Document:

Filed by Bowne Pure Compliance

 

Exhibit 10.1

PROMISSORY NOTE

	$100,000.00	 	January 20th, 2008

FOR VALUE
RECEIVED, the undersigned Global Clean Energy, Inc., a Maryland corporation
(“Maker”) promises to pay to the order of Profit Consultants Inc
(“Lender”), at its principal office, or at such other place as may
be designated in writing by the holders of this Promissory Note
(“Note”), the principal sum of ONE HUNDRED THOUSAND 00/100 DOLLARS
($100,000.00) (the “Principal Sum”). The unpaid Principal Sum shall
bear interest at 7.5% per annum and shall be due in twelve (12) months.

All payments to be
made under this Note shall be payable in lawful money of the United States of
America which shall be legal tender for public and private debts at the time of
payment.

In the event that an
action is instituted to collect this Note, or any portion thereof, Maker
promises to pay all costs of collection, including but not limited to
reasonable attorneys’ fees, court costs, and such other sums as the court
may establish.

In the event of a
default under this Note when due, then the holder of this Note, at its
election, may declare the entire unpaid Principal Sum due and payable.

Every provision hereof
is intended to be several. If any provision of this Note is determined, by a
court of competent jurisdiction to be illegal, invalid or unenforceable, such
illegality, invalidity or unenforceability shall not affect the other
provisions hereof, which shall remain binding and enforceable.

This Note is made in
the State of Colorado and it is mutually agreed that Colorado law shall apply
to the interpretation of the terms and conditions of this Note.

All agreements between
the holder of this Note and Maker are hereby expressly limited so that in no
contingency or event whatsoever, whether by reason of deferment or acceleration
of the maturity of this Note or otherwise, shall the rate of interest hereunder
exceed the maximum permissible under applicable law with respect to the holder.
If, from any circumstances whatsoever, the rate of interest resulting from the
payment and/or accrual of any amount of interest hereunder, at any time that
payment of interest is due and/or at any time that interest is accrued, shall
exceed the limits prescribed by such applicable law, then the payment and/or
accrual of such interest shall be reduced to that resulting from the maximum
rate of interest permissible under such applicable law. This provision shall
never be superseded or waived.

The makers, endorsers,
and/or guarantors of this Note do hereby severally waive presentment, demand,
protest and notices of protest, demand, dishonor and nonpayment.

IN WITNESS
WHEREOF, this instrument is executed as of the date first hereinabove set
forth.

GLOBAL CLEAN
ENERGY, INC.

By: /s/ Kenneth Adessky     
                   
                   
                   
   

Kenneth Adessky, 

C.F.O

5Sonic Jet Performance, Inc

February 28, 2008

Dear Mr. Bennett:

This letter confirms your employment with the Company on the following terms, to begin immediately upon the execution date:

1.

Your position will be CFO reporting to the Board of Directors.

2.

Your yearly base salary is $140,000 to be paid according to the Company’s standard practices.

3.

In addition to your base salary you will be entitled to receive an option to purchase 100,000 shares of the Company’s common stock at per share price of $0.10.  

4.

You are entitled to receive holidays, vacation, medical and dental insurance, and other standard Company benefits, all in accordance with standard Company plans and any revisions thereof.  

5.

You shall be reimbursed for reasonable and necessary business expenses authorized and verified to Company’s satisfaction.

6.

Your employment is at will.  Either you or the Company may terminate this employment relationship at any time for any reason with or without cause.  No one has the authority to change this except by a written agreement signed by both parties.  Four weeks notice would be expected from you and would be given to you  in lieu of termination. 

7.

We each mutually agree to arbitrate any and all differences, claims, or disputes, of every kind (statutory or other) arising out of your employment or its termination.  Such arbitration would be in Orange County, California, or other mutually-agreed location, before the American Arbitration Association, and in lieu of any court action.

8.

The Parties hereby agree to enter into an employment contract as soon as practicable on the terms as set forth herein.

Please sign below and return the original to me to accept employment.  

Very truly yours,

/s/ Barrett Evans

  _____________________________

Barrett Evans

Chairman, Probe Manufacturing, Inc.

Agreed to this ____ day of February, 2008

/s/ John Bennett

_____________________________

John Bennett

25242 Arctic Circle Drive, Lake Forest, California  92630, T  (949) 206-6868, F  (949) 206-6869

 www.probemi.comex10-1.htm

    Exhibit 10.1

      ASSET PURCHASE
AGREEMENT

      

      THIS
ASSET PURCHASE AGREEMENT is made this 21st day of
March, 2008, by and among TL
ACQUISITION GROUP LLC, a Delaware limited liability company (the “Buyer”), AMERICAN LEISURE EQUITIES CORPORATION
d/b/a TRAVELEADERS, INC., a Florida corporation (the “Seller”), and AMERICAN LEISURE HOLDINGS,
INC., a Nevada corporation, being the sole shareholder of the Seller (the
“Shareholder”).

      

      RECITALS

      

      The
Seller is engaged in the business of providing business and vacation travel
services (as conducted by the Seller, the “Business”).  The
Buyer desires to purchase, and the Seller desires to sell, the Business and
substantially all of the non-cash assets of the Seller upon the terms and
conditions herein set forth.

       

      NOW,
THEREFORE, for and in consideration of the mutual promises herein made, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged,

       

      IT IS
HEREBY AGREED AS FOLLOWS:

      AGREEMENT

      

      COMMONLY
USED DEFINITIONS

      

      As used
in this Agreement, the following terms shall have the following
meanings:

       

      “ALG” shall mean American Leisure Group, Ltd.
the majority shareholder of Shareholder.

       

      “ALG
Guaranty” shall mean the Guaranty of
ALG in favor of Buyer in the form attached hereto and incorporated herein as
Exhibit
A.

       

      “Bank
Loan” means that
certain loan, dated September 26, 2007, from Regions Bank to
Seller.

       

      “Breach” shall mean any breach of, or
any inaccuracy in, any representation or warranty or any breach of, default
under or conflict with, or failure to perform or comply with, any covenant,
provision, term or  other obligation, in or of the Transaction
Documents or any Contract, Laws, Order, License, or any event which with the
passing of time or giving of notice, or both, would constitute such a breach,
default, conflict or failure.

       

      “Closing
Date” shall mean
March 21, 2008 or such other date on which the Closing occurs, as mutually
agreed by Buyer and Seller.

       

      “Code” shall mean the Internal
Revenue Code of 1986, as amended.

       

      “Consent”
shall mean any consent listed in Schedule 4.3(c) of the Disclosure
Schedule.

       

      “Contemplated
Transactions”
shall mean all of the transactions contemplated by the Transaction
Documents.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      “Contracts” shall mean, collectively,
all written contracts, agreements, instruments, documents, leases, indentures,
insurance policies, undertakings, understandings or other obligations, entered
into by the Seller and which relate to the Business.

       

      “Disclosure
Schedule” shall
mean the disclosure schedule attached hereto and incorporated herein, delivered
by the Seller and the Shareholder to the Buyer.

       

      “Encumbrances” shall mean any charge,
claim, community or other marital property interest, condition, equitable
interest, lien, option, pledge, security interest, mortgage, right of way,
easement, encroachment, servitude, right of first option, right of first refusal
or similar restriction, including any restriction on use, voting (in the case of
any security or equity interest), receipt of income or exercise of any other
attribute of ownership.

       

      “Environmental
Laws” shall mean,
collectively, the federal Clean Air Act, the federal Clean Water Act, the
federal Resource Conservation and Recovery Act, the federal Comprehensive
Environmental Response, Compensation and Liability Act, the federal Toxic
Substances Control Act, principles of common law and any other federal, state or
local laws, including rules and regulations thereunder, regulating or otherwise
affecting or relating to human health or the environment.

       

      “Environmental
Materials” shall
mean, collectively, any material, substance, chemical, waste, contaminant or
pollutant, including petroleum and petroleum products, which is regulated,
listed, defined as or determined to be hazardous, extremely hazardous, toxic,
dangerous, restricted or a nuisance under any Environmental Laws.

       

      “Financial
Statements” shall
mean, collectively, the financial statements
(including balance sheets and statement of earnings, stockholders’ equity and
cash flow) of the Seller as of and for each of its fiscal years ending December
31, 2005, 2006, and 2007 and the financial statements (including balance sheets
and statements of earnings and cash flow) of the Seller for the two-month period
ending February 29, 2008.

       

      “Governmental
Authority” shall
mean the government of the United States or any foreign jurisdiction, any state,
county, municipality or other governmental or quasi-governmental unit, or any
agency, board, bureau, instrumentality, department or commission (including any
court or other tribunal) of any of the foregoing.

       

      “Hazardous
Substances” means
hazardous substances as defined under the Comprehensive Environmental Response,
Compensation and Liability Act, 42 U.S.C. §9601, et seq., similar state laws,
and all regulations promulgated thereunder.

       

      “Indemnifiable
Damages” shall
mean all losses, claims, damages, Liabilities, costs, expenses or deficiencies
(including but not limited to reasonable attorneys’ fees and other costs and
expenses of Proceedings or the defense or settlement of any claim or claims)
arising out of the matters set forth in Sections 10.1 or 10.2, as
applicable.

       

      “IRS” shall mean the Internal
Revenue Service.

       

      “Knowledge
of the Seller”
shall mean, with respect to each of Malcolm Wright, Fred Pauzar, Mark Elias,
Omar Jimenez, Jeff Scott, the actual conscious knowledge of any such
individual.

       

      “Latest
Balance Sheet”
shall mean the balance sheet of the Seller as of the Latest Balance Sheet
Date.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      “Latest
Balance Sheet Date” shall mean February 29,
2008.

       

      “Laws” shall mean, collectively,
all federal, state, local, municipal, foreign or international (including
multi-national) constitutions, laws, statutes, ordinances, rules, regulations,
codes, treaties or principles of common law.

       

      “Liabilities” or, individually, “Liability” shall mean, with respect to
any Person, any debt liability or obligation of such Person of any kind,
character or description, whether known or unknown, absolute or contingent,
accrued or unaccrued, disputed or undisputed, liquidated or unliquidated,
secured or unsecured, joint or several, due or to become due, vested or unvested
executory, determined, determinable or otherwise, and whether or not the same is
required to be accrued on the financial statements of such Person.

       

      “Licenses” shall mean, collectively,
governmental, regulatory, administrative and non-governmental licenses, permits,
approvals, certifications, accreditations, notices and other
authorizations.

       

      “Material
Adverse Effect”
shall mean, any material and adverse change in the business, properties, assets
or condition (financial or otherwise) of the Business, taken as a whole; provided, however, that for
purposes of this Agreement none of the following shall be deemed to constitute,
and none of the following shall be taken into account in determining whether
there has been or there is reasonably likely to be, a Material Adverse Effect
(except to the extent that any of the following has a disproportionate impact on
the business, assets of condition of the Business):  (i) any adverse
change, event, development or effect arising from or relating to (A) general
business or economic conditions, even if it disproportionately affects the
travel business generally, (B) national or international political or social
conditions, including the engagement by the United States in hostilities,
whether or not pursuant to a declaration of a national emergency or war, or the
occurrence of any military or terrorist attack, (C) financial banking, or
securities markets (including any disruption thereof and any decline in the
price of any security or market index, (D) changes in GAAP or (E) changes in
law, rules, relations, orders or other binding directives issued by any
Governmental Authority, or (ii) any adverse change applicable to the travel
business generally.

       

      “Noncompetition
Agreement” shall
mean the Noncompetition Agreement attached hereto and incorporated herein as
Exhibit
C.

       

      “Notice of
Claim” shall mean
a certificate signed by the Indemnitee or its authorized
representative:  (i) stating that the Indemnitee has paid or accrued
(or intends to pay or accrue) Indemnifiable Damages to which it is entitled to
indemnification pursuant to Article X and the amount thereof (to the extent then
known), and (ii) specifying to the extent possible (A) the individual items of
loss, damage, Liability, cost, expense or deficiency included in the amount so
stated, (B) the date each such item was or will be paid or accrued and (C) the
basis upon which Indemnifiable Damages are claimed.

       

      “Notice of
Objection” shall
mean a written notice of objection by the Indemnitor which shall set forth the
grounds upon which the objection is based and state whether the Indemnitor
objects to all or only a portion of the matter described in the Notice of
Claim.

       

      “Orders” shall mean all decisions,
injunctions, writs, guidelines, orders, arbitrations, awards, judgments,
subpoenas, verdicts or decrees entered, issued, made or rendered by any
Governmental Authority.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      “Ordinary
Course” shall
mean, an action taken by a Person that:  (i) generally is consistent
in nature, scope, frequency and magnitude with the past practices of such Person
and is taken in the ordinary course of the normal, day-to-day operations of such
Person; and (ii) does not require authorization by the board of directors or
shareholders of such Person (or by any Person or group of Persons exercising
similar authority).

       

      “Permitted
Encumbrances”
with respect to Real Property shall mean municipal and zoning ordinances,
recorded easements, covenants and restrictions, provided the same do not
prohibit or materially interfere with the present use, or materially affect the
present value of the Leased Real Estate, and general Taxes levied on or after
January 1, 2008, and not yet due or payable.

       

      “Person” shall mean an individual,
partnership, corporation, business trust, limited liability company, limited
liability partnership, joint stock company, trust, unincorporated association,
joint venture or other entity or a Governmental Authority.

       

      “Strategic
Alliance Agreement”
shall mean the Strategic Alliance Agreement in the form attached hereto
and incorporated herein as Exhibit
D.

       

      “Prime
Rate” shall mean
the prime rate of interest quoted from time to time in The Wall Street Journal,
which may not be the lowest rate at with banks lend money to
customers.  For purposes of this Agreement, the Prime Rate shall
change on the first Business Day after the announcement of a change in the Prime
Rate in The Wall Street
Journal.

       

      “Proceeding” shall mean any action,
arbitration, audit, hearing, investigation, litigation, or suit (whether civil,
criminal, administrative, judicial, or investigative, whether formal or
informal, whether public or private) commenced, brought, conducted, or heard by
or before, or otherwise involving, any Governmental Authority or
arbitrator.

       

      “Real
Property” shall
mean, collectively, the Leased Real Estate, and any other real property
heretofore owned or used by the Seller in the conduct of the Seller’s
Business.

       

      “Related
Party” shall mean
with respect to a particular individual:

       

      
        	
                 
      

              	
                (a)

              	
                each
      other member of such individual’s
Family;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                any
      Person that is directly or indirectly controlled by any one or more
      members of such individual’s
Family;

              

      

       

      
        	
                 
      

              	
                (c)

              	
                any
      Person in which members of such individual’s Family hold (individually or
      in the aggregate) a Material Interest;
and

              

      

       

      
        	
                 
      

              	
                (d)

              	
                any
      Person with respect to which one or more members of such individual’s
      Family serves as a director, officer, manager, member, partner, executor
      or trustee (or in a similar
capacity).

              

      

       

      
        	
                 
      

              	
                With
      respect to a specified Person other than an
  individual:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                any
      Person that directly or indirectly controls, is directly or indirectly
      controlled by or is directly or indirectly under common control with such
      specified Person;

              

      

       

      
        	
                 
      

              	
                (b)

              	
                any
      Person that holds a Material Interest in such specified
      Person;

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (c)

              	
                each
      Person that serves as a director, officer, partner, executor or trustee of
      such specified Person (or in a similar
  capacity);

              

      

       

      
        	
                 
      

              	
                (d)

              	
                any
      Person in which such specified Person holds a Material Interest;
      and

              

      

       

      
        	
                 
      

              	
                (e)

              	
                any
      Person with respect to which such specified Person serves as a general
      partner or a trustee (or in a similar
capacity).

              

      

       

      For
purposes of this definition (a) “control” (including “controlling,” “controlled
by,” and under common control with”) means the possession, direct or indirect,
or the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities, by contract or
otherwise, and shall be construed as such term is used in the rules promulgated
under the Securities Act of 1933, as amended; (b) the “Family” of an individual
includes (i) the individual, (ii) the individual’s spouse, and (iii) any other
natural person who is related to the individual or the individual’s spouse
within the second degree; and (c) “Material Interest” means direct or indirect
beneficial ownership (as defined in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended) of voting securities or other voting interests representing
at least ten percent (10%) of the outstanding voting power of a Person or equity
securities or other equity interests representing at least ten percent (10%) of
the outstanding equity securities or equity interests in a Person.

       

      “Software” shall mean all computer
software and subsequent versions thereof, including source code, object,
executable, or binary code, objects, comments, screens, user interfaces, report
formats, templates, menus, buttons, and icons and all files, data, materials,
manuals, design notes, and other items and documentation related thereto or
associated therewith.

       

      “Subsidiaries” or, individually, “Subsidiary” shall mean any entity in
which the Seller owns stock, other securities or any other ownership interest
(other than ownership of less than three percent (3%) of the stock or securities
of a corporation, partnership, limited liability company or other entity whose
shares are listed on a nationally recognized securities exchange or are traded
over-the-counter, and which stock or securities are held by the Seller solely as
an investment) and any other investment by the Seller in any corporation,
limited liability company, joint venture, partnership or other business
enterprise.

       

      “TAG
Guaranty” shall mean the Guaranty of
TAG II, Inc., a Delaware corporation and the sole member of Buyer (“TAG II”) in favor of
Seller in the form attached hereto and incorporated herein as Exhibit
H.

       

      “Tax” shall mean any income, gross
receipts, payroll, employment, excise, severance, documentary stamp, intangible,
property, environmental, windfall profit, customs, capital stock, franchise,
employees’ income withholding, social security, unemployment, disability, sales,
use, transfer, value-added, alternative, add-on minimum and other Tax, fee,
assessment, levy, tariff, charge or duty of any kind whatsoever and any
interest, penalty, addition or additional amount thereon imposed, assessed or
collected by or under the authority of any Governmental Authority or payable
under any tax-sharing agreement or any other Contract.

       

      “Tax
Return” shall
mean any return (including any information return), report, statement, schedule,
notice, form, declaration, claim for refund or other document or information
filed with or submitted to, or required to be filed with or submitted to, any
Governmental Authority in connection with the determination, assessment,
collection or payment of any Tax or in connection with the administration,
implementation or enforcement of or compliance with any Laws relating to any
Tax.

       

      “Third
Party” shall mean
a Person that is not a party to this Agreement.

       

      “Transaction
Documents” shall
mean this Agreement and any other Contract entered into by the parties in
connection with the Contemplated Transactions.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
I

       

      PURCHASE
AND SALE OF ASSETS

       

      1.1              Purchased
Assets.  Subject to the terms and conditions herein set forth,
the Buyer shall purchase on the Closing Date, and the Seller shall sell and
transfer to the Buyer, free and clear of any Encumbrances other than Permitted
Encumbrances, the Business and all of the Seller’s assets and properties of
every kind and description, real, personal and mixed, tangible and intangible,
and wherever situated and relating to the Business, except the assets excluded
pursuant to Section 1.2 hereof, all as the foregoing may exist as of the Closing
Date (hereinafter, all of such assets and properties are referred to as the
“Purchased
Assets”).  The Purchased Assets shall include, without
limitation, the following to the extent related to the Business:

       

      (a)              All
inventories of whatever kind, including, without limitation, finished goods,
work-in-process and raw materials (the “Inventories”);

       

      (b)             
All trade and other accounts receivable, and all other amounts receivable except
as set forth in Section 1.2(d) (the “Receivables”);

       

      (c)              All
prepaid expenses, advance commissions, payments and deposits;

       

      (d)              All
equipment (building or office), furniture, fixtures and fixed assets, including,
without limitation, those items listed on Schedule
1.1(d) attached hereto (the “Equipment”);

       

      (e)             
All rights of the Seller pursuant to Contracts except as excluded in Section
1.2(d);

       

      (f)             
All right, title and interest (including the right to sue for past
infringements) in and to the Intellectual Property Assets of Seller, including
but not limited to the mark “TraveLeaders”;

       

      (g)             All
Licenses relating to the Business;

       

      (h)             All
office and other supplies;

       

      (i)              All
warranty rights, guaranty rights, causes of actions, judgments and claims and
similar rights of the Seller relating to the Business and which are transferable
(whether choate or inchoate, known or unknown) against vendors, suppliers,
designers, architects, engineers or other Persons;

       

      (j)              All
lists of customers, suppliers, vendors and sources; all books, records,
journals, computer software and files, except as set forth in Section 1.2(c);
all information, drawings, sales and promotional materials, and telephone and
telecopier numbers and listings, all as relate to the Business; and

       

      (k)             All
Insurance benefits, including rights and proceeds, arising from or relating to
the Business, unless expended in accordance with this Agreement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      1.2              Excluded
Assets.  The Purchased Assets shall not include, and the Seller
shall retain, the following assets (the “Excluded
Assets”):

       

      (a)             Cash
and cash equivalents;

       

      (b)              The
Seller’s rights under this Agreement and the other Transaction
Documents;

       

      (c)              The
Seller’s minute books, stock record books and corporate franchise and Tax
records and returns (including rights to Tax refunds);

       

      (d)              
Seller’s Benefit Plans; and

       

      (e)              Any
assets relating exclusively to an Excluded Liability.

       

      1.3              Closing.  The
closing, (the “Closing”) of the
purchase and sale of the Business and the Purchased Assets shall take place at
10:00 a.m., local time, on the Closing Date, at the offices of Foley &
Lardner, LLP, 111 North Orange Avenue, Suite 1800, Orlando, Florida 32801, or at
such other time and place as may be mutually agreed to by the Buyer and the
Seller, including, but not limited to, Closing via mail or
facsimile.  The Closing shall be effective as of 12:01 a.m. on the
Closing Date.  If the Closing has not occurred by March 25, 2008, this
Agreement shall terminate and be of no further force or effect, except that such
termination shall not relieve any party from Liability for any Breach of the
Transaction Documents.

       

      1.4              Certain Transitional
Matters.    Except for the Required Consents, which
shall be obtained prior to Closing, Buyer shall assume all risk of loss arising
from or relating to any failure to obtain any of the Consents and shall
indemnify and hold harmless Seller from and against any Liability arising
out of or relating to such failure (but only to the extent that such
Liability is suffered or incurred by reason of such failure). At the
request of Buyer, Seller agrees to use reasonable commercial efforts (at no
cost to Seller) to cooperate with with Buyer in obtaining any such
Consents. 

       

      ARTICLE
II

       

      CONSIDERATION
FOR TRANSFER

       

                     
2.               
Purchase
Price.  The purchase price for the Purchased Assets shall be
Fourteen Million Dollars ($14,000,000) (as adjusted, the “Purchase
Price”).

       

                                     
2.1             
Payment of Purchase
Price. The Purchase Price shall be payable at the Closing as provided
herein, consisting of the assumption of liability set forth in (a) below, the
cash payment set forth in (b) below, and delivery of the promissory note set
forth in (c) below, all payable as follows, and subject to adjustment pursuant
to Sections 2.2 and 2.3:

       

                 (a)  Assumption. At the
Closing, the Buyer will execute and deliver to the Seller the Assumption
Agreement in the form of Exhibit
E hereto, pursuant to which the Buyer will assume the Assumed Liabilities
described in Section 3.1.

       

                  (b)  Cash. At the Closing,
the Buyer will pay the Seller, by wire transfer of immediately available funds
to such account as is designated by the Seller, an amount equal to Six Million
Dollars ($6,000,000) minus (x) the actual amount of the Assumed Liabilities
(other than accounts payable) as of the Closing Date and minus (y) any deduction
based on the Seller’s Net Payables pursuant to Section 2.3 below.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

                  (c)
 Promissory
Note. At the Closing, the Buyer will deliver a Promissory Note in the
form attached hereto as Exhibit
B payable to the Seller in the initial principal amount of Eight Million
Dollars ($8,000,000) plus or minus the amount of the EBITDA Price Adjustment
(the “Note”), payable as follows: (i) on the date which is five (5) Business
Days after the date on which the EBITDA Price Adjustment is finally determined
pursuant to Section 2.2 below (the “First Payment Date”), an amount equal to Two
Million Dollars ($2,000,000), without interest, shall be due and payable under
the Note, minus the amount the amount (not to exceed $2,000,000) of any
reduction (if any) to the Purchase Price pursuant to Section 2.2(a); (ii) on
each of the dates which are three months, six months, nine months and twelve
months after the First Payment Date, an amount equal to all accrued but unpaid
interest on the remaining principal balance under the Note shall be due and
payable under the Note; (iii) on the date which is the first anniversary of the
First Payment Date (the “Second Payment Date”), an amount shall be due and
payable under the Note which is equal to Four Million Dollars ($4,000,000) minus
all prior principal payments under the Note (or such lesser amount as shall then
be outstanding under the Note); (iv) on each of the dates which are three
months, six months, nine months and twelve months after the Second Payment Date,
an amount equal to all accrued but unpaid interest on the remaining principal
balance under the Note shall be due and payable under the Note; and (v) on the
date which is the first anniversary of the Second Payment Date, all remaining
principal amounts due under the Note shall be due and
payable.  Beginning on the First Payment Date, interest shall accrue
on the outstanding principal amount of the Note at a rate equal to seven percent
(7%) per annum, simple interest, which interest shall accrue daily calculated on
the basis of a 360-day year.

       

                  (d)  Assistance with Tax Lien
Discharge. In order to assist the Seller to have tax liens against the
Purchased Assets discharged, the Buyer shall pay the Seller, in addition to the
Purchase Price, the lesser of (i) $100,000 or (ii) 3.0% of the amount needed to
discharge the tax liens, payable at the time that the Seller pays the IRS in
full to discharge the tax liens. The Buyer’s payment is an incentive for the
Seller to cooperate with the IRS and not an admission of liability of the Buyer
or Seller to the IRS. The Seller agrees to indemnify, defend, and hold harmless
the Buyer from and against any third party (including the IRS) claims, losses
and damages asserted against Buyer as a result of or related to the amount paid
under this paragraph and any tax liens against the Purchased
Assets.

       

                                                 

                                     
2.2.            
Post Closing
Adjustment to Purchase Price.

      

                 (a)  EBITDA Price
Adjustment. The Purchase Price will be reduced or increased by four times
the amount by which the First Year EBITDA  (as defined below) is less
than or is greater than $3,500,000 (the “EBITDA Price
Adjustment”).   Notwithstanding the foregoing, in no event
will the EBITDA Price Adjustment cause the Purchase Price (including the amount
deducted at the Closing under Section 2.3 below) to be less than $6,000,000,
before taking into account any claims for indemnification pursuant
hereto.

       

                 (b)  Notice and
Payment.  Prior to May 15, 2009, the Buyer will deliver a
written notice of the EBITDA Price Adjustment to the Seller, which notice shall
contain all details and supporting data necessary to the Buyer’s determination
of the First Year EBITDA and the EBITDA Price Adjustment.  The Seller
will have 30 days from the receipt of said notice to notify the Buyer that the
Seller disputes the EBITDA Price Adjustment.  If the Buyer has not
received notice of such a dispute within such 30-day period, the Buyer will, at
the end of said 30-day period, deliver the first payment on the Note (minus the
EBITDA Price Adjustment and any other deductions permitted by this Agreement) to
the Seller, provided that if the first payment due under the Note exceeds the
amount in controversy, then so much as is not in controversy shall be due under
the Note.  Otherwise, the first payment under the Note will be due
within five (5) days after the final determination of the disputed EBITDA Price
Adjustment.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

                 (c)
Dispute
Resolution. If, however, the Seller has delivered notice of such a
dispute to the Buyer within such 30-day period, then, during said 30-day period,
the parties will meet and confer in an effort to resolve their dispute. At the
end of the 30-day period, if the dispute has not been resolved, the Buyer’s CPA
firm will select an independent accounting firm of nationally recognized
standing that has not represented any of the parties hereto within the preceding
two (2) years to review the records used to calculate the EBITDA Price
Adjustment.  The Seller will ratify such independent accounting firm
within five business days of its selection unless there is an actual conflict of
interest as reasonably determined by Seller. The independent accounting firm
will make its determination of the EBITDA Price Adjustment, if any, within 60
days of its selection.  The determination of the independent
accounting firm will be final and binding on the parties hereto, and upon such
determination, payment will be disbursed as set forth in Section 2.1(c). The
fees and costs of the independent accounting firm will be borne either by (i)
the Buyer in the event that any Purchase Price reduction based on the EBITDA
Price Adjustment is reduced by the independent accounting firm by five percent
(5%) or more from the amount initially set forth in Buyer’s notice or (ii) the
Seller in all other cases.

       

                  (d)
Certain Definitions
and Related Matters.

       

      (i)           For
purposes of this Agreement, the term “First Year EBITDA”
means the EBITDA of the Business during the period beginning on December 30,
2007 and ending on December 27, 2008 (the “Determination
Period”).  The term “EBITDA” means the
earnings of the Business (as such earnings are determined in accordance with
GAAP on a basis consistent with Seller’s past practice) for the Determination
Period plus (in each case only to the extent deducted in determining the
earnings of the Business for the Determination Period) the sum of (i) the
interest, tax, depreciation, and amortization expense for such period, (ii) any
capital lease expense for capital assets acquired by the Business on or
subsequent to the Closing Date, (iii) any non-cash expenses, extraordinary
expenses, asset write-offs, or impairment expense incurred, accrued, or
recognized with respect to the Determination Period (but only to the extent any
such items are not incurred in the ordinary course of the Business on a basis
consistent with Seller’s past practice), and (iv) any fee, charge, or expense
payable by the Business to any other business unit of Buyer or Affiliate of
Buyer other than (A) the overhead allocation permitted by the first sentence of
Section 2.2(d)(ii) below and (B) fees, charges, or expenses for services
incurred in the ordinary course of the Business on a basis consistent with
Seller’s past practice for a price that is no less favorable to the Business
than the price for which such services could be obtained from a vendor that is a
non-Affiliate of Buyer.

       

      (ii)           Subject
to the limitation set forth in the second sentence of this paragraph, the
parties agree that the costs and expenses of the Business which are applied in
the calculation of First Year EBITDA may include appropriate charges for shared
overhead expenses from Buyer or any Affiliate of Buyer.  Buyer agrees
that the costs and expenses applied in the calculation of the First Year EBITDA
shall not in any event exceed the amount which bears the same proportion to the
revenues of the Business during the Determination Period as ninety five percent
(95%) of the proportion by which the costs and expenses of the Business (to the
extent such costs and expenses would be used in calculating EBITDA, as defined
above) for the 2007 calendar year bear to the revenues of the Business during
the 2007 calendar year, as reported by Seller to Buyer.

       

      (iii)           Buyer
agrees that, at all times during the Determination Period, the Buyer shall
maintain separate books of account and records for the Business as shall be
reasonably necessary to enable the determination of the EBITDA Price
Adjustment.  After the Closing, Seller and its representatives shall
have reasonable access during normal business hours to all books and records of
Buyer necessary to verify and confirm Buyer’s determination of the EBITDA Price
Adjustment, provided that the Seller shall inform the Buyer of its intention to
seek such access and the matters sought to be reviewed
at least 24 hours in advance and, further, that the access requested shall not
interfere unreasonably with the Business, properties or operations of the
Buyer.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (iv)           At
all times during the Determination Period, (A) Buyer will not
(i) terminate, eliminate or cease to conduct any material lines
of business within the Business, (ii) materially reduce the sales and marketing
efforts in support of the Business, or (iii) terminate the employment of Mark
Elias, other than for cause, or materially reduce the management team reporting
to Mark Elias, except to the extent any such reductions are offset by addition
to Elias' staff which are approved by Elias; (B) Buyer will not divert business
from customers of the Business to any other Affiliate of Buyer; and (C) Buyer
will in good faith exercise its commercially reasonable efforts to maximize the
EBITDA of the Business during the Determination Period and will not take any
intentional action or make any intentional omission that Buyer believes, or
reasonably should believe, will have a material adverse impact on the EBITDA of
the Business during the Determination Period.

       

       

      
                                       
2.3.            
Adjustments at the
Closing.

      

       

                  (a)  Adjustment to Closing
Payment.  Five days prior to the Closing, the Seller and the
Buyer will estimate the amount of the Seller’s accounts payable that will exist
as of the Closing (the “Estimated Payables”) and will deduct from such amount
Seller’s Receivables as of the Closing (excluding doubtful accounts). The net
amount will be called the “Seller’s Net
Payables”.  At the Closing, the amount of cash payable pursuant
to Section 2.1(b) will be reduced by the amount of the Seller’s Net
Payables.  Pursuant to the Closing, Buyer will assume, and thereafter
pay, all such accounts payable as they become due and will purchase, and
thereafter use commercially reasonable efforts to collect, such
Receivables.  Any Receivables not collected six (6) months after the
Closing will be transferred back to the Seller, and the Seller will, within 10
days after such transfer, pay the Buyer the face amount thereof.

       

                 
(b) Seller
Deliveries.    At the Closing, the Seller will deliver to
the Buyer:

       

                                                   (i) 
All customer deposits held by Seller which Seller has not yet paid over to the
supplier or refunded, as applicable.

       

                                                   (ii)
Rebates accrued up to Closing, the cash or face value of free tickets, and the
cash value of gift certificates accrued or promised by Seller up to Closing;
provided that, if there are rebates, free tickets, or gift certificates that
accrue before Closing, but cannot be calculated until afterwards, Buyer may
deduct their cash or face value from any payments to Seller as
accrued.

       

                  (c)  Buyer
Reimbursement.   At the Closing, Buyer will reimburse
Seller for the deposits and advances paid to travel suppliers by Seller out of
Seller’s own funds for which Seller has not yet received payment from a client
(e.g., speculative group deposits and prepaid expenses that will benefit
Buyer).

       

                      
2.4.             Strategic Alliance
Agreement.  At the Closing, Buyer and Seller will enter into
the Strategic Alliance Agreement in the form attached hereto as Exhibit
D.

      

                      
2.5             
[Reserved]

      

                     
2.6             
Purchase Price
Allocation.  The parties acknowledge and agree that the
Purchase Price was negotiated and concluded on the basis of the component prices
set forth on Schedule
2.6 attached hereto in accordance with the respective fair market values
of the Purchased Assets.  The parties agree to report and allocate for
Tax purposes (including IRS Form 8594), the Purchase Price as so allocated and
will not take any inconsistent or contrary position therewith for any other
purpose.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      ARTICLE
III

       

      LIABILITIES

       

      3.1   Assumed
Liabilities.  At the Closing, the Buyer shall, pursuant to the
Assumption Agreement attached as Exhibit
E hereto, assume and agree to discharge only the following Liabilities of
Seller (the “Assumed
Liabilities”):

       

      (a)              Any
Liability to the Seller’s customers incurred by the Seller in the Ordinary
Course of the Business for nondelinquent orders outstanding as of the Closing
Date reflected on the Seller’s books;

       

      (b)              Any
executory Liability arising and accruing after the Closing Date under Contracts
of the Seller described in Schedule
4.12
attached hereto, including any updates thereto pursuant to Section 6.21 (other
than any Liability arising out of or relating to a Breach that occurred on or
prior to the Closing Date); and

       

      (c)               
Seller’s accounts payable.

       

      3.2    Non-Assumed
Liabilities.  The Non-Assumed Liabilities shall remain the sole
responsibility of, and shall be retained and paid, performed and discharged when
and as due solely by, the Seller.  “Non-Assumed
Liabilities” shall mean every Liability of the Seller other than the
Assumed Liabilities, including without limitation:

       

      (a)              Any
Liability arising out of or relating to transactions prior to the Closing Date
other than to the extent assumed under Section 3.1;

       

      (b)              Any
Liability under any Contract assumed by the Buyer pursuant to Section 3.1 that
arises after the Closing Date but that arises out of or relates to any Breach
that occurred prior to the Closing Date;

       

      (c)              Any
Liability for Taxes, including (i) any Taxes arising as a result of the Seller’s
operation of the Business or ownership of the Purchased Assets prior to the
Closing Date, (ii) any Taxes that will arise as a result of the sale of the
Purchased Assets pursuant to this Agreement, and (iii) any deferred Taxes of any
nature;

       

      (d)              Any
Liability under any Contract not assumed by the Buyer under Section 3.1,
including any Liability arising out of or relating to the Seller’s credit
facilities or any security interest related thereto;

       

      (e)              Any
Liability under Environmental Laws arising out of or relating to the operation
of the Business or the Seller’s leasing, ownership or operation of real
property;

       

      (f)              
Any Liability arising out of or relating to any Benefit Plans (as defined in
Section 4.20 hereto);

       

      (g)              Any
Liability under any employment, severance, retention or termination agreement
with any employee of the Seller or a Related Party of the Seller;

       

      (h)              Any
Liability arising out of or relating to any employee grievance whether or not
the affected employees are hired by the Buyer;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (i)              Any
Liability to indemnify, reimburse or advance amounts to any officer, director,
employee or agent of the Seller;

       

      (j)              Any
Liability arising out of any Orders either pending as of the Closing Date or
commenced after the Closing Date and arising out of or relating to any
occurrence or event happening prior to the Closing Date;

       

      (k)             Any
Liability arising out of or resulting from the Seller’s compliance or
non-compliance with any Laws;

       

      (l)              Any
Liability of the Seller to any of its Affiliates, except as set forth in Section
3.1(c);

       

      (m)            Any
Liability of the Seller under the Transaction Documents;

       

      (n)            
Any Liability of the Seller based upon the Seller’s acts or omissions occurring
after the Closing Date; and

       

      (o)             Any
Liability to the Seller’s customers under written agreements prior to the
Closing Date other than those set forth in Section 3.1(a) hereof.

       

      ARTICLE
IV

       

      REPRESENTATIONS
AND WARRANTIES OF THE SELLER AND SHAREHOLDER

       

      In order
to induce the Buyer to enter into this Agreement, Seller and Shareholder,
jointly and severally, make the following representations and warranties to the
Buyer.  Each Section of this Article IV is considered by the parties
to this Agreement to be, will be treated as, and shall be effective and
enforceable as an express warranty, irrespective of any particular reliance, or
lack thereof, by the Buyer thereon as to the truth of the warranted
fact.  The Buyer’s Knowledge of any Breach of any Section, regardless
of when, how or from what source said Knowledge is acquired, shall not be deemed
a waiver of any representation and warranty or any of the Buyer’s rights under
this Agreement.  Any matter described on the Disclosure Schedule shall
be set forth with reference to each separate Section of this Agreement to which
the matter relates, provided that any matter or information disclosed in one
section of the Disclosure Schedule shall also be deemed to be disclosed in (and
for purposes of) every other section of the Disclosure Schedule with respect to
which it is reasonably apparent that such matter or information is applicable,
and shall be deemed to qualify any other representation or warranty in this
Agreement (whether or not it contains an explicit reference to the Disclosure
Schedule), where it is reasonably apparent that such matter or information would
be relevant.  The Disclosure Schedule shall not vary, change, expand,
or alter the language of the representations and warranties contained in this
Agreement.  In the event of any inconsistency between the statements
in this Agreement and those on the Disclosure Schedule (other than an exception
permitted by this Agreement to be expressly set forth as such on the Disclosure
Schedule with respect to a specifically identified Section of this Agreement)
the statements in this Agreement will control.

       

      4.1   Subsidiaries.  The
Seller has no Subsidiaries.

       

      4.2   Ownership, Organization and
Qualification.  The Shareholder owns all of the issued and
outstanding shares of capital stock of the Seller.  The Seller is a
corporation duly organized and validly existing and its status is active under
the Laws of the State of Florida.   The
Seller is qualified to transact business as a foreign corporation or
organization in the jurisdictions set forth on the Disclosure Schedule,
and the Seller is not otherwise required to be so qualified in any other
jurisdiction, except for those jurisdictions where the failure to be so
qualified would not have a Material Adverse Effect.

        
          
             

          

          
             

            
              

            

          

          
             

          

        

       

      4.3   Contemplated Transactions
General Compliance.

       

      (a)              Enforceability;
Authority.  Assuming due authorization, execution and delivery
of the Transaction Documents by the Buyer, the Transaction Documents, upon the
execution and delivery thereof, will be the valid and binding obligations of the
Seller and the Shareholder, respectively, enforceable against them in accordance
with their terms, except as such enforcement is limited by bankruptcy,
insolvency and other similar laws affecting the enforcement of creditors’ rights
generally and for limitations imposed by general principles of
equity.  The Seller and the Shareholder have the absolute and
unrestricted right, power and authority to execute and deliver the Transaction
Documents to which each is a party and to perform their obligations under the
Transaction Documents.  The execution and delivery of the Transaction
Documents, and the performance by the Seller and the Shareholder of each of
their respective obligations contained herein, have been duly approved by the
Seller’s Board of Directors and shareholders and the Shareholder’s Board of
Directors, as applicable.

       

      (b)              No
Conflict.  Except as would not reasonably be expected to have a
Material Adverse Effect and assuming that all consents, approvals,
authorizations and other actions described in the Disclosure Schedule have been
obtained and all filings and notifications listed in the Disclosure Schedule
have been made, the execution and delivery of the Transaction Documents do not,
and the consummation or performance of any of the Contemplated Transactions will
not: (i) conflict with or violate any provisions of the articles of
incorporation or bylaws of the Seller; (ii) Breach any provisions of or result
in the maturation or acceleration of, any obligations under any Contract, Order,
License or Law, to which the Seller or the Shareholder is subject or to which
the Seller or the Shareholder is a party; or (iii) violate any restriction or
limitation, or result in the termination or loss of any right (or give any
Person, other than the Seller, the right to cause such termination or loss), of
any kind to which the Seller or the Shareholder is bound or has.

       

      (c)              Consents.  Except
as set forth on the Disclosure Schedule, neither the Seller nor any Shareholder
is required to give any notice to or obtain any consent from any Person in
connection with the execution and delivery of this Agreement or the consummation
or performance of any of the Contemplated Transactions.

       

      4.4   Organizational
Documents.  True, correct and complete copies of the articles
of incorporation and bylaws of the Seller have been made available to the
Buyer.

       

      4.5   Financial
Statements.  Attached to the Disclosure Schedule are complete
copies of the Financial Statements.  The Seller’s books and records of
accounts accurately reflect all of the assets, Liabilities, transactions and
results of operations of the Seller, and the Financial Statements have been
prepared based upon and in conformity therewith.  The Financial
Statements have been prepared in accordance with generally accepted accounting
principles maintained and applied on a consistent basis throughout the indicated
periods (except as may be indicated in the notes thereto), and fairly present
the financial condition and results of operation of the Seller at the dates and
for the relevant periods indicated, subject, in the case of the Latest Balance
Sheet, to normal recurring year-end adjustments (the effect of which will not,
individually or in the aggregate, have a Material Adverse Effect) and the
absence of notes.  True and correct copies have been made available to
the Buyer of all written reports submitted to the Seller or the Shareholder by
the Seller’s auditors since January 1, 2005 relating to the findings of audits
or examination of the books and records of the Seller.  During the six
months prior to the Closing Date, Seller has not changed accounting
methods.

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      4.6  
Real Property.
The Seller owns no real property. The Disclosure Schedule sets forth a true and
complete list of all real properties leased or rented by the Seller (the “Leased Real
Estate”).  The Seller has good and marketable leasehold title
to all Leased Real Estate (including buildings, structures and fixtures thereon
or affixed thereto), free and clear of all Encumbrances, except for Permitted
Encumbrances.  To Seller’s Knowledge, all buildings, structures and
other improvements on the Leased Real Estate are in reasonably good condition
and repair (normal wear and tear excepted).  Except as set forth on
the Disclosure Schedule, each parcel of the Leased Real Estate is the subject of
a written lease agreement, and Seller is in compliance with all material terms
of each such agreement.

       

       

      4.7    Purchased Assets; Title and
Condition.  The Seller owns good and marketable title to all of
the Purchased Assets, free and clear of all Encumbrances, except for Permitted
Encumbrances and as otherwise set forth on the Disclosure
Schedule.  All of the Purchased Assets are located upon the Seller’s
premises, except as otherwise set forth on the Disclosure Schedule, and (except
for Inventory acquired or disposed of in the Ordinary Course of the Business
since the date of the Latest Balance Sheet) is reflected on the Latest Balance
Sheet.  To the Knowledge of the Seller, all tangible Purchased Assets
are in reasonably good condition and repair (normal wear and tear excepted) and
free from latent defect.  Set forth in the Disclosure Schedule is a
complete and correct list of all assets currently owned or used by the Seller
which were acquired by the Seller from Around the World Travel,
Inc.  Other than the assets described in the immediately preceding
sentence, there are no assets of the Seller which are subject to any tax
liens.

       

      4.8 
 All Necessary
Assets; Capital Expenditures and Repairs.  The Purchased Assets
constitute all of the assets which are necessary for the conduct of the
Business, as presently conducted.  Except as set forth on the
Disclosure Schedule, the Seller has no present plan to purchase or lease any
other real estate or tangible personal property so as to be able to continue the
Business as presently conducted.  Except as set forth on the
Disclosure Schedule, no applicable Governmental Agency or insurer has required
the Seller to make any capital expenditures or remediations relating to the
Business in the next twelve (12) months in an amount exceeding $100,000 in the
aggregate.  The Disclosure Schedule contains information regarding the
quantity of ARC paper ticket stock currently owned by Seller.

       

      4.9   Intellectual Property
Assets.

       

      (a)              The
term “Intellectual
Property Assets” means all intellectual property owned or licensed (as
licensor or licensee) by the Seller, throughout the world, in which the Seller
has a proprietary interest, along with all goodwill associated with any such
intellectual property, including:

       

      (i)           The
Seller’s name, all assumed fictional business names, trade names, registered and
unregistered trademarks, service marks and applications (collectively, “Marks”);

       

      (ii)         all
registered and unregistered copyrights in both published works and unpublished
works (collectively, “Copyrights”);

       

      (iii)         all
rights in mask works;

       

      (iv)         all
know-how, trade secrets, confidential or proprietary information, customer
lists, Software, technical information, data, process technology, plans,
drawings and blue prints (collectively, “Trade Secrets”);
and

       

      (v)          all
rights in internet web sites, web pages, URLs, domain names, directory names,
other computer addresses, Internet files, HTML files, image files (including but
not limited to jpeg, gif, tif, pdf, and java code), links, hyperlinks, and other
files, pages, sites, names or addresses
located on an on-line global computer network presently used by the Seller
(collectively, “Net
Names”).

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (b)              The
Disclosure Schedule sets forth a complete and accurate list and summary
description, including any royalties paid or received by the Seller, and the
Seller has made available to the Buyer accurate and complete copies, of all the
Seller Contracts relating to the Intellectual Property Assets and material to
the Business, except for commercially available off-the-shelf computer software
licensed pursuant to shrink-wrap or click wrap licenses that is not material to
the Business, any license implied by the sale of a product and perpetual,
paid-up licenses for commonly available Software programs with a value of less
than $1,000 under which the Seller is the licensee.

       

      (c)           (1)         Except
as set forth on the Disclosure Schedule, the Intellectual Property Assets are
all those necessary for the operation of the Business as it is currently
conducted.  The Seller is the owner or licensee of all right, title
and interest in and to each of the Intellectual Property Assets, free and clear
of all Encumbrances, except for Permitted Encumbrances, and has the right to use
without payment to a Third Party all of the Intellectual Property Assets, other
than in respect of licenses listed on the Disclosure Schedule or not material to
the Business.

       

      (ii)          Except
as set forth on the Disclosure Schedule, all former and current employees of the
Seller have executed written Contracts with the Seller that assign to the Seller
all rights to any inventions, improvements, discoveries or information relating
to the Business.

       

      (d)           Seller
owns no interest in any patents, patent applications or inventions which may be
patentable.

       

      (e)           (i)         
 The Disclosure Schedule sets forth a complete and accurate list and
summary description of all Marks.

       

      (ii)          All
Marks have been registered with the United States Patent and Trademark Office,
are currently in compliance with all formal Laws (including the timely
post-registration filing of affidavits of use and incontestability and renewal
applications), are valid and enforceable and are not subject to any maintenance
fees or Taxes or actions falling due within ninety (90) days after the Closing
Date.

       

      (iii)         No
Mark has been or is now involved in any opposition, invalidation or cancellation
Proceeding and, to the Knowledge of the Seller, no such action is threatened
with respect to any of the Marks.

       

      (iv)         To
the Knowledge of the Seller, there is no potentially interfering trademark or
trademark application of any other Person.

       

      (v)          No
Mark is infringed or has been challenged or threatened in
writing.  None of the Marks used by the Seller is alleged in writing
to infringe any trade name, trademark or service mark of any other
Person.

       

      (vi)        
All products and materials containing a Mark bear the proper federal
registration notice where permitted by law.

       

      (f)            (i)          The
Disclosure Schedule sets forth a complete and accurate list and summary
description of all Copyrights.

        
          
             

          

          
             

            
              

            

          

          
             

          

        

                     
(ii)          All of the registered
Copyrights are currently in compliance with formal Laws, are valid and
enforceable and are not subject to any maintenance fees or Taxes or actions
falling due within ninety (90) days after the Closing Date.

       

      (iii)         To
the Knowledge of the Seller, no Copyright is infringed or has been challenged or
threatened in any way.  None of the subject matter of any of the
Copyrights is alleged in writing to infringe any copyright of any Third Party or
to be a derivative work based upon the work of any other Person.

       

      (iv)         All
works encompassed by the Copyrights have been marked with the proper copyright
notice.

       

      (g)            (i)         With
respect to each Trade Secret, the documentation relating to such Trade Secret is
current, accurate and sufficient in detail and content to identify and explain
it and to allow its full and proper use without reliance on the knowledge or
memory of any individual.

       

      (ii)          The
Seller has taken commercially reasonable precautions to protect the secrecy,
confidentiality and value of all Trade Secrets (including the enforcement by the
Seller of a policy requiring each employee or contractor to execute proprietary
information and confidentiality agreements substantially in the Seller’s
standard form, and all current and former employees and contractors of the
Seller have executed such an agreement).

       

      (iii)         The
Seller has good title to and an absolute right to use the Trade
Secrets.  The Trade Secrets are not part of the public knowledge or
literature and, to the Knowledge of the Seller, have not been used, divulged or
appropriated either for the benefit of any Person (other than the Seller) or to
the detriment of the Seller.  No Trade Secret has been challenged or
threatened in writing or, to the Knowledge of the Seller, infringes any
intellectual property right of any other Person.

       

      (h)           (i)          The
Disclosure Schedule sets forth a complete and accurate list and summary
description of all Net Names.

       

      (ii)       
  All Net Names have been registered in the name of the Seller and are
in compliance with all formal Laws.

       

      (iii)         No
Net Name is now involved in any dispute, opposition, invalidation or
cancellation Proceeding and, to the Knowledge of the Seller, no such action is
threatened with respect to any Net Name.

       

      (iv)         To
the Knowledge of the Seller, there is no domain name application pending of any
other person which would or would potentially interfere with or infringe any Net
Name.

       

      (v)          No
Net Name has been challenged or threatened in writing.  To the
Knowledge of the Seller, no Net Name infringes, interferes with or is alleged to
interfere with or infringe the trademark, copyright or domain name of any other
Person.

       

      4.10    Insurance.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (a)            
General.  The
Disclosure Schedule lists each policy of insurance owned or held by the Seller
or Shareholder in relation to the Business as currently in effect (including
without limitation, policies for fire and casualty, liability, worker’s
compensation, business interruption, umbrella coverage, products liability,
medical, disability and other forms of insurance) specifying the insurer, amount
of coverage,
type of insurance, whether claims made or occurrence, policy number, deductible
limits and any pending claim in excess of $1,000, whether or not covered by
insurance (the “Insurance”).  True
and complete copies of each policy of Insurance have been previously made
available to the Buyer.  All premiums with respect to the Insurance
covering all periods up to and including the date hereof have been paid, and no
written notice of cancellation or termination has been received by the Seller
with respect to any such policy.  There are no provisions in such
Insurance policies providing for or allowing retroactive or retrospective
premium adjustments.  The Insurance is sufficient for compliance with
all requirements of Law and with all agreements to which the Seller is a
party.  To the Knowledge of the Seller, there has not occurred any act
or omission of the Seller which could result in cancellation of any such policy
prior to its scheduled expiration date.  The Seller has not received
any notice from or on behalf of any insurance carrier issuing any such policy
that: (i) insurance rates will hereafter be substantially increased; (ii) that
there will hereafter be no renewal of any such policy; or (iii) that alteration
of any personal or real property or purchase of additional equipment, or
modification of any method of doing business, is required or
suggested.  None of such policies will in any material way be affected
by, or terminate or lapse by reason of, the Contemplated
Transactions.

      

      (b)             Self-Insurance.  The
Disclosure Schedule sets forth (i) any self-insurance arrangement by or
affecting the Seller, including any reserves established thereunder, (ii) any
Contract or arrangement, other than a policy of insurance, for the transfer or
sharing of any risk to which the Seller is a party or which involves the
Business, and (iii) all obligations of the Seller to provide insurance coverage
to Third Parties (for example, under leases or service agreements) and
identifies the policy under which such coverage is provided.

      

      (c)            
Denials of
Coverage.  Since January 1, 2005, the Seller has not been
refused any insurance with respect to the Seller’s assets or operations, nor has
the dollar amount of any coverage that has been previously in effect or
requested by the Seller been limited or decreased by any insurance carrier to
which it has applied for or with which it has carried insurance.

      

      (d)             Claims.  The
Disclosure Schedule sets forth a summary of information pertaining to all claims
(other than workers compensation claims) of property damage and personal injury
or death against the Seller which are currently pending or were made since
January 1, 2005.  Except as set forth on the Disclosure Schedule, all
of such claims are fully satisfied or are being defended by an insurance
carrier.

      

      4.11   Licenses.  The
Disclosure Schedule sets forth a complete and accurate list of each License that
is held by Seller necessary to the Business.  Each License listed or
required to be listed is valid and in full force and effect.

       

      (a)           
Except as set forth in the Disclosure Schedule:  (i)  Seller
has not received, at any time since January 1, 2005 any written notice or other
communication from any Governmental Authority or any other Person regarding (A)
any actual, alleged, possible or potential violation of or failure to comply
with any term or requirement of any License, or (B) any actual, proposed,
possible or potential revocation, withdrawal, suspension, cancellation,
termination of or modification to any License; and (ii) all applications
required to have been filed for the renewal of the Licenses listed or required
to be listed in the Disclosure Schedule have been duly filed on a timely basis
with the appropriate granting authority, and all other filings required to have
been made with respect to such License have been duly made on a timely basis
with the appropriate granting authority.

       

      (b)           The
Licenses listed in the Disclosure Schedule collectively constitute all of the
Licenses (including, without limitation, occupancy permits for real estate and
permits required pursuant to Environmental
Laws) as are necessary to conduct and operate its Business in the manner in
which the Seller currently conducts and operates the
Business.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      4.12    Material Contracts and Other
Descriptions and Lists.  The Disclosure Schedule identifies and
briefly describes the following:

       

      (a)              List.

       

      (i)           Leases.  All
leases of real or personal property, including the leases described in Section
4.6 hereof;

       

      (ii)          Certain Personal
Property.  All items of the Purchased Assets which have a book
value or estimated current market value in excess of $1,000.

       

      (iii)         Purchase and Sale
Orders.  A list of written agreements relating to the purchase
or sale of the Seller’s services other than individual purchase or sales orders
or customer contracts issued in the Ordinary Course of the Business for which
the Receivable (transaction fee versus gross travel spend) in each case is not
in excess of $1,000 individually or $5,000 in the aggregate of all such orders
with the same or related parties;

       

      (iv)         Certain
Agreements.  A list of the following described types of
Contracts or documents:  (A) preferred supplier, dealership,
distributorship, sales representative, independent contractor, revenue sharing
or similar Contracts; (B) license, royalty or similar Contracts; (C) service or
maintenance Contracts; (D) protective services or security Contracts; (E)
commission or other contingent Contracts pursuant to which the Seller’s
obligation to make payments is in excess of $25,000 per year, or pursuant to
which the Seller’s obligation to make contingent payments is dependent upon
sales, revenues, income, success or other performance standard; and (F) all oral
agreements which may require the Seller to pay or expend more than $10,000 in
any single instance or $50,000 in the aggregate of all such instances with the
same or related parties.

       

      (v)         
Other Financial
Obligations.  A list of any other Contract which requires the
Seller to pay or expend, after the Closing Date, more than $10,000 in any single
instance or $50,000 in the aggregate of all such instances with the same or
related parties;

       

      (vi)         Personnel.  A
list of:  (A) all officers and directors of the Seller; (B) the names
and current annual salary rates (and bonus, incentive or commission
arrangements) of all present employees and agents of the Seller who receive
aggregate cash remuneration at an annual base rate of $25,000 or more; (C) all
loans made by the Seller to its employees and a statement of the terms thereof;
and (D) a list of all the Seller’s employees who are currently on parental,
disability or other leave; and (E) a list of all retired employees and directors
of the Seller, or their dependents, who have received or are scheduled to
receive benefits from the Seller and a description of the type and amount of all
such benefits;

       

      (vii)        Employment
Contracts.  A list of all employment, bonus, incentive
compensation, profit sharing, retirement, pension, salary-continuation,
post-retirement benefit, death benefit, vacation or other fringe benefit
Contracts in effect, or under which any amounts remain unpaid, on the date of
this Agreement or to become payable or effective after the date of this
Agreement;

       

      (viii)      
Accrued Vacation
Pay.  A list of all employees who are expected, as of the
Closing Date, to have earned but unused vacation and sick days (or earned but
unpaid vacation pay in lieu thereof), together with an estimate of the dollar
amount thereof;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (ix)         Terminated and Terminating
Employees and Independent Contractors.  A list of all employees
earning base salary at an annual rate of $25,000 or more who have terminated
employment since January 1, 2005, or who have announced in writing their
intention to terminate employment with the Seller or not to accept employment
with the Buyer; and a list of all independent contractors who have announced
their intention in writing to terminate their relationship with the Seller or
not to accept an independent contractor relationship with the
Buyer.

       

      (x)          Loans and Borrowing
Agreements.  A list of each written or oral (i) loan, credit or
borrowing arrangement or Contract, or (ii) Contract by which the Seller or any
Shareholder has guaranteed or otherwise became liable or contingently liable for
the debt of another;

       

      (xi)         Bank
Accounts.  The name of each bank or savings and loan
association, or commodities or securities firm, in which the Seller has an
account or safe deposit box, the numbers of each such account or box, and the
names of all Persons having power to borrow, discount debt obligations, cash or
draw checks, enter boxes, sell or buy securities, or otherwise act on behalf of
the Seller in any dealings with such banks or savings and loan association,
commodities or securities firm; after the Closing, the Seller shall transfer
ownership of all safety deposit boxes and the like to Buyer;

       

      (xii)        Capital
Expenditures.  A list of all outstanding written commitments by
the Seller to make a capital expenditure, capital addition or capital
improvement;

       

      (xiii)       Non-Compete
Covenants.  A list of any written covenants not to compete,
non-solicitation covenants and non-disclosure covenants in favor of the Seller,
or binding upon or against the Seller;

       

      (xiv)      
Powers of
Attorney.  The names of all Persons holding powers of attorney
from the Seller and a summary statement of the terms thereof;

       

      (xv)       
Memberships.  A
list of trade association memberships owned by the Seller, copies of material
documents related to which have been made available to the Buyer;

       

      (xvi)       Bonds.  A
list of performance, bid or completion bonds, or letters of credit;

       

      (xvii)      Discounts.  A
list of any Contract, arrangement or program pursuant to which the Seller has
offered, promised or made available to its customers any volume discount,
rebate, credit or allowance;

       

      (xviii)    
Non-Ordinary Course
Agreements.  A list and description of any Contract, or
arrangement binding upon the Seller and which was made or entered into other
than in the Ordinary Course of the Business;

       

      (xix)        Unemployment Account
Balance.  The Seller’s unemployment account balance with all
states in which Seller has employees, as of November 30, 2007, and the Seller’s
current unemployment compensation payroll Tax rate with said states and any
anticipated increase to such Tax rate; and

       

      (i)           A
list of all written contracted group, meeting, and incentive trips on the books
as of the date of this Agreement.

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      (b)          Accurate
and complete copies of each Contract or document (as amended to date) described
in this Section previously have been made available to the Buyer.

       

       

      4.13   
Performance of
Contracts, Etc.

       

       

      (a)              The
Seller is appointed by and in good standing with the Airlines Reporting
Corporation (“ARC”) and the
International Airlines Travel Agent Network (“IATAN”), has no sales
unreported to ARC and IATAN, and has received no notice of any disputes with
ARC, IATAN, or any other travel suppliers, except as set forth in the Disclosure
Schedule. The Seller has received no written notice that any existing client
intends to stop doing business with the Seller or to put out an RFP with respect
to such business.

       

       

      (b)              The
Seller is not in material Breach under, nor has it Breached any provision of (if
such past Breach has a continuing Material Adverse Effect), any Contract to
which it is a party or by which it is bound, and there is no material oral
modification inconsistent with the terms of any Contract.  All of such
Contracts are currently in full force and effect.  To the Knowledge of
the Seller, the other parties to such Contracts have fully complied with their
material obligations thereunder and are not in material Breach
thereof.  The Seller fully has performed each material term, condition
and covenant of each such Contract required to be performed by it on or prior to
the date hereof.  No event has occurred or circumstance exists that
(with or without notice or lapse of time) is reasonably likely to give rise to
or result in a Breach of, or give the Seller or other Person the right to
declare a Breach or exercise any remedy under, or to accelerate the maturity or
performance of, or payment under, or to cancel, terminate or modify, any
Contract of the Seller, except as may not reasonably be likely to have a
Material Adverse Effect.

       

       

      (c)              To
the Knowledge of the Seller, no Contract identified in Section 4.11 hereto will
upon completion or performance thereof have a Material Adverse Effect on the
Business.

       

       

      (d)              To
the Knowledge of the Seller, there are no renegotiations of, attempts to
renegotiate, or outstanding rights to renegotiate any material amounts paid or
payable to the Seller under current or completed Contracts with any Person and
no such Person has made written demand for such renegotiations.

       

       

      (e)              Each
Contract relating to the sale, design, manufacture or provision of products or
services by the Seller has been entered into in the Ordinary Course of the
Business and has been entered into without the commission of any act alone or in
concert with any other Person, or any consideration having been paid or
promised, that is or would be in violation of any Laws.

       

      4.14           Litigation.  Except
as set forth on the Disclosure Schedule, there is no pending or, to the
Knowledge of the Seller, threatened Proceeding:  (i)  by or
against Seller or that otherwise relates to or may affect the Business, or any
of the Purchased Assets; or (ii) that challenges, or that would reasonably
likely have the effect of preventing or making illegal any of the Contemplated
Transactions.  To the Knowledge of the Seller, no event has occurred
or circumstance exists that (with or without notice or lapse of time) is
reasonably likely to give rise to or serve as a basis for the commencement of
any such Proceeding.  Seller has made available to Buyer copies of all
pleadings, correspondence and other documents relating to each Proceeding set
forth on the Disclosure Schedule.  There are no Proceedings,
threatened or otherwise, listed or required to be set forth on the Disclosure
Schedule that could have a Material Adverse Effect on the Business.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      4.15           Compliance With Laws,
License or Orders.  The ownership and use of the Purchased
Assets and conduct of the Business do not violate and have not violated since
January 1, 2005, nor is the Seller in Breach of, any Law, License or Order; and
the Buyer will not incur any Liability or obligation after the Closing Date as a
result of any Breach of, any Law, License or Order existing at the Closing Date
or arising or accruing thereafter but based upon conditions extant at the
Closing Date (including, but not limited to, the Seller’s failure to obtain a
License required by Law).  Except as set forth on the Disclosure
Schedule, no expenditures are anticipated which are necessary or appropriate for
the continuation of the Business in compliance with any such Law, License or
Order.

       

      4.16           Environmental
Compliance.

       

      (a)              No Violations or
Proceedings.  Except as set forth on the Disclosure Schedule,
the Seller, in connection with the Business, has not since January 1, 2005
Breached or received a written notice, directive, violation report, Order or
charge asserting any violation of any Environmental Law.  Except as
set forth on the Disclosure Schedule, no Proceeding has ever been instituted
against the Seller concerning any Environmental Laws.

       

      (b)              Claims for
Remediation.  Except as set forth on the Disclosure Schedule,
the Seller has not since January 1, 2005 received from any federal, state or
local governmental department or agency or any other Person any written claim,
demand, directive, Order or request to investigate, restore, repair, clean up or
otherwise remediate, or to contribute to the costs of investigating, restoring,
repairing, cleaning up or otherwise remediating the Real Property or any other
property.

       

      (c)              Compliance.  Except
as set forth on the Disclosure Schedule: (i) the Seller is, and since January 1,
2005 has been, in compliance with all Environmental Laws; (ii) the Seller has
obtained all Licenses which are necessary or required under Environmental Laws
in connection with the operation of the Business, and the Seller is in
compliance with such Licenses; (iii) no asbestos, urea formaldehyde,
polychlorinated biphenyls or mold in structural materials or systems are present
on, at, in or under the Real Property; and (iv) none of the assets or operations
of the Seller is required to be upgraded, modified, or replaced in order to be
in compliance with Environmental Laws.

       

      (d)              No
Releases.  Except as set forth on the Disclosure
Schedule:  (i) the Seller has not since January 1, 2005 disposed of,
spilled, discharged, released or otherwise placed any Environmental Materials,
on, at, in or under the Real Property; (ii) to the Knowledge of the Seller, no
Third Party has disposed of, spilled, discharged, released or otherwise placed
any Environmental Materials on, at, in or under the Real Property; and (iii)
other than the information provided in (i) and (ii), since January 1, 2005 there
has been no release, discharge, leakage, seepage or migration of any
Environmental Materials from any aboveground or underground storage tank or any
other structure currently or previously located on, at, in or under the Real
Property.

       

      (e)              Assumption of
Liability.  Except as set forth on the Disclosure Schedule, the
Seller has not assumed, either contractually or by operation of law, any
Liability of any Person under any Environmental Laws.

       

      4.17           Contingent and Undisclosed
Liabilities.  The Seller has no Liabilities, nor is it subject
to the imposition of any valid claim by any Third Party arising from the conduct
of the Business or the ownership or use of its properties, whether such
Liabilities are fixed or contingent, of any nature whatsoever,
except:  (i) those fully reflected or reserved against on the Latest
Balance Sheet; (ii) those fully disclosed on the Disclosure Schedule, or that
are of the type or kind required to be disclosed in the Disclosure Schedule but
are not disclosed solely because they fall below an applicable minimum threshold
amount, term or materiality of the disclosures required by the terms of this
Agreement to be set forth in
the Disclosure Schedule; or (iii) those contractual and Tax Liabilities which
have arisen in the Ordinary Course of the Business from the Latest Balance Sheet
Date through the date hereof and which do not, singly or in the aggregate, have
a Material Adverse Effect on the Seller.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      4.18           Taxes. Except as set
forth on the Disclosure Schedule, with respect to pre-Closing periods, the
Seller has timely filed all Tax Returns required to be filed by it, and the
Shareholder has filed all Tax Returns required to be filed by it as a result of
the Seller’s status as subsidiary of the Shareholder, and such returns at the
time of their respective filing were accurate, complete and
correct.  The Seller and the Shareholder have paid all Taxes required
to be paid pursuant to such Tax Returns, and there are no other Taxes payable on
account of the operations of the Business except: (i) as are reflected or
reserved against on the Latest Balance Sheet; (ii) for Taxes arising from the
conduct of the Seller’s Business and ownership of its properties for and during
periods subsequent to the Latest Balance Sheet Date which are not yet due and
for which the Seller has made adequate reserves in the Seller’s books and
records of account; or (iii) as set forth on the Disclosure
Schedule.  The Disclosure Schedule lists the dates as of and for which
the Tax Returns of the Seller were audited (list any adjustments made and status
of such audits) and closed and lists the jurisdictions in which the Seller files
or is required to file any such Tax Return.  There is no Tax audit or
examination now pending or, to the Knowledge of the Seller, threatened in
writing with respect to the Seller, or any of its predecessors, subsidiaries or
affiliates and relating to the Business.  No written communication has
been received by the Seller from any state (including, but not limited to
foreign states) taxing authority requesting information concerning the extent of
the Seller’s nexus with such state or asserting that the Seller has such nexus
so as to impose such state’s Taxing jurisdiction on the Seller, and the Seller
does not have a nexus with any state in which it does not currently file Tax
Returns which would allow such state to impose its Taxing jurisdiction on the
Seller.  Except as set forth on the Disclosure Schedule, all Taxes and
assessments which the Seller was or is required by Law to withhold or collect
have been and are being withheld or collected by it and have been paid over to
the proper Governmental Authorities or, if not yet due, are being held by the
Seller for such payment.  The Seller has not waived or extended any
applicable statute of limitations relating to the assessment of any
Tax.

       

      4.19           Labor
Contracts.  Except as set forth on the Disclosure Schedule, the
Seller is not (and since January 1, 2005 has not been) a party to any collective
bargaining agreement or bound to any other agreement with a labor
union.  To the Knowledge of the Seller, there has not been within the
preceding two (2) fiscal years of the Seller and the current fiscal year, nor is
there currently, any strike, walkout or work stoppage; nor, to the Knowledge of
the Seller or the Shareholder, is any such action threatened in
writing.  There are no Proceedings pending for certification or
representation before the National Labor Relations Board nor, to the Knowledge
of the Seller or the Shareholder, has there been any attempt since January 1,
2005 to organize the employees of the Seller into a collective bargaining
unit.  There is no investigation pending, nor is there any uncorrected
or unresolved citation, complaint or charge issued, by any agency responsible
for administering or enforcing Laws relating to labor relations, employee safety
or health, fair labor standards and equal employment opportunity nor, to the
Knowledge of the Seller, is any such Proceeding threatened.

       

      4.20           Employee Benefit
Plans.

       

      (a)              The
Disclosure Schedule sets forth a complete and correct list of all “employee
benefit plans” as defined by Section 3(3) of  the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), all
specified fringe benefit plans as defined in Section 6039D of the Code, and all
other bonus, incentive-compensation, deferred-compensation, profit-sharing,
stock-option, stock-appreciation-right, stock-bonus, stock-purchase,
employee-stock-ownership, savings severance, change-in-control,
supplemental-unemployment, layoff, salary-continuation, retirement, pension,
health, life-insurance, disability, accident, group-insurance, vacation,
holiday, sick-leave, fringe-benefit or welfare plan, and
any other employee compensation or benefit plan, agreement, policy, practice,
commitment, contract or understanding (whether qualified or nonqualified) and
any trust, escrow or other agreement related thereto that (i) is maintained or
contributed to by the Seller or any other corporation or trade or business
controlled by, controlling or under common control with the Seller (within the
meaning of Section 414 of the Code or Section 4001(a)(14) or 4001(b) of ERISA)
(“ERISA
Affiliate”) or has been maintained or contributed to since January 1,
2005 by the Seller or any ERISA Affiliate, or with respect to which the Seller
or any ERISA Affiliate has or may have any Liability, and (ii) provides
benefits, or describes policies or procedures applicable to any current or
former director, officer, employee or service provider of the Seller or any
ERISA Affiliate, or the dependents of any thereof, regardless of how (or
whether) liabilities for the provision of benefits are accrued or assets are
acquired or dedicated with respect to the funding thereof (all the foregoing
being herein called “Benefit
Plans”).  Also set forth on the Disclosure Schedule is a
complete and correct list of all ERISA Affiliates of the Seller since January 1,
2001.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (b)              The
Seller has made available to the Buyer true, accurate and complete copies of (i)
the documents comprising each Benefit Plan (or, with respect to any Benefit Plan
which is unwritten, a detailed written description of eligibility,
participation, benefits, funding arrangements, assets and any other matters
which relate to the obligations of the Seller or any ERISA Affiliate); (ii) all
trust agreements, insurance contracts or any other funding instruments related
to the Benefit Plans; (iii) all rulings, determination letters, no-action
letters or advisory opinions from the IRS, the U.S. Department of Labor, the
Pension Benefit Guaranty Corporation (“PBGC”) or any other
Governmental Authority that pertain to each Benefit Plan and any open requests
therefor; (iv) the most recent actuarial and financial reports (audited and/or
unaudited) and the annual reports filed with any Governmental Authority with
respect to the Benefit Plans since January 1, 2001; (v) all collective
bargaining agreements pursuant to which contributions to any Benefit Plan have
been made or obligations incurred (including both pension and welfare benefits)
by the Seller or any ERISA Affiliate, and all collective bargaining agreements
pursuant to which contributions are being made or obligations are owed by such
entities; (vi) all securities registration statements filed with respect to any
Benefit Plan; (vii) all contracts with third-party administrators, actuaries,
investment managers, consultants and other independent contractors that relate
to any Benefit Plan; (viii) with respect to Benefit Plans that are subject to
Title IV of ERISA, the Form PBGC-1 filed for each of the three most recent plan
years; and (ix) all summary plan descriptions, summaries of material
modifications and memoranda, employee handbooks and other written communications
regarding the Benefit Plans.

       

      (c)              Except
as disclosed in the Disclosure Schedule, full payment has been made of all
amounts that are required under the terms of each Benefit Plan to be paid as
contributions with respect to all periods prior to and including the last day of
the most recent fiscal year of such Benefit Plan ended on or before the date of
this Agreement and all periods thereafter prior to the Closing Date, and no
accumulated funding deficiency or liquidity shortfall (as those terms are
defined in Section 302 of ERISA and Section 412 of the Code) has been incurred
with respect to any such Benefit Plan, whether or not waived.  The
value of the assets of each Benefit Plan exceeds the amount of all benefit
liabilities (determined on a plan termination basis using the actuarial
assumptions established by the PBGC as of the Closing Date) of such Benefit
Plan.  The Seller is not required to provide security to a Benefit
Plan under Section 401(a)(29) of the Code.  The funded status of each
Benefit Plan that is a Defined Benefit Plan is disclosed on the Disclosure
Schedule in a manner consistent with the Statement of Financial Accounting
Standards No. 87.  The Seller has paid in full all required insurance
premiums, subject only to normal retrospective adjustments in the ordinary
course, with regard to the Benefit Plans for all policy years or other
applicable policy periods ending on or before the Closing Date.

       

      (d)              Except
as disclosed in the Disclosure Schedule, no Benefit Plan, if subject to Title IV
of ERISA, has been completely or partially terminated, nor has any event
occurred nor does any circumstance
exist that could result in the partial termination of such Benefit
Plan.  The PBGC has not instituted or threatened in writing a
Proceeding to terminate or to appoint a trustee to administer any of the Benefit
Plans pursuant to Subtitle 1 of Title IV of ERISA, and, to the Knowledge of the
Seller, no condition or set of circumstances exists that presents a material
risk of termination or partial termination of any of the Benefit Plans by the
PBGC.  None of the Benefit Plans has been the subject of, and, to the
Knowledge of the Seller, no event has occurred or condition exists that could be
deemed, a reportable event (as defined in Section 4043 of ERISA) as to which a
notice would be required (without regard to regulatory monetary thresholds) to
be filed with the PBGC.  The Seller has paid in full all insurance
premiums due to the PBGC with regard to the Benefit Plans for all applicable
periods ending on or before the Closing Date.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (e)              Neither
the Seller nor ERISA Affiliate has any Liability, and the Contemplated
Transactions will not result in any Liability, (i) for the termination of or
withdrawal from any Benefit Plan under Sections 4062, 4063 or 4064 of ERISA,
(ii) for any lien imposed under Section 302(f) of ERISA or Section 412(n) of the
Code, (iii) for any interest payments required under Section 302(e) of ERISA or
Section 412(m) of the Code, (iv) for any excise tax imposed by Section 4971 of
the Code, (v) for any minimum funding contributions under Section 302(c)(11) of
ERISA or Section 412(c)(11) of the Code or (vi) for withdrawal from any
Multiemployer Plan under Section 4201 of ERISA.

       

      (f)              The
Seller has, since January 1, 2001, complied, and currently complies, in all
material respects with the applicable continuation requirements for its welfare
benefit plans, including (i) Section 4980B of the Code (as well as its
predecessor provision, Section 162(k) of the Code) and Sections 601 through 608,
inclusive, of ERISA, which provisions are hereinafter referred to collectively
as “COBRA” and (ii) any applicable state statutes mandating health insurance
continuation coverage for employees.

       

      (g)              The
form of all Benefit Plans is in compliance with the applicable terms of ERISA,
the Code, and any other applicable laws, including the Americans with
Disabilities Act of 1990, the Family Medical Leave Act of 1993 and the Health
Insurance Portability and Accountability Act of 1996, and such plans have been
operated in compliance with such laws and the written Benefit Plan
documents.  Neither the Seller nor, to the Knowledge of the Seller,
any fiduciary of any Benefit Plan has violated the requirements of Section 404
of ERISA.  All required reports and descriptions of the Benefit Plans
(including Internal Revenue Service Form 5500 Annual Reports, Summary Annual
Reports and Summary Plan Descriptions and Summaries of Material Modifications)
have been (when required) timely filed with the IRS, the U.S. Department of
Labor or other Governmental Authority and distributed as required, and all
notices required by ERISA or the Code or any other Laws with respect to the
Benefit Plans have been appropriately given.

       

      (h)              Each
Benefit Plan that is intended to be qualified under Section 401(a) of the Code
has received a favorable determination letter from the IRS, and the Seller has
no Knowledge of any circumstances that will or could result in revocation of any
such favorable determination letter.  Each trust created under any
Benefit Plan has been determined to be exempt from taxation under Section 501(a)
of the Code, and the Seller has no Knowledge of any circumstance that will or
could result in a revocation of such exemption.  Each Employee Welfare
Benefit Plan (as defined in Section 3(1) of ERISA) that utilizes a funding
vehicle described in Section 501(c)(9) of the Code or is subject to the
provisions of Section 505 of the Code has been the subject of a notification by
the IRS that such funding vehicle qualifies for tax-exempt status under Section
501(c)(9) of the Code or that the plan complies with Section 505 of the Code,
unless the IRS does not, as a matter of policy, issue such notification with
respect to the particular type of plan.  With respect to each Benefit
Plan, no event has occurred or condition exists that will or could give rise to
a loss of any intended tax consequence or to any Tax under Section 511 of the
Code.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (i)             There
is no material pending or, to the Knowledge of the Seller, threatened Proceeding
relating to any Benefit Plan, nor, to the Knowledge of Seller, is there any
basis for any such Proceeding.  Neither the Seller nor, to the
Knowledge of the Seller, any fiduciary of a Benefit Plan has engaged in a
transaction with respect to any Benefit Plan that, assuming the taxable period
of such transaction expired as of the date hereof, could subject the Seller or
the Buyer to a Tax or penalty imposed by either Section 4975 of the Code or
Section 502(1) of ERISA or a violation of Section 406 of ERISA.  The
Contemplated Transactions will not result in the potential assessment of a Tax
or penalty under Section 4975 of the Code or Section 502(1) of ERISA nor result
in a violation of Section 406 of ERISA.

       

      (j)              The
Seller has maintained workers’ compensation coverage as required by applicable
state law through purchase of insurance and not by self-insurance or
otherwise.

       

      (k)             Except
as required by Law and as provided in Section 6.7(d), the consummation of the
Contemplated Transactions will not accelerate the time of vesting or the time of
payment, or increase the amount, of compensation due to any director, employee,
officer, former employee or former officer of the Seller.  There are
no contracts or arrangements to which Seller is a party providing for payments
that could subject any person to Liability for tax under Section 4999 of the
Code.

       

      (l)              Except
for the continuation coverage requirements of COBRA, the Seller has no
obligations or potential Liability for benefits to employees, former employees
or their respective dependents following termination of employment or retirement
under any of the Benefit Plans that are Employee Welfare Benefit
Plans.

       

      (m)             Except
as provided in Section 6.7(d), none of the Contemplated Transactions will result
in an amendment, modification or termination of any of the Benefit
Plans.  No written or oral representations have been made to any
employee or former employee of the Seller promising or guaranteeing any employer
payment or funding for the continuation of medical, dental, life or disability
coverage for any period of time beyond the end of the current plan year (except
to the extent of coverage required under COBRA).  No written or oral
representations have been made to any employee or former employee of the Seller
concerning the employee benefits of the Buyer.

       

      (n)              Seller
has never contributed to, or had an obligation to contribute to, (i) any
“defined benefit plan” (as defined in Section 414(l) of the Code); (ii) any
“multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA; or (iii)
a plan subject to Title IV of ERISA.

       

      4.21           Warranties.  The
Disclosure Schedule sets forth the material terms and conditions of all express
warranties under which the Seller may have Liability after the Closing
Date.  Except as set forth on the Disclosure Schedule, all warranties
given by the Seller in connection with the Business: (A) limit the remedy
available to Seller’s customers to a refund of the sales price of such goods to
the customer; (B) expressly disallow claims for all other damages, including
direct, immediate, incidental, foreseeable, consequential or special damages;
and (C) expressly disclaim all other warranties not expressly stated therein,
whether express or implied, including warranties of merchantability, fitness for
a particular purpose, performance or otherwise.

       

      4.22           Changes in Financial
Position.  Since the Latest Balance Sheet, the Business has
been conducted in the Ordinary Course, and except as described on the Disclosure
Schedule, there has not been:

        
          
             

          

          
             

            
              

            

          

          
             

          

        

                     
(a)             
Adverse
Changes.  No event has occurred nor does any circumstance or
fact exist that (with or without notice or lapse of time) may reasonably be
expected to result in a Material Adverse Effect to the Business or the Purchased
Assets; or

       

      (b)              Business or Property
Damage.  Any material damage, destruction or loss (whether or
not covered by insurance) adversely affecting the Business, Purchased Assets,
properties or prospects of the Seller.

       

       

      4.23           Events Subsequent to the
Latest Balance Sheet Date.  The Seller has not, except in
connection with the performance of this Agreement or in the Ordinary Course of
the Business or as described on the Disclosure Schedule, since the Latest
Balance Sheet Date:

       

      (a)              Incurred
Liabilities.  Incurred any obligation or Liability (absolute,
contingent, accrued or otherwise), or guaranteed or become a surety of any
debt;

       

      (b)              Disposition of
Assets.  Sold or transferred any of its assets, or canceled any
debts or claims or waived any rights, except sales of inventory in the Ordinary
Course of the Business, or Encumbered any of its assets whatsoever;

       

      (c)              Dividends.  Made
any declaration, setting aside or payment to the Shareholder of any dividend or
redemption or other distribution with respect to the Seller’s capital stock, or
agreed to take any such action;

       

      (d)              Stock
Issuance.  Issued or authorized any stock, bonds, debentures,
options, warrants or other securities;

       

      (e)              Sale of
Business.  Entered into any negotiations or Contract for the
sale of the Business, or any part thereof or for the purchase of another
business, whether by merger, consolidation, exchange of capital stock or
otherwise (other than negotiations with respect to this Agreement);

       

      (f)              Increase
Compensation.  Increased or promised to increase the
compensation or fringe benefits of any Shareholder, officer or director, or
instituted any general wage increase applicable to employees, or any specified
sub group of employees;

       

      (g)              Working
Capital.  Accelerated the collection of Receivables, deferred
the payment of its accounts payable or accrued expenses or taken any other
action outside the Ordinary Course of Seller’s Business which has or may
decrease the working capital of the Seller;

       

      (h)              Accounting
Procedure.  Changed or modified its accounting methods or
practices or increased or established any reserve for Taxes or bad accounts or
any other Liability on its books or otherwise provided therefor;

       

      (i)              Settle
Litigation.  Settled, or agreed to settle, any litigation,
arbitration or other Proceeding, pending or threatened;

       

      (j)              Employment and Labor
Contracts.  Entered into, amended, renewed or extended any
employment Contract or collective bargaining agreement;

       

      (k)              Other
Contracts.  Entered into, amended, terminated or received
written notice of termination of (i) any License or Contract to which Seller is
a party, or (ii) any Contract or transaction involving a total remaining
commitment by Seller of at least $10,000;

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (l)               Charter
Amendments.  Except as otherwise contemplated by this
Agreement, made any amendments to or changes in its articles of incorporation or
bylaws;

       

      (m)              Related Party
Transaction.  Engaged in any transaction of the types described
in Section 4.26 with a Related Party of Seller or a Shareholder; or

       

      (n)              Certain
Agreements.  Agreed in writing to do any of the
foregoing.

       

      4.24           Customers and
Suppliers.  The Disclosure Schedule lists, in descending order,
those customers of the Seller accounting for at least 1.0% of annual sales
volume in the Seller’s most recently completed fiscal year (“Major Customers”) and
the 20 suppliers or vendors accounting for the largest annual expense to the
Seller (“Major
Vendors”).  The Seller has received no notice that any Major
Customer or any Major Vendor (if such Major Vendor could not be replaced by the
Seller with no Material Adverse Effect to the Business), has terminated,
curtailed, reduced, deferred, delayed or otherwise materially adversely impacted
its business relations with the Seller or will take any such actions after the
Closing Date.

       

      4.25           Brokerage.  Neither
the Shareholder nor the Seller has incurred, or made commitments for, any
brokerage, finders’ or similar fee in connection with the Contemplated
Transactions.

       

      4.26           Related Party
Transactions.  Except as set forth on the Disclosure Schedule,
neither the Seller nor any Shareholder nor any Related Party of any of them has,
or since January 1, 2005, has had, any interest in any property (whether real,
personal or mixed and whether tangible or intangible) used in or pertaining to
the Business.  Except for the Shareholder’s ownership and operation of
Hickory Travel Systems Inc., neither the Seller nor the Shareholder nor any
Related Party of any of them owns, or since January 1, 2005 has owned, of record
or as a beneficial owner, an equity interest or any other financial or profit
interest in any Person that has (i) had material business dealings or a material
financial interest in any transaction with the Seller other than business
dealings or transactions set forth on the Disclosure Schedule, each of which has
been conducted in the Ordinary Course of the Business at arms-length prices and
terms, or (ii) engaged in competition with the Seller with respect to any line
of the products or services of the Seller (a “Competing Business”)
in any market presently served by the Seller, except for ownership of less than
one percent (1%) of the outstanding capital stock of any Competing Business that
is publicly traded on any recognized exchange or in the over-the-counter
market.  Except as set forth on the Disclosure Schedule, neither the
Seller nor the Shareholder or any Related Party of any of them is a party to any
Contract with, or has any claim or right against, the Business or the Purchased
Assets.

       

      4.27           Certain
Payments.

       

      (a)              The
Seller or the Shareholder, in order to obtain or retain business, directly or
indirectly have not offered, paid or promised to pay, or authorized the payment
of, any money or other thing of value (including any fee, gift, sample, travel
expense or entertainment with a value in excess of $100.00 in the aggregate to
any one individual in any year) in violation of applicable Law
to:  (i) any person who is an official, officer, agent, employee or
representative of any Governmental Authority or of any existing or prospective
customer (whether government owned or nongovernment owned) other than in
accordance with industry standards; (ii) any political party or official
thereof; (iii) any candidate for political or political party office; or (iv)
any other individual or entity;  while knowing or having reason to
believe that all or any portion of such money or thing of value would be
offered, given, or promised, directly or indirectly, to any such official,
officer, agent, employee, representative, political party, political party
official, candidate, individual, or any entity affiliated with such customer,
political party or official or political office.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (b)              Except
as set forth on the Disclosure Schedule, the Seller has made all payments to
Third Parties by check mailed to such third parties’ principal place of business
or by wire transfer to a bank located in the same jurisdiction as such party’s
principal place of business, except as would not reasonably be expected to have
a Material Adverse Effect.

       

      (c)              To
the Knowledge of the Seller, each transaction is properly and accurately
recorded on the books and records of the Seller, and each document upon which
entries in the Seller’s books and records are based is complete and accurate in
all respects.  The Seller maintains a system of internal accounting
controls adequate to insure that the Seller maintains no off-the-books accounts
and that seller’s assets are used only in accordance with the Seller’s
management directives.

       

      4.28           Solvency.

       

                                    
(a)              
The Seller is not now insolvent and will not be rendered insolvent by any of the
Contemplated Transactions.  As used in this section, “insolvent” means the
inability of the Seller to pay its Liabilities other than the Assumed
Liabilities.

       

                                     (b)              
Immediately after giving effect to the consummation of the Contemplated
Transactions (i) the Seller will be able to pay its Liabilities as they become
due in the usual course of its business, except for the portion assumed by the
Buyer at the Closing or the portion to be paid by the Buyer pursuant to Section
2.4 above, (ii) the Seller will not have unreasonably small capital with which
to conduct its present or proposed business, (iii) the Seller will have assets
(calculated at fair market value) that exceed its Liabilities, and (iv) taking
into account all pending and threatened litigation, final judgments against the
Seller in actions for money damages are not reasonably anticipated to be
rendered at a time when, or in amounts such that, the Seller will be unable to
satisfy any such judgments promptly in accordance with their terms (taking into
account the maximum probable amount of such judgments in any such actions and
the earliest reasonable time at which such judgments might be rendered) as well
as all other obligations of the Seller.  The cash available to the
Seller, after taking into account all other anticipated uses of the cash, will
be sufficient to pay all such debts and judgments promptly in accordance with
their terms.

       

      4.29           Representations and
Warranties True and Correct.  The representations and
warranties contained herein, and in all exhibits and schedules hereto, do not
include any untrue statement of a material fact or omit to state a material fact
required to be stated herein or therein in order to make the statements herein
or therein, in light of the circumstances under which they are made, not
misleading.

       

      ARTICLE
V

       

      REPRESENTATIONS
OF THE BUYER

       

      In order
to induce the Seller to enter into this Agreement, the Buyer makes the following
representations and warranties to the Seller, each of which shall be deemed to
be independently material and relied upon by the Seller, regardless of any
investigation made by, or information known to, the Seller.

       

                     
5.1            
Organization.  The
Buyer is a limited liability company duly organized and validly existing under
the laws of the State of Delaware.

       

      
                       
5.2            
Contemplated Transactions
General Compliance.

      

       

      (a)              Enforceability;
Authority.  The Transaction Documents are or, upon the
execution and delivery thereof will be, the valid and binding obligations of the
Buyer, enforceable against it in accordance with their terms.  The
Buyer has the absolute and unrestricted right, power and authority to
execute and deliver the Transaction Documents to which it is a party and to
perform its obligations under the Contemplated Transactions.  The
execution and delivery of the Transaction Documents, and the performance by the
Buyer of each of its obligations contained herein, have been duly approved by
the Buyer’s Manager and its sole member.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (b)              No
Conflict.  The execution and delivery of the Transaction
Documents do not, and the consummation or performance of any of the Contemplated
Transactions will not: (i) conflict with or violate any provisions of the
articles or certificate of formation or operating agreement of the Buyer; (ii)
Breach any provisions of or result in the maturation or acceleration of, any
obligations under any contract, Order, License or Law, to which the Buyer is
subject or to which the Buyer is a party; or (iii) violate any restriction or
limitation, or result in the termination or loss of any right (or give any
Person, other than the Buyer, the right to cause such termination or loss), of
any kind to which the Buyer is bound or has.

       

      5.3          Brokerage.  The
Buyer has not incurred, nor made commitment for, any brokerage, finders’ or
similar fee in connection with the Contemplated Transactions.

       

      5.4          Litigation.  There
is no pending or, to the Knowledge of the Buyer, threatened
Proceeding:  (i)  by or against Buyer that otherwise relates
to or may affect the Business, or any of the Purchased Assets; or (ii) that
challenges, or that would reasonably likely have the effect of preventing or
making illegal any of the Contemplated Transactions.

       

      ARTICLE
VI

      COVENANTS
OF THE SELLER AND THE SHAREHOLDER

       

      The
Seller and the Shareholder covenant and agree with the Buyer as
follows:

       

      6.1           Access.  From
the date hereof and until the Closing Date, the Buyer and its authorized
officers, agents, representatives and prospective lenders shall have reasonable
access during normal business hours to all employees, properties, books,
records, contracts, Tax Returns and documents of the Seller; provided, however,
that the Buyer shall inform the Seller of its intention to seek access and the
matters sought to be reviewed at least twenty-four (24) hours in advance and,
further, that the access requested shall not interfere unreasonably with the
Business, properties or operations of the Seller.  The Seller and the
Shareholder shall cooperate with the Buyer by using their commercially
reasonable efforts to cause the Major Customers and Major Vendors to meet with
and respond to all questions posed by the Buyer concerning the Seller and
promptly responding to, and causing the Seller’s officers and employees promptly
to respond to, all questions posed by the Buyer concerning the Seller, the
Business, properties, condition (financial or otherwise) or prospects; provided,
however, that Buyer’s advance notice shall include the proposed meeting time and
proposed list of questions, and Seller shall have reserved the right, in its
sole discretion, to attend any such meeting and to approve, deny or edit any
such request, with respect to the time of the interview and any
question.  If the Contemplated Transactions are not consummated, the
Buyer and its respective officers, agents and representatives will hold in
confidence all information obtained from the Seller, any of its officers, agents
or representatives, or the Shareholder, excepting however, any such information
which (i) was or is in the public domain, (ii) was in fact known to the Buyer
prior to disclosure to the Buyer by the Seller or the Shareholder, or (iii) is
disclosed to the Buyer by a Third Party other than any employee or former
employee of the Seller subsequent to disclosure by the Seller or the
Shareholder.  If any of the information to be provided under this
Section 6.1 is subject to the privacy provisions of HIPAA, the information
will be furnished only in accordance with HIPAA.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      6.2           Operation of
Business.  From the date hereof and until the Closing Date,
without the express prior written consent of the Buyer, the Seller shall not
take any action or permit the occurrence of any matter set forth in Section
4.23.

       

      6.3           Preservation of
Business.  From the date hereof and until the Closing Date, the
Seller and the Shareholder shall carry on the Business diligently and
substantially in the Ordinary Course of the Business consistent with past
practice and shall use their commercially reasonable efforts to keep the
Business organization intact, including its present relationships with
employees, suppliers and customers and  others having business
relations with it.  The Seller shall maintain at all times in
inventory quantities of raw materials, finished goods, spare parts and other
supplies and materials sufficient to allow the Buyer to continue to operate the
Business, after the Closing Date, free from any shortage of such
items.

       

      6.4           Insurance and Maintenance of
Property.  From the date hereof and until the Closing Date, the
Seller shall maintain in effect all the Insurance, and shall operate, maintain
and repair all of its property in a manner consistent with past
practice.

       

      6.5           Compliance with
Laws.  From the date hereof and until the Closing Date, the
Seller shall comply with all applicable Laws and Orders applicable to, or
binding upon, the Seller or the Business or properties.

       

      6.6           Fulfill
Conditions.  The Seller and the Shareholder shall use their
commercially reasonable efforts to cause to be fulfilled on or prior to the
Closing each of the conditions set forth in Article VIII hereof.

       

      
                       
6.7          
Employees, Employee
Benefits, and Independent Sales Contractors.

      

       

                                     (a)        
Information on Active
Employees.  For the purpose of this Agreement, the term “Active Employee”
shall mean all employees employed on the Closing Date by the Seller in the
Business as currently conducted, including employees on temporary leave of
absence, including family medical leave, military leave, temporary disability or
sick leave, but excluding employees on long-term disability leave.

       

      (b)        Employment of Active
Employees by Buyer.

       

      (i) Buyer
is not obligated to hire any Active Employee but may interview all Active
Employees.  The Buyer will provide the Seller with a list of Active
Employees to whom the Buyer has made an offer of employment that has been
accepted to be effective on opening of Business on the Closing Date (the “Hired Active
Employees”).  Subject to Laws, Buyer will have reasonable
access to the Business and personnel records (including performance appraisals,
disciplinary actions, grievances and medical records) of the Seller for the
purpose of preparing for and conducting employment interviews with all Active
Employees and will conduct the interviews as expeditiously as possible prior to
the Closing Date.  Access will be provided by the  Seller
upon reasonable prior notice during normal business hours.  Effective
at the close of Business on the day immediately prior to the Closing Date, the
Seller will terminate the employment of all of its Hired Active
Employees.

       

      (ii)  Neither
the  Seller nor the Shareholder nor their Related Parties shall
solicit the continued employment of any Active Employee (unless and until Buyer
has informed the Seller in writing that the particular Active Employee will not
receive any employment offer from Buyer) or the employment of any Hired Active
Employee after the Closing.  Buyer shall inform the Seller promptly of
the identities of those Active Employees to whom it will not make employment
offers, and the Seller shall assist the Buyer in complying with the WARN Act as
to those Active Employees.

        
          
             

          

          
             

            
              

            

          

          
             

          

        

      (iii)   It
is understood and agreed that (A) Buyer’s expressed intention to extend offers
of employment as set forth in this Section shall not constitute any commitment,
Contract or understanding (expressed or implied) of any obligation on the part
of Buyer to a post-Closing Date employment relationship of any fixed term or
duration or upon any terms or conditions other than those that Buyer may
establish pursuant to individual offers of employment, and (B) employment
offered by Buyer is “at will” and may be terminated by Buyer or by an employee
at any time for any reason (subject to any written commitments to the contrary
made by Buyer or an employee).  Nothing in this Agreement shall be
deemed to prevent or restrict in any way the right of Buyer to terminate,
reassign, promote or demote any of the Hired Active Employees after the Closing
or to change adversely or favorably the title, powers, duties, responsibilities,
functions, locations, salaries, other compensation or terms or conditions of
employment of such employees.

       

      (c)  Salaries and
Benefits.

       

      (i)  The
Seller shall be responsible for (A) the payment of all wages and other
remuneration due to Active Employees with respect to their services as employees
of the Seller through the close of business on the day immediately prior to the
Closing Date, including pro rata bonus payments and all vacation and sick pay
earned prior to the Closing Date; (B) the payment of any termination or
severance payments and the provision of health plan continuation coverage in
accordance with the requirements of COBRA and Sections 601 through 608 of ERISA;
and (C) any and all payments to employees required under the WARN
Act.  The Buyer shall be responsible for the payment of all wages and
other remuneration due to Hired Active Employees with respect to their services
as employees of the Buyer from the opening of business on the Closing Date,
including pro rata bonus payments and all vacation and sick pay earned
subsequent to the Closing Date, in accordance with the Buyer’s legal obligations
and policies.

       

      (ii)  The
Seller shall be liable for any claims made or incurred by Active Employees and
their beneficiaries under the Benefit Plans.  The Buyer shall be
liable for any claims made or incurred by Hired Active Employees and their
beneficiaries from the opening of business on the Closing Date under Buyer’s
benefit plans.

       

      (d)  Seller’s Retirement and
Savings Plans.

       

      (i)  All
Hired Active Employees who are participants in the Seller’s retirement plans
shall retain their accrued benefits under the Seller’s retirement plans as of
close of business on the day immediately prior to the Closing Date, and the
Seller (or the Seller’s retirement plans) shall retain sole Liability for the
payment of such benefits as and when such Active Employees become eligible
therefor under such plans.  All Hired Active Employees shall become
fully vested in their accrued benefits under the Seller’s retirement plans as of
the Closing Date, and the Seller will so amend such plans if necessary to
achieve this result.  The Seller shall cause the assets of each
Benefit Plan to equal or exceed the benefit liabilities of such Benefit Plan on
a plan-termination basis as of the Closing Date.  Buyer will allow all
Hired Active Employees to participate in the Buyer’s retirement plans from the
opening of business on the Closing Date, and the Buyer (or the Buyer’s
retirement plans) shall retain sole Liability for the payment of such benefits
as and when such Hired Active Employees become eligible therefor under such
plans.

       

      (ii)  The
Seller will cause its savings plan to be amended in order to provide that the
Hired Active Employees shall be fully vested in their accounts under such plan
as of the Closing Date and all payments thereafter shall be made from such plan
as provided in the plan.

        
          
             

          

          
             

            
              

            

          

          
             

          

        

                              
(e)  No
Transfer of Assets.  Neither the Seller nor the Shareholder nor
their respective Related Parties will make any transfer of pension or other
employee benefit plan assets to Buyer.

       

      (f)  Collective Bargaining
Matters.  Buyer will set its own initial terms and conditions
of employment for the Hired Active Employees and others it may hire, including
work rules, benefits and salary and wage structure, all as permitted by
law.  Buyer is not obligated to assume any collective bargaining
agreements under this Agreement.  The Seller shall be solely liable
for any severance payment required to be made to its employees due to the
Contemplated Transactions.  Any bargaining obligations of Buyer with
any union with respect to bargaining unit employees subsequent to the Closing
Date, whether such obligations arise before or after the Closing Date, shall be
the sole responsibility of Buyer.

       

      (g)  General Employee
Provisions.

       

      (i)  The
Seller and Buyer shall give any notices required by Law and take whatever other
actions with respect to the plans, programs and policies described in this
Section 6.7 as may be necessary to carry out the arrangements described in this
Section 6.7.

       

      (ii)  The
Seller and the Buyer shall provide each other with such plan documents and
summary plan descriptions, employee data or other information as may be
reasonably required to carry out the arrangements described in this Section
6.7.

       

      (iii)  If
any of the arrangements described in this Section 6.7 are determined by the IRS
or other Governmental Authority to be prohibited, the Seller and the Buyer shall
modify such arrangements to as closely as possible reflect their expressed
intent and retain the allocation of economic benefits and burdens to the parties
contemplated herein in a manner that is not prohibited.

       

      (iv)  The
Seller shall provide the Buyer with completed I-9 forms and attachments with
respect to all Hired Active Employees, except for such employees as the Seller
certifies in writing to the Buyer are exempt from such requirement.

       

      (vi)
Buyer shall not have any responsibility, Liability or obligation, whether to
Active Employees, former employees, their beneficiaries or to any other Person,
with respect to any employee benefit plans, practices, programs or arrangements
(including the establishment, operation or termination thereof and the
notification and provision of COBRA coverage extension) maintained by the
Seller.

       

                                   
(h)   Retainer of Independent
Sales Contractors by Buyer.  Buyer is not obligated to retain
any of Seller’s independent sales contractors. Neither the Seller nor the
Shareholder nor their Related Parties shall solicit the retainer of any
independent sales contractors.  Nothing in this Agreement shall be
deemed to prevent or restrict in any way the right of Buyer to retain or
terminate after the Closing any of said contractors.  The Seller shall
be responsible for the payment of all remuneration due to said contractors
arising from transactions before the Closing Date.

       

      6.8        Release of Security
Interests.  The Seller shall on or prior to the Closing Date
deliver to the Buyer such documents as are necessary to terminate and release
all security interests and other Encumbrances other than Permitted Encumbrances,
which documents shall be in form and substance acceptable to the Buyer and shall
include without limitation, all documents necessary to terminate of record any
such Encumbrance.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      6.9            
Change of Corporate
Name.  Immediately upon Closing, the Seller and the Shareholder
agree to take all action that is necessary to authorize and effect the filing of
the amendment of the Seller’s articles of incorporation to change the corporate
name of the Seller to a name which does not include any of the words
“TraveLeaders,” “Travel” or “Leader” and to terminate any assumed name filings
which include any such words.

       

      6.10          
Documents of
Transfer.  At the Closing, the Seller shall duly execute and
deliver to the Buyer an Assignment and Bill of Sale in form and substance as
Exhibit
G attached hereto.  In addition, the Seller shall execute and
deliver to the Buyer at the Closing, in form and substance reasonably
satisfactory to counsel for the Buyer, assignments assigning to the Buyer any of
the following that the Buyer may designate:

       

      (a) All
Intellectual Property Assets;

       

      (b) all
Contracts which, by their terms, require a separate assignment
document;

       

      (c) all
Licenses which, by their terms, require a separate assignment document;
and

       

      (d) All
assignable policies of Insurance then in effect.

       

      6.11           Agreements Executed At
Closing.  At the Closing, the Seller and the Shareholder shall
execute and deliver to the Buyer, and Buyer shall executed and deliver to the
Seller and the Shareholder, as applicable, the Strategic Alliance Agreement, the
Non-Competition Agreement, the Guarantee and any other agreement required by
this Agreement to be executed at the Closing.

       

      6.12  Other
Deliveries.

       

      (a)           At
the Closing, the Seller shall deliver to the Buyer the following:

       

      (i) The
resolutions of the Shareholder and the Seller’s Board of Directors authorizing
and approving the execution, delivery and performance of this Agreement and the
Contemplated Transactions, certified by the secretary or the president of the
Seller;

       

      (ii) Such
consents for the assignment of material Contracts and Licenses, as described on
the Disclosure Schedule as required for Closing (the “Required Consents”),
and the Seller shall pay all fees, charges and other costs that are required or
imposed in connection with obtaining any such consent; and

       

      (iii) All
other documents reasonably requested by counsel for the Buyer to consummate the
Contemplated Transactions.

       

      (b)           At
the Closing, the Buyer shall deliver to the Seller the following:

       

      (i) The
resolutions of the Buyer’s Manager and sole member authorizing and approving the
execution, delivery and performance of this Agreement and the Contemplated
Transactions, certified by the Manager of the Buyer; and

       

      (ii) All
other documents reasonably requested by counsel for the Seller to consummate the
Contemplated Transactions.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

                     
6.13    Collection of the
Receivables.  The Buyer shall have full power and authority to
collect for its account all Receivables, and to endorse, without recourse to the
Seller, in the name of the Seller, any checks or other instruments of payment
received on account of payment of any such Receivables; provided, further, that
if the Seller receives any payment on account of any such Receivables, the
Seller shall transfer and deliver such payment (endorsed where necessary) to the
Buyer, promptly after receipt.

       

      6.14    Transfer
Taxes.  The Seller shall pay all sales and other transfer
Taxes, resulting from the Contemplated Transactions.

       

      6.15    Certificate of Active
Status.  At the Closing, the Seller shall deliver a certificate
of active status recently certified by the Secretary of the State of
Florida.

       

                    
6.16    Updated Disclosure;
Notice.  Promptly from time to time after the date hereof and
until the Closing Date, the Seller and the Shareholder shall deliver an updated
Disclosure Schedule and inform the Buyer in writing of all material information,
events, actions or omissions which (i) if this Agreement were signed on the
Closing Date, would be required to be disclosed on the Disclosure Schedule in
order to make the Shareholder’s and Seller’s representations and warranties
contained herein true and not misleading, (ii) causes or constitutes a material
Breach of any such representation or warranty contained in Article IV, or would
constitute a material Breach of any representation or warranty if again made at
the time the fact or condition arises, (iii) constitutes a material Breach of
any covenant contained in Article VI, and (iv) makes the satisfaction of the
conditions contained in Article VIII impossible or illegal.  Unless
Buyer has the right to terminate this Agreement pursuant to Section 11.1,
and exercises that right within ten business days of notice by Seller and
Shareholder described in the preceding sentence, such written notice will be
deemed to have amended the Disclosure Schedule, to have qualified the
representations and warranties contained herein, and to have cured any
misrepresentation or breach of warranty that otherwise might have existed
hereunder by reason of the matter.

       

      6.17   
Customer and Other
Business Relationships.  After the Closing Date, the Seller
will cooperate with the Buyer in its efforts to continue and maintain for the
benefit of the Buyer those business relationships of the Seller existing prior
to the Closing Date and relating to the Business to be operated by the Buyer
after the Closing Date, including relationships with lessors, employees,
regulatory authorities, licensors, customers, suppliers and others, and the
Seller will satisfy the Non-Assumed Liabilities in a manner that is not
detrimental to Buyer’s future relationship with such parties.  The
Seller and the Shareholder will refer to the Buyer all inquiries relating to
such business.  Neither the Seller nor the Shareholder or any of their
respective officers, employees agents or shareholders shall take any action that
would tend to diminish the value of the Purchased Assets after the Closing Date
or that would interfere with the business of the Buyer to be engaged in after
the Closing Date, including disparaging the name or business of the
Buyer.

       

      6.18   
Removing Excluded
Assets.  On or before the Closing Date, the Seller shall remove
all Excluded Assets as described in Section 1.2 herein from all facilities and
other real property to be occupied by the Buyer.  Such removal shall
be done in such manner as to avoid any damage to the facilities and other
properties to be occupied by the Buyer and any disruption of the business
operations to be conducted by the Buyer after the Closing Date.  Any
damage to the Purchased Assets or to the facilities resulting from such removal
shall be paid by the Seller at the Closing.  Should the Seller fail to
remove the Excluded Assets as required by this Section, the Buyer shall have the
right, but not the obligation, (i) to remove the Excluded Assets at the Seller’s
sole cost and expense, (ii) to store the Excluded Assets and to charge the
Seller all storage costs associated therewith, (iii) to treat the Excluded
Assets as unclaimed and to proceed to dispose of the same under the laws
governing unclaimed property, or (iv) to exercise any other right or remedy
conferred by this Agreement or otherwise available at law or in
equity.  The Seller promptly shall reimburse the Buyer for all costs
and expenses incurred by the Buyer in connection with any Excluded Assets not
removed by the Seller on or before the Closing Date.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
VII

       

      COVENANTS
OF THE BUYER AND JOINT COVENANTS OF BUYER AND SELLER

       

      The Buyer
covenants and agrees with the Seller as follows:

       

                
7.1          Certified
Resolutions.  At the Closing, the Buyer shall deliver to the
Seller a copy of the resolutions of the Buyer’s Manager and sole member,
authorizing and approving the execution of this Agreement and the performance by
the Buyer of the Contemplated Transactions, certified by the Manager of the
Buyer.

       

      7.2          Agreements.  At
the Closing, the Buyer shall execute and deliver the agreements referred to in
Section 6.11.

       

      7.3          Fulfill
Conditions.  The Buyer shall use its commercially reasonable
efforts to cause to be fulfilled on or prior to the Closing each of the
conditions set forth in Article IX hereof.

       

      7.4          ARC and
IATAN.

       

      (a)    Applications. Within
15 days after the Buyer’s request, Buyer and Seller shall cooperate to complete
and file an ARC application for changes of ownership under which the locations
of the Buyer as of the Closing shall become ARC-appointed branches of the
Seller, and an IATAN Joint Notice of Change.  Each party shall pay
half of the ARC and IATAN filing fees.  The Closing shall not be
contingent upon ARC or IATAN approval. Thereafter, the parties shall cooperate
to file all necessary follow-up documents in order to obtain approval of the
change of ownership as quickly as possible.

       

      (b)  ARC Sales Periods.
For the ARC sales periods after the Closing for which ARC or other travel
suppliers will continue to draft Seller’s bank account, Buyer shall fund such
account for the net amount, if any, of each such draft.  Buyer shall
accomplish the funding by wire transfer or cashier’s check to be received by
Seller’s bank or Seller, respectively, not later than the Tuesday prior to such
draft.  In the event that there is a net payment due from ARC or
another travel supplier to Seller’s bank account for the applicable period (such
that the payment belongs to Buyer), then Seller shall pay an identical amount to
Buyer within two business days after Seller’s receipt of such net
payment.  At the Closing, Seller shall provide new signature cards to
be signed by both Seller and Buyer for Seller’s ARC bank account, and all checks
and other withdrawals and transfers from that account (except for ARC drafts)
shall require the signatures of both Seller and Buyer.  Immediately
after closing, Seller shall give the new signature cards to its
bank.

       

      (c)  Maintenance of
Appointments. Seller shall maintain its ARC and IATAN appointments and
its ARC bond or letter of credit in effect and in good standing until ARC and
IATAN shall have both approved the changes of ownership. In the event that,
prior to ARC approval, Buyer desires to move or close an office of the Seller
existing as of Closing, the Seller shall promptly file the appropriate
application for ARC recognition thereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
VIII

       

      CONDITIONS
TO BUYER’S OBLIGATION TO CLOSE

       

      The
obligation of the Buyer to consummate the Contemplated Transactions shall be
subject to the satisfaction and fulfillment, prior to and at the Closing, of
each of the following express conditions precedent (any of which may be waived
by the Buyer in whole or in part):

       

      8.1           Representation and
Warranties.  The representations and warranties of the Seller
and the Shareholder contained in this Agreement (x) that are not qualified
by “materiality” or “Material Adverse Effect” shall have been true and correct
in all material respects when made and shall be true and correct in all material
respects as of the Closing with the same force and effect as if made as of the
Closing and (y) that are qualified by “materiality” or “Material Adverse
Effect” shall have been true and correct when made and shall be true and correct
as of the Closing with the same force and effect as if made as of the Closing,
except to the extent such representations and warranties are as of another date,
in which case, such representations and warranties shall be true and correct as
of that date with the same force and effect as if made as of the Closing, and
the Buyer shall have been furnished a certificate signed by the Shareholder and
by the president of the Seller to that effect.

       

      8.2           Performance of Covenants and
Obligations.  The Shareholder and the Seller shall have
performed and complied with all of their covenants and obligations under this
Agreement which are to be performed or complied with by them prior to or on the
Closing Date and the Buyer shall have been furnished a certificate signed by the
Shareholder and by the president of the Seller to that effect.

       

      8.3           Proceedings and Instruments
Satisfactory.  All proceedings, corporate or otherwise, to be
taken in connection with the Contemplated Transactions, and all documents
incident thereto, shall be satisfactory in form and substance to the
Buyer.

       

      8.4           Adverse
Change.  From and after the date of this Agreement and until
the Closing Date, there shall have been no Material Adverse Effect on the
Business or the Purchased Assets.

       

      8.5           No
Litigation.  No Proceeding shall be threatened or commenced
before any Governmental Authority in which (a) it is sought to restrain,
prohibit or obtain damages or other relief in connection with this Agreement or
the consummation of the Contemplated Transactions; or (b) that may have the
effect of preventing, delaying, making illegal or otherwise interfering with the
Contemplated Transactions; provided, that this Section 8.5 shall not apply
if the Buyer has directly or indirectly solicited or encouraged any such
Proceeding.

       

      8.6           Consents.  The
Required Consents shall have been received by the Buyer on or before the Closing
Date.

       

      8.7           Opinion of
Counsel.  At the Closing, the Seller and the Shareholder shall
have delivered to the Buyer the legal opinion of Foley & Lardner LLP, the
Seller’s and the Shareholder’ counsel, in substantially the form of Exhibit
F attached hereto.

       

      8.8           Due
Diligence.  The Buyer shall have conducted a due diligence
investigation and review of the Purchased Assets, the Business and all matters
pertaining thereto that the Buyer deems relevant and the results of such
investigation and review shall be satisfactory to the Buyer in its sole
discretion.

       

      8.9           Searches. The Seller
shall have delivered to the Buyer current Uniform Commercial Code and state,
local and federal Tax, judgment, bankruptcy and similar lien searches showing no
liens, security interests, claims, or judgment against the assets of the Seller,
other than as set forth on the Disclosure Schedule.

       

      8.10         ALG
Guaranty.                                The
Buyer shall have received the executed ALG Guaranty from ALG in the form
attached as Exhibit
A.

       

      8.11         Employment
Agreement.  The Buyer shall have entered into an employment
agreement with Mark
Elias, which shall be
upon such terms and conditions as are acceptable to the Buyer in its sole and
absolute discretion.

       

      8.12         Regions Bank
Payoff.  The Buyer shall have received a pay-off letter,
accompanied by wire transfer instructions, from Regions Bank and Seller
directing Buyer to transfer funds out of the Purchase Price to Regions Bank
necessary to satisfy in full the Bank Loan, together with releases of all liens
and other encumbrances held by Regions Bank in any of the Purchased
Assets.

       

      8.13         Further
Assurances.  The Seller and the Shareholder shall have
delivered to the Buyer such other written documents, instruments, releases or
otherwise, as the Buyer reasonably may require to effectuate the provisions of
this Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
IX

       

      CONDITIONS
TO SELLER’S AND SHAREHOLDER’S

       

      OBLIGATION
TO CLOSE

       

      The
obligation of the Seller and the Shareholder to consummate the Contemplated
Transactions shall be subject to the satisfaction and fulfillment, prior to and
on the Closing Date, of the following express conditions precedent (any of which
may be waived by the Seller and the Shareholder, in whole or in
part):

       

      9.1           Representations and
Warranties.  The representations and warranties in this
Agreement made by the Buyer shall be true and correct in all material respects
as of and at the Closing Date with the same force and effect as though said
representations and warranties had been again made on the Closing Date, and the
Seller shall have been furnished a certificate signed by the president of the
Buyer to that effect.

       

      9.2           Performance of Covenants and
Obligations.  The Buyer shall have performed and complied with
all of its covenants and obligations under this Agreement which are to be
performed or complied with by it prior to or on the Closing Date, and the Seller
shall have been furnished a certificate signed by the president of the Buyer to
that effect.

       

      9.3           Proceedings and Instruments
Satisfactory.  All proceedings, corporate or otherwise, to be
taken in connection with the Contemplated Transactions, and all documents
incident thereto, shall be reasonably satisfactory in form and substance to the
Seller; and, the Buyer shall have made available to the Seller for examination
the originals or true and correct copies of all documents which the Seller
reasonably may request in connection with the Contemplated
Transactions.

       

      9.4           Payment of Purchase
Price.  The Buyer shall have made the payments as described in
Section 2.1 hereof.

       

      9.5           No
Litigation.  No Proceeding shall be threatened or commenced
before any Governmental Authority in which (a) it is sought to restrain,
prohibit or obtain damages or other relief in connection with this Agreement or
the consummation of the Contemplated Transactions; or (b) that may have the
effect of preventing, delaying, making illegal or otherwise interfering with the
Contemplated Transactions; provided, that this Section 9.5 shall not apply
if the Seller or the Shareholder has directly or indirectly solicited or
encouraged any such Proceeding.

       

      9.6           TAG
Guaranty.  The Seller shall have received the executed TAG
Guaranty from TAG II in the form attached as Exhibit
H.

       

      9.7           Closing
Deliveries.  At Closing, the Seller and the Shareholder shall
have received the documents set forth in Sections 6.11 and 6.12(b).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
X

       

      INDEMNIFICATION

       

      10.1  Indemnification by the
Seller and the Shareholder.  Subject to the provisions of this
Agreement, the Seller and the Shareholder, jointly and severally, shall
indemnify, defend and hold the Buyer, its members, managers, officers,
employees, agents and representatives harmless from and against any and all
Indemnifiable Damages actually incurred by such parties arising out of or
resulting from any of the following:

       

      (a) Representations or
Warranties.  The Breach of any representation or warranty of
the Seller or the Shareholder given in or pursuant to this Agreement (it being
understood that such representations and warranties shall be interpreted without
giving effect to any limitations or qualifications as to “materiality”
(including the word “material”) or “Material Adverse Effect” set forth
therein);

       

      (b) 
Covenants.  The
Breach in the performance by the Seller or the Shareholder of any of their
covenants, obligations or agreements in this Agreement;

       

      (c) 
Liabilities Not
Expressly Assumed.  Any Liability of the Seller other than the
Assumed Liabilities;

       

      (d) Pre-Closing
Operations.  Any Liability to a third party arising out of (i)
the operation or conduct of the Business by the Seller or the ownership or use
of the Purchased Assets by the Seller at any time prior to the Closing, (ii) the
performance of services by the Seller prior to the Closing, other than any
Liability or obligation of the Seller expressly assumed by the Buyer pursuant to
this Agreement; or

       

      (e)  Certain
Claims.  Any Liability arising out of or relating to (i) any
Proceeding described in Schedule 4.14 (except with respect to the failure of the
Seller to obtain a local occupational license for its Cincinnati office); (ii)
all matters described on Schedule 4.18 (subject to the provisions of Section
2.1(d)); and (iii) any Liability actually suffered by the Buyer as a result of
the failure of the Shareholder to pay its obligations to The Shadmore Trust
U/A/D 12/26/89 (“Shadmore”) pursuant to the Agreement, dated April 1, 2004,
among Shadmore, the Shareholder, Around The World Travel, Inc. (“AWT”) and
Around The World Holdings, LLC, which has the effect of terminating the
agreement by Scott H. Shadrick (“SS”) and Thomas B. Livermore (“TL”) not to
compete with AWT contained in the Agreement, dated September 1, 2003, between
AWT, SS, TL and Shadmore.

       

              10.2  Indemnification by the
Buyer.  Notwithstanding the Closing, and regardless of any
investigation made by, or on behalf of, the Seller or the Shareholder, or any
information known to the Shareholder, the Buyer, subject to the terms and
conditions of this Article X, shall indemnify, defend and hold the Seller, the
Shareholder and their respective officers, shareholders, directors, employees,
agents and representatives harmless from and against any and all Indemnifiable
Damages, incurred by such parties arising out of or resulting from any of the
following:

       

                
 (a)  Representations or
Warranties.  The Breach of any representation or warranty of
the Buyer given in or pursuant to this Agreement;

       

                                
 (b) Covenants.  The
Breach in the performance by the Buyer of any of its covenants, obligations or
agreements in or pursuant to this Agreement;

       

                 
(c)  Liabilities Expressly
Assumed.  Any Assumed Liabilities; or

       

                               
 (d) Post-Closing
Operations.  The operation or conduct of the Business or the
ownership of the Purchased Assets after the Closing, or any incident,
occurrence, condition or claim first arising and accruing after the Closing and
relating to the operation of the Business or the ownership or use of the
Purchased Assets after the Closing, but in any case only if the matter is not of
a type for which the Seller and the Shareholder are obligated to indemnify the
Buyer under Section 10.1 hereof.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

            10.3   Procedures for Making
Claims.  If and when a party (the “Indemnitee”) desires
to assert a claim for Indemnifiable Damages against another party or parties
(collectively, the “Indemnitor”) pursuant
to the provisions of this Article X, the Indemnitee shall deliver a Notice of
Claim to the Indemnitor reasonably promptly after Indemnitee’s receipt of a
claim or specific and affirmative awareness of a potential claim.  If
the Indemnitor shall object to such Notice of Claim, the Indemnitor shall
simultaneously deliver a Notice of Objection to the Indemnitee within fifteen
(15) days after the Indemnitee’s delivery of the Notice of Claim.  If
the Notice of Objection shall not have been so delivered within such fifteen
(15) day period, all Indemnitors shall be conclusively deemed to have
acknowledged the correctness of the claim or claims specified in the Notice of
Claim for the full amount thereof, and the Indemnifiable Damages set forth in
the Notice of Claim shall be promptly paid to the Indemnitee on demand, in cash
(except when litigation has commenced, during which time the following payments
shall be stayed until settlement or other outcome of the
litigation).  If the Indemnitor shall make timely objection to a claim
or claims set forth in any Notice of Claim, and if such claim or claims shall
not have been resolved or compromised within sixty (60) days from the date of
delivery of the Notice of Objection, then such claims shall be settled by
arbitration pursuant to Section 11.5 hereof.  If, by arbitration, it
shall be determined that the Indemnitee shall be entitled to any Indemnifiable
Damages by reason of its claim or claims, the Indemnifiable Damages so
determined shall be paid to the Indemnitee by the Indemnitor in the same manner
as if the Indemnitor had not delivered a Notice of Objection.

       

      10.4  Participation in Defense of
Third Party Claims.  If any Third Party shall assert any claim
against an Indemnitee which, if successful, might result in an obligation of the
Indemnitor to pay Indemnifiable Damages and which can be remedied to the sole
satisfaction of the Indemnitee by the payment of money damages without further
adverse consequence to the Indemnitee, the Indemnitor, at the sole expense of
the Indemnitor, may assume the primary defense thereof with counsel reasonably
acceptable to the Indemnitee, but only if and so long as:  (i) the
Indemnitor diligently pursues the defense of such claim; (ii) the Indemnitor
acknowledges to the Indemnitee in writing that the claim, if resolved or settled
adversely to the Indemnitee, is one for which the Indemnitor is obligated to
indemnify the Indemnitee hereunder; and (iii) the Indemnitor reasonably
demonstrates to the Indemnitee that the Indemnitor currently possesses
sufficient cash and/or other liquid assets adequate to defend and, if necessary,
in the event that the claim is resolved or settled adversely to the Indemnitor,
satisfy the claim.  If the Indemnitor fails or is unable so to elect
to assume the primary defense of any such claim, the Indemnitee may (but need
not) do so; in which event the Indemnitee may defend, settle or compromise the
claim, at the expense and cost of the Indemnitor, in any such manner as the
Indemnitee reasonably deems appropriate.

       

      10.5  Survival of
Indemnification.  An Indemnitor’s obligation to pay
Indemnifiable Damages arising out of claims described in Sections 10.1(b),
10.1(c), 10.1(d), 10.1(e), 10.2(b), 10.2(c) and 10.2(d) hereof shall survive the
Closing of this transaction indefinitely.  The representations and
warranties contained in Articles IV and V hereof, and an Indemnitor’s obligation
to pay Indemnifiable Damages arising out of Section 10.1(a) or 10.2(a) hereof,
as the case may be, shall survive the Closing Date, as follows:

       

      
        	
                 
      

              	
                i.

              	
                Certain
      Representations.  With respect to claims based upon
      Breach of any representation or warranty contained in Sections 4.1, 4.2,
      4.4, 4.7 (the first sentence thereof), 4.25, 4.26, 4.27, 4.28, 5.1 and 5.3
      hereof, indefinitely;

              

      

       

      
        	
                 
      

              	
                ii.

              	
                Taxes.  With
      respect to claims based upon Breach of any representation or warranty
      contained in Section 4.18 hereof, for a period equal to the applicable
      statute of limitations; and

              

      

       

      
        	
                 
      

              	
                iii.

              	
                All Other
      Claims.  In the case of all other claims based upon
      Breach of a representation or warranty, for a period commencing on the
      date hereof and ending on the date which is eighteen (18) months after the
      Closing Date.

              

      

       

      No claim
for recovery of Indemnifiable Damages arising out of Section 10.1(a) or Section
10.2(a) hereof may be asserted by an Indemnitee after the expiration of the
applicable time period described in the foregoing Sections 10.5(i)-(iii);
provided, however, that any claim first asserted by the giving of a Notice of
Claim within the applicable survival period shall neither be abated nor
barred.  Neither the period of survival nor the liability of the
Seller and the Company with respect to their representations and warranties
shall be reduced by any investigation made at any time by or on behalf of the
Buyer.

      
 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          
           10.6           Limits on
Indemnification.  Notwithstanding anything to the contrary
contained in this Agreement:  (a) an Indemnitor shall not be
liable for any claim for indemnification pursuant to Section 10.1(a) or
10.2(a), unless and until the aggregate amount of Indemnifiable Damages which
may be recovered from the Indemnifying Party equals or exceeds $100,000 (such
amount, the “Deductible”),
whereupon the Indemnitee shall be entitled to indemnification only for the
amount of such Indemnifiable Damages in excess of the Deductible; and
(b) the maximum total amount of all Indemnifiable Damages all Indemnitors
shall be liable for all claims for indemnification pursuant to Section 10.1(a)
shall be $4,000,000.

      

      

                 10.7           Reduction in
Claims.  The amount of Indemnifiable Damages otherwise payable
to a Indemnitee shall be net of any insurance proceeds actually received by such
Indemnitee under insurance policies maintained by such
Indemnitee.  Each Indemnitee shall in good faith pursue and attempt to
collect all insurance proceeds recoverable under such insurance
policies.

      

                 10.8           Exclusive
Remedies.  Except for criminal acts or intentional
misrepresentations, the sole and exclusive remedy of a party to this Agreement
from and after the Closing for any claim arising under this Agreement against
the other parties hereto shall be the indemnification provisions of this
Article X.

       

                
10.9           Offset.  The
Buyer shall be entitled to offset against any obligations owed by the Buyer to
the Seller or the Shareholder (including pursuant to the Note) the sum of all
Indemnifiable Damages that the Buyer is entitled to pursuant to Section 10.1
hereof and any other amount which may be owed by Seller or Shareholder to Buyer
hereunder; provided that from and after the First Payment Date, Buyer’s first
recourse for payment of any Indemnifiable Damages shall be obligations owed
under the Note.

      

      ARTICLE
XI

       

      TERMINATION

       

                 11.1           Termination.  This
Agreement may be terminated at any time prior to the Closing:

      

      (a)           by
the Buyer if, between the date hereof and the Closing:  (i) an
event or condition occurs that has resulted in a Material Adverse Effect on the
Business, (ii) any representations and warranties of the Seller and the
Shareholder contained in this Agreement (A) that are not qualified by
“materiality” or “Material Adverse Effect” shall not have been true and correct
in all material respects when made or (B) that are qualified by
“materiality” or “Material Adverse Effect” shall not have been true and correct
when made, and such breach is not cured within ten (10) Business Days,
(iii) an event has occurred (other than a breach of this Agreement by
Buyer) such that a condition to the obligations of Buyer cannot be satisfied,
(iv) Seller or Shareholder shall have attempted to terminate this Agreement
without grounds to do so; or (v) the Seller or the Shareholder makes a
general assignment for the benefit of creditors, or any proceeding shall be
instituted by or against the Seller or the Shareholder seeking to adjudicate any
of them as bankrupt or insolvent, or seeking any of their liquidation, winding
up or reorganization, or seeking any arrangement, adjustment, protection, relief
or composition of any of their debts under any Laws and Rules relating to
bankruptcy, insolvency or reorganization;

      

      (b)           by
the Shareholder or the Seller if, between the date hereof and the
Closing:  (i) any representations and warranties of the Buyer
contained in this Agreement shall not have been true and correct in all material
respects when made, and such breach is not cured within ten (10) Business Days,
(ii) an event has occurred (other than a breach of this Agreement by Shareholder
or Seller) such that a condition to the obligations of Shareholder and Seller
cannot be satisfied or (iii) Buyer shall have attempted to terminate this
Agreement without grounds to do so;

      

      (c)           by
either the Seller or the Buyer if the Closing shall not have occurred by March
25, 2008; provided, however, that the right to terminate this Agreement under
this Section 11.1(c) shall not be available to any party whose failure to
fulfill any obligation under this Agreement shall have been the cause of, or
shall have resulted in, the failure of the Closing to occur on or prior to such
date;

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (d)           by
either the Buyer or the Seller in the event that any Governmental Authority
shall have issued an order, decree or ruling or taken any other action
restraining, enjoining or otherwise prohibiting the transactions contemplated by
this Agreement and such order, decree, ruling or other action shall have become
final and nonappealable; or

      

      (e)           by
the mutual written consent of the Seller and the Buyer.

      

      11.2         
Effect of
Termination.  In the event of termination of this Agreement as
provided in Section 11.1, this Agreement shall forthwith become void and
there shall be no liability on the part of either party hereto except
(a) as set forth in Section 12.4 and (b) that nothing herein shall
relieve either party from liability for any breach of this
Agreement.

      

       

      ARTICLE
XII

       

      MISCELLANEOUS

       

      12.1           Further
Assurances.  Each party hereto from time to time hereafter, and
upon request, shall execute, acknowledge and deliver such other instruments as
reasonably may be required to more effectively transfer and vest in the Buyer
the Purchased Assets or to otherwise carry out the terms and conditions of this
Agreement.

      

      12.2           Benefit and
Assignment.  No party may assign any of its rights and delegate
any of its obligations hereunder without the prior written consent of the other
parties hereto.  This Agreement shall be binding upon and inure to the
benefit of the parties hereto, their permitted successors, assignees and
beneficiaries in interest.

      

      12.3           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the internal Laws of the State of Florida (regardless of such
State’s conflict of laws principles), and without reference to any rules of
construction regarding the party responsible for the drafting
hereof.

      

      12.4           Expenses.  Except
as otherwise herein provided, all expenses incurred in connection with the
Contemplated Transactions shall be paid by the party incurring such expenses and
costs.

      

      12.5           Arbitration.  Any
controversy, dispute or claim arising out of or relating to this Agreement
(including, but not limited to, any claim regarding the scope or effect of this
Section and any claim that this Section is invalid or unenforceable) or the
agreements executed at the Closing, or the Breach hereof or thereof, shall be
settled by a single arbitrator in binding arbitration conducted in Chicago,
Illinois in accordance with the Commercial Arbitration Rules of the American
Arbitration Association (“AAA”) (or such other
arbitration service as the parties may agree upon), and judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction
thereof.  The arbitrator’s decision shall be in writing.  In
addition to the Commercial Arbitration Rules of the AAA and unless otherwise
agreed to by the parties, the following rules shall apply:

      

      (a)           Each
party shall be entitled to discovery exclusively by the following
means:  (i) requests for admission; (ii) requests for production of
documents; (iii) up to 15 written interrogatories (with any subpart to be
counted as a separate interrogatory); and (iv) depositions of no more than six
individuals.

      

      (b)           Unless
the arbitrator finds that delay is reasonably justified or as otherwise agreed
to by the parties, all discovery shall be completed, and the arbitration hearing
shall commence within five months after the appointment of the
arbitrator.

      

      (c)           Unless
the arbitrator finds that delay is reasonably justified, the hearing will be
completed, and an award rendered within 30 days of commencement of the
hearing.

      

      (d)           The
arbitrator’s authority shall include the ability to render equitable types of
relief and, in such event, any aforesaid court may enter an Order enjoining
and/or compelling such actions or relief ordered or as found by the
arbitrator.  The arbitrator also shall make a determination regarding
which party’s legal position in any such controversy or claim is the more
substantially correct (the “Prevailing Party”)
and the arbitrator shall require the other party to pay the legal and other
professional fees and costs incurred by the Prevailing Party in connection with
such arbitration Proceeding and any necessary court action.  However,
notwithstanding the foregoing, the parties expressly agree that a court of
competent jurisdiction may enter a temporary restraining order or an order
enjoining a Breach of this Agreement pending a final award or further order by
the arbitrator.  Such remedy, however, shall be cumulative and
nonexclusive, and shall be in addition to any other remedy to which the parties
may be entitled.

      

      12.6           Notices.  Any
and all notices, demands, and communications provided for herein or made
hereunder shall be given in writing and shall be deemed given to a party at the
earlier of (i) when actually delivered to such party, (ii) when facsimile
transmitted to such party to the facsimile number indicated for such party below
(or to such other facsimile number for a party as such party may have
substituted by notice pursuant to this Section), or (iii) when mailed to such
party by registered or certified U.S. Mail (return receipt requested) or sent by
overnight courier, confirmed by receipt, and addressed to such party at the
address designated below for such party (or to such other address for such party
as such party may have substituted by notice pursuant to this
Section):

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                               
      If to the Buyer:

              	
                TL
      Acquisition Group LLC

              

      

      
        	
                 
      

              	
                6442
      City West Parkway

              

      

      
        	
                 
      

              	
                Minneapolis,
      MN 55344

              

      

      
        	
                 
      

              	
                ATTN:  Chief
      Financial Officer and

              

      

      
        	
                 
      

              	
                ATTN:  General
      Counsel

              

      

                                                                                            
Facsimile Number: (763) 212-1993

       

      With a
copy
to:                                                           Alexander
P. Fraser, Esq.

      Michael H. Altman, Esq.

      Michael
Best & Friedrich LLP

      100 East
Wisconsin Avenue

      Milwaukee,
WI  53202-4108

      Facsimile
Number: (414) 277-0656

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      If to the
Seller and/or

      the
Shareholder:                         
American Leisure Holdings, Inc.

      2460 Sand Lake Road

      Orlando,
FL  32809

      Attention: Matt Hagler

      Facsimile Number: (407)
251-8455

      

      With a
copy
to:                            Foley
& Lardner LLP

      100 N. Tampa St., Suite
2700

      Tampa, FL  33602

      Attention: Curt P. Creely,
Esq.

      Facsimile Number: (813)
221-4210

      

      12.7           Counterparts.  This
Agreement may be executed simultaneously in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute
one and the same instrument, provided that all such counterparts, in the
aggregate, shall contain the signatures of all parties hereto.

      

      12.8           Headings.  All
Section headings herein are inserted for convenience only and shall not modify
or affect the construction or interpretation of any provision of this
Agreement.

      

      12.9           Amendment, Modification and
Waiver.  This Agreement may not be modified, amended or
supplemented except by mutual written agreement of all the parties
hereto.  Any party may waive in writing any term or condition
contained in this Agreement and intended to be for its benefit; provided,
however, that no waiver by any party, whether by conduct or otherwise, in any
one or more instances, shall be deemed or construed as a further or continuing
waiver of any such term or condition.  Each amendment, modification,
supplement or waiver shall be in writing signed by the party or the parties to
be charged.

      

      12.10         Entire
Agreement.  This Agreement, the Exhibits and Schedules attached
hereto and the Disclosure Schedule delivered herewith represent the full and
complete agreement of the parties with respect to the subject matter hereof and
supersede and replace any prior understandings and agreements among the parties
with respect to the subject matter hereof (including the Letter of Intent from
Buyer to Seller, dated February 29, 2008) and no provision or document of any
kind shall be included in or form a part of such agreement unless signed and
delivered to the other party by the parties to be charged.

      

      12.11         Third Party
Beneficiaries.  No third parties are intended to benefit from
this Agreement, and no third party beneficiary rights shall be implied from
anything contained in this Agreement.

      

      12.12          Publicity.  The
Buyer and the Seller agree that no publicity announcements or disclosures of any
kind concerning the terms of this Agreement or concerning the Contemplated
Transactions shall be made without the written consent of the Buyer and the
Seller, except to the extent that disclosure is required by Law or to
accountants, counsel, other professionals and to lenders on a “need to know”
basis who similarly agree to maintain the confidentiality of the Agreement and
its terms.

      

      12.13          Confidentiality.  Between
the date of this Agreement and the Closing Date, each party will maintain in
confidence, and will cause its respective directors, officers, employees,
agents, representatives and advisors to maintain in confidence, any written or
oral information (including but not limited to the fact that Seller is for sale
or that Buyer is interested in buying Seller) obtained in confidence from the
other party (or its directors, officers, employees, agents, representatives and
advisors) in connection with this Agreement or the transactions contemplated
herein.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the date and year first above
written.

      

      
        	 
      	
                BUYER:

                 

                TL
      ACQUISITION GROUP LLC

                 

                 

                By: /s/ Nicholas C. Bluhm,
      Sr.                                                                         

                Name: 
      Nicholas C. Bluhm, Sr.

                Title: 
      Secretary and Treasurer

                 

                SELLER:

                 

                AMERICAN
      LEISURE EQUITIES CORPORATION d/b/a TRAVELEADERS, INC.

                 

                 

                By: /s/ Malcolm J.
      Wright                                                                          

                Name:  Malcolm
      J. Wright

                Title:  Chief
      Executive Officer

                 

                 

                SHAREHOLDER:

                 

                AMERICAN
      LEISURE HOLDINGS, INC.

                 

                 

                By:  /s/ Malcolm J.
      Wright                                                                          

                Name:  Malcolm
      J. Wright

                Title:  Chief
      Executive Officer

                 

              
	 
      	 
      

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      LIST OF
EXHIBITS

      

      A.  ALG
Guaranty

      

      B.
Promissory Note

      

      C.
Non-Competition Agreement

      

      D.
Strategic Alliance Agreement

      

      E.
Assumption Agreement

      

      F.
Opinion of Counsel

      

      G. Bill
of Sale

      

      H.  TAG
Guaranty

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