Document:

EXHIBIT
        10.1

    

    
      
        

      
CUSTOMER
      GROUP SCHEDULE

    
      

    

     

    For
      the
      purpose of this Letter of Offer the following entities are individually and
      collectively known as Royal
      Wolf Australia Group or
      simply
      the Group:

     

    
      	·	
              GFN
                Australasia Holdings Pty Ltd ACN 121 226
                793

            

    

     

    
      	·	
              GFN
                Australasia Finance Pty Ltd ACN 121 227
                790

            

    

     

    
      	·	
              RWA
                Holdings Pty Ltd ABN 55 106 913 964

            

    

     

    
      	·	
              Royal
                Wolf Trading Australia Pty Ltd ABN 38 069 244
                417

            

    

     

    
      	·	
              Royal
                Wolf Hi-Tech Pty Ltd ABN 22 079 735
                050

            

    

     

    “You”
is
      a reference to the Group members individually and collectively.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     

    
      	
              

              Australia
                and New Zealand Banking Group Limited

              ABN
                11 005 357 522

              Level
                13, 20 Martin Place

              Sydney
                NSW 2000

            	
              

            

    

    

    
      	
              3
                March 2008

               

               

            	 
	
              The
                Directors 

              Royal
                Wolf Australia Group

              Suite
                202, Level 2

              22-28
                Edgeworth David Ave

              Hornsby
                NSW 2077

            	 

    

     

    Dear
      Sirs, 

    

    VARIATION
      LETTER

     

    Royal
      Wolf Australia Group

     

    Following
      our recent discussions, we are pleased to offer an additional facility and
      variations to some of the conditions on which the existing facilities are
      provided as follows:

     

    Summary
      of facilities available:

     

    A
      summary
      of facilities is as follows:

    

    
      	
              Facility

            	 	
              Facility Limit

              AUD

            	 
	 	 	 	 
	
              Interchangeable
                Facility (1)

              -  Fixed
                Rate Commercial Bill Facility

              -  Variable
                Rate Commercial Bill Acceptance and Discount Facility

            	 	
              40,000,000

               

               

            	
            
	 	 	 	 
	
              Interchangeable
                Facility (2)

              -  Fixed
                Rate Commercial Bill Facility

              -  Variable
                Rate Commercial Bill Acceptance and Discount Facility

            	 	
              5,000,000

               

               

            	 
	 	 	 	 
	
              Interchangeable
                Facility (3) 

              -  Fixed
                Rate Commercial Bill Facility

              -  Variable
                Rate Commercial Bill Acceptance and Discount Facility

            	 	
              12,300,000

               

               

            	 
	 	 	 	 
	
              Special
                Finance line Facility -
                Uncommitted (additional)

            	
               

            	
              25,000,000

            	 
	 	 	 	 
	
              Multi
                Option Facility (1)

              -  Lease
                Finance (Progressive Draw) Facility

              -  Hire
                Purchase (Progressive Draw) Facility

            	 	
              500,000

               

            	 

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     

    
      	
              
                Multi
                  Option Facility (2) (additional)

                -  Fixed
                  Rate Commercial Bill Facility

              

              -  Variable
                Rate Commercial Bill Acceptance and Discount Facility

              -  Lease
                Finance (Progressive Draw) Facility

              -  Hire
                Purchase (Progressive Draw) Facility

            	 	
              
                2,500,000

              

            	 
	 	 	 	 
	
              ANZ
                Online Facility - Direct Payments

            	 	
              2,000,000

            	 
	 	 	 	 
	
              ANZ
                Online Facility - Global Payments

            	 	
              1,000,000

            	 
	 	 	 	 
	
              Indemnity/Guarantee
                Facility - Financial Guarantees

            	 	
              1,500,000

            	 
	 	 	 	 
	
              Invoice
                Finance Facility (varied)

            	 	
              10,000,000

            	 
	 	 	 	 
	
              Total
                Facility Limits:

            	 	
              99,800,000

            	 

    

     

    Details
      of additional facility:

     

    Details
      of the additional facility are set out in the Facilities Schedule to this
      Variation Letter.

     

    Security:

     

    The
      existing security held by us is to remain in full force and will extend to
      cover
      the existing facilities and the additional facility in this letter being
      provided to you by us.

    

    Securities
      for the facilities are set out in the Security Schedule to this
      letter.

     

    Financial
      requirements, other conditions and conditions precedent:

     

    Details
      of additional financial covenant and conditions precedent are set out in the
      Financial Requirements and Other Conditions Schedule to this Variation
      Letter.

    

    The
      existing financial reporting
      requirements and other conditions continue to remain in full force. 

     

    General
      and Specific Conditions:

     

    Our
      General Conditions (Fourth Edition 2003) apply to the facilities as well as
      any
      applicable Specific Conditions to the facilities. Both the General Conditions
      and any applicable Specific Conditions are enclosed with this letter, unless
      they have been previously provided by us.

     

    Annual
      review:

     

    The
      facilities are subject to annual
      review.
      The
      next review date will be on 17
      October 2008.
      

    

    If
      the
Annual
      review
      is not
      carried out on or before the next review date, we may carry out the
Annual
      review
      at any
      time after the next review date.

     

    Conditions
      continue:

     

    Until
      you
      accept our offer (and have complied with all conditions precedent), the
      arrangements for the facilities that we are making available to you, including
      the conditions on which those facilities are being made available,
      continue.

     

    No
      other variations:

     

    Except
      as
      indicated above, it is not proposed to vary any of the other conditions of
      your
      facilities.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

    Fees

     

    Loan
      Approval Fee:

     

    A
      Loan
      Approval Fee of $250,000 will be debited to your account on
      receipt of your acceptance of this letter. 

     

    Stamp
      Duty - Certificate of Value and Location of Assets

     

    To
      ensure
      government stamp duty is paid correctly on any document and transaction would
      you please provide us with a certificate signed by each entity providing
      security which sets out the location of assets on a State or Territory basis
      (the form of the certificate required is attached).

    

    Stamp
      duty and other State and Federal Government charges may be levied/payable on
      the
      facilities provided by the Bank. State charges may apply in a single
      jurisdiction or multiple jurisdictions. You are liable for all such duties
      or
      charges and we may debit your account for those charges. If you do not have
      an
      account with us we will ask you to pay by cheque. We may, at our discretion,
      seek advice from external legal sources to advise on duties and charges payable.
      Any costs associated with obtaining this advice will be for your
      account.

     

    Offer
      period:

     

    Our
      offer
      is available for acceptance until the close of business on 25
      March 2008,
      unless
      otherwise extended by ANZ in writing.

    

    We
      may
      withdraw our offer at any time before you accept it if we become aware of
      anything which, in our opinion, adversely alters the basis on which we made
      our
      offer.

     

    Acceptance:

     

    To
      accept
      this offer, please sign the duplicate of this letter of offer where indicated
      and return it to me at this office.

    

    Yours
      faithfully,

    

    

      
        	
                /s/
                  Zaheed Khan

              	 	
                /s/
                  Trevor Auld

              
	 	 	 
	 	 	 
	
                Zaheed
                  Khan

              	 	
                Trevor
                  Auld

              
	
                Relationship
                  Manager

              	 	
                Associate
                  Director

              

      

      
         

        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

      

      
        
           

          EXHIBIT
            10.1

           

          
            

          

        

        FACILITIES
          SCHEDULE

        
          
 
FACILITIES
          SCHEDULE to Variation
          Letter dated 3 March 2008.

      

    

    

    The
      facility detailed in this Schedule corresponds
      with
      those denoted as varied or additional in the Facility Summary shown on page
      1 of
      this letter. The details of all other facilities remain unchanged.

    

    Please
      note the following in relation to Uncommitted Facilities

     

    Prior
      to
      the date of this Variation Letter, we have advised you of the availability
      of
      one or more of the following uncommitted facility types: 

     

    
      	
            	·	
              Interest
                Rate Swap Facility 

            

    

    
      	
            	·	
              Foreign
                Currency Dealing Facility 

            

    

     

    Drawings
      under any of these facilities are subject to our discretion - that is they
      are
      available only if we agree to the terms and conditions of each individual
      contract or transaction. While you may continue to request us to enter into
      transactions of the uncommitted facility/facilities previously included in
      your
      letter of offer, we will no longer be making reference to these facilities
      in
      future letter of offer documentation and each request will remain subject to
      us
      agreeing the terms and conditions of each individual contract or
      transaction.

     

    The
      facility
      specified below are only
      available to the customer named before the facility details.

    

    
      	
              CUSTOMER:

            	
              Royal
                Wolf Australia Group 

            
	 	 
	
              Special
                Finance Line Facility – Uncommitted 

            
	 
	
              Total
                facility limit:

            	
              $25,000,000

            
	 	 
	
              Termination
                date:

            	
              18
                September 2012

            
	 	 
	
              Purpose:

            	
              To
                assist with acquisition funding
                for businesses to be identified.

            
	 	 
	
              Repayments:

            	
              Interest
                only until 18 September 2012. 

            
	 	 
	
              Conditions
                of use:

            	
              Activation
                is at
                the bank’s absolute discretion. We do not commit to fund any acquisition
                which we do not approve. If we do not agree to fund we will not be
                obliged
                to provide any reasons. In any event any agreement by the bank to
                fund
                will at least be subject to: 

            

    

     

    
      
        	 	
                i.

              	 	
                Appropriate
                  financial /legal due diligence to be undertaken to the satisfaction
                  of
                  ANZ.

              
	 	
                ii.

              	 	
                Independent
                  financial data review of the target company to the satisfaction
                  of the
                  bank.

              
	 	
                iii.

              	 	
                Trailing
                  12mths EBITDA to be utilised for covenant calculations. i.e. Trailing
                  EBITDA of the acquired target to be utilised on a pro - rata basis
                  for
                  covenant calculations following finalisation of acquisitions for
                  a full 12
                  months. 

              
	 	
                iv.

              	 	
                Total
                  existing and proposed debt facilities must not exceed 85% of the
                  orderly
                  liquidation value (OLV) of the existing fleet prior to the proposed
                  acquisition. If the existing and proposed debt facilities would
                  exceed the
                  OLV following the drawing of the proposed debt facilities, you
                  may obtain
                  a valuation by Dovebid on the container assets which you propose
                  to
                  acquire and then we will include the Dovebid value of those assets
                  in the
                  OLV calculation to determine satisfaction with the OLV for the
                  purposed of
                  drawing the proposed debt facility. (refer proposed
                  covenants)

              

      

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        10.1

       

      
        	 	
                v.

              	 	
                Acquired
                  assets to be incorporated into existing security
                  structure.

              
	 	
                vi.

              	 	
                Share/Sale
                  Purchase agreements to the satisfaction of ANZ.

              
	 	
                vii.

              	 	
                Drawdown
                  subject to all covenants being met, there is no existing event
                  of default
                  or circumstances which with the giving of notice or passing of
                  time would
                  constitute an event of default, nor has a notice been given under
                  clause 9
                  of the General Conditions 2003 which has not been accepted by
                  you.

              

      

       

    

    
      	
              Line
                Fee 

            	
              Payable
                quarterly in advance and to be
                adjusted in accordance to the upward/downward ratchet mechanism.
                The Line
                Fee will be adjusted by reference to the Total Financial Debt / Adjusted
                Trailing EBITDA ratio as follows and implemented at the next available
                rollover date provided financials and covenant compliance certificate
                are
                provided within 15 days of the rollover
                date:

            

    

     

    
      	
              Total Debt (excl GFN) / Adj

              Trailing EBITDA

            	 	
              Line Fee

            
	
              Less
                than 2.5x

            	 	
              1.40

            
	
              >2.5x
                ≤ 3.0x

            	 	
              1.75

            
	
              >3.0x
                ≤ 4.0x

            	 	
              1.95

            
	
              >4.0x
                ≤ 4.5x

            	 	
              2.25

            
	
              >
                4.5x ≤ 5.5x

            	 	
              2.50

            
	
              >5.5x
                

            	 	
              Review
                Event 

            

    

     

    
      	
            	
              Initial
                margin to be set at 1.95bps
                until such time as financial data for the Group (reviewed by WHK)
                for
                FYE30/06/2008 are available. Then for each applicable period the
                margin is
                to be determined in accordance with Total debt (excl GFN)/ Adjusted
                Trailing EBITDA (12 months trailing).

            

    

    

    
      	
              Multi
                Option Facility (2) (additional)

            
	 
	
              Total
                facility limit:

            	
              $2,500,000

            
	 	 
	
              Termination
                date:

            	
              18
                September 2012

            
	 	 
	
              Purpose:

            	
              To
                assist with the construction of yard facilities. 

            
	 	 
	
              Repayments:

            	
              Principal
                and Interest Payments. 

            

    

     

    
      	
              Total
                facility limit for Multi-Option Facility and separate facility
                limits:

            	 	
              You
                may only make a drawing under a particular facility included in the
                Multi-Option Facility so long as the making of the drawing would
                not
                cause:

            

    

     

    
      	 	
              (i)

            	
              the
                amount of the outstanding drawings under the facilities included
                in the
                Multi-Option Facility to exceed the total facility limit for the
                Multi-Option Facility; and

            
	 	
              (ii)

            	
              the
                amount of the outstanding drawings under the particular facility
                under
                which the drawing is made to exceed the facility limit, if any, for
                that
                particular facility.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     

    
      	
              Detailed
                Facility Information

            	
              The
                terms associated with the specific facility types listed within the
                Multi-Option facility are documented separately.

               

              The
                available facilities are

               - 
                 Fixed
                Rate Commercial Bill Facility

               -   Variable
                Rate Commercial Bill Acceptance and Discount Facility

               -   Lease
                Finance (Progressive Draw) Facility

               -   Hire
                Purchase (Progressive Draw)
                Facility

            

    

     

    
      	
              Fixed
                Rate Commercial Bill Facility

            
	 
	
              Yield
                rate:

            	
              For
                each drawing of bills, a rate fixed for all rollovers up until the
                last
                day of the term.

            
	 	 
	
              Fees:

            	
              Line
                fee:

               

              Refer
                table below. 

               

              Handling
                fee:

               

              A
                fee of $150 is payable when each bill is rolled. 

            
	 	 
	
              Specific
                Conditions:

            	
              Specific
                Conditions for the facility are enclosed. 

            
	 	 
	
              Variable
                Rate Commercial Bill Acceptance and Discount
                Facility

            
	 
	
              Yield
                Rate:

            	
              For
                each drawing of bills, a rate quoted by us for the face value of
                the bills
                for the relevant tenor.

               

              For
                tenors of 30, 60, 90, 120, 150 or 180 days, the actual rate used
                in the
                calculation will be the Bank Bill Swap Rate - Average Bid (rounded
                to the
                nearest two decimal places) plus a margin (if applicable).

              For
                any other tenor, the actual rate used in the calculation will be
                the rate
                that we determine is the prevailing rate at which we can discount
                bills
                for the relevant term (rounded to the nearest two decimal places)
                plus a
                margin (if applicable).

               

              In
                either case, the margin to be applied will depend on the size of
                the bill
                parcel and tenor.

               

              The
                Bank Bill Swap Rate - Average Bid is quoted on the BBSY screen of
                Reuters
                on the day the quote is given and advertised in the Australian Financial
                Review the following business day.

               

              An
                additional margin reflecting any movement in the actual rate since its
                quotation may be applied if your bills are not ready for acceptance
                by us
                by 12 noon on the day the bills are to be discounted or
                rolled.

               

              Full
                details of how the rate has been calculated will be listed on the
                quotation given.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     

    
      	
              Fees:

            	
              Line
                fee:

               

              Payable
                quarterly in advance,
                commencing on the date on which the facility is first drawn.
                This fee is not rebatable.

               

              The
                Line Fee will be adjusted by reference to the Total Financial Debt
                /
                Adjusted Trailing EBITDA ratio as follows and implemented at the
                next
                available rollover date provided financials and covenant compliance
                certificate are provided within 15 days of the
                rollover

            

    

     

    
      	
              Total
                Debt (excl GFN) / Adj Trailing EBITDA

            	 	
              Line
                Fee 

            
	
              Less
                than 2.5x

            	 	
              1.40

            
	
              >2.5x
                ≤ 3.0x

            	 	
              1.75

            
	
              >3.0x
                ≤ 4.0x

            	 	
              1.95

            
	
              >4.0x
                ≤ 4.5x

            	 	
              2.25

            
	
              >
                4.5x ≤ 5.5x

            	 	
              2.50

            
	
              >5.5x
                

            	 	
              Review
                Event 

            

    

     

    
      	 	
              Handling
                fee:

               

              A
                fee of $150 is payable when each bill is rolled. 

            
	 	 
	
              Specific
                Conditions:

            	
              Specific
                Conditions for the facility are enclosed.

            

    

     

    
      	
              Lease
                Finance (Progressive Draw)
                Facility

            

    

     

    
      	
              Subject
                to execution and acceptance of lease request:

            	 	
              The
                Customer is entitled to an agreement to lease or lease, as the case
                may
                be, only upon acceptance by the Bank of a signed lease
                request.

            
	 	 	 
	
              Fees:

            	 	
              Documentation
                fee:

               

              A
                Documentation fee of $385 is payable on each
                draw.

            

    

     

    
      	 	 	
              Asset
                Drawdown fee:

               

              An
                Asset Drawdown fee of $165 is payable on each draw.

               

              Other
                fees may be payable in accordance with the Specific
                Conditions.

            
	 	 	 
	
              Specific
                Conditions:

            	 	
              Specific
                Conditions for the facility are
                enclosed.

            

    

     

    
      	
              Hire
                Purchase (Progressive Draw)
                Facility

            

    

     

    
      	
              Subject
                to execution and acceptance of hire purchase request:

            	 	
              The
                Customer is entitled to an agreement to hire or hire purchase agreement,
                as the case may be, only upon acceptance by the Bank of a signed
                hire
                purchase request.

            
	 	 	 
	
              Fees:

            	 	
              Documentation
                fee:

               

              A
                Documentation fee of $350 is payable on each
                draw.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     

    
      	 	 	
              Asset
                Drawdown fee:

               

              An
                Asset Drawdown fee of $150 is payable on each draw.

               

              Other
                fees may be payable in accordance with the Specific
                Conditions.

            
	 	 	 
	
              Specific
                Conditions:

            	 	
              Specific
                Conditions for the facility are
                enclosed.

            

    

    

    
      	
              Invoice
                Finance Facility (varied)

            
	 
	
              Product
                limit:

            	
              $10,000,000
                (previously
                $13,000,000)

            
	 	 
	
              Termination
                date:

            	
              Not
                before the next review date.

            
	 	 
	
              Purpose:

            	
              To
                enable you to sell debts to us and receive payments (including
                prepayments) to provide working capital for your
                business.

            
	 	 
	
              Administration
                fee:

            	
              $5,500
                per month. 

            
	 	 
	
              Prepayment
                percentage:

            	
              85%
                of the aggregate Face Value of Approved Debts.

            
	 	 
	
              Funding
                Charge:

            	
              The
                Bank Bill Swap Reference Rate - Average Bid for 30 days (rounded
                to the
                nearest two decimal places) plus a margin of 1.65% pa.

               

              The
                Bank Bill Swap Reference Rate - Average Bid for 30 days is quoted
                on the
                BBSY screen of Reuters on the day the quote is given and is advertised
                in
                the Australian Financial Review the following business
                day.

            

    

     

    
      
        	
                Condition
                  Precedent

              	
                ·

              	
                Debtors
                  obtained from new business acquisitions will need to be vetted
                  and
                  approved by ANZ Invoice Finance prior to the invoices being discounted
                  via
                  the Invoice Finance facility.

              
	 	 	 
	 	
                ·

              	
                Any
                  invoices issued involving progress claim billing will not be funded
                  via
                  the facility and the customer is to advise ANZ Invoice Finance
                  in advance
                  of any invoices raised on a progress claim
                  basis.

              

      

    

     

    
      	
              Field
                Review

            	
              At
                the Bank’s discretion. 

              Should
                any aspect of the Field Review in our opinion be unsatisfactory,
                we
                reserve the right to vary terms and conditions under the Invoice
                Finance
                facility or withdraw the Invoice Finance facility if we deem
                appropriate.

            
	 	 
	
              Ageing
                of Purchased Debts:

            	
              Purchased
                Debts may be disapproved by us at any time and unless otherwise agreed,
                will be automatically disapproved once they are 3 months past the
                end of
                month of invoice.

            
	 	 
	
              Specific
                Conditions:

            	
              Specific
                Conditions – Invoice Finance Facility are enclosed.
                

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     
      
      
        

      

    

    SECURITY
      SCHEDULE

    
      
        

      

    

     

    SECURITY
      SCHEDULE
      to
      Variation Letter dated 3 March 2008.

     

    Existing
      Securities

    

      
        	
              	
                ·

              	
                Corporate
                  Guarantee and Indemnity between:

              

      

      
        	 	
                -

              	
                Royal
                  Wolf Trading Australia Pty Ltd ACN 069 244
                  417

              

      

      
        	 	
                -

              	
                RWA
                  Holdings Pty Ltd ACN 106 913 964 

              

      

      
        	 	
                -

              	
                GFN
                  Australasia Holdings Pty Ltd ACN 121 226
                  793

              

      

      
        	 	
                -

              	
                GFN
                  Australasia Finance Pty Ltd ACN 121 227
                  790

              

      

      
        	 	
                -

              	
                Royal
                  Wolf Hi-Tech Pty Ltd ACN 079 735
                  050

              

      

      

      
        	
              	
                ·

              	
                First
                  Registered Company Charges (Mortgage Debentures) over all the assets
                  and
                  undertaking of:

              

      

      
        	 	
                -

              	
                Royal
                  Wolf Trading Australia Pty Ltd ACN 069 244 417 ASIC Charge No.
                  1117185
                  dated 20 May 2005.

              

      

      
        	 	
                -

              	
                RWA
                  Holdings Pty Ltd ACN 106 913 964 ASIC Charge No. 1117184 dated
                  20 May
                  2005. 

              

      

      
        	 	
                -

              	
                Royal
                  Wolf Hi-Tech Pty Ltd ACN 079 735 050 ASIC Charge No. 1438843 dated
                  12
                  April 2007.

              

      

      
        	 	
                -

              	
                GFN
                  Australasia Holdings Pty Ltd ACN 121 226
                  793

              

      

      
        	 	
                -

              	
                GFN
                  Australasia Finance Pty Ltd ACN 121 227
                  790

              

      

       

      
        (These
          are fixed and floating charges over all present and future assets, undertaking
          (including goodwill) and unpaid/uncalled capital of the companies).

         

        
          	
                	·	
                  Registered
                    Fixed Charge over shares in Royal Wolf Trading Australia Pty
                    Limited ACN
                    069 244 417 granted by RWA Holdings Pty Ltd ACN 106 913 964 ASIC
                    Charge
                    No.1117849 dated 31 December
                    2004.

                

        

      

      
        

        
          	
                	·	
                  Deed
                    of Subordination dated 14 September 2007 between General Finance
                    Corporation (U.S), GFN U.S. Australasia Holdings, Inc., Bison
                    Capital Australia, L.P.,
                    Royal Wolf Australia Group and Australia and New Zealand Banking
                    Group
                    Limited ABN 11 005 357 522 (the
                    Bank).

                

        

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

        

          EXHIBIT
            10.1

           

        

      

    

    
      

    

    FINANCIAL
      REQUIREMENTS AND OTHER CONDITIONS SCHEDULE

    
      

    

     

    FINANCIAL
      REQUIREMENTS AND OTHER CONDITIONS SCHEDULE to Variation Letter dated 3 March
      2008.

     

    Financial
      covenants: 

     

    While
      we
      are making facilities available to you and while there remains any obligations
      by you to us, you undertake that:

     

    
      	
              ·

            	
              Consolidated
                Interest Cover: The interest cover ratio must be equal to
                or greater than as listed below at all times, tested quarterly on
                a rolling basis:(amended)

              
                31/03/2008
                  - 2.25 times 

                30/06/2009
                  - 2.50 times

              

            
	 	 
	
              ·

            	
              Consolidated
                Senior Debt Interest Cover: The
                senior debt interest cover ratio must
                be equal to or greater than 3.50 times at all times,
                tested quarterly on a rolling basis, to commence from the period
                31 March
                2008.  

              (amended)

            
	 	 
	
              ·  

            	
              Total
                Debt (excluding loans
                from General Finance Corporation to the Group)
                to adjusted trailing EBITDA ratio must
                be equal to or less than 5.50 times at all times,
                tested quarterly on a rolling basis, to commence from the period
                31 March
                2008. 

              (new)

            
	 	 
	
              ·  

            	
              Senior
                Debt to adjusted trailing EBITDA ratio must
                be equal to or less than 4.50 times at all times,
                tested quarterly, to commence from the period 31 March 2008.

              (new)
                

            

    

     

    unless
      we
      have given you our prior written consent to a variation.

    

    All
      other
      financial covenant requirements remain unchanged.

    

    Commercial
      Bill Facility Line Fee. 

     

    For
      all
      existing Commercial Bill, payable quarterly in advance,
      commencing on the date on which the facility is rolled next.
      This
      fee is not rebatable.

     

    The
      Line
      Fee will be adjusted by reference to the Total Financial Debt / Adjusted
      Trailing EBITDA ratio as follows and implemented at the next available rollover
      date provided financials and covenant compliance certificate are provided within
      15 days of the rollover

     

    
      
        	
                Total Debt (excl GFN) / Adj

                Trailing EBITDA

              	 	
                Line Fee 

              
	
                Less
                  than 2.5x

              	 	
                1.40

              
	
                >2.5x
                  ≤ 3.0x

              	 	
                1.75

              
	
                >3.0x
                  ≤ 4.0x

              	 	
                1.95

              
	
                >4.0x
                  ≤ 4.5x

              	 	
                2.25

              
	
                >
                  4.5x ≤ 5.5x

              	 	
                2.50

              
	
                >5.5x
                  

              	 	
                Review
                  Event 

              

      

    

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     

    Compliance
      with financial covenants:

     

    If
      any of
      the above financial covenants are breached, unless we have given you our prior
      written consent to a variation, you will be in breach of your obligations in
      terms of Default clauses in the General Conditions.

    

    We
      will
      test the financial covenants for each entity that the financial covenants apply
      to at the end of each compliance period as set out above, based
      on
      the definitions and calculations set out below.

    

    You
      agree
      that the interpretation and testing of the above financial covenants will be
      carried out in accordance with the provisions of the Corporation Act 2001 (Cth)
      and the accounting concepts, standards and disclosure requirements of the
      Australian accounting bodies consistently applied, unless otherwise agreed
      in
      writing.

     

    Definitions:

     

    “Consolidated”
      means,
      for the purposes of your financial statements, the following entities

     

    
      	·  	
                  
                Royal Wolf Trading Australia Pty Ltd ACN 069 244
                417

            

    

     

    
      	·  	
                  
                RWA Holdings Pty Ltd ACN 106 913 964

            

    

     

    
      	·  	
                  
                GFN Australasia Holdings Pty Ltd ACN 121 226
                793

            

    

     

    
      	·  	
                  
                GFN Australasia Finance Pty Ltd ACN 121 227
                790

            

    

     

    
      	·  	
                  
                Royal Wolf Hi-Tech Pty Ltd ACN 079 735
                050

            

    

    

    “Total
      Interest Expense” means
      the
      aggregate of interest expense, interest expense - Intra Group loans,
      subordinated loans, Invoice Finance Administration Fee and Funding Charge and
      interest expense of Directors, Owners and Shareholder loans.

    

    “EBITDA”
      means
      the consolidated net profit/(loss) before deduction of, interest, tax
      depreciation and amortisation (before significant items).

    

    “Senior
      Debt Interest Expense” means
      the
      aggregate of ANZ Commercial Bills and Invoice Finance interest expense, Invoice
      Finance Administration Fee and Funding Charge.

    

    “GFN
      Loan Interest Subordinated” means
      the
      aggregate of interest expense on loans from General Finance Corporation to
      the
      Group, which have principal and
      interest
      subordinated to the facilities being provided by the bank.

    

    “Adjusted
      trailing EBITDA”
      means
      GFN Australasia Holdings trailing 12 months EBITDA plus 12 months trailing
      EBITDA of future acquired companies.

    

    The
      above
      terms are to be interpreted according to the Corporations Act 2001 (Cth),
      Statement of Accounting Concepts, Australian Accounting Standards and other
      mandatory reporting requirements.

     

    Calculation:

    
      	
              Consolidated
                Interest Cover: 

            
	
               

              Adjusted
                trailing EBITDA 

              Total
                Interest Expense less GFN Loan Interest Subordinated

            
	
               

              Consolidated
                Senior Debt Interest Cover : 

            
	
               

              Adjusted
                trailing EBITDA

              Total
                Senior Debt Interest Expense

            

    

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     

    
      	
              Total
                Debt (excluding loans
                from General Finance Corporation to the Group)
                to adjusted trailing EBITDA:

            
	
               

              Total
                Debt (excluding loans
                from General Finance Corporation to the Group)

              Adjusted
                trailing EBITDA 

            
	
               

              Senior
                Debt to adjusted trailing EBITDA:

            
	
               

              Senior
                Debt

              Adjusted
                trailing EBITDA

            

    

     

    Conditions
      Precedent:

     

    Our
      obligation to make any facilities available is subject to us
      being
      satisfied that you have complied
      with Clause 4 of the General Conditions and with the following:

     

    
      
        	
              	·	
                Signed
                  Legal and Financial due diligence to the Bank’s
                  satisfaction.

              

      

    

     

    
      
        	
              	·	
                Full
                  breakdown of the purchase price to be provided.

              

      

    

     

    
      
        	
              	·	
                You
                  agree to enter into arrangements to hedge your interest rate risks
                  in
                  relation to no less than 50% of the $25,000,000 Special Finance
                  Line
                  Facility - Uncommitted. These hedging arrangements
                  must: 

              

      

    

     

    
      	§  	
              be
                entered into on or before settlement date;

            

    

     

    
      	§  	
              continue
                for the remainder of the term of the $25,000,000 Variable Rate/Fixed
                Rate
                Commercial Bill Acceptance Discount Facility;
                and

            

    

     

    
      	§  	
              be
                acceptable to us in all respects. 

            

    

     

    You
      agree
      to provide us with evidence of the hedging arrangement, which is acceptable
      to
      us, on or before settlement.  

     

    
      
        	
              	·	
                Additional
                  10% interest rate hedging to be entered into for the $25,000,000
                  for a
                  period of 12 months from the drawdown date.

              

      

    

     

    
      
        	
              	·	
                All
                  the assets acquired are or will on completion of the acquisition
                  be
                  located in Australia.

              

      

    

     

    
      
        	
              	·	
                None
                  of the conditions precedent in the sale of business agreement have
                  been
                  waived or varied without the Bank's written consent, and that your
                  solicitor provides a letter in terms satisfactory to the Bank that
                  the
                  conditions have been
                  satisfied.

              

      

    

     

    
      
        	
              	·	
                Information
                  on fleet upgrade program and capital expenditure requirements.
                  

              

      

    

    

      
        	
              	·	
                Updated
                  forecasts for Financial
                  Year Ending 30 June 2008.

              

      

      
        	 	 

        	
              	·	
                Half
                  Year to Date 31 December 2007 management accounts to be confirmed
                  by
                  External Accounts (ie. WHK). 

              

      

    

     

    Orderly
      Liquidation Value

    

    Funding
      of the Interchangeable Facility (1), Interchangeable Facility (2),
      Interchangeable Facility (3), Special Finance Line Facility and the Multi Option
      Facility (2) are restricted to an amount in total which is no greater than
      85%
      of the orderly liquidation value of the container fleet. Should this condition
      be breached you must reduce the balance of the facilities within 5 Sydney
      business days to a level that will satisfy this condition. 

     

    New
      subsidiaries

    

    All
      subsidiaries of the Group must provide guarantees and security over all assets
      to support all the facilities. 

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

       

      EXHIBIT
        10.1

    

     

    
      
        

      
ACCEPTANCE
      
 

    
      
        	
                To:

              	
                Australia
                  and New Zealand Banking Group Limited

              
	 	
                Corporate
                  Banking

              
	 	
                Level
                  13, 20 Martin Place

              
	 	
                Sydney
                  NSW 2000

              

      

    

    

    Acceptance
      of
      Variation Letter dated 3 March 2008.

    

    We
      accept
      the additional facility and variations detailed in this letter
      and
      acknowledge receipt of the applicable Specific Conditions.

     

    Dated..19
      March 2007.....................

    

    
      	
              Signed
                for and on behalf of GFN

              Australasia
                Holdings Pty Ltd ACN

              121
                226 793:

            	 	
              GFN
                Australasia Holdings Pty Ltd

              ACN
                121 226 793

               

               

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills NSW

            	 	 
	
              Address
                of witness

            	 	 

    

    

    

    
      	
               

              Signed
                for and on behalf of GFN

              Australasia
                Finance Pty Ltd ACN

              121
                227 790:

            	 	
              GFN
                Australasia Finance Pty Ltd

              ACN
                121 227 790

               

               

               

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills NSW

            	 	 
	
              Address
                of witness

            	 	 

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

     

    
      	
               

              Signed
                for and on behalf of Royal

              Wolf
                Trading Australia Pty

              Limited ACN
                069 244 417:

            	 	
              Royal
                Wolf Trading Australia Pty

              Limited ACN
                069 244 417

               

               

               

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills NSW

            	 	 
	
              Address
                of witness

            	 	 

    

    

    

    
      	
              Signed
                for and on behalf of RWA
                Holdings Pty Limited ACN
                106 913 964

            	 	
              RWA
                Holdings Pty Limited ACN
                106 913 964

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills NSW

            	 	 
	
              Address
                of witness

            	 	 

    

    

    

    
      	
              Signed
                for and on behalf of Royal

              Wolf
                Hi-Tech Pty Ltd ACN
                079 735

              050 

            	 	
              Royal
                Wolf Hi-Tech Pty Ltd ACN

              079
                735 050

               

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills NSW

            	 	 
	
              Address
                of witness

            	 	 

    

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

       

      EXHIBIT
        10.1

    

     

    
      
        

      

    

    CORPORATE
      SURETY ACKNOWLEDGMENT

    
      

      
        	
                To:

              	
                Australia
                  and New Zealand Banking Group Limited

              
	 	
                Corporate
                  Banking

              
	 	
                Level
                  13, 20 Martin Place

              
	 	
                Sydney
                  NSW 2000

              

      

    

     

    Corporate
      Surety Acknowledgment
      to
      Variation Letter dated 3 March 2008.

     

    Each
      of
      the following sureties acknowledges that the securities given, or to be given
      by
      us secure all present and future obligations of the customers to the Bank,
      including obligations in respect of the facilities.

     

    By
      providing this surety Acknowledgment to the
      facilities,
      each
      surety acknowledges that the provisions contained at Clause 22 “Privacy” of the
      General Conditions apply to them.

    

    

    Dated....19
      March
      2007......................

     

    

    
      	
              Signed
                for and on behalf of GFN

              Australasia
                Holdings Pty Ltd ACN

              121
                226 793:

            	 	
              GFN
                Australasia Holdings Pty Ltd

              ACN
                121 226 793

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills NSW

            	 	 
	
              Address
                of witness

            	 	 

    

    

    

    
      	
               

              Signed
                for and on behalf of GFN

              Australasia
                Finance Pty Ltd ACN

              121
                227 790:

            	 	
              GFN
                Australasia Finance Pty Ltd

              ACN
                121 227 790

               

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills NSW

            	 	 
	
              Address
                of witness

            	 	 

    

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      10.1

    

    
      	
               

              Signed
                for and on behalf of Royal

              Wolf
                Trading Australia Pty

              Limited ACN
                069 244 417

              in
                the presence of:

            	 	
              Royal
                Wolf Trading Australia Pty

              Limited ACN
                069 244 417

               

               

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills NSW

            	 	 
	
              Address
                of witness

            	 	 

    

    
 

    
      	
              Signed
                for and on behalf of RWA

              Holdings
                Pty Limited ACN
                106 913 964

              in
                the presence of:

            	 	
              RWA
                Holdings Pty Limited ACN

              106
                913 964

               

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills

            	 	 
	
              Address
                of witness

            	 	 

    

    

    

    
      	
              Signed
                for and on behalf of Royal

              Wolf
                Hi-Tech Pty Ltd ACN
                079 735 050

              in
                the presence of:

            	 	
              Royal
                Wolf Hi-Tech Pty Ltd ACN

              079
                735 050

               

              /s/
                Peter McCann

            
	 	 	 
	
              /s/
                Greg Baker

            	 	 
	
              Signature
                of witness

            	 	 
	 	 	 
	
              Gregory
                Brian Baker

            	 	 
	
              Name
                of witness (BLOCK LETTERS)

            	 	 
	 	 	 
	
              9
                Jerome Ave Winston Hills

            	 	 
	
              Address
                of witness

            	 	 

    

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    
       

      EXHIBIT
        10.1

      

        
          
            

          
CERTIFICATE
          OF VALUE AND LOCATION OF ASSETS
          
 

        Group
          Name: Royal
          Wolf Group

        

          
            

              
                	 	 	
                        NSW

                      	 	
                        VIC

                      	 	
                        QLD

                      	 	
                        WA

                      	 	
                        SA

                      	 	
                        TAS

                      	 	
                        ACT

                      	 	
                        NT

                      	 	
                        Overseas

                      	 	
                        Total

                      	 
	
                        Customer
                          Representative to complete values (include all assets e.g.
                          debtors, plant,
                          land, inventory, goodwill and loans – excluding intercompany loans to
                          other companies on this list who have given mortgage
                          debentures)                    

                      	 
	
                        Royal
                          Wolf Trading Australia Pty Ltd ACN 38 069 244 417 

                      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                        RWA
                          Holdings Pty Ltd 

                        ACN
                          55 106 913 964 

                      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                        GFN
                          Australasia Holdings Pty Ltd ACN 121 226 793

                      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                        GFN
                          Australasia Finance Pty Ltd ACN 121 227 790

                      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                        Royal
                          Wolf Hi-Tech Pty Ltd ACN 22 079 735 050

                      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                        Customer
                          Representative to complete values (eg the value of the
                          land or the value
                          of the shares) 

                      	 
	
                        N/a

                      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                        Totals

                      	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

              

              CONFIRMATION
                OF PREVIOUS ADVICE

            

          

        

        

        I
          hereby
          certify that location and values of assets listed have not materially changed
          since our previous advice dated   /   / 

        
          

            
              	
                      Customer
                        Representative Signature

                    	 	 	 
	 	 	 	 
	
                      Customer
                        Representative Name

                    	 	 	 
	 	 	 	 
	
                      Position
                        of Customer Representative

                    	 	 	 
	 	 	
                      (Director/Financial
                        Controller etc)

                    	 

            

          

        

         

        
          
            	
                    Date

                  	 	 

          

          
            

            
              
                
                

              

              
                1EMPLOYMENT
      AGREEMENT

     

    THIS
      AGREEMENT
      made
      effective as of the 17th day of March, 2008 ("Effective Date").

     

    BETWEEN:

     

    ELMWORTH
      ENERGY CORPORATION,
      a body
      corporate with an office in the City of Calgary, in the Province of Alberta
      (the
      "Corporation")

     

     

    -
      and
      -

     

    Mark
      Gustafson, a resident of the City of Vancouver, in the Province of British
      Columbia (the "Employee").

     

    WHEREAS
      the
      Corporation wishes to continue to employ the Employee and the Employee wishes
      to
      remain employed by the Corporation;

     

    AND
      WHEREAS
      the
      Corporation and the Employee have agreed that the employment of the Employee
      by
      the Corporation will be in accordance with the terms of this
      Agreement;

     

    NOW
      THEREFORE, the
      parties agree as follows:

     

    

     

    ARTICLE
      1

    DEFINITIONS
      AND INTERPRETATION

     

    
      	1.1	
              Definitions

            

    

     

    In
      this
      Agreement, the following defined terms shall have the meanings set forth
      below:

     

    
      	(a)  	
              "Affiliate"
                and "Associate"
                have the meanings set forth in the Business
                Corporations Act
                (Alberta); 

            

    

     

    
      	(b)  	
              "Annual
                Salary"
                means the annual salary of the Employee described in Clause 3.1;
                

            

    

     

    
      	(c)  	
              "Board
                of Directors"
                means the Board of Directors of the
                Corporation;

            

    

     

    
      	(d)  	
              "Bonus"
                shall mean the bonus entitlement of the Employee described in Schedule
                "A";

            

    

     

    
      	(e)  	
              "Confidential
                Information"
                means information, data, technology, material or other property,
                of any
                kind and in whatever form, that is confidential or proprietary to
                the
                Corporation or any Affiliate or Associate, including without limitation:
                engineering reports, geological information, maps, well data, prospect
                data and seismic information, financial data or any other
                information, the disclosure of which could be reasonably expected
                to
                materially adversely affect the Corporation or any Affiliate or Associate
                or which the Corporation or any Affiliate or Associate is obliged
                by
                contract or law to treat as confidential. Confidential Information
                does
                not include information which is or becomes generally available to
                the
                public, other than as a result of a disclosure in violation of this
                Agreement, information which the Employee can conclusively establish
                was
                already lawfully in the possession of the Employee prior to the Employee's
                employment with the Corporation or information, the disclosure of
                which is
                required by regulation or law; 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	(f)  	
              "Date
                of Termination"
                shall mean the date of cessation of the Employee's employment with
                the
                Corporation, regardless of the reason for cessation of
                employment;

            

    

     

    
      	(g)  	
              "Just
                Cause"
                means any act or course of conduct which at law constitutes just
                cause and
                shall include, without limitation:

            

    

     

    
      	(i)  	
              the
                continued failure by the Employee to substantially perform duties
                according to the terms of employment after the Corporation has given
                the
                Employee reasonable notice of such failure and a reasonable opportunity
                to
                correct it;

            

    

     

    
      	(ii)  	
              a
                breach of any provision in Article 5 (provided that the Corporation
                acts in good faith in determining that such a breach constitutes
                Just
                Cause) or a material breach of any other provision of this
                Agreement;

            

    

     

    
      	(iii)  	
              the
                conviction of the Employee of an indictable offence or fraud;
                or

            

    

     

    
      	(iv)  	
              fraud,
                theft or wilful misconduct by the Employee that relates to or affects
                the
                Corporation or the Employee's employment with the
                Corporation;

            

    

     

    
      	(h)  	
              "Perquisites"
                means the perquisites set out in Schedule
                "B";

            

    

     

    
      	(i)  	
              "Person"
                means any individual, corporation, limited liability corporation,
                limited
                or general partnership, joint venture, association, joint-stock
                corporation, trust, plan, unincorporated organization or government
                or any
                agency or political subdivisions
                thereof;

            

    

     

    
      	(j)  	
              "Protected
                Interests"
                shall mean all current projects that the Corporation is actively
                exploring
                at the time of the termination of the Employee's employment, as well
                as
                those projects that are planned, as disclosed in the Corporation's
                public
                filings or press releases;

            

    

     

    
      	(k)  	
              "Severance
                Amount"
                means a lump sum amount representing the Annual Salary payable for
                a
                period of three (3) months plus one additional month for each completed
                year of employment with the Corporation up to a maximum of twelve
                (12)
                months, less applicable statutory deductions;
                and

            

    

     

    
      	(l)  	
              "Stock
                Option Plan"
                means the Triangle Petroleum Corporation 2005 and 2007 Incentive
                Stock
                Plans, in force from time to time and any agreements or confirmations.
                

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      2

    EMPLOYMENT

     

    
      	2.1	
              Engagement

            

    

     

    Subject
      to the terms and conditions hereof, the Corporation shall employ the Employee
      as
      the Chief Executive Officer of the Corporation. The Employee hereby accepts
      such
      employment in accordance with the terms and conditions of this Agreement. The
      Employee agrees to perform those duties and functions and have those
      responsibilities which are normally associated with the position, in addition
      to
      carrying out such other duties and responsibilities as are assigned from time
      to
      time. 

     

    
      	2.2	
              Performance

            

    

     

    The
      Employee shall devote substantially full time, energy, skill and best efforts
      to
      the performance of duties hereunder, in a manner which will faithfully and
      diligently further the business and interests of the Corporation. The Employee
      shall at all times comply with all applicable laws and instructions of the
      Corporation and shall comply with all policies of the Corporation. 

     

    
      	2.3	
              Term

            

    

     

    This
      Agreement shall be for an indefinite period and may be terminated by the
      Employee or the Corporation in accordance herewith.

     

    ARTICLE
      3

    REMUNERATION
      and BENEFITS 

     

    
      	3.1	
              Annual
                Salary

            

    

     

    As
      consideration for the services provided herein, the Corporation shall pay to
      the
      Employee an Annual Salary of $240,000 in arrears by semi-monthly instalments
      during the term of this Agreement. The Annual Salary will be reviewed by the
      Corporation annually.

     

    
      	3.2	
              Bonus

            

    

     

    The
      Employee shall be eligible to receive a Bonus, based on the Employee's
      individual performance in accordance with Schedule "A". The Bonus structure
      and
      targets will be reviewed by the Corporation annually. 

     

    
      	3.3	
              Stock
                Options

            

    

     

    During
      the term of this Agreement and at the discretion of the Board of Directors,
      the
      Employee will be eligible to participate in the Stock Option Plan. All issuances
      shall be subject to applicable stock exchange approvals and shall be made in
      accordance with applicable securities legislation and the Stock Option Plan.
      

     

    
      	3.4	
              Expenses

            

    

     

    The
      Corporation shall reimburse the Employee for all reasonable travelling and
      other
      expenses actually and properly incurred in connection with the Employee's
      duties. For all such expenses, the Employee shall furnish the Corporation with
      such statements, receipts or other reasonable documentation and within the
      applicable time period as may be reasonably required by the
      Corporation.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	3.5	
              Benefits

            

    

     

    The
      Employee shall participate in all employment benefits that the Corporation
      provides for its employees, unless such benefits are relinquished by the
      Employee. The Corporation shall provide benefits in accordance with the formal
      plan documents or policies, and any issues with respect to entitlement or
      payment of benefits shall be governed by the terms of such documents or policies
      establishing the benefit in issue.

     

    
      	3.6	
              Perquisites

            

    

     

    The
      Employee shall be entitled to receive the perquisites set out in Schedule "B".
      

     

    
      	3.7	
              Vacation

            

    

     

    The
      Employee shall be entitled to four (4) weeks paid annual vacation. 

     

    ARTICLE
      4

    TERMINATION
      OF EMPLOYMENT 

     

    
      	4.1	
              Termination
                by the Corporation for Just Cause

            

    

     

    
      	(a)  	
              The
                Corporation may, at any time, immediately terminate the Employee's
                employment for Just Cause by giving written notice setting forth
                the
                nature of the Just Cause.

            

    

     

    
      	(b)  	
              The
                Employee may terminate employment with the Corporation for any reason
                upon
                sixty (60) days' written notice.

            

    

     

    
      	(c)  	
              If
                the Employee's employment is terminated either by the Corporation
                for Just
                Cause, the Corporation shall pay to the Employee, within five (5)
                business
                days following the Date of Termination, the amount of unpaid Annual
                Salary
                to and including the Date of Termination, plus all outstanding vacation
                pay and expense reimbursements (in each case less applicable withholdings
                and deductions).

            

    

     

    
      	4.2	
              Termination
                by the Corporation Without Just
                Cause

            

    

     

    
      	(a)  	
              The
                Corporation may, in its absolute discretion, immediately terminate
                the
                Employee's employment at any time without Just Cause, for any
                reason.

            

    

     

    
      	(b)  	
              If
                the Employee's employment is terminated either by the Corporation
                without
                Just Cause or by the Employee for Good Reason, then the Corporation
                shall
                pay to the Employee, less statutory
                withholdings:

            

    

     

    
      	(i)  	
              the
                amount of unpaid Annual Salary to and including the Date of Termination,
                

            

    

     

    
      	(ii)  	
              all
                outstanding vacation pay and expense reimbursements,
                and

            

    

     

    
      	(iii)  	
              within
                five (5) business days of receipt of an executed release, the Severance
                Amount. 

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	(iv)  	
              In
                the event that there is a change in control resulting in termination,
                the
                Severance Amount shall be deemed to be 12 months of base
                salary.

            

    

     

    
      	4.3	
              Payment
                of Termination Amount

            

    

     

    The
      Severance Amount payable to the Employee pursuant to Sections 4.2(b) shall
      not
      be reduced in any respect in the event that the Employee shall secure or shall
      not reasonably pursue alternative employment following the termination of the
      Employee's employment.

     

    
      	4.4	
              Resignation
                from Offices and
                Directorships

            

    

     

    Effective
      on the Date of Termination, the Employee shall resign from all offices in the
      Corporation and shall not be entitled to receive any payment or compensation
      for
      loss of office or otherwise by reason of the resignation. 

     

    
      	4.5	
              Options
                

            

    

     

    In
      the
      event of termination of the Employee's employment, any options granted under
      the
      terms of the Stock Option Plan must be exercised in accordance with and shall
      expire in accordance with the Stock Option Plan. 

     

    
      	4.6	
              Return
                of Property

            

    

     

    On
      the
      Date of Termination, the Employee shall promptly surrender to the Corporation
      all information in whatever form (including all Confidential Information) and
      any other documents, materials, data, property, information and equipment
      belonging to the Corporation or relating to the Corporation's business in his
      possession, custody or control, and the Employee shall not thereafter retain
      or
      deliver to any other Person any of the foregoing or any summary or memorandum
      thereof.

     

    ARTICLE
      5

    CONFIDENTIALITY
      AND NON-Competition

     

    
      	5.1	
              Confidentiality

            

    

     

    
      	(a)  	
              During
                the period of employment with the Corporation and at any time thereafter,
                the Employee shall receive and hold all Confidential Information
                absolutely secret, undisclosed, in trust and in confidence, and shall
                comply with the Corporation's policies and guidelines and use best
                efforts
                for the protection of Confidential
                Information.

            

    

     

    
      	(b)  	
              The
                Employee shall not reveal or disclose to any Person outside the
                Corporation or use for Employee's own benefit, whether by private
                communication or by public address or publication or otherwise, any
                Confidential Information without the Corporation's specific written
                authorization or except as required by a mandatory provision of applicable
                law, provided
                however, that
                prior to any unauthorized use or disclosure of Confidential Information
                that is required by law, the Employee shall give the Corporation
                reasonable prior notice of any disclosure of Confidential Information
                required by law and, if requested by the Corporation, shall use reasonable
                efforts to obtain a protective order or similar protection for the
                Corporation and shall permit and cooperate with any effort by the
                Corporation to obtain such an order. The Employee shall take such
                action
                as is reasonably necessary to ensure that no other employee, agent,
                contractor or associate of the Corporation, or any family member
                of the
                Employee or other person discloses or permits the disclosure of any
                Confidential Information.

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	(c)  	
              All
                originals, copies and other forms of Confidential Information, however
                and
                whenever produced, shall be the sole property of the Corporation,
                not to
                be removed from the premises or custody of the Corporation, except
                in the
                normal course of business.

            

    

     

    
      	5.2	
              Non-Competition

            

    

     

    
      	(a)  	
              The
                Employee agrees that for a period of time commencing on the Date
                of
                Termination and extending for twelve (12) months (the "Period"),
                the
                Employee shall not be employed by, consult for, act as an officer
                or
                director for or provide services to any Person which has an interest
                in or
                seeks to gain an interest in the Protected Interests.
                

            

    

     

    
      	(b)  	
              During
                the Period, the Employee shall not directly or indirectly solicit
                or
                attempt to solicit any employee of the Corporation with a view of
                having
                that employee resign his or her employment to accept employment with
                any
                other Person.

            

    

     

    
      	(c)  	
              Nothing
                contained in this Article 5 shall prohibit the Employee from being
                involved as an investor or shareholder in securities issued by
                corporations that have, or seek to have, an interest in the Protected
                Interests where such investment constitutes not more than 5% of the
                outstanding securities of a corporation whose shares are traded on
                a
                national security exchange, so long as the Employee has no participation
                in the management of such business or
                corporation.

            

    

     

    
      	5.3	
              Acknowledgement

            

    

     

    The
      Employee acknowledges and agrees that:

     

    
      	(a)  	
              As
                a result of the acquisition of Confidential Information, the Employee
                will
                occupy a position of trust and confidence with the Corporation and
                its
                Affiliates and Associates and the Employee's position of trust and
                knowledge of Confidential Information would enable the Employee to
                put the
                Corporation at a significant competitive disadvantage if the Employee
                breaches the restrictions in this
                Article 5;

            

    

     

    
      	(b)  	
              The
                Employee hereby confirms and agrees that the covenants and restrictions
                contained in this Article 5 are reasonable and valid and are each
                of a
                special, unique and extraordinary character, the breach or abrogation
                of
                which cannot be adequately compensated by damages in an action at
                law. The
                Employee further acknowledges and agrees that the Corporation would
                suffer
                irreparable injury in the event of any breach by the Employee of
                his
                obligations under any such covenant or restriction and it shall be
                reasonable for the Corporation to seek injunctive and/or other equitable
                relief to prevent or rectify any breach or threatened breach of the
                covenants and restrictions in this Article 5 and that the Corporation
                seeking such equitable relief shall be in addition to, and not in
                substitution for, any other remedies or actions available to the
                Corporation at law or in equity.

            

    

     

    
      	(c)  	
              Any
                breach of this Article 5 shall constitute grounds for termination of
                the Employee's employment for Just
                Cause.

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	5.4	
              Survival

            

    

     

    Notwithstanding
      the termination of this Agreement and the Employee's employment, the provisions
      of this Article 5 shall survive such termination and be continuing
      obligations.

     

    ARTICLE
      6

    GENERAL

     

    
      	6.1	
              Enurement

            

    

     

    This
      Agreement shall enure to the benefit of and be binding upon the Corporation,
      its
      successors and permitted assigns. 

     

    
      	6.2	
              Notices

            

    

     

    Any
      notice required or permitted to be given under this Agreement shall be in
      writing and shall be properly given if delivered personally, by telecopy, by
      prepaid courier service or by certified or prepaid registered mail, addressed
      as
      follows (or to such other address provided by one party to the other
      party):

     

    
      	
              Employee:

            	
              Mark
                G. Gustafson

            
	
              Corporation:

            	
              Suite
                1250, 521 Third Avenue S.W.

              Calgary,
                Alberta T2P 3T3

              Attn:
                President

            
	 	 

    

    Any
      such
      notice shall be deemed to be received (i) on the date of delivery, if
      delivered by hand, (ii) one (1) business day after delivery, if delivered
      by courier, (iii) one (1) business day following receipt of an appropriate
      electronic confirmation, if sent by telecopy, and (iv) five (5) business
      days following the date of mailing, if mailed.

     

    
      
        	6.3	
                Governing
                  Law

              

      

    

     

    This
      Agreement shall be governed by and construed in accordance with the laws in
      force in the Province of Alberta and the parties attorn to the jurisdiction
      of
      the courts of the Province of Alberta.

     

    
      	6.4	
              Entire
                Agreement

            

    

     

    This
      Agreement shall constitute the entire agreement between the Employee and the
      Corporation in respect of the matters set forth herein. Except as otherwise
      specified herein or in writing by the Corporation after the date hereof, to
      the
      extent of any conflict or inconsistency between the terms of this Agreement
      and
      any other agreement or document between the Employee and the Corporation or
      otherwise related to the Employee's employment with the Corporation, this
      Agreement shall govern to the extent of such inconsistency or
      conflict.

     

    
      	6.5	
              Severability

            

    

     

    The
      provisions of this Agreement shall be deemed severable. If any provision of
      this
      Agreement shall be held unenforceable by any court of competent jurisdiction,
      such provision shall be modified to the extent necessary to be enforceable,
      and
      the remaining provisions shall remain in full force and effect.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	6.6	
              Amendments
                and Waivers

            

    

     

    All
      modifications, amendments and supplements to this Agreement must be made in
      writing and signed by both parties. No waiver by any party hereto of any
      provision hereof or of any breach of this Agreement shall be effective or
      binding unless such waiver is in writing, and any such waiver shall not limit
      or
      affect such party's rights with respect to any future breach.

     

    
      	6.7	
              Counterparts

            

    

     

    This
      Agreement may be signed in two (2) counterparts, each of which shall be deemed
      an original and both of which shall together constitute the same
      instrument.

     

    
      	6.8	
              Legal
                Advice

            

    

     

    The
      Employee acknowledges having had the opportunity to seek independent legal
      advice in connection with negotiation and execution of this
      Agreement.

     

    IN
      WITNESS WHEREOF this Agreement has been executed by the parties
      hereto:

     

    
      	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	  
	 	  

	
              Witness
                to the signature of

            	 	 

    

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    

    SCHEDULE
      "A"

    BONUS

    

    

    The
      Employee shall be eligible to receive an annual Bonus, calculated based upon
      the
      following criteria:

    
      	 	 

    

    
      	1)  	
              Net
                asset value

            

    

    
      	2)  	
              Stock
                market share price

            

    

    
      	3)  	
              Finding
                and development costs

            

    

    
      	4)  	
              Cash
                flow per share

            

    

    
      	5)  	
              Production
                growth

            

    

    
      	6)  	
              Discretionary
                component.  

            

    

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      "B"

    PERQUISITES

    

    

    The
      Employee shall be entitled to receive the following Perquisites during the
      term
      of employment under this Agreement:

    

    
      	
              1.

            	
              Reimbursement
                for the monthly cost of parking; 

            

    

    

    
      	
              2.

            	
              Reimbursement
                of annual professional dues.

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