Document:

ex10_1.htm

    
      

    

    
      Exhibit
10.1

      
        Agreement
and Plan of Reorganization among Legacy Communications Corporation, The Mint
Leasing, Inc., a Texas corporation, and the shareholders of the Mint Leasing,
Inc., dated July 18, 2008 (without Exhibits).

         

          
            

          

        

        

      

      AGREEMENT
AND PLAN OF REORGANIZATION

      

      among

      

      LEGACY
COMMUNICATIONS CORPORATION

      

      THE
MINT LEASING, INC.

      

      and

      

      THE
SHAREHOLDERS OF THE MINT LEASING, INC.

      

      

      Dated
as of July 18, 2008

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      TABLE
OF CONTENTS

      

      
        	 
      	
                PAGE

              
	
                ARTICLE
      I  THE Exchange

              	
                3

              
	
                SECTION
      1.01.  The Exchange

              	
                3

              
	
                SECTION
      1.02.  Effective Time; Closing

              	
                3

              
	
                SECTION
      1.03.  Effect of the Exchange

              	
                4

              
	
                SECTION
      1.04.  Directors and Officers

              	
                4

              
	
                ARTICLE
      II  DELIVERY OF SECURITIES; EXCHANGE OF
    CERTIFICATES

              	
                4

              
	
                SECTION
      2.01.  Delivery of Securities

              	
                4

              
	
                SECTION
      2.02.  Exchange of Certificates

              	
                4

              
	
                SECTION
      2.03.  Stock Transfer Books

              	
                5

              
	
                ARTICLE  III  REPRESENTATIONS
      AND WARRANTIES OF THE COMPANY

              	
                5

              
	
                SECTION
      3.01.  Organization and Qualification;
    Subsidiaries

              	
                5

              
	
                SECTION
      3.02.  Certificate of Incorporation and By-Laws

              	
                5

              
	
                SECTION
      3.03.  Capitalization

              	
                6

              
	
                SECTION
      3.04.  Authority Relative to This Agreement

              	
                6

              
	
                SECTION
      3.05.  No Conflict; Required Filings and
Consents

              	
                6

              
	
                SECTION
      3.06.  Permits; Compliance; Mint Leasing Products;
      Regulation

              	
                7

              
	
                SECTION
      3.07.  Absence of Certain Changes or Events

              	
                8

              
	
                SECTION
      3.08.  Absence of Litigation

              	
                8

              
	
                SECTION
      3.09.  Employee Benefit Plans; Labor Matters

              	
                8

              
	
                SECTION
      3.10.  Contracts

              	
                8

              
	
                SECTION
      3.11.  Environmental Matters

              	
                9

              
	
                SECTION
      3.12.  Trademarks, Patents and Copyrights

              	
                10

              
	
                SECTION
      3.13.  Taxes

              	
                11

              
	
                SECTION
      3.14.  State Takeover Statutes

              	
                11

              
	
                SECTION
      3.15.  Brokers

              	
                11

              
	
                ARTICLE
      IV REPRESENTATIONS AND WARRANTIES OF Legacy

              	
                11

              
	
                SECTION
      4.01.  Organization and Qualification;
    Subsidiaries

              	
                11

              
	
                SECTION
      4.02.  Certificate of Incorporation and By-Laws

              	
                12

              
	
                SECTION
      4.03.  Capitalization

              	
                12

              
	
                SECTION
      4.04.  Authority Relative to This Agreement

              	
                13

              
	
                SECTION
      4.05.  No Conflict; Required Filings and
Consents

              	
                13

              
	
                SECTION
      4.06.  Permits; Compliance

              	
                14

              
	
                SECTION
      4.07.  Stock Option Plan

              	
                14

              
	
                SECTION
      4.08.  Absence of Certain Changes or Events

              	
                14

              
	
                SECTION
      4.09.  Absence of Litigation

              	
                15

              
	
                SECTION
      4.10.  Employee Benefit Plans

              	
                15

              
	
                SECTION
      4.11.  Contracts

              	
                15

              
	
                SECTION
      4.12.  Environmental Matters

              	
                16

              
	
                SECTION
      4.13.  Trademarks, Patents and Copyrights

              	
                16

              
	
                SECTION
      4.14.  Taxes

              	
                17

              
	
                SECTION
      4.15.  Accounting and Tax Matters

              	
                17

              
	
                SECTION
      4.16.  Brokers

              	
                17

              
	
                ARTICLE
      V  CONDUCT OF BUSINESSES PENDING THE
    REORGANIZATION

              	
                17

              
	
                SECTION
      5.01.  Conduct of Business by Mint Leasing Pending the
      Exchange

              	
                17

              
	
                SECTION
      5.02.  Conduct of Business by Legacy Pending the
      Exchange

              	
                19

              
	
                ARTICLE
      VI  ADDITIONAL AGREEMENTS

              	
                21

              
	
                SECTION
      6.01.  Filing of Form 8-K

              	
                21

              
	
                SECTION
      6.02.  Preparation of Disclosure Statement

              	
                21

              
	
                SECTION
      6.03.  Access to Information; Confidentiality

              	
                21

              
	
                SECTION
      6.04.  Obligations of Legacy

              	
                21

              
	
                SECTION
      6.05.  Obligations of Securityholder

              	
                21

              
	
                SECTION
      6.06.  Application to Standard & Poor's

              	
                22

              

      

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

      

      
        	
                SECTION
      6.06.  Filing of Amended Form 8-K

              	
                22

              
	
                SECTION
      6.07.  Further Action; Consents; Filings

              	
                22

              
	
                SECTION
      6.08.  Reorganization of Mint Leasing

              	
                Error!
      Bookmark not defined.

              
	
                SECTION
      6.09.  Agreement to Deliver Shares

              	
                22

              
	
                SECTION
      6.10.  Plan of Exchange

              	
                22

              
	
                SECTION
      6.11.  Board of  Directors of Legacy

              	
                23

              
	
                SECTION
      6.12.  Public Announcements

              	
                23

              
	
                SECTION
      6.13.  Conveyance Taxes

              	
                Error!
      Bookmark not defined.

              
	
                ARTICLE
      VII  CONDITIONS TO THE REORGANIZATION

              	
                23

              
	
                SECTION
      7.01.  Conditions to the Obligations of Each
    Party

              	
                23

              
	
                SECTION
      7.02.  Conditions to the Obligations of Legacy

              	
                23

              
	
                SECTION
      7.03.  Conditions to the Obligations of Mint
    Leasing

              	
                24

              
	
                ARTICLE
      VIII  TERMINATION, AMENDMENT AND WAIVER

              	
                26

              
	
                SECTION
      8.01.  Termination

              	
                26

              
	
                SECTION
      8.02.  Effect of Termination

              	
                26

              
	
                SECTION
      8.03.  Amendment

              	
                27

              
	
                SECTION
      8.04.  Waiver

              	
                27

              
	
                SECTION
      8.05.  Expenses

              	
                27

              
	
                ARTICLE
      IX GENERAL
      PROVISIONS

              	
                27

              
	
                SECTION
      9.01.  Non-Survival of Representations, Warranties and
      Agreements

              	
                27

              
	
                SECTION
      9.02.  Notices

              	
                27

              
	
                SECTION
      9.03.  Certain Definitions

              	
                28

              
	
                SECTION
      9.04.  Severability

              	
                29

              
	
                SECTION
      9.05.  Assignment; Binding Effect; Benefit

              	
                29

              
	
                SECTION
      9.06.  Incorporation of Exhibits

              	
                29

              
	
                SECTION
      9.07.  Specific Performance

              	
                29

              
	
                SECTION
      9.08.  Governing Law; Forum

              	
                29

              
	
                SECTION
      9.09.  Headings

              	
                29

              
	
                SECTION
      9.10.  Counterparts

              	
                29

              
	
                SECTION
      9.11.  Entire Agreement

              	
                29

              

      

      

      EXHIBITS

      

      A –
Certificates to be Exchanged

      B –
Material Contracts of Mint Leasing

      C –
Material Contracts of Legacy

      D – Form
of Officer's Certificate of Legacy concerning accuracy

      E – Form
of Officer's Certificate of Mint Leasing concerning accuracy

      F – Form
of Investment Agreement

      H –
Exceptions to Representations and Warranties of Mint Leasing

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      AGREEMENT
AND PLAN OF REORGANIZATION

      

      AGREEMENT AND PLAN OF
REORGANIZATION dated as of July 18, 2008 (this "Agreement") among LEGACY
COMMUNICATIONS CORPORATION, a Nevada corporation ("Legacy"), THE MINT LEASING,
INC., a Texas corporation ("Mint Leasing") and the undersigned securityholders
of Mint Leasing (collectively, the "Shareholder").

      

      W I T N E S S E T
H

      

      WHEREAS,
upon the terms and subject to the conditions of this Agreement, all
securityholders of Mint Leasing will exchange all of the shares of Mint
Leasing's common stock and preferred stock for a specified number of shares of
Legacy's common stock and preferred stock to be issued and Legacy will acquire
all of the issued and outstanding securities of Mint Leasing, making Mint
Leasing a wholly-owned subsidiary of Legacy;

      

      WHEREAS,
the Exchange shall qualify as a transaction in securities exempt from
registration or qualification under the Securities Act of 1933, as amended, and
under the applicable securities laws of each state or jurisdiction where
securityholders of Mint Leasing reside;

      

      WHEREAS,
for federal income tax purposes, the Exchange is intended to qualify as a
reorganization under the provisions of section 368(a)(1)(B) of the United States
Internal Revenue Code of 1986, as amended (the "Code"); and

      

      NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and
agreements herein contained, and intending to be legally bound hereby, Legacy,
Mint Leasing and Shareholder hereby agree as follows:

      

      

      ARTICLE
I

      THE
EXCHANGE

      

      SECTION
1.01.  The
Exchange.  Upon the terms and subject to the conditions set
forth in Article VII, at the Effective Time (as defined below in Section 1.02),
as a result of the Exchange, Mint Leasing will become a wholly owned subsidiary
of Legacy.

      

      SECTION
1.02.  Effective Time;
Closing.  As promptly as practicable and in no event later than
the 14th day of
August, 2008 and following the satisfaction or, if permissible, waiver of the
conditions set forth in Article VII (or such other date as may be agreed in
writing by each of the parties hereto), the parties hereto shall cause the
Exchange to be consummated by Shareholder delivering to Legacy, or its
representatives, the certificates representing all of the outstanding Mint
Leasing Securities (as defined below in Section 2.01 (c)), duly endorsed (or
with duly executed stock powers) so as to make Legacy the sole owner thereof
free and clear of all claims and encumbrances except as specifically assumed by
Legacy.  The term "Effective Time" means the date and time of the
Closing (or such later time as may be agreed in writing by each of the parties
hereto) to be held at the offices of Sonfield & Sonfield, Houston, Texas (or
such other place as the parties may agree).

      
        
           

        

        
          Page
3

          
            

          

        

        
           

        

      

      SECTION
1.03.  Effect of the
Exchange.  At the Effective Time, the effect of the Exchange
shall be Mint Leasing becoming a wholly owned subsidiary of Legacy.

      

      SECTION
1.04.  Directors and
Officers.  Jerry Parish will be elected a director of Legacy at
the Effective Time for a three year term until his successors is duly elected or
appointed and qualified.

      

      

      ARTICLE
II

      DELIVERY
OF SECURITIES; EXCHANGE OF CERTIFICATES

      

      SECTION
2.01.  Delivery of
Securities.  At the Effective Time, by virtue of the
Exchange:

      

      (a)          
(i) 70,650,000 shares of common stock, par value $0.001 per share, of Legacy
(the "Legacy Common Stock") shall be issued in exchange for all outstanding
shares of common stock of Mint Leasing (the "Mint Leasing Common Stock"),(ii)
2,000,000 shares of Series B Convertible Preferred Stock will be exchanged for
all shares of Convertible Preferred Stock of Mint Leasing issued and outstanding
immediately prior to the Effective Time.  (The Mint Leasing Common
Stock and the series of Mint Leasing preferred stock are collectively referred
to as the "Mint Leasing Securities").  Each share of Mint Leasing
Common Stock shall be converted, into the right to receive a ratable portion of
70,650 shares (the "Exchange Ratio") of Legacy Common Stock; provided, however,
that, if between the date of this Agreement and the Effective Time the
outstanding shares of Legacy Common Stock shall have been changed from into a
different number of shares or a different class, by reason of any stock
dividend, subdivision, reclassification, recapitalization, split, combination or
exchange of shares, the Exchange Ratio shall be correspondingly adjusted to the
extent appropriate to reflect such stock dividend, subdivision,
reclassification, recapitalization, split, combination or exchange of shares
(all such shares of Legacy Common Stock being herein referred to as the "Legacy
Securities" or the "Exchange Consideration"); and

      

      (b)          
each Share held in the treasury of Mint Leasing and each Share owned by Legacy
or any direct or indirect wholly owned subsidiary of Legacy or of Mint Leasing
immediately prior to the Effective Time shall be cancelled and extinguished
without any conversion thereof and no payment or distribution shall be made with
respect thereto.

      

      SECTION
2.02.  Exchange of
Certificates.

      

      (a)          
At the Closing, Shareholder shall deliver to Legacy all certificates
representing Mint Leasing Securities (the "Certificates"), together with such
other customary documents as may reasonably be required by Legacy, in exchange
for the Exchange Consideration.  Certificates representing the
Exchange Consideration shall be issued to the persons and in the amounts
described in Exhibit A.  Any shareholder of Mint Leasing whose
Certificates are not delivered at the Closing shall receive the Exchange
Consideration with respect to such Certificates upon delivery to Legacy after
the Closing of such Certificates and the other items required pursuant to the
first sentence of this Section 2.02(a).

      
        
           

        

        
          Page
4

          
            

          

        

        
           

        

      

      (b)         
All shares of Legacy Common Stock issued upon conversion of Mint Leasing
Securities in accordance with the terms hereof (including any cash paid pursuant
to Section 2.02(b) or (d)) shall be deemed to have been issued in full
satisfaction of all rights pertaining to such Mint Leasing
Securities.

      

      SECTION
2.03.  Stock
Transfer Books.  At the Effective Time, the stock transfer
books of Mint Leasing shall be closed and there shall be no further registration
of transfers of Shares thereafter on the records of Mint
Leasing.  From and after the Effective Time, the holders of
Certificates representing Shares outstanding immediately prior to the Effective
Time shall cease to have any rights with respect to such Shares, except as
otherwise provided in this Agreement or by Law.

      

      

      ARTICLE
III

      REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

      

      Except as
set forth in this Agreement, Mint Leasing hereby represents and warrants to
Legacy that:

      

      SECTION
3.01.  Organization and
Qualification; Subsidiaries.  Each of Mint Leasing and each
subsidiary of Mint Leasing (the "Mint Leasing Subsidiaries") is a corporation
duly incorporated, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has all requisite corporate power and to
own, lease and operate its properties and to carry on its business as it is now
being conducted, except where the failure to be so organized, existing or in
good standing or to have such corporate power, have not had, and could not
reasonably be expected to have, individually or in the aggregate, a Mint Leasing
Material Adverse Effect (as defined below).  Each of Mint Leasing and
Mint Leasing Subsidiaries is duly qualified or licensed as a foreign corporation
to do business, and is in good standing, in each jurisdiction where the
character of the properties owned, leased or operated by it or the nature of its
business makes such qualification or licensing necessary, except for such
failures to be so qualified or licensed and in good standing that have not had,
and could not reasonably be expected to have, individually or in the aggregate,
a Mint Leasing Material Adverse Effect.  The term "Mint Leasing
Material Adverse Effect" means any change in or effect on the business of Mint
Leasing and Mint Leasing Subsidiaries that is materially adverse to the
financial condition or results of operations of Mint Leasing and Mint Leasing
Subsidiaries taken as a whole, except for any such changes or effects resulting
from or arising in connection with (i) this Agreement or the transactions
contemplated by this Agreement or the announcement hereof, (ii) any changes in
economic, regulatory or political conditions or (iii) any issue or condition
otherwise known to Legacy prior to the date of this Agreement.

      

      SECTION
3.02.  Certificate of Incorporation
and By-Laws.  Mint Leasing has heretofore made available to
Legacy a complete and correct copy of the Articles of Incorporation and the
By-Laws of Mint Leasing.  Such Articles of Incorporation and By-Laws
are in full force and effect.  Mint Leasing is not in violation of any
of the provisions of its Articles of Incorporation or By-Laws.

      
        
           

        

        
          Page
5

          
            

          

        

        
           

        

      

      SECTION
3.03.  Capitalization.  Except
as indicated on Exhibit A, all Mint Leasing Securities will be issued and
outstanding and will be validly issued, fully paid and non-assessable and (ii)
no shares are reserved for future issuance pursuant to Mint Leasing Stock
Options and Warrants.  All shares of Mint Leasing Securities subject
to issuance as aforesaid, upon issuance on the terms and conditions specified in
the instruments pursuant to which they are issuable, will be duly authorized,
validly issued, fully paid and non-assessable.  There are no
outstanding contractual obligations of Mint Leasing or any Mint Leasing
Subsidiary to repurchase, redeem or otherwise acquire any shares of Mint Leasing
Securities or any capital stock of any Mint Leasing Subsidiary.  Each
outstanding share of capital stock of each Mint Leasing Subsidiary is duly
authorized, validly issued, fully paid and non-assessable and each such share
owned by Mint Leasing or another Mint Leasing Subsidiary is free and clear of
all security interests, liens, claims, pledges, options, rights of first
refusal, agreements, limitations on Mint Leasing's or such other Mint Leasing
Subsidiary's voting rights, charges and other encumbrances of any nature
whatsoever, except where failure to own such shares free and clear would not,
individually or in the aggregate, have a Mint Leasing Material Adverse
Effect.  There are no material outstanding contractual obligations of
Mint Leasing or any Mint Leasing Subsidiary to provide funds to, or make any
investment (in the form of a loan, capital contribution or otherwise) in, any
Mint Leasing Subsidiary or any other person.

      

      SECTION
3.04.  Authority Relative to This
Agreement.  Mint Leasing has all necessary corporate power and
authority to execute and deliver this Agreement and to perform its obligations
hereunder and to consummate the Exchange and the other transactions contemplated
by this Agreement.  The execution and delivery of this Agreement by
Mint Leasing and the consummation by Mint Leasing of the Exchange and the other
transactions contemplated by this Agreement have been duly and validly
authorized by all necessary corporate action and no other corporate proceedings
on the part of Mint Leasing are necessary to authorize this Agreement or to
consummate the Exchange and the other transactions contemplated by this
Agreement.  This Agreement has been duly and validly executed and
delivered by Mint Leasing and, assuming the due authorization, execution and
delivery by Legacy, constitutes a legal, valid and binding obligation of Mint
Leasing, enforceable against Mint Leasing in accordance with its
terms.

      

      SECTION
3.05.  No
Conflict; Required Filings and Consents.  (a)  The
execution and delivery of this Agreement by Mint Leasing does not, and the
performance of this Agreement by Mint Leasing will not, (i) conflict with or
violate the Certificate of Incorporation or By-laws of Mint Leasing or any
equivalent organizational documents of any Mint Leasing Subsidiary, (ii)
assuming that all consents, approvals, authorizations and other actions
described in Section 3.05(b) have been obtained and all filings and obligations
described in Section 3.05(b) have been made, to the best knowledge of Mint
Leasing after inquiry, conflict with or violate any foreign or domestic law,
statute, ordinance, rule, regulation, order, judgment or decree ("Law")
applicable to Mint Leasing or any Mint Leasing Subsidiary or by which any
property or asset of Mint Leasing or any Mint Leasing Subsidiary is bound or
affected, or (iii) result in any breach of or constitute a default (or an event
which with notice or lapse of time or both would become a default) under, or
give to others any right of termination, amendment, acceleration or cancellation
of, or result in the creation of a lien or other encumbrance on any property or
asset of Mint Leasing or any Mint Leasing Subsidiary pursuant to, any note,
bond, mortgage, indenture, contract, agreement, lease, license, permit,
franchise or other instrument or obligation, except, with respect to clause
(iii), for any such conflicts, violations, breaches, defaults or other
occurrences that have not had, and could not reasonably be expected to have,
individually or in the aggregate, a Mint Leasing Material Adverse Effect, and
that could not reasonably be expected to prevent or materially delay the
consummation of the transactions contemplated by this
Agreement.

      
        
           

        

        
          Page
6

          
            

          

        

        
           

        

      

      (b)         
The execution and delivery of this Agreement by Mint Leasing does not, and the
performance of this Agreement by Mint Leasing will not, require any consent,
approval, authorization or permit of, or filing with or notification to, any
domestic or foreign governmental or regulatory authority ("Governmental
Entity"), except (i) for applicable requirements, if any, of state securities or
"blue sky" laws ("Blue Sky Laws"), state takeover laws and (ii) where failure to
obtain such consents, approvals, authorizations or permits, or to make such
filings or notifications, has not had, and could not reasonably be expected to
have, individually or in the aggregate, a Mint Leasing Material Adverse Effect,
and could not reasonably be expected to prevent or materially delay the
consummation of the transactions contemplated by this Agreement.

      

      SECTION
3.06.  Permits;
Compliance.  (a) Each of Mint Leasing and Mint Leasing
Subsidiaries is in possession of all franchises, grants, authorizations,
licenses, permits, easements, variances, exceptions, consents, certificates,
approvals and orders of any Governmental Entity necessary for Mint Leasing or
any Mint Leasing Subsidiary to own, lease and operate its properties or to carry
on its business as it is now being conducted (the "Mint Leasing Permits"),
except where the failure to have, or the suspension or cancellation of, any of
Mint Leasing Permits has not had, and could not reasonably be expected to have,
individually or in the aggregate, a Mint Leasing Material Adverse Effect, and,
as of the date of this Agreement, no suspension or cancellation of any of Mint
Leasing Permits is pending or, to the knowledge of Mint Leasing, threatened,
except where the failure to have, or the suspension or cancellation of, any of
Mint Leasing Permits has not had, and could not reasonably be expected to have,
individually or in the aggregate, a Mint Leasing Material Adverse
Effect.

      

      (b)         
To the best knowledge of Mint Leasing after inquiry, neither Mint Leasing nor
any Mint Leasing Subsidiary is in conflict with, or in default or violation of,
(i) any Law applicable to Mint Leasing or any Mint Leasing Subsidiary or by
which any property or asset of Mint Leasing or any Mint Leasing Subsidiary is
bound or affected, (ii) any note, bond, mortgage, indenture, contract,
agreement, lease, license, permit, franchise or other instrument or obligation
to which Mint Leasing or any Mint Leasing Subsidiary is a party or by which Mint
Leasing or any Mint Leasing Subsidiary or any property or asset of Mint Leasing
or any Mint Leasing Subsidiary is bound or affected or (iii) any Mint Leasing
Permits, except, in the case of each of (i), (ii) and (iii), for any such
conflicts, defaults or violations that have not had, and could not reasonably be
expected to have, individually or in the aggregate, a Mint Leasing Material
Adverse Effect.

      
        
           

        

        
          Page
7

          
            

          

        

        
           

        

      

      SECTION
3.07.  Absence of Certain Changes
or Events.  Since the date of its organization, except as
contemplated by or as disclosed in this Agreement, Mint Leasing has conducted
its businesses only in the ordinary course and in a manner consistent with past
practice and, since such date, there has not been (a) any material change by
Mint Leasing in its accounting methods, principles or practices, (b) any
declaration, setting aside or payment of any dividend or distribution in respect
of the Commons Stock or any redemption, purchase or other acquisition of any of
Mint Leasing's securities or (c) any increase in or establishment of any bonus,
insurance, severance, deferred compensation, pension, retirement, profit
sharing, stock option (including, without limitation, the granting of stock
options, stock appreciation rights, performance awards or restricted stock
awards), stock purchase or other employee benefit plan, or any other increase in
the compensation payable or to become payable to any executive officers of Mint
Leasing, except in the ordinary course of business.

      

      SECTION
3.08.  Absence of
Litigation.  As of the date of this Agreement, there is no
litigation, suit, claim, action, proceeding or investigation pending or, to the
knowledge of Mint Leasing, threatened against Mint Leasing, or any property or
asset of Mint Leasing, before any court, arbitrator or governmental entity,
domestic or foreign, which (i) has had, or could reasonably be expected to have,
individually or in the aggregate, a material adverse effect on Mint Leasing or
(ii) seeks to delay or prevent the consummation of any other material
transaction contemplated by this Agreement.  As of the date of this
Agreement, neither Mint Leasing nor any property or asset of Mint Leasing is
subject to any continuing order of, consent decree, settlement agreement or
other similar written agreement with, or, to the knowledge of Mint Leasing,
continuing investigation by, any governmental entity, or any order, writ,
judgment, injunction, decree, determination or award of any governmental entity
or arbitrator having, individually or in the aggregate, a material adverse
effect on Mint Leasing.

      

      SECTION
3.09.  Employee Benefit Plans;
Labor Matters.  With respect to each employee benefit plan,
program, arrangement and contract (including, without limitation, any "employee
benefit plan", as defined in section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA")) maintained or contributed to by Mint
Leasing or any Mint Leasing Subsidiary, or with respect to which Mint Leasing or
any Mint Leasing Subsidiary could incur liability under section 4069, 4212(c) or
4204 of ERISA (the "Mint Leasing Benefit Plans"), Mint Leasing has made
available to the Legacy a true and correct copy of (i) the most recent annual
report (Form 5500) filed with the Internal Revenue Service (the "IRS"), (ii) a
complete copy of such Mint Leasing Benefit Plan, (iii) each trust agreement
relating to such Mint Leasing Benefit Plan, (iv) the most recent summary plan
description for each Mint Leasing Benefit Plan for which a summary plan
description is required, (v) the most recent actuarial report or valuation
relating to a Mint Leasing Benefit Plan subject to Title IV of ERISA and (vi)
the most recent determination letter, if any, issued by the IRS with respect to
any Mint Leasing Benefit Plan qualified under section 401(a) of the
Code.

      

      SECTION
3.10.  Contracts.
(a)  Exhibit B lists each of the following written contracts and
agreements of Mint Leasing (such contracts and agreements being "Material
Contracts"):

      

      (i)         each
contract and agreement for the purchase or lease of personal property with any
supplier or for the furnishing of services to Mint Leasing that in each case
involves annual payment in excess of US$50,000, or British sterling
equivalent;

      
        
           

        

        
          Page
8

          
            

          

        

        
           

        

      

      (ii)     all
broker, exclusive dealing or exclusivity, distributor, dealer, manufacturer's
representative, franchise, agency, sales promotion and market research
agreements involving annual payments in excess of US$100,000,or British sterling
equivalent, to which Mint Leasing is a party or any other material contract that
compensates any person other than employees based on any sales by Mint
Leasing;

      

      (iii)    all
leases and subleases of real property;

       

      (iv)    all
contracts and agreements relating to indebtedness for borrowed money other than
trade indebtedness of Mint Leasing;

      

      (v)     all
contracts and agreements involving annual payments in excess of $100,000 with
any Governmental Entity to which Mint Leasing is a party; and

      

      (vi)    any
other material agreement of Mint Leasing which is terminable upon or prohibits a
change of ownership or control of Mint Leasing.

      

      (b)         
 Each Material Contract:  (i) is valid and binding on Mint
Leasing and, to the knowledge of Mint Leasing, on the other parties thereto, and
is in full force and effect, and (ii) upon consummation of the transactions
contemplated by this Agreement, shall continue in full force and effect without
material penalty or other material adverse consequence.  Mint Leasing
is not in material breach of, or material default under, any Material Contract
and, to the knowledge of Mint Leasing, no other party to any Material Contract
is in material breach thereof or material default thereunder.

      

      SECTION
3.11.  Environmental
Matters.  Except as would not, individually or in the
aggregate, have a Mint Leasing Material Adverse Effect:

      

      (a)          
Mint Leasing and Mint Leasing Subsidiaries (i) are in compliance with all
applicable Environmental Laws (as defined below), (ii) hold all Environmental
Permits (as defined below) and (iii) are in compliance with their respective
Environmental Permits.

      

      (b)          
None of Mint Leasing or any Mint Leasing Subsidiary has received any written
request for information, or been notified that it is a potentially responsible
party, under CERCLA (defined below) or any similar Law of any state, locality or
any other jurisdiction.

      

      (c)          
None of Mint Leasing or any Mint Leasing Subsidiary has entered into or agreed
to any consent decree or order or is subject to any judgment, decree or judicial
order relating to compliance with Environmental Laws, Environmental Permits or
the investigation, sampling, monitoring, treatment, remediation, removal or
cleanup of Hazardous Materials (defined below) and, to the knowledge of Mint
Leasing, no investigation, litigation or other proceeding is pending or
threatened in writing with respect thereto.

      
        
           

        

        
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      (d)           None
of the real property owned or leased by Mint Leasing or any Mint Leasing
Subsidiary is listed or, to the knowledge of Mint Leasing, proposed for listing
on the "National Priorities List" under CERCLA, as updated through the date of
this Agreement, or any similar list of sites in the United States or any other
jurisdiction requiring investigation or cleanup.

      

      For
purposes of this Agreement:

      

      "CERCLA" means the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended as of the date hereof.

      

      "Environmental Laws" means any
federal, state or local statute, law, ordinance, regulation, rule, code or order
of the United States, or any other jurisdiction and any enforceable judicial or
administrative interpretation thereof, including any judicial or administrative
order, consent decree or judgment, relating to pollution or protection of the
environment or natural resources, including, without limitation, those relating
to the use, handling, transportation, treatment, storage, disposal, release or
discharge of Hazardous Materials, as in effect as of the date of this
Agreement.

      

      "Environmental Permits" means
any permit, approval, identification number, license and other authorization
required under any applicable Environmental Law.

      

      "Hazardous Materials" means
(a) any petroleum, petroleum products, by-products or breakdown products,
radioactive materials, asbestos-containing materials or polychlorinated
biphenyls or (b) any chemical, material or substance defined or regulated as
toxic or hazardous or as a pollutant or contaminant or waste under any
applicable Environmental Law.

      

      SECTION
3.12.  Trademarks, Patents and
Copyrights.  Except as would not, individually or in the
aggregate, have a Mint Leasing Material Adverse Effect, Mint Leasing and Mint
Leasing Subsidiaries own or possess adequate licenses or other valid rights to
use all patents, patent rights, trademarks, trademark rights, trade names, trade
dress, trade name rights, copyrights, service marks, trade secrets, applications
for trademarks and for service marks, know-how and other proprietary rights and
information used or held for use in connection with the business of Mint Leasing
and Mint Leasing Subsidiaries as currently conducted, and Mint Leasing has no
knowledge of any assertion or claim challenging the validity of any of the
foregoing.  To the knowledge of Mint Leasing, the conduct of the
business of Mint Leasing and Mint Leasing Subsidiaries as currently conducted
does not and will not conflict in any way with any patent, patent right,
license, trademark, trademark right, trade dress, trade name, trade name right,
service mark or copyright of any third party that has had, or could reasonably
be expected to have, individually or in the aggregate, a Mint Leasing Material
Adverse Effect.  To the knowledge of Mint Leasing, there are no
infringements of any proprietary rights owned by or licensed by or to Mint
Leasing or any Mint Leasing Subsidiary that have had, or could reasonably be
expected to have, individually or in the aggregate, a Mint Leasing Material
Adverse Effect.

      
        
           

        

        
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      SECTION
3.13.  Taxes.  Except
as for such matters that could not reasonably be expected to have a Mint Leasing
Material Adverse Effect, (a) Mint Leasing and each of Mint Leasing Subsidiaries
have timely filed or will timely file all returns and reports required to be
filed by them with any taxing authority with respect to Taxes for any period
ending on or before the Effective Time, taking into account any extension of
time to file granted to or obtained on behalf of Mint Leasing and Mint Leasing
Subsidiaries, (b) all Taxes shown to be payable on such returns or reports that
are due prior to the Effective Time have been paid or will be paid, (c) as of
the date of this Agreement, no deficiency for any material amount of Tax has
been asserted or assessed by a taxing authority against Mint Leasing or any of
Mint Leasing Subsidiaries and (d) Mint Leasing and each of Mint Leasing
Subsidiaries have provided adequate reserves in their financial statements for
any Taxes that have not been paid in accordance with generally accepted
accounting principles, whether or not shown as being due on any
returns.  As used in this Agreement, "Taxes" shall mean any and all
taxes, fees, levies, duties, tariffs, imposts and other charges of any kind
(together with any and all interest, penalties, additions to tax and additional
amounts imposed with respect thereto) imposed by any government or taxing
authority, including, without limitation:  taxes or other charges on
or with respect to income, franchises, windfall or other profits, gross
receipts, property, sales, use, capital stock, payroll, employment, social
security, workers' compensation, unemployment compensation or net worth; taxes
or other charges in the nature of excise, withholding, ad valorem, stamp,
transfer, value added or gains taxes; license, registration and documentation
fees; and customers' duties, tariffs and similar charges.

      

      SECTION
3.14.  State
Takeover Statutes.  The Board of Directors of Mint Leasing has
taken all action necessary to ensure that any restrictions on business
combinations will not apply to the Exchange and the other transactions
contemplated by this Agreement.  To the knowledge of Mint Leasing, no
other state takeover statute is applicable to the Exchange or the other
transactions contemplated by this Agreement.

      

      SECTION
3.15.  Brokers.  No
broker, finder or investment banker is entitled to any brokerage, finder's or
other fee or commission in connection with the Exchange or the other
transactions contemplated by this Agreement based upon arrangements made by or
on behalf of Mint Leasing.

      

      

      ARTICLE
IV

      REPRESENTATIONS
AND WARRANTIES OF LEGACY

      

      Legacy
hereby represents and warrants to Mint Leasing that:

      

      SECTION
4.01.  Organization and
Qualification; Subsidiaries.  Each of Legacy and each
subsidiary of Legacy (the "Legacy Subsidiaries") is a corporation duly
incorporated, validly existing and in good standing under the laws of the
jurisdiction of its incorporation and has all corporate requisite power and
authority and all necessary governmental approvals to own, lease and operate its
properties and to carry on its business as it is now being conducted, except
where the failure to be so organized, existing or in good standing or to have
such corporate power, authority and governmental approvals have not had, and
could not reasonably be expected to have, individually or in the aggregate, a
Legacy Material Adverse Effect (as defined below).  Each of Legacy and
the Legacy Subsidiaries is duly qualified or licensed as a foreign corporation
to do business, and is in good standing, in each jurisdiction where the
character of the properties owned, leased or operated by it or the nature of its
business makes such qualification or licensing necessary, except for such
failures to be so qualified or licensed and in good standing that have not had,
and could not reasonably be expected to have, individually or in the aggregate,
a Legacy Material Adverse Effect.  The term "Legacy Material Adverse
Effect" means any change in or effect on the business of Legacy and the Legacy
Subsidiaries that is materially adverse to the financial condition or results of
operations of Legacy and the Legacy Subsidiaries taken as a whole, except for
any such changes or effects resulting from or in connection with (i) this
Agreement or the transactions contemplated by this Agreement or the announcement
hereof, (ii) any changes in economic, regulatory or political conditions or
(iii) any issue or condition otherwise known to Mint Leasing prior to the date
of this Agreement.

      
        
           

        

        
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      SECTION
4.02.  Articles of Incorporation
and By Laws .  Legacy has heretofore made available to Mint
Leasing a complete and correct copy of the Articles of Incorporation and the
By-Laws of Legacy.  Such Articles of Incorporation and By-Laws are in
full force and effect.  Legacy is not violation of any of the
provisions of its Certificate of Incorporation or By-Laws.

      

      SECTION
4.03.  Capitalization.  The
authorized capital stock of Legacy consists of (a) 480,000,000 shares of Legacy
Common Stock, $.001 par value, and (b) 20,000,000 shares of preferred stock,
$.001 par value.  As of the date of this Agreement, (i) 186,243 shares
of Legacy Common Stock are issued and outstanding,  (ii) 185,000
shares of Legacy preferred stock are issued and outstanding, all of which are
validly issued, fully paid and non-assessable, (iii) 2,000,000 shares of
preferred class B shares, which are convertible to 20,000,000 shares of common
stock are reserved for issuance under the terms of the Plan referred to and
defined in Section 4.07, (iv) no shares of Legacy Common Stock are held in the
treasury of Legacy or by Legacy Subsidiaries and (v) 23,700,000 common shares
are reserved for future issuance upon conversion of the outstanding preferred
stock.  There are no options, warrants or other rights, agreements,
arrangements or commitments of any character relating to the issued or unissued
capital stock of Legacy or any Legacy Subsidiary or obligating Legacy or any
Legacy Subsidiary to issue or sell any shares of capital stock of, or other
equity interests in, Legacy or any Legacy Subsidiary.  All shares of
Legacy Common Stock subject to issuance as aforesaid, upon issuance on the terms
and conditions specified in the instruments pursuant to which they are issuable,
will be duly authorized, validly issued, fully paid and
non-assessable.  There are no outstanding contractual obligations of
Legacy or any Legacy Subsidiary to repurchase, redeem or otherwise acquire any
shares of Legacy Common Stock or any capital stock of any Legacy
Subsidiary.  Each outstanding share of capital stock of each Legacy
Subsidiary is duly authorized, validly issued, fully paid and non-assessable and
each such share owned by Legacy or another Legacy Subsidiary is free and clear
of all security interests, liens, claims, pledges, options, rights of first
refusal, agreements, limitations on Legacy's or such other Legacy Subsidiary's
voting rights, charges and other encumbrances of any nature whatsoever, except
where failure to own such shares free and clear would not, individually or in
the aggregate, have a Legacy Material Adverse Effect.  There are no
material outstanding contractual obligations of Legacy or any Legacy Subsidiary
to provide funds to, or make any investment (in the form of a loan, capital
contribution or otherwise) in, any Legacy Subsidiary or any other
person.  The shares of Legacy Common Stock to be issued pursuant to
the Exchange in accordance with Section 2.01 (i) will be duly authorized,
validly issued, fully paid and non-assessable and not subject to preemptive
rights created by statute, the Legacy's Certificate of Incorporation or By-Laws
or any agreement to which the Legacy is a party or is bound and (ii) will, when
issued, be exempt from registration under the Securities Act of 1933, as amended
(together with the rules and regulations promulgated thereunder, the "Securities
Act") and the Securities Exchange Act of 1934, as amended (together with the
rules and regulations promulgated thereunder, the "Exchange Act") and exempt
from registration under applicable Blue Sky Laws.  The shares of
Legacy Common Stock to be issued pursuant to the Exchange in accordance with
Section 2.01 will bear a restrictive legend in substantially the following form
(and a stop-transfer order may be placed against transfer of the certificates
for such Legacy Securities):

      
        
           

        

        
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      "The
Securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended.  The Securities may not be sold,
transferred or assigned in the absence of an effective registration statement
for the Securities under said Act, or an opinion of counsel, in form, substance
and scope customary for opinions of counsel in comparable transactions, that
registration is not required under said Act."

      

      SECTION
4.04.  Authority Relative to This
Agreement.  Legacy has all necessary corporate power and
authority to execute and deliver this Agreement and to perform its obligations
hereunder and to consummate the Exchange and the other transactions contemplated
by this Agreement.  The execution and delivery of this Agreement by
Legacy and the consummation by Legacy of the Exchange and the other transactions
contemplated by this Agreement have been duly and validly authorized by all
necessary corporate action and no other corporate proceedings on the part of
Legacy are necessary to authorize this Agreement or to consummate the Exchange
and the other transactions contemplated by this Agreement.  This
Agreement has been duly and validly executed and delivered by Legacy and,
assuming the due authorization, execution and delivery by Mint Leasing,
constitutes a legal, valid and binding obligation of Legacy, enforceable against
Legacy in accordance with its terms.

      

      SECTION
4.05.  No
Conflict; Required Filings and Consents.  (a)  The
execution and delivery of this Agreement by Legacy does not, and the performance
of this Agreement by Legacy will not, (i) conflict with or violate the
Certificate of Incorporation or By-laws of Legacy, (ii) assuming that all
consents, approvals, authorizations and other actions described in Section
4.05(b) have been obtained and all filings and obligations described in Section
4.05(b) have been made, conflict with or violate any Law applicable to Legacy or
any Legacy Subsidiary or by which any property or asset of Legacy or any Legacy
Subsidiary is bound or affected, or (iii) result in any breach of or constitute
a default (or an event which with notice or lapse of time or both would become a
default) under, or give to others any right of termination, amendment,
acceleration or cancellation of, or result in the creation of a lien or other
encumbrance on any property or asset of Legacy or any Legacy Subsidiary pursuant
to, any note, bond, mortgage, indenture, contract, agreement, lease, license,
permit, franchise or other instrument or obligation, except, with respect to
clause (iii), for any such conflicts, violations, breaches, defaults, or other
occurrences that have not had, and could not reasonably be expected to have,
individually or in the aggregate, a Legacy Material Adverse Effect, and that
could not reasonably be expected to prevent or materially delay the consummation
of the transactions contemplated by this Agreement.

      

      (b)           The
execution and delivery of this Agreement by Legacy does not, and the performance
of this Agreement by Legacy will not, require any consent, approval,
authorization or permit of, or filing with or notification to, any Governmental
Entity, except (i) for applicable requirements, if any, of the Exchange Act,
Blue Sky Laws, the Securities Act, the OTC, and state takeover laws; and (ii)
where failure to obtain such consents, approvals, authorizations or permits, or
to make such filings or notifications, has not had, and could not reasonably be
expected to have, individually or in the aggregate, a Legacy Material Adverse
Effect, and could not reasonably be expected to prevent or materially delay the
consummation of the transactions contemplated by this
Agreement.

      
        
           

        

        
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      SECTION
4.06.  Permits;
Compliance.  (a) Each of Legacy and the Legacy Subsidiaries is
in possession of all franchises, grants, authorizations, licenses, permits,
easements, variances, exceptions, consents, certificates, approvals and orders
of any Governmental Entity necessary for Legacy or any Legacy Subsidiary to own,
lease and operate its properties or to carry on its business as it is now being
conducted (the "Legacy Permits"), except where the failure to have, or the
suspension or cancellation of, any of Legacy Permits has not had, and could not
reasonably be expected to have, individually or in the aggregate, a Legacy
Material Adverse Effect, and, as of the date of this Agreement, no suspension or
cancellation of any of Legacy Permits is pending or, to the knowledge of Legacy,
threatened, except where the failure to have, or the suspension or cancellation
of, any of Legacy Permits has not had, and could not reasonably be expected to
have, individually or in the aggregate, a Legacy Material Adverse
Effect.

      

      (b)           Neither
Legacy nor any Legacy Subsidiary is in conflict with, or in default or violation
of, (i) any Law applicable to Legacy or any Legacy Subsidiary or by which any
property or asset of Legacy or any Legacy Subsidiary is bound or affected, (ii)
any note, bond, mortgage, indenture, contract, agreement, lease, license,
permit, franchise or other instrument or obligation to which Legacy or any
Legacy Subsidiary is a party or by which Legacy or any Legacy Subsidiary or any
property or asset of Legacy or any Legacy Subsidiary is bound or affected or
(iii) any Legacy Permits, except, in the case of each of (i), (ii) and (iii),
for any such conflicts, defaults or violations that have not had, and could not
reasonably be expected to have, individually or in the aggregate, a Legacy
Material Adverse Effect.

      

      SECTION
4.07.  Divestiture of Legacy Media Corporation  On the
Effective Date and at the same time that Mint becomes a wholly owned subsidiary
of Legacy, Legacy divest all of its interest in its wholly owned subsidiary,
Legacy Media Corporation, a Nevada corporation, and will pay or discharge any
Legacy obligations of any kind or character, direct or contingent, such that
there are no outstanding liabilities whatsoever.  The consideration
received by Legacy for the divestiture of Legacy Media shall be the cancellation
of 13,654,316 outstanding common stock of Legacy.  Upon the closing of
the divestiture of Legacy Media Corporation and consummation of the share
consolidation ("reverse split") previously authorized by Legacy, there will
exist (i) 186,243 shares of Legacy Common Stock issued and outstanding shares of
Legacy, (ii)185,000 series A preferred stock (convertible into a maximum of
3,700,000 shares of common stock of Legacy), and (iii) 2,000,000 shares of
series B preferred stock (convertible into 20,000,000 shares of common stock.)
issued and outstanding.

      

      SECTION
4.08.  Absence of Certain Changes
or Events.  Since the date of the filing of the Annual Report
on Form 10-KSB (the "Annual Report"), except as contemplated by or as disclosed
in this Agreement, or as disclosed in any amendment to the Annual Report, Legacy
and Legacy Subsidiaries have conducted their businesses only in the ordinary
course and in a manner consistent with past practice and, since such date, there
has not been (a) any Legacy Material Adverse Effect, (b) any material change by
Legacy in its accounting methods, principles or practices, (c) any declaration,
setting aside or payment of any dividend or distribution in respect of the
Shares or any redemption, purchase or other acquisition of any of Legacy's
securities or (d) any increase in or establishment of any bonus, insurance,
severance, deferred compensation, pension, retirement, profit sharing, stock
option (including, without limitation, the granting of stock options, stock
appreciation rights, performance awards or restricted stock awards), stock
purchase or other employee benefit plan, or any other increase in the
compensation payable or to become payable to any executive officers of Legacy or
any Legacy Subsidiary, except in the ordinary course of business consistent with
past practice.

      
        
           

        

        
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      SECTION
4.09.  Absence of
Litigation.  As of the date of this Agreement, there is no
litigation, suit, claim, action, proceeding or investigation pending or, to the
knowledge of Legacy, threatened against Legacy or any Legacy Subsidiary, or any
property or asset of Legacy or any Legacy Subsidiary, before any court,
arbitrator or Governmental Entity, domestic or foreign, which (i) has had, or
could reasonably be expected to have, individually or in the aggregate, a Legacy
Material Adverse Effect or (ii) seeks to delay or prevent the consummation of
the Exchange or any other material transaction contemplated by this
Agreement.  As of the date of this Agreement, neither Legacy nor any
Legacy Subsidiary nor any property or asset of Legacy or any Legacy Subsidiary
is subject to any continuing order of, consent decree, settlement agreement or
other similar written agreement with, or, to the knowledge of Legacy, continuing
investigation by, any Governmental Entity, or any order, writ, judgment,
injunction, decree, determination or award of any Governmental Entity or
arbitrator having, individually or in the aggregate, a Legacy Material Adverse
Effect.

      

      SECTION
4.10.  Employee Benefit
Plans.  Legacy and Legacy Subsidiary presently do not have any
employees.  Legacy and Legacy Subsidiary presently do not, and have
never in the past, maintained or contributed to any employee benefit plan,
program, arrangement and contract (including, without limitation, any "employee
benefit plan", as defined in section 3(3) of ERISA).

      

      SECTION
4.11.  Contracts.
(a)  Exhibit C lists each of the following written contracts and
agreements of Legacy (such contracts and agreements being "Material
Contracts"):

      

      (i)         each
contract and agreement for the purchase or lease of personal property with any
supplier or for the furnishing of services to Legacy;

      

      (ii)        all
broker, exclusive dealing or exclusivity, distributor, dealer, manufacturer's
representative, franchise, agency, sales promotion and market research
agreements, to which Legacy is a party or any other material contract that
compensates any person other than employees based on any sales by
Legacy;

      

      (iii)       all
leases and subleases of real property;

      

      (iv)       all
contracts and agreements relating to indebtedness for borrowed money other than
trade indebtedness of Legacy;

      

      (v)        all
contracts and agreements involving annual payments in excess of $100,000 with
any Governmental Entity to which Legacy is a party; and

      

      (iv)       any
other material agreement of Legacy which is terminable upon or prohibits a
change of ownership or control of Legacy..

      
        
           

        

        
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      (b)           Each
Material Contract:  (i) is valid and binding on Legacy and, to the
knowledge of Legacy, on the other parties thereto, and is in full force and
effect, and (ii) upon consummation of the transactions contemplated by this
Agreement, shall continue in full force and effect without material penalty or
other material adverse consequence.  Legacy is not in material breach
of, or material default under, any Material Contract and, to the knowledge of
Legacy, no other party to any Material Contract is in material breach thereof or
material default thereunder.

      

      SECTION
4.12.  Environmental
Matters.  Except as disclosed in the Annual Report or as would
not, individually or in the aggregate, have a Legacy Material Adverse
Effect:

      

      (a)           Legacy
and the Legacy Subsidiaries (i) are in compliance with all applicable
Environmental Laws, (ii) hold all Environmental Permits and (iii) are in
compliance with their respective Environmental Permits.

      

      (b)           None
of Legacy or any Legacy Subsidiary has received any written request for
information, or been notified that it is a potentially responsible party, under
CERCLA or any similar Law of any state, locality or any other
jurisdiction.

      

      (c)           None
of Legacy or any Legacy Subsidiary has entered into or agreed to any consent
decree or order or is subject to any judgment, decree or judicial order relating
to compliance with Environmental Laws, Environmental Permits or the
investigation, sampling, monitoring, treatment, remediation, removal or cleanup
of Hazardous Materials and, to the knowledge of Legacy, no investigation,
litigation or other proceeding is pending or threatened in writing with respect
thereto.

      

      (d)           None
of the real property owned or leased by Legacy or any Legacy Subsidiary is
listed or, to the knowledge of Legacy, proposed for listing on the "National
Priorities List" under CERCLA, as updated through the date of this Agreement, or
any similar list of sites in the United States or any other jurisdiction
requiring investigation or cleanup.

      

      SECTION
4.13.  Trademarks, Patents and
Copyrights.  Except as would not, individually or in the
aggregate, have a Legacy Material Adverse Effect, Legacy and the Legacy
Subsidiaries own or possess adequate licenses or other valid rights to use all
patents, patent rights, trademarks, trademark rights, trade names, trade dress,
trade name rights, copyrights, service marks, trade secrets, applications for
trademarks and for service marks, know-how and other proprietary rights and
information used or held for use in connection with the business of Legacy and
the Legacy Subsidiaries as currently conducted, and Legacy has no knowledge of
any assertion or claim challenging the validity of any of the
foregoing.  To the knowledge of Legacy, the conduct of the business of
Legacy and the Legacy Subsidiaries as currently conducted does not and will not
conflict in any way with any patent, patent right, license, trademark, trademark
right, trade dress, trade name, trade name right, service mark or copyright of
any third party that has had, or could reasonably be expected to have,
individually or in the aggregate, a Legacy Material Adverse
Effect.  To the knowledge of Legacy, there are no infringements of any
proprietary rights owned by or licensed by or to Legacy or any Legacy Subsidiary
that have had, or could reasonably be expected to have, individually or in the
aggregate, a Legacy Material Adverse Effect.

      
        
           

        

        
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      SECTION
4.14.  Taxes.  Except
for such matters that would not have a Legacy Material Adverse Effect, (a)
Legacy and each of the Legacy Subsidiaries have timely filed or will timely file
all returns and reports required to be filed by them with any taxing authority
with respect to Taxes for any period ending on or before the Effective Time,
taking into account any extension of time to file granted to or obtained on
behalf of Legacy and the Legacy Subsidiaries, (b) all Taxes shown to be payable
on such returns or reports that are due prior to the Effective Time have been
paid or will be paid, (c) as of the date of this Agreement, no deficiency for
any material amount of Tax has been asserted or assessed by a taxing authority
against Legacy or any of the Legacy Subsidiaries and (d) Legacy and each of the
Legacy Subsidiaries have provided adequate reserves in their financial
statements for any Taxes that have not been paid in accordance with generally
accepted accounting principles, whether or not shown as being due on any
returns.

      

      SECTION
4.15.  Accounting and Tax
Matters.  To the knowledge of Legacy, neither Legacy nor any of
its affiliates has taken or agreed to take any action that would prevent the
Exchange from constituting a transaction qualifying under Section 368(a) of the
Code.  Legacy is not aware of any agreement, plan or other
circumstance that would prevent the Exchange from qualifying under Section
368(a) of the Code.

      

      SECTION
4.16.  Brokers.  No
broker, finder or investment banker is entitled to any brokerage, finder's or
other fee or commission in connection with the Exchange or the other
transactions contemplated by this Agreement based upon arrangements made by or
on behalf of Legacy.

      

      

      ARTICLE
V

      CONDUCT
OF BUSINESSES PENDING THE REORGANIZATION

      

      SECTION
5.01.  Conduct of Business by Mint
Leasing Pending the Exchange.  Mint Leasing agrees that,
between the date of this Agreement and the Effective Time, except as
contemplated by any other provision of this Agreement, unless Legacy shall
otherwise consent in writing:

      

      (a)           the
businesses of Mint Leasing and Mint Leasing Subsidiaries shall be conducted only
in, and Mint Leasing and Mint Leasing Subsidiaries shall not take any action
except in, the ordinary course of business and in a manner consistent with past
practice; and

      
        
           

        

        
          Page
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      (b)           Mint
Leasing shall use its reasonable best efforts to preserve substantially intact
its business organization, to keep available the services of the current
officers, employees and consultants of Mint Leasing and Mint Leasing
Subsidiaries and to preserve the current relationships of Mint Leasing and Mint
Leasing Subsidiaries with customers, suppliers and other persons with which Mint
Leasing or any Mint Leasing Subsidiary has significant business
relations.

      

      By way of
amplification and not limitation, except as contemplated by this Agreement,
neither Mint Leasing nor any Mint Leasing Subsidiary shall, between the date of
this Agreement and the Effective Time, directly or indirectly, do, or propose to
do, any of the following without the prior written consent of
Legacy:

      

      (a)           amend
or otherwise change its Certificate of Incorporation or By-Laws or equivalent
organizational documents;

      

      (b)           issue,
sell, pledge, dispose of, grant, encumber, or authorize the issuance, sale,
pledge, disposition, grant or encumbrance of, (i) any shares of its capital
stock of any class, or any options, warrants, convertible securities or other
rights of any kind to acquire any shares of such capital stock, or any other
ownership interest (including, without limitation, any phantom interest), of
Mint Leasing or any Mint Leasing Subsidiary or (ii) any material assets of Mint
Leasing or any Mint Leasing Subsidiary, except in the ordinary course of
business and in a manner consistent with past practice;

      

      (c)           declare,
set aside, make or pay any dividend or other distribution, payable in cash,
stock, property or otherwise, with respect to any of its capital
stock;

      

      (d)           reclassify,
combine, split, subdivide or redeem, purchase or otherwise acquire, directly or
indirectly, any of its capital stock;

      

      (e)           (i)           acquire
(including, without limitation, by Exchange, consolidation, or acquisition of
stock or assets) any interest in any corporation, partnership, other business
organization or any division thereof or any assets, other than acquisitions of
assets in the ordinary course of business consistent with past
practice;

      

      (ii)         incur
any indebtedness for borrowed money or issue any debt securities or assume,
guarantee or endorse, or otherwise as an accommodation become responsible for,
the obligations of any person, or make any loans or advances, except for
indebtedness incurred in the ordinary course of business and consistent with
past practice;

      

      (iii)      
 enter into any contract or agreement material to the business, results of
operations or financial condition of Mint Leasing and Mint Leasing Subsidiaries
taken as a whole other than in the ordinary course of business, consistent with
past practice; or

      
        
           

        

        
          Page
18

          
            

          

        

        
           

        

      

      (iv)        enter
into or amend any contract, agreement, commitment or arrangement that, if fully
performed, would not be permitted under this Section 5.01(e);

      

      (f)         
  increase the compensation payable or to become payable to its
employees, except for increases in accordance with past practices, or grant any
severance or termination pay to, or enter into any employment or severance
agreement with, any director or employee of Mint Leasing or any Mint Leasing
Subsidiary, except for employment or severance agreements in accordance with
past practice, or establish, adopt, enter into or amend any collective
bargaining, bonus, profit sharing, thrift, compensation, stock option,
restricted stock, pension, retirement, deferred compensation, employment,
termination, severance or other plan, agreement, trust, fund, policy or
arrangement for the benefit of any director or employee; or

      

      (g)           take
any action, other than reasonable and usual actions in the ordinary course of
business and consistent with past practice, with respect to accounting policies
or procedures.

      

      SECTION
5.02.  Conduct of Business by
Legacy Pending the Exchange.  Legacy agrees that, between the
date of this Agreement and the Effective Time, except as contemplated by any
other provision of this Agreement, unless Mint Leasing shall otherwise consent
in writing (such consent not to be unreasonably withheld or
delayed):

      

      (a)           the
business of the Legacy and the Legacy Subsidiaries shall be conducted only in,
and Legacy and the Legacy Subsidiaries shall not take any action except in the
ordinary course of business and in a manner consistent with past practice;
and

      

      (b)           Legacy
shall use its reasonable best efforts to preserve substantially intact its
business organization, to keep available the services of the current officers,
employees and consultants of Legacy and the Legacy Subsidiaries and to preserve
the current relationships of Legacy and the Legacy Subsidiaries with customers,
suppliers and other persons with which Legacy or any Legacy Subsidiary has
significant business relations.

      

      By way of
amplification and not limitation, except as contemplated by this Agreement,
neither Legacy nor any Legacy Subsidiary shall, between the date of this
Agreement and the Effective Time, directly or indirectly, do, or propose to do,
any of the following without the prior written consent of Mint Leasing (such
consent not to be unreasonably withheld):

      

      (a)           amend
or otherwise change its Certificate of Incorporation or By-Laws or equivalent
organizational documents;

      

      (b)           issue,
sell, pledge, dispose of, grant, encumber, or authorize the issuance, sale,
pledge, disposition, grant or encumbrance of, (i) any shares of its capital
stock of any class, or any options, warrants, convertible securities or other
rights of any kind to acquire any shares of such capital stock, or any other
ownership interest (including, without limitation, any phantom interest), of
Legacy or any Legacy Subsidiary (except for the issuance of shares of Legacy
Common Stock issuable pursuant to the Legacy Stock Options outstanding on the
date of this Agreement or the issuance in the ordinary course of business and
consistent with past practice, or (ii) any material assets of Legacy or any
Legacy Subsidiary, except in the ordinary course of business and in a manner
consistent with past practice;

      
        
           

        

        
          Page
19

          
            

          

        

        
           

        

      

      (c)           declare,
set aside, make or pay any dividend or other distribution, payable in cash,
stock, property or otherwise, with respect to any of its capital
stock;

      

      (d)           reclassify,
combine, split, subdivide or redeem, purchase or otherwise acquire, directly or
indirectly, any of its capital stock;

      

      (e)           (i)           acquire
(including, without limitation, by Exchange, consolidation, or acquisition of
stock or assets) any interest in any corporation, partnership, other business
organization or any division thereof or any assets, other than acquisitions of
assets in the ordinary course of business consistent with past
practice;

      

      (ii)           incur
any indebtedness for borrowed money or issue any debt securities or assume,
guarantee or endorse, or otherwise as an accommodation become responsible for,
the obligations of any person, or make any loans or advances, except for
indebtedness incurred in the ordinary course of business and consistent with
past practice;

      

      (iii)           enter
into any contract or agreement material to the business, results of operations
or financial condition of Legacy and the Legacy Subsidiaries taken as a whole
other than in the ordinary course of business, consistent with past practice;
or

      

      (iv)           enter
into or amend any contract, agreement, commitment or arrangement that, if fully
performed, would not be permitted under this Section 5.02(e);

      

      (f)         
  increase the compensation payable or to become payable to its
officers or employees, except for increases in accordance with past practices in
salaries or wages of employees of Legacy or any Legacy Subsidiary who are not
officers of Legacy, or grant any severance or termination pay to, or enter into
any employment or severance agreement with, any director, officer or other
employee of Legacy or any Legacy Subsidiary, or establish, adopt, enter into or
amend any collective bargaining, bonus, profit sharing, thrift, compensation,
stock option, restricted stock, pension, retirement, deferred compensation,
employment, termination, severance or other plan, agreement, trust, fund, policy
or arrangement for the benefit of any director, officer or employee;
or

      

      (g)           take
any action, other than reasonable and usual actions in the ordinary course of
business and consistent with past practice, with respect to accounting policies
or procedures.

      
        
           

        

        
          Page
20

          
            

          

        

        
           

        

      

      ARTICLE
VI

      ADDITIONAL
AGREEMENTS

      

      SECTION
6.01.  Filing of Form
8-K.  Unless adequately disclosed in a periodic report filed
with the Securities and Exchange Commission by Legacy, immediately after the
Effective Time, new management of Mint Leasing will procure the prompt
preparation and file with the Securities and Exchange Commission appropriate
notice describing this transaction on Form 8-K or other applicable form, and
otherwise comply with the provisions of the Securities Exchange Act of
1934.

      

      SECTION
6.02.  Preparation of Disclosure
Statement.  Immediately after the Effective Time, new
management of Mint Leasing will procure the preparation of a disclosure
statement containing the necessary information to comply with Rule 15(c)2(11)
promulgated by the Securities and Exchange Commission pursuant to the Securities
Exchange Act of 1934 and file such forms with one or more firms who are members
of the National Association of Securities Dealers, Inc.  ("NASD") and
with NASD as are necessary to effect the quotation of Legacy's securities in the
NASD Electronic Bulletin Board System.

      

      SECTION
6.03.  Access to Information;
Confidentiality.  Except as required pursuant to any
confidentiality agreement or similar agreement or arrangement to which Legacy or
Mint Leasing or any of their respective subsidiaries is a party or pursuant to
applicable Law, from the date of this Agreement to the Effective Time, Legacy
and Mint Leasing shall (and shall cause their respective subsidiaries
to):  (i) provide to the other (and its officers, directors,
employees, accountants, consultants, legal counsel, agents and other
representatives, collectively, "Representatives") access at reasonable times
upon prior notice to the officers, employees, agents, properties, offices and
other facilities of the other and its subsidiaries and to the books and records
thereof and (ii) furnish promptly such information concerning the business,
properties, contracts, assets, liabilities, personnel and other aspects of the
other party and its subsidiaries as the other party or its Representatives may
reasonably request.

      

      SECTION
6.04.  Obligations of
Legacy.  Legacy shall take all action necessary to cause Legacy
to perform its obligations under this Agreement and to consummate the Exchange
on the terms and subject to the conditions set forth in this
Agreement.

      

      SECTION
6.05.  Obligations of
Shareholder.  Shareholder, on behalf of new management of
Legacy, unconditionally agree: (i) to refrain from the issuance of any
securities pursuant to a registration statement on Form S-8 for a period of 12
months from and after the Effective Time (ii) not to change the number of issued
or outstanding shares of capital stock of Legacy by a stock split, stock
dividend, combination, reclassification, reverse stock split, combination or
reclassification of shares or other similar event for a period of 12 months from
and after the Effective Time, and except as a condition to a listing of common
stock on a national exchange, in which event the limitation period will be 6
months (iii) not to issue any equity securities to any person, firm or
corporation for any purpose whatsoever for consideration less than the fair
market value applicable to the nature of the transaction of such securities, and
(iv) not to file a registration statement with the Securities and Exchange
Commission on Form SB-2 or other similar form covering secondary offering of and
class of equity securities prior to the expiration of 6 months from and after
the Effective Time.

      
        
           

        

        
          Page
21

          
            

          

        

        
           

        

      

      SECTION
6.06.  Application to Standard
& Poor's.  New management of Mint Leasing shall promptly
make application to the Standard & Poor's editorial board to approve your
corporation for a full description in Standard & Poor's Standard Corporation
Manual, Standard & Poor's Daily News Section, coverage of Legacy as part of
the S&P Market Access Program and coverage on Standard & Poor's Internet
Site, www.advisorinsight.com, as well as S&P Marketscope and the S&P
Stock Guide database.

      

      SECTION
6.06.  Filing of Amended Form
8-K. Within 4 days after the original report on Form 8-K must be filed,
new management of Mint Leasing will prepare and file with the SEC an amendment
to the Form 8-K described in Section 6.02 above that includes the financial
statements and pro forma financial information prepared pursuant to Regulation
S-X for the periods specified in Rule 3.05(b).

      

      SECTION
6.07.  Further Action; Consents;
Filings.  Upon the terms and subject to the conditions hereof,
each of the parties hereto shall use its reasonable best efforts to (i) take, or
cause to be taken, all appropriate action and do, or cause to be done, all
things necessary, proper or advisable under applicable law or otherwise to
consummate and make effective the Exchange and the other transactions
contemplated by this Agreement, (ii) obtain from Governmental Entities any
consents, licenses, permits, waivers, approvals, authorizations or orders
required to be obtained or made by Legacy or Mint Leasing or any of their
subsidiaries in connection with the authorization, execution and delivery of
this Agreement and the consummation of the Exchange and the other transactions
contemplated by this Agreement and (iii) make all necessary filings, and
thereafter make any other required submissions, with respect to this Agreement,
the Exchange and the other transactions contemplated by this Agreement required
under (A) the Exchange Act and the Securities Act and the rules and regulations
thereunder and any other applicable federal or state securities laws and (B) any
other applicable Law.  The parties hereto shall cooperate with each
other in connection with the making of all such filings, including by providing
copies of all such documents to the non-filing party and its advisors prior to
filing and, if requested, by accepting all reasonable additions, deletions or
changes suggested in connection therewith.

      

      SECTION
6.08.  Reserved

      

      SECTION
6.09.  Agreement to Deliver
Shares. As
the owner of a majority of the shares of Mint Leasing Securities, Shareholder
agrees to vote his shares of Mint Leasing Securities in favor of approving this
Agreement and the transactions contemplated hereby and not to approve or support
any competing transaction,

      

      SECTION
6.10.  Plan
of Exchange.  This Agreement is intended to constitute a "plan
of reorganization" within the meaning of section 1.368-2(g) of the income tax
regulations promulgated under the Code.  From and after the date of
this Agreement and until the Effective Time, each party hereto shall use its
reasonable best efforts to cause the Exchange to qualify, and will not knowingly
take any action, cause any action to be taken, fail to take any action or cause
any action to fail to be taken which action or failure to act could prevent the
Exchange from qualifying, as a reorganization under the provisions of section
368(a) of the Code.  Following the Effective Time, neither Legacy nor
any of its affiliates shall knowingly take any action, cause any action to be
taken, fail to take any action or cause any action to fail to be taken, which
action or failure to act could cause the Exchange to fail to qualify as a
reorganization under section 368(a) of the Code.

      
        
           

        

        
          Page
22

          
            

          

        

        
           

        

      

      SECTION
6.11.  Board
of Directors of Legacy.  On the Effective Date, the present
Directors of Legacy shall cause the appointment of Jerry Parish and Victor
Garcia to the Board of Directors of Legacy.

      

      SECTION
6.12.  Public
Announcements.  The initial press release relating to this
Agreement shall be a joint press release the text of which has been agreed to by
each of Legacy and Mint Leasing.

      

      

      ARTICLE
VII

      CONDITIONS
TO THE REORGANIZATION

      

      SECTION
7.01.  Conditions to the
Obligations of Each Party.  The obligations of Mint Leasing,
Legacy and Shareholder to consummate the Exchange are subject to the
satisfaction or waiver (where permissible) of the following
conditions:

      

      (a)           this
Agreement and the issuance of the Exchange Consideration pursuant to the terms
of the Exchange, as the case may be, contemplated hereby shall have been
approved and adopted by the requisite affirmative vote of (i) the shareholders
of Mint Leasing in accordance with the General Corporation Law of Texas and Mint
Leasing's Articles of Incorporation and (ii) the board of directors of Legacy in
accordance with the rules of the OTC, the Nevada Revised Statutes and Legacy's
Articles of Incorporation;

      

      (b)           no
Governmental Entity or court of competent jurisdiction located or having
jurisdiction in the United States shall have enacted, issued, promulgated,
enforced or entered any law, rule, regulation, judgment, decree, executive order
or award (an "Order") which is then in effect and has the effect of making the
Exchange illegal or otherwise prohibiting consummation of the Exchange;
and

      

      (c)           all
consents, approvals and authorizations legally required to be obtained to
consummate the Exchange shall have been obtained from and made with all
Governmental Entities.

      

      SECTION
7.02.  Conditions to the
Obligations of Legacy .  The obligations of Legacy to
consummate the Exchange are subject to the satisfaction or waiver (where
permissible) of the following additional conditions:

      

      (a)           to
the best of Mint Leasing's knowledge and belief, each of the representations and
warranties of Mint Leasing contained in this Agreement shall be true and correct
as of the Effective Time as though made on and as of the Effective Time, except
where failure to be so true and correct would not have a Mint Leasing Material
Adverse Effect, and except that those representations and warranties which
address matters only as of a particular date shall remain true and correct as of
such date, except where failure to be so true and correct would not have a Mint
Leasing Material Adverse Effect, and Legacy shall have received a certificate of
the Managing Director of Mint Leasing substantially in the form of Exhibit F to
such effect;

      
        
           

        

        
          Page
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      (b)           Mint
Leasing shall have performed or complied with all agreements and covenants
required by this Agreement to be performed or complied with by it on or prior to
the Effective Time, except where the failure to so comply would not have a Mint
Leasing Material Adverse Effect, and Legacy shall have received a certificate of
the Managing Director of Mint Leasing substantially in the form of Exhibit
F;

      

      (c)           Legacy
shall have received an investment representation from each Mint Leasing
Shareholder substantially in the form of Exhibit F.

      

      (d)           The
consummation of the transactions contemplated by this Agreement shall have been
approved at or before the Closing by the affirmative vote of the holders of not
less than a majority of Mint Leasing's common stock, and shall have received any
other shareholder approval necessary to the consummation of the transactions
contemplated by this Agreement.

      

      SECTION
7.03.  Conditions to the
Obligations of Mint Leasing.  The obligations of Mint Leasing
to consummate the Exchange are subject to the satisfaction or waiver (where
permissible) of the following additional conditions:

      

      (a)           each
of the representations and warranties of Legacy contained in this Agreement
shall be true and correct as of the Effective Time, as though made on and as of
the Effective Time, except where the failure to be so true and correct would not
have a Legacy Material Adverse Effect, and except that those representations and
warranties which address matters only as of a particular date shall remain true
and correct as of such date, except where the failure to be so true and correct
would not have a Legacy Material Adverse Effect, and Mint Leasing shall have
received a certificate of the Chief Executive Officer or Chief Financial Officer
of Legacy substantially in the form of Exhibit E to such effect;

      

      (b)           Legacy
shall have performed or complied with all agreements and covenants required by
this Agreement to be performed or complied with by it on or prior to the
Effective Time, except where the failure to comply would not have a Legacy
Material Adverse Effect, and Mint Leasing shall have received a certificate of
the Chief Executive Officer or Chief Financial Officer of Legacy substantially
in the form of Exhibit E to that effect;

      

      (c)           Mint
Leasing shall have received on the Closing Date an opinion, dated the Closing
Date, of Sonfield & Sonfield, counsel for the Legacy in form and substance
satisfactory to counsel for Mint Leasing, to the effect that:

      
        
           

        

        
          Page
24

          
            

          

        

        
           

        

      

      (i)          Legacy
is a corporations validly existing and in good standing under the laws of the
States of Nevada with all requisite power and authority to own, lease, license,
and use their respective properties and assets and to carry on the business in
which each is now engaged.

      

      (ii)        All
necessary proceedings of Legacy have been duly taken to authorize the execution,
delivery, and performance of this Agreement by Legacy.

      

      (iii)       Legacy
have all requisite corporate power and authority to execute, deliver, and
perform this Agreement, and this Agreement has been duly authorized, executed,
and delivered by Legacy, constitutes the legal, valid, and binding obligation of
Legacy, and (subject to applicable bankruptcy, insolvency, and other laws
affecting the enforceability of creditors' rights generally) is enforceable as
to Legacy in accordance with its terms.

      

      (iv)      
The execution, delivery, and performance of this Agreement by Legacy will not
violate or result in a breach of any term of Legacy's certificate of
incorporation or by-laws; and the execution, delivery, and performance of this
Agreement by Legacy will not violate, result in a breach of, conflict with, or
(with or without the giving of notice or the passage of time or both) entitle
any party to terminate or call a default under any terms of any agreement to
which Legacy is a party.

      

      (v)       
After reasonable investigation, such counsel has no actual knowledge of any
consent, authorization, approval, order, license, certificate, or permit of or
from, or declaration or filing with, any federal, state, local, or other
governmental authority or any court or other tribunal which is required of
Legacy for the execution, delivery, or performance of this Agreement by
Legacy.

      

      (vi)       After
reasonable investigation, such counsel has no actual knowledge of any
litigation, arbitration, governmental or other proceeding (formal or informal),
or investigation pending or threatened with respect to Legacy, or any of their
respective business, properties, or assets that (i) can reasonably be expected
to result in any materially adverse change in the financial condition, results
of operations, business, properties, liabilities, or future prospects of Legacy
taken as a whole or (ii) seeks to prohibit or otherwise challenge the
consummation of the transactions contemplated by this Agreement, or to obtain
substantial damages with respect thereto, except as disclosed in this
Agreement.

      

      (vii)      the
Shares to be issued by the Legacy hereunder have been duly authorized and, when
issued and when delivered to Mint Leasing Shareholders as provided by this
Agreement, will be validly issued, fully paid and non-assessable, and the
issuance of such Shares will not be subject to any preemptive or similar
rights;

      

      In giving
such opinions Sonfield & Sonfield may state that their opinion and belief
are based upon their participation in the preparation of the Agreement and any
amendments or supplements thereto and documents incorporated therein by
reference and review and discussion of the contents thereof, but is without
independent check or verification except as specified.

      
        
           

        

        
          Page
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      ARTICLE
VIII

      TERMINATION,
AMENDMENT AND WAIVER

      

      SECTION
8.01.  Termination.  This
Agreement may be terminated and the Exchange and the other transactions
contemplated by this Agreement may be abandoned at any time prior to the
Effective Time, notwithstanding any requisite approval and adoption of this
Agreement and the transactions contemplated by this Agreement, as
follows:

      

      (a)         
 by mutual written consent duly authorized by the Boards of Directors of
each of Legacy and Mint Leasing;

      

      (b)           by
either Legacy or Mint Leasing if the Effective Time shall not have occurred on
or before August 14, 2008 provided, however, that the right to terminate this
Agreement under this Section 8.01(b) shall not be available to any party whose
failure to fulfill any obligation under this Agreement has been the cause of, or
resulted in, the failure of the Effective Time to occur on or before such
date;

      

      (c)           there
shall be any Order which is final and non-appealable preventing the consummation
of the Exchange;

      

      (d)           by
Legacy upon a breach of any material representation, warranty, covenant or
agreement on the part of Mint Leasing set forth in this Agreement, or if any
representation or warranty of Mint Leasing shall have become untrue, in either
case such that the conditions set forth in Section 7.02(a) and Section 7.02(b)
would not be satisfied ("Terminating Mint Leasing Breach"); provided, however,
that, if such Terminating Mint Leasing Breach is curable by Mint Leasing through
the exercise of its best efforts and for so long as Mint Leasing continues to
exercise such best efforts, Legacy may not terminate this Agreement under this
Section 8.01(d).

      

      (e)           by
Mint Leasing upon a breach of any material representation, warranty, covenant or
agreement on the part of Legacy set forth in this Agreement, or if any
representation or warranty of Legacy shall have become untrue, in either case
such that the conditions set forth in Section 7.03(a) and Section 7.03(b) would
not be satisfied ("Terminating Legacy Breach"); provided, however, that, if such
Terminating Mint Leasing Breach is curable by Legacy through the exercise of its
best efforts and for so long as Legacy continues to exercise such best efforts,
Mint Leasing may not terminate this Agreement under this Section
8.01(e).

      

      SECTION
8.02.  Effect of
Termination.  Except as provided in Section 9.01, in the event
of termination of this Agreement pursuant to Section 8.01, this Agreement shall
forthwith become void, there shall be no liability under this Agreement on the
part of Legacy or Mint Leasing or any of their respective officers or directors,
and all rights and obligations of each party hereto shall cease, provided,
however, that nothing herein shall relieve any party from liability for the
willful breach of any of its representations, warranties, covenants or
agreements set forth in this Agreement.

      
        
           

        

        
          Page
26

          
            

          

        

        
           

        

      

      SECTION
8.03.  Amendment.  This
Agreement may be amended by the parties hereto by action taken by or on behalf
of their respective Boards of Directors at any time prior to the Effective Time;
provided, however, that, after the approval of this Agreement by the
shareholders of Mint Leasing, no amendment may be made which would reduce the
amount or change the type of consideration into which each Share shall be
converted upon consummation of the Exchange.  This Agreement may not
be amended except by an instrument in writing signed by the parties
hereto.

      

      SECTION
8.04.  Waiver.  At
any time prior to the Effective Time, any party hereto may (a) extend the time
for the performance of any obligation or other act of any other party hereto,
(b) waive any inaccuracy in the representations and warranties contained herein
or in any document delivered pursuant hereto, and (c) waive compliance with any
agreement or condition contained herein.  Any such extension or waiver
shall be valid if set forth in an instrument in writing signed by the party or
parties to be bound thereby.

      

      SECTION
8.05.  Expenses.  All
Expenses (as defined below) incurred in connection with this Agreement and the
transactions contemplated by this Agreement shall be paid by the party incurring
such expenses, whether or not the Exchange or any other transaction is
consummated. "Expenses" as used in this Agreement shall include all reasonable
out-of-pocket expenses (including, without limitation, all fees and expenses of
counsel, accountants, investment bankers, experts and consultants to a party
hereto and its affiliates) incurred by a party or on its behalf in connection
with or related to the authorization, preparation, negotiation, execution and
performance of this Agreement and all other matters related to the closing of
the Exchange and the other transactions contemplated by this
Agreement.

      

      

      ARTICLE
IX

      GENERAL
PROVISIONS

      

      SECTION
9.01.  Non-Survival of
Representations, Warranties and Agreements.  The
representations, warranties and agreements in this Agreement and in any
certificate delivered pursuant hereto shall terminate at the Effective Time or
upon the termination of this Agreement pursuant to Section 8.01, as the case may
be, except that the agreements set forth in Articles I and II and Sections 6.01,
6.02, 6.05, 6.06 and this Article IX shall survive the Effective Time and those
set forth in Sections 8.02 and 8.05 and this Article IX shall survive
termination.

      

      SECTION
9.02.  Notices.  All
notices, requests, claims, demands and other communications hereunder shall be
in writing and shall be given (and shall be deemed to have been duly given upon
receipt) by delivery in person, by cable, telecopy, facsimile, telegram or telex
or by registered or certified mail (postage prepaid, return receipt requested)
to the respective parties at the following addresses (or at such other address
for a party as shall be specified in a notice given in accordance with this
Section 9.02):

      
        
           

        

        
          Page
27

          
            

          

        

        
           

        

      

      if to
Legacy:

      

      Legacy
Communications Corporation.

      210 North
1000 East

      St.
George, UT

      Telephone:
(435) 628-1000

      

      if to
Mint Leasing:

      

      The Mint
Leasing, Inc.

      323 N.
Loop West

      Houston,
Tx 77008

      Attn:  Jerry
Parish, President & CEO

      Facsimile:
(713) 665-8311

      

      with a copy to (which shall not
constitute notice to Mint Leasing):

      

      Robert L.
Sonfield, Jr., Esq.

      Sonfield
& Sonfield

      770 South
Post Oak Lane, Suite 435

      Houston,
Texas  77056-1937

      Facsimile:  (713)
877-1547

      

      SECTION
9.03.  Certain
Definitions.  For purposes of this Agreement, the
term:

      

      (a)           "affiliate" of a specified
person means a person who directly or indirectly through one or more
intermediaries controls, is controlled by, or is under common control with such
specified person;

      

      (b)           "control" (including the terms
"controlled by" and
"under common control
with") means the possession, directly or indirectly or as trustee or
executor, of the power to direct or cause the direction of the management and
policies of a person, whether through the ownership of voting securities, as
trustee or executor, by contract or credit arrangement or
otherwise;

      

      (c)           "knowledge" means, with
respect to any matter in question, that the executive officers of Mint Leasing
or Legacy, as the case may be, have actual knowledge of such
matter;

      

      (d)           "person" means an individual,
corporation, partnership, limited partnership, syndicate, person (including,
without limitation, a "person" as defined in section 13(d)(3) of the Exchange
Act), trust, association or entity or government, political subdivision, agency
or instrumentality of a government; and

      

      (e)           "subsidiary" or "subsidiaries" of any person
means any corporation, partnership, joint venture or other legal entity of which
such person (either alone or through or together with any other subsidiary)
owns, directly or indirectly, more than 50% of the stock or other equity
interests, the holders of which are generally entitled to vote for the election
of the board of directors or other governing body of such corporation or other
legal entity.

      
        
           

        

        
          Page
28

          
            

          

        

        
           

        

      

      SECTION
9.04.  Severability.  If
any term or other provision of this Agreement is invalid, illegal or incapable
of being enforced by any rule of Law or public policy, all other conditions and
provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the transactions contemplated by
this Agreement is not affected in any manner materially adverse to any
party.  Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated by this Agreement be consummated as
originally contemplated to the fullest extent possible.

      

      SECTION
9.05.  Assignment; Binding Effect;
Benefit.  Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any of the parties
hereto (whether by operation of law or otherwise) without the prior written
consent of the other parties.  Subject to the preceding sentence, this
Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.

      

      SECTION
9.06.  Incorporation of
Exhibits.  Mint Leasing Disclosure Schedule, the Legacy
Disclosure Schedule and all Exhibits attached hereto and referred to herein are
hereby incorporated herein and made a part hereof for all purposes as if fully
set forth herein.

      

      SECTION
9.07.  Specific
Performance.  The parties hereto agree that irreparable damage
would occur in the event any provision of this Agreement was not performed in
accordance with the terms hereof and that the parties shall be entitled to
specific performance of the terms hereof, in addition to any other remedy at law
or in equity.

      

      SECTION
9.08.  Governing Law;
Forum.  This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Texas.

      

      SECTION
9.09.  Headings.  The
descriptive headings contained in this Agreement are included for convenience of
reference only and shall not affect in any way the meaning or interpretation of
this Agreement.

      

      SECTION
9.10.  Counterparts.  This
Agreement may be executed and delivered (including by facsimile transmission) in
one or more counterparts, and by the different parties hereto in separate
counterparts, each of which when executed and delivered shall be deemed to be an
original but all of which taken together shall constitute one and the same
agreement.

      

      SECTION
9.11.  Entire
Agreement.  This Agreement (including the Exhibits) constitutes
the entire agreement among the parties with respect to the subject matter hereof
and supersede all prior agreements and understandings among the parties with
respect thereto.  No addition to or modification of any provision of
this Agreement shall be binding upon any party hereto unless made in writing and
signed by all parties hereto.

      

      

      THE
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

        

      

       

      
        AGREEMENT
AND PLAN OF REORGANIZATION

        

        among

        

        LEGACY
COMMUNICATIONS CORPORATION

        

        THE MINT
LEASING, INC.

        

        and

        

        THE
SHAREHOLDERS OF THE MINT LEASING, INC.

        

        EXECUTION
PAGE

        

        IN
WITNESS WHEREOF, Legacy, Shareholder and Mint Leasing have caused this Agreement
to be executed as of the date first written above by their respective officers
thereunto duly authorized.

        

        LEGACY,
INC.

        

        

        
          	
                  Attest
      by:  

                	
                  /s/ Michael
      Hluchanek

                	
                  By:

                	
                  /s/ Michael
      Hluchanek

                
	 
      	
                  Michael
      J. Hluchanek,

                	 
      	
                  Michael
      J. Hluchanek,

                
	 
      	
                  Secretary

                	 
      	
                  President  &
      Chief Executive Officer

                

        

        

        

        THE MINT
LEASING, INC.

        

        

        
          	
                  Attest
      by:  

                	
                  /s/ Jerry
      Parish

                	
                  By:

                	
                  /s/ Jerry
      Parish

                
	 
      	
                  Name:
      Jerry Parish

                	 
      	
                  Name:
      Jerry Parish

                
	 
      	
                  Title:
      Secretary

                	 
      	
                  Title:
      President & CEO

                
	 
      	 
      	 
      	 
      
	
                  SHAREHOLDERS
      OF THE MINT LEASING, INC.

                	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                  /s/ Jerry
      Parish

                	 
      	
                  /s/ Jerry
      Parish

                
	 
      	
                  Jerry
      Parish,  Shareholder

                	 
      	
                  Jerry
      Parish, Trustee, Shareholder

                

        

      

       

       

      30ex10_2.htm

    
      

    

    
      Exhibit
10.2

      
        Stock
Purchase Agreement between Legacy Communications Corporation, The Mint Leasing,
Inc. a Texas corporation, and the shareholders of The Mint Leasing, Inc., dated
July 18, 2008

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        
          
            STOCK
PURCHASE AGREEMENT

          

          
            BY
AND AMONG

          

          
            

          

          
            THREE
IRONS, INC.

          

          
            

          

          
            LEGACY
COMMUNICATIONS CORPORATION

          

          
            

          

          
            AND

          

          
            

          

          
            THE
SUBSIDIARIES LISTED ON EXHIBIT H HERETO

          

          
            

          

          
            Dated
as of July 18, 2008

          

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          
            

          

          
            	
                    TABLE OF
      CONTENTS

                     

                  
	
                    
                      ARTICLE
      I

                    

                  	
                    SALE
      AND PURCHASE

                  	
                    
                      1

                    

                  
	
                    
                      ARTICLE
      II

                    

                  	
                    PURCHASE
      PRICE AND PAYMENT

                  	
                    
                      1

                    

                  
	
                    2.1

                  	
                    Amount
      of Purchase Price

                  	
                    
                      1

                    

                  
	
                    2.2

                  	
                    Payment
      of Purchase Price

                  	
                    
                      1

                    

                  
	
                    
                      ARTICLE
      III

                    

                  	
                    CLOSING
      AND TERMINATION

                  	
                    
                      1

                    

                  
	
                    3.1

                  	
                    Closing
      Date

                  	
                    
                      1

                    

                  
	
                    3.2

                  	
                    Termination
      of Agreement

                  	
                    
                      2

                    

                  
	
                    3.3

                  	
                    Procedure
      Upon Termination

                  	
                    
                      2

                    

                  
	
                    3.4.

                  	
                    Effect
      of Termination

                  	
                    
                      2

                    

                  
	
                    
                      ARTICLE
      IV

                    

                  	
                    REPRESENTATIONS AND WARRANTIES OF
      THE COMPANY

                  	
                    3

                  
	
                    4.1

                  	
                    Organization
      and Good Standing

                  	
                    
                      3

                    

                  
	
                    4.2

                  	
                    Authorization
      of Agreement

                  	
                    
                      3

                    

                  
	
                    4.3

                  	
                    Capitalization

                  	
                    
                      3

                    

                  
	
                    4.4

                  	
                    No
      Subsidiaries

                  	
                    
                      4

                    

                  
	
                    4.5

                  	
                    Corporate
      Records

                  	
                    
                      4

                    

                  
	
                    4.6

                  	
                    Conflicts;
      Consents of Third Parties

                  	
                    
                      4

                    

                  
	
                    4.7

                  	
                    Financial
      Statements

                  	
                    
                      5

                    

                  
	
                    4.8

                  	
                    Liabilities

                  	
                    
                      6

                    

                  
	
                    4.9

                  	
                    Absence
      of Certain Developments

                  	
                    
                      6

                    

                  
	
                    4.10

                  	
                    Taxes

                  	
                    
                      6

                    

                  
	
                    4.11

                  	
                    Property

                  	
                    
                      6

                    

                  
	
                    4.12

                  	
                    Litigation

                  	
                    
                      6

                    

                  
	
                    4.13

                  	
                    Compliance
      with Laws

                  	
                    
                      7

                    

                  
	
                    4.14

                  	
                    Environmental
      Matters

                  	
                    
                      7

                    

                  
	
                    4.15

                  	
                    No
      Misrepresentation

                  	
                    
                      7

                    

                  
	
                    4.16

                  	
                    Financial
      Advisors

                  	
                    
                      7

                    

                  
	
                    
                      ARTICLE
      V

                    

                  	
                    REPRESENTATIONS
      AND WARRANTIES OF PURCHASER

                  	
                    
                      7

                    

                  
	
                    5.1

                  	
                    Organization
      and Good Standing

                  	
                    
                      7

                    

                  
	
                    5.2

                  	
                    Authorization
      of Agreement and Transaction Documents

                  	
                    
                      7

                    

                  
	
                    5.3

                  	
                    Conflicts;
      Consents of Third Parties

                  	
                    
                      8

                    

                  
	
                    5.4

                  	
                    Litigation

                  	
                    
                      8

                    

                  
	
                    5.5

                  	
                    Investment
      Intention

                  	
                    
                      8

                    

                  
	
                    5.6

                  	
                    Investment
      Experience

                  	
                    
                      9

                    

                  
	
                    5.7

                  	
                    Accredited
      Investor

                  	
                    
                      9

                    

                  
	
                    5.8

                  	
                    Restrictions

                  	
                    
                      9

                    

                  
	
                    5.9

                  	
                    Financial
      Advisors

                  	
                    
                      9

                    

                  
	
                    
                      ARTICLE
      VI

                    

                  	
                    COVENANTS

                  	
                    
                      9

                    

                  
	
                    6.1

                  	
                    Access
      to Information

                  	
                    
                      9

                    

                  
	
                    6.2

                  	
                    Conduct
      of the Business Pending the Closing

                  	
                    
                      10

                    

                  
	
                    6.3

                  	
                    Other
      Actions

                  	
                    
                      10

                    

                  
	
                    6.4

                  	
                    Non
      Negotiation; Non-Solicitation

                  	
                    
                      10

                    

                  
	
                    6.5

                  	
                    Preservation
      of Records

                  	
                    
                      11

                    

                  

          

           

          
            
               

            

            
              (i)

              
                

              

            

            
               

            

          

          

          
            	
                    
                      6.6

                    

                  	
                    Publicity

                  	
                    
                      11

                    

                  
	
                    
                      6.7

                    

                  	
                    Use
      of Name

                  	
                    
                      11

                    

                  
	
                    
                      6.8

                    

                  	
                    Payment
      and Transfer of Assets and Liabilities

                  	
                    
                      11

                    

                  
	
                    
                      6.9

                    

                  	
                    Transfer
      and Divestiture of Subsidiaries

                  	
                    
                      12

                    

                  
	
                    
                      6.10

                    

                  	
                    Fairness
      Opinion

                  	
                    
                      12

                    

                  
	
                    
                      ARTICLE
      VII

                    

                  	
                    CONDITIONS
      TO CLOSING

                  	
                    
                      12

                    

                  
	
                    
                      7.1

                    

                  	
                    Conditions
      Precedent to Obligations of the Purchaser

                  	
                    
                      12

                    

                  
	
                    
                      7.2

                    

                  	
                    Conditions Precedent to Obligations of the
      Company and
      Majority Stockholders

                  	
                    13

                  
	
                    
                      ARTICLE
      VIII

                    

                  	
                    INDEMNIFICATION

                  	
                    
                      15

                    

                  
	
                    
                      8.1

                    

                  	
                    Indemnification

                  	
                    
                      15

                    

                  
	
                    
                      8.2

                    

                  	
                    Limitations on Indemnification for Breaches of
      Representations and Warranties

                  	
                    16

                  
	
                    
                      8.3

                    

                  	
                    Indemnification
      Procedures

                  	
                    
                      16

                    

                  
	
                    
                      8.4

                    

                  	
                    Tax
      Matters

                  	
                    
                      17

                    

                  
	
                    
                      8.5

                    

                  	
                    Preparation
      of Tax Returns; Payment of Taxes

                  	
                    
                      18

                    

                  
	
                    
                      8.6

                    

                  	
                    Tax
      Treatment of Indemnity Payments

                  	
                    
                      20

                    

                  
	
                    
                      ARTICLE
      IX

                    

                  	
                    MISCELLANEOUS

                  	
                    
                      20

                    

                  
	
                    
                      9.1

                    

                  	
                    Certain
      Definitions

                  	
                    
                      20

                    

                  
	
                    
                      9.2

                    

                  	
                    Survival
      of Representations and Warranties

                  	
                    
                      23

                    

                  
	
                    
                      9.3

                    

                  	
                    Expenses

                  	
                    
                      24

                    

                  
	
                    
                      9.4

                    

                  	
                    Specific
      Performance

                  	
                    
                      24

                    

                  
	
                    
                      9.5

                    

                  	
                    Further
      Assurances

                  	
                    
                      24

                    

                  
	
                    
                      9.6

                    

                  	
                    Submission to Jurisdiction; Consent to
      Service of Process; Arbitration

                  	
                    24

                  
	
                    
                      9.7

                    

                  	
                    Entire
      Agreement; Amendments and Waivers

                  	
                    
                      25

                    

                  
	
                    
                      9.8

                    

                  	
                    Governing
      Law

                  	
                    
                      25

                    

                  
	
                    
                      9.9

                    

                  	
                    Notices

                  	
                    
                      25

                    

                  
	
                    
                      9.10

                    

                  	
                    Severability

                  	
                    
                      26

                    

                  
	
                    
                      9.11

                    

                  	
                    Binding
      Effect: Assignment

                  	
                    
                      26

                    

                  
	
                    
                      9.12

                    

                  	
                    Non-Recourse

                  	
                    
                      26

                    

                  
	
                    
                      9.13

                    

                  	
                    Counterparts

                  	
                    
                      26

                    

                  

          

           

          
            
               

            

            
              (ii)

              
                

              

            

            
               

            

          

           

          
            EXHIBITS

          

          
            Exhibit A
- Major Stockholders

          

          
            Exhibit B
- Trust Receipt Irrevocable Instructions and Irrevocable
Proxy

          

          
            Exhibit C
- DELETED

          

          
            Exhibit D
- Excluded Obligations

          

          
            Exhibit E
- Opinion of Franklin, Cardwell & Jones, PC

          

          
            Exhibit F
- Escrow Agreement

          

          
            Exhibit G
- Form of Designation of Series A Convertible Redeemable Preferred
Stock

          

          
            Exhibit H
- Subsidiaries

          

          
            Exhibit I
- Form of Officer's Certificate of the Company Concerning
Accuracy

          

          
            Exhibit J
- Form of Officer's Certificate of the Purchaser Concerning
Accuracy

          

          
            Exhibit
K-DELETED

          

          
            Exhibit L
- Form of Note Purchase Agreement

          

          
            
               

            

            
              (iii)

              
                

              

            

            
               

            

          

          
            STOCK
PURCHASE AGREEMENT

          

          
            

          

          
            STOCK PURCHASE AGREEMENT,
dated as of July 18, 2008 (the "Agreement"), by and among Three
Irons, Inc., a Nevada corporation (the "Purchaser"), Legacy Communications
Corporation, a Nevada corporation (the "Company"), and the Subsidiaries
listed on Exhibit H attached hereto (the "Subsidiaries"). The Purchaser, the
Company and the Subsidiaries are each referred to herein as a "Party" and
collectively referred to herein as the "Parties".

          

          
            

          

          
            WITNESSETH:

          

          
            

          

          
            WHEREAS, the Company has
designated 185,000 shares as Series A Convertible Redeemable Preferred Stock,
$.001 par value per share (the "Preferred Shares"). The Company has
issued 40,000 Preferred Shares and the remaining 145,000 Preferred Shares are
authorized and unissued; and

          

          
            

          

          
            WHEREAS, the Company desires
to issue and sell and the Purchaser desires to purchase 145,000 Preferred
Shares, subject to the conditions and upon the terms set out herein;
and

          

          
            

          

          
            WHEREAS, certain terms used in
this Agreement are defined in Section 9.1.;

          

          
            

          

          
            NOW, THEREFORE, in
consideration of the premises and the mutual covenants and agreements
hereinafter contained, the Parties hereby agree as follows:

          

          
            

          

          
            ARTICLE
I

          

          
             SALE
AND PURCHASE

          

          
            

          

          
            Upon the
terms and subject to the conditions contained herein, on the Closing Date, the
Company shall issue, sell, assign, transfer, convey and deliver to the
Purchaser, and the Purchaser shall purchase from the Company, 145,000 of the
authorized and unissued Preferred Shares. The purchase and sale of the Preferred
Shares pursuant to this Agreement shall be effective as of the close of business
on the Closing Date (the "Effective
Time").

          

          
            

          

          
            ARTICLE
II

          

          
            PURCHASE
PRICE AND PAYMENT

          

          
            

          

          
            	
                    2.1.

                  	
                    Amount
      of Purchase Price.

                  

          

          
            

          

          
            The
purchase price for the Preferred Shares shall be ONE HUNDRED FORTY-FIVE THOUSAND
AND NO/100 UNITED STATES DOLLARS ($145,000.00) payable in cash at the Closing in
accordance with this Agreement (the "Purchase Price").

          

          
            

          

          
            	
                    2.2.

                  	
                    Payment
      of Purchase Price.

                  

          

          
            

          

          
            On the
Closing Date, the Purchaser shall deposit the Purchase Price with the Escrow
Agent to be held and distributed in accordance with the Escrow Agreement. Any
payment required to be made by the Company with respect to Section 6.9 or
Article VIII of this Agreement shall be paid first from the Escrow
Amount.

          

          
            

          

          
            ARTICLE
III

          

          
            CLOSING
AND TERMINATION

          

          
            

          

          
            	
                    3.1.

                  	
                    Closing
      Date.

                  

          

          
            

          

          
            Subject to the satisfaction of the
conditions set forth in Sections 7.1 hereof (or the waiver thereof by the Party entitled to waive
that condition), the sale and purchase of the Preferred Shares provided
for in Article I hereof shall take place within five (5) business days after the
last to occur of: (a) the delivery to the Escrow Agent of original documents
representing the Excluded Obligations, duly endorsed for transfer, and (b) the
delivery to the Escrow Agent of original certificates representing 145,000
Preferred Shares registered in the name of the Purchaser or the Purchaser's
nominee. The Closing shall take place at 10:00 a.m. at the offices of Sonfield
& Sonfield located at 770 South Post Oak Lane, Houston, Texas 77056, or at
such other place or date as the Company and the Purchaser may agree. The date on
which the closing shall be held is referred to in this Agreement as the "Closing Date".

          

          
            
               

            

            
               

              
                

              

            

            
               

            

          

          
            	
                    3.2.

                  	
                    Termination
      of Agreement.

                  

          

          
            

          

          
            This
Agreement may be terminated prior to the closing as follows:

          

          
            

          

          
            (a)           at
the election of the Company if any one or more to the conditions to closing
specified in Section 7.2 have not occurred on or before July 31,
2008;

          

          
            

          

          
            (b)           at
the election of the Company if the Purchaser shall be in breach or default of
any obligation under this Agreement which breach or default has not been
remedied within 10 days after notice thereof is given to the Purchaser (or if
such breach or default is not remediable within such 10 days, the Purchaser has
not commenced and is not diligently pursuing such remedy within such 10-day
period);

          

          
            

          

          
            (c)           at
the election of the Purchaser if any one or more of the conditions to closing
specified in Section 7.1 have not occurred on or before July 31,
2008;

          

          
            

          

          
            (d)           at
the election of the Purchaser if the Company shall be in breach or default of
any obligation under this Agreement which breach or default has not been
remedied within 10 days after notice thereof is given to the Company (or if such
breach or default is not remediable within such 10 days, the Company has not
commenced and is not diligently pursuing such remedy within such 10-day
period);

          

          
            

          

          
            (e)           by
mutual written consent of the Company and the Purchaser; or

          

          
            

          

          
            (f)           by
the Company or the Purchaser if there shall be in effect a final non-appealable
Order of a Governmental Body of competent jurisdiction restraining, enjoining or
otherwise prohibiting the consummation of the transactions contemplated hereby;
it being agreed that the Parties hereto shall promptly appeal any adverse
determination which is not non-appealable (and pursue such appeal with
reasonable diligence).

          

          
            

          

          
            	
                    3.3.

                  	
                    Procedure
      Upon Termination.

                  

          

          
            

          

          
            In the
event of termination by the Purchaser or the Company, or both, pursuant to
Section 3.2 hereof, written notice thereof shall be given to the other Party and
this Agreement shall terminate, and the purchase of the Preferred Shares
hereunder shall be abandoned, without further action by the Purchaser or the
Company. If this Agreement is terminated as provided herein each Party shall
return documents, work papers and other material of any other Party relating to
the transactions contemplated hereby, whether so obtained before or after the
execution hereof, to the Party furnishing the same.

          

          
            

          

          
            	
                    3.4.

                  	
                    Effect
      of Termination.

                  

          

          
            

          

          
            In the
event that this Agreement is validly terminated as provided herein, each of the
Parties shall be relieved of their duties and obligations arising under this
Agreement, other than pursuant to
Section 9.4 and any Confidentiality Agreement previously signed by the Parties,
after the date of such
termination and such termination shall be without liability to the Purchaser or
the Company; provided, however,
that the obligations of
the Parties set forth in Section 9.4 hereof shall survive any such
termination and shall be enforceable hereunder; provided, further,
however,
that nothing in this
Section 3.4 shall relieve the Purchaser or the Company of any liability for a
breach or default of this Agreement or limit the remedies that either the
Purchaser or the Company
may pursue in connection with any such breach or
default.

          

          
            
               

            

            
              - 2 -

              
                

              

            

            
               

            

          

          
            ARTICLE
IV

          

          
            REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

          

          
            

          

          
            The
Company hereby represents and warrants to the Purchaser that:

          

          
            

          

          
            	
                    4.1.

                  	
                    Organization
      and Good Standing.

                  

          

          
            

          

          
            The
Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Nevada and has all requisite corporate power and
authority to own, lease and operate its properties and to carry on its business
as now conducted. The Company is duly qualified or authorized to do business as
a foreign corporation and is in good standing under the laws of each
jurisdiction in which it owns or leases real property and each other
jurisdiction in which the conduct of its business or the ownership of its
properties requires such qualification or authorization.

          

          
            

          

          
            	
                    4.2.

                  	
                    Authorization
      of Agreement.

                  

          

          
            

          

          
            The
Company has all requisite power and authority to execute and deliver this
Agreement and each other Transaction Document, and to consummate the
transactions contemplated hereby and thereby. The execution, delivery and
performance by the Company of this Agreement and each other Transaction Document
to which the Company is a party has been duly and validly authorized by all
necessary corporate action. This Agreement has been, and each other Transaction
Document to which the Company is a party will be prior to or at the closing,
executed and delivered by the Company and (assuming the due authorization,
execution and delivery by the other parties hereto and thereto) this Agreement
constitutes, and each other Transaction Document to which the Company is a party
when so executed and delivered will constitute, the legal, valid and binding
obligations of the Company, enforceable against the Company in accordance with
their respective terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and similar laws affecting creditors' rights and
remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair
dealing (regardless of whether enforcement is sought in a proceeding at law or
in equity).

          

          
            

          

          
            	
                    4.3.

                  	
                    Capitalization.

                  

          

          
            

          

          
            (a)           The
authorized capital stock of the Company consists of 50,000,000 shares of common
stock, $.001 par value ("Common
Stock") and 5,000,000 shares of preferred stock, $.001 par
value.

          

          
            

          

          
            (b)           As
of the date hereof, there are 17,379,172 shares of Common Stock issued and
outstanding and no shares of Common Stock are held by the Company as treasury
stock. All of the issued and outstanding shares of Common Stock were duly
authorized for issuance and are validly issued, fully paid and
non-assessable.

          

          
            
               

            

            
              - 3 -

              
                

              

            

            
               

            

          

          
            (c)           As
of the date hereof, there are designated 185,000 Preferred Shares, with terms
substantially in the form of Exhibit G hereto, of which 40,000 Preferred Shares
are issued and outstanding and no shares of Preferred Stock are held by the
Company as treasury stock.

          

          
            

          

          
            (d)           There
is no existing option, warrant, call, right, commitment or other agreement of
any character to which the Company is a party requiring, and there are no
securities of the Company outstanding which upon conversion or exchange would
require, the issuance, sale or transfer of any additional shares of capital
stock or other equity securities of the Company or other securities convertible
into, exchangeable for or evidencing the right to subscribe for or purchase
shares of capital stock or other equity securities of the
Company.

          

          
            

          

          
            	
                    4.4.

                  	
                    No
      Subsidiaries.

                  

          

          
            

          

          
            Exhibit H
hereto sets forth the names of the Subsidiaries, and, with respect to each
Subsidiary, the jurisdiction in which it is incorporated or organized, the
number of shares of its authorized capital stock, the number and class of shares
thereof duly issued and outstanding, the names of all stockholders or other
equity owners and the number of shares of stock owned by each stockholder or the
amount of equity owned by each equity owner. Except as set forth on Exhibit H,
the Company does not have any Subsidiaries.

          

          
            

          

          
            	
                    4.5.

                  	
                    Corporate
      Records.

                  

          

          
            

          

          
            (a)           The
Company has delivered to the Purchaser true, correct and complete copies of the
Amended and Restated Certificate of Incorporation (certified by the Secretary of
State or other appropriate official of the applicable jurisdiction of
organization) and bylaws (certified by the secretary, assistant secretary or
other appropriate officer of the Company) or comparable organizational documents
of the Company.

          

          
            

          

          
            (b)           The
minute books of the Company previously made available to the Purchaser contain
complete and accurate records of all meetings and accurately reflect all other
corporate action of the stockholders and board of directors (including
committees thereof) of the Company. The stock certificate books and stock
transfer ledgers of the Company previously made available to the Purchaser are
true, correct and complete. All stock transfer taxes levied or payable with
respect to all transfers of shares of the Company and its Subsidiaries prior to
the date hereof have been paid and appropriate transfer tax stamps
affixed.

          

          
            

          

          
            	
                    4.6.

                  	
                    Conflicts;
      Consents of Third Parties.

                  

          

          
            

          

          
            (a)      None
of the execution and delivery by the Company of this Agreement or the
other Transaction
Documents to which it is a party, the consummation of the transactions
contemplated hereby or
thereby, or compliance by the Company with any of the provisions hereof or
thereof will conflict with, or result in any violation of or default (with or
without notice or lapse of time, or both) under, or give rise to a right of
termination, cancellation or acceleration of any obligation or to loss of a
material benefit under, or give rise to any obligation of the Company to make any payment under, or
to the increased, additional, accelerated or guaranteed rights or entitlements of any Person
under, or result in the creation of any Liens upon any of the properties or assets of the Company
under any provision of (i) the Amended and Restated Certificate of Incorporation
and bylaws or comparable organizational documents of the Company or any
Subsidiary; (ii) any Contract, or Permit to which the Company or any
Subsidiary is a Party or
by which any of the properties or assets of the Company or any Subsidiary are bound; (iii) any Order
of any Governmental Body applicable to the Company or any Subsidiary or
any of the properties or assets of the Company or any Subsidiary as of the date
hereof; or (iv) any applicable Law

          

          
            
               

            

            
              - 4 -

              
                

              

            

            
               

            

          

          
            (b)        
   No consent, waiver, approval, Order, Permit or authorization
of, or declaration or filing with, or notification to, any Person is required on
the part of the Company or any Subsidiary in connection (i) with the execution
and delivery of this Agreement or any other Transaction Document to which it is
a party or the compliance by the Company with any of the provisions hereof or
thereof, the consummation of the transactions contemplated hereby or thereby, or
the taking of any other action contemplated hereby or thereby, or (ii) the
continuing validity and effectiveness immediately following the closing of any
Permit or Contract of the Company or any Subsidiary, except in each case for
compliance with the applicable requirements of the HSR Act and compliance with
the applicable provisions of the Communications Act of 1934, as amended, and the
rules and regulations promulgated thereunder (the "Communications Act").

          

          
            

          

          
            	
                    4.7.

                  	
                    Financial
      Statements.

                  

          

          
            

          

          
            (a)           The
Company has delivered to the Purchaser copies of (i) the audited consolidated
balance sheets of the Company and its Subsidiaries as at December 31, 2006 and
2007 and the related audited consolidated statements of income and of cash flows
of the Company and its Subsidiaries for the years then ended and (ii) the
unaudited consolidated balance sheet of the Company and its Subsidiaries as at
March 31, 2008 and the related unaudited consolidated statements of income and
cash flows of the Company and its Subsidiaries for the three-month period then
ended (such audited and unaudited statements, including the related notes and
schedules thereto, are referred to herein as the "Financial Statements"). Each of the
Financial Statements is complete and correct in all material respects, has been
prepared in accordance with GAAP consistently applied by the Company without
modification of the accounting principles used in the preparation thereof
throughout the periods presented and presents fairly the financial position,
results of operations and cash flows of the Company and its Subsidiaries as at
the dates and for the periods indicated. For the purposes hereof, the audited
consolidated balance sheet of the Company and its Subsidiaries as at December
31, 2007 is referred to as the "Balance
Sheet" and December 31, 2007 is referred to as the "Balance Sheet
Date".

          

          
            

          

          
            (b)           The
Company and its Subsidiaries make and keep books, records and accounts which, in
reasonable detail, accurately and fairly reflect the transactions and
dispositions of their respective assets. The Company and its Subsidiaries
maintain systems of internal accounting controls sufficient to provide
reasonable assurances that: (i) transactions are executed in accordance with
management's general or specific authorization; (ii) transactions are recorded
as necessary to permit the preparation of financial statements in conformity
with GAAP and to maintain accountability for assets; (iii) access to assets is
permitted only in accordance with management's general or specific
authorization; and (iv) the recorded accountability for assets is compared with
the actual levels at reasonable intervals and appropriate action is taken with
respect to any differences. Nothing in this representation shall be construed as
a representation that the Company's systems of internal controls or management's
review and assessment thereof complies with the requirements of Section 404 of
the Sarbanes-Oxley Act of 2002 or that management has performed the assessment
required by Rule 13a-15 under the Exchange Act.

          

          
            
               

            

            
              - 5 -

              
                

              

            

            
               

            

          

          
            	
                    4.8.

                  	
                    Liabilities.

                  

          

          
            

          

          
            Neither
the Company nor any Subsidiary has any indebtedness, obligations or liabilities
of any kind (whether accrued, absolute, contingent or otherwise, and whether due
or to become due) that would have been required to be reflected in, reserved
against or otherwise described on the Balance Sheet or in the notes thereto in
accordance with GAAP which was not fully reflected in, reserved against or
otherwise described in the Balance Sheet or the notes thereto or was not
incurred in the Ordinary Course of Business since the Balance Sheet Date. The
Subsidiary has assumed and agreed to be responsible for, and the creditors have
agreed to look solely to the Subsidiary for the payment or performance of all
obligations of the Company other than the Excluded
Liabilities.

          

          
            

          

          
            	
                    4.9.

                  	
                    Absence
      of Certain Developments.

                  

          

          
            

          

          
            Except as
expressly contemplated by this Agreement or the other Transaction Documents,
since the Balance Sheet Date (i) the Company has conducted the business in all
material respects only in the Ordinary Course of Business and in substantially
the same manner as previously conducted and (ii) there has not been any event,
change, occurrence or circumstance that has had or could reasonably be expected
to have a Material Adverse Effect.

          

          
            

          

          
            	
                    4.10.

                  	
                    Taxes.

                  

          

          
            

          

          
            (a)           (i)
All Tax Returns required to be filed by or on behalf of the Company have been
properly prepared and duly filed with the appropriate taxing authorities in all
jurisdictions in which such Tax Returns are required to be filed, and all such
Tax Returns were true, complete and correct in all material respects, (ii) all
amounts shown on such Tax Returns (including interest and penalties) as due from
the Company, all Taxes payable by or on behalf of the Company on or in respect
of its income, assets or operations have been fully paid.; and (iii) the Company
has not executed or filed with the IRS or any other taxing authority any
agreement, waiver or other document or arrangement extending or having the
effect of extending the period for assessment or collection of Taxes (including,
but not limited to, any applicable statute of limitation), and no power of
attorney with respect to any Tax matter is currently in
force.

          

          
            

          

          
            (b)           The
Company has complied in all material respects with all applicable laws, rules
and regulations relating to the payment and withholding of Taxes and has duly
withheld from employee salaries, wages and other compensation and has paid over
to the appropriate taxing authorities all amounts required to be so withheld and
paid over for all periods under all applicable laws.

          

          
            

          

          
            	
                    4.11.

                  	
                    Property.

                  

          

          
            

          

          
            The
Company's only assets consist of the stock of the Subsidiaries. All other
assets, whether real or personal, tangible or intangible, and all Contracts have
been transferred to the Subsidiaries.

          

          
            

          

          
            	
                    4.12.

                  	
                    Litigation.

                  

          

          
            

          

          
            There are
no Legal Proceedings pending or, to the knowledge of the Company, overtly
threatened against the Company which, if adversely determined, would prohibit or
restrain the ability of the Company to enter into this Agreement or any other
Transaction Document or consummate the transactions contemplated hereby or
thereby before any Governmental Body; nor to the knowledge of the Company is
there any reasonable basis for any such action, proceeding, or
investigation.

          

          
            
               

            

            
              - 6 -

              
                

              

            

            
               

            

          

          
            	
                    4.13.

                  	
                    Compliance
      with Laws.

                  

          

          
            

          

          
            The
Company is in compliance in all material respects with all Laws of any
Governmental Body applicable to its business or operations.

          

          
            

          

          
            	
                    4.14.

                  	
                    Environmental
      Matters.

                  

          

          
            

          

          
            The
operations of the Company are and have been in compliance with all applicable
Environmental Laws which compliance includes obtaining, maintaining in good
standing and complying with all Permits required by Environmental Laws ("Environmental Permits") and no action
or proceeding is pending or, to the knowledge of the Company, threatened to
revoke, modify or terminate any such Environmental Permit, and, to the Company's
knowledge, no facts, circumstances or conditions currently exist that could
adversely affect such continued compliance with Environmental Laws and
Environmental Permits or require currently unbudgeted capital expenditures to
achieve or maintain such continued compliance with Environmental Laws and
Environmental Permits.

          

          
            

          

          
            	
                    4.15.

                  	
                    No
      Misrepresentation.

                  

          

          
            

          

          
            Neither
this Agreement nor any other Transaction Document, nor any document, certificate
or instrument furnished in connection herewith or therewith contains, with
respect to the Company, any untrue statement of a material fact or omits to
state a material fact necessary to make the statements therein not
misleading.

          

          
            

          

          
            	
                    4.16.

                  	
                    Financial
      Advisors.

                  

          

          
            

          

          
            No Person
has acted, directly or indirectly, as a broker, finder or financial advisor for
the Company in connection with the transactions contemplated by this Agreement
or the other Transaction Documents and no Person is entitled to any fee or
commission or like payment in respect hereof or thereof.

          

          
            

          

          
            ARTICLE
V

          

          
            REPRESENTATIONS
AND WARRANTIES OF PURCHASER

          

          
            

          

          
            The
Purchaser hereby represents and warrants to the Company that:

          

          
            

          

          
            	
                    5.1.

                  	
                    Organization
      and Good Standing.

                  

          

          
            

          

          
            The
Purchaser is a corporation duly organized, validly existing and in good standing
under the laws of the State of Nevada.

          

          
            

          

          
            	
                    5.2.

                  	
                    Authorization
      of Agreement and Transaction
Documents.

                  

          

          
            

          

          
            The
Purchaser has all requisite power and authority to execute and deliver this
Agreement and each other Transaction Document to which it is a party, and to
consummate the transactions contemplated hereby and thereby. The execution,
delivery and performance by the Purchaser of this Agreement and each other
Transaction Document to which it is a party has been duly and validly authorized
by all necessary corporate action. This Agreement has been, and each other
Transaction Document to which the Purchaser is a party will be prior to or at
the closing, executed and delivered by the Purchaser and (assuming the due
authorization, execution and delivery by the other parties hereto and thereto)
this Agreement constitutes, and each other Transaction Document to which the
Purchaser is a party when so executed and delivered will constitute, the legal, valid and
binding obligations of the Purchaser, enforceable against the Purchaser in
accordance with their respective terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting creditors'
rights and remedies generally, and subject, as to
enforceability, to general principles of equity, including principles of
commercial reasonableness,
good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in
equity).

          

          
            
               

            

            
              - 7 -

              
                

              

            

            
               

            

          

          
            	
                    5.3.

                  	
                    Conflicts;
      Consents of Third Parties.

                  

          

          
            

          

          
            (a)           None
of the execution and delivery by the Purchaser of this Agreement or the other
Transaction Documents to which it is a party, the consummation of the
transactions contemplated hereby or thereby, or compliance by the Purchaser with
any of the provisions hereof or thereof will conflict with, or result in any
violation of or default (with or without notice or lapse of time, or both)
under, or give rise to a right of termination, cancellation or acceleration of
any obligation or to loss of a material benefit under, or give rise to any
obligation of the Purchaser to make any payment under, or to the increased,
additional, accelerated or guaranteed rights or entitlements of any Person
under, or result in the creation of any Liens upon any of the properties or
assets of the Purchaser under any provision of (i) the Certificate of
Incorporation and bylaws or comparable organizational documents of the
Purchaser; (ii) any Contract, or Permit to which the Purchaser is a Party or by
which any of the properties or assets of the Purchaser are bound; (iii) any
Order of any Governmental Body applicable to the Purchaser or any of the
properties or assets of the Purchaser as of the date hereof; or (iv) any
applicable Law

          

          
            

          

          
            (b)           No
consent, waiver, approval, Order, Permit or authorization of, or declaration or
filing with, or notification to, any Person is required on the part of the
Purchaser in connection with the execution and delivery of this Agreement or any
other Transaction Document to which it is a party or the compliance by the
Purchaser with any of the provisions hereof or thereof, the consummation of the
transactions contemplated hereby or thereby, or the taking of any other action
contemplated hereby or thereby, except for compliance with the applicable
requirements of the HSR Act and compliance with the applicable provisions of the
Communications Act.

          

          
            

          

          
            	
                    5.4.

                  	
                    Litigation.

                  

          

          
            

          

          
            There are
no Legal Proceedings pending or, to the knowledge of the Purchaser, overtly
threatened against the Purchaser which, if adversely determined, would prohibit
or restrain the ability of the Purchaser to enter into this Agreement or any
other Transaction Document or consummate the transactions contemplated hereby or
thereby before any Governmental Body; nor to the knowledge of the Purchaser is
there any reasonable basis for any such action, proceeding, or
investigation.

          

          
            

          

          
            	
                    5.5.

                  	
                    Investment
      Intention.

                  

          

          
            

          

          
            The
Purchaser is acquiring the Preferred Shares for its own account, for investment
purposes only and not with a view to the distribution thereof, as such term is
used in Section 2(11) of the Securities Act of 1933, as amended, and the rules
and regulations adopted thereunder (the "Securities Act"). The Purchaser
understands that the Preferred Shares have not been registered under the
Securities Act and cannot be sold unless subsequently registered under the
Securities Act or an exemption from such registration is
available.

          

          
            
               

            

            
              - 8 -

              
                

              

            

            
               

            

          

          
            	
                    5.6.

                  	
                    Investment
      Experience.

                  

          

          
            

          

          
            The
Purchaser has received all the information it considers necessary or appropriate
for deciding whether to purchase the Preferred Shares and represents that it has
had an opportunity to ask questions and receive answers from the Company
regarding the business, properties, prospects and financial condition of the
Company. The Purchaser acknowledges that it can bear the economic risk of its
investment and that it has such knowledge and experience in financial or
business matters that it is capable of evaluating the merits and risks of the
investment in the Preferred Shares.

          

          
            

          

          
            	
                    5.7.

                  	
                    Accredited
      Investor.

                  

          

          
            

          

          
            The
Purchaser is an "accredited investor" as defined in Rule 501 of Regulation D
under the Securities Act.

          

          
            

          

          
            	
                    5.8.

                  	
                    Restrictions.

                  

          

          
            

          

          
            The
Purchaser understands that immediately following its purchase of the Preferred
Shares hereunder, the Preferred Shares will be characterized as "restricted
securities" under the Securities Act inasmuch as they are being acquired from
the Company in a transaction not involving a public offering and that the
Preferred Shares may be resold without registration under the Securities Act,
only in certain limited circumstances. The Purchaser acknowledges that
certificates representing the Preferred Shares will bear the following
restrictive legend:

          

          
            

          

          
            THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE CERTIFICATE OF
DESIGNATIONS FOR THE SERIES A CONVERTIBLE REDEEMABLE PREFERRED STOCK FILED WITH
THE SECRETARY OF STATE OF THE STATE OF NEVADA. THE HOLDER OF THIS CERTIFICATE
MAY OBTAIN A COPY OF THE CERTIFICATE OF DESIGNATIONS WITHOUT COST UPON WRITTEN
REQUEST TO THE SECRETARY OF THE COMPANY.

          

          
            

          

          
            THE
SERCURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933. SUCH SECURITIES MY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT.

          

          
            

          

          
            	
                    5.9.

                  	
                    Financial
      Advisors.

                  

          

          
            

          

          
            No Person
has acted, directly or indirectly, as a broker, finder or financial advisor for
the Purchaser in connection with the transactions contemplated by this Agreement
or the other Transaction Documents and no person is entitled to any fee or
commission or like payment in respect hereof or thereof.

          

          
            

          

          
            ARTICLE
VI

            COVENANTS

          

          
            

          

          
            	
                    6.1.

                  	
                    Access
      to Information.

                  

          

          
            

          

          
            Prior to
the Closing Date, the Purchaser shall be entitled, through its officers,
employees and representatives (including, without limitation, its legal advisors
and accountants), to make such investigation of the properties, businesses and
operations of the Company and its Subsidiaries and such examination of the
books, records and financial condition of the Company and its Subsidiaries as it
reasonably requests and to make extracts and copies of such books and records.
Any such investigation and examination shall be conducted during regular
business hours and under reasonable circumstances, and the Company and its
Subsidiaries shall cooperate fully therein. No investigation by the Purchaser
prior to or after the date of this Agreement shall dimmish or obviate any of the
representations, warranties, covenants or agreements of the Company contained in
this Agreement. In order that the Purchaser may have full opportunity to make
such physical, business, accounting and legal review, examination or
investigation as it may reasonably request the Company shall cause the officers,
employees, consultants, agents, accountants, attorneys and other representatives
of the Company and its Subsidiaries to cooperate fully with such representatives
in connection with such review and examination.

          

          
            
               

            

            
              - 9 -

              
                

              

            

            
               

            

          

          
            	
                    6.2.

                  	
                    Conduct
      of the Business Pending the
Closing.

                  

          

          
            

          

          
            (a)           Except
as otherwise expressly contemplated by this Agreement, the other Transaction
Documents, or with the prior written consent of the Purchaser, the Company shall
conduct the business of the Company only in the Ordinary Course of
Business;

          

          
            

          

          
            (b)           Except
as otherwise expressly contemplated by this Agreement, the other Transaction
Documents, or with the prior written consent of the Purchaser, the Company shall
not:

          

          
            

          

          
            (i)            repurchase,
redeem or otherwise acquire any outstanding shares of the capital stock or other
securities of or other ownership interests in, the Company;

          

          
            

          

          
            (ii)     
     transfer, issue, sell or dispose of any shares of
capital stock or other securities of the Company or grant options, warrants,
calls or other rights to purchase or otherwise acquire shares of the capital
stock or other securities of the Company;

          

          
            

          

          
            (iii)    
     effect any recapitalization, reclassification,
stock split or like change in the capitalization of the Company, other than as
reflected in the Preliminary Schedule 14C filed with the Securities and Exchange
Commission on June 12, 2008;

          

          
            

          

          
            (iv)     
   amend the Amended and Restated Certificate of Incorporation or
Restated Bylaws of the Company, other than as reflected in the Preliminary
Schedule 14C filed with the Securities and Exchange Commission on June 12,
2008;

          

          
            

          

          
            (v)      
   enter into or agree to enter into any merger or consolidation
with, any corporation or other entity, and not engage in any new business or
invest in, make a loan, advance or capital contribution to, or otherwise acquire
the securities of any other Person other than in the Ordinary Course of
Business; or

          

          
            

          

          
            (vi)       
 agree to do anything prohibited by this Section 6.2 or anything which
would make any of the representations and warranties of the Company in this
Agreement or in any other Transaction Document untrue or incorrect in any
material respect as of any time through and including the Effective
Time.

          

          
            

          

          
            	
                    6.3.

                  	
                    Other
      Actions.

                  

          

          
            

          

          
            Each of
the Company and the Purchaser shall use its best efforts to (i) take all actions
necessary or appropriate to consummate the transactions contemplated by this
Agreement and the other Transaction Documents, and (ii) cause the fulfillment at
the earliest practicable date of all of the conditions to their respective
obligations to consummate the transactions contemplated by this
Agreement.

          

          
            
               

            

            
              - 10 -

              
                

              

            

            
               

            

          

          
            	
                    6.4.

                  	
                    Non
      Negotiation; Non-Solicitation.

                  

          

          
            

          

          
            Neither
the Company nor any of the Company's directors, officers, employees,
representatives or agents (collectively, the "Representatives") shall (i) discuss,
negotiate, undertake, authorize, recommend, propose or enter into, either as the
proposed surviving, merged, acquiring or acquired corporation, any transaction
involving a merger, consolidation, business combination, purchase or disposition
of any significant amount of the assets or capital stock or other equity
interest in the Company (each, an "Acquisition") other than the
transactions contemplated by this Agreement or the other Transaction Documents;
(ii) facilitate, encourage, solicit or initiate discussions, negotiations or
submissions of proposals or offers in respect of any Acquisition; (iii) furnish
or cause to be furnished, to any Person, any information concerning the
business, operations, properties or assets of the Company in connection with any
Acquisition, or (iv) otherwise cooperate in any way with, or assist or
participate in, facilitate or encourage, any effort or attempt by any other
Person to do or seek any of the foregoing.

          

          
            

          

          
            	
                    6.5.

                  	
                    Preservation
      of Records.

                  

          

          
            

          

          
            The
Company agrees that it shall preserve and keep the records held by it relating
to the business of the Company for a period of seven (7) years from the Closing
Date and shall make such records and personnel available to the Purchaser in
connection with, among other things, any insurance claims by, legal proceedings
against or governmental investigations of the Purchaser or any of its Affiliates
or in order to enable the Purchaser to comply with its obligations under this
Agreement and each Transaction Document. In the event the Company wishes to
destroy such records after that time, the Company shall first give ninety (90)
days prior written notice to the Purchaser and the Purchaser shall have the
right at its option and expense, upon prior written notice given to the Company
within that ninety (90) day period, to take possession of the records within one
hundred and eighty (180) days after the date of such notice.

          

          
            

          

          
            	
                    6.6.

                  	
                    Publicity.

                  

          

          
            

          

          
            Neither
the Company nor the Purchaser shall issue any press release or public
announcement concerning this Agreement or the transactions contemplated hereby
without obtaining the prior written approval of the other Party hereto, which
approval will not be unreasonably withheld or delayed, unless, in the sole
judgment of the Company or the Purchaser, disclosure is otherwise required by
applicable Law or by the applicable rules of any stock exchange on which the
Company lists securities; provided, however that, to
the extent required by applicable Law, the Party intending to make such release
shall use its best efforts consistent with such applicable Law to consult with
the other Party with respect to the text thereof.

          

          
            

          

          
            	
                    6.7

                  	
                    Use
      of Name.

                  

          

          
            

          

          
            Promptly
after the Closing Date, and in any event before the expiration of 90 days after
the Closing Date, the Company shall change its corporate name and shall cease to
use the name "Legacy Communications Corporation" or any variation thereof in any
of its businesses.

          

          
            

          

          
            	
                    6.8

                  	
                    Payment
      and Transfer of Assets and
Liabilities.

                  

          

          
            

          

          
            On or
prior to the Closing Date, the Company shall either pay and discharge or cause
to be transfer to and assumed by the Subsidiaries all of its liabilities and
obligations of every description other than the obligations describe on Exhibit
D hereto (the "Excluded
Obligations"). The Company shall also transfer all of its assets and
operations to the Subsidiaries and obtain such releases, novations and other
agreements from its creditors as necessary to fully and completely release the
Company from all outstanding indebtedness and liabilities other than the
Excluded Obligations.

          

          
            
               

            

            
              - 11 -

              
                

              

            

            
               

            

          

          
            	
                    6.9

                  	
                    Transfer
      and Divestiture of Subsidiaries.

                  

          

          
            

          

          
            On or
prior to the Closing Date, the Company shall deliver all ownership interests in
the Subsidiaries to the Major Stockholders, in trust according to the terms of
the Trust Receipt, Irrevocable Instructions and Irrevocable Proxy in the form of
Exhibit B attached to this Agreement, and shall cause each of the Major
Stockholders to deliver to the Trustee, in trust under the Trust Receipt,
Irrevocable Instructions and Irrevocable Proxy, the number of shares of Common
Stock set forth opposite their respective names on Exhibit A.

          

          
            

          

          
            	
                    6.10

                  	
                    Fairness
      Opinion.

                  

          

          
            

          

          
            On or
prior to the Closing Date, the Purchaser shall obtain for the benefit of the
Company an opinion from a qualified expert and in form and substance
satisfactory to the Company and the Major Stockholders regarding the fairness to
the other stockholders of the Company of the exchange of all of the issued and
outstanding shares and other ownership interests in the Subsidiaries for
13,654,318 shares of Common Stock held by the Major
Stockholders.

          

          
            

          

          
            ARTICLE
VII

          

          
            CONDITIONS
TO CLOSING

          

          
            

          

          
            	
                    7.1.

                  	
                    Conditions
      Precedent to Obligations of the
Purchaser.

                  

          

          
            

          

          
            The
obligation of the Purchaser to consummate the transactions contemplated by this
Agreement is subject to the fulfillment, on or prior to the Closing Date, of
each of the following conditions (any or all of which may be waived by the
Purchaser in whole or in part to the extent permitted by applicable
Law):

          

          
            

          

          
            (a)           all
representations and warranties of the Company contained herein that are
qualified as to materiality shall be true and correct, and all representations
and warranties of the Company contained herein that are not qualified as to
materiality shall be true and correct in all material respects, at and as of the
Closing Date with the same effect as though those representations and warranties
had been made again at and as of that time;

          

          
            

          

          
            (b)           the
Company shall have performed and complied in all material respects with all
obligations and covenants required by this Agreement to be performed or complied
with by it on or prior to the Closing Date;

          

          
            

          

          
            (c)           there
shall not have been or occurred any Material Adverse Change;

          

          
            

          

          
            (d)           the
Purchaser shall have received a certificate (dated the Closing Date and
substantially in the form of Exhibit I) executed by, or on behalf of the Company
certifying as to the fulfillment of the conditions specified in Sections 7.1
(a), 7.1(b) and 7.1(c) hereof;

          

          
            

          

          
            (e)           no
Legal Proceedings shall have been instituted or threatened or claim or demand
made against the Company or the Purchaser seeking to restrain or prohibit or to
obtain substantial damages with respect to the consummation of the transactions
contemplated hereby, and there shall not be in effect any Order by a
Governmental Body of competent jurisdiction restraining, enjoining or otherwise
prohibiting the consummation of the transactions contemplated
hereby;

          

          
            
               

            

            
              - 12 -

              
                

              

            

            
               

            

          

          
            (f)           the
Escrow Agreement substantially in the form of Exhibit F attached to this
Agreement shall have been executed and delivered by the Company and each party
thereto (other than the Purchaser), and there shall exist no breach of any
representation or warranty or default of any obligation by any party thereto
(other than the Purchaser);

          

          
            

          

          
            (g)           Certificates
representing 145,000 Preferred Shares shall have been, or shall at the Closing
be, validly delivered to the Escrow Agent free of all Liens;

          

          
            

          

          
            (h)        
  the Note Purchase Agreement substantially in the form of Exhibit L
attached to this Agreement, shall have been executed and delivered by each party
thereto (other than the Purchaser), and there shall exist no breach of any
representation or warranty or default of any obligation by any party thereto
(other than the Purchaser);

          

          
            

          

          
            (i)          
 the Notes (as defined in the Note Purchase Agreement), duly endorsed by
the payee thereof for transfer, shall have been delivered to the Escrow Agent by
the payee in accordance with the Note Purchase Agreement;

          

          
            

          

          
            (j)      
     the Trust Receipt, Irrevocable Instructions and
Irrevocable Proxy substantially in the form of Exhibit B attached to this
Agreement, shall have been executed and delivered by each party thereto, and
there shall exist no breach of any representation or warranty or default of any
obligation by any party thereto;

          

          
            

          

          
            (k)        
  certificates representing the shares of Common Stock set forth
opposite the name of each Major Stockholder on Exhibit A attached to this
Agreement shall have been delivered to the Trustee by the Major Stockholders in
accordance with the Trust Receipt, Irrevocable Instruction and Irrevocable
Proxy, each of which is either endorsed in blank for transfer or accompanied by
an irrevocable stock power separate from certificate in blank and releases in
the form attached to the Trust Receipt, Irrevocable Instruction and Irrevocable
Proxy;

          

          
            

          

          
            (1)      
    the Purchaser shall have received an opinion of counsel
to the Company substantially in the form of Exhibit E attached to this
Agreement;

          

          
            

          

          
            (m)      
   the Purchaser shall have received the written resignations of
each director of the Company; and

          

          
            

          

          
            (n)      
    if applicable, the waiting period under the HSR Act
shall have expired or early termination shall have been
granted.

          

          
            

          

          
            	
                    7.2.

                  	
                    Conditions
      Precedent to Obligations of the Company and Majority
      Stockholders.

                  

          

          
            

          

          
            The
obligation of the Company to consummate the transactions contemplated by this
Agreement are subject to the fulfillment, prior to or on the Closing Date, of
each of the following conditions (any or all of which may be waived by the
Company in whole or in part to the extent permitted by applicable
law):

          

          
            

          

          
            (a)      all
representations and warranties of the Purchaser contained herein that are
qualified as to materiality shall be true and correct, and all representations
and warranties of the Purchaser contained herein that are not qualified as to
materiality shall be true and correct in all material respects, at and as of the
Closing Date with the same effect as though those representations and warranties
had been made again at and as of that time;

          

          
            
               

            

            
              - 13 -

              
                

              

            

            
               

            

          

          
            (b)           the
Purchaser shall have performed and complied in all material respects with all
obligations and covenants required by this Agreement to be performed or complied
with by it on or prior to the Closing Date;

          

          
            

          

          
            (c)           the
Company shall have received a certificate (dated the Closing Date and
substantially in the form of Exhibit J) executed by, or on behalf of the
Purchaser certifying as to the fulfillment of the conditions specified in
Sections 7.2(a) and 7.2(b) hereof;

          

          
            

          

          
            (d)           no
Legal Proceedings shall have been instituted or threatened or claim or demand
made against the Company or the Purchaser seeking to restrain or prohibit or to
obtain substantial damages with respect to the consummation of the transactions
contemplated hereby, and there shall not be in effect any Order by a
Governmental Body of competent jurisdiction restraining, enjoining or otherwise
prohibiting the consummation of the transactions contemplated
hereby;

          

          
            

          

          
            (e)           the
Escrow Agreement substantially in the form of Exhibit F attached to this
Agreement shall have been executed and delivered by the Purchaser and each party
thereto (other than the Company or any Subsidiary), and there shall exist no
breach of any representation or warranty or default of any obligation by any
party thereto (other than the Company or any Subsidiary);

          

          
            

          

          
            (f)           the
Purchaser shall have deposited the sum of TWO HUNDRED FIFTY-FIVE THOUSAND AND
NO/100 UNITED STATES DOLLARS ($255,000.00) with the Escrow Agent in immediately
available funds;

          

          
            

          

          
            (g)           the
Trust Receipt, Irrevocable Instructions and Irrevocable Proxy substantially in
the form of Exhibit B attached to this Agreement, shall have been executed and
delivered by each party thereto, and there shall exist no breach of any
representation or warranty or default of any obligation by any party thereto
(other than the Company or any Subsidiary);

          

          
            

          

          
            (h)        
  certificates representing the number of shares of Legacy Media
Corporation Common Stock set forth opposite the name of each Major Stockholder
on Exhibit A attached to this Agreement shall have been delivered to the Major
Stockholders in accordance with the Trust Receipt, Irrevocable Instruction and
Irrevocable Proxy, each of which is either endorsed in blank for transfer or
accompanied by an irrevocable stock power separate from certificate in
blank;

          

          
            

          

          
            (i)        
   the Purchaser shall have designated not less than four persons
for election to the board of directors of the Company;

          

          
            

          

          
            (j)       
    the Company shall have received a fairness opinion in
form and substance satisfactory to the board of directors and the Major
Stockholders relating to the exchange of the shares of Legacy Media Corporation
for the shares of Common Stock set forth opposite the name of the Major
Stockholders on Exhibit A attached to this Agreement;

          

          
            

          

          
            (k)       
   the fairness opinion received by the Company shall have been
approved and accepted by the disinterested members of the board of directors of
the Company and the exchange of the shares of Legacy Media Corporation for the
shares of Common Stock set forth opposite the name of the Major Stockholders on
Exhibit A attached to this Agreement has been approved by a majority of the
board of directors of the Company, none of whom are Major Stockholders;
and

          

          
            
               

            

            
              - 14 -

              
                

              

            

            
               

            

          

          
            (1)       
   if applicable, the waiting period under the HSR Act shall have
expired or early termination shall have been granted.

          

          
            

          

          
            ARTICLE
VIII 

            INDEMNIFICATION

          

          
            

          

          
            	
                    8.1.

                  	
                    Indemnification.

                  

          

          
            

          

          
            (a)           Subject
to Sections 8.2 and 8.4 hereof, the Subsidiaries hereby agree to indemnify and
hold the Purchaser, the Company, and their respective directors, officers,
employees, Affiliates, agents, successors and assigns (collectively, the "the Purchaser Indemnified
Parties") harmless from and against any and all assessments, losses,
liabilities, judgments, obligations, damages, costs, penalties and expenses
(including attorneys' and other professionals' fees and disbursements)
(collectively, "Losses")
incident to any notices, actions, suits, proceedings, or claims relating
to:

          

          
            

          

          
            (i)     
   any and all liabilities of the Company or any of its
Subsidiaries of every kind, nature and description, absolute or contingent,
existing as against the Company or any of its Subsidiaries prior to and
including the Closing Date or thereafter coming into being or arising by reason
of any facts or circumstances existing, or any transaction entered into, on or
prior to the Closing Date, except the Excluded Obligations;

          

          
            

          

          
            (ii)      
 subject to Section 8.3, the failure of any representation or warranty of
the Company set forth in Section 4 hereof, or any representation or warranty
contained in any certificate delivered by or on behalf of the Company pursuant
to this Agreement or any other Transaction Document, to be true and correct in
all respects as of the date made;

          

          
            

          

          
            (iii)    
  the breach of any covenant or other agreement on the part of the
Company or any Subsidiary under this Agreement or any Transaction Document;
or

          

          
            

          

          
            (iv)      violations
of Environmental Laws arising from or related to any condition, act or omission,
by the Company or any Subsidiary or any predecessor thereof or related to the
operations of the Company, any Subsidiary or any predecessor thereof at any real
property currently or formerly owned, operated or leased by the Company or any
Subsidiary, whether known or unknown, accrued or contingent, to the extent
existing on or prior to the Closing Date, including, but not limited to any
Environmental Costs and Liabilities, any liabilities including those imposed
pursuant to common law associated with a Release of Hazardous Materials, or any
breach of Section 4.14.

          

          
            

          

          
            (b)           Subject
to Sections 8.2 hereof, the Purchaser hereby agrees to indemnify and hold the
Subsidiaries and their directors, officers, employees, Affiliates, agents,
successors and assigns (collectively, the "Subsidiary Indemnified
Parties") harmless from and against any and all Losses incident to any
notices, actions, suits, proceedings, or claims relating to:

          

          
            

          

          
            (i)       the
Excluded Liabilities;

          

          
            

          

          
            (ii)      subject
to Section 8.3, the failure of any representation or warranty of the Purchaser
set forth in Section 5 hereof, or any representation or warranty contained in
any certificate delivered by or on behalf of the Purchaser pursuant to this
Agreement or any Transaction Document, to be true and correct as of the date
made; and

          

          
            

          

          
            (ii)      the
breach of any covenant or other agreement on the part of the Purchaser under
this Agreement or any Transaction Document.

          

          
            
               

            

            
              - 15 -

              
                

              

            

            
               

            

          

          
            	
                    8.2.

                  	
                    Limitations
      on Indemnification for Breaches of Representations and
      Warranties.

                  

          

          
            

          

          
            An
indemnifying party shall not have any liability under Section 8.1(a)(ii) or
Section 8.1(b)(ii) hereof unless the aggregate amount of Losses to the
indemnified parties finally determined to arise thereunder based upon,
attributable to or resulting from the failure of any representation or warranty
to be true and correct, without regard to any materiality qualifiers contained
in the representations and warranties, exceeds $ 25,000 (the "Basket") and, in such event, the
indemnifying Party shall be required to pay the entire amount of all such Losses
including those used to compute the Basket.

          

          
            

          

          
            	
                    8.3.

                  	
                    Indemnification
      Procedures.

                  

          

          
            

          

          
            (a)           In
the event that any Legal Proceedings shall be instituted or that any claim or
demand ("Claim") shall be
asserted by any Person in respect of which payment may be sought under Section
8.1 hereof (regardless of the Basket referred to above), the indemnified party
shall reasonably and promptly cause written notice of the assertion of any Claim
of which it has knowledge which is covered by this indemnity to be forwarded to
the indemnifying party. The indemnifying party shall have the right, at its sale
option and expense, to be represented by counsel of its choice, which must be
reasonably satisfactory to the indemnified party, and to defend against,
negotiate, settle or otherwise deal with any Claim which relates to any Losses
indemnified against hereunder. If the indemnifying party elects to defend
against, negotiate, settle or otherwise deal with any Claim which relates to any
Losses indemnified against hereunder, it shall within five (5) days (or sooner,
if the nature of the Claim so requires) notify the indemnified party of its
intent to do so. If the indemnifying party elects not to defend against,
negotiate, settle or otherwise deal with any Claim which relates to any Losses
indemnified against hereunder, fails to notify the indemnified party of its
election as herein provided or contests its obligation to indemnify the
indemnified party for such Losses under this Agreement, the indemnified party
may defend against, negotiate, settle or otherwise deal with such Claim. If the
indemnified party defends any Claim, then the indemnifying party shall reimburse
the indemnified party for the expenses of defending such Claim upon submission
of periodic bills. If the indemnifying party shall assume the defense of any
Claim, the indemnified party may participate, at his or its own expense, in the
defense of such Claim; provided, however, that such
indemnified party shall be entitled to participate in any such defense with
separate counsel at the expense of the indemnifying party if so requested by the
indemnifying party to participate or (ii) in the reasonable opinion of counsel
to the indemnified party, a conflict or potential conflict exists between the
indemnified party and the indemnifying party that would make such separate
representation advisable; and provided, further, that the
indemnifying party shall not be required to pay for more than one such counsel
for all indemnified parties in connection with any Claim. The Parties hereto
agree to cooperate fully with each other in connection with the defense,
negotiation or settlement of any such Claim.

          

          
            

          

          
            (b)           After
any final judgment or award shall have been rendered by a court, arbitration
board or administrative agency of competent jurisdiction and the expiration of
the time in which to appeal therefrom, or a settlement shall have been
consummated, or the indemnified Party and the indemnifying Party shall have
arrived at a mutually binding agreement with respect to a Claim hereunder, the
indemnified Party shall forward to the indemnifying Party notice of any sums due
and owing by the indemnifying Party pursuant to this Agreement with respect to
such matter and the indemnifying Party shall be required to pay all of the sums
so due and owing to the indemnified Party by wire transfer of immediately
available funds within 10 business days after the date of such
notice.

          

          
            
               

            

            
              - 16 -

              
                

              

            

            
               

            

          

          
            (c)      The
failure of the indemnified party to give reasonably prompt notice of any Claim
shall not release, waive or otherwise affect the indemnifying party's
obligations with respect thereto except to the extent that the indemnifying
party can demonstrate actual loss and prejudice as a result of such
failure.

          

          
            

          

          
            	
                    8.4.

                  	
                    Tax
      Matters.

                  

          

          
            

          

          
            (a)           The
Subsidiaries agree to be responsible for and to indemnify and hold the Company
and the Purchaser Indemnified Parties harmless from and against any and all
Taxes that may be imposed upon or assessed against the Company or the assets
thereof:

          

          
            

          

          
            (i)       with
respect to all taxable periods ending on or prior to the Closing
Date;

          

          
            

          

          
            (ii)      arising
by reason of any breach by the Company or inaccuracy of any of the
representations contained in Section 4.10 hereof;

          

          
            

          

          
            (iii)     with
respect to any and all Taxes of any member of a consolidated, combined or
unitary group of which the Company (or any predecessor) is or was a member on or
prior to the Closing Date, by reason of the liability of the Company pursuant to
Treasury Regulation Section 1. 1502-6(a) or any analogous or similar state,
local or foreign law or regulation;

          

          
            

          

          
            (vi)     with
respect to any losses, damages, liabilities, obligations, deficiencies, costs
and expenses (including, without limitation, reasonable expenses and fees for
attorneys and accountants) ("Related Costs") incurred in connection with the
Taxes for which the Subsidiaries are responsible to indemnify the Company and
the Purchaser Indemnified Parties pursuant to this Section 8.4(a) (or any
asserted deficiency, claim, demand, action, suit, proceeding, judgment or
assessment, including the defense or settlement thereof, relating to such Taxes)
or the enforcement of this Section 8.4( a);

          

          
            

          

          
            (b)           The
Purchaser and the Company agree to indemnify and hold harmless the Subsidiaries,
and each of their directors, officers, employees, Affiliates and agents from and
against any and all Taxes (i) of the Company with respect to any taxable period
of the Company beginning after the Closing Date and (ii) by reason of the
Company being or becoming a successor-in-interest of any Person as a result of
the transactions contemplated by this Agreement or the other Transaction
Documents or any transaction entered into after the Closing
Date.

          

          
            

          

          
            (c)           If
any indemnification payment under Section 8.4 is determined to be taxable to the
Party receiving such payment by any taxing authority, the paying Party shall
also indemnify the Party receiving such payment for any Taxes incurred by reason
of the receipt of such payment (taking into account any actual reduction in tax
liability to the receiving Party) and any Related Costs incurred by the Party
receiving such payment in connection with such Taxes (or any asserted
deficiency, claim, demand, action, suit, proceeding, judgment or assessment,
including the defense or settlement thereof, relating to such
Taxes).

          

          
            
               

            

            
              - 17 -

              
                

              

            

            
               

            

          

          
            	
                    8.5.

                  	
                    Preparation
      of Tax Returns; Payment of Taxes.

                  

          

          
            

          

          
            (a)           The
Company shall file all the federal, state, local and foreign Tax Returns
required to be filed by the Company after the Closing Date and shall pay any and
all Taxes due with respect to such returns. To the extent any Taxes shown due on
any such Tax Return are indemnifiable by the Subsidiaries, (i) such Tax Return
shall be prepared in a manner consistent with prior practice unless otherwise
required by applicable tax laws; (ii) the Company shall provide the Subsidiaries
with copies of such Tax Return at least 30 days prior to the due date for filing
such return; and (iii) the Subsidiaries shall have the right to review and
approve (which approval shall not be unreasonably withheld) such Tax Returns for
15 days following receipt thereof. The failure of the Subsidiaries to propose
any changes to any such Tax Return within such 15 days shall be deemed to be an
indication of its approval thereof. The Subsidiaries and the Company shall
attempt in good faith mutually to resolve any disagreements regarding such Tax
Returns prior to the due date for filing thereof. The Company shall file or
cause to be filed all such Tax Returns and shall, subject to receiving the
payments from the Subsidiaries referred to in Section 8.5, pay the Taxes shown
due thereon; provided,
however, that nothing contained in the foregoing shall in any manner
terminate, limit or adversely affect any right of the Purchaser Indemnified
Parties, the Subsidiaries or the Company to receive indemnification pursuant to
any provision in this Agreement.

          

          
            

          

          
            (b)           Not
later than 5 days before the due date for payment of Taxes with respect to any
Tax Returns, the Subsidiaries shall pay to the Purchaser an amount equal to that
portion of the Taxes shown on such return for which the Subsidiaries have an
obligation to indemnify the Company and the Purchaser Indemnified Parties
pursuant to the provisions of Section 8.4(a).

          

          
            

          

          
            (c)           For
federal income tax purposes, the taxable year of the Company shall end as of the
close of the Effective Time and, with respect to all other Taxes, the
Subsidiaries and the Company will, unless prohibited by applicable law, close
the taxable period of the Company as of the Effective Time. Neither the
Subsidiaries nor the Company shall take any position inconsistent with the
preceding sentence on any Tax Return. In any case where applicable Law does not
permit the Company to close its taxable year on the Effective Time or in any
case in which a Tax is assessed with respect to a taxable period which includes
the Closing Date (but does not begin or end on that day), then Taxes, if any,
attributable to the taxable period of the Company beginning before and ending
after the Closing Date shall be allocated (i) to the Subsidiaries for the period
up to and including the Closing Date, and (ii) to the Company for the period
subsequent to the Closing Date. Any allocation of income or deductions required
to determine any Taxes attributable to any period beginning before and ending
after the Closing Date shall be prepared by the Company and shall be made by
means of a closing of the books and records of the Company as of the Effective
Time, provided that exemptions, allowances or deductions that are calculated on
an annual basis (including, but not limited to, depreciation and amortization
deductions) shall be allocated between the period ending on the Closing Date and
the period after the Closing Date in proportion to the number of days in each
such period. The Company shall provide the Subsidiaries with a schedule showing
the computation of the allocation at least 30 days prior to the due date for
filing a Tax Return which includes the Closing Date. The Subsidiaries shall have
the right to review such schedule, and the Company and the Subsidiaries shall
attempt in good faith mutually to resolve any disagreements regarding the
determination of such allocation. Any amount owing from the Subsidiaries under
this Section 8.5(c) shall be paid no later than five (5) days prior to the
filing of the underlying Tax Return.

          

          
            
               

            

            
              - 18 -

              
                

              

            

            
               

            

          

          
            (d)           The
Company and the Subsidiaries agree to furnish or cause to be furnished to each
other, and each at their own expense, as promptly as practicable, such
information (including access to books and records) and assistance, including
making employees available on a mutually convenient basis to provide additional
information and explanations of any material provided, relating to the Company
as is reasonably necessary for the filing of any Tax Return, for the preparation
for any audit, and for the prosecution or defense of any claim, suit or
proceeding relating to any adjustment or proposed adjustment with respect to
Taxes. The Company shall retain in its possession, and shall provide the
Subsidiaries reasonable access to (including the right to make copies of), such
supporting books and records and any other materials that the Subsidiaries may
specify with respect to Tax matters relating to any taxable period ending on or
prior to the Closing Date until the relevant statute of limitations has expired.
After such time, the Company may dispose of such material, provided that prior
to such disposition the Company shall give the Subsidiaries a reasonable
opportunity to take possession of such materials.

          

          
            

          

          
            (e)           Tax
Audits.

          

          
            

          

          
            (i)       The
Company shall have the sole right to represent the interests of the Company in
any Tax audit or administrative or court proceeding relating to taxable periods
of the Company beginning after the Closing Date and to employ counsel of its
choice at its expense. The Subsidiaries agree that they will cooperate fully
with the Company and its counsel in the defense against or compromise of any
claim in any said proceeding.

          

          
            

          

          
            (ii)      If
any taxing authority asserts a claim, makes an assessment or otherwise disputes
or affects any Tax for which the Subsidiaries are responsible hereunder for the
Tax reporting position of the Company for taxable periods ending on or prior to
the Closing Date, the Company shall, promptly, upon receipt by the Company of
notice thereof, inform the Subsidiaries thereof. The failure of the Company
timely to forward such notification in accordance with the immediately preceding
sentence shall not relieve the Subsidiaries of their obligation to pay such
liability for Taxes except and to the extent that the failure timely to forward
such notification actually prejudices the ability of Subsidiaries to contest
such liability for Taxes or increases the amount of such
Taxes.

          

          
            

          

          
            (iii)     The
Subsidiaries and the Company jointly shall represent the interests of the
Company in any Tax audit or administrative or court proceeding relating to any
taxable period of the Company which includes (but does not begin or end on) the
Closing Date. All costs, fees and expenses paid to third persons in the course
of such proceeding shall be borne by the Subsidiaries and the Company in the
same ratio as the ratio in which, pursuant to the terms of this Agreement, the
Subsidiaries and the Company would share the responsibility for payment of the
Taxes asserted by the taxing authority in such claim or assessment if such claim
or assessment were sustained in its entirety.

          

          
            

          

          
            (f)           Except
as otherwise provided in Section 8.5(g), to the extent any determination of Tax
liability of the Company, whether as the result of an audit or examination, a
claim for refund, the filing of an amended return or otherwise, results in any
refund of Taxes paid attributable to (i) any period which ends on or before the
Closing Date or (ii) any period which includes the Closing Date but does not
begin or end on that day, any such refund shall belong to the Subsidiaries, provided that in the
case of any Tax refund described in clause (ii) of this Section 8.5(f), the portion of such Tax
refund which shall belong to the Subsidiaries shall be that portion that is attributable to the
portion of that period which ends on the Closing Date (determined on the basis
of an interim closing of the books as of the Closing Date), and the Company
shall promptly pay any such refund, and the interest actually received thereon,
to the Subsidiaries upon
receipt thereof by the Company. Any and all other refunds shall belong to the
Company. Any payments made under this Section 8.5(f) shall be net of any Taxes
payable with respect to such refund, credit or interest thereon (taking into
account any actual reduction in Tax liability realized upon the payment pursuant
to this Section 8.5(f).

          

          
            
               

            

            
              - 19 -

              
                

              

            

            
               

            

          

          
            (g)      The
indemnification provided for in Section 8.4 and the contribution and allocation
provision of this Section 8.5 shall be the sole remedy for any claim in respect
of Taxes and the provisions of Sections 8.1 through 8.3 hereof shall not apply
to such claims.

          

          
            

          

          
            (h)      Any
claim for indemnity under Section 8.4 or contribution and allocation under this
Section 8.5 may be made at any time prior to 60 days after the expiration of the
applicable Tax statute of limitations with respect to the relevant taxable
period (including all periods of extension, whether automatic of
permissive).

          

          
            

          

          
            	
                    8.6.

                  	
                    Tax
      Treatment of Indemnity Payments.

                  

          

          
            

          

          
            The
Subsidiaries and the Company agree to treat any indemnity payment made pursuant
to this Article VIII as an adjustment to the Purchase Price for federal, state,
local and foreign income tax purposes.

          

          
            

          

          
            ARTICLE
IX

          

          
            MISCELLANEOUS

          

          
            

          

          
            	
                    9.1.

                  	
                    Certain
      Definitions.

                  

          

          
            

          

          
            (a)      For
purposes of this Agreement, the following terms shall have the meanings
specified in this Section 9.1:

          

          
            

          

          
            "Affiliate"
means, with respect to any Person, any other Person that, directly or indirectly
through one or more intermediaries, controls, or is controlled by, or is under
common control with, such Person, and the term "control" (including the terms
"controlled by" and "under common control with") means the possession, directly
or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through ownership of voting securities, by
contract or otherwise.

          

          
            

          

          
            "Balance
Sheet" shall have the meaning ascribed to such term in Section 4.7 hereof
"Balance Sheet Date" shall have the meaning ascribed to such term in Section 4.7
hereof.

          

          
            

          

          
            "Business
Day" means any day of the year on which national banking institutions in Texas
are open to the public for conducting business and are not required or
authorized to close.

          

          
            

          

          
            "Closing
Date" shall have the meaning ascribed to such term in Section 3.1
hereof.

          

          
            

          

          
            "Contract"
means any Contract, agreement, indenture, note, bond, loan, instrument, lease,
and commitment or other arrangement or agreement.

          

          
            

          

          
            "Effective
Time" shall have the meaning ascribed to such term in Article I
hereof.

          

          
            
               

            

            
              - 20 -

              
                

              

            

            
               

            

          

          
            "Environmental
Costs and Liabilities" means, with respect to any Person, all liabilities,
obligations, responsibilities, Remedial Actions, losses, damages, punitive
damages, consequential damages, treble damages, costs and expenses (including
all reasonable fees, disbursements and expenses of counsel, experts and
consultants and costs of investigation and feasibility studies), fines,
penalties, sanctions and interest incurred as a result of any claim or demand by
any other Person or in response to any violation of Environmental Law, whether
known or unknown, accrued or contingent, whether based in contract, tort,
implied or express warranty, strict liability, criminal or civil statute, to the
extent based upon, related to, or arising under or pursuant to any Environmental
Law, Environmental Permit, order or agreement with any Governmental Authority or
other Person, which relates to any environmental, health or safety condition,
violation of Environmental Law or a Release or threatened Release of Hazardous
Materials.

          

          
            

          

          
            "Environmental
Law" means any foreign, federal, state or local statute, regulation, ordinance,
rule of common law or other legal requirement, as now or hereafter in effect, in
any way relating to the protection of human health and safety, the environment
or natural resources including, without limitation, the Comprehensive
Environmental Response, Compensation and Liability Act (42 U.S.C.§ 9601 et seq),
the Hazardous Materials Transportation Act (49 U.S.C. App. § 1801 et seq.), the
Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Clean
Water Act (33 U.S.C. § 1251 et seq), the Clean Air Act (42 U.S.C. § 7401 et
seq.) the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), the Federal
Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. § 136 ct seq.), and the
Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), as each has been
or may be amended and the regulations promulgated pursuant
thereto.

          

          
            

          

          
            "Exchange
Act" means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

          

          
            

          

          
            "Financial
Statements" shall have the meaning ascribed to such term in Section
4.7.

          

          
            

          

          
            "GAAP"
means generally accepted United States accounting principles as of the date
hereof.

          

          
            

          

          
            "Governmental
Body" means any government or governmental or regulatory body thereof or
political subdivision thereof, whether federal, state, local or foreign, or any
agency, instrumentality or authority thereof, or any court or arbitrator (public
or private).

          

          
            

          

          
            "Hazardous
Material" means any substance, material or waste that is regulated, classified,
or otherwise characterized under or pursuant to any Environmental Law as
"hazardous," "toxic," "pollutant," "contaminant," "radioactive," or words of
similar meaning or effect, including without limitation, petroleum and its
by-products, asbestos, polychlorinated biphenyls, radon, mold, urea formaldehyde
insulation.

          

          
            

          

          
            "HSR Act"
shall mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
and the rules and regulations promulgated thereunder.

          

          
            

          

          
            The term
"knowledge" means the knowledge, after due inquiry, of the officers and
directors of the respective Party.

          

          
            

          

          
            "Law" means any federal, state, local
or foreign law (including common law), statute, code, ordinance, rule, regulation or
other requirement but does not include municipal ordinances or other regulations or provisions that
are effective only within the corporate limits of a municipality.

          

          
            
               

            

            
              - 21 -

              
                

              

            

            
               

            

          

          
            "Legal
Proceeding" means any judicial, administrative or arbitral actions, suits,
proceedings (public or private), claims or governmental
proceedings.

          

          
            

          

          
            "Lien"
means any lien, pledge, mortgage, deed of trust, security interest, claim,
lease, charge, option, right of first refusal, easement, servitude, transfer
restriction under any shareholder or similar agreement, encumbrance or any other
restriction or limitation whatsoever.

          

          
            

          

          
            "Material
Adverse Change" means any fact, event, change, circumstance or occurrence which
has resulted in or could reasonably be expected to result in a Material Adverse
Effect.

          

          
            

          

          
            "Material
Adverse Effect" means (i) a material adverse effect on the ability of the
Company to consummate the transactions contemplated by this Agreement or perform
its obligations under this Agreement or the Transaction Documents, (ii) a
material adverse effect on the registration of the Common Stock under the
Securities Exchange Act, and (iii) a material adverse effect on the
authorization of the Common Stock to be traded on the Over the Counter Bulletin
Board Market.

          

          
            

          

          
            "Order"
means any order, injunction, judgment, decree, ruling, writ, assessment or
arbitration award.

          

          
            

          

          
            "Ordinary
Course of Business" means the ordinary and usual course of day to day operations
of the business as conducted prior to the Closing.

          

          
            

          

          
            "Permits"
means any approvals, authorizations, consents, licenses, permits or
certificates.

          

          
            

          

          
            "Person"
means any individual, corporation, partnership, firm, joint venture,
association, joint-stock company, trust, unincorporated organization,
Governmental Body or other entity.

          

          
            

          

          
            "Purchaser
Indemnified Parties" shall have the meaning ascribed to such term in Section
8.1(a).

          

          
            

          

          
            "Release"
means any release, spill, emission, leaking, pumping, injection, deposit,
disposal, discharge, dispersal, or leaching into the indoor or outdoor
environment, or into or out of any property;

          

          
            

          

          
            "Subsidiary
Indemnified Parties" shall have the meaning ascribed to such term in Section 8.
l(b) hereof.

          

          
            

          

          
            "Taxes"
means (i) all federal, state, local or foreign taxes, charges, fees, imposts,
levies or other assessments, including, without limitation, all net income,
gross receipts, capital, sales, use, ad valorem, value added, transfer,
franchise, profits, inventory, capital stock, license, withholding, payroll,
employment, social security, unemployment, excise, severance, stamp, occupation,
property and estimated taxes, customs duties, fees, assessments and charges of
any kind whatsoever (ii) all interest, penalties, fines, additions to tax or
additional amounts imposed by any taxing authority in connection with any item
described in clause (i), and (iii) any transferee liability in respect of any
items described in clauses (i) and/or (ii).

          

          
            

          

          
            "Tax
Return" means all returns, declarations, reports, estimates, information returns
and statements required to be filed in respect of any
Taxes.

          

          
            
               

            

            
              - 22 -

              
                

              

            

            
               

            

          

          
            "Transaction
Documents" shall mean this Agreement, the Trust Receipt, Irrevocable
Instructions and Irrevocable Proxy substantially in the form of Exhibit B
attached to this Agreement, the Escrow Agreement substantially in the for of
Exhibit F attached to this Agreement, the Note Purchase Agreement substantially
in the form of Exhibit L attached to this Agreement, and the other documents and
certificates delivered by the Parties in connection with this Agreement or the
transactions contemplated hereby or thereby.

          

          
            

          

          
            (b)           Other
Definitional and Interpretive Matters. Unless otherwise expressly provided, for
purposes of this Agreement, the following rules of interpretation shall
apply:

          

          
            

          

          
            Calculation
of Time Period. When calculating the period of time before which, within which
or following which any act is to be done or step taken pursuant to this
Agreement, the date that is the reference date in calculating such period shall
be excluded. If the last day of such period is a not a Business Day, the period
in question shall end on the next succeeding Business Day.

          

          
            

          

          
            Dollars.
Any reference in this Agreement to $ or Dollars shall mean U.S.
dollars.

          

          
            

          

          
            Exhibits.
The Exhibits to this Agreement are hereby incorporated and made a part hereof
and are an integral part of this Agreement. All Exhibits annexed hereto or
referred to herein are hereby incorporated in and made a part of this Agreement
as if set forth in full herein. Any capitalized terms used in any Schedule or
Exhibit but not otherwise defined therein shall be defined as set forth in this
Agreement.

          

          
            

          

          
            Gender
and Number. Any reference in this Agreement to gender shall include all genders,
and words imparting the singular number only shall include the plural and vice
versa.

          

          
            

          

          
            Headings.
The provision of a Table of Contents, the division of this Agreement into
Articles, Sections and other subdivisions and the insertion of headings are for
convenience of reference only and shall not affect or be utilized in construing
or interpreting this Agreement. All references in this Agreement to any
"Section" are to the corresponding Section of this Agreement unless otherwise
specified.

          

          
            

          

          
            Herein.
The words such as "herein," "hereinafter," "hereof," and "hereunder" refer to
this Agreement as a whole and not merely to a subdivision in which such words
appear unless the context otherwise requires.

          

          
            

          

          
            Including.
The word "including" or any variation thereof means "including, without
limitation" and shall not be construed to limit any general statement that it
follows to the specific or similar items or matters immediately following
it.

          

          
            

          

          
            (c)           The
Parties hereto have participated jointly in the negotiation and drafting of this
Agreement and, in the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as jointly drafted by the Parties
hereto and no presumption or burden of proof shall arise favoring or disfavoring
any Party by virtue of the authorship of any provision of this
Agreement.

          

          
            

          

          
            	
                    9.2.

                  	
                    Survival
      of Representations and Warranties.

                  

          

          
            

          

          
            The
Parties hereto hereby agree that the representations and warranties contained in
this Agreement, the Transaction Documents, or in any certificate, document or
instrument delivered in connection herewith or therewith, shall survive the
execution and delivery of this Agreement, and the Closing hereunder, regardless
of any investigation made by the Parties hereto; provided, however, that any claims or
actions with respect thereto, including any claim for indemnification pursuant
to Article VIII hereof, must be commenced within twelve (12) months after the
Closing Date or shall be waived.

          

          
            
               

            

            
              - 23 -

              
                

              

            

            
               

            

          

          
            	
                    9.3.

                  	
                    Expenses.

                  

          

          
            

          

          
            Except as
otherwise provided in this Agreement, the Company and the Purchaser shall each
bear its own expenses incurred in connection with the negotiation and execution
of this Agreement, the Transaction Documents, and each other agreement, document
and instrument contemplated by this Agreement or the Transaction Documents, and
the consummation of the transactions contemplated hereby and thereby, it being
understood that in any event the Subsidiaries shall assume and be solely
responsible for the costs and expenses of the Company.

          

          
            

          

          
            	
                    9.4.

                  	
                    Specific
      Performance.

                  

          

          
            

          

          
            The
Company acknowledges and agrees that the breach of this Agreement would cause
irreparable damage to the Purchaser and that the Purchaser will not have an
adequate remedy at Law. Therefore, the obligations of the Company under this
Agreement, including, without limitation, the Company's obligation to sell the
Preferred Shares to the Purchaser, shall be enforceable by a decree of specific
performance issued by any court of competent jurisdiction, and appropriate
injunctive relief may be applied for and granted in connection therewith. Such
remedies shall, however, be cumulative and not exclusive and shall be in
addition to any other remedies which any Party may have under this Agreement or
otherwise.

          

          
            

          

          
            	
                    9.5.

                  	
                    Further
      Assurances.

                  

          

          
            

          

          
            The
Company and the Purchaser each agree to execute and deliver such other documents
or agreements and to take such other action as may be reasonably necessary or
desirable for the implementation of this Agreement and the consummation of the
transactions contemplated hereby.

          

          
            

          

          
            	
                    9.6.

                  	
                    Submission
      to Jurisdiction; Consent to Service of Process;
    Arbitration.

                  

          

          
            

          

          
            (a)           The
Parties hereto hereby irrevocably submit to the exclusive jurisdiction of any
federal or state court located in Salt Lake City, Utah over any dispute arising
out of or relating to this Agreement or any of the transactions contemplated
hereby and each Party hereby irrevocably agrees that all claims in respect of
such dispute or any suit, action proceeding related thereto may be heard and
determined in such courts. The Parties hereby irrevocably waive, to the fullest
extent permitted by applicable law, any objection which they may now or
hereafter have to the laying of venue of any such dispute brought in such court
or any defense of inconvenient forum for the maintenance of such dispute. Each
of the Parties hereto agrees that a judgment in any such dispute may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided
by Law.

          

          
            

          

          
            (b)           Each
of the Parties hereto hereby consents to process being served by any Party to
this Agreement in any suit, action or proceeding by the mailing of a copy
thereof in accordance with the provisions of Section 9.9.

          

          
            

          

          
            (c)           Any
controversy, dispute or claim arising under or in connection with this Agreement
(including, without limitation, the existence, validity, interpretation or
breach hereof and any claim based on contract, tort of statute) shall be
resolved by a binding arbitration, to be held in Salt Lake City, Utah pursuant
to the Federal Arbitration Act and in accordance with then- prevailing
International Arbitration Rules of the American Arbitration Association (the
"AAA").

          

          
            
               

            

            
              - 24 -

              
                

              

            

            
               

            

          

          
            	
                    9.7.

                  	
                    Entire
      Agreement; Amendments and Waivers.

                  

          

          
            

          

          
            This
Agreement, the other Transaction Documents (including the schedules and exhibits
hereto and thereto) represents the entire understanding and agreement between
the Parties hereto with respect to the subject matter hereof and can be amended,
supplemented or changed, and any provision hereof can be waived, only by written
instrument making specific reference to this Agreement signed by the Party
against whom enforcement of any such amendment, supplement, modification or
waiver is sought. No action taken pursuant to this Agreement, including without
limitation, any investigation by or on behalf of any Party, shall be deemed to
constitute a waiver by the Party taking such action of compliance with any
representation, warranty, covenant or agreement contained herein. The waiver by
any Party hereto of a breach of any provision of this Agreement shall not
operate or be construed as a further or continuing waiver of such breach or as a
waiver of any other or subsequent breach. No failure on the part of any Party to
exercise, and no delay in exercising, any right, power or remedy hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of such
right, power or remedy by such Party preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. All remedies
hereunder are cumulative and are not exclusive of any other remedies provided by
Law.

          

          
            

          

          
            	
                    9.8.

                  	
                    Governing
      Law.

                  

          

          
            

          

          
            This
Agreement shall be governed by and construed in accordance with the laws of the
State of Nevada.

          

          
            

          

          
            	
                    9.9.

                  	
                    Notices.

                  

          

          
            

          

          
            All
notices and other communications under this Agreement shall be in writing and
shall be deemed given when delivered personally or mailed by certified mail,
return receipt requested, to the Parties (and shall also be transmitted by
facsimile to the Persons receiving copies thereof) at the following addresses
(or to such other address as a Party may have specified by notice given to the
other Party pursuant to this provision):

          

          
            

          

          
            
              	
                    	
                      If
      to the Company, to:

                    	
                      E.
      Morgan Skinner, Jr.

                    

            

          

          
            210 North
1000 East

          

          
            St.
George, UT 84770

          

          
            Fax
number: (435) 628-6636

          

          
            

          

          
            With a
copy (that shall not constitute notice) to:

          

          
            

          

          
            Franklin
Cardwell & Jones, PC 

            Attn:
Lawrence E. Wilson 

            1001
McKinney, 18th Floor 

            Houston,
Texas 77002 

            Fax
number: (713) 222-0938

          

          
            

          

          
            
              	
                    	
                      If
      to the Subsidiaries, to:

                    	
                      E.
      Morgan Skinner, Jr.

                    

            

          

          
            210 North
1000 East 

            St.
George, UT 84770

          

          
            Fax
number: (435) 628-6636

          

          
            
               

            

            
              - 25 -

              
                

              

            

            
               

            

          

          
            With a
copy (that shall not constitute notice) to:

          

          
            

          

          
            Franklin
Cardwell & Jones, PC

          

          
            Attn:
Lawrence E. Wilson

          

          
            1001
McKinney, 18th Floor

          

          
            Houston,
Texas 77002

          

          
            Fax
number: (713) 222-0938

          

          
            

          

          
            
              	
                    	
                      If
      to the Purchaser, to:

                    	
                      Three
      Irons, Inc.

                    

            

          

          
            12000
Westheimer Rd Ste 340

          

          
            Houston,
TX 77077-6531

          

          
            Attention:
Hunter M.A. Carr, President

          

          
            Fax
Number: (713) 462-1980

          

          
            

          

          
            With a
copy (that shall not constitute notice) to:

          

          
            Sonfield
& Sonfield

          

          
            Attorneys
at Law

          

          
            770 South
Post Oak Lane

          

          
            Houston,
Texas 77056

          

          
            Attention:
Robert L. Sonfield, Jr., Esq.

          

          
            Fax
number: (713) 877-1547

          

          
            

          

          
            	
                    9.10.

                  	
                    Severability.

                  

          

          
            

          

          
            If any
provision of this Agreement is invalid or unenforceable, the balance of this
Agreement shall remain in effect.

          

          
            

          

          
            	
                    9.11.

                  	
                    Binding
      Effect: Assignment.

                  

          

          
            

          

          
            This
Agreement shall be binding upon and inure to the benefit of the Parties and
their respective successors and permitted assigns. Nothing in this Agreement
shall create or be deemed to create any third person beneficiary rights in any
person or entity not a party to this Agreement except as provided below. No
assignment of this Agreement or of any rights or obligations hereunder may be
made by either the Purchaser (by operation of law or otherwise) without the
prior written consent of the other Parties hereto and any attempted assignment
without the required consents shall be void; provided, however, that the
Purchaser may assign this Agreement and any or all rights or obligations
hereunder (including, without limitation, the Purchaser's rights to purchase the
Preferred Shares and the Purchaser's rights to seek indemnification hereunder)
to any Affiliate of the Purchaser. Upon any such permitted assignment, the
references in this Agreement to the Purchaser shall also apply to any such
assignee unless the context otherwise requires.

          

          
            

          

          
            	
                    9.12.

                  	
                    Non-Recourse.

                  

          

          
            

          

          
            No past,
present or future director, officer, employee, incorporator, member, partner or
stockholder of the Purchaser shall have any liability for any obligations or
liabilities of the Purchaser under this Agreement of or for any claim based on,
in respect of or by reason of, the transactions contemplated hereby and
thereby.

          

          
            

          

          
            	
                    9.13.

                  	
                    Counterparts.

                  

          

          
            

          

          
            This Agreement may be executed in one
or more counterparts, each of which will be deemed to be an original copy of
this Agreement and all of which, when taken together, will be deemed to
constitute one and the same agreement. The Parties acknowledge that signatures
may be delivered by facsimile, portable document format or other electronic
means and any such signatures shall be binding upon the Party using such
delivery method as fully as a manually signed counterpart.

          

          
            

          

          
            "'REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK**

          

          
            
               

            

            
              - 26 -

              
                

              

            

            
               

            

          

          
            EXECUTION
PAGE

          

          
            

          

          
            STOCK
PURCHASE AGREEMENT

          

          
            BY AND
AMONG

          

          
            

          

          
            THREE
IRONS, INC.

          

          
            

          

          
            LEGACY
COMMUNICATIONS CORPORATION

          

          
            

          

          
            AND

          

          
            

          

          
            THE
SUBSIDIARIES LISTED ON EXHIBIT H HERETO

          

          
            

          

          
            Dated as
of July 18, 2008

          

          
            

          

          
            IN WITNESS WHEREOF, the
Parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first written
above.

          

          
            

          

          
            THE
PURCHASER:

          

          
            Three
Irons, Inc.

          

          
             

            
              	
                      By:

                    	Hunter M.A.
      Carr	 
	 	Hunter. M.A. Carr,
      President	 
	 	 	 
	 	 	 
	THE COMPANY:	 
	Legacy
      Communications Corporation	 
	 	 	 
	
                      By:

                    	E. Morgan Skinner,
      Jr.	 
	 	E.
      Morgan  Skinner, Jr., President	 
	 	 	 
	
                      THE
      SUBSIDIARIES:

                    	 
	 	 	 
	
                      By:

                    	E. Morgan Skinner,
      Jr.	 
	 	
                      E.
      Morgan Skinner, Jr., President

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