development, and financial
success of the Company.

                                   ARTICLE I.
                                   DEFINITIONS

                  1.1 General. Wherever the following terms are used in the Plan
they shall have the meanings specified below, unless the context clearly
indicates otherwise.

                  1.2 Administrator. "Administrator" shall mean the entity that
conducts the general administration of the Plan as provided in Article VII. With
reference to the administration of the Plan with respect to Options granted to
Independent Directors, the term "Administrator" shall refer to the Board. With
reference to the administration of the Plan with respect to any other Option,
the term "Administrator" shall refer to the Committee unless the Board has
assumed the authority for administration of the Plan generally as provided in
Section 7.2.

                  1.3 Award Limit. "Award Limit" shall mean 2,000,000 shares of
Common Stock, as adjusted pursuant to Section 8.3 of the Plan.

                  1.4 Board. "Board" shall mean the Board of Directors of the
Company.

                  1.5 Code. "Code" shall mean the Internal Revenue Code of 1986,
as amended.

                  1.6 Committee. "Committee" shall mean the Compensation
Committee of the Board, or another committee or subcommittee of the Board,
appointed as provided in Section 7.1.

                  1.7 Common Stock. "Common Stock" shall mean the common stock
of the Company, par value $.01 per share.

                  1.8 Company. "Company" shall mean Suntron Corporation, a
Delaware corporation.
<PAGE>
                  1.9 Consultant. "Consultant" shall mean any consultant or
adviser if:

                           (a) The consultant or adviser renders bona fide
services to the Company;

                           (b) The services rendered by the consultant or
adviser are not in connection with the offer or sale of securities in a
capital-raising transaction and do not directly or indirectly promote or
maintain a market for the Company's securities; and

                           (c) The consultant or adviser is a natural person.

                  1.10 Director. "Director" shall mean a member of the Board.

                  1.11 Employee. "Employee" shall mean any officer or other
employee (as defined in accordance with Section 3401(c) of the Code) of the
Company, or of any corporation which is a Subsidiary.

                  1.12 Exchange Act. "Exchange Act" shall mean the Securities
Exchange Act of 1934, as amended.

                  1.13 "Fair Market Value" of a share of Common Stock on any
date of reference shall mean the fair market value of a share of Common Stock on
that date, as determined by the Committee acting in good faith. If the Company's
Common Stock is publicly held, then Fair Market Value shall mean the "Closing
Price" (as defined below) of the Common Stock on the business day immediately
preceding the date of reference, unless the Committee in its sole discretion
shall determine otherwise acting in good faith. For the purpose of determining
Fair Market Value, the "Closing Price" of the Common Stock on any business day
shall be (i) if the Common Stock is listed or admitted for trading on any United
States national securities exchange, or if actual transactions are otherwise
reported on a consolidated transaction reporting system, the last reported sale
price of Common Stock on such exchange or reporting system, as reported in any
newspaper of general circulation, (ii) if the Common Stock is quoted on the
National Association of Securities Dealers Automated Quotations System
("Nasdaq"), or any similar system of automated dissemination of quotations of
securities prices in common use, the last reported sale price of Common Stock on
such system or, if sales prices are not reported, the mean between the closing
high bid and low asked quotations for such day of Common Stock on such system,
as reported in any newspaper of general circulation, or (iii) if neither clause
(i) or (ii) is applicable, the mean between the high bid and low asked
quotations for the Common Stock as reported by the National Quotation Bureau,
Incorporated if at least two securities dealers have inserted both bid and asked
quotations for Common Stock on at least five of the ten preceding days.

                  1.14 Incentive Stock Option. "Incentive Stock Option" shall
mean an option which conforms to the applicable provisions of Section 422 of the
Code and which is designated as an Incentive Stock Option by the Committee.

                  1.15 Independent Director. "Independent Director" shall mean a
member of the Board who is not an Employee of the Company.

                  1.16 Non-Qualified Stock Option. "Non-Qualified Stock Option"
shall mean an Option which is not an Incentive Stock Option.

                                        2
<PAGE>
                  1.17 Option. "Option" shall mean a stock option granted under
Article IV of the Plan. An Option granted under the Plan shall, as determined by
the Committee, be either a Non-Qualified Stock Option or an Incentive Stock
Option; provided, however, that any Options granted to Independent Directors and
Consultants shall be Non-Qualified Stock Options.

                  1.18 Option Agreement. "Option Agreement" shall mean a written
agreement executed by an authorized officer of the Company and the Optionee
which shall contain such terms and conditions with respect to an Option as the
Administrator shall determine, consistent with the Plan.

                  1.19 Optionee. "Optionee" shall mean an Employee, Consultant,
or Independent Director granted an Option under the Plan.

                  1.20 Plan. "Plan" shall mean The Suntron Corporation 2002
Stock Option Plan, as may be amended from time to time.

                  1.21 QDRO. "QDRO" shall mean a qualified domestic relations
order as defined by the Code or Title I of the Employee Retirement Income
Security Act of 1974, as amended, or the rules thereunder.

                  1.22 Rule 16b-3. "Rule 16b-3" shall mean that certain Rule
16b-3 under the Exchange Act, as such Rule may be amended from time to time.

                  1.23 Section 162(m) Participant. "Section 162(m) Participant"
shall mean any Employee designated by the Committee as a Employee whose
compensation for the fiscal year in which the Employee is so designated or a
future fiscal year could reasonably be expected to be subject to the limit on
deductible compensation imposed by Section 162(m) of the Code.

                  1.24 Securities Act. "Securities Act" shall mean the
Securities Act of 1933, as amended.

                  1.25 Subsidiary. "Subsidiary" shall mean any corporation in an
unbroken chain of corporations beginning with the Company if each of the
corporations other than the last corporation in the unbroken chain then owns
stock possessing fifty percent (50%) or more of the total combined voting power
of all classes of stock in one of the other corporations in such chain.

                  1.26 Substitute Award. "Substitute Award" shall mean an Option
granted under this Plan upon the assumption of, or in substitution for,
outstanding equity awards previously granted by a company or other entity in
connection with a corporate transaction, such as a recapitalization, merger,
combination, consolidation or acquisition of property or stock; provided,
however, that in no event shall the term "Substitute Award" be construed to
refer to an award made in connection with the cancellation and repricing of an
Option.

                  1.27 Termination of Consultancy. "Termination of Consultancy"
shall mean the time when the engagement of an Optionee as a Consultant to the
Company or a Subsidiary is terminated for any reason, with or without cause,
including, but not by way of limitation, by resignation, discharge, death or
retirement; but excluding terminations where there is a simultaneous
commencement of employment with the Company or any Subsidiary. The Committee, in
its absolute discretion, shall determine the effect of all matters and questions
relating to Termination of

                                        3
<PAGE>
Consultancy, including, but not by way of limitation, the question of whether a
Termination of Consultancy resulted from a discharge for good cause, and all
questions of whether a particular leave of absence constitutes a Terminations of
Consultancy. Notwithstanding any other provision of the Plan, the Company or any
Subsidiary has an absolute and unrestricted right to terminate a Consultant's
service at any time for any reason whatsoever, with or without cause, except to
the extent expressly provided otherwise in writing.

                  1.28 Termination of Directorship. "Termination of
Directorship" shall mean the time when an Optionee who is an Independent
Director ceases to be a Director for any reason, including, but not by way of
limitation, a termination by resignation, failure to be elected, death or
retirement. The Board, in its sole and absolute discretion, shall determine the
effect of all matters and questions relating to Termination of Directorship with
respect to Independent Directors.

                  1.29 Termination of Employment. "Termination of Employment"
shall mean the time when the employee-employer relationship between an Optionee
and the Company or any Subsidiary is terminated for any reason, with or without
cause, including, but not by way of limitation, a termination by resignation,
discharge, death, disability or retirement; but excluding (a) terminations where
there is a simultaneous reemployment or continuing employment of an Optionee by
the Company or any Subsidiary, (b) at the discretion of the Committee,
terminations which result in a temporary severance of the employee-employer
relationship, and (c) at the discretion of the Committee, terminations which are
followed by the simultaneous establishment of a consulting relationship by the
Company or a Subsidiary with the former employee. The Committee, in its absolute
discretion, shall determine the effect of all matters and questions relating to
Termination of Employment, including, but not by way of limitation, the question
of whether a Termination of Employment resulted from a discharge for cause, and
all questions of whether a particular leave of absence constitutes a Termination
of Employment; provided, however, that, with respect to Incentive Stock Options,
unless otherwise determined by the Committee in its discretion, a leave of
absence, change in status from an employee to an independent contractor or other
change in the employee-employer relationship shall constitute a Termination of
Employment if, and to the extent that, such leave of absence, change in status
or other change interrupts employment for the purposes of Section 422(a)(2) of
the Code and the then applicable regulations and revenue rulings under said
Section. Notwithstanding any other provision of the Plan, the Company, or any
Subsidiary has an absolute and unrestricted right to terminate an Employee's
employment at any time for any reason whatsoever, with or without cause, except
to the extent expressly provided otherwise in writing.

                                  ARTICLE II.
                             SHARES SUBJECT TO PLAN

                  2.1 Shares Subject to Plan.

                            (a) The shares of stock subject to Options shall be
Common Stock, initially shares of the Company's Common Stock, par value $.01 per
share. The aggregate number of such shares that may be issued upon exercise of
such Options under the Plan shall not exceed 5,000,000. The shares of Common
Stock issuable upon exercise of such Options may be either previously authorized
but unissued shares or treasury shares.

                            (b) The maximum number of shares which may be
subject to Options granted under the Plan to any individual in any calendar year
shall not exceed the Award Limit. To

                                        4
<PAGE>
the extent required by Section 162(m) of the Code, and provided the Options
otherwise comply with the requirements of Section 162(m), shares subject to
Options that are canceled continue to be counted against the Award Limit and if,
after grant of an Option, the price of shares subject to such Option is reduced,
the transaction is treated as a cancellation of the Option and a grant of a new
Option and both the Option deemed to be canceled and the Option deemed to be
granted are counted against the Award Limit.

                  2.2 Add-back of Options. If any Option terminates, expires or
is canceled without having been fully exercised, the number of shares subject to
such Option but as to which such Option was not exercised prior to its
termination, expiration, or cancellation may again be awarded hereunder, subject
to the limitations of Section 2.1. Furthermore, any shares subject to Options
that are adjusted pursuant to Section 8.3 and become exercisable with respect to
shares of stock of another corporation shall be considered cancelled and may
again be optioned, granted, or awarded hereunder, subject to the limitations of
Section 2.1. Shares of Common Stock that are withheld by the Company upon the
exercise of any Option under the Plan, in payment of the exercise price thereof
or tax withholding thereon, may again be optioned, granted or awarded hereunder,
subject to the limitations of Section 2.1. Notwithstanding the provisions of
this Section 2.2, no shares of Common Stock may again be awarded if such action
would cause an Incentive Stock Option to fail to qualify as an incentive stock
option under Section 422 of the Code.

                                  ARTICLE III.
                               GRANTING OF OPTIONS

                  3.1 Option Agreement. Each Option shall be evidenced by an
Option Agreement. Option Agreements evidencing Options intended to qualify as
performance-based compensation as described in Section 162(m)(4)(C) of the Code
shall contain such terms and conditions as may be necessary to meet the
applicable provisions of Section 162(m) of the Code (other than with respect to
the composition of the Committee). Option Agreements evidencing Incentive Stock
Options shall contain such terms and conditions (other than with respect to the
composition of the Committee) as may be necessary to meet the applicable
provisions of Section 422 of the Code.

                  3.2 Provisions Applicable to Section 162(m) Participants. The
Committee, in its discretion, may determine whether an Option is to qualify as
performance-based compensation as described in Section 162(m)(4)(C) of the Code.

                  3.3 Consideration. In consideration of the granting of an
Option under the Plan, the Optionee shall agree, in the Option Agreement, to
remain in the employ of (or to consult for or to serve as an Independent
Director of, as applicable) the Company or any Subsidiary for a period of at
least one year (or such shorter period as may be fixed in the Option Agreement
or by action of the Administrator following grant of the Option) after the
Option is granted (or, in the case of an Independent Director, until the next
annual meeting of stockholders of the Company).

                  3.4 At-Will Employment. Nothing in the Plan or in any Option
Agreement hereunder shall confer upon any Optionee any right to continue in the
employ of, or as a Consultant for, the Company or any Subsidiary, or as a
director of the Company, or shall interfere with or restrict in any way the
rights of the Company and any Subsidiary, which are hereby expressly reserved,
to discharge any Optionee at any time for any reason whatsoever, with or without
cause,

                                        5
<PAGE>
except to the extent expressly provided otherwise in a written employment
agreement between the Optionee and the Company and any Subsidiary.

                                  ARTICLE IV.
                          ELIGIBILITY AND OPTION GRANTS

                  4.1 Eligibility. Any Employee or Consultant selected by the
Committee pursuant to Section 4.4(a)(i) shall be eligible to be granted an
Option. Each Independent Director of the Company shall be eligible to be granted
Options at the times and in the manner set forth in Section 4.5.

                  4.2 Disqualification for Stock Ownership. No person may be
granted an Incentive Stock Option under the Plan if such person, at the time the
Incentive Stock Option is granted, owns stock possessing more than ten percent
(10%) of the total combined voting power of all classes of stock of the Company
or any then existing Subsidiary or parent corporation (within the meaning of
Section 422 of the Code), unless such Incentive Stock Option conforms to the
applicable provisions of Section 422 of the Code.

                  4.3 Qualification of Incentive Stock Options. No Incentive
Stock Option shall be granted to any person who is not an Employee.

                  4.4 Granting of Options to Employees and Consultants.

                           (a) The Committee shall from time to time, in its
absolute discretion, and subject to applicable limitations of the Plan:

                                    (i) Determine which Employees are key
Employees and select from among the key Employees or Consultants (including
Employees or Consultants who have previously received Options under the Plan)
such of them as in its opinion should be granted Options;

                                    (ii) Subject to the Award Limit, determine
the number of shares to be subject to such Options granted to the selected key
Employees or Consultants;

                                    (iii) Subject to Section 4.3, determine
whether such Options are to be Incentive Stock Options or Non-Qualified Stock
Options and whether such Options are to qualify as performance-based
compensation as described in Section 162(m)(4)(C) of the Code; and

                                    (iv) Determine the terms and conditions of
such Options, consistent with the Plan; provided, however, that the terms and
conditions of Options intended to qualify as performance-based compensation as
described in Section 162(m)(4)(C) of the Code shall include, but not be limited
to, such terms and conditions as may be necessary to meet the applicable
provisions of Section 162(m) of the Code.

                           (b) Upon the selection of a key Employee or
Consultant to be granted an Option, the Committee shall instruct the Secretary
of the Company to issue the Option and may impose such conditions on the grant
of the Option as it deems appropriate. Without limiting the generality of the
preceding sentence, the Committee may, in its discretion and on such terms as it
deems appropriate, require as a condition on the grant of an Option to an
Employee or Consultant

                                        6
<PAGE>
that the Employee or Consultant surrender for cancellation some or all of the
unexercised Options that have been previously granted to him under the Plan or
otherwise. An Option, the grant of that is conditioned upon such surrender, may
have an Option price lower (or higher) than the exercise price of such
surrendered Option or other award, may cover the same (or a lesser or greater)
number of shares as such surrendered Option or other award, may contain such
other terms as the Committee deems appropriate, and shall be exercisable in
accordance with its terms, without regard to the number of shares, price,
exercise period or any other term or condition of such surrendered Option or
other award.

                           (c) Any Incentive Stock Option granted under the
Plan may be modified by the Committee, with the consent of the Optionee, to
disqualify such Option from treatment as an "incentive stock option" under
Section 422 of the Code.

                  4.5 Granting of Options to Independent Directors. The Board
shall from time to time, in its discretion, and subject to applicable
limitations of the Plan select from among the Independent Directors (including
Independent Directors who have previously received Options under the Plan) such
of them as in its opinion should be granted Non-Qualified Stock Options,
determine the number of shares to be subject to such Non-Qualified Stock Options
granted to the selected Independent Directors and determine the terms and
conditions of such Non-Qualified Stock Options, consistent with the terms of the
Plan.

                  4.6 Options in Lieu of Cash Compensation. Options may be
granted under the Plan to Employees and Consultants in lieu of cash bonuses that
would otherwise be payable to such Employees and Consultants and to Independent
Directors in lieu of directors' fees that would otherwise be payable to such
Independent Directors, pursuant to such policies that may be adopted by the
Administrator or the Board from time to time.

                                   ARTICLE V.
                                TERMS OF OPTIONS

                  5.1 Option Price. The price per share of the shares subject to
each Option granted to Employees and Consultants shall be set by the Committee;
provided, however, that such price shall be no less than the par value of a
share of Common Stock, unless otherwise permitted by applicable state law, and
(a) in the case of Options intended to qualify as performance-based compensation
as described in Section 162(m)(4)(C) of the Code, such price shall not be less
than 100% of the Fair Market Value of a share of Common Stock on the date the
Option is granted; (b) in the case of Incentive Stock Options, such price shall
not be less than 100% of the Fair Market Value of a share of Common Stock on the
date the Option is granted (or the date the Option is modified, extended, or
renewed for purposes of Section 424(h) of the Code); (c) in the case of
Incentive Stock Options granted to an individual then owning (within the meaning
of Section 424(d) of the Code) more than 10% of the total combined voting power
of all classes of stock of the Company or any Subsidiary or parent corporation
thereof (within the meaning of Section 422 of the Code), such price shall not be
less than 110% of the Fair Market Value of a share of Common Stock on the date
the Option is granted (or the date the Option is modified, extended, or renewed
for purposes of Section 424(h) of the Code).

                  5.2 Option Term. The term of an Option granted to an Employee
or Consultant shall be set by the Committee in its discretion; provided,
however, that, in the case of Incentive

                                        7
<PAGE>
Stock Options, the term shall not be more than ten (10) years from the date the
Incentive Stock Option is granted, or five (5) years from such date if the
Incentive Stock Option is granted to an individual then owning (within the
meaning of Section 424(d) of the Code) more than 10% of the total combined
voting power of all classes of stock of the Company or any Subsidiary or parent
corporation thereof (within the meaning of Section 422 of the Code). Except as
limited by requirements of Section 422 of the Code and regulations and rulings
thereunder applicable to Incentive Stock Options, the Committee may extend the
term of any outstanding Option in connection with any Termination of Employment
or Termination of Consultancy of the Optionee, or amend any other term or
condition of such Option relating to such a termination.

                  5.3 Option Vesting.

                           (a) The period during which the right to exercise,
in whole or in part, an Option granted to an Employee or a Consultant vests in
the Optionee shall be set by the Committee and the Committee may determine that
an Option may not be exercised in whole or in part for a specified period after
it is granted; provided, however, that, unless the Committee otherwise provides
in the terms of the Option Agreement or otherwise, no Option shall be
exercisable by any Optionee who is then subject to Section 16 of the Exchange
Act within the period ending six months and one day after the date the Option is
granted. At any time after grant of an Option, the Committee may, in its sole
and absolute discretion and subject to whatever terms and conditions it selects,
accelerate the period during which an Option granted to an Employee or
Consultant vests.

                           (b) No portion of an Option granted to an Employee
or Consultant that is unexercisable at Termination of Employment or Termination
of Consultancy, as applicable, shall thereafter become exercisable, except as
may be otherwise provided by the Committee either in the Option Agreement or by
action of the Committee following the grant of the Option.

                           (c) To the extent that the aggregate Fair Market
Value of stock with respect to which "incentive stock options" (within the
meaning of Section 422 of the Code, but without regard to Section 422(d) of the
Code) are exercisable for the first time by an Optionee during any calendar year
(under the Plan and all other incentive stock option plans of the Company and
any parent or subsidiary corporation (within the meaning of Section 422 of the
Code) of the Company) exceeds $100,000, such Options shall be treated as
Non-Qualified Options to the extent required by Section 422 of the Code. The
rule set forth in the preceding sentence shall be applied by taking Options into
account in the order in which they were granted. For purposes of this Section
5.3(c), the Fair Market Value of stock shall be determined as of the time the
Option with respect to such stock is granted.

                  5.4 Terms of Options Granted to Independent Directors. The
Board shall determine the terms and conditions of each Non-Qualified Stock
Option granted to an Independent Director, consistent with the terms of the
Plan.

                  5.5 Substitute Awards. Notwithstanding the foregoing
provisions of this Article V to the contrary, in the case of an Option that is a
Substitute Award, the price per share of the shares subject to such Option may
be less than the Fair Market Value per share on the date of grant, provided,
that the excess of:

                           (a) The aggregate Fair Market Value (as of the date
such Substitute Award is granted) of the shares subject to the Substitute Award;
over

                                        8
<PAGE>
                           (b) The aggregate exercise price thereof;

         does not exceed the excess of:

                           (c) The aggregate fair market value (as of the time
immediately preceding the transaction giving rise to the Substitute Award, such
fair market value to be determined by the Committee) of the shares of the
predecessor entity that were subject to the grant assumed or substituted for by
the Company; over

                           (d) The aggregate exercise price of such shares.

                                  ARTICLE VI.
                               EXERCISE OF OPTIONS

                  6.1 Partial Exercise. An exercisable Option may be exercised
in whole or in part. However, an Option shall not be exercisable with respect to
fractional shares and the Administrator may require that, by the terms of the
Option, a partial exercise be with respect to a minimum number of shares.

                  6.2 Manner of Exercise. All or a portion of an exercisable
Option shall be deemed exercised upon delivery of all of the following to the
Secretary of the Company or his office:

                           (a) A written notice complying with the applicable
rules established by the Administrator stating that the Option, or a portion
thereof, is exercised. The notice shall be signed by the Optionee or other
person then entitled to exercise the Option or such portion of the Option;

                           (b) Such representations and documents as the
Administrator, in its absolute discretion, deems necessary or advisable to
effect compliance with all applicable provisions of the Securities Act and any
other federal or state securities laws or regulations. The Administrator may, in
its absolute discretion, also take whatever additional actions it deems
appropriate to effect such compliance including, without limitation, placing
legends on share certificates and issuing stop-transfer notices to agents and
registrars;

                           (c) In the event that the Option shall be
exercised pursuant to Section 8.1 by any person or persons other than the
Optionee, appropriate proof of the right of such person or persons to exercise
the Option; and

                           (d) Full cash payment to the Secretary of the
Company for the shares with respect to which the Option, or portion thereof, is
exercised. However, the Administrator, may in its sole discretion (i) allow a
delay in payment up to thirty (30) days from the date the Option, or portion
thereof, is exercised; (ii) allow payment, in whole or in part, through the
delivery of shares of Common Stock which have been owned by the Optionee for at
least six months, duly endorsed for transfer to the Company with a Fair Market
Value on the date of delivery equal to the aggregate exercise price of the
Option or exercised portion thereof; (iii) allow payment, in whole or in part,
through the surrender of shares of Common Stock then issuable upon exercise of
the Option having a Fair Market Value on the date of Option exercise equal to
the aggregate exercise price of the Option or exercised portion thereof; (iv)
allow payment, in whole or in part, through the delivery of property of any kind
that constitutes good and valuable consideration; (v) allow payment, in whole

                                        9
<PAGE>
or in part, through the delivery of a full recourse promissory note bearing
interest (at no less than such rate as shall then preclude the imputation of
interest under the Code) and payable upon such terms as may be prescribed by the
Committee or the Board; (vi) allow payment, in whole or in part, through the
delivery of a notice that the Optionee has placed a market sell order with a
broker with respect to shares of Common Stock then issuable upon exercise of the
Option, and that the broker has been directed to pay a sufficient portion of the
net proceeds of the sale to the Company in satisfaction of the Option exercise
price; or (vii) allow payment through any combination of the consideration
provided in the foregoing subparagraphs (ii), (iii), (iv), (v), and (vi). In the
case of a promissory note, the Administrator may also prescribe the form of such
note and the security to be given for such note. The Option may not be
exercised, however, by delivery of a promissory note or by a loan from the
Company when or where such loan or other extension of credit is prohibited by
law.

                  6.3 Conditions to Issuance of Stock Certificates. The Company
shall not be required to issue or deliver any certificate or certificates for
shares of stock purchased upon the exercise of any Option or portion thereof
prior to fulfillment of all of the following conditions:

                           (a) The admission of such shares to listing on all
stock exchanges on which such class of stock is then listed;

                           (b) The completion of any registration or other
qualification of such shares under any state or federal law, or under the
rulings or regulations of the Securities and Exchange Commission or any other
governmental regulatory body that the Administrator shall, in its absolute
discretion, deem necessary or advisable;

                           (c) The obtaining of any approval or other
clearance from any state or federal governmental agency that the Administrator
shall, in its absolute discretion, determine to be necessary or advisable;

                           (d) The lapse of such reasonable period of time
following the exercise of the Option as the Committee (or Board, in the case of
Options granted to Independent Directors) may establish from time to time for
reasons of administrative convenience; and

                           (e) The receipt by the Company of full payment for
such shares, including payment of any applicable withholding tax, which in the
discretion of the Committee or the Board may be in the form of consideration
used by the Optionee to pay for such shares under Section 6.2(d).

                  6.4 Rights as Stockholders. Optionees shall not be, nor have
any of the rights or privileges of, stockholders of the Company in respect of
any shares purchasable upon the exercise of any part of an Option unless and
until certificates representing such shares have been issued by the Company to
such Optionees.

                  6.5 Ownership and Transfer Restrictions. The Administrator, in
its absolute discretion, may impose such restrictions on the ownership and
transferability of the shares purchasable upon the exercise of an Option as it
deems appropriate. Any such restriction shall be set forth in the respective
Option Agreement and may be referred to on the certificates evidencing such
shares. The Committee may require the Employee to give the Company prompt notice
of any disposition of shares of Common Stock acquired by exercise of an
Incentive Stock Option within

                                       10
<PAGE>
(i) two years from the date of granting (including the date the Option is
modified, extended or renewed for purposes of Section 424(h) of the Code) such
Option to such Employee or (ii) one year after the transfer of such shares to
such Employee. The Committee may direct that the certificates evidencing shares
acquired by exercise of any such Option refer to such requirement to give prompt
notice of disposition.

                  6.6 Additional Limitations on Exercise of Options. Optionees
may be required to comply with any timing or other restrictions with respect to
the settlement or exercise of an Option, including a window-period limitation,
as may be imposed in the discretion of the Administrator.

                                  ARTICLE VII.
                                 ADMINISTRATION

                  7.1 Compensation Committee. Except as may otherwise be
determined by the Board in its sole discretion, the Compensation Committee (or
another committee or a subcommittee of the Board assuming the functions of the
Committee under the Plan) shall have at least two Directors appointed by and
holding office at the pleasure of the Board.

                  7.2 Duties and Powers of Committee. It shall be the duty of
the Committee to conduct the general administration of the Plan in accordance
with its provisions. The Committee shall have the power to interpret the Plan
and the agreements pursuant to which Options are granted or awarded, and to
adopt such rules for the administration, interpretation, and application of the
Plan as are consistent therewith and to interpret, amend or revoke any such
rules. Notwithstanding the foregoing, the full Board, acting by a majority of
its members in office, shall conduct the general administration of the Plan with
respect to Options granted to Independent Directors. The terms of Options need
not be the same with respect to each Optionee. Any such interpretations and
rules with respect to Incentive Stock Options shall be consistent with the
provisions of Section 422 of the Code. In its absolute discretion, the Board may
at any time and from time to time exercise any and all rights and duties of the
Committee under the Plan.

                  7.3 Majority Rule; Unanimous Written Consent. The Committee
shall act by a majority of its members in attendance at a meeting at which a
quorum is present or by a memorandum or other written instrument signed by all
members of the Committee.

                  7.4 Compensation; Professional Assistance; Good Faith Actions.
Members of the Committee shall receive such compensation, if any, for their
services as members as may be determined by the Board. All expenses and
liabilities which members of the Committee incur in connection with the
administration of the Plan shall be borne by the Company. The Committee may,
with the approval of the Board, employ attorneys, consultants, accountants,
appraisers, brokers, or other persons. The Committee, the Company, and the
Company's officers and Directors shall be entitled to rely upon the advice,
opinions, or valuations of any such persons. All actions taken and all
interpretations and determinations made by the Committee or the Board in good
faith shall be final and binding upon all Optionees, the Company and all other
interested persons. No members of the Committee or Board shall be personally
liable for any action, determination, or interpretation made in good faith with
respect to the Plan or Options, and all members of the Committee and the Board
shall be fully protected by the Company in respect of any such action,
determination, or interpretation.

                                       11
<PAGE>
                  7.5 Delegation of Authority to Grant Options. The Committee
may, but need not, delegate from time to time some or all of its authority to
grant Options under the Plan to a committee consisting of one or more members of
the Committee or of one or more officers of the Company; provided, however, that
the Committee may not delegate its authority to grant Options to individuals (a)
who are subject on the date of the grant to the reporting rules under Section
16(a) of the Exchange Act, (b) who are Section 162(m) Participants, or (c) who
are officers of the Company who are delegated authority by the Committee
hereunder. Any delegation hereunder shall be subject to the restrictions and
limits that the Committee specifies at the time of such delegation of authority
and may be rescinded at any time by the Committee. At all times, any committee
appointed under this Section 7.5 shall serve in such capacity at the pleasure of
the Committee.

                                 ARTICLE VIII.
                            MISCELLANEOUS PROVISIONS

                  8.1 Transferability of Options.

                           (a) Except as otherwise provided in Section
8.1(b):

                                    (i) Except as may otherwise be determined by
the Board in its sole discretion, no Option under the Plan may be sold, pledged,
assigned, or transferred in any manner other than by will or the laws of descent
and distribution or, subject to the consent of the Committee, pursuant to a
QDRO, unless and until such Option has been exercised, or the shares underlying
such Option have been issued, and all restrictions applicable to such shares
have lapsed;

                                    (ii) No Option or interest or right therein
shall be liable for the debts, contracts, or engagements of the Optionee or his
successors in interest or shall be subject to disposition by transfer,
alienation, anticipation, pledge, encumbrance, assignment, or any other means
whether such disposition be voluntary or involuntary or by operation of law by
judgment, levy, attachment, garnishment, or any other legal or equitable
proceedings (including bankruptcy), and any attempted disposition thereof shall
be null and void and of no effect, except to the extent that such disposition is
permitted by the preceding subsection (i); and

                                    (iii) During the lifetime of the Optionee,
only he may exercise an Option (or any portion thereof) granted to him under the
Plan, unless it has been disposed of pursuant to a QDRO; after the death of the
Optionee, any exercisable portion of an Option may, prior to the time when such
portion becomes unexercisable under the Plan or the applicable Option Agreement,
be exercised by his personal representative or by any person empowered to do so
under the deceased Optionee's will or under the then applicable laws of descent
and distribution.

                           (b) Notwithstanding Section 8.1(a), the
Committee, in its sole discretion, may determine to permit an Optionee to
transfer a Non-Qualified Stock Option to any one or more Permitted Transferees
(as defined below), subject to the following terms and conditions: (i) a
Non-Qualified Stock Option transferred to a Permitted Transferee shall not be
assignable or transferable by the Permitted Transferee other than by will or the
laws of descent and distribution; (ii) any Non-Qualified Stock Option which is
transferred to a Permitted Transferee shall continue to be subject to all the
terms and conditions of the Non-Qualified Stock Option as applicable to the
original Optionee (other than the ability to further transfer the Non-Qualified
Stock Option); and (iii) the Optionee and the Permitted Transferee shall execute
any and all documents requested by the Administrator, including, without
limitation documents to (A) confirm the status of the transferee

                                       12
<PAGE>
as a Permitted Transferee, (B) satisfy any requirements for an exemption for the
transfer under applicable federal and state securities laws and (C) evidence the
transfer. For purposes of this Section 8.1(b), "Permitted Transferee" shall
mean, with respect to an Optionee, any child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, including adoptive relationships, any person sharing the
Optionee's household (other than a tenant or employee), a trust in which these
persons have more than fifty percent of the beneficial interest, a foundation in
which these persons (or the Optionee) control the management of assets, and any
other entity in which these persons (or the Optionee) own more than fifty
percent of the voting interests, or any other transferee specifically approved
by the Administrator after taking into account any state or federal tax or
securities laws applicable to transferable Non-Qualified Stock Options.

                  8.2 Amendment, Suspension or Termination of the Plan. Except
as otherwise provided in this Section 8.2, the Plan may be wholly or partially
amended or otherwise modified, suspended or terminated at any time or from time
to time by the Board or the Committee. However, without approval of the
Company's stockholders given within twelve months before or after the action by
the Board or the Committee, no action of the Board or the Committee may, except
as provided in Section 8.3, increase the limits imposed in Section 2.1 on the
maximum number of shares which may be issued under the Plan. No amendment,
suspension or termination of the Plan shall, without the consent of the Optionee
alter or impair any rights or obligations under any Option theretofore granted
or awarded, unless the Option itself otherwise expressly so provides. No Options
may be granted or awarded during any period of suspension or after termination
of the Plan, and in no event may any Incentive Stock Option be granted under the
Plan after the first to occur of the following events:

                           (a) The expiration of ten years from the date
the Plan is adopted by the Board; or

                           (b) The expiration of ten years from the date
the Plan is approved by the Company's stockholders under Section 8.4.

                  8.3 Changes in Common Stock or Assets of the Company,
Acquisition or Liquidation of the Company, Change in Control and Other Corporate
Events.

                           (a) Subject to Section 8.3(d), in the event that
the Administrator determines that any dividend or other distribution (whether in
the form of cash, Common Stock, other securities, or other property),
recapitalization, reclassification, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, liquidation, dissolution, or sale, transfer, exchange or other
disposition of all or substantially all of the assets of the Company, or
exchange of Common Stock or other securities of the Company, issuance of
warrants or other rights to purchase Common Stock or other securities of the
Company, or other similar corporate transaction or event, in the Administrator's
sole discretion, affects the Common Stock such that an adjustment is determined
by the Administrator to be appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan or with respect to an Option, then the Administrator shall, in
such manner as it may deem equitable, adjust any or all of:

                                       13
<PAGE>
                                    (i) The number and kind of shares of Common
Stock (or other securities or property) with respect to which Options may be
granted or awarded (including, but not limited to, adjustments of the
limitations in Section 2.1 on the maximum number and kind of shares which may be
issued and adjustments of the Award Limit);

                                    (ii) The number and kind of shares of Common
Stock (or other securities or property) subject to outstanding Options; and

                                    (iii) The grant or exercise price with
respect to any Option.

                           (b) Subject to Section 8.3(d), in the event of
any transaction or event described in Section 8.3(a) or any unusual or
nonrecurring transactions or events affecting the Company, any affiliate of the
Company, or the financial statements of the Company or any affiliate, or of
changes in applicable laws, regulations, or accounting principles, the
Administrator, in its sole and absolute discretion, and on such terms and
conditions as it deems appropriate, either by the terms of the Option or by
action taken prior to the occurrence of such transaction or event and either
automatically or upon the Optionee's request, is hereby authorized to take any
one or more of the following actions whenever the Administrator determines that
such action is appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan or
with respect to any Option, to facilitate such transactions or events, or to
give effect to such changes in laws, regulations, or principles:

                                    (i) To provide for either the purchase of
any such Option for an amount of cash equal to the amount that could have been
attained upon the exercise of such Option or realization of the Optionee's
rights had such Option been currently exercisable or payable or fully vested or
the replacement of such Option with other rights or property selected by the
Administrator in its sole discretion;

                                    (ii) To provide that the Option cannot vest,
be exercised or become payable after such event;

                                    (iii) To provide that such Option shall be
exercisable as to all shares covered thereby, notwithstanding anything to the
contrary in (i) Section 5.3 or 5.4 or (ii) the provisions of the applicable
Option Agreement;

                                    (iv) To provide that such Option be assumed
by the successor or survivor corporation, or a parent or subsidiary thereof, or
shall be substituted for by similar options, rights or awards covering the stock
of the successor or survivor corporation, or a parent or subsidiary thereof,
with appropriate adjustments as to the number and kind of shares and prices; and

                                    (v) To make adjustments in the number and
type of shares of Common Stock (or other securities or property) subject to
outstanding Options and/or in the terms and conditions of (including the
exercise price), and the criteria included in, outstanding Options or Options
which may be granted in the future.

                           (c) Subject to Section 8.3(d) and 8.8, the
Administrator may, in its discretion, include such further provisions and
limitations in any Option, agreement or certificate, as it may deem equitable
and in the best interests of the Company.

                                       14
<PAGE>
                           (d) With respect to Options that are granted to
Section 162(m) Participants and are intended to qualify as performance-based
compensation under Section 162(m)(4)(C), no adjustment or action described in
this Section 8.3 or in any other provision of the Plan shall be authorized to
the extent that such adjustment or action would cause such Option to fail to so
qualify under Section 162(m)(4)(C), or any successor provisions thereto. No
adjustment or action described in this Section 8.3 or in any other provision of
the Plan shall be authorized to the extent that such adjustment or action would
cause the Plan to violate Section 422(b)(1) of the Code. Furthermore, no such
adjustment or action shall be authorized to the extent such adjustment or action
would result in short-swing profits liability under Section 16 or violate the
exemptive conditions of Rule 16b-3 unless the Administrator determines that the
Option is not to comply with such exemptive conditions. The number of shares of
Common Stock subject to any Option shall always be rounded to the next whole
number.

                           (e) Notwithstanding the foregoing, in the event
that the Company becomes a party to a transaction that is intended to qualify
for "pooling of interest" accounting treatment and, but for one or more of the
provisions of this Plan or any Option Agreement would so qualify, then this Plan
and any Option Agreement shall be interpreted so as to preserve such accounting
treatment, and to the extent that any provision of the Plan or any Option
Agreement would disqualify the transaction from pooling of interests accounting
treatment (including, if applicable, an entire Option Agreement), then such
provision shall be null and void. All determinations to be made in connection
with the preceding sentence shall be made by the independent accounting firm
whose opinion with respect to "pooling of interests" treatment is required as a
condition to the Company's consummation of such transaction.

                  8.4 Approval of Plan by Stockholders. The Plan will be
submitted for the approval of the Company's stockholders within twelve months
after the date of the Board's adoption of the Plan. Options may be granted or
awarded prior to such stockholder approval, provided that such Options shall not
be exercisable prior to the time when the Plan is approved by the stockholders.

                  8.5 Tax Withholding. The Company shall be entitled to require
payment in cash or deduction from other compensation payable to each Optionee of
any sums required by federal, state, or local tax law to be withheld with
respect to the issuance, vesting, exercise, or payment of any Option. The
Administrator may in its discretion and in satisfaction of the foregoing
requirement allow such Optionee to elect to have the Company withhold shares of
Common Stock otherwise issuable under such Option (or allow the return of shares
of Common Stock) having a Fair Market Value equal to the sums required to be
withheld. Notwithstanding any other provision of the Plan, the number of shares
of Common Stock which may be withheld with respect to the issuance, vesting,
exercise, or payment of any Option in order to satisfy the Optionee's federal
and state income and payroll tax liabilities with respect to the issuance,
vesting, exercise, or payment of the Option shall be limited to the number of
shares which have a Fair Market Value on the date of withholding or repurchase
equal to the aggregate amount of such liabilities based on the minimum statutory
withholding rates for federal and state tax income and payroll tax purposes that
are applicable to such supplemental taxable income.

                  8.6 Loans. The Committee may, in its discretion, extend one or
more loans to key Employees in connection with the exercise or receipt of an
Option. The terms and conditions of any such loan shall be set by the Committee.

                                       15
<PAGE>
                  8.7 Forfeiture Provisions. Pursuant to its general authority
to determine the terms and conditions applicable to Options, the Administrator
shall have the right (to the extent consistent with the applicable exemptive
conditions of Rule 16b-3) to provide, in the terms of an Option Agreement, or to
require an Optionee to agree by separate written instrument, that (i) any
proceeds, gains, or other economic benefit actually or constructively received
by the Optionee upon any receipt or exercise of the Option, or upon the receipt
or resale of any Common Stock underlying the Option, must be paid to the
Company, and (ii) the Option shall terminate and any unexercised portion of the
Option (whether or not vested) shall be forfeited, if (a) a Termination of
Employment, Termination of Consultancy, or Termination of Directorship occurs
prior to a specified date, or within a specified time period following receipt
or exercise of the Option, or (b) the Optionee at any time, or during a
specified time period, engages in any activity in competition with the Company,
or which is inimical, contrary, or harmful to the interests of the Company, as
further defined by the Committee (or the Board, as applicable) or the Optionee
incurs a Termination of Employment, Termination of Consultancy, or Termination
of Directorship for cause.

                  8.8 Limitations Applicable to Section 16 Persons and
Performance-Based Compensation. Notwithstanding any other provision of the Plan,
the Plan, and any Option granted or awarded to any individual who is then
subject to Section 16 of the Exchange Act, shall be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the
Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that
are requirements for the application of such exemptive rule. To the extent
permitted by applicable law, the Plan and Options granted or awarded hereunder
shall be deemed amended to the extent necessary to conform to such applicable
exemptive rule. Furthermore, notwithstanding any other provision of the Plan or
any Option that is granted to a Section 162(m) Participant and is intended to
qualify as performance-based compensation as described in Section 162(m)(4)(C)
of the Code shall be subject to any additional limitations set forth in Section
162(m) of the Code (including any amendment to Section 162(m) of the Code) or
any regulations or rulings issued thereunder that are requirements for
qualification as performance-based compensation as described in Section
162(m)(4)(C) of the Code, and the Plan shall be deemed amended to the extent
necessary to conform to such requirements.

                  8.9 Effect of Plan Upon Options and Compensation Plans. The
adoption of the Plan shall not affect any other compensation or incentive plans
in effect for the Company or any Subsidiary. Nothing in the Plan shall be
construed to limit the right of the Company (i) to establish any other forms of
incentives or compensation for Employees, Directors or Consultants of the
Company or any Subsidiary or (ii) to grant or assume options or other rights or
awards otherwise than under the Plan in connection with any proper corporate
purpose, including without limitation, the grant or assumption of options in
connection with the acquisition by purchase, lease, merger, consolidation, or
otherwise, of the business, stock or assets of any corporation, partnership,
limited liability company, firm, or association.

                  8.10 Compliance with Laws. The Plan, the granting and vesting
of Options under the Plan, the issuance and delivery of shares of Common Stock,
and the payment of money under the Plan or under Options granted or awarded
hereunder are subject to compliance with all applicable federal and state laws,
rules, and regulations (including but not limited to state and federal
securities law and federal margin requirements) and to such approvals by any
listing, regulatory, or governmental authority as may, in the opinion of counsel
for the Company, be necessary or advisable in connection therewith. Any
securities delivered under the Plan shall be subject to such restrictions, and
the person acquiring such securities shall, if requested by the Company, provide
such assurances

                                       16
<PAGE>
and representations to the Company as the Company may deem necessary or
desirable to assure compliance with all applicable legal requirements. To the
extent permitted by applicable law, the Plan and Options granted or awarded
hereunder shall be deemed amended to the extent necessary to conform to such
laws, rules, and regulations.

                  8.11 Titles. Titles are provided herein for convenience only
and are not to serve as a basis for interpretation or construction of the Plan.

                  8.12 Governing Law. The Plan and any agreements hereunder
shall be administered, interpreted and enforced under the internal laws of the
State of Delaware without regard to conflicts of laws thereof.

                                       17

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