Document:

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                                                                  Exhibit 10.11

                                    AGREEMENT

         This Agreement, made as of the 1st day of July, 2001 between Valley
National Gases, Inc., a Corporation, ("VALLEY") and William A. Indelicato
("INDELICATO").

         WHEREAS, Indelicato, individually and by and through his consulting
corporation ADE Vantage, Inc. ("CORPORATION") have an arrangement with Valley
National Gases, Inc., which expires June 30, 2001, for the expansion of Valley's
industrial gas and welding supply business, through acquisition and expansion of
industrial gas and welding supply distributors ("ACQUISITION PROGRAM"); and,

         WHEREAS, Valley and Indelicato desire to enter into this Agreement
setting forth Indelicato's continuing relationship with Valley in the execution
of the Acquisition Program including compensation therefore.

         WITNESSETH in consideration the mutual promises hereinafter contained
Valley and Indelicato agree as follows:

1.   Duties. Indelicato will identify, investigate and develop industrial gas
     and welding supply business distributors as prospective acquisition
     candidates. Indelicato together with Valley will qualify all potential
     distributors for acquisition and jointly target distributors for
     acquisition solicitation ("TARGET DISTRIBUTORS"). Indelicato will assist
     Valley in the solicitation, preparation of offering memoranda, contract
     negotiation, due diligence and/or any other matters necessary to assist
     Valley to consummate Target Distributor acquisitions in accordance with the
     Acquisition Program. Indelicato will also provide general management
     consulting services as may be requested by Valley Management from time to
     time. Compensation for such services will be provided as part of the
     management service fee covered in Paragraph 10.

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2.   Term. The term of this Agreement shall be one (1) year from the execution
     and delivery of this Agreement.

3.   Independent Contractor Status. It is understood that Indelicato is an
     independent contractor, representing Valley pursuant to this Agreement, and
     he shall not otherwise hold himself out to the public as employee, or
     partner of Valley. As such Indelicato is responsible, where necessary, to
     secure at his sole cost, worker's compensation, insurance, disability,
     benefits and any other insurance as may be requires by law. Valley will not
     provide, nor will it be responsible to pay for benefits for Indelicato. Any
     benefits, if provided by Indelicato for himself and/or his staff, including
     by not limited to, health insurance, paid vacation, paid holidays, sick
     leave or disability insurance coverage of whatever nature, shall be secured
     and paid for by Indelicato.

4.   Tax Duties and Responsibilities. Indelicato is responsible for the payment
     of all required payroll taxes, whether federal, state or local in nature,
     including, but not limited to, income taxes, social security taxes, federal
     unemployment compensation taxes, and any other fees, charges, licenses or
     other payments required by law.

5.   Employee's of Independent Contractor. Indelicato may employ as many
     employees as he requires, such matter resting entirely with his own
     discretion. Valley need not be advised to the employment of such
     individuals. Such persons are employed of Indelicato, and he shall be
     deemed employer of such persons. As such, Indelicato shall be responsible
     for compensation as well as all necessary insurance and payroll deductions
     for such persons, including but not limited to, federal, state and local
     income taxes, social security taxes, unemployment compensation taxes,
     workers compensation coverage, etc.

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6.   ADE Vantage, Inc. Indelicato may at his sole cost and expense (except for
     reimbursement support service costs as provided in Paragraph 11
     hereinafter), in his execution of the Acquisition Program engage
     Corporation, ADE Vantage, Inc., his consulting firm, as his agent and
     contractor to provide support services and any other services executed
     pursuant to the Acquisition Program or otherwise required of Indelicato
     hereunder. At all times, Corporation shall solely be the contractual agent
     of Indelicato and not Valley.

7.   Indemnification. Indelicato shall not be liable for the acts, negligence or
     defaults of any employee, agent or representative of Valley, nor shall he
     be liable for anything done or not done in good faith, including errors of
     judgment, acts done or committed on the advise of counsel, or mistakes of
     fact or law. Indelicato shall, without prejudice to any other rights which
     he may have, be indemnified by Valley against all liability and expense
     reasonably incurred by him in connection with any claim, action, suit or
     proceeding of whatever nature in which he may be involved as a party or
     otherwise by reason of having entered into this Agreement and the execution
     of the duties assumed hereunder relative to his execution of the
     Acquisition Program. Indemnification hereunder, shall not, however, extend
     to any liability, loss, damage claim or expense to the extent occasioned by
     or arising out of Indelicato's default hereunder or any willful misconduct
     or grossly negligent act by Indelicato, his agents and employees in his
     capacity as an Independent Contractor in the execution of his duties
     hereunder. Further, Valley agrees that ADE Vantage, Inc. shall not be
     liable and shall be held harmless for any damage or injury caused by its
     negligent mistakes, errors and omissions in and about providing financial
     services under this Agreement.

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8.   Business of Independent Contractor. During the term of this Agreement,
     Indelicato may engage in any other business which does not conflict with
     his duties hereunder, conflict with Valley's business, or otherwise impair
     the successful execution and implementation of the Acquisition Program.
     Notwithstanding, Valley and Indelicato agree that approximately sixty seven
     percent (67%) of Indelicato's time will be spent on the Acquisition
     Program.

9.   Supervision. Indelicato shall not be subject to the provisions of any
     personnel handbook or the rules and regulations of applicable employees to
     Valley since Indelicato shall fulfill his responsibilities independent of
     any without supervision or control by Valley.

10.  Compensation. Indelicato's compensation hereunder shall be set forth as
     follows: a. Indelicato will be paid a management service fee of $4,500 per
     month by cash payment [to be paid, (1) for the first six months $3,000 per
     month and a lump sum payment of $9,000 paid between January 1, 2002 and
     January 7, 2002 and (2) for the last six months $4,500 per month.] If
     however, Indelicato's time in any single calendar month exceeds 75%, then
     the $4,500 per month management service fee will be prorated upward based
     upon the actual time spent on behalf of Valley but in no case exceed $6,390
     per month. Also, if Indelicato's time in any single calendar month is less
     than 60%, then the $4,352 per month management service fee will be prorated
     downward based upon the actual time spent on behalf of Valley, but in no
     case will be less than $3,730 per month. Adjustments to the monthly
     management service fee will be made quarterly in arrears and invoiced or
     credit to Valley.

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     b.   For each acquisition which closes during the term of this Agreement
          Valley National Gases, Inc. will provide Indelicato with a bonus
          payment based upon the following calculation:

          Payment = 80(3183(S) + 5408)/V

          Where P = Payment in Dollars for each closed transaction
                S = Size of transaction (annual sales) in $ millions
                V = Percent of Strategic Value, where if V is between values
                    of 75 and 85 then for the purpose of this calculation V
                    will be set at 80.

                    If V is at a value above or below the range of 75 to 85,
                    then the actual value of V will be used.

          Strategic Value will be determined by the method consistent with past
          practices used by Indelicato and the Company as presented to Valley.
          The methodology involves ten year financial projections and a terminal
          value using agreed upon assumptions and cost savings recognized by
          Valley management as being achievable over a reasonable period of
          time. Calculations will be on a debt free basis and will be adjusted
          for assets held outside by related parties and will be further
          adjusted for all non recurring costs or income items which would not
          exist under Valley ownership.

          Strategic Value will be based upon information available immediately
          after completion of due diligence as documented by letter to L.E.
          Bandi, President, which is also used to communicate transaction
          specific information to Bank One (the "Letter").

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         Percent of Strategic Value is determined as follows:
                      (Actual Payment/Strategic Value) 100

          The Actual Payment made for the business is on a net present value
          basis including all interest bearing debt, as historically documented
          in the Letter.

     c.   Valley shall reimburse Indelicato by cash payment for all out of
          pocket expenses reasonably incurred by him, while rendering services
          in support of the Acquisition Program, excluding office rent but
          including cellular phone monthly charges and charges for phone service
          which is exclusively for Valley's benefit.

11.  Reimbursable Support Service.

     a.   Financial. Indelicato shall be entitled for financial support services
          for financial projections, evaluations as well as other necessary and
          required analyses prepared for Indelicato by Corporation or by
          independent professional agents obtained for this specific purpose, at
          the rate of eighty six dollars and fifty cents ($86.50) per hour as
          such support service costs are incurred during the term of is
          Agreement. Valley and Indelicato agree that they intend to use ADE
          Vantage, Inc. for financial services.

     b.   Approval of Valley. All such financial support services shall be
          incurred on a case by case basis, only upon the notice to and
          agreement of Valley as to the proposed nature and extent thereof.

12.  Assignment. Indelicato shall not sell, assign or transfer this Agreement,
     however, he shall have the limited right to assign the Agreement to the
     Corporation.

13.  Governing Law. This Agreement shall be subject to and governed by the laws
     of the State of West Virginia.

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14.  Renewal. This Agreement may be renewed for one year periods upon written
     acknowledgment by both parties 30 days prior to expiration.

15.  Termination of Agreement. This Agreement may be terminated at will by
     either party, at any time, by at least one hundred and eighty (180) days
     prior notice to the other party as provided hereinunder in Paragraph "15.
     Notices." In the event Indelicato dies, then in such event his estate would
     be entitled to all payments due under this Agreement for acquisitions not
     yet closed, and the same if Valley terminated the Agreement other than for
     just cause. Termination of this Agreement will in no event cause forfeiture
     of Indelicato's right to payment hereunder, which shall survive any and all
     such termination.

16.  Notices. All notices required to be given hereunder shall be in writing and
     shall be sent by certified mail, postage prepaid, to Valley and/or to
     Indelicato at the addresses indicated below, unless written notice of
     change of address is provided to other party as the address indicated.

                    To Valley: Valley National Gases, Inc., 67-43rd Street,
                    Wheeling, WV 26003; Attention: Lawrence E. Bandi

                    To Indelicato: William A. Indelicato, 72 Park Street,
                    Suite 105, New Canaan, Connecticut 06840

17.  Waiver. The waiver by either party of a breach of any provision in the
     Agreement shall not operate or be construed to operate as a waiver of any
     subsequent breach.

18.  Modification. No change, modification or waiver of any term of this
     Agreement shall be valid unless it is in writing and signed by both
     parties.

19.  Entire Agreement. This Agreement constitutes the entire Agreement between
     the parties and supersedes all prior Agreements or understandings between
     Valley and

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     Indelicato, with the exception of the letter agreements pertaining to
     deferred compensation on future acquisitions.

20.  Captions. The captions are inserted for convenience only and shall not be
     considered when interpreting any provision or terms hereof.

IN WITNESS WHEREOF, the parties have executed this Agreement as of this day of
May, 2001.

                                            VALLEY NATIONAL GASES, INC.

                                            By  /s/ Lawrence E. Bandi
                                              -----------------------------
                                            Its President & CEO
                                               ----------------------------

                                                /s/ William A. Indelicato
                                              -----------------------------
                                                WILLIAM A. INDELICATO

                                                                               8<PAGE>   1

                                                                  Exhibit 10.12

THIS AGREEMENT, made APRIL 1, 2000 by and between REAL EQUIP-LEASE, LLC, party
of the first part as "LESSOR", said party being of the City of Wheeling, Ohio
County, West Virginia, VALLEY NATIONAL GASES, INC., party of the second part as
"LESSEE", whereby the parties agree as follows:

LESSOR, in consideration of the rents to be paid and covenants to be performed
by LESSEE hereunder, hereby leases to LESSEE for the term and subject to the
covenants and conditions hereinafter set forth, the following described
premises:

                              RETAIL STORE/OFFICES
                              1004 N. FOURTH AVENUE
                                   ALTOONA, PA

TO HAVE AND TO HOLD the above described real estate for the term of (10) TEN
YEARS commencing on APRIL 1, 2000, and ending MARCH 31, 2010, accordingly.

LESSEE for and in consideration of the premises and covenants aforesaid hereby
obligates and binds itself to pay or cause to be paid unto said LESSOR, its
heirs, administrators, executors, and assigns, the just and minimum sum
according to the following schedule:

                         APRIL 1, 2000 - MARCH 31, 2005
        $175,800.00, payable in (60) SIXTY installments $ 2,930.00 each,

                         APRIL 1, 2005 - MARCH 31, 2010
THE MINIMUM OF $175,800.00, payable in (60) SIXTY installments $ 2,930.00 each
TIMES THE DIFFERENCE BETWEEN THE CPI (1967 = 100) SERIES "A" 1996 AND THE CPI
SERIES "A" 2003,

payable monthly in advance, with the first of said installments to be paid on
the first day of the month of occupancy hereinabove referred to and each of the
$2,930.00 MINIMUM installments to be paid on the first day of each and every
succeeding month thereafter.

LESSOR does further grant to LESSEE the option of renewing this lease for an
additional period of FIVE (5) years and upon the same terms and conditions as
are herein contained, except that the rental shall be in an amount to be agreed
upon between the parties; provided, however that notice of such intention to
renew must be served in writing by LESSEE upon LESSOR at least sixty (60) days
before said expiration date.

In the event the said premises shall be damaged by fire, flood, storm, civil
commotion, or other unavoidable cause, to an extent not repairable within ninety
(90) days from the date of such damage, this lease shall terminate as of the
date of such damage.

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And it is further agreed that the said LESSOR, its heirs, administrators,
executors and assigns, may enter into and upon the said leased premises at
reasonable hours in the daytime, from ten o'clock in the morning to five o'clock
in the afternoon, to examine the same and for three (3) months next preceding
the expiration of said terms to permit the usual notices of "FOR RENT" and "FOR
SALE" to be placed on any outside wall of said premises and remain thereon
without hindrance or molestation.

The said LESSEE hereby agrees that it will not transfer or assign this lease, or
sublet or underlet the premises aforesaid or nay part thereof, without the
written consent of the said LESSOR, its heirs, administrators, executors and
assigns, which consent shall not be unreasonably or arbitrarily withheld.

The said LESSEE covenants and agrees that it will during the term of this lease,
maintain and take good care of the exterior and interior of the Premises
including the HVAC equipment and system and plumbing and all equipment and
fixtures therein; except that LESSOR shall be responsible for replacements to
the roof, foundation, and exterior walls. The LESSEE shall repair and maintain
the parking areas, roadways, curbs, sidewalks, and fences as are necessitated by
normal wear and tear.

LESSEE may, its own expense, either at the commencement of or during the term of
this lease, make such alterations in and/or additions to the leased premises,
including, without prejudice to the generality of the foregoing, alternations in
the water, gas, and electric wiring systems, as may be necessary to fit the same
for its business, upon first obtaining the written approval of the LESSOR as to
the materials to be used and the manner of making such alterations and/or
additions proposed to be made by LESSEE. LESSEE may also, at its own expense,
install such counters, racks, shelving, fixtures, fittings, machinery and
equipment upon or within the leased premises as LESSEE may consider necessary to
the conduct of its business. At any time prior to the expiration or earlier
termination of this lease, LESSEE may remove any or all such alterations,
additions, or installations in such a manner as will not substantially injure
the leased premises. In the event LESSEE shall elect to make any such removal,
LESSEE shall restore the premises, or the portion or portions affected by such
removal, to the same condition as existed prior to the making of such
alterations, addition or installation, ordinary wear and tear, damage or
destruction by fire, flood, storm, civil commotion or other unavoidable cause
excepted. All alterations, additions or installations not so removed by LESSEE
shall become the property of LESSOR, without liability on LESSOR'S part to pay
for the same. Any person or persons employed by the said LESSEE in the making of
any alterations or improvements shall do so at his own risk, said LESSEE has no
authority to do anything in relation to the premises leased which will give any
person or persons the right of a mechanic's or other lien on said premises, or
any part thereof.

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And it is expressly agreed between the parties hereto that any indulgence in not
enforcing prompt payment of any installment of rent when due, or any other
indulgence or deviation from the condition herein granted to the said LESSEE by
said LESSOR, shall not be construed as waiving any of the conditions or
stipulations herein, and the same shall continue thereafter in as full force and
effect as though such indulgence has not been granted.

And, it at any time during the continuance of said lease the LESSEE shall fail
to comply with any of the terms, covenants and conditions herein contained, the
said LESSOR, its heirs, administrators, executors or assigns, shall have the
right to re-enter and possess the premises aforesaid, the same as though this
lease had not been made provided, however, that LESSOR shall notify LESSEE
promptly in writing of any default under this lease, whereupon LESSEE shall be
entitled to fifteen (15) days from receipt of said notice in which to cur the
default before the provisions of this paragraph becomes operative.

It is expressly agreed between the parties hereto that at the expiration of this
lease, or any renewal thereof, should the LESSEE hold over for any reason and
the LESSOR accept the payment of any rent covering any period of time beyond the
term of this lease, or any renewal thereof, then, in the absence of any written
agreement to the contrary, continuance by the LESSEE hereunder shall be on a
month-to-month basis only.

The LESSEE hereby covenants that it will not make or suffer any use or occupancy
of the leased premises contrary to the laws of the State of West Virginia, of
the United States, or any ordinance of the City of ALTOONA now or hereafter, in
force.

LESSEE agrees to pay all utility bills and fees.

LESSOR agrees to make the following alterations on the premises at its expense
prior to LESSEE taking possession.

It is also agreed that if all or any part of the premises is taken by or sold
under threat of appropriations, this lease will terminate as of date of such
taking or sale. The entire award or compensation paid for the property taken or
acquired and for damages to residue, if any, will belong entirely to LESSOR, and
no amount will be payable to LESSEE.

LESSEE agrees to pay all property taxes and any related state and local service
fees (i.e. fire service). LESSEE will also pay and maintain insurance on the
premises and upon request by the LESSOR will show proof of insurance coverage.
LESSEE will also pay or be responsible for all maintenance of the building.

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LESSOR and LESSEE agree that all of the provisions hereof are to be construed as
covenants and agreements, as though the word imparting such covenants and
agreements were used in each separate paragraph hereof, and should any term or
provision of this lease be held to be invalid or unenforceable, then the
remainder of this lease shall not be affected thereby, and each term and
provision shall be valid and enforceable to the fullest extent permitted by law.

It is further understood and agreed that the LESSOR shall not be liable for any
damage, loss or injury which may be sustained or suffered by the said LESSEE or
by any third party or parties to it or to their person or property while on said
premises, not for any damage or loss to the property of the LESSEE situate in
said leased premises, except insofar as said loss, damage or injury may be
occasioned by the negligence of the LESSOR, its servants, agents or
representatives, while upon said premises, and said LESSEE is to be responsible
for and to indemnify and save harmless the LESSOR of and from any and all loss,
damage, injury, fines, suits, proceedings, claims, demands and actions of any
kind or nature, of anyone whomsoever arising or growing out of or in any wise
connected with the occupancy or use of said premises, except as hereinabove
expressly excepted.

This lease shall be binding upon the parties hereto, their heirs, successors,
administrators and assigns.

IN WITNESS WHEREOF, the parties hereto have set their hands on the day and year
first above written.

WITNESSETH:

                                         BY:  s/ Lawrence E. Bandi
-------------------------------              ----------------------------------
                                             VALLEY NATIONAL GASES, INC. LESSEE

                                         BY:  s/ Gary E. West
-------------------------------               ---------------------------------
                                              REAL EQUIP-LEASE, LLC  LESSOR

                                                                              4
<PAGE>   5

THIS AGREEMENT, made AUGUST 1, 2000 by and between REAL EQUIP-LEASE LIMITED
LIABILITY COMPANY, party of the first part as "LESSOR", said party being of the
City of Wheeling, Ohio County, West Virginia, VALLEY NATIONAL GASES, INC., party
of the second part as "LESSEE", whereby the parties agree as follows:

LESSOR, in consideration of the rents to be paid and covenants to be performed
by LESSEE hereunder, hereby leases to LESSEE for the term and subject to the
covenants and conditions hereinafter set forth, the following described
premises:

                                156 PERMA R ROAD
                             JOHNSON CITY, TN 37603

TO HAVE AND TO HOLD the above described real estate for the term of (10) TEN
YEARS commencing on AUGUST 1, 2000 and end JULY 31, 2010 accordingly.

LESSEE for and in consideration of the premises and covenants aforesaid hereby
obligates and binds itself to pay or cause to be paid unto said LESSOR, its
heirs, administrators, executors, and assigns, the just and minimum sum
according to the following schedule:

                         AUGUST 1, 2000 - JULY 31, 2005
     $366,660.00, payable in (60) SIXTY MONTHLY installments $6,111.00 each,

                         AUGUST 1, 2005 - JULY 31, 2010
THE MINIMUM OF $366,660.00, payable in (60) MONTHLY SIXTY installments $6,111.00
each TIMES THE DIFFERENCE BETWEEN THE CPI (1967 = 100) SERIES "A" 1996 AND THE
CPI SERIES "A" 2001,

payable monthly in advance, , with the first of said installments to be paid on
the first day of the month of occupancy hereinabove referred to and each of the
$6,111.00 MINIMUM installments to be paid on the first day of each and every
succeeding month thereafter.

LESSOR does further grant to LESSEE the option of renewing this lease for an
additional period of FIVE (5) years and upon the same terms and conditions as
are herein contained, except that the rental shall be in an amount to be agreed
upon between the parties; provided, however that notice of such intention to
renew must be served in writing by LESSEE upon LESSOR at least sixty (60) days
before said expiration date.

In the event the said premises shall be damaged by fire, flood, storm, civil
commotion, or other unavoidable cause, to an extent not repairable within ninety
(90) days from the date of such damage, this lease shall terminate as of the
date of such damage.

                                                                              5
<PAGE>   6

And it is further agreed that the said LESSOR, its heirs, administrators,
executors and assigns, may enter into and upon the said leased premises at
reasonable hours in the daytime, from ten o'clock in the morning to five o'clock
in the afternoon, to examine the same and for three (3) months next preceding
the expiration of said terms to permit the usual notices of "FOR RENT" and "FOR
SALE" to be placed on any outside wall of said premises and remain thereon
without hindrance or molestation.

The said LESSEE hereby agrees that it will not transfer or assign this lease, or
sublet or underlet the premises aforesaid or nay part thereof, without the
written consent of the said LESSOR, its heirs, administrators, executors and
assigns, which consent shall not be unreasonably or arbitrarily withheld.

The said LESSEE covenants and agrees that it will during the term of this lease,
maintain and take good care of the exterior and interior of the Premises
including the HVAC equipment and system and plumbing and all equipment and
fixtures therein; except that LESSOR shall be responsible for replacements to
the roof, foundation, and exterior walls. The LESSEE shall repair and maintain
the parking areas, roadways, curbs, sidewalks, and fences as are necessitated by
normal wear and tear.

LESSEE may, its own expense, either at the commencement of or during the term of
this lease, make such alterations in and/or additions to the leased premises,
including, without prejudice to the generality of the foregoing, alternations in
the water, gas, and electric wiring systems, as may be necessary to fit the same
for its business, upon first obtaining the written approval of the LESSOR as to
the materials to be used and the manner of making such alterations and/or
additions proposed to be made by LESSEE. LESSEE may also, at its own expense,
install such counters, racks, shelving, fixtures, fittings, machinery and
equipment upon or within the leased premises as LESSEE may consider necessary to
the conduct of its business. At any time prior to the expiration or earlier
termination of this lease, LESSEE may remove any or all such alterations,
additions, or installations in such a manner as will not substantially injure
the leased premises. In the event LESSEE shall elect to make any such removal,
LESSEE shall restore the premises, or the portion or portions affected by such
removal, to the same condition as existed prior to the making of such
alterations, addition or installation, ordinary wear and tear, damage or
destruction by fire, flood, storm, civil commotion or other unavoidable cause
excepted. All alterations, additions or installations not so removed by LESSEE
shall become the property of LESSOR, without liability on LESSOR'S part to pay
for the same. Any person or persons employed by the said LESSEE in the making of
any alterations or improvements shall do so at his own risk, said LESSEE has no
authority to do anything in relation to the premises leased which will give any
person or persons the right of a mechanic's or other lien on said premises, or
any part thereof.

                                                                              6
<PAGE>   7

And it is expressly agreed between the parties hereto that any indulgence in not
enforcing prompt payment of any installment of rent when due, or any other
indulgence or deviation from the condition herein granted to the said LESSEE by
said LESSOR, shall not be construed as waiving any of the conditions or
stipulations herein, and the same shall continue thereafter in as full force and
effect as though such indulgence has not been granted.

And, it at any time during the continuance of said lease the LESSEE shall fail
to comply with any of the terms, covenants and conditions herein contained, the
said LESSOR, its heirs, administrators, executors or assigns, shall have the
right to re-enter and possess the premises aforesaid, the same as though this
lease had not been made provided, however, that LESSOR shall notify LESSEE
promptly in writing of any default under this lease, whereupon LESSEE shall be
entitled to fifteen (15) days from receipt of said notice in which to cur the
default before the provisions of this paragraph becomes operative.

It is expressly agreed between the parties hereto that at the expiration of this
lease, or any renewal thereof, should the LESSEE hold over for any reason and
the LESSOR accept the payment of any rent covering any period of time beyond the
term of this lease, or any renewal thereof, then, in the absence of any written
agreement to the contrary, continuance by the LESSEE hereunder shall be on a
month-to-month basis only.

The LESSEE hereby covenants that it will not make or suffer any use or occupancy
of the leased premises contrary to the laws of the State of TENNESSEE, of the
United States, or any ordinance of the City of JOHNSON CITY now or hereafter, in
force.

LESSEE agrees to pay all utility bills and fees.

LESSOR agrees to make the following alterations on the premises at its expense
prior to LESSEE taking possession.

It is also agreed that if all or any part of the premises is taken by or sold
under threat of appropriations, this lease will terminate as of date of such
taking or sale. The entire award or compensation paid for the property taken or
acquired and for damages to residue, if any, will belong entirely to LESSOR, and
no amount will be payable to LESSEE.

LESSEE agrees to pay all property taxes and any related state and local service
fees (i.e. fire service). LESSEE will also pay and maintain insurance on the
premises and upon request by the LESSOR will show proof of insurance coverage.
LESSEE will also pay or be responsible for all maintenance of the building.

                                                                              7
<PAGE>   8

LESSOR and LESSEE agree that all of the provisions hereof are to be construed as
covenants and agreements, as though the word imparting such covenants and
agreements were used in each separate paragraph hereof, and should any term or
provision of this lease be held to be invalid or unenforceable, then the
remainder of this lease shall not be affected thereby, and each term and
provision shall be valid and enforceable to the fullest extent permitted by law.

It is further understood and agreed that the LESSOR shall not be liable for any
damage, loss or injury which may be sustained or suffered by the said LESSEE or
by any third party or parties to it or to their person or property while on said
premises, not for any damage or loss to the property of the LESSEE situate in
said leased premises, except insofar as said loss, damage or injury may be
occasioned by the negligence of the LESSOR, its servants, agents or
representatives, while upon said premises, and said LESSEE is to be responsible
for and to indemnify and save harmless the LESSOR of and from any and all loss,
damage, injury, fines, suits, proceedings, claims, demands and actions of any
kind or nature, of anyone whomsoever arising or growing out of or in any wise
connected with the occupancy or use of said premises, except as hereinabove
expressly excepted.

This lease shall be binding upon the parties hereto, their heirs, successors,
administrators and assigns.

IN WITNESS WHEREOF, the parties hereto have set their hands on the day and year
first above written.

WITNESSETH:

s/ Trish Morrison                       BY: s/ Lawrence E. Bandi
-------------------------------             -----------------------------------
                                             VALLEY NATIONAL GASES, INC. LESSEE

s/ Trish Morrison                       BY: s/ Gary E. West
-------------------------------             -----------------------------------
                                            REAL EQUIP-LEASE LIMITED LIABILITY
                                            COMPANY                      LESSOR

                                                                              8

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