Lease Termination Agreement between Equip-Lease Co. and Valley National Gases, Inc. (May 1, 2003)

Summary

Equip-Lease Co. and Valley National Gases, Inc. have agreed to terminate their existing lease for a 1982 King Air F90 airplane. Valley National Gases, Inc. no longer wishes to use the airplane and requested Equip-Lease to sell it, which Equip-Lease has done. As part of this agreement, Valley National Gases, Inc. will pay Equip-Lease $267,029.35 plus a commission from the airplane's sale. This agreement formally ends the lease and sets out the payment terms for its termination.

EX-10.32 3 j0277201exv10w32.txt EXHIBIT 10.32 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 PO Box 6585, Wheeling, West Virginia 26003, and VALLEY NATIONAL GASES, INC., a West Virginia corporation ("Valley") whose address is 67-43rd Street, Wheeling, West Virginia 26003. 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. -------------------------- By /s/ Gary E. West ------------------------------ Equip-Lease Co. Executed this 1st day of May 2003 -------------------------- Valley National Gases, Inc., a West Virginia Corporation -------------------------- By /s/ Robert D. Scherich ------------------------------ Its CFO ------------------------------ Executed this 1st day of May 2003 -------------------------- 1