EXHIBIT 10.32
THIS AGREEMENT ("Agreement"), made as of the 1st day of May, 2003, by
and among EQUIP-LEASE CO. ("Equip-Lease") whose address is XX Xxx 0000,
Xxxxxxxx, Xxxx Xxxxxxxx 00000, and VALLEY NATIONAL GASES, INC., a West Virginia
corporation ("Valley") whose address is 00-00xx Xxxxxx, Xxxxxxxx, Xxxx Xxxxxxxx
00000.
WHEREAS, Equip-Lease is providing uses of a 1982 King Air F90 airplane
to Valley pursuant to a lease ("Lease") dated November 5, 1997; and
WHEREAS, Valley has decided that it no longer wishes to use the
airplane and asked Equip-Lease to attempt to sell such airplane; and
WHEREAS, Equip-Lease has sold such airplane; and
WHEREAS, Equip-Lease and Valley desire to terminate the remaining term
of Lease;
WITNESSETH: That for and in consideration of the payments and
agreements hereinafter contained and otherwise in the Agreement, Equip-Lease and
Valley agree as follows:
1. Incorporation of Recitation ("WHEREAS") Clauses. The recitations and
defined terms set forth hereinabove are incorporated herein by reference and
made part of this Agreement.
2. Consideration to Equip-Lease.
(a) Cash Payments. As consideration for the termination of the
Lease, Valley will pay $267,029.35 plus the commission on the sale of the
airplane.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date and year first above written.
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By /s/ Xxxx X. Xxxx
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Equip-Lease Co. Executed this 1st day of May 2003
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Valley National Gases, Inc., a West
Virginia Corporation
-------------------------- By /s/ Xxxxxx X. Xxxxxxxx
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Its CFO
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Executed this 1st day of May 2003
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