Document:

EXHIBIT
      10.1

     

    

      SHARE
        PURCHASE AGREEMENT

       

      by
        and
        among

       

      BCP
        NZ,
        LLC

       

       

      and
        

       

       

      Michael
        Gurcke

       

      as
        “Sellers”

       

      and

       

      Royalwolf
        NZ Acquisition Co. Limited

       

       

      as
        “Purchaser”

       

       

      Dated
        as
        of 1 May 2008

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      
        

          TABLE
            OF CONTENTS

          (Not
            part
            of this Agreement)

          Page

           

          
            	
                    ARTICLE
                      I. PURCHASE AND SALE

                  	
                    1

                  
	 	 	 
	
                    1.01

                  	
                    Purchase
                      and Sale of Shares.
                      

                  	
                    1

                  
	
                    1.02

                  	
                    Purchase
                      Price.
                      

                  	
                    1

                  
	
                    1.03

                  	
                    Closing.
                      

                  	
                    2

                  
	
                    1.04

                  	
                    Deliveries.

                  	
                    2

                  
	
                    1.05

                  	
                    Discharge
                      of Obligations.

                  	
                    2

                  
	 	 
	
                    ARTICLE
                      II. WARRANTIES OF SELLERS

                  	
                    2

                  
	 	 	 
	
                    2.01

                  	
                    Organization
                      of Sellers; Authority and Binding Effect.

                  	
                    3

                  
	
                    2.02

                  	
                    Organization
                      of the Subject Company.
                      

                  	
                    3

                  
	
                    2.03

                  	
                    Capitalization;
                      Ownership of Shares.

                  	
                    4

                  
	
                    2.04

                  	
                    No
                      Violations.

                  	
                    4

                  
	
                    2.05

                  	
                    Consents
                      and Approvals.
                      

                  	
                    4

                  
	
                    2.06

                  	
                    Financial
                      Statements.

                  	
                    4

                  
	
                    2.07

                  	
                    Absence
                      of Changes.
                      

                  	
                    5

                  
	
                    2.08

                  	
                    Ownership,
                      Possession and Sufficiency of Assets.

                  	
                    6

                  
	
                    2.09

                  	
                    Litigation.
                      

                  	
                    7

                  
	
                    2.10

                  	
                    Compliance
                      With Law; Permits.
                      

                  	
                    7

                  
	
                    2.11

                  	
                    Environmental
                      Matters.
                      

                  	
                    7

                  
	
                    2.12

                  	
                    Brokers
                      and Finders.

                  	
                    8

                  
	
                    2.13

                  	
                    Contracts.

                  	
                    8

                  
	
                    2.14

                  	
                    Intellectual
                      Property.

                  	
                    10

                  
	
                    2.15

                  	
                    Tax
                      Matters.
                      

                  	
                    10

                  
	
                    2.16

                  	
                    Employment
                      Matters - Personnel Information.

                  	
                    11

                  
	
                    2.17

                  	
                    Insurance

                  	
                    11

                  
	
                    2.18

                  	
                    Books
                      and Records

                  	
                    12

                  
	
                    2.19

                  	
                    General
                      Corporate Information.

                  	
                    12

                  
	 	 
	
                    ARTICLE
                      III. WARRANTIES OF PURCHASER

                  	
                    12

                  
	 	 	 
	
                    3.01

                  	
                    Organization.

                  	
                    12

                  
	
                    3.02

                  	
                    Authority
                      and Binding Effect.

                  	
                    12

                  
	
                    3.03

                  	
                    No
                      Violations.
                      

                  	
                    13

                  
	
                    3.04

                  	
                    Consents
                      and Approvals.
                      

                  	
                    13

                  
	
                    3.05

                  	
                    Brokers
                      and Finders.
                      

                  	
                    13

                  
	
                    3.06

                  	
                    Absence
                      of Proceedings.

                  	
                    13

                  
	
                    3.07

                  	
                    Investment
                      Intent.

                  	
                    13

                  
	
                    3.08

                  	
                    Financial
                      Capability.

                  	
                    13

                  
	
                    3.09

                  	
                    Due
                      Diligence by Purchaser.

                  	
                    14

                  

          

           

          
            
              
              

            

            
              i

              
                

              

            

            
              
              

            

          

           

          
            	
                    ARTICLE
                      IV. COVENANTS

                  	
                    14

                  
	 	 	 
	
                    4.01

                  	
                    Intentionally
                      deleted

                  	
                    14

                  
	
                    4.02

                  	
                    Disclosure
                      Materials.

                  	
                    14

                  
	
                    4.03

                  	
                    Intentionally
                      deleted.

                  	
                    15

                  
	
                    4.04

                  	
                    Public
                      Announcements.

                  	
                    15

                  
	
                    4.05

                  	
                    Employee
                      Benefits Matters.

                  	
                    15

                  
	
                    4.06

                  	
                    Directors’,
                      Managers’ and Officers’ Indemnification; Release from
                      Liability.

                  	
                    16

                  
	
                    4.07

                  	
                    Intentionally
                      deleted.

                  	
                    17

                  
	
                    4.08

                  	
                    Intentionally
                      deleted.

                  	
                    17

                  
	
                    4.09

                  	
                    Tax
                      Matters.

                  	
                    18

                  
	
                    4.10

                  	
                    Intentionally
                      deleted.

                  	
                    19

                  
	
                    4.11

                  	
                    Covenant
                      Not to Compete.

                  	
                    19

                  
	
                    4.12

                  	
                    Non-Solicitation.
                      

                  	
                    20

                  
	
                    4.13

                  	
                    Subject
                      Company Board Meeting.
                      

                  	
                    20

                  
	 	 
	
                    ARTICLE
                      V. CONDITIONS TO CLOSING

                  	
                    21

                  
	 	 	 
	
                    5.01

                  	
                    Conditions
                      to Obligations of Sellers.
                      

                  	
                    21

                  
	
                    5.02

                  	
                    Conditions
                      to Obligations of Purchaser.
                      

                  	
                    22

                  
	 	 
	
                    ARTICLE
                      VI. TERMINATION

                  	
                    24

                  
	 	 	 
	 	
                    Intentionally
                      deleted

                  	
                    24

                  
	 	 
	
                    ARTICLE
                      VII. INDEMNIFICATION

                  	
                    24

                  
	 	 	 
	
                    7.01

                  	
                    Survival
                      of Warranties and Covenants.
                      

                  	
                    24

                  
	
                    7.02

                  	
                    Indemnification
                      by Gurcke.

                  	
                    24

                  
	
                    7.03

                  	
                    Indemnification
                      by Purchaser.

                  	
                    25

                  
	
                    7.04

                  	
                    Tax
                      Indemnification.

                  	
                    25

                  
	
                    7.05

                  	
                    Indemnification
                      Process.

                  	
                    27

                  
	
                    7.06

                  	
                    Limitations
                      on Claims.

                  	
                    28

                  
	
                    7.07

                  	
                    Mitigation.
                      

                  	
                    29

                  
	
                    7.08

                  	
                    Exclusivity
                      of Indemnification Remedy.
                      

                  	
                    29

                  
	
                    7.09

                  	
                    Characterization
                      of Indemnification Payments.
                      

                  	
                    30

                  
	
                    7.10

                  	
                    Purchaser's
                      Right of Offset.
                      

                  	
                    30

                  
	
                    7.11

                  	
                    Payment
                      of Amounts Under the Subordinated Note.
                      

                  	
                    30

                  
	 	 
	
                    ARTICLE
                      VIII. DEFINITIONS AND TERMS

                  	
                    31

                  
	 	 	 
	
                    8.01

                  	
                    Specific
                      Definitions.
                      

                  	
                    31

                  
	
                    8.02

                  	
                    Other
                      Definitional Provisions.

                  	
                    36

                  

          

           

          
            
              
              

            

            
              ii

              
                

              

            

            
              
              

            

          

           

           

          
            	
                    ARTICLE
                      IX. GENERAL PROVISIONS

                  	
                    37

                  
	 	 	 
	
                    9.01

                  	
                    Expenses.

                  	
                    37

                  
	
                    9.02

                  	
                    Further
                      Assurances.

                  	
                    37

                  
	
                    9.03

                  	
                    Amendment/Non-Assignment.

                  	
                    37

                  
	
                    9.04

                  	
                    Waiver.
                      

                  	
                    37

                  
	
                    9.05

                  	
                    Notices.

                  	
                    37

                  
	
                    9.06

                  	
                    Disclosure
                      Schedules.
                      

                  	
                    38

                  
	
                    9.07

                  	
                    Applicable
                      Law.
                      

                  	
                    38

                  
	
                    9.08

                  	
                    No
                      Third Party Rights.

                  	
                    38

                  
	
                    9.09

                  	
                    Counterparts;
                      Facsimile Signatures.

                  	
                    39

                  
	
                    9.10

                  	
                    Severability.

                  	
                    39

                  
	
                    9.11

                  	
                    Entire
                      Agreement.
                      

                  	
                    39

                  
	
                    9.12

                  	
                    Arbitration.

                  	
                    39

                  
	
                    9.13

                  	
                    Fair
                      Construction.
                      

                  	
                    39

                  
	
                    9.14

                  	
                    Construction
                      of Certain Provisions.

                  	
                    39

                  
	
                    9.15

                  	
                    Reasonable
                      Consent Required.

                  	
                    39

                  

          

          

          

          
            
              
              

            

            
              iii

              
                

              

            

            
              
              

            

          

          LIST
            OF SCHEDULES

           

          Discharged
            Obligations Schedule

          Disclosure
            Schedules

          Capitalization
            Schedule

          No
            Violations Schedule

          Consents
            and Approvals Schedule

          Assets
            Schedule

          Environmental
            Matters Schedule

          Contracts
            Schedule

          Intellectual
            Property Schedule

          Tax
            Schedule

          Employee
            Plans Schedule

          Insurance
            Schedule

          General
            Corporate Information Schedule

          D&O
            Released Parties Schedule

          

          

          LIST
            OF EXHIBITS

           

          A
            -
            Subordinated Note

          B
            -
            Trademark Agreement

          
            
              
              

            

            
              iv

              
                

              

            

            
              
              

            

          

          INDEX
            TO DEFINED TERMS

          

          Set
            forth
            below is an index of certain terms defined in this Share Purchase Agreement.
            See
Article
            VIII
            for all
            other terms used but not elsewhere defined in this Share Purchase
            Agreement.

           

          
            
              	
                      TERM

                    	
                       LOCATION

                    
	
                      Agreement

                    	
                      Introduction

                    
	
                      Annual
                        Financial Statements

                    	
                      Section
                        2.06(a)

                    
	
                      Business

                    	
                      Recitals

                    
	
                      Closing

                    	
                      Section
                        1.03

                    
	
                      Closing
                        Date

                    	
                      Section
                        1.03

                    
	
                      Closing
                        Payment

                    	
                      Section
                        1.02

                    
	
                      Containers

                    	
                      Section
                        2.08(d)

                    
	
                      Customer
                        Leases

                    	
                      Section
                        2.13(b)

                    
	
                      D&O
                        Indemnitees

                    	
                      Section
                        4.06(a)

                    
	
                      D&O
                        Released Parties

                    	
                      Section
                        4.06(b)

                    
	
                      Damages

                    	
                      Section
                        7.02(a)

                    
	
                      Deductible

                    	
                      Section
                        7.06(a)

                    
	
                      Disclosure
                        Schedules

                    	
                      Article
                        II

                    
	
                      Effective
                        Time

                    	
                      Section
                        1.03

                    
	
                      Excluded
                        Taxes

                    	
                      Section
                        7.04(a)

                    
	
                      Financial
                        Statements

                    	
                      Section
                        2.06(a)

                    
	
                      Indemnification
                        Cap

                    	
                      Section
                        7.06(b)

                    
	
                      Indemnified
                        Party

                    	
                      Section
                        7.05(a)

                    
	
                      Indemnifying
                        Party

                    	
                      Section
                        7.05(a)

                    
	
                      Interim
                        Balance Sheet

                    	
                      Section
                        2.06(a)

                    
	
                      Interim
                        Financial Statements

                    	
                      Section
                        2.06(a)

                    
	
                      Lease

                    	
                      Section
                        2.08(b)

                    
	
                      Leased
                        Real Property

                    	
                      Section 2.08(b)

                    
	
                      Non-Registered
                        Intellectual Property

                    	
                      Section 2.14(b)

                    
	
                      Outside
                        Date

                    	
                      Section
                        6.01(b)

                    
	
                      Owned
                        Intellectual Property

                    	
                      Section 2.14(a)

                    
	
                      Owned
                        Real Property

                    	
                      Section 2.08(c)

                    
	
                      Party

                    	
                      Introduction

                    
	
                      Per
                        Claim Deductible

                    	
                      Section
                        7.06(a)

                    
	
                      Per
                        Diem Taxes

                    	
                      Section
                        7.04(c)(i)

                    
	
                      Purchase
                        Price

                    	
                      Section
                        1.02

                    
	
                      Purchaser

                    	
                      Introduction

                    
	
                      Purchaser
                        Indemnified Party

                    	
                      Section
                        7.02(a)

                    
	
                      Registered
                        Intellectual Property

                    	
                      Section
                        2.14(a)

                    
	
                      Releasing
                        Parties

                    	
                      Section
                        4.06(b)

                    
	
                      Retention
                        Agreements

                    	
                      Section
                        4.05(a)

                    
	
                      Scheduled
                        Consents

                    	
                      Section
                        2.05

                    
	
                      Scheduled
                        Contracts

                    	
                      Section
                        2.13(a)

                    
	
                      Sellers

                    	
                      Introduction

                    
	
                      Seller
                        Indemnified Party

                    	
                      Section
                        7.03(a)

                    

            

             

             

            
              
                
                

              

              
                v

                
                  

                

              

              
                
                

              

            

             

            
              	
                      Share
                        Purchase

                    	
                      Recitals

                    
	
                      Shares

                    	
                      Recitals

                    
	
                      Subject
                        Company

                    	
                      Recitals

                    
	
                      Subject
                        Company Assets

                    	
                      Section
                        2.08

                    
	
                      Subject
                        Company Insurance

                    	
                      Section
                        2.18

                    
	
                      Subject
                        Territory

                    	
                      Section
                        4.11

                    
	
                      Tax
                        Claim

                    	
                      Section
                        7.04(d)

                    
	
                      Third
                        Party Claims

                    	
                      Section
                        7.05(b

                    

            

          

          

           

          
            
              
              

            

            
              vi

              
                

              

            

            
              
              

            

          

          SHARE
            PURCHASE AGREEMENT

           

          THIS
            SHARE PURCHASE AGREEMENT (this “Agreement”)
            dated
            as of 1st May, 2008 is made and entered into by and among Royalwolf NZ
            Acquisition Co. Limited, a company organized under the laws of New Zealand
            (“Purchaser”),
            Michael Gurcke (“Gurcke”)
            and
            BCP NZ LLC (“BCP”
and
            collectively with Gurcke, “Sellers”).
            Purchaser and Sellers are sometimes individually referred to herein as
            a
“Party”
and
            collectively as the “Parties.”

           

          RECITALS

           

          WHEREAS,
            Sellers own all of the issued and outstanding share capital (the “Shares”)
            of
            RWNZ Acquisition Co. Limited, a company organized under the laws of New
            Zealand
            (the
            “Subject
            Company”);
            

           

          WHEREAS,
            the Subject Company is engaged in the business of portable storage unit
            sales
            and leasing to end users in the Subject Territory (the “Business”);
            and

           

          WHEREAS,
            Sellers desire to sell, and Purchaser desires to purchase, all of Sellers’
right, title and interest in and to the Shares on the terms and conditions
            contained herein (the “Share
            Purchase”).

           

          NOW
            THEREFORE, in consideration of the foregoing and the respective warranties,
            covenants, agreements and conditions hereinafter set forth, and intending
            to be
            legally bound hereby, the Parties agree as follows:

           

          ARTICLE
            I.

          PURCHASE
            AND SALE

           

          1.01 Purchase
            and Sale of Shares.
            Upon
            the terms and subject to the conditions of this Agreement, at the Closing,
            Sellers shall sell, transfer, convey, assign and deliver to Purchaser,
            and
            Purchaser shall purchase, acquire and accept from Sellers, all of Sellers’
right, title and interest in and to the Shares. 

           

          1.02 Purchase
            Price.
            To
            purchase the Shares hereunder, Purchaser shall pay the Sellers an aggregate
            amount of $10,499,999.99 (the “Purchase
            Price”),
            subject to the adjustments set forth in this Section 1.02 and in this
            Agreement.
            Subject to the terms and conditions of this Agreement, on the Closing
            Date,
            Purchaser shall pay, by wire transfer of immediately available U.S. Dollar
            funds
            an aggregate amount equal to (the sum of subsections (a) and (b) hereof,
            the
“Closing
            Payment”)
            the
            following to (a) an account designated by BCP, an amount equal to U.S.
            $6,950,000.00, provided that up to $5,500,000.00 of the Purchase Price
            payable
            to BCP may be paid pursuant to a written instrument with such terms and
            conditions as the parties may mutually agree, and (b) an account designated
            by
            Gurcke, an
            amount
            equal to (i) U.S. $3,549,999.00, less (ii) the principal amount of the
            Subordinated Note. All sums owed under the Subordinated Note shall secure
            the
            indemnification obligations of Gurcke under this Agreement. For the avoidance
            of
            doubt, the Parties believe that no amount is required to be withheld
            from the
            Closing payment as a result of any provision of Law relating to taxes
            and, as a
            result, Purchaser shall make the Closing Payment without any deduction
            or
            withholding on account of any tax.

           

          
            
              
              

            

            
              1

              
                

              

            

            
              
              

            

          

           

          1.03 Closing.
            The
            closing of the Share Purchase (the “Closing”)
            will
            take place at 10:00 a.m. Sydney, Australia time on 1 May 2008 (such date
            being
            the “Closing
            Date”).
            The
            Closing will be deemed to be effective, and title and all risk of loss
            of the
            Shares shall pass from Sellers to Purchaser, at 11:59 p.m. Sydney Australia
            time
            on the Closing Date, such time being the “Effective
            Time,”
unless
            another time or date is agreed to in writing by the Parties. The Closing
            shall
            be held at the offices of the Subject Company in New Plymouth, New Zealand
            located at the address set forth in Section
            9.05,
            unless
            another place is agreed to in writing by the Parties.

           

          1.04 Deliveries.
            At the
            Closing:

           

          (a) Sellers
            shall deliver, or cause to be delivered, to Purchaser, the certificates
            evidencing the Shares along with duly executed share transfer forms in
            favor of
            Purchaser; 

           

          (b) Each
            Party shall deliver the certificates and other documents and instruments
            required to be delivered by or on behalf of such Party pursuant to Article
            V
            or the
            other provisions of this Agreement.  

           

          1.05 Discharge
            of Obligations. 

           

          (a) On
            or before the Closing Date, Sellers shall cause the Subject Company to
            cause to
            be paid, discharged in full or otherwise satisfied and released (and
            shall
            deliver satisfactory releases, terminations of any security interest
            held in
            respect of, or other evidence thereof reasonably satisfactory to Purchaser)
            (i)
            all Indebtedness of the Subject Company (other than customary trade payables
            on
            account of the purchase of containers), (ii) those finance and operating
            leases
            listed on the Discharged
            Obligations Schedule, and
            (iii)
            any debt or liabilities or any other inter-company arrangement owed by
            the
            Subject Company to Sellers or any Affiliate of Sellers (other than customary
            trade payables on account of the purchase of containers). All documents
            evidencing obligations under subsections (i), (ii) and (iii) of this
            Section
            1.05 are listed on the Discharged
            Obligations Schedule
            attached
            hereto. 

           

          (b) On
            or
            before the Closing Date, Sellers shall also cause any Affiliate of Sellers
            to
            cause to be paid, discharged in full or otherwise satisfied and released,
            and
            shall deliver evidence thereof reasonably satisfactory to Purchaser,
            any
            inter-company debt or liabilities owed by any such Affiliate to the Subject
            Company (i) without any residual or continuing obligation or liability
            on the
            part of the Subject Company, (ii) which action shall not result in any
            equity of
            the Subject Company being issued to an entity other than Sellers and
            (iii) so
            that immediately prior to Closing, all of the issued and outstanding
            capital
            stock of the Subject Company shall be held by Sellers.

           

          ARTICLE
            II.

          WARRANTIES
            OF SELLERS

           

          Sellers
            warrant to Purchaser that the statements contained in this Article
            II
            are true
            and correct as of the date hereof and will be true and correct as of
            the Closing
            Date, except for matters specifically relating to another date which
            are made
            only as of such date and except for matters set forth on the schedules
            provided
            by Sellers to Purchaser on the date hereof (the “Disclosure
            Schedules”).
            The
            disclosures in any section or subsection of the Disclosure Schedules
            shall
            qualify other portions of the Disclosure Schedules and other sections
            and
            subsections in this Article
            II.
            The
            inclusion of any information on any Disclosure Schedule (or any update
            thereto)
            shall not be deemed to be an admission or acknowledgment, in and of itself,
            that
            such information is required by the terms hereof to be disclosed, is
            material to
            the Business, has resulted in or would result in a Material Adverse Effect
            or is
            outside the ordinary course of business. BCP warrants to Purchaser that
            the
            statements contained in Sections 2.01 and 2.03(b) of this Article
            II,
            to the
            extent relating to BCP, are true and correct as of the date hereof and
            will be
            true and correct as of the Closing Date, except for matters specifically
            relating to another date which are made only as of such date.

           

          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

           

          2.01 Organization
            of
            Sellers; Authority and Binding Effect.
            BCP is
            a limited company validly existing and in good standing under the laws
            of the
            Delaware. Each
            Seller has all requisite corporate power and authority to execute and
            deliver
            this Agreement, the Ancillary Agreements and all other certificates,
            agreements
            or other documents to be executed and delivered by Sellers pursuant hereto
            and
            to consummate the transactions contemplated hereby and thereby. The execution,
            delivery and performance of this Agreement and the Ancillary Agreements
            has been
            duly and validly authorized by all necessary corporate action of Sellers
            and no
            additional authorization on the part of Sellers is necessary in connection
            with
            the execution, delivery and performance of this Agreement and the Ancillary
            Agreements. This Agreement has been duly executed and delivered by Sellers,
            and
            this Agreement is a legally valid and binding obligation of Sellers,
            enforceable
            against each Seller in accordance with its terms, subject to applicable
            bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
            creditors’ rights and remedies generally and to general principles of equity.
            Each Ancillary Agreement will prior to the Closing be duly executed and
            delivered by Sellers and each Ancillary Agreement will after the Closing
            be a
            legally valid and binding obligation of each Seller, enforceable against
            Sellers
            in accordance with its terms, subject to applicable bankruptcy, insolvency,
            reorganization, moratorium and similar laws affecting creditors’ rights and
            remedies generally and to general principles of equity.

           

          2.02 Organization
            of
            the Subject Company.
            The
            Subject Company is duly organized, validly existing and in good standing
            under
            the laws of New Zealand and has all requisite corporate power and authority
            to
            own its properties and to carry on the Business as it is now being conducted.
            The Subject Company is duly licensed or qualified to do business and
            is in good
            standing as a foreign corporation in each jurisdiction in which the nature
            of
            its business or ownership of its properties makes such qualification
            necessary,
            except where the failure to have such power or authority, to be in good
            standing
            or to be duly qualified to transact business, would not reasonably be
            expected
            to result in a Material Adverse Effect. Sellers have made available to
            Purchaser
            correct and complete copies of the Subject Company’s organizational documents,
            which documents reflect all amendments made thereto at any time on or
            prior to
            the date hereof. Correct and complete copies of the minute books containing
            the
            records of actions of the shareholders and board of directors of the
            Subject
            Company held at any time on or prior to the date hereof, the share register,
            and
            the share transfer ledger of the Subject Company have been made available
            to
            Purchaser. The Subject Company has filed all returns, particulars, resolutions
            and other documents required by the company registrar under the laws
            of New
            Zealand. The Subject Company is not in default under, or in violation
            of, any
            provision of its organizational documents. 

           

          
            
              
              

            

            
              3

              
                

              

            

            
              
              

            

          

           

          2.03 Capitalization;
            Ownership of Shares. 

           

          (a) The
            authorized and issued share capital of the Subject Company is set forth
            on the
Capitalization
            Schedule.
            At the
            Closing, the Shares being sold hereunder will constitute all of the issued
            and
            outstanding share capital of the Subject Company. All of the issued and
            outstanding Shares have been duly authorized, validly issued and are
            fully paid,
            nonassessable and free of preemptive rights. At the Closing, there will
            be no
            outstanding options, warrants, purchase rights, subscription rights,
            conversion
            rights, exchange rights, or other contracts or commitments that could
            require
            the Subject Company to issue, sell, or otherwise cause to become outstanding
            any
            share capital of the Subject Company. Except for
            this
            Agreement and the transactions contemplated hereby, at the Closing, there
            will
            be no outstanding or authorized stock appreciation, phantom stock, profit
            participation, or similar rights with respect to the Subject Company.
            

           

          (b) Sellers
            are the owners, beneficially and of record, of the Shares. At the Closing,
            Sellers will transfer the Shares to Purchaser, free and clear of any
            Liens
            (other than Liens created by Purchaser). 

           

          2.04 No
            Violations.
            Except
            as set forth on the No
            Violations Schedule, and
            subject to obtaining the Scheduled Consents, the execution and delivery
            of this
            Agreement and each Ancillary Agreement by Sellers, and the performance
            and
            consummation of the transactions contemplated by this Agreement and each
            Ancillary Agreement by Sellers, do not and will not (a) conflict with or
            violate any provision of the organizational documents of Sellers or the
            Subject
            Company, (b) conflict with, or result in the breach of, or constitute
            a default
            under, or result in the termination, cancellation or acceleration (whether
            after
            the giving of notice or the lapse of time or both) of any right or obligation
            of
            Sellers or the Subject Company under, any material Contract, or (c) to
            the
            knowledge of Sellers, materially violate or result in a breach of, or
            constitute
            a default under, any Law applicable to Sellers or the Subject
            Company. 

           

          2.05 Consents
            and Approvals.
            Except
            for any Consent required under applicable Laws relating to competition
            and for
            Consents set forth on the Consents
            and Approvals Schedule (the
            “Scheduled
            Consents”),
            no
            Consent is required to be obtained by Sellers or the Subject Company
            in
            connection with the execution, delivery and performance of this Agreement
            and
            the Ancillary Agreements by Sellers or, to the extent a party hereto
            or thereto,
            the Subject Company, except for any Consent the failure of which to make
            or
            obtain would not, individually or in the aggregate, reasonably be expected
            to
            result in a Material Adverse Effect. 

           

          2.06 Financial
            Statements.

           

          (a) Sellers
            have made available to Purchaser (i) the audited financial statements
            of the
            Subject Company for the year ended December 31, 2007 (the “Annual
            Financial Statement”)
            and
            (ii) the unaudited balance sheet of the Subject Company as of February
            28, 2008
            and related statements of cash flow and income for the period then ended
            (the
“Interim
            Balance Sheet”;
            the
            Interim Balance Sheet and other financial statements referred to in this
            clause
2.06
            (a)(ii)
            are
            collectively referred to herein as the “Interim
            Financial Statements”;
            the
            Interim Financial Statements and the Annual Financial Statement are collectively
            referred to herein as the “Financial
            Statements”).
            Each
            Financial Statement has been prepared in accordance with IFRS consistently
            applied throughout the periods covered by such Financial Statement (except
            for
            any changes in application set forth in the notes to such Financial Statement),
            and presents fairly, in all material respects, the financial position
            of the
            Subject Company as of such dates and the results of operations and cash
            flows
            for the respective periods then ended, as applicable, subject to, in
            the case of
            each Interim Financial Statement, the absence of notes and schedules,
            and year
            end adjustments that will not be material. 

           

          
            
              
              

            

            
              4

              
                

              

            

            
              
              

            

          

           

          (b) The
            Subject Company does not have any material Liabilities required by IFRS
            to be
            reflected on a balance sheet except: (i) Liabilities reflected or reserved
            against on the Interim Balance Sheet; (ii) Liabilities which have arisen
            after the date of the Interim Balance Sheet in the ordinary course of
            business
            or otherwise in accordance with the terms and conditions of this Agreement,
            and
            (iii) Liabilities disclosed as such elsewhere in this Agreement or the
            Schedules and Exhibits hereto. 

           

          2.07 Absence
            of Changes.
            Between
            the date of the Interim Balance Sheet and the date hereof, the Subject
            Company
            has conducted its operations and affairs only in the ordinary and normal
            course
            consistent with past practice, and during such period there has not been
            any
            Material Adverse Change. Without limiting the generality of the foregoing,
            between the date of the Interim Balance Sheet and the date hereof, other
            than in
            the ordinary course of business, the Subject Company has not:

           

          (a) commenced
            or entered into arrangements for capital expenditures in excess of $200,000,
            individually or in the aggregate; 

           

          (b) disposed
            of any capital assets if the greater of the book value or the fair market
            value,
            individually or in the aggregate, of such assets exceeds $100,000, or
            incurred,
            created or assumed any Lien on any individual capital asset if the greater
            of
            the book value or the fair market value of such capital asset exceeds
            $100,000,
            other than Permitted Liens; 

           

          (c) entered
            into any Contract (including any hedging arrangement or other derivative
            transaction) in excess of $100,000 in the aggregate, or incurred any
            indebtedness for money borrowed in excess of $100,000 in the
            aggregate;

           

          (d) increased
            the salary, wage, rate of compensation, commission, bonus or other direct
            or
            indirect remuneration payable to, or other compensation of, any executive
            officer of the Subject Company or entered into any Contract in respect
            of any
            such increase (except for increases as may be required by existing agreements,
            or for increases for which Sellers shall be solely obligated), nor amended,
            adopted or terminated any Benefit Plan that would materially increase
            the
            liability of the Subject Company or entered into any collective bargaining
            agreement covering Subject Company Employees;

           

          (e) amended
            in any material respect any Scheduled Contract that would materially
            and
            adversely affect the use and enjoyment thereof by Purchaser, or terminated
            any
            of the Scheduled Contracts other than pursuant to its terms or defaulted
            in the
            performance of any material covenant or obligation thereunder which default
            was
            not cured within any applicable grace period; 

           

          
            
              
              

            

            
              5

              
                

              

            

            
              
              

            

          

           

          (f) made
            any material change in any accounting principle, practice, policy or
            method,
            other than as required by IFRS or any applicable Law;

           

          (g) merged
            with or into or consolidated with any other Person or acquired any business
            or
            assets (other than inventory) of any other Person;

           

          (h) amended
            its certificate of incorporation, memorandum of association, bylaws or
            similar
            organizational documents;

           

          (i) purchased
            or entered into any other agreement or obligation to purchase any securities
            of,
            or interests in, any Person;

           

          (j) issued
            or sold any capital stock or other securities, options, warrants, calls
            or other
            rights to acquire such stock; 

           

          (k) declared
            or paid any dividend; or

           

          (l) agreed
            or committed to do any of the foregoing.

           

          2.08 Ownership,
            Possession and Sufficiency of Assets.

           

          (a) Except
            as set forth on the Assets
            Schedule,
            the
            Subject Company has good and valid title to, or a valid right to use,
            the assets
            shown on the Interim Balance Sheet or acquired after the date thereof,
            free and
            clear of all Liens other than Permitted Liens, except for assets which
            were
            disposed of in the ordinary course of business since the
            date
            of the Interim Balance Sheet. 

           

          (b) The
            Assets
            Schedule
            lists
            all real property leases to which the Subject Company is a party (the
            “Leased
            Real Property”).
            A
            true, complete, and correct copy of each lease (and all amendments thereto)
            pertaining to the Leased Real Property has previously been made available
            to
            Purchaser. The Subject Company holds good and valid leasehold title to
            the
            Leased Real Property, in each case, in accordance with the provisions
            of the
            applicable lease or sublease for such Leased Real Property (each, a
“Lease”)
            and
            free of all Liens, except for Permitted Liens. Except as set forth on
            the
Assets
            Schedule:
            (i) all
            of the Leases to which the Subject Company is a party are in full force
            and
            effect and grant the leasehold estates or rights of occupancy or use
            they
            purport to grant; (ii) to the knowledge of Sellers, the occupancy by
            the Subject
            Company under each Lease is in compliance with all applicable Laws relating
            to
            such occupancy; and (iii) there are no pending or, to the knowledge of
            Sellers,
            threatened condemnation proceedings with respect to the Leased Real Property.
            Except as identified on the Assets
            Schedule
            or for
            such occurrences or defaults that would not reasonably be expected to
            have a
            Material Adverse Effect, there are no existing defaults on the part of
            the
            Subject Company or, to the knowledge of Sellers, any other party under
            any
            Lease, and no event has occurred which, with notice, lapse of time or
            both,
            would constitute a default on the part of the Subject Company or, to
            the
            knowledge of Sellers, any other party under any Lease. 

           

          (c) The
            Assets
            Schedule
            lists
            all real property owned by the Subject Company (the “Owned
            Real Property”).
            The
            Subject Company holds good and valid title to the Owned Real Property
            free of
            all Liens, except for Permitted Liens. 

           

          
            
              
              

            

            
              6

              
                

              

            

            
              
              

            

          

           

          (d) Except
            for those disposed of in the ordinary course of business or as otherwise
            permitted by this Agreement, the Subject Company shall, on the Closing
            Date, own
            or possess all assets owned by, leased and/or licensed to the Subject
            Company on
            the date of this Agreement, and all assets acquired thereafter as permitted
            or
            contemplated by this Agreement (such assets, inclusive of the Leased
            Real
            Property and Owned Real Property, hereafter referred to as the “Subject
            Company Assets”).
            The
            Subject Company Assets constitute all of the assets necessary to operate
            the
            Business in all material respects as it is presently being conducted.
            Except for
            those assets disposed of after the date of the Interim Balance Sheet
            or acquired
            after the date of the Interim Balance Sheet, in each case in the ordinary
            course
            of business consistent with past practice or as otherwise permitted by
            this
            Agreement, all material Subject Company Assets owned by the Subject Company
            are
            reflected on the Interim Balance Sheet. All Subject Company Assets used
            in
            connection with the Business of the Subject Company are in normal operating
            condition to operate the Business as it is presently conducted, except
            where the
            failure to be in such condition would not materially interfere with the
            operation of the Business as presently conducted. The Subject Company
            has good
            and marketable title to the Subject Company Assets which it purports
            to own or
            lease, free and clear of any Liens, except for Permitted Liens. All of
            the
            Subject Company Assets that consist of portable storage containers, portable
            offices (collectively, the “Containers”)
            or
            container or office delivery equipment are located either at the premises
            of the
            lessee identified in the pertinent lease agreement therefor, or are in
            the
            possession of the Subject Company or a bailee as reflected in the books
            and
            records of the Subject Company. At the Effective Time, the Subject Company
            shall
            have good and valid title to the Subject Company Assets which it purports
            to
            own, free and clear of any Liens, except for Closing Date Permitted
            Liens.

           

          2.09 Litigation.
            There is
            no Proceeding pending or, to the knowledge of Sellers, threatened, whether
            by or
            before any Governmental Authority or otherwise, against Sellers or the
            Subject
            Company which, if adversely determined, would reasonably be expected
            to have a
            Material Adverse Effect. There are no Judgments rendered against Sellers
            or the
            Subject Company or any of their respective properties or businesses that
            would
            reasonably be expected to have a Material Adverse Effect.

           

          2.10 Compliance
            With Law;
            Permits.
            Except
            for matters that are the subject of the warranties in Sections 2.11,
            2.14,
            2.15
            and
2.16,
            to the
            knowledge of Sellers, the Subject Company is in compliance with all Laws
            applicable to its business as currently conducted, except for such failures
            to
            comply that would not reasonably be expected to have a Material Adverse
            Effect.
            Except as would not reasonably be expected to have a Material Adverse
            Effect and
            except for Permits relating to matters that are the subject of the warranties
            in
Sections 2.11,
            2.14,
            2.15
            and
2.16,
            the
            Subject Company holds, owns or possesses all Permits required to conduct
            its
            business as currently conducted, which Permits are valid and in full
            force and
            effect. Except as would not reasonably be expected to have a Material
            Adverse
            Effect, the Subject Company is in compliance with its obligations under
            such
            Permits.

           

          2.11 Environmental
            Matters.
            Except
            as set forth on the Environmental
            Matters Schedule:

           

          
            
              
              

            

            
              7

              
                

              

            

            
              
              

            

          

           

          (a) The
            Subject Company is in compliance with all Environmental Laws applicable
            to it,
            except for matters that would not reasonably be expected to have a Material
            Adverse Effect.

           

          (b) The
            Subject Company has not released, treated or disposed of any Hazardous
            Substance, except in such amounts or such a manner that would not reasonably
            be
            expected to trigger the need for investigation and/or remediation under
            Environmental Laws or would not reasonably be expected to have a Material
            Adverse Effect. There are no pending or, to the knowledge of Sellers,
            threatened
            Proceedings against the Subject Company arising from or relating to any
            Environmental Conditions.

           

          2.12 Brokers
            and Finders.
            There
            is no investment banker, broker, finder or other intermediary which has
            been
            retained by or is authorized to act on behalf of Sellers and/or the Subject
            Company entitled to any fee or commission from Sellers and/or the Subject
            Company in connection with the transactions contemplated by this Agreement
            and
            the Ancillary Agreements.

           

          2.13 Contracts. 

           

          (a) Except
            for the Ancillary Agreements, and the contracts set forth on the Contracts
            Schedule
            (the
“Scheduled
            Contracts”)
            or as
            contemplated by this Agreement, the Subject Company is not a party
            to:

           

          (i) any
            contract that involves the purchase or sale of goods or services with
            a value,
            or involving payments by or to the Subject Company, of more than $20,000
            per
            year and that is not terminable by the Subject Company upon less than
            twelve
            (12) months’ notice;

           

          (ii) any
            employment or consulting agreement having a remaining term of at least
            one (1)
            year and requiring payments of base salary in excess of $20,000 per year
            or
            aggregate payments under any such agreement in excess of $20,000;

           

          (iii) any
            stock option, share purchase, profit sharing, deferred compensation,
            bonus or
            other incentive compensation contract, plan or arrangement;

           

          (iv) any
            note, mortgage, indenture or other obligation or agreement or other instrument
            for or relating to indebtedness for borrowed money (including, without
            limitation, capitalized lease obligations), or any guarantee of third
            party
            obligations, of more than $20,000 in the aggregate;

           

          (v) collective
            bargaining agreements with any labor unions or associations
            representing Subject Company Employees;

           

          (vi) any
            leases of real or personal property as lessee with an annual base rental
            obligation of more than $20,000
            or a total remaining rental obligation of more than $20,000;

           

          
            
              
              

            

            
              8

              
                

              

            

            
              
              

            

          

           

          (vii) any
            agreement pursuant to which the Subject Company has licensed as licensee
            third
            party software material to the Business, except for widely available
            third party
            software which is of an “off-the-shelf” nature and not modified or customized;

           

          (viii) any
            material limited liability company, joint venture or partnership agreements;
            

           

          (ix) any
            agreement materially limiting the freedom of the Subject Company from
            engaging
            in any line of business in any geographic area or to compete with any
            Person;

           

          (x) any
            agreement which provides for an outstanding loan or advance (excluding
            advances
            for travel and entertainment expenses made in accordance with the Subject
            Company’s customary policies for such advances) in an amount in excess of
            $20,000 to any shareholder, director, or executive officer of the Subject
            Company;

           

          (xi) any
            agreement with Sellers or any Affiliate of Sellers;

           

          (xii) any
            agreement providing for a Lien (other than a Permitted Lien) upon a material
            portion of the assets of the Subject Company; or

           

          (xiii) any
            agreements with suppliers, or distribution or sale contracts which involve
            payments in excess of $20,000 per year and which are not terminable by
            the
            Subject Company upon less than twelve (12) months’ notice. 

           

          (b) The
            Contracts Schedule sets forth a true, complete and correct list of all
            customers
            under all leases and other agreements, both written and oral, to which
            the
            Subject Company is a party and pursuant to which a customer leases or
            otherwise
            has possession of a Container (collectively, the “Customer
            Leases”)
            along
            with a description of Containers associated with such customers. 

           

          (c) Except
            as
            set forth on the Contracts
            Schedule,
            and
            except as would not, individually or in the aggregate, reasonably be
            expected to
            have a Material Adverse Effect, (i) all of the Scheduled Contracts and
            Customer
            Leases are in full force and effect and constitute legal and binding
            obligations
            of the Subject Company, and (ii) neither the Subject Company nor, to the
            knowledge of Sellers, any other party is in breach of or default under,
            and, to
            the knowledge of Sellers, no event has occurred which with notice or
            lapse of
            time, or both, would become a breach of or default under, any Scheduled
            Contract
            or Customer Lease. Except as set forth on the Contracts
            Schedule
            or the
Consents
            and Approvals Schedule,
            neither
            Sellers nor the Subject Company has received written notice of the intention
            of
            any other party to such Scheduled Contract or Customer Lease to cancel,
            terminate or renegotiate any such Scheduled Contract or Customer Lease
            except
            pursuant to the express terms thereof. 

           

          (d) Sellers
            have made available to Purchaser true and correct copies of all written
            Scheduled Contracts and Customer Leases and true and complete descriptions
            of
            all non-written Scheduled Contracts and Customer Leases which are disclosed
            on
            the Contracts
            Schedule,
            in each
            case together with all amendments, waivers, or other changes
            thereto.

           

          
            
              
              

            

            
              9

              
                

              

            

            
              
              

            

          

           

          2.14 Intellectual
            Property. 

           

          (a) The
            Intellectual
            Property Schedule
            lists
            all patents, registered trademarks, registered service marks and registered
            copyrights and all applications for registration for any of the foregoing
            owned
            by the Subject Company and that are material to the Business (collectively,
            the
“Registered
            Intellectual Property”).
            Except as set forth on the Intellectual
            Property Schedule
            and for
            matters that would not reasonably be expected to have a Material Adverse
            Effect,
            (i) the right, title or interest of the Subject Company in each item
            of its
            Registered Intellectual Property and other Intellectual Property which
            the
            Subject Company owns and that is material to the Business (collectively,
            “Owned
            Intellectual Property”)
            is
            free and clear of Liens, except for Permitted Liens, (ii) there is no
            material
            claim against the Subject Company by any Person or any Proceeding pending
            against the Subject Company or, to the knowledge of Sellers, threatened
            against
            the Subject Company which challenges the validity or enforceability of
            the
            Registered Intellectual Property or the rights of the Subject Company
            to
            continued use of the Owned Intellectual Property; and (iii) Sellers have
            no
            knowledge of any infringement or improper use by any third party of the
            Owned
            Intellectual Property which infringement or use would reasonably be expected
            to
            have a Material Adverse Effect.

           

          (b) Except
            as
            set forth on the Intellectual
            Property Schedule
            and for
            matters that would not reasonably be expected to have a Material Adverse
            Effect,
            with respect to any non-registered trademarks, service marks, or copyrights
            owned by the Subject Company and necessary to the conduct of the Business
            (the
“Non-Registered
            Intellectual Property”),
            (i)
            the right, title or interest of the Subject Company in each item of its
            Non-Registered Intellectual Property is free and clear of Liens, except
            for
            Permitted Liens, (ii) there is no material claim by any Person or any
            Proceeding
            pending against the Subject Company or, to the knowledge of Sellers,
            threatened
            against the Subject Company that challenges the use of any of the Non-Registered
            Intellectual Property by the Subject Company, or the rights of the Subject
            Company to continued use of the Non-Registered Intellectual Property;
            and (iii)
            Sellers have no knowledge of any infringement or improper use by any
            third party
            of the Non-Registered Intellectual Property which infringement or improper
            use
            would reasonably be expected to have a Material Adverse Effect. To Sellers’
knowledge, the Subject Company has not taken or omitted to take any action
            which
            action or omission to act would have the effect of waiving any material
            rights
            in or to any item of Non-Registered Intellectual Property which is necessary
            to
            the conduct of the Business. 

           

          2.15 Tax
            Matters.
            Except
            as
            set forth on the Tax
            Schedule:

           

          (a) the
            Subject Company has filed with the appropriate taxing or other Governmental
            Authorities all Income Tax and other material Tax Returns required to
            be filed
            through the date hereof, and all Taxes shown as due on such Tax Returns
            have
            been paid. The Subject Company has not requested any extension of time
            within
            which to file any such Tax Returns which is currently in effect. Sellers
            have
            made available to Purchaser copies of all Income Tax Returns of the Subject
            Company for the last three (3) Tax Periods for which Tax Returns were
            required
            to be filed prior to the Effective Time;

           

          
            
              
              

            

            
              10

              
                

              

            

            
              
              

            

          

           

          (b) all
            Taxes that the Subject Company has been required to collect or withhold
            have
            been duly collected or withheld and, to the extent required when due,
            have been
            or will be duly paid to the proper taxing or other Governmental
            Authority;

           

          (c) during
            the ten (10) years prior to the Effective Time, no deficiencies for Taxes
            of the
            Subject Company have been claimed, proposed or assessed in writing by
            any taxing
            or other Governmental Authority. There are no pending or, to the knowledge
            of
            Sellers, threatened audits, suits, proceedings, actions or claims for
            or
            relating to any liability in respect of Taxes of the Subject Company.
            Audits of
            federal, state, local and foreign Tax Returns by the relevant taxing
            or other
            Governmental Authorities have been completed for the Tax Periods set
            forth on
            the Tax
            Schedule.
            No
            extension of a statute of limitations relating to Taxes is in effect
            with
            respect to the Subject Company;

           

          (d) there
            are
            no Liens for Taxes (other than for current Taxes not yet due and payable)
            upon
            the assets of the Subject Company; and

           

          (e) the
            Subject Company is not a party to or bound by any binding tax sharing,
            tax
            indemnity or tax allocation agreement or other similar arrangement with
            any
            Person.  

           

          2.16 Employment
            Matters - Personnel Information. 

           

          (a) The
            Subject Company has not agreed to recognize any union, works council
            or other
            collective bargaining unit, nor has any union, works council or other
            collective
            bargaining unit been certified as representing the Subject Company Employees.
            Sellers have no knowledge of any organizational effort currently being
            made or
            threatened by or on behalf of any labor union or works council with respect
            to
            Subject Company Employees. There is no labor strike, slowdown, work stoppage
            or
            lockout actually pending or, to the knowledge of Sellers, threatened
            against the
            Subject Company.

           

          (b) Except
            for any exceptions which, individually or in the aggregate,
            would
            not result in a Material Adverse Effect, the Subject Company (i) is and
            has been
            in substantial compliance in all material respects with all applicable
            Laws
            regarding employment and employment practices and those laws relating
            to terms
            and conditions of employment, wages and hours, occupational safety and
            health
            and workers’ compensation, (ii) has no unfair labor practice charges or
            complaints pending or, to the knowledge of Sellers, threatened against
            it before
            any Governmental Authority, (iii) has no grievances pending or, to the
            knowledge
            of Sellers, threatened against it, and (iv) has no charges pending before
            agencies of any province or locality responsible for the prevention of
            unlawful
            employment practices. 

           

          2.17 Insurance.
            The
Insurance
            Schedule
            contains
            a complete and accurate list of all existing insurance policies maintained
            by
            the Subject Company (the “Subject
            Company Insurance”).
            The
            Subject Company Insurance is in full force and effect, and provides coverage
            as
            may be required by applicable Laws and by any Contracts to which the
            Subject
            Company is a party. Except as would not, individually or in the aggregate,
            have
            a Material Adverse Effect, the Subject Company is not in default under
            the
            Subject Company Insurance nor has the Subject Company failed to give
            notice or
            present any claim under any such coverage in a due and timely fashion.
            There are
            no outstanding unpaid premiums except in the ordinary course of business
            and no
            notice of cancellation or non-renewal of any such coverage has been
            received. 

           

          
            
              
              

            

            
              11

              
                

              

            

            
              
              

            

          

           

          2.18 Books
            and Records.
            The
            minute books and corporate records of the Subject Company contain accurate
            copies of the minutes of all formal board of directors, director committee
            or
            shareholders meetings and of all written consents executed in lieu of
            the
            holding of any such meeting, in each case to the extent such minutes
            or written
            consents include material actions of the board of directors or
            shareholders.

           

          2.19 General
            Corporate Information.
            The
General
            Corporate Information Schedule
            lists
            the following information for the Subject Company: (a) its full and correct
            legal name, type of organization, jurisdiction of organization, organizational
            ID number (if applicable) and mailing address; (b) its place of business
            or, if
            it has more than one place of business, the location of its chief executive
            office; (c) its bank accounts; and (d) its officers and directors.

           

           

          ARTICLE
            III.

          WARRANTIES
            OF PURCHASER

           

          Purchaser
            warrants to Sellers as of the date hereof and as of the Closing Date,
            the
            following:

           

          3.01 Organization.
            Purchaser is a corporation validly existing and in good standing under
            the laws
            of New Zealand and has all requisite corporate power and authority to
            own its
            properties and to carry on its business as it is now being
            conducted. 

           

          3.02 Authority
            and
            Binding Effect.
            Purchaser has all requisite corporate power and authority to execute
            and deliver
            this Agreement, the Ancillary Agreements and all other certificates,
            agreements
            or other documents to be executed and delivered by Purchaser and to consummate
            the transactions contemplated hereby and thereby. The execution, delivery
            and
            performance of this Agreement and the Ancillary Agreements by Purchaser
            has been
            duly and validly authorized by all necessary corporate action of Purchaser
            and
            no additional authorization on the part of Purchaser is necessary in
            connection
            with the execution, delivery and performance of this Agreement and the
            Ancillary
            Agreements. This Agreement has been duly executed and delivered by Purchaser
            and
            this Agreement is a legally valid and binding obligation of Purchaser,
            enforceable against Purchaser in accordance with its terms, subject to
            applicable bankruptcy, insolvency, reorganization, moratorium and similar
            laws
            affecting creditors’ rights and remedies generally and to general principles of
            equity. Each Ancillary Agreement will prior to the Closing be duly executed
            and
            delivered by Purchaser, and each Ancillary Agreement will after the Closing
            be a
            legally valid and binding obligation of Purchaser, enforceable against
            Purchaser
            in accordance with its terms, subject to applicable bankruptcy, insolvency,
            reorganization, moratorium and similar laws affecting creditors’ rights and
            remedies generally and to general principles of equity. 

           

          
            
              
              

            

            
              12

              
                

              

            

            
              
              

            

          

           

          3.03 No
            Violations.
            The
            execution and delivery of this Agreement and each Ancillary Agreement
            by
            Purchaser, and the performance and consummation of the transactions contemplated
            by this Agreement and each Ancillary Agreement by Purchaser, do not and
            will
            not, (a) conflict with or violate any provision of the certificate of
            incorporation, bylaws or other organizational documents of Purchaser,
            (b)
            conflict with, or result in the breach of, or constitute a default under,
            or
            result in the termination, cancellation or acceleration (whether after
            the
            giving of notice or the lapse of time or both) of any right or obligation
            of
            Purchaser under, any contract or agreement to which Purchaser is party
            or to
            which any of its assets is subject, or (c) to the knowledge of Purchaser,
            violate or result in a breach of or constitute a default under any Law
            applicable to Purchaser or by which Purchaser or any of its assets is
            bound or
            affected, except, in the cases of clauses (b)
            and
            (c),
            for
            any conflict, breach, default, termination, cancellation, acceleration,
            loss or
            violation which, individually or in the aggregate, would not materially
            impair
            Purchaser’s ability to perform its obligations hereunder and is not reasonably
            likely to prohibit or delay the performance of this Agreement and the
            Ancillary
            Agreements by Purchaser.

           

          3.04 Consents
            and Approvals.
            Except
            for any Consent required under applicable Laws relating to competition,
            no
            Consent is required to be obtained by Purchaser or any Affiliate of Purchaser
            in
            connection with the execution, delivery and performance by Purchaser
            of this
            Agreement and the Ancillary Agreements, other than in all cases where
            the
            failure to obtain such Consent would not, individually or in the aggregate,
            materially impair Purchaser’s ability to perform its obligations hereunder and
            is not reasonably likely to prohibit or delay the performance of this
            Agreement
            and the Ancillary Agreements by Purchaser.

           

          3.05 Brokers
            and Finders.
            There
            is no investment banker, broker, finder or other intermediary which has
            been
            retained by or is authorized to act on behalf of Purchaser entitled to
            any fee
            or commission from Purchaser in connection with the transactions contemplated
            by
            this Agreement and the Ancillary Agreements.

           

          3.06 Absence
            of Proceedings.
            There
            is no Proceeding pending or, to the knowledge of Purchaser, threatened,
            whether
            by or before any Governmental Authority or otherwise, against Purchaser
            or any
            Affiliate of Purchaser that would reasonably be expected to materially
            impair
            Purchaser’s ability to perform its obligations hereunder or reasonably be likely
            to prohibit or delay the performance of this Agreement and the Ancillary
            Agreements by Purchaser. 

           

          3.07 Investment
            Intent.
            Purchaser has such knowledge and experience in financial matters that
            it is
            capable of evaluating the merits and risks of its purchase of the Shares.
            Purchaser confirms that the Subject Company and Sellers have made available
            to
            Purchaser the opportunity to ask questions of the officers and management
            employees of Sellers and the Subject Company and to acquire additional
            information about the business and financial condition of each. 

           

          3.08 Financial
            Capability.
            Purchaser has cash on hand and available borrowing availability under
            existing
            credit facilities sufficient to fund the consummation of the transactions
            contemplated by this Agreement and the Ancillary Agreements and to satisfy
            all
            other costs and expenses arising in connection therewith. 

           

          
            
              
              

            

            
              13

              
                

              

            

            
              
              

            

          

           

          3.09 Due
            Diligence by Purchaser.
            Purchaser acknowledges that it has conducted to its satisfaction an independent
            investigation of the financial condition, results of operations, assets,
            liabilities, properties, Taxes and projected operations of the Business
            and, in
            making the determination to proceed with the transactions contemplated
            by this
            Agreement and the Ancillary Agreements, has relied solely on the results
            of its
            own independent investigation and the warranties set
            forth
            in Article
            II,
            including the related Disclosure Schedules. Such warranties constitute
            the sole
            and exclusive
            representations and warranties of Sellers to Purchaser in connection
            with the transactions
            contemplated hereby, and Purchaser acknowledges and agrees that each
            Seller is not making any representation or warranty whatsoever, express
            or
            implied, beyond those expressly given in this Agreement, including any
            implied
            warranty as to condition, merchantability, or suitability as to any of
            the
            assets of the Subject Company and it is understood that Purchaser takes
            such
            assets and the assets related thereto as is and where is (subject to
            the benefit
            of the warranties
            set forth in Article
            II
            of this
            Agreement). Purchaser further acknowledges and agrees that any estimates,
            budgets, projections, forecasts or other predictions that may have been
            provided
            to Purchaser or any of
            its
            Representatives are not representations or warranties of Sellers or their
            respective Affiliates,
            and
            that actual results may vary substantially from any such estimates, budgets,
            projections, forecasts or other predictions. Purchaser warrants that
            it has no
            knowledge that any of the warranties of
            Sellers in this Agreement is not true and correct, nor
            any
            knowledge of any errors in, or omissions from, the Disclosure
            Schedules.
            Purchaser further acknowledges and agrees that (a) except and solely
            to the
            extent of the warranties in Article
            II,
            Sellers
            have made no representation or warranty either expressed or implied as
            to the
            accuracy or completeness of any information regarding the Business, the
            Subject
            Company or the transactions contemplated hereby furnished or made available
            to
            Purchaser and its Representatives, and (b) except with respect to the
            warranties
            in Article
            II,
            Purchaser shall have no claim or right to indemnification pursuant to
            Article
            VII
            with
            respect to any information, documents or materials furnished by Sellers,
            any of
            their respective Affiliates or any of their respective Representatives
            to
            Purchaser. 

           

          ARTICLE
            IV.

          COVENANTS

           

          4.01 Intentionally
            deleted.

           

          4.02 Disclosure
            Materials.

           

           (a)
            Purchaser agrees to hold all of the books and records (including, without
            limitation, Contracts, other documents and financial, operating and other
            data)
            of the Subject Company existing on the Closing Date and not to destroy
            or
            dispose of any such books or records for a period of six (6) years from
            the
            Closing Date or such longer time as may be required by Law, and thereafter,
            if
            it desires to destroy or dispose of such books and records, to offer
            first in
            writing at least ninety (90) days prior to such destruction or disposal
            to allow
            Sellers (or their successors or assigns) to make copies of such books
            and
            records. Following the Closing Date, Purchaser agrees to afford the
            Representatives of Sellers (or their successors or assigns) reasonable
            access,
            at reasonable times during normal business hours and upon reasonable
            prior
            written notice, to the personnel, premises, properties, Contracts, books
            and
            records, and other documents and financial, operating and other date
            of the
            Subject Company; provided,
            that
            Purchaser shall not be required, nor shall Purchaser be required to cause
            the
            Subject Company, to take any action beyond reasonable efforts or that
            would
            unreasonably disrupt their respective normal operations. 

           

          
            
              
              

            

            
              14

              
                

              

            

            
              
              

            

          

           

          (b)
            Sellers (or its successors or assigns) may retain (i) one (1) copy of
            the
            materials included in the data room organized by Sellers in connection
            with the
            transactions contemplated by this Agreement, together with a copy of
            all
            documents referred to in such materials, (ii) all internal correspondence
            and
            memoranda, valuations, investment banking presentations and bids received
            from
            others in connection with the sale of the Shares, and (iii) a copy of
            all
            unconsolidated, consolidating and consolidated financial information
            and all
            other accounting records prepared or used in connection with the preparation
            of
            the Financial Statements, the February Determination, the Closing Balance
            Sheet
            and the Closing Determination. Each Seller agrees that it treat such
            materials
            confidentially and shall not disclose such materials (or any part thereof)
            to
            any Person except: (a) to representatives of Sellers and any of their
            Affiliates
            in furtherance of the purposes of this Agreement or any Ancillary Agreement;
            (b)
            to the extent required by applicable law or by judicial or administrative
            process; (c) to the extent that the information: (i) was generally available
            in
            the public domain; (ii) was lawfully obtained from a source under no
            obligation
            or confidentiality, directly or indirectly, to Purchaser; (iii) was disclosed
            to
            the general public with the approval of Purchaser; or (iv) was developed
            independently by Sellers or any of Sellers’ Affiliates; or (d) to the extent
            Sellers reasonably determine necessary to protect and enforce its rights
            and
            remedies under this Agreement or any Ancillary Agreement.

           

          4.03 Intentionally
            Deleted.

           

          4.04 Public
            Announcements.
            On
            Closing, the Parties will consult with each other before issuing any
            press
            release or otherwise making any public statements with respect to this
            Agreement
            or the transactions contemplated by this Agreement and, except as may
            be
            required by applicable Law or any securities exchange on which the securities
            of
            a Party or an Affiliate are listed, neither Party shall issue any such
            press
            release or make any such public statement without the prior approval
            of the
            other Party.

           

          4.05 Employee
            Benefits
            Matters. 

           

          (a) Purchaser
            agrees to cause the Subject Company for a period of one (1) year following
            the
            Closing Date, to provide the Subject Company Employees benefits in the
            aggregate
            equivalent to the Benefit Plans and not to reduce the positions, level
            of wages
            and/or salary of the Subject Company Employee; provided, however, that
            Purchaser
            shall not be obligated under the terms of this Agreement to cause the
            continuation of any employment relationship with the Subject Company
            Employee
            for any specific period of time. Notwithstanding
            the foregoing, if a Subject Company Employee is terminated during the
            one (1)
            year period following the Closing Date, such employee shall receive the
            greater
            of (i) severance and other termination benefits which would be applicable
            to
            such Subject Company Employee as if the Subject Company Employee had
            been
            terminated prior to the Closing, or (ii) the severance and other termination
            benefits which are applicable to the Subject Company Employee at the
            time of his
            or her termination. Purchaser agrees that for purposes of all benefit
            plans
            established by Purchaser in which a Subject Company Employee shall be
            eligible
            to participate after the Closing Date on which an employee’s benefit depends, in
            whole or in part, on length of service, credit will be given to such
            Subject
            Company Employee for service previously credited with the Subject Company
            prior
            to the Closing Date, provided,
            that
            such crediting of service does not result in duplication of benefits,
            and
provided
            that
            such crediting of service shall not be given for benefit accrual purposes
            under
            any defined benefit plan.

           

          
            
              
              

            

            
              15

              
                

              

            

            
              
              

            

          

           

          (b) The
            Parties acknowledge and agree that all provisions contained in this Section
            4.05
            with
            respect to Subject Company Employees are included for the sole benefit
            of the
            respective Parties and shall not create any right in any other Person,
            including, without limitation, the Subject Company Employees or former
            Subject
            Company Employees.

           

          4.06 Directors’,
            Managers’ and Officers’ Indemnification; Release from Liability.

           

          (a) The
            provisions of the organizational documents of the Subject Company concerning
            the
            elimination of Liability and indemnification of directors, managers,
            and
            officers shall not be amended in any manner that would adversely affect
            the
            rights thereunder of any Person that is as of the date hereof or the
            Closing
            Date a current or former officer, manager or director of the Subject
            Company. In
            addition to the foregoing, from and after the Closing Date, Purchaser
            and the
            Subject Company shall, jointly and severally, indemnify, and hold harmless
            each
            Person who is, or at the Closing Date will be, a current or former officer,
            manager or director of the Subject Company (the “D&O
            Indemnitees”)
            against all Damages arising out of or pertaining to acts or omissions
            (or
            alleged acts or omissions) of the D&O Indemnitees, or any of them, in their
            capacities as such, excluding, with respect to each D&O Indemnitee, Damages
            that are finally determined by a court of competent jurisdiction (after
            the
            exhaustion of all appeals) to have resulted solely from the gross negligence
            and
            willful misconduct of such D&O Indemnitee. To the maximum extent permitted
            by applicable law, the indemnification and related rights hereunder shall
            be
            mandatory rather than permissive, and Purchaser and the Subject Company,
            as
            applicable, shall promptly advance expenses in connection with such
            indemnification to the extent permitted under applicable Law; provided, that
            to
            the extent required by Law, the Person to whom expenses are advanced
            provides an
            undertaking to repay such advances if it is ultimately determined that
            such
            Person is not entitled to indemnification.

           

          (b) Effective
            upon the Closing, Purchaser and the Subject Company, and each of their
            respective Representatives, successors and assigns (collectively, the
            “Releasing
            Parties”),
            shall
            be deemed to have remised, released and forever discharged the individuals
            set
            forth on the D&O
            Released Parties Schedule
            (collectively, the “D&O
            Released Parties”)
            of and
            from any and all Claims which the Releasing Parties, or any of them,
            now have,
            ever had, or at the Closing may have, or hereafter can, shall or may
            have,
            against the D&O Released Parties, or any of them, for, upon or by reason of
            any matter, cause or thing whatsoever, from the beginning of time through
            the
            Closing Date. 

           

          As
            of the
            Closing Date, Purchaser, on behalf of each of the Releasing Parties,
            expressly
            acknowledges that it has had, or has had and waived, the opportunity
            to be
            advised by independent legal counsel and hereby waives and relinquishes
            all
            rights and benefits afforded by Section 1542 of the California Civil
            Code
            (and
            any
            analogous law of any other state, locality, or other jurisdiction)
            and does
            so understanding and acknowledging the significance and consequence of
            such
            specific waiver of Section 1542 which provides: 

           

          
            
              
              

            

            
              16

              
                

              

            

            
              
              

            

          

           

          A
            GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT
            KNOW OR
            SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
            WHICH
            IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT
            WITH
            THE DEBTOR.

           

          (c) Purchaser,
            on behalf of each of the Releasing Parties, hereby warrants and covenants
            to
            each D&O Released Party that there has not been and will not be any
            assignment or other transfer of any right or interest in any Claims that
            any
            Releasing Party ever had, has or may have against the D&O Released Parties,
            and hereby agrees to indemnify and hold each D&O Released Party harmless
            from any Claims and Damages directly or indirectly incurred by any of
            the
            D&O Released Parties as a result of any Person asserting any right or
            interest pursuant to any such purported assignment or transfer of any
            such right
            or interest.

           

          (d) Purchaser,
            on behalf of each of the Releasing Parties, hereby agrees that if any
            Releasing
            Party hereafter commences, joins in, or in any manner seeks relief through
            any
            suit arising out of, based upon, or relating to any of the Claims released
            hereunder, or in any manner asserts against any D&O Released Party any of
            the Claims released hereunder, then such Releasing Parties will pay to
            such
            D&O Released Party, in addition to any other Damages, direct or indirect,
            all attorneys’ fees incurred in defending or otherwise responding to such suit
            or Claims.

           

          (e) The
            provisions of this Section
            4.06
            are (i)
            intended to be for the benefit of, and shall be enforceable in accordance
            with
            the Contracts (Rights of Third Parties) Act 1999 by, each Person released
            or
            entitled to indemnification, insurance coverage or other benefit hereunder,
            and
            each such Person’s heirs, Representatives, successors or assigns, it being
            expressly agreed that such Persons shall be third party beneficiaries
            of this
Section
            4.06,
            and
            (ii) in addition to, and not in substitution for, any other right to
            indemnification or contribution that any such Person may have by contract
            or
            otherwise. Neither Purchaser nor the Subject Company shall (A) amend
            the
            provisions of this Section
            4.06
            in a
            manner that would adversely affect any such third party beneficiary without
            the
            prior written consent of such third party beneficiary or (B) following
            the
            Closing, enter into, or permit any of its Subsidiaries to enter into,
            any
            merger, consolidation or similar transaction unless Purchaser shall have
            ensured
            that the surviving or resulting entity is creditworthy and will assume
            the
            obligations imposed by this Section
            4.06.
            With
            respect to any Claim by a third party beneficiary under this Section
            4.06,
            no
            Releasing Party may assert by way of defense, set-off, or counterclaim,
            any
            Claim against, or Damages owing by, Sellers or another third party
            beneficiary.

           

          (f) Purchaser
            agrees to, at Closing and from time to time thereafter, cause the Subject
            Company to execute and deliver such other documents and instruments and
            take
            such other actions as may be reasonably requested by Sellers or any D&O
            Released Party to implement the provisions of this Section
            4.06
            including, without limitation, to confirm the Subject Company’s release and
            agreement to provide indemnification as described herein.

           

          4.07 Intentionally
            Deleted.
            

           

          4.08 Intentionally
            Deleted. 

           

          
            
              
              

            

            
              17

              
                

              

            

            
              
              

            

          

           

          4.09 Tax
            Matters. 

           

          (a) Tax
            Returns.
            Purchaser shall prepare or cause to be prepared (on a basis consistent
            with past
            Tax Returns of the Subject Company) all Tax Returns of the Subject Company
            which
            are filed after the Closing Date for all Tax Periods ending on or prior
            to the
            Effective Time and for all Straddle Periods. Purchaser shall permit Sellers
            at
            least thirty (30) days to review and comment on each such Tax Return
            prior to
            filing and shall make such revisions to such Tax Returns as are reasonably
            requested by Sellers. Purchaser shall then cause the Subject Company
            to execute
            and timely file or cause to be filed such Tax Returns. To the extent
            required by
Section
            7.04,
            Sellers
            shall pay all Taxes due for Tax Periods ending on or prior to the Effective
            Time
            with respect to such Tax Returns. Purchaser shall pay or cause to be
            paid all
            Taxes due with respect to Straddle Period Tax Returns; provided,
            however,
            that
            Sellers shall pay Purchaser (in accordance with the procedures set forth
            in
Section
            7.04(f))
            for any
            amount owed by Sellers pursuant to Section
            7.04
            with
            respect to such Straddle Period Tax Returns. Purchaser agrees to cause
            all
            Subject Company Tax Returns for the Tax Periods including the Effective
            Time to
            be filed on the basis that the relevant Tax Period ended as of the Effective
            Time unless the relevant Governmental Authority will not accept a Tax
            Return
            filed on that basis. 

           

          (b) Cooperation
            on Tax Matters.
            Each
            Party shall cooperate fully, and do all things reasonably practicable
            to assist,
            as and to the extent reasonably requested by the other Party, in connection
            with
            the requesting Party’s filing of Tax Returns, response to any inquiry from a
            taxing authority, and participation in any Tax audit, Tax litigation
            or other
            Tax Proceeding, including any Tax Claim. Such cooperation and assistance
            shall
            include the retention and (upon the other Party’s request) the provision of
            records and information which are reasonably relevant to any such inquiry,
            audit, litigation or other Proceeding and making employees available
            on a
            mutually convenient basis to execute Tax Returns, provide additional
            information
            and explanation of any material provided hereunder or to testify at any
            Proceeding. Each Party agrees, and Purchaser agrees to cause the Subject
            Company, (i) to retain all books and records with respect to Tax matters
            pertinent to the Subject Company relating to any Tax Period beginning
            prior to
            the Effective Time until the expiration of the statute of limitations
            (and, to
            the extent notified by the other Party, any extensions thereof) of the
            respective Tax Periods, and to abide by all record retention agreements
            entered
            into with any taxing authority, and (ii) to give the other Party reasonable
            written notice prior to transferring, destroying or discarding any such
            books
            and records and, if a Party so requests, the other Party shall, and Purchaser
            shall cause the Subject Company to, allow the other Party to take possession
            of
            such books and records. Purchaser further agrees, and Purchaser agrees
            to cause
            the Subject Company, upon request, to use its best efforts to obtain
            any
            certificate or other document from any Governmental Authority or any
            other
            Person as may be necessary to mitigate, reduce or eliminate any Tax that
            could
            be imposed (including, but not limited to, with respect to the transactions
            contemplated by this Agreement). 

           

          (c) Tax
            Refunds.
            The
            amount or economic benefit of any refunds or over-accruals of Taxes of
            the
            Subject Company for any Tax Period, or the portion of any Straddle Period,
            ending on or prior to the Effective Time shall be for the account of
            Sellers.
            The amount or economic benefit of any refunds of Taxes of the Subject
            Company
            for any Tax Period beginning after the Effective Time shall be for the
            account
            of Purchaser. The amount or economic benefit of any refunds or over-accruals
            of
            Taxes of the Subject Company for any Straddle Period shall be apportioned
            between Sellers and Purchaser in the manner described in Section
            7.04(c).
            Any
            such amounts owing to Sellers as provided in this clause 4.09(c)
            shall be
            paid by Purchaser within five (5) Business Days of the receipt of any
            such
            refunds. Purchaser shall not cause or permit the Subject Company to carry
            back
            to any Tax Period ending on or prior to the Effective Time any net operating
            loss or other Tax attribute arising after the Effective Time.

           

          
            
              
              

            

            
              18

              
                

              

            

            
              
              

            

          

           

          (d) Transfer
            and Other Taxes.
            All
            transfer, documentary, sales, use, stamp, registration and other such
            Taxes and
            fees (including any penalties and interest) incurred in connection with
            the
            transactions contemplated by this Agreement, shall be paid by Purchaser
            when
            due, and Purchaser will, at its own expense, file all necessary Tax Returns
            and
            other documentation with respect to all such transfer, documentary, sales,
            use,
            stamp, registration and other Taxes and fees, and, if required by applicable
            law, Sellers will join in the execution of any such Tax Returns and other
            documentation.

           

          (e) Tax
            Sharing Agreements.
            Sellers
            shall cause the provisions of any Tax sharing agreement or similar arrangement
            between Sellers or any Affiliate of Sellers, on the one hand, and the
            Subject
            Company on the other hand, to be terminated on or prior to the Effective
            Time.
            After the Effective Time, no party shall have any rights or obligations
            under
            any such terminated Tax sharing agreement. 

           

          (f) Elections.
            None of
            Purchaser or its Affiliates shall make any election, file any amended
            return or
            take any other action with respect to Taxes which could adversely affect
            the Tax
            liability of Sellers or any of their respective Affiliates (affiliation
            being
            measured following Closing), including any indemnification obligation
            of Sellers
            under Section
            7.04
            or any
            rights of Sellers to receive amounts under Section
            4.09(c),
            without
            the prior written consent of Sellers. 

           

          4.10 Intentionally
            deleted. 

           

          4.11 Covenant
            Not to Compete.

           

          (a) For
            a
            period of:

           

          (i) one
            (1)
            year; 

           

          (ii) two
            (2)
            years; and/or

           

          (iii)
             three
            (3)
            years

           

          from
            and
            after the Closing, Sellers agree that they shall not, and they shall
            cause their
            respective Subsidiaries not to, engage directly or indirectly in any
            business
            that competes in the Subject Territory with the Business as it is conducted
            as
            of the Closing (a “Competitive
            Business”).
            

           

          
            
              
              

            

            
              19

              
                

              

            

            
              
              

            

          

           

          (b) Notwithstanding
            the provisions of clause 4.11(a),
            (i)
            Sellers and their respective Subsidiaries may invest as passive investors
            owning, in aggregate, not more than five percent (5%) of the outstanding
            shares
            of any class of securities of any Person that is engaged in any Competitive
            Business, so long they do not in any way, either directly or indirectly,
            manage
            or exercise control over any such Person or otherwise take any part in
            any of
            such Person’s businesses, other than exercising rights as a shareholder, and
            (ii) none of the Sellers or either Seller’s Subsidiaries shall be prohibited
            from acquiring a Person engaged in a Competitive Business together with
            other
            lines of business if not more than ten percent (10%) of the value of
            the
            acquired Person’s assets (measured by the most current financial statements
            published by the acquired Person in the ordinary course of business)
            relates to
            the Competitive Business. 

           

          (c) The
            provisions of the covenant contained in clause 4.11(a)
            shall be
            deemed to be a separate covenant for each period in each of the states,
            cities,
            counties, or other political subdivisions of the Subject Territory. The
            Parties
            acknowledge and agree that the time, scope, and other provisions of clause
            4.11(a)
            have
            been specifically negotiated by sophisticated, commercial parties and
            specifically hereby agree that such time, scope and other provisions
            are
            reasonable under the circumstances. The Parties further agree that if,
            at any
            time, despite the express agreement of the Parties, a court of competent
            jurisdiction holds that any portion of clause 4.11(a)
            is
            unenforceable because any of the restrictions therein are unreasonable,
            or for
            any other reason, such decision shall not affect the validity or enforceability
            of any of the other provisions of this Agreement, and the maximum restrictions
            of time or scope reasonable under the circumstances, as determined by
            such
            court, will be substituted for any such restrictions which are held
            unenforceable. In the event of a breach by any party of any of the provisions
            of
            clause 4.11(a),
            the
            Parties acknowledge that such breach may cause irreparable damage to
            Purchaser,
            the exact amount of which may be difficult to ascertain, and the remedies
            at law
            for any such breach may be inadequate. Accordingly, Purchaser may be
            entitled,
            in addition to any other rights or remedies existing in its favor, to
            seek
            specific performance and injunctive relief in order to enforce or prevent
            breach
            of any such provisions.

           

          4.12 Non-Solicitation.
            For a
            period of two (2) years from and after the Closing, Sellers agree that
            Sellers
            shall not, and shall cause their Subsidiaries not to, without the prior
            written
            consent of Purchaser, directly or indirectly, solicit or cause to be
            solicited
            the employment of, or employ, any Person in the Subject Territory, other
            than
            any director resigning in accordance with Section
            4.07,
            who is
            now a Subject Company Employee. Notwithstanding the foregoing, the restrictions
            set forth in the immediately preceding sentence shall not apply to (i)
            any
            solicitation directed at the public in general, in publications available
            to the
            public in general (and any employment occasioned thereby), or (ii) the
            solicitation or employment of any Person who, at the time of solicitation,
            was
            no longer a Subject Company Employee. 

           

          4.13 Subject
            Company Board Meeting.
            The
            Sellers shall cause a board meeting of the Subject Company to be held
            at Closing
            at which the following matters shall take place:

           

          (a) A
            resolution to register the transfer of the Shares in the Subject Company
            shall
            be passed at such board meeting of the company, subject to the transfers
            being
            stamped (if applicable) at the cost of the Purchaser.

          

          (b) Those
            persons identified by the Purchaser shall resign as directors of
            the
            Subject Company with immediate effect.

           

          
            
              
              

            

            
              20

              
                

              

            

            
              
              

            

          

          
 

          (c) The
            persons the Purchaser nominees shall be appointed as directors and
            secretary of the Subject Company. The appointments shall take effect
            at the end
            of the board meeting.

          

          (d) If
            requested by the Purchaser, new auditors identified by the Purchaser
            shall be appointed as the auditors of the Subject Company with effect
            from the
            end of the relevant board meeting.

          

          (e) If
            requested by the Purchaser, the address of the registered office.of
            the
            Subject Company shall be changed to the address identified by the
            Purchaser.

          

          (f) If
            requested by the Purchaser, the accounting reference date of the Subject
            Company
            shall be changed to the date identified by the Purchaser.

          

          (g)
             Such
            other resolutions as the Purchaser may require shall be passed (such
            as amending
            cheque signature authorities).

           

           

          ARTICLE
            V.

          CONDITIONS
            TO CLOSING

           

          5.01 Conditions
            to Obligations of Sellers.
            The
            obligations of Sellers to consummate the transactions contemplated by
            this
            Agreement shall be subject to the satisfaction or waiver at or prior
            to the
            Closing of each of the following conditions:

           

          (a) Purchaser
            shall have performed and complied with all agreements and covenants required
            to
            be performed and complied with by Purchaser under this Agreement at or
            prior to
            the Closing, except for such non-performance or non-compliance as would
            not,
            individually or in the aggregate,
            materially affect its ability to perform its obligations hereunder and
            are not
            reasonably likely to prohibit, restrict or delay the performance of this
            Agreement by Purchaser.

           

          (b) The
            warranties of Purchaser in Article
            III
            of this
            Agreement that are qualified as to materiality shall be true and correct,
            and
            those that are not so qualified shall be true and correct in all material
            respects at and as of the date hereof and at and as of the Closing Date
            (except
            in the case of any warranty that by its terms is made as of a date specified
            therein, in which case any such warranty that is qualified as to materiality
            shall be true and correct, and any such warranty not so qualified shall
            be true
            and correct in all material respects, as of such date), except where
            the failure
            of such warranties to be in compliance with the standard set forth above
            in this
            clause 5.01(b)
            would
            not materially affect its ability to perform its obligations hereunder
            and are
            not reasonably likely to prohibit, restrict or delay the performance
            of this
            Agreement by Purchaser.

           

          (c) Sellers
            shall have received, in the aggregate, the Purchase Price in the manner
            set
            forth in Section
            1.04(b).

           

          
            
              
              

            

            
              21

              
                

              

            

            
              
              

            

          

           

          (d) Sellers
            shall have received from Purchaser a certificate signed by an appropriate
            officer of Purchaser as to Purchaser’s compliance with the conditions set forth
            in clauses (a)
            and
(b)
            of this
Section
            5.01.

           

          (e) No
            Law
            shall have been enacted, entered or promulgated prohibiting the consummation
            of
            the transactions contemplated hereby and no Judgment shall have been
            entered
            permanently restraining, enjoining or otherwise prohibiting the consummation
            of
            the transactions contemplated hereby.

           

          (f) All
            material filings required by any Governmental Authority under applicable
            Laws
            contemplated by this Agreement shall have been made and any required
            waiting
            period under such Laws applicable to the transactions contemplated by
            this
            Agreement shall have expired or been earlier terminated. 

           

          (g) All
            Scheduled Consents shall have been obtained, given or made. 

           

          (h) Sellers
            shall have received from Purchaser:

           

          (i) a
            copy of the resolutions of the board of directors of Purchaser approving
            the
            transactions contemplated by this Agreement to be performed by Purchaser,
            certified by Purchaser;

           

          (ii) a
            certified copy of the certificate of incorporation for Purchaser, as
            of or about
            the Closing Date; and

           

          (iii) a
            copy of the constitution of Purchaser, certified by Purchaser.

           

          (i) Sellers
            shall have received from Purchaser counterparts of each Ancillary Agreement
            duly
            executed by Purchaser.

           

          (j) Gurcke
            shall have received from Purchaser the Subordinated Note.

           

          All
            certificates, instruments, and other documents contemplated hereby and
            required
            to be delivered by Purchaser to effect the transactions contemplated
            hereby
            shall be reasonably satisfactory in form and substance to Sellers.

           

          5.02 Conditions
            to Obligations of Purchaser.
            The
            obligations of Purchaser to consummate the transactions contemplated
            by this
            Agreement shall be subject to the satisfaction or waiver at or prior
            to the
            Closing of each of the following conditions:

           

          (a) Sellers
            shall have performed and complied with all agreements and covenants required
            to
            be performed and complied with by Sellers under this Agreement at or
            prior to
            the Closing, except for such non-performance or non-compliance as would
            not,
            individually or in the aggregate, reasonably be expected to have a Material
            Adverse Effect.

           

          
            
              
              

            

            
              22

              
                

              

            

            
              
              

            

          

           

          (b) The
            warranties of Sellers in Article
            II
            of this
            Agreement that are qualified as to materiality shall be true and correct,
            and
            those that are not so qualified shall be true and correct in all material
            respects at and as of the date hereof and at and as of the Closing Date
            (except
            in the case of any warranty that by its terms is made as of a date specified
            therein, in which case any such warranty that is qualified as to materiality
            shall be true and correct, and any such warranty not so qualified shall
            be true
            and correct in all material respects, as of such date), except where
            the failure
            of such warranties to be in compliance with the standard set forth above
            in this
            clause 5.02(b)
            would
            not have a Material Adverse Effect.

           

          (c) Purchaser
            shall have received from Sellers (i) the certificates and instruments
            referred
            to in Section
            1.04(a)
            and (ii)
            evidence reasonably satisfactory to Purchaser that (x) the aggregate
            number of
            Containers owned by the Subject Company shall not be less than 4,100
            units, and
            that (y) the Subject Company owns substantially all of the Containers
            in its
            fleet, free and clear of any Lien other than Closing Date Permitted Liens
            and
            that no Container is subject to a finance lease with the Subject Company
            as
            lessee.

           

          (d) Purchaser
            shall have received from Sellers a certificate signed by an appropriate
            officer
            of Sellers as to Sellers’ compliance with the conditions set forth in clauses
(a)
            and
(b)
            of this
Section
            5.02.

           

          (e) No
            Law
            shall have been enacted, entered or promulgated prohibiting the consummation
            of
            the transactions contemplated hereby and no Judgment shall have been
            entered
            permanently restraining, enjoining or otherwise prohibiting the consummation
            of
            the transactions contemplated hereby. 

           

          (f) All
            material filings required by any Governmental Authority under applicable
            Laws
            contemplated by this Agreement shall have been made and any required
            waiting
            period under such laws applicable to the transactions contemplated by
            this
            Agreement shall have expired or been earlier terminated. 

           

          (g) The
            resignations required pursuant to Section
            4.07
            above
            shall have been duly executed and delivered to Purchaser.

           

          (h) All
            Scheduled Consents shall have been obtained, given or made.

           

          (i) Purchaser
            shall have received from Sellers:

           

          (i) a
            copy of the resolutions of the board of directors or managers of the
            Sellers
            approving the transactions contemplated by this Agreement to be performed
            by
            Sellers, certified by each Seller; and

           

          (ii) a
            copy of the articles of association for Sellers, certified by its secretary
            and
            dated as of or about the Closing Date; and

           

          (iii) the
            signed resignations of each member of the board of directors from the
            Subject
            Company.

           

          (j) Purchaser
            shall have received from Sellers counterparts of each Ancillary Agreement
            duly
            executed by Sellers.

           

          
            
              
              

            

            
              23

              
                

              

            

            
              
              

            

          

           

          (k) The
            board
            of directors of General Finance Corporation shall have approved this
            Agreement
            and the transactions contemplated hereby.

           

          (l) ANZ
            shall
            have approved this Agreement, the Subordinated Note and the transactions
            contemplated hereby and thereby.

           

          All
            certificates, instruments, and other documents contemplated hereby and
            required
            to be delivered by Sellers to effect the transactions contemplated hereby
            shall
            be reasonably satisfactory in form and substance to Purchaser.

           

          ARTICLE
            VI.

          TERMINATION

           

          Intentionally
            deleted

           

          ARTICLE
            VII.

          INDEMNIFICATION

           

          7.01 Survival
            of Warranties and Covenants.
            The
            warranties and covenants of the Purchaser and Gurcke contained in this
            Agreement
            shall survive the Closing for the applicable period set forth in this
            Section
            7.01,
            and any
            and all claims and causes of action for indemnification under this Article
            VII
            arising
            out of the inaccuracy or breach of any warranty or covenant of Purchaser
            or
            Gurcke must be made prior to the termination of the applicable survival
            period.
            All of the warranties and covenants of the Parties contained in this
            Agreement
            and any and all claims and causes of action for indemnification under
            this
Article
            VII
            with
            respect thereto shall terminate on the first anniversary of the Closing;
            provided
            that
            (a)
            the warranties contained in (i) Sections
            2.01
            (Organization of Sellers; Authority and Binding Effect), 2.03
            (Capitalization; Ownership of Shares), 2.12
            (Brokers
            and Finders), 3.01
            (Organization of Purchaser), 3.02
            (Authority and Binding Effect), 3.07
            (Investment Intent) and 3.09
            (Due
            Diligence by Purchaser) shall survive indefinitely and (ii) Section 2.15
            (Tax
            Matters) shall survive until the expiration of the applicable statute
            of
            limitations, and (b) the covenants and release of Purchaser contained
            in
Section
            4.06
            (D&O
            Indemnification and Release) shall survive indefinitely; it being understood
            that in the event an Indemnified Party delivers notice of any claim for
            indemnification under this Article
            VII
            within
            the applicable survival period and such notice describes such claims
            with
            reasonable specificity, the warranties that are the subject of such
            indemnification claim shall survive as to such claims until such time
            as such
            claim is finally resolved. 

           

          7.02 Indemnification
            by Gurcke and BCP.

           

          (a) Subject
            to the terms and conditions of this Article
            VII,
            Gurcke
            agrees to indemnify, defend and save Purchaser and its Affiliates and
            their
            respective Representatives (each a “Purchaser
            Indemnified Party”)
            harmless from and against
            any and
            all Liabilities, obligations, deficiencies, demands, claims, suits, actions,
            or
            causes of action, assessments, losses, costs or expenses, including costs
            or
            expenses of any and all investigations, proceedings, judgments, settlements
            and
            compromises (including reasonable fees and expenses of attorneys, accountants
            and other experts) (collectively, “Damages”)
            arising out of or relating to:

           

          
            
              
              

            

            
              24

              
                

              

            

            
              
              

            

          

           

          (i) any
            inaccuracy or breach of any then surviving warranty of Sellers contained
            in this
            Agreement; or

           

          (ii) any
            non-compliance with or breach of any covenant or agreement of Sellers
            contained
            in this Agreement. 

           

          (b) Subject
            to the terms and conditions of this Article VII, BCP agrees to indemnify,
            defend
            and save each Purchaser Indemnified Party harmless from any and all Damages
            arising out of or relating to any inaccuracy or breach of any then surviving
            warranty set forth in Section 2.01 or Section 2.03(b), solely to the
            extent that
            such surviving warrant relates to Bison. 

           

          (c) Notwithstanding
            anything in this Agreement to the contrary, the recourse of any Purchaser
            Indemnified Party for any and all Damages relating to or arising from
            Tax
            matters, including those set forth in Sections 2.15
            and
4.09,
            shall
            be controlled by Section
            7.04
            rather
            than this Section
            7.02.

           

          7.03 Indemnification
            by Purchaser.

           

          (a) Subject
            to the terms and conditions of this Article
            VII,
            from
            and after the Closing Date, Purchaser agrees to indemnify, defend and
            save
            Sellers and its Affiliates and their respective Representatives (each
            a
“Seller
            Indemnified Party”)
            harmless from and against any and all Damages arising out of or relating
            to:

           

          (i) any
            inaccuracy or breach of any then surviving warranty of Purchaser contained
            in
            this Agreement; or

           

          (ii) any
            non-compliance with or breach of any covenant or agreement of Purchaser
            contained in this Agreement.

           

          (b) Notwithstanding
            anything in this Agreement to the contrary, the recourse of any Seller
            Indemnified Party for any and all Damages relating to or arising from
            Tax
            matters, including those set forth in Sections 2.15
            or
4.09
            shall be
            controlled by Section
            7.04
            rather
            than this Section
            7.03.
            

           

          7.04 Tax
            Indemnification. 

           

          (a) Subject
            to the terms and conditions of this Article
            VII,
            from
            and after the Closing, Gurcke shall indemnify, save and hold harmless
            Purchaser
            from and against (i) all liability for Taxes of the Subject Company (other
            than
            Excluded Taxes) for all Pre-Closing Tax Periods (as shall be evidenced
            by any
            Tax Return prepared by Purchaser in accordance with Section 4.09(a)
            and any
            additional documentation reasonably requested by Sellers) except to the
            extent
            of the amount of such Taxes paid by the Subject Company at or prior to
            the
            Effective Time, or by Sellers or any of their Affiliates (other than
            the Subject
            Company) at any time; and (ii) any Taxes arising out of, resulting from
            or
            incident to any breach by Sellers of any covenant contained in Sections 4.09
            or
7.04.
            Notwithstanding anything to the contrary in this Agreement, Sellers shall
            not be
            liable for or pay for (x) any Taxes (collectively, “Excluded
            Taxes”)
            that
            are imposed on the Subject Company as a result of actions taken or elections
            made by Purchaser or the Subject Company after the Effective Time, or
            (y) any
            Taxes subject to indemnification by Purchaser pursuant to Sections 7.04(b)(i)
            or
7.04(b)(ii).
            

           

          
            
              
              

            

            
              25

              
                

              

            

            
              
              

            

          

           

          (b) Subject
            to the terms and conditions of this Article
            VII,
            from
            and after the Closing, Purchaser shall indemnify, save and hold harmless
            the
            Seller Indemnified Parties from and against (i) all liability for Taxes
            of the
            Subject Company for any Post-Closing Tax Period; (ii) any Taxes arising
            out of,
            resulting from or incident to the breach by Purchaser of any covenant
            contained
            in Sections 4.09
            or
7.04;
            and
            (iii) Excluded Taxes.

           

          (c) In
            the
            case of any Straddle Period:

           

          (i) real,
            personal and intangible property Taxes and any other Taxes levied on
            a per diem
            basis (“Per
            Diem Taxes”)
            of the
            Subject Company for a Pre-Closing Tax Period shall be equal to the amount
            of
            such Per Diem Taxes for the entire Straddle Period multiplied by a fraction,
            the
            numerator of which is the number of days during the Straddle Period that
            are in
            the Pre-Closing Tax Period and the denominator of which is the total
            number of
            days in the Straddle Period; and

           

          (ii) the
            Taxes
            of the Subject Company (other than Per Diem Taxes or Excluded Taxes)
            for any
            Pre-Closing Tax Period shall be computed as if such Pre-Closing Tax Period
            ended
            as of the Effective Time. 

           

          (d) If
            a claim shall be made by, or an audit, investigation, litigation or other
            Proceeding is conducted by or with, any Governmental Authority with respect
            to
            Taxes, which, if successful, might result in an indemnity payment to
            a Person
            pursuant to this Section
            7.04
            (a
“Tax
            Claim”),
            the
            notice provisions set forth in Section
            7.05
            shall
            apply.

           

          (e) With
            respect to any Tax Claim relating to a Tax Period ending on or prior
            to the
            Effective Time, Gurcke shall control all proceedings and may make all
            decisions
            taken in connection with such Tax Claim (including selection of counsel)
            at his
            own expense; provided,
            however,
            that
            Purchaser may participate in proceedings and decisions to the extent
            they
            involve Excluded Taxes. Gurcke and Purchaser shall jointly control all
            proceedings taken in connection with any Tax Claim relating to Taxes
            of the
            Subject Company for a Straddle Period, each paying its own expenses.
            Purchaser
            shall control at its own expense all proceedings with respect to any
            Tax Claim
            relating to a Tax Period beginning after the Effective Time. A Party
            shall
            promptly notify the other Party if it decides not to control the defense
            or
            settlement of any Tax Claim which it is entitled to control pursuant
            to this
            Agreement, and the other Party shall thereupon be permitted to defend
            and settle
            such Proceeding at its own expense. 

           

          (f) Gurcke’s
            indemnity obligation in respect of Taxes for a Pre-Closing Tax Period
            pursuant
            to Section
            7.04(a)(i)
            shall be
            effected by its payment to Purchaser of  such amount within ten (10) days
            after the determinations required by Section
            7.04(a)(i)
            are
            completed (but not earlier than five (5) days prior to the date on which
            Taxes
            for the relevant Tax Period are required to be paid to the relevant Governmental
            Authority). If the amount of any such Taxes paid by Sellers or any of
            their
            Affiliates (other than the Subject Company) at any time plus the amount
            of such
            Taxes paid by the Subject Company at or prior to the Effective Time exceeds
            the
            amount of such Taxes for the Pre-Closing Tax Period, Purchaser shall
            pay to
            Sellers the amount of such excess within ten (10) days after the Tax
            Return with
            respect to the final liability for such Taxes is required to be filed
            with the
            relevant Governmental Authority. In the case of a Tax that is contested
            in
            accordance with the provisions of Section 7.04(e),
            payment
            of the Tax to the appropriate Governmental Authority shall not be considered
            to
            be due earlier than the date a final determination to such effect is
            made by the
            appropriate Governmental Authority or court.

           

          
            
              
              

            

            
              26

              
                

              

            

            
              
              

            

          

           

          7.05 Indemnification
            Process. 

           

          (a) Any
            Person seeking indemnification under this Article
            VII
            (an
“Indemnified
            Party”)
            shall
            give the Party from whom indemnification is being sought (an “Indemnifying
            Party”)
            notice
            of any matter which such Indemnified Party has determined has given or
            could
            give rise to a right of indemnification under this Agreement as soon
            as
            practicable after the Person entitled to indemnification becomes aware
            of any
            fact, condition or event which may give rise to Damages for which
            indemnification may be sought under this Article
            VII.
            Such
            notice shall state the nature and basis of any Claim and the amount thereof,
            to
            the extent known, along with copies of the relevant documents evidencing
            such
            Claim and the basis for indemnification sought. 

           

          (b) The
            liability of an Indemnifying Party under this Article
            VII
            with
            respect to Damages arising from claims of any third party which are subject
            to
            the indemnification provided for in this Article
            VII
            (“Third
            Party Claims”)
            shall
            be governed by and contingent upon the following additional terms and
            conditions: if an Indemnified Party shall receive notice of any Third
            Party
            Claim, the Indemnified Party shall give the Indemnifying Party notice
            of such
            Third Party Claim within twenty (20) days of the receipt by the Indemnified
            Party of such notice; provided,
            however,
            that the
            failure to provide such notice shall not release the Indemnifying Party
            from any
            of its obligations under this Article
            VII
            except
            to the extent the Indemnifying Party is materially and irreparably prejudiced
            by
            such failure. The Indemnifying Party shall be entitled to assume and
            control the
            defense of such Third Party Claim at its expense and through counsel
            of its
            choice, provided it gives notice of its intention to do so to the Indemnified
            Party within thirty (30) days of the receipt of such notice from the
            Indemnified
            Party; provided,
            however,
            that if
            there exists a material conflict of interest (other than one that is
            of a
            monetary nature) that would make it inappropriate for the same counsel
            to
            represent both the Indemnified Party and the Indemnifying Party, then
            the
            Indemnified Party shall be entitled to retain its own counsel, at the
            expense of
            the Indemnifying Party, provided that the Indemnifying Party shall not
            be
            obligated to pay the reasonable fees and expenses of more than one separate
            counsel for all Indemnified Parties, taken together (except to the extent
            that
            local counsel is necessary or advisable for the conduct of such Proceeding,
            in
            which case the Indemnifying Party shall also pay the reasonable fees
            and
            expenses of any such local counsel). If the Indemnifying Party shall
            not assume
            the defense of any Third Party Claim or litigation resulting therefrom,
            the
            Indemnified Party may defend against such claim or litigation in such
            manner as
            it may deem appropriate and may settle such claim or litigation on such
            terms as
            it may deem appropriate; provided,
            however,
            that in
            settling any action in respect of which indemnification is payable under
            this
Article
            VII,
            it
            shall act reasonably and in good faith. In the event the Indemnifying
            Party
            exercises the right to undertake any such defense against any such Third
            Party
            Claim as provided above, the Indemnified Party shall cooperate with,
            and do all
            things reasonably practicable to assist, the Indemnifying Party in such
            defense
            and make available to the Indemnifying Party, all witnesses, pertinent
            records,
            materials and information in the Indemnified Party’s possession or under the
            Indemnified Party’s control relating thereto as is reasonably requested by the
            Indemnifying Party. Similarly, in the event the Indemnified Party is,
            directly
            or indirectly, conducting the defense against any such Third Party Claim,
            the
            Indemnifying Party shall cooperate with, and do all things reasonably
            practicable to assist, the Indemnified Party in such defense and make
            available
            to the Indemnified Party, all such witnesses, records, materials and
            information
            in the Indemnifying Party’s possession or under the Indemnifying Party’s control
            relating thereto as is reasonably requested by the Indemnified Party.
            The
            Indemnifying Party shall not, without the written consent of the Indemnified
            Party, (i) settle or compromise any Third Party Claim or consent to the
            entry of any judgment, unless such settlement, compromise or judgment
            includes
            an unconditional written release by the claimant or plaintiff of the
            Indemnified
            Party from all liability in respect of such Third Party Claim, (ii) settle
            or compromise any Third Party Claim if the settlement imposes equitable
            remedies
            or material obligations on the Indemnified Party other than financial
            obligations for which such Indemnified Party will be indemnified hereunder,
            or
            (iii) settle or compromise any Third Party Claim if the result is to
            admit civil
            or criminal liability or culpability on the part of the Indemnified Party
            or
            that gives rise to criminal liability with respect to the Indemnified
            Party. No
            Third Party Claim which is being defended in good faith by the Indemnifying
            Party in accordance with the terms of this Agreement shall be settled
            or
            compromised by the Indemnified Party without the written consent of the
            Indemnifying Party. The Party conducting the defense of any Third Party
            Claim
            shall keep the other Party and the Subject Company regularly informed
            as to the
            progress of such Proceedings and shall supply the other Party or the
            Subject
            Company with such information, copies or particulars of such Proceedings
            as
            either may reasonably request in writing.

           

          
            
              
              

            

            
              27

              
                

              

            

            
              
              

            

          

           

          7.06 Limitations
            on Claims. 

           

          (a) Notwithstanding
            anything to the contrary in this Agreement, indemnification under Section
            7.02
            shall
            not be available pursuant to this Article
            VII
            unless
            and until the amount of indemnifiable Damages asserted against Sellers
            under
            this Article
            VII
            equals
            or exceeds (i) an amount equal to $10,000 resulting from any single Claim
            or
            aggregated Claims arising out of the same facts, event or circumstances
            (the
“Per
            Claim Deductible”),
            and
            (ii) an amount equal to $100,000 in the aggregate (the “Deductible”).
            Once
            the Deductible has been exceeded, the Purchaser Indemnified Party shall
            be
            entitled to the benefit of the indemnity under Section
            7.02
            for the
            full amount of any Claim; provided,
            however,
            that the
            Per Claim Deductible and the Deductible shall not apply to claims for Damages to
            the extent arising out of, resulting from or incident to any inaccuracy
            or
            breaches by Sellers of their warranties set forth in Sections 2.01
            (Organization of Sellers; Authority and Binding Effect), 2.03
            (Capitalization; Ownership of Shares) and 2.12
            (Brokers
            and Finders). 

           

          (b) Notwithstanding
            anything to the contrary contained in this Agreement, the maximum aggregate
            amount of indemnifiable Damages that may be recovered with respect to
            Claims
            made under Sections 7.02
            and
7.04
            shall
            equal $3,000,000 (the “Indemnification
            Cap”).
            

           

          (c) Notwithstanding
            any other provision of this Agreement to the contrary, neither Party
            shall be
            required to indemnify, hold harmless or otherwise compensate the other
            Party (or
            any other Person) for Damages with respect to mental or emotional distress
            or
            exemplary, consequential, special or punitive damages.

           

          
            
              
              

            

            
              28

              
                

              

            

            
              
              

            

          

           

          (d) The
            amount of any Damages claimed by any Purchaser Indemnified Party hereunder
            shall
            be net of any allowances and reserves provided in the Financial Statements
            or
            the Closing Balance Sheet that are specifically identified with respect
            thereto.

           

          (e) The
            amount of any Damages claimed by any Purchaser Indemnified Party hereunder
            shall
            be net of any insurance, indemnity, contribution, Tax benefit or other
            payments
            or recoveries of a like nature with respect thereto actually received
            by
            Purchaser, its Affiliates or any of their respective Representatives
            (it being
            agreed that, promptly after the realization of any such reductions of
            Damages
            pursuant hereto, such Purchaser Indemnified Party shall reimburse Sellers
            for
            such reduction in Damages for which such Purchaser Indemnified Party
            was
            indemnified prior to the realization of such reductions of Damages).
            

           

          (f) Notwithstanding
            any provision to the contrary contained in this Agreement, in the event
            that an
            Indemnifying Party can establish that an Indemnified Party had actual
            knowledge,
            on or prior to the Closing Date, of a breach of a warranty or covenant
            of the
            Indemnifying Party upon which a claim for indemnification by the Indemnified
            Party is based, then the Indemnifying Party shall have no liability for
            any
            Damages resulting from or arising out of such claim.

           

          (g) If
            an
            Indemnified Party recovers Damages from an Indemnifying Party under this
            Article
            VII,
            the
            Indemnifying Party shall be subrogated, to the extent of such recovery,
            to the
            Indemnified Party’s rights against any third party, other than a third party
            with whom the Indemnified Party has a material business agreement or
            arrangement, with respect to such recovered Losses subject to the subrogation
            rights of any insurer providing insurance coverage under one of the Indemnified
            Party’s policies and except to the extent that the grant of subrogation rights
            to the Indemnifying Party is prohibited by the terms of the applicable
            insurance
            policy.

           

          (h) The
            amount of any Damages claimed by any Purchaser Indemnified Party hereunder
            shall
            be reduced to the extent that Purchaser shall have received the benefit
            of an
            adjustment pursuant to Section
            1.05
            due to
            the fact that the item that is the subject of the indemnification claim
            was
            specifically taken into account in the Closing Determination or the Closing
            Balance Sheet.

           

          7.07 Mitigation.
            The
            Parties shall cooperate with, and do all things reasonably practicable
            to
            assist, each other to mitigate or resolve any Claim or Damages. 

           

          7.08 Exclusivity
            of Indemnification Remedy.
            From
            and after the Closing, the indemnification for Damages provided in this
            Article
            VII
            shall be
            the sole and exclusive remedy of the Parties with respect to this Agreement
            (but
            this Section
            7.08
            shall
            not apply to or limit the rights or remedies of any third party beneficiary
            under Section
            4.06).
            Purchaser hereby expressly waives any right to rescind this
            Agreement. 

           

          
            
              
              

            

            
              29

              
                

              

            

            
              
              

            

          

           

          7.09 Characterization
            of Indemnification Payments.
            The
            Parties agree to treat any payment made under this Article
            VII
            as an
            adjustment to the Purchase Price. 

           

          7.10 Purchaser’s
            Right of Offset.
            Anything in this Agreement to the contrary notwithstanding, Purchaser
            may
            deduct, withhold and set off from the Subordinated Note any amount allocable
            to
            the resolution of Gurcke’s indemnification obligations under this Article VII as
            to which Gurcke is obligated to indemnify Purchaser pursuant to this
            Article
            VII. Purchaser shall deliver written notice of Gurcke of any amounts
            deducted
            from the Subordinated Note pursuant to this Section 7.10.

           

          7.11 Payment
            of Amounts under the Subordinated Note.
            If Purchaser has not delivered a written notice of a claim or claims
            for Damages
            under Article VII on or prior to December 1, 2008, Royal Wolf Australia
            shall
            pay to Gurcke the principal and interest accrued thereon at the
            interest rate of eight percent (8%) per annum as reflected in the Subordinated
            Note, less any amounts previously deducted by Purchaser pursuant to Section
            7.10
            and less any amounts reasonably estimated by Purchaser to cover any unresolved
            claims arising under Article VII.

           

          7.12 No
            Liability for BCP.
            Except
            as expressly set forth in Section 7.02(b) and any provision of Article
            VII
            hereof that relates to BCP, none of BCP, its Affiliates or any of their
            respective equity owners, investors, officers, directors or employees
            shall have
            any liability or obligation (a) for, in connection with or as a result
            of any
            breach (whether material or immaterial) of this Agreement or any of the
            documents or agreements delivered in connection herewith, or (b) in connection
            with or related to any of the transactions contemplated by this Agreement
            or any
            document or agreement delivered in connection herewith. 

           

          
            
              
              

            

            
              30

              
                

              

            

            
              
              

            

          

          

           

          ARTICLE
            VIII.

          DEFINITIONS
            AND TERMS

           

          8.01 Specific
            Definitions.
            As used
            in this Agreement, the following terms have the following meanings: 

           

          “Affiliate”
means,
            with respect to any Person, any other Person directly or indirectly controlling,
            controlled by or under direct or indirect common control with such specified
            Person. For the purposes of this definition, “control”,
            when
            used with respect to any specified Person, means the power to direct
            the
            management and policies of such Person, directly or indirectly, whether
            through
            the ownership of voting securities, by contract or otherwise, and the
            terms
“controlling”
and
            “controlled”
have
            meanings correlative of the foregoing.

           

          “Ancillary
            Agreements”
means
            the Escrow Agreement and the Trademark Agreement. 

           

          “ANZ” means
            Australia and New Zealand Banking Group Limited.

           

          “Bison
            Capital Partners”
means
            Bison Capital Asset Management, LLC and its managers. 

           

          “Business
            Day”
means
            any day other than a Saturday, a Sunday or a day on which banks in Rotterdam
            are
            authorized or obligated by law or executive order to close.

           

          “Capitalized
            Lease Obligations”
means
            (without duplication) that portion of any obligation of the Subject Company
            as
            lessee under a lease which at the time would be required to be capitalized
            on
            the balance sheet of such lessee in accordance with IAS.

           

          “Claim”
means
            any claim, demand or Proceeding asserted or instituted by any Person
            that could
            give rise to Damages.

           

          “Closing
            Date Permitted Liens”
means
            with respect to or upon any of the property or assets of the Subject
            Company,
            any (a) Liens incurred and pledges and deposits made in the ordinary course
            of business in connection with worker’s compensation, unemployment insurance,
            old-age pensions and other social security benefits; (b) Liens securing the
            performance of bids, tenders, leases, contracts (other than for the repayment of
            debt), statutory obligations, surety, customs and appeal bonds and other
            obligations of like nature, incurred as an incident to and in the ordinary
            course of business; (c) Liens imposed by law, such as carriers’,
            warehouseman’s, mechanics’, materialmen’s, landlords’, laborers’, suppliers’,
            construction and vendors’ liens, incurred in good faith in the ordinary course
            of business and securing obligations which are not yet due or which are
            being
            contested in good faith by appropriate proceedings as to which such Subject
            Company shall, to the extent required by IFRS, have set aside on its
            books
            adequate reserves; (d) Liens securing the payment of Taxes, either not
            delinquent or being contested in good faith by appropriate legal or
            administrative proceedings and as to which such Subject Company shall,
            to the
            extent required by IFRS, have set aside on its books adequate reserves;
            (e) zoning restrictions, easements, licenses, rights of way, declarations,
            reservations, provisions, covenants, conditions, waivers, restrictions
            on the
            use of property or other title matters (and with respect to leasehold
            interests,
            Liens and other obligations incurred, created, assumed or permitted to
            exist and
            arising by, through or under a landlord or owner of the leased property,
            with or
            without consent of the lessee), none of which materially impairs the
            use of any
            parcel of property material to the operation of the Business or the value
            of
            such property for the purpose of such business; (f) the Customer Leases;
            and (g) extensions, renewals and replacements of Liens referred to in
            (a)
            through (f) of this sentence. 

           

          
            
              
              

            

            
              31

              
                

              

            

            
              
              

            

          

           

          “Consent”
means
            any consent, approval, waiver, permit, grant, franchise, concession,
            agreement,
            license, exemption or order of, registration, certificate, clauses of
            declaration or filing with, or report or notice to any Person or entity,
            including, but not limited to any Governmental Authority, which, as relevant,
            by
            its or their terms is final and conclusive, from which there is no further
            appeal right, or as to which any such appeal right has expired.

           

          “Contract”
means
            any agreement, contract, lease, power of attorney, note, loan, evidence
            of
            indebtedness, purchase order, letter of credit, settlement agreement,
            franchise
            agreement, undertaking, covenant not to compete, employment agreement,
            license,
            instrument, obligation, commitment, policy, purchase and sales order,
            quotation
            and other executory commitment to which the Subject Company is a party
            or to
            which any of the assets of the Subject Company are subject, whether oral
            or
            written, express or implied.

           

          “Dollars”
and
            the
“$”
sign
            means United States Dollars. In any instance where an amount is to be
            denominated in United States Dollars in or pursuant to this Agreement,
            and the
            underlying amount is not in United States Dollars but in a foreign currency,
            the
            exchange rate to be utilized to convert such amount from such foreign
            currency
            to United States Dollars shall be the rate of exchange set forth in The
            Wall Street Journal
            for
            converting such currency into United States Dollars as of the date of
            the
            specified transaction or as of the date the amount is so reported.

           

          “Environmental
            Conditions”
means
            the introduction into the environment of any pollution, including, without
            limitation, any contaminant, irritant or pollutant or other Hazardous
            Substance
            (whether upon any property and whether or not such pollution constituted
            at the
            time thereof a violation of any Environmental Law in connection with
            the Release
            of any Hazardous Substance) as a result of which the Subject Company
            has or may
            reasonably be expected to become liable to any Person or by reason of
            which any
            Leased Real Property or Owned Real Property may reasonably be expected
            to suffer
            or be subjected to any Lien.

           

          “Environmental
            Laws”
means
            any federal, state, district, or local Laws, regulations, ordinances,
            orders,
            permits and judgments, consent orders and common Law relating to the
            protection
            of the environment, including any Law of strict liability, nuisance or
            with
            respect to conducting abnormally dangerous activities including, without
            limitation, provisions pertaining to or regulating air pollution, water
            pollution, noise control, wetlands, water courses, natural resources,
            wildlife,
            Hazardous Substance, or any other activities or conditions which impact
            or
            relate to the environment or nature. 

           

          “Governmental
            Authority”
means
            any nation or government, any state or provincial or other political
            subdivision
            thereof, any province, city or municipality, any Person exercising executive,
            legislative, judicial, regulatory or administrative functions of or pertaining
            to government.

           

          
            
              
              

            

            
              32

              
                

              

            

            
              
              

            

          

           

          “Hazardous
            Substance”
means
            any pollutant, contaminant, chemical, waste and any toxic, infectious,
            carcinogenic, reactive, corrosive, ignitable or flammable chemical or
            chemical
            compound or otherwise hazardous substance or waste, including, without
            limitation, any quantity of friable asbestos, urea formaldehyde, PCBs,
            radon
            gas, crude oil or any fraction thereof, all forms of natural gas, petroleum
            products, by-products or derivatives, radioactive substance or material,
            pesticide, waste waters, or sludges that are subject to regulation, control
            or
            remediation under any Environmental Laws.

           

          “IFRS”
means,
            with respect to each document or action stated in this Agreement to have
            been
            prepared or taken in accordance therewith, the International Financial
            Reporting
            Standards in effect at the time of such document’s issuance or such action’s
            undertaking, as the case may be.

           

          “Income
            Taxes”
means
            any income, franchise, net profits, excess profits or similar Taxes measured
            on
            the basis of net income.

           

          “Indebtedness”
means,
            at any particular time, with respect to the Subject Company (without
            duplication), all indebtedness of the Subject Company for borrowed money
            or on
            account of advances to the Subject Company or obligations under acquisition
            agreements, in respect of which the Subject Company is liable or evidenced
            by
            any bond, debenture, note or similar instrument issued by the Subject
            Company,
            including all principal, accrued and unpaid interest, prepayment premiums,
            penalties and other fees or charges related thereto, any Capitalized
            Lease
            Obligations, swaps, collars, caps, hedges or other agreements relating
            to the
            fixing of interest rates of indebtedness.

           

          “Intellectual
            Property”
means
            patents, copyrights, trade dress, trademarks, service marks, applications
            for
            issuance or registration of the foregoing and trade secrets.

           

          “Judgments”
means
            any judgments, injunctions, orders, stays, decrees, writs, rulings, settlements,
            or awards of any court or other judicial authority or any other Governmental
            Authority.

           

          “knowledge”
or
            similar language shall mean (a) with respect to Sellers, the actual knowledge
            of
            Michael Gurcke or Bison Capital Partners, and (b) with respect to Purchaser,
            the
            actual knowledge, after inquiry of their direct reports, of Robert Allan
            or
            Peter McCann.

           

          “Laws”
means
            all laws, statutes, ordinances, rules, regulations, orders or decrees
            of any
            Governmental Authority, or Judgments.

           

          “Liabilities”
means
            any liabilities or obligations (whether accrued, absolute, contingent,
            unliquidated, or otherwise, whether or not known, whether due or to become
            due,
            and regardless of when asserted).

           

          “Liens”
means
            all liens, mortgages, easements, charges, claims, security interests,
            options or
            other encumbrances of any nature.

           

          
            
              
              

            

            
              33

              
                

              

            

            
              
              

            

          

           

          “Material
            Adverse Change”
means
            a
            change that has had a Material Adverse Effect.

           

          “Material
            Adverse Effect”
means
            any change or effect that individually, or together with others in the
            aggregate, is material and adverse to (a) the business, properties, financial
            condition or results of operations of the Subject Company, taken as a
            whole, or
            (b) the ability of Sellers to consummate the transactions contemplated
            by this
            Agreement, provided,
            however,
            that any
            actual or prospective change or changes relating to or resulting from
            one or
            more of (i) any change or changes in general economic conditions (including,
            without limitation, changes in financial or market conditions) or local,
            regional, national or international conditions in the industries in which
            the
            Business is conducted, (ii) acts of terrorism or war (whether or not
            declared),
            occurring prior to, on or after the date hereof, (iii) the announcement
            or
            consummation of the transactions contemplated by this Agreement, (iv)
            any change
            in accounting requirements or principles or the interpretation thereof,
            or (v)
            the taking of any action approved or consented to by Purchaser or contemplated
            by this Agreement, shall be deemed not to constitute a “Material Adverse
            Effect.” 

           

          “Permits”
means
            all permits, authorizations, approvals, registrations, regulatory licenses,
            certificates, directives, orders or variances granted by or obtained
            from any
            Governmental Authority and used or required in connection with the
            Business.

           

          “Permitted
            Liens”
means
            with respect to or upon any of the property or assets of the Subject
            Company,
            any (a) Liens on property of such Subject Company existing on the date
            hereof; (b) Liens incurred and pledges and deposits made in the ordinary
            course of business in connection with worker’s compensation, unemployment
            insurance, old-age pensions and other social security benefits; (c) Liens
            securing the performance of bids, tenders, leases, contracts (other than
            for the
            repayment of debt), statutory obligations, surety, customs and appeal
            bonds and
            other obligations of like nature, incurred as an incident to and in the
            ordinary
            course of business; (d) Liens imposed by law, such as carriers’,
            warehouseman’s, mechanics’, materialmen’s, landlords’, laborers’, suppliers’,
            construction and vendors’ liens, incurred in good faith in the ordinary course
            of business and securing obligations which are not yet due or which are
            being
            contested in good faith by appropriate proceedings as to which such Subject
            Company shall, to the extent required by IFRS, have set aside on its
            books
            adequate reserves; (e) Liens securing the payment of Taxes, either not
            delinquent or being contested in good faith by appropriate legal or
            administrative proceedings and as to which such Subject Company shall,
            to the
            extent required by IFRS, have set aside on its books adequate reserves;
            (f) zoning restrictions, easements, licenses, rights of way, declarations,
            reservations, provisions, covenants, conditions, waivers, restrictions
            on the
            use of property or other title matters (and with respect to leasehold
            interests,
            Liens and other obligations incurred, created, assumed or permitted to
            exist and
            arising by, through or under a landlord or owner of the leased property,
            with or
            without consent of the lessee), none of which materially impairs the
            use of any
            parcel of property material to the operation of the Business or the value
            of
            such property for the purpose of such business; (g) Liens on property
            existing at the time such property was acquired by such Subject Company
            or
            purchase money Liens to facilitate the acquisition of property by such
            Subject
            Company; (h) Liens identified in the Financial Statements, (i) Liens
            granted or incurred by such Subject Company since the date of the Interim
            Balance Sheets in the ordinary course of its business, (j) the Customer
            Leases;
            and (k) extensions, renewals and replacements of Liens referred to in
            (a)
            through (j) of this sentence. 

           

          
            
              
              

            

            
              34

              
                

              

            

            
              
              

            

          

           

          “Person”
means
            an individual, a corporation, a limited liability company, a partnership,
            an
            association, a trust or other entity or organization, including a government
            or
            political subdivision or an agency or instrumentality thereof.

           

          “Post-Closing
            Tax Period”
means
            any Tax Period beginning after the Effective Time and that portion of
            any
            Straddle Period beginning after the Effective Time.

           

          “Pre-Closing
            Tax Period”
means
            any Tax Period ending on or prior to the Effective Time and that portion
            of any
            Straddle Period up to and including the Effective Time.

           

          “Proceeding”
means
            any action, application, suit, demand, claim or legal, administrative,
            arbitration or other alternative dispute resolution proceeding, hearing
            or
            investigation.

           

          “Release”
means
            any release, spill, emission, leaking, pumping, pouring, dumping, emptying,
            injection, deposit, disposal, discharge, dispersal, leaching, exhausting
            or
            migration on or into the environment or into, on, under or from any
            property.

           

          “Representative”
means
            with respect to any Person, any of such Person’s officers, directors, managers,
            employees, shareholders, members, partners, controlling persons, agents,
            consultants, advisors, and other representatives, including legal counsel,
            accountants and financial advisors.

          

          “Royal
            Wolf Australia”
means
            Royal Wolf Trading Australia Pty Limited, a company organized under the
            laws of
            Australia. 

           

          “Straddle
            Period”
means
            any Tax Period that includes but does not end on the Effective
            Time.

           

          “Subject
            Territory”
means
            that part of the world south of Guam, west of Hawaii and east of
            Vietnam.

           

          “Subordinated
            Note”
means
            that certain Subordinated Promissory Note of Royal Wolf Australia in
            the form of
Exhibit
            A
            attached
            hereto.

           

          “Subsidiary”
or
            “Subsidiaries”
of
            any
            Person means any corporation, association, partnership, limited liability
            company, joint venture or other business entity of which fifty percent
            (50.0%)
            or more of the voting stock or other equity interests (in the case of
            Persons
            other than corporations) is owned or controlled directly or indirectly
            by such
            Person, or one or more of the Subsidiaries of such Person, or a combination
            thereof.

           

          “Tax
            Period”
means
            any period prescribed by any taxing or Governmental Authority for which
            a Tax
            Return is required to be filed or a Tax is required to be paid.

           

          
            
              
              

            

            
              35

              
                

              

            

            
              
              

            

          

           

          “Tax
            Returns”
means
            any report, return, election, document, estimated tax filing, declaration
            or
            other filing required to be supplied to any taxing authority or jurisdiction
            with respect to Taxes, including any amendments thereto.

           

          “Taxes”
means
            all taxes, assessments, charges, duties, fees, levies, imposts or other
            governmental charges, including, without limitation, all federal, state,
            local,
            municipal, county, foreign and other income, franchise, profits, capital
            gains,
            capital stock, capital structure, transfer, gross receipt, sales, use,
            transfer,
            service, occupation, ad valorem, property, excise, severance, windfall
            profits,
            premium, stamp, license, payroll, employment, social security, unemployment,
            disability, environmental, alternative, minimum, add-on, value-added,
            withholding and other taxes, assessments, charges, duties, fees, levies,
            imposts
            or other governmental charges of any kind whatsoever (whether payable
            directly
            or by withholding and whether or not requiring the filing of a Tax Return),
            and
            all estimated taxes, deficiency assessments, additions to tax, additional
            amounts imposed by any Governmental Authority, penalties and interest.
            

           

          “Trademark
            Agreement”
means
            the Trademark Agreement to be entered into by the Parties at the Closing
            in the
            form of Exhibit
            B
            attached
            hereto. 

           

           8.02 Other
            Definitional Provisions.

           

          (a) The
            location of the definition of each term defined within this Agreement
            (other
            than those terms defined in this Article
            VIII)
            is
            noted in the Index to Defined Terms following the table of contents to
            this
            Agreement;

           

          (b) “herein,”
            “hereby,” “hereunder,” “hereof” and other equivalent words shall refer to this
            Agreement as an entirety and not solely to the particular portion of
            this
            Agreement in which any such word is used;

           

          (c) all
            definitions set forth herein shall be deemed applicable whether the words
            defined are used herein in the singular or the plural;

           

          (d) all
            pronouns and any variations thereof refer to the masculine, feminine
            or neuter,
            singular or plural, as the context may require;

           

          (e) the
            words
“include” and “including” and variations thereof shall not be deemed terms of
            limitation, but rather shall be deemed to be followed by the words “without
            limitation”;

           

          (f) all
            accounting terms not specifically defined herein shall be construed in
            accordance with IAS;

           

          (g) the
            captions and descriptive headings herein are included for convenience
            of
            reference only and shall be ignored in the construction or interpretation
            hereof;

           

          (h) any
            references herein to a particular Section, Article, Exhibit or Schedule
            means a
            Section or Article of, or an Exhibit or Schedule to, this Agreement unless
            another agreement is specified; and

           

          
            
              
              

            

            
              36

              
                

              

            

            
              
              

            

          

           

          (i) the
            Exhibits and Disclosure Schedules attached hereto are incorporated herein
            by
            reference and shall be considered part of this Agreement as if fully
            set forth
            herein.

           

          ARTICLE
            IX.

          GENERAL
            PROVISIONS

           

          9.01 Expenses.
            Except
            as otherwise provided in Sections 4.03
            and
6.02,
            each
            Party shall pay all fees and expenses incurred by it in connection with
            this
            Agreement and the transactions contemplated by this Agreement. 

           

          9.02 Further
            Assurances.
            From
            time to time after the Closing and without further consideration, each
            Party,
            upon the request of the other Party and at such other Party’s expense, shall
            execute and deliver such documents and instruments of conveyance and
            transfer as
            such other Party may reasonably request in order to consummate more effectively
            the terms of this Agreement (including the purchase and sale of the Shares
            as
            contemplated by this Agreement and the vesting in Purchaser of title
            to the
            Shares transferred under this Agreement).

           

          9.03 Amendment/Non-Assignment.
            Subject
            to Section
            4.06(e),
            this
            Agreement may not be amended except by an instrument in writing signed
            by the
            Parties. This Agreement may not be assigned or transferred by Purchaser
            without
            the prior written consent of Sellers; provided,
            that no
            such
            assignment shall relieve Purchaser of any of its liabilities or obligations
            hereunder. This Agreement shall be binding upon and inure to the benefit
            of the
            Parties and their respective successors or assigns, heirs, legatees,
            distributees, executors, administrators and guardians.

           

          9.04 Waiver.
            Either
            Party may (a) extend the time for the performance of any of the obligations
            or
            other acts of the other, (b) waive any inaccuracies in the warranties
            of the
            other contained in this Agreement or in any document delivered by the
            other
            pursuant to this Agreement or (c) waive compliance with any of the agreements,
            or satisfaction of any of the conditions, contained in this Agreement
            by the
            other. Any agreement on the part of a Party to any such extension or
            waiver
            shall be valid only if set forth in an instrument in writing signed by
            such
            Party. The failure of any Party to enforce at any time any provision
            of this
            Agreement shall not be construed to be a waiver of such provision, nor
            in any
            way to affect the validity of this Agreement or any part hereof or the
            right of
            any Party thereafter to enforce each and every such provision. No waiver
            of any
            breach of this Agreement shall be held to constitute a waiver of any
            other or
            subsequent breach. 

           

          9.05 Notices.
            Any
            notices or other communications required or permitted under, or otherwise
            in
            connection with, this Agreement shall be in writing and shall be deemed
            to have
            been duly given when delivered in person or upon confirmation of receipt
            when
            transmitted by facsimile transmission or on receipt after dispatch by
            registered
            or certified mail, postage prepaid, or by reputable overnight courier
            such as
            Federal Express, DHL or UPS, addressed as follows:

           

          
            
              
              

            

            
              37

              
                

              

            

            
              
              

            

          

           

          If
            to
            Purchaser:

           

          Royalwolf
            NZ Acquisition Co. Limited

          22-28
            Edgeworth David Avenue

          Attention:
            Peter McCann 

          Hornsby,
            NSW 2077

          Facsimile:
            02-9482-3477

          

           

          With
            copies to:

           

           

          General
            Finance Corporation

          39
            East
            Union Street

          Pasadena,
            California 91103

          Attention:
            Christopher A. Wilson

          Facsimile:
            (626) 795-8090

           

          If
            to
            Sellers to:

           

          BCP
            NZ,
            LLC

          10877
            Wilshire Boulevard

          Suite
            1520

          Los
            Angeles, California 90024

          Attention:
            Douglas B. Trussler

          Facsimile:
            (310) 260-6576

          

          and

          

          Michael
            Gurcke

          Besenheide
            40

          Elmshorn,
            Germany

          

          or
            such
            other address as the Person to whom notice is to be given has furnished
            in
            writing to the other parties listed in this Section
            9.05.
            A
            notice of change in address shall not be deemed to have been given until
            received by the addressee.

           

          9.06 Disclosure
            Schedules.
            The
            disclosure or inclusion of any matter or item on any Schedule included
            on the
            Disclosure Schedules shall not be deemed an acknowledgment or admission
            that any
            such matter or item is required to be disclosed or is material for purposes
            of
            the warranties set forth in this Agreement. Each disclosure on the Disclosure
            Schedules shall be deemed to qualify all warranties of Sellers, notwithstanding
            the lack of a specific cross-reference.

           

          9.07 Applicable
            Law.
            This
            Agreement shall be governed by and construed in accordance with the substantive
            laws of England and Wales. 

           

          9.08 No
            Third Party Rights.
            Except
            as otherwise provided herein, this Agreement is intended to be solely
            for the
            benefit of the Parties and is not intended to confer any benefits upon,
            or
            create any rights in favor of, any Person other than the Parties. 

           

          
            
              
              

            

            
              38

              
                

              

            

            
              
              

            

          

           

          9.09 Counterparts;
            Facsimile Signatures.
            This
            Agreement may be executed in any number of counterparts, each of which
            shall be
            deemed an original, but all of which together shall constitute a single
            instrument. Facsimile signatures on this Agreement shall be deemed to
            be
            originals for all purposes.

           

          9.10 Severability.
            If any
            provision of this Agreement shall be held invalid, illegal or unenforceable,
            the
            validity, legality or enforceability of the other provisions of this
            Agreement
            shall not be affected thereby, and there shall be deemed substituted
            for the
            provision at issue a valid, legal and enforceable provision as similar
            as
            possible to the provision at issue. 

           

          9.11 Entire
            Agreement.
            This
            Agreement, the Ancillary Agreements and the Schedules and Exhibits hereto
            set
            forth the entire understanding and agreement among the Parties as to
            the matters
            covered in this Agreement and the Ancillary Agreements and supersede
            and replace
            any prior understanding, agreement or statement of intent, in each case,
            written
            or oral, of any and every nature with respect to such understanding,
            agreement
            or statement other than the Confidentiality Agreement.

           

          9.12 Arbitration.
            Any
            dispute arising out of or in connection with this Agreement, including
            any
            question regarding its existence, validity or termination, shall be referred
            to
            and finally resolved by arbitration under the Commercial Arbitration
            Rules of
            the American Arbitration Association, which rules are deemed to be incorporated
            by reference into this Section
            9.12.
            The
            place of arbitration shall be Los Angeles, California. The language to
            be used
            in the arbitral proceedings shall be English. Judgment on the award may
            be
            entered in any court having jurisdiction thereof. 

           

          9.13 Fair
            Construction.
            This
            Agreement shall be deemed to be the joint work product of the Parties
            without
            regard to the identity of the draftsperson, and any rule of construction
            that a
            document shall be interpreted or construed against the drafting Party
            shall not
            be applicable. Each Party has caused this Agreement to be executed on
            its behalf
            by its duly authorized representative, all as of the day and year first
            above
            written. 

           

          9.14 Construction
            of Certain Provisions.
            It is
            understood and agreed that the specification of any Dollar amount in
            the
            warranties contained in this Agreement or the inclusion of any specific
            item on
            the Disclosure Schedules or Exhibits is not intended to imply that such
            amounts
            or higher or lower amounts, or the items so included or other items,
            are or are
            not material, and no Party shall use the fact of the setting of such
            amounts or
            the fact of the inclusion of any such item on the Disclosure Schedules
            in any
            dispute or controversy between the Parties as to whether any obligation,
            item or
            matter not described herein or included in a Disclosure Schedule or Exhibit
            is
            or is not material for purposes of this Agreement.

           

          9.15 Reasonable
            Consent Required.
            Where
            any provision of this Agreement requires a Party to obtain the consent,
            approval
            or other acquiescence of the other Party, such consent, approval or other
            acquiescence shall not be unreasonably conditioned, withheld or delayed
            by such
            other Party.

           

          [Signature
            page to follow]

          

           

          
            
              
              

            

            
              39

              
                

              

            

            
              
              

            

          

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

           

          
            	 	
                    BCP
                      NZ LLC

                     

                    By :Bison
                      Capital Equity Partners II-B, as Managing

                    Member
                      of BCP NZ, LLC

                     

                    By :
                      Bison Capital Partners II, LLC, as general 

                    partner
                      of Bison Capital Equity Partners II-B

                     

                    By:
                      /s/ DOUGLAS
                      B. TRUSSLER 

                    Name:
                      Douglas B. Trussler

                    Title:
                      Executive Vice President

                     

                    /s/
                      MICHAEL
                      GURCKE

                     Michael
                      Gurcke

                     

                     

                  
	 	
                    ROYALWOLF
                      NZ ACQUISITION CO. LIMITED

                     

                    By:/S/PETER
                      MCANN

                    Name:
                      Peter McCann

                    Title:
                      DirectorUnassociated Document

    EXHIBIT
      10.31

    

    March
      6,
      2008

    

    Douglas
      Casterlin

    12675
      N.
      Caminito Al Sol

    Tucson,
      AZ 85755

    

    Dear
      Doug,

    

    It
      is our
      pleasure to formally offer you the position of Executive Vice President,
      Operations for American Bio Medica Corporation (“ABMC” or the “Company”),
      reporting directly to the ABMC Chief Executive Officer. This agreement
      supersedes all other agreements whether written or verbal and may not be amended
      except by a writing signed by you and the Chief Executive Officer, and approved
      by the Board of Directors. Your position will be primarily located at our New
      York corporate facility although overnight travel may be required from time
      to
      time. You will perform all duties as are generally associated with the position
      of Executive Vice President, Operations, as directed by the Chief Executive
      Officer. Below, we have outlined the major terms and conditions applicable
      to
      your position.

    

    Term

    

    Your
      employment with ABMC will be for a term of one year unless sooner terminated
      for
      cause, beginning on the date set forth above and automatically renewed for
      successive one-year terms unless either side gives written notice of intent
      not
      to renew at least 60 days prior to the end of any one-year term. If AMBC
      terminates your employment for cause, this agreement shall be terminated and
      you
      will be entitled to no severance and no further compensation or benefits from
      ABMC, other than payment of salary and benefits up to and including the date
      of
      termination. 

    

    Compensation

    

    Effective
      April 28, 2008, your base salary will be $12,416 per month, which is equivalent
      to $149,000 on an annualized basis. You will be eligible for your first
      performance review by the Board of Directors in January 2009.

    

    If
      you so
      desire, the cost of your health insurance (including family coverage if you
      so
      require) shall be borne 100% by the Company. Please notify Human Resources
      if
      you wish to receive this benefit.

    

    You
      shall
      receive a car allowance of $10,000 per year, to be paid on a monthly basis
      and
      subject to tax on your part, and reimbursement for any approved company related
      expenses.

    

    You
      shall
      participate in the Management Bonus Program as approved by the Board of
      Directors on January 19, 2005, and as amended by the Board of Directors on
      November 9, 2005. 

    

    Benefits

     

    
      	v 	20 vacation days

      	v	Usual corporate holidays

      	v	2 personal days

      	
              v

            	
              401
                (k)

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    Severance

    

    In
      the
      unlikely event that ABMC elects to terminate your employment for anything other
      than cause, you will receive severance pay equal to twelve (12) months of your
      current base salary at the time of separation, with continuation of all medical
      benefits during the twelve-month period at ABMC’s expense. Cause shall be
      defined as (1) death, (2) commission of a felony (3) acts of dishonesty, fraud
      or malfeasance in connection with your service on behalf of the Company, (4)
      gross dereliction of duty willful failure to carry out any lawful directive
      of
      the Chief Executive Officer or the Board of Directors, or material violations
      of
      Company policies which continue after Company has provided Employee with written
      notice thereof and a period of thirty (30) days to cure such action or
      misconduct or (5) disability of a period of more than 6 months). The severance
      payment will be made under the current pay cycle, each pay period, during the
      12
      months, subject to all customary withholdings. 

    

    Additionally,
      you may resign your position and elect to exercise this severance provision
      at
      your option under the following circumstances:

    

    
      	v	 	
              If
                you are required to relocate by the Company or its Board of Directors
                more
                than 50 miles from the Company’s Kinderhook facility as a condition of
                continued employment

            

      	v	 	A substantial change in responsibilities
              normally assumed by an Executive Vice President, Operations at the
              direction of the Company or its Board of Directors (i.e.
              demotion)

      	v	 	You are asked to commit or conceal
              the
              commitment of any illegal act by any officer or member of the board
              of
              directors of the Company

    

     

    Change
      in Control

    

    If
      there
      is a Change in Control (defined below) of ABMC, you may elect to resign your
      position and to receive a lump sum severance payment equal to two times your
      annual base salary (“CIC Payment”). If you elect to resign, ABMC will pay you
      the CIC Payment within thirty days after you make your election, which election
      must be in writing and received by ABMC’s Board of Directors within ten days
      after a Change in Control. In the event you continue employment with ABMC or
      any
      successor to ABMC following a Change in Control or fail to make an election
      within ten days after a Change in Control, you will not be entitled to receive
      the CIC Payment.

    

    Change
      in
      Control is defined as follows:

    

    (i) the
      approval by shareholders of ABMC of a merger or consolidation of ABMC with
      any
      other corporation, other than a merger or consolidation which would result
      in
      the voting securities of ABMC outstanding immediately prior thereto continuing
      to represent (either by remaining outstanding or by being converted into voting
      securities of the surviving entity) more than fifty percent (50%) of the total
      voting power represented by the voting securities of ABMC or such surviving
      entity outstanding immediately after such merger or consolidation;
      or

    

    (ii) the
      approval by the shareholders of ABMC of a plan of complete liquidation of ABMC
      or an agreement for the sale or disposition by ABMC of all or substantially
      all
      of ABMC’s assets.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    Restrictive
      Covenants

     

    Company
      Handbook/Compliance Certification

     

    You
      are
      aware that it is your responsibility to read the ABMC Employee Handbook
      thoroughly and comply with the policies contained in the Handbook. You
      understand that the policies, benefits and information contained in the Handbook
      are subject to change and that revisions to the Handbook may be made. Any such
      changes will be communicated through official written notices and you hereby
      acknowledge that any such revisions may supercede, modify or eliminate existing
      policies. Only a majority of the Executive Officers, or a majority of the Board
      of Directors may adopt revisions to the policies contained in the Handbook.
      In
      no circumstance may a change to the employee handbook reduce the salary,
      benefits or other conditions outlined in this employment agreement.

    

    You
      agree
      that in addition to any covenants included in this Employment Letter, you will
      sign a Compliance Certification simultaneously with the signing of this
      Employment Letter. If a conflicting covenant exists between the Employment
      Letter and the Compliance Certification and/or the Company Handbook, the
      Employment Letter shall be the ruling document.

    

    Non-Solicitation

    

    During
      the twelve (12) months immediately following your termination from employment
      with ABMC for any reason, you agree that: 

    

    
      	
              v

            	
              You
                will not, directly or indirectly, solicit in any manner or capacity
                whatsoever, including by way of illustration, but not limitation,
                call
                upon, mail or e-mail notices to, or make telephone calls to, any
                Customer
                (defined below) or Customer Prospect (defined below) of ABMC, for
                the
                purpose of selling any Covered Services (defined below) or engaging
                in any
                business which directly or indirectly competes with
                ABMC.

            

    

    

    
      	
              v

            	
              You
                will not solicit, endeavor to entice away from ABMC, or otherwise
                interfere with the relationship of ABMC with any person who is employed
                (or, but for any violation of this agreement, would have been employed)
                by
                or otherwise engaged to perform services for ABMC, whether for your
                own
                account or for the account of any other person or
                entity.

            

    

    

    
      	
              v

            	
              You
                will not, directly or indirectly, solicit in any manner or capacity
                whatsoever, including by way of illustration, but not limitation,
                call
                upon, mail, or e-mail notices to, or make telephone call to, any
                supplier
                or vendor of ABMC for the purpose of engaging in any business which
                directly or indirectly competes with
                ABMC.

            

    

    

    
      	 	
              Confidentiality

            

    

    

    You
      agree
      not to disclose any Confidential Information (defined below) and you promise
      to
      take all reasonable precautions to prevent its unauthorized dissemination,
      both
      at all times during your employment with ABMC and after termination of your
      employment for any reason. You agree to limit the disclosure of any Confidential
      Information to only those employees and agents of ABMC who have a need to know
      the information and who have similarly agreed to keep such information
      confidential. Upon termination of your employment or upon request, you will
      deliver to ABMC all documents and electronic files containing Confidential
      Information and any personal property owned by ABMC.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    You
      further agree not to use any Confidential Information for your own benefit
      or
      for the benefit of anyone other than ABMC. You acknowledge that all Confidential
      Information is and remains the property of ABMC and that no license or rights
      in
      the Confidential Information has been or is granted to you. 

    

    “Confidential
      Information" means and includes all information not previously known by you
      prior to your employment with ABMC relating to marketing, advertising, public
      relations, development, services, trade secrets, trade "know-how," business
      plans, Customer (as defined below) and Customer Prospect (as defined below)
      lists, distributor lists, Customers and Customer Prospects information,
      distributor information, financial data, personnel data, employee compensation
      and benefits information, new personnel acquisition plans, details of contracts,
      pricing policies, operational methods, marketing plans or strategies, service
      development techniques or plans, business acquisition or investment plans,
      or
      other confidential and proprietary information related to the business or
      affairs of ABMC and/or its Customers or Customer Prospects. 

    

    The
      term
      "Customer" means any person or entity for which ABMC performed any Covered
      Services during the one (1) year period immediately preceding the termination
      of
      your employment with ABMC for any reason whatsoever. 

    

    "Customer
      Prospect" means any person or entity to which ABMC made a new business
      presentation or proposal, whether formal or informal related to Covered Services
      during the one (1) year period immediately preceding the termination of your
      employment with ABMC for any reason whatsoever.

    

    “Covered
      Services” means any services or products of whatever kind or character offered
      or provided by ABMC to any person or entity.

    

    Enforcement

    

    If
      any
      provision of the covenants in this agreement shall be held invalid or
      unenforceable, the remainder nevertheless shall remain in full force and effect.
      If any provision is held invalid or unenforceable with respect to particular
      circumstances, it nevertheless shall remain in full force and effect in all
      other circumstances.

    

    If,
      in
      connection with any action taken by ABMC to enforce the provisions of the
      covenants of this agreement, a court shall hold that all or any portion of
      the
      restrictions contained therein are unreasonable under the circumstances then
      existing so as to render such covenants invalid or unenforceable, the parties
      agree that any court of competent jurisdiction may reform such unreasonable
      restrictions to the extent necessary to make such restrictions reasonable under
      the circumstances then existing so as to render such restrictions both valid
      and
      enforceable.

    

    You
      acknowledge and agree that all of the covenants contained in this agreement
      are
      necessary for the protection of ABMC's valuable and legitimate business
      interests and are reasonable in scope and content. Accordingly, you acknowledge
      and agree that if you violate any of the provisions of this agreement ABMC
      shall
      sustain irreparable harm and, therefore, in addition to the other remedies
      which
      ABMC may have under this agreement or otherwise, ABMC will be entitled to
      specific performance, injunctive, and other equitable relief. 

    

    You
      agree
      to indemnify, save and hold harmless ABMC
      from and
      against any and all claims, damages, losses, costs and expenses (including
      reasonable attorneys' fees) incurred by ABMC in any action in which a court
      enforces the terms of the covenants of this agreement.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    

    Other
      Employment Information

    

    In
      making
      this offer of continued employment, ABMC has relied on your representations
      that: (a) you are not currently a party to any contract of employment that
      might
      impede your ability to accept this offer or to perform the services completed
      thereby; and (b) that you are not subject to any non-competition arrangement
      or
      other restrictive covenants that might restrict your employment at ABMC as
      contemplated by this offer.

    

    Exclusive
      Service

    

    You
      will
      perform services exclusively for ABMC and you will not perform services for
      any
      other persons or entities related to or conducting business with the Company
      for
      personal profit during the term of this agreement without the written agreement
      of the Chief Executive Office or Board of Directors.

    

    Miscellaneous

    

    This
      writing represents the entire agreement with respect to your employment and
      any
      prior agreements or understandings, written or oral, are merged herein. This
      agreement shall be governed by the laws of the State of New York. ABMC will
      not
      be deemed to have waived any provision of this agreement except by a signed
      writing. This agreement may not be amended, except by a signed writing. Notices
      given pursuant to this Agreement shall be in writing and delivered personally
      or
      by nationally recognized overnight courier in the case of ABMC to its Kinderhook
      facility to the attention of the Chief Executive Officer and in your case to
      your home address as set forth in ABMC’s personnel file.

    

    Doug,
      we
      are enthusiastic about your appointment as Executive Vice President, Operations
      and our expectation is that you will make a tremendous contribution to the
      long-term success of ABMC.

    

    Sincerely,

    

    

    /s/
      Edmund Jaskiewicz               

    Edmund
      Jaskiewicz

    Chairman
      of the Board of Directors & President

    By
      order
      of the American Bio Medica Corporation Board of Directors

    

    

    

    Accepted
      this 6th Day of March, 2008:

    

    

    /s/
      Douglas Casterlin             
          

    Douglas
      Casterlin

    
      
         

      

      
        9

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