<SEC-DOCUMENT>0001019687-16-005714.txt : 20160401
<SEC-HEADER>0001019687-16-005714.hdr.sgml : 20160401
<ACCEPTANCE-DATETIME>20160401172307
ACCESSION NUMBER:		0001019687-16-005714
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20160328
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160401
DATE AS OF CHANGE:		20160401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAM TRANSPORTATION SERVICES INC
		CENTRAL INDEX KEY:			0000798287
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				710633135
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15057
		FILM NUMBER:		161548218

	BUSINESS ADDRESS:	
		STREET 1:		297 WEST HENRI DE TONTI BLVD
		CITY:			TONTITOWN
		STATE:			AR
		ZIP:			72770
		BUSINESS PHONE:		4793619111

	MAIL ADDRESS:	
		STREET 1:		297 WEST HENRI DE TONTI BLVD
		CITY:			TONTITOWN
		STATE:			AR
		ZIP:			72770
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>pam_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>________________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of The Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Date of report (Date of earliest event reported):
<U>March 28, 2016</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>________________________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="logo.jpg" ALT=""><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>P.A.M. TRANSPORTATION SERVICES, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 32%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>Delaware</u></font></td>
    <TD STYLE="width: 2%; text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="width: 32%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>0-15057</u></font></td>
    <TD STYLE="width: 2%; text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="width: 32%; text-decoration: underline; text-align: center"><font style="font-size: 10pt"><u>71-0633135</u></font></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(State or other jurisdiction of&nbsp;&nbsp;incorporation)</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(Commission File Number)</font></td>
    <TD STYLE="text-align: center">&nbsp;</td>
    <TD STYLE="text-align: center"><font style="font-size: 10pt">(I.R.S. Employer Identification No.)</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>297 West Henri De Tonti, Tontitown, Arkansas
72770</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices) (Zip
Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <U>(479) 361-9111</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%; text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <td style="width: 78%; border-bottom: Black 1pt solid; text-align: center"><font style="font-size: 10pt">N/A</font></td>
    <td style="width: 11%; text-align: center"><font style="font-size: 10pt">&nbsp;</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td>
    <TD STYLE="text-decoration: none; text-align: center"><font style="font-size: 10pt">(Former name or former address, if changed since last report)</font></td>
    <td style="text-align: center"><font style="font-size: 10pt">&nbsp;</font></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 3%; text-align: left"><font style="font-family: Wingdings; font-size: 10pt">o</font></td>
    <td style="width: 97%"><font style="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Wingdings; font-size: 10pt">o</font></td>
    <td><font style="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Wingdings; font-size: 10pt">o</font></td>
    <td><font style="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: center">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="text-align: left"><font style="font-family: Wingdings; font-size: 10pt">o</font></td>
    <td><font style="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td></tr>
</table>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%; text-align: justify"><font style="font-size: 10pt"><b>Item 1.01</b></font></td>
    <td style="width: 89%; text-align: justify"><font style="font-size: 10pt"><b>Entry into a Material Definitive Agreement.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 28, 2016, P.A.M. Transportation Services,
Inc., a Delaware corporation (the &ldquo;Company&rdquo;), and its subsidiary P.A.M. Transport, Inc., an Arkansas corporation (&ldquo;P.A.M.
Transport&rdquo;), entered into an Amended and Restated Loan Agreement (&ldquo;Agreement&rdquo;) with First Tennessee Bank National
Association (the &ldquo;Bank&rdquo;). The Agreement amends and restates the Company&rsquo;s existing Loan Agreement dated July
26, 1994, as amended by various amendments, most recently on June 23, 2015 (the &ldquo;Original Loan Agreement&rdquo;), under which
the Bank committed to lend P.A.M. Transport a principal amount of up to $40.0 million under a line of credit (the &ldquo;Loan&rdquo;),
the terms of which have been previously disclosed by the Company in its periodic reports and other filings with the Securities
and Exchange Commission. The Company has guaranteed the payment and performance of the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purposes of the Agreement are to extend
the term of the Loan by one year to July 1, 2018, to modify certain financial covenants that must be maintained by the Company,
and to restate and make other immaterial amendments and updates to the terms of the Original Loan Agreement. Under the Agreement,
the Company must maintain as of the end of each calendar quarter a ratio of senior funded debt (as defined in the Agreement) to
EBITDA (as defined in the Agreement) of 4.00 to 1.00 on a rolling four-quarter basis. This covenant replaces the debt to equity
ratio financial covenant in the Original Loan Agreement, as amended, which would have required the Company to maintain a debt to
equity ratio on a consolidated basis of no more than 2.5:1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Agreement continues to provide for maximum
borrowings of $40.0 million. Amounts outstanding under the Loan bear interest at LIBOR (determined as of the first day of each
month) plus 1.5%. The Loan is secured by the Company&rsquo;s accounts receivable and matures on July 1, 2018. Monthly payments
of interest are required under the Agreement. The Agreement contains customary events of default that would permit the Bank to
accelerate the amounts due under the Loan if not cured within applicable grace periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The description above is a summary and is qualified
in its entirety by the Agreement, the Fourth Amended and Restated Consolidated Revolving Credit Note, the Amended and Restated
Security Agreement and the Fourth Amended and Restated Guaranty Agreement, including the exhibits to those documents, which are
filed as exhibits to this report and are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 11%; text-align: justify"><font style="font-size: 10pt"><b>Item 2.03</b></font></td>
    <td style="width: 89%; text-align: justify"><font style="font-size: 10pt"><b>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information set forth above under Item
1.01 is hereby incorporated by reference into this Item 2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 11%; text-align: justify"><B>Item 9.01</B></TD>
    <TD STYLE="width: 89%; text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
    <td style="width: 10%; border-bottom: black 1pt solid"><font style="font-size: 10pt">Exhibit No.</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 89%; border-bottom: black 1pt solid"><font style="font-size: 10pt">Description</font></td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">4.1</font></td>
    <td>&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Amended and Restated Loan Agreement, dated March 28, 2016, by and among P.A.M. Transport, Inc., First Tennessee Bank National Association and the Company</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">4.2</font></td>
    <td>&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Fourth Amended and Restated Consolidated Revolving Credit Note, dated March 28, 2016, by P.A.M. Transport, Inc. in favor of First Tennessee Bank National Association</font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">4.3</font></td>
    <td>&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Amended and Restated Security Agreement, dated March 28, 2016, by and between P.A.M. Transport, Inc. and First Tennessee Bank National Association </font></td></tr>
<tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td><font style="font-size: 10pt">4.4</font></td>
    <td>&nbsp;</td>
    <td style="text-align: justify"><font style="font-size: 10pt">Fourth Amended and Restated Guaranty Agreement of the Company, dated March 28, 2016, in favor of First Tennessee Bank National Association </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 43%; text-align: justify">&nbsp;</td>
    <td style="width: 5%; text-align: justify">&nbsp;</td>
    <td style="width: 52%; text-decoration: underline"><font style="font-size: 10pt"><u>P.A.M. TRANSPORTATION SERVICES, INC.</u></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <TD STYLE="text-align: left"><font style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">Date:&nbsp;&nbsp;April 1, 2016</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">By:&nbsp;&nbsp;</font></td>
    <td style="text-decoration: underline"><font style="font-size: 10pt"><u>/s/ Allen W. West</u></font></td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&nbsp;</td>
    <td style="text-align: justify">&nbsp;</td>
    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Allen W. West</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Vice President of Finance, Chief Financial Officer,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Secretary and Treasurer</P></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <td>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></td></tr>
</table>
<P STYLE="margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0; text-indent: 0.5in">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>pam_8k-ex0401.htm
<DESCRIPTION>AMENDED AND RESTATED LOAN AGREEMENT
<TEXT>
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<P STYLE="margin: 0">Exhibit 4.1</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><U>AMENDED
AND RESTATED LOAN AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">THIS AMENDED AND
RESTATED LOAN AGREEMENT (&ldquo;<U>Loan Agreement</U>&rdquo;) is made this 28th day of March, 2016, by and among <B>P.A.M. TRANSPORT,
INC.</B>, a corporation organized and existing under the laws of Arkansas, whose chief executive office and principal place of
business is located at 297 W. Henri de Tonti Boulevard, P.O. Box 188, Tontitown, Arkansas 72770 (hereinafter called the &ldquo;<U>Borrower</U>&rdquo;),
<B>FIRST TENNESSEE BANK NATIONAL ASSOCIATION</B>, a national banking association organized and existing under the statutes of the
United States of America, with its principal place of business at 165 Madison Avenue, Memphis, Tennessee 38103 (hereinafter called
the &ldquo;<U>Bank</U>&rdquo;), and <B>P.A.M. TRANSPORTATION SERVICES, INC.</B>, a Delaware corporation whose chief executive office
and principal place of business is located at 297 W. Henri de Tonti Boulevard, P.O. Box 188, Tontitown, Arkansas 72770 (hereinafter
called the &ldquo;<U>Guarantor</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><U>Recitals of Fact</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; text-align: justify">Pursuant to the terms and provisions
of that certain Loan Agreement dated as of July 26, 1994 (the &ldquo;<U>Original Loan Agreement</U>&rdquo;), as amended by Amendment
dated June 27, 1995, among the Borrower, the Bank, the Guarantor, and Choctaw (hereinafter defined), as amended by the Second Amendment
to Loan Agreement dated July 3, 1996, among the Borrower, the Bank, the Guarantor, Choctaw, and Allen (hereinafter defined), by
the Third Amendment to Loan Agreement dated April 26, 2001, among Borrower, the Bank, the Guarantor, Choctaw, Allen, Dedicated
(hereinafter after defined), and Decker (hereinafter defined), by the Fourth Amendment to Loan Agreement dated June 22, 2007, among
the Borrower, the Bank, the Guarantor, Choctaw, Allen, Dedicated, and Decker, by the Fifth Amendment to Loan Agreement dated June
1, 2009, by the Sixth Amendment to Loan Agreement dated May 31, 2010, by the Seventh Amendment to Loan Agreement dated May 24,
2011, by letter agreement dated March 21, 2012, by the Eighth Amendment to Loan Agreement dated May 30, 2012, by the Ninth Amendment
to Loan Agreement dated December 19, 2012, by the Tenth Amendment to Loan Agreement dated October 4, 2013, by the Eleventh Amendment
to Loan Agreement dated November 27, 2013, by the Twelfth Amendment to Loan Agreement dated February 5, 2014, by the Thirteenth
Amendment to Loan Agreement dated August 22, 2014, by the Fourteenth Amendment to Loan Agreement dated November 17, 2014, and by
the Fifteenth Amendment to Loan Agreement dated as of June 23, 2015 (the Original Loan Agreement as amended by the foregoing amendments,
the &ldquo;<U>Prior Loan Agreement</U>&rdquo;), Bank committed to lend to Borrower an amount not to exceed at any one time outstanding
the principal sum of Forty Million Dollars ($40,000,000.00) (the &ldquo;<U>Committed Amount</U>&rdquo;), subject to the Borrowing
Base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; text-align: justify">Choctaw Express, Inc., an Oklahoma corporation
(&quot;<U>Choctaw</U>&quot;), Allen Freight Services, Inc., a Missouri corporation (&quot;<U>Allen</U>&quot;), P.A.M. Dedicated
Services, Inc., an Ohio corporation (&quot;<U>Dedicated</U>&quot;), and Decker Transport Co., Inc., an Ohio corporation (&quot;<U>Decker</U>&quot;),
each previously executed Security Agreements, as amended, under which they have granted to the Bank a security interest in certain
of their assets to secure the obligations of the Borrower to the Bank.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; text-align: justify">Choctaw subsequently converted into Choctaw
Express, LLC, an Oklahoma limited liability company (&quot;<U>Choctaw LLC</U>&quot;). Choctaw LLC has since transferred all of
its assets to the Borrower on January 1, 2010, and Choctaw LLC no longer holds any assets. Dedicated subsequently converted into
P.A.M. Dedicated Services, LLC, an Ohio limited liability company (&quot;<U>Dedicated LLC</U>&quot;). Dedicated LLC has since transferred
all of its assets to the Borrower on January 1, 2010 and Dedicated LLC no longer holds any assets. Decker subsequently converted
into Decker Transport, LLC, an Ohio limited liability company (&quot;<U>Decker LLC</U>&quot;). Decker LLC has since transferred
all of its assets to the Borrower on January 1, 2010, and Decker LLC no longer holds any assets. Allen merged into East Coast Transport
&amp; Logistics, LLC, an Arkansas limited liability company (&quot;<U>East Coast LLC</U>&quot;). East Coast has since transferred
all of its assets to the Borrower on January 1, 2010, and East Coast no longer holds any assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; text-align: justify">The Borrower has now requested, and the
Bank has agreed, subject to the terms set forth herein, to extend the Termination Date by one year, to July 1, 2018, and to modify
certain financial covenants. In connection therewith, the Borrower, Bank, and Guarantor are amending and restating the Prior Loan
Agreement in its entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
incorporating the Recitals of Fact set forth above and in consideration of the mutual agreements herein contained, the parties
agree as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><U>AGREEMENTS</U></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE One:</B></font></TD><TD STYLE="text-align: justify">DEFINITIONS
AND ACCOUNTING TERMS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition to the
definitions elsewhere set forth herein, for the purposes of this Loan Agreement, the following terms shall have the following meanings
(such meanings to be applicable equally to both the singular and plural forms of such terms) unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Acceptable Accounts</U>&rdquo; shall mean Accounts Receivable (a) in which Bank holds a valid, perfected first
security interest (or in the case of Accounts Receivable arising from Government Contracts, in which Bank holds a valid, perfected
security interest subject only to the lien of the United States thereon); (b) which arise from goods theretofore sold and delivered
or services theretofore rendered to the Account Debtor; (c) with respect to which no setoffs, counterclaims or defenses are claimed
by the Account Debtor; (d) which constitute the binding obligation of an Account Debtor which at the time a loan advance or extension
of credit is requested based upon such Account, and at all times thereafter while a loan advance or extension of credit remains
outstanding, is solvent, is financially able to pay its debts and obligations as they become due and is paying its debts and obligations
as they become due; (e)&nbsp;which do not remain unpaid more than ninety (90) days after the date of such invoice; (f) with respect
to which the Account Debtor is not a Related Person or any officer, director, agent or employee of a Related Person; (g) which
do not arise from a &ldquo;sale on approval,&rdquo; &ldquo;sale or return,&rdquo; &ldquo;guaranteed sale&rdquo; or &ldquo;consignment&rdquo;;
(h) which do not arise or do not appear to arise from a fraudulent transaction; and (i) the chief executive office of the Account
Debtor with respect to such Accounts Receivable is located in the United States. Further, unless the Bank shall otherwise agree
in writing (x) if the Accounts Receivable owed by any Account Debtor shall include invoices which have remained unpaid for more
than ninety (90) days following the respective invoice dates, and the aggregate amount owed upon such invoices exceeds twenty-five
percent (25%) of the total Accounts Receivable owed by such Account Debtor, the Accounts Receivable owed by such Account Debtor
shall not constitute Acceptable Accounts, or (y) if the total Accounts Receivable owed by any Account Debtor (other than those
Account Debtors, if any, specifically listed in <B>Exhibit &ldquo;1.1&rdquo; </B>attached hereto) shall exceed twenty-five percent
(25%) of the aggregate amount of all of the Borrower's Accounts Receivable, such excess amount shall not be deemed to constitute
Acceptable Accounts. For the purposes hereof, &ldquo;Unbilled Revenues&rdquo; shall also be deemed to constitute Acceptable Accounts
if not more than thirty (30) days beyond the Dispatch Date, and if they otherwise comply with clauses (a), (b), (c), (d), (f) and
(g) hereinabove; <U>provided, however</U>, that such &ldquo;Unbilled Revenues&rdquo; may not constitute more than twenty-five percent
(25%) of Acceptable Accounts (billed and unbilled). Notwithstanding clause (i) above, up to $1,000,000 of Account Receivables which
are receivables of which the Account Debtor is a Person located outside of the United States may be included as Acceptable Accounts
so long as these Accounts Receivables otherwise meet the criteria of the remaining provisions of this Section 1.1.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Account Debtor</U>&rdquo; shall mean any Person which is now or hereafter obligated or indebted to Borrower on
any Account Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Accounts Receivable</U>&rdquo; or &ldquo;<U>Accounts</U>&rdquo; shall mean all amounts owed to the Borrower on
account of sales, leases or rentals of goods or services rendered in the ordinary course of the Borrower's trade or business; <U>provided,
however</U>, that &ldquo;Accounts Receivable&rdquo; or &ldquo;Accounts&rdquo; shall not include lease or rent payments to Borrower
from owner-operators of leased trucks owned by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Applicable Rate</U>&rdquo; shall have the same meaning herein as in the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Authorization</U>&rdquo; shall mean that certain Authorization Re: Verbal and Electronic Banking Instructions,
executed by the Borrower dated of even date, as same may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Authorized Agent</U>&rdquo; shall be those persons designated as Authorized Agents under the Authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Bank Product Amount</U>&rdquo; means the Bank&rsquo;s determination, in its reasonable discretion, as to the maximum
dollar amount of the obligations arising under any Bank Products that may be included in a reserve under the Borrowing Base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Bank Product Reserve</U>&rdquo; means at any time, an amount equal to the sum of all Bank Product Amounts associated
with all of the then-outstanding Bank Products. With respect to any particular Bank Product, the Bank Product Reserve shall equal
the Bank Product Amount for such Bank Product or a lesser amount as may equal the actual obligation of the Borrower as determined
by the Bank with respect to such Bank Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Bank Products</U>&rdquo; means any of the following that the Bank provides to, or enters into with, the Borrower:
(a) any deposit, lockbox, Cash Management Services, or other cash management arrangement; (b) any Interest Rate Management Agreement;
(c) any credit cards, purchase cards and/or debit cards; and (d) any other product, service or agreement pursuant to which the
Borrower may be indebted to the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Base Rate</U>&rdquo; means the base commercial rate of interest established from time to time by the Bank.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Borrowing Base</U>&rdquo; is the limitation on the aggregate Loan indebtedness and extensions of credit which
may be outstanding at any time during the term of this Agreement. The Borrowing Base is the sum of those items listed and described
in <B>Exhibit &ldquo;1.5&rdquo;</B> hereto attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Business Day</U>&rdquo; means a banking business day of the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: white">1.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Capital Expenditure</U>&rdquo; means any expenditure for the acquisition of any asset, tangible or intangible,
which under GAAP is deemed a capital asset, including, without limitation, real estate, buildings, fixtures, machinery, equipment,
and furniture, and including the acquisition by a lease which under GAAP must be treated as a capital asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Cash Management Services</U>&rdquo; means any services provided from time to time by the Bank to Borrower in connection
with the operating, collections, payroll, trust or other depository or disbursement accounts, including automated clearinghouse,
e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox
and stop payment services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Closing Date</U>&rdquo; means the date set out in the first paragraph of this Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Default</U>&rdquo; shall mean the occurrence of any event, circumstance, or condition which constitutes, or would,
with the giving of notice, lapse of time, or both, constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Dispatch Date</U>&rdquo; shall mean the date upon which an order is physically loaded upon a trailer with an appropriate
power unit (tractor) attached thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>EBITDA</U>&rdquo; means for any period, for any referenced Person, determined in accordance with GAAP, the sum
of net income (or loss) after Taxes of such Person, plus the following, without duplication and to the extent deducted in computing
net income: (a) all Taxes paid or accrued; (b) Interest Expense; (c) depreciation; and (d) amortization of intangible assets and
other non-cash charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Event of Default</U>&rdquo; has the meaning assigned to that phrase in Article Eight.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>GAAP</U>&rdquo; shall mean generally accepted accounting principles applied on a consistent basis, maintained
throughout the period involved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Government Contract</U>&rdquo; means a contract for the manufacture and sale of goods to the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Guaranty</U>&rdquo; shall mean the Fourth Amended and Restated Guaranty Agreement described in Section 4.1(e)
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Interest Expense</U>&rdquo; shall mean, for any period, the interest expense of a Person for such period (including
all imputed interest on capital leases).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Interest Rate Management Agreements</U>&rdquo;<FONT STYLE="font-size: 12pt"><B> </B></FONT>shall mean any interest
rate management contracts with the Bank on behalf of the Borrower, now existing or hereafter entered into, which shall include,
but are not limited to, interest rate swap transactions, basis swaps, forward rate transactions, commodity swaps, commodity options,
equity or equity index swaps, equity or equity index options, bond options, interest rate options, foreign exchange transactions,
cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency
options or any other similar transaction (including any option with respect to any of these transactions), as any of the foregoing
may be amended or modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Inventory</U>&rdquo; shall mean goods held for sale or lease or furnished or to be furnished under contracts of
service, or raw materials, work in process, finished goods or materials used or consumed in business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.26<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Lien</U>&rdquo; means any interest in Property securing an obligation owed to, or a claim by, a Person other than
the owner of the Property, whether such interest is based on the common law, statute or contract, and including but not limited
to the security interest or lien arising from a mortgage, encumbrance, pledge, conditional sale or trust receipt or a lease, consignment
or bailment for security purposes, and including, but not limited to reservations, exceptions, encroachments, easements, rights-of-way,
covenants, conditions, restrictions, leases, and other title exceptions and encumbrances affecting Property. For the purposes of
this Agreement, the Borrower shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional
sale agreement, lease, financing lease or other arrangement pursuant to which title to the Property has been retained by or is
vested in some other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Loan</U>&rdquo; means the aggregate of (a) unpaid Loan advances from time to time outstanding pursuant to the
provisions of this Loan Agreement, and (b) the amount of any outstanding letters of credit issued by Bank for the account of Borrower.
Unless the context shall) otherwise require, the terms &ldquo;extensions of credit&rdquo; and &ldquo;indebtedness,&rdquo; when
used in connection with this Loan, shall also include any outstanding letters of credit issued by Bank for the account of the Borrower,
and drafts accepted pursuant thereto, as well as loan advances disbursed to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.28<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Loan Agreement</U>&rdquo; means this Amended and Restated Loan Agreement among the Borrower, the Guarantor and
the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.29<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Loan Documents</U>&rdquo; means this Loan Agreement, the Note, the Security Agreement, the Guaranty, the Authorization,
and any other document executed in connection with the Loan, as same may be amended, modified, or restated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Maximum Rate</U>&rdquo; means the maximum effective variable contract rate of interest which the Bank may lawfully
charge under applicable statutes and laws from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Note</U>&rdquo; means the note given to evidence the Loan, said note being the Fourth Amended and Restated Consolidated
Revolving Credit Note, dated March ____, 2016, and being in the principal sum of Forty Million Dollars ($40,000,000.00), as said
note may be modified, renewed, amended, restated or extended, in whole or in part, from time to time; and any other note or notes
executed at any time hereafter to evidence the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.32<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>OFAC</U>&rdquo; means the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.33<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>PATRIOT ACT</U>&rdquo; means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)),
as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.34<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Permitted Encumbrances</U>&rdquo; shall mean and include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">liens for taxes, assessments or similar governmental charges not in default or being contested
in good faith by appropriate proceedings;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">workmen's, vendors', mechanics' and materialmen's liens and other liens imposed by law incurred
in the ordinary course of business, and easements and encumbrances which are not substantial in character or amount and do not
materially detract from the value or interfere with the intended use of the properties subject thereto and affected thereby;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">liens in respect of pledges or deposits under social security laws, workmen's compensation laws,
unemployment insurance or similar legislation and in respect of pledges or deposits to secure bids, tenders, contracts (other than
contracts for the payment of money), leases or statutory obligations;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">any liens and security interests specifically listed and described in Exhibit &ldquo;1.34&rdquo;
hereto attached; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">such other liens and encumbrances which secure indebtedness and obligations permitted to be created
pursuant to the provisions hereof, provided that such liens and encumbrances do not constitute liens upon, security interests in,
or encumbrances upon any collateral now or at any time hereafter pledged to secure the Loan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.35<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Person</U>&rdquo; means an individual, partnership, corporation, limited liability company, trust, unincorporated
organization, association, joint venture or a government or agency or political subdivision thereof, joint stock company, or non-incorporated
organization, or any other entity of any kind whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.36<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Property</U>&rdquo; means any interest in any kind of property or asset, whether real. personal or mixed, tangible
or intangible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.37<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Reimbursement Agreement</U>&rdquo; means a letter of credit application and agreement entered into between the
Bank and the Borrower, pursuant to which the Bank has issued or will issue one or more letters of credit for the benefit of a creditor
of the Borrower, such Reimbursement Agreement to contain such terms and conditions as the Bank may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.38<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Related Person</U>&rdquo; shall mean Central Transport, Inc., a Michigan corporation (&ldquo;<U>Central</U>&rdquo;),
and any other Person (a) which now or hereafter directly or indirectly through one or more intermediaries controls, or is controlled
by, or is under common control with, Borrower, or (b) which now or hereafter beneficially owns or holds twenty percent (20%) or
more of the capital stock of Borrower, or (c) twenty percent (20%) or more of the capital stock of which is beneficially owned
or held by Borrower. For the purposes hereof, &ldquo;<U>control</U>&rdquo; shall mean possession, directly or indirectly, of the
power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting stock,
by contract or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.39<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Sanctioned Country</U>&rdquo; means a country subject to a sanctions program identified on the list maintained
by OFAC and available at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published
from time to time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.40<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Sanctioned Person</U>&rdquo; means (a) a Person named on the list of &ldquo;Specially Designated Nationals and
Blocked Persons&rdquo; maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx,
or as otherwise published from time to time, or (b) (i) an agency of the government of a Sanctioned Country, (ii) an organization
controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program
administered by OFAC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.41<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> &ldquo;<U>Security Agreement</U>&rdquo; shall mean the Amended and Restated Security Agreement described in Section 4.1(c)
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.42<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Senior Funded Debt</U>&rdquo; means, with respect to any Person, without duplication, all indebtedness for borrowed
money evidenced by notes, bonds, debentures, or similar evidences of indebtedness that by its terms matures more than one year
from, or is directly or indirectly renewable or extendible at such Person&rsquo;s option under a revolving credit or similar agreement
obligating the lender or lenders to extend credit over a period of more than one year from the date of creation thereof, current
maturities of long-term debt, revolving credit and short-term debt extendible beyond one year at the option of the debtor, and
also including, in the case of Borrower, the Loan and, without duplication, guaranteed indebtedness consisting of guaranties of
Funded Debt of other Persons; provided, however, that Senior Funded Debt shall not include any indebtedness that would otherwise
constitute Senior Funded Debt hereunder if such indebtendess is subject to a subordination agreement or similar instrument in favor
of Bank acceptable to Bank in its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.43<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Taxes</U>&rdquo; shall mean any and all present and future taxes, duties, levies, imposts, deductions, assessments,
charges or withholdings imposed by any governmental authority, and any and all liabilities (including interest and penalties and
other additions to taxes) with respect to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.44<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Termination Date</U>&rdquo; shall mean July 1, 2018, unless such date is extended pursuant to the provisions of
Section 10.12 hereof, in which event such extended date shall be the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.45<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Unbilled Revenues</U>&rdquo; shall mean the payments owed or to be owed by a customer or Account Debtor of the
Borrower with respect to any load which has been properly dispatched, but which has not been delivered or the charge for such delivery
has not been invoiced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.46<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>United States</U>&rdquo; means the government of the United States of America or any department, agency, division
or instrumentality thereof.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Two:</B></font></TD><TD STYLE="text-align: justify">COMMITMENT
AND FUNDING</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Commitment</U>. Subject to the terms and conditions herein set out, the Bank agrees and commits, from time to time,
until the Termination Date, to make loan advances to the Borrower and to issue commercial and standby letters of credit, all in
an aggregate principal amount not to exceed, at any one time outstanding, the lesser of (a) Forty Million Dollars ($40,000,000.00);
or (b) the Borrower's Borrowing Base, as defined in Article One.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Funding the Loan: Extending Credit</U>. Each loan advance hereunder shall be made by depositing the same to the checking
account of the Borrower in Bank, or in such other manner as the Borrower and Bank may, from time to time, agree. Extensions of
credit upon the Loan may also be made by Bank&rsquo;s issuance of a letter of credit in accordance with a Reimbursement Agreement
between the Bank and the Borrower. Any payments made by Bank with respect to a letter of credit issued for the benefit of the Borrower
shall be added to the unpaid principal balance of the Note, unless the Borrower, concurrently with or prior to the payment of such
letter of credit, pays to the Bank the amount of such letter of credit.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, if
any lockbox and lockbox account is established by the Borrower with the Bank, all proceeds from the lockbox account shall be automatically
and daily applied by the Bank to the payment of the Loan. In addition, if any deposit account is maintained by the Borrower with
the Bank, amounts in such deposit account may be automatically and daily applied by the Bank to the payment of the Loan. Borrower
hereby irrevocably authorizes Bank to charge any deposit account of the Borrower with the Bank for the purpose of paying any principal
or interest on the Loans, for purposes of paying any reimbursement obligations under Reimbursement Agreement in connection with
letters of credit and any related credit support for letters of credit, fees, premiums and other sums payable hereunder, including
reimbursing expenses pursuant to to this Agreement and agrees that all such amounts charged shall constitute loan advances and
that all such loan advances so made shall be deemed to have been requested by Borrower pursuant to Section 2.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Note and Interest</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All advances with respect to the Loan shall be evidenced by the promissory note of the Borrower, payable to the order of
the Bank in the principal amount of Forty Million Dollars ($40,000,000.00) in form substantially the same as the copy of the Note
attached hereto as <B>Exhibit &ldquo;2.3&rdquo;</B> (the &ldquo;<U>Note</U>&rdquo;). The entire principal amount of the Loan shall
be due and payable (if not sooner declared to be due and payable by reason of Borrower's default) on the Termination Date. The
unpaid principal balances of the Loan shall bear interest prior to maturity from the Closing Date on disbursed and unpaid principal
balances (calculated on the basis of a year of 365 or 366 days, as is appropriate) at the Applicable Rate (as that term is defined
in the Note). Said interest shall be payable monthly on the first day of each month after the Closing Date, with the final installment
of interest being due and payable on the Termination Date, or on such earlier date as the Loan shall become due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Bank should at any time agree to increase the Committed Amount, the Borrower will either execute a
new note for the amount of such increase, or a new note for the aggregate increased Committed Amount; and in either event, the
term &ldquo;Note&rdquo;, as used herein, shall be deemed to mean and include such new note, as the circumstances shall require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Commitment Fee</U>. This Section is intentionally omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Fees</U>. As a condition to obtaining any letter of credit requested by the Borrower, the Borrower will pay to
the Bank, promptly upon receipt of each invoice therefor, a letter of credit fee equal to one percent (1%) per annum of the face
amount thereof, plus such other reasonable fees and charges as are normally imposed by the Bank with respect to similar letter
of credit transactions with its other customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: white">2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Prepayments</U>. Subject to the satisfaction of all of the terms and conditions contained herein, between the date hereof
and the last Business Day immediately preceding the Termination Date, the Borrower shall be permitted from time to time to make
repayments and, in accordance with the terms and provisions hereof, to obtain further extensions of credit on the Loan in accordance
with its usual and credit needs; it being understood and agreed that the entire unpaid principal balance of the Loan, together
with all interest accrued thereon, shall be due and payable (if not sooner declared to be due and payable after an Event of Default)
on the Termination Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Three:</B></font></TD><TD STYLE="text-align: justify">REQUIRED
PAYMENTS, PLACE OF PAYMENT, ETC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Required Repayments</U>. In the event that the outstanding principal balance of the Loan shall at any time exceed the
Borrower's Borrowing Base, the Borrower will immediately upon discovery of the existence of such excess, make a principal payment
which will reduce the outstanding principal balance of the Loan to an amount which does not exceed the Borrowing Base.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Place of Payments</U>. All payments of principal and interest on the Loan and all payments of fees required hereunder
shall be made to the Bank, at its address listed at the beginning of this Agreement (Attention: Business Credit), in immediately
available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment on Nonbusiness Days</U>. Whenever any payment of principal, interest or fees to be made on the indebtedness evidenced
by the Note shall fall due on a Saturday, Sunday or public holiday under the laws of the State of Tennessee, such payment shall
be made on the next succeeding Business Day.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Four:</B></font></TD><TD STYLE="text-align: justify">CONDITIONS
OF LENDING</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions Precedent to Closing and Funding Initial Advance</U>. The obligation of the Bank to fund the initial Loan
advance hereunder is subject to the condition precedent that the Bank shall have received, on or before the Closing Date, all of
the following in form and substance satisfactory to the Bank:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">This Loan Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Note from the Borrower payable to the order of the Bank in the principal amount of Forty Million
Dollars ($40,000,000.00).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The Amended and Restated Security Agreement of the Borrower, pledging all of its Accounts Receivable
and other collateral (as described in said Security Agreement), as collateral security for the Loan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Such Uniform Commercial Code Financing Statements as the Bank may require in order to give record
notice of its security interest in the items listed as collateral in the Security Agreement, accompanied by Borrower's funds in
an amount sufficient to pay all recording fees and taxes for the recording of such Financing Statements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The Fourth Amended and Restated Guaranty Agreement of the Guarantor, on the Bank's standard form,
to be in the amount of the Loan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Certified corporate resolutions of Borrower and Guarantor, and certificate(s) of good standing
for Borrower and Guarantor from their respective states of incorporation and such other states as Bank shall require, together
with a copy of the charter and bylaws of the Borrower and Guarantor.</TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">UCC lien searches from such recording offices as Bank shall specify, evidencing the priority of
the Bank's lien(s) under the Security Agreement over any other liens or encumbrances.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">If required by Bank, the opinion of Borrower's and Guarantor&rsquo;s counsel that the transactions
herein contemplated have been duly authorized by all requisite corporate authority, that this Loan Agreement and the other instruments
and documents herein referred to have been duly authorized, validly executed and are in full force and effect, and pertaining to
such other matters as the Bank may require.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">A certificate from an insurance broker, satisfactory to Bank setting forth the information concerning
insurance which is required by Section 6.3 of this Loan Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">Appropriate assignments of any Government Contracts identified in <B>Exhibit&nbsp;&rdquo;4.1.&rdquo;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD STYLE="text-align: justify">The Authorization.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD STYLE="text-align: justify">The Borrower and the Guarantor shall have provided to the Bank the documentation and other information
requested by the Bank in order to comply with requirements of the PATRIOT Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD STYLE="text-align: justify">Such other information and documentation as Bank, in the exercise of its reasonable discretion,
shall deem to be necessary or desirable in connection with the funding of the Loan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions Precedent to All Credit Extensions</U>. The obligation of the Bank to extend credit or make loan advances
pursuant hereto (including the initial advance at the Closing Date) shall be subject to the following additional conditions precedent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrower shall have furnished to the Bank each of the items referred to in Section 4.1 hereof, all of which shall remain
in full force and effect as of the date of such requested credit extension or loan advance (notwithstanding that the Bank may not
have required any such item to be furnished prior to the Closing Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Borrower shall not be in default of any of the terms and provisions hereof or of any instrument or document now or at
any time hereafter evidencing or securing all or any part of the Loan indebtedness and extensions of credit. Each of the warranties
and representations of the Borrower, as set out in Article Five hereof shall remain true and correct in all material respects as
of the date of such Loan advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the Closing Date and thereafter as frequently as required by Section hereof, Borrower shall furnish a Borrowing Base
Certificate executed by a duly authorized officer of Borrower in the form of<B> Exhibit &ldquo;6.6(a)&rdquo;</B> hereto attached.
Also, as frequently as required by Section 6.6 hereof, Borrower shall furnish to Bank a Compliance Certificate in the form of <B>Exhibit
&ldquo;6.6(b)&rdquo;</B> hereto attached.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At such time as the Borrower shall desire to obtain the issuance of a letter of credit pursuant to the provisions of Section
2.1 hereof, Borrower shall enter into a satisfactory Reimbursement Agreement with the Bank, containing such terms and provisions
as the Bank shall require, shall pay the letter of credit fee specified in Section 2.5 hereof, and shall pay all other reasonable
charges required by the Bank in connection with the issuance of such letter of credit.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Five:</B></font></TD><TD STYLE="text-align: justify">REPRESENTATIONS
AND WARRANTIES</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Borrower represents
and warrants that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incorporation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower is a corporation duly organized, validly existing and in good standing under the laws of the State of Arkansas;
it has the power and authority to own its properties and assets and is duly qualified to carry on its business in every jurisdiction
wherein such qualification is necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Guarantor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware;
it has the power and authority to own its properties and assets and is duly qualified to carry on its business in every jurisdiction
wherein such qualification is necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Power and Authority</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance of this Loan Agreement and the Note and Security Agreement, executed pursuant thereto
by the Borrower, have been duly authorized by all requisite action and will not violate any provision of law, any order of any
court or other agency of government, the Certificate of Incorporation or Bylaws of the Borrower, any provision of any indenture,
agreement or other instrument to which Borrower is a party, or by which Borrower's properties or assets are bound, or be in conflict
with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement
or other instrument, or result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any
of the properties or assets of Borrower, except for liens and other encumbrances provided for and securing the indebtedness covered
by this Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The execution, delivery and performance of this Loan Agreement and the Guaranty, executed pursuant thereto by the Guarantor,
have been duly authorized by all requisite action and will not violate any provision of law, any order of any court or other agency
of government, the Certificate of Incorporation or Bylaws of the Guarantor, any provision of any indenture, agreement or other
instrument to which Guarantor is a party, or by which Guarantor's properties or assets are bound, or be in conflict with, result
in a breach of, or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or other
instrument, or result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the
properties or assets of Guarantor, except for liens and other encumbrances provided for and securing the indebtedness covered by
this Loan Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Condition</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) The balance sheet of Guarantor for the fiscal year ended as of December 31, 2014, and the related statement of income,
retained earnings and changes in financial conditions for the year then ended, which has been certified, reviewed or compiled by
Guarantor's independent Certified Public Accountant, and (ii) the unaudited balance sheet of Guarantor dated as of December 31,
2015, a copy of each of which has been furnished to the Bank, together with any explanatory notes therein referred to and attached
thereto, are correct and complete in all material respects and fairly present the financial condition of Guarantor as at the respective
dates of said balance sheets and the results of its operations for said periods. All such financial statements have been prepared
in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There has been no material adverse change in the business, properties or condition, financial or otherwise, of Guarantor
since the 31st day of December, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Assets</U>. Each of Borrower and Guarantor has good and marketable title to all its properties and assets reflected
on the balance sheet referred to in Section 5.3 hereof, except for such assets as have been disposed of since said date as no longer
used or useful in the conduct of business, (ii)&nbsp;Inventory sold in the ordinary course of business and thereafter accounted
for as Accounts Receivable or cash, (iii) Accounts Receivable collected and properly accounted for, and (iv)&nbsp;items which have
been amortized in accordance with GAAP, and all such properties and assets are free and clear of mortgages, pledges, liens, charges
and other encumbrances, except as otherwise expressly permitted by the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Litigation</U>. There is no action, suit or proceeding at law or in equity or by or before any governmental instrumentality
or other agency now pending, or, to the knowledge of the Borrower or Guarantor threatened against or affecting Borrower or Guarantor,
or any properties or rights of Borrower or Guarantor, which, if adversely determined, would materially and adversely affect the
financial or any other condition of Borrower or Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>. Borrower and Guarantor have each filed or caused to be filed all federal, state or local tax returns which
are required to be filed, and has paid all taxes as shown on said returns or on any assessment received by it, to the extent that
such taxes have become due, except as otherwise permitted by the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contracts or Restrictions Affecting Borrower or Guarantor</U>. Neither Borrower nor Guarantor is a party to any agreement
or instrument or subject to any charter or other corporate restrictions adversely affecting its business, properties or assets,
operations or condition (financial or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Default</U>. Neither Borrower nor Guarantor is in default in the performance, observance or fulfillment of any of
the obligations, covenants, or conditions contained in any agreement or instrument to which it is a party, which does or will in
the foreseeable future materially and adversely affect the business or operations of Borrower or Guarantor.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Patents and Trademarks</U>. Borrower and Guarantor each possesses all necessary patents, trademarks, trade names, copyrights,
and licenses necessary to the conduct of their respective businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ERISA</U>. Borrower and Guarantor are both in compliance with all applicable provisions of the Employees Retirement Income
Security Act of 1974 (&ldquo;ERISA&rdquo;) and all other laws, state or federal, applicable to any employees' retirement plan maintained
or established by them respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Subsidiaries</U>. Borrower does not own all or a substantial part of the stock (or other ownership interest) in any
other corporation (or other form of business organization) other than Choctaw LLC, Dedicated LLC, Decker LLC and East Coast LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Government Contracts</U>. The Government Contracts listed in <B>Exhibit &ldquo;4.1&rdquo; </B>constitute all of the Government
Contracts to which the Borrower is now a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance</U>. To the knowledge of Borrower, Borrower is in compliance in all material respects with all applicable
laws and regulations, federal, state and local, material to the conduct of its business and operations. To the knowledge of Borrower,
Borrower possesses all the franchises, permits, licenses, certificates of compliance and approval and grants of authority materially
necessary or required in the conduct of its business and, to the knowledge of Borrower, the same are valid, binding, enforceable
and subsisting without any material defaults thereunder or materially enforceable adverse limitations thereon and are not subject
to any proceedings or claims opposing the issuance, development or use thereof or contesting the validity thereof; and no approvals,
waivers or consents, governmental (federal, state or local) or non-governmental, under the terms of contract or otherwise, are
required by reason of or in connection with Borrower's execution and performance of the Loan Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">5.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>OFAC</U>. Neither the Borrower nor any Subsidiary (a) is an &ldquo;enemy&rdquo; or an &ldquo;ally of the enemy&rdquo;
within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. &sect;&sect; 1 et seq.),
as amended, (b) is in violation of (i) the Trading with the Enemy Act, as amended, (ii) any of the foreign assets control regulations
of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order
relating thereto or (iii) the PATRIOT Act or (c) is a Sanctioned Person. No part of the proceeds of any Loan hereunder will be
used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned
Person or a Sanctioned Country.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Six:</B></font></TD><TD STYLE="text-align: justify">AFFIRMATIVE
COVENANTS OF BORROWER</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Borrower covenants
and agrees that from the date hereof and until payment in full of the principal of and interest on the Loan, unless the Bank shall
otherwise consent in writing, such consent to be at the discretion of the Bank, Borrower will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Business and Existence</U>. Perform all things necessary to preserve and keep in full force and effect its existence,
rights and franchises, comply with all laws applicable to it and continue to conduct and operate its business substantially as
conducted and operated during the present and preceding calendar years.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintain Property</U>. Maintain, preserve, and protect all franchises, and trade names and preserve all the remainder
of its properties used or useful in the conduct of its business substantially as conducted and operated during the present and
preceding fiscal year; preserve all the remainder of its properties used or useful in the conduct of its business and keep the
same in good repair, working order and condition, and from time to time make, or cause to be made, all needed and proper repairs,
renewals, replacements, betterments and improvements thereto so that the business carried on in connection therewith may be properly
conducted at all times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At all times maintain in some company or companies approved by Bank comprehensive public liability insurance covering claims
for bodily injury, death, and property damage, with minimum limits satisfactory to the Bank, but in any event not less than those
amounts customarily maintained by companies in the same or substantially similar businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All required insurance policies shall provide for not less than thirty (30) days' prior written notice to the Bank of any
cancellation, amendment, termination, or lapse. Each such policy shall, in addition, provide that there shall be no recourse against
the Bank for payment of premiums or other amounts with respect thereto. The Borrower will deliver to Bank original or duplicate
policies of such insurance, or satisfactory certificates of insurance, and, as often as Bank may reasonably request, a report of
a reputable insurance broker with respect to such insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Obligations. Taxes and Liens</U>. Pay all of its indebtedness and obligations promptly in accordance with normal terms
and practices of its business and pay and discharge or cause to be paid and discharged promptly all taxes, assessments, and governmental
charges or levies imposed upon it or upon any of its income, profits, or properties, real, personal or mixed, or upon any part
thereof, before the same shall become in default, as well as all lawful claims for labor, materials, and supplies which otherwise,
if unpaid, might become a lien or charge upon such properties or any part thereof; provided, however, that the Borrower shall not
be required to pay and discharge or to cause to be paid and discharged any such tax, assessment, trade payable, charge, levy or
claim so long as the validity thereof shall be contested in good faith by appropriate proceedings satisfactory to Bank, and Bank
shall be furnished, if Bank shall so request, bond or other security protecting it against loss in the event that such contest
should be adversely determined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Reports and Other Data</U>. Furnish (or cause the Guarantor to furnish) to the Bank as soon as available, and
in any event within ninety (90) days after the end of each fiscal year of Guarantor, consolidated and consolidating balance sheets
and statements of income and surplus of Guarantor which have been audited and certified by an independent Certified Public Accountant
acceptable to the Bank, showing the financial condition of Guarantor and at the close of such year and the results of operations
during such year; and, within forty-five (45) days after the end of each quarter, financial statements similar to those mentioned
above, on a consolidated and consolidating basis, not audited but certified by the Treasurer or other appropriate financial officer
(&ldquo;<U>Certifying Officer</U>&rdquo;) of Guarantor, such balance sheets to be as of the end of each such quarter, and such
statements of income and surplus to be for the period from the beginning of the fiscal year to the end of such quarter, in each
case subject only to audit and year-end adjustment. The certificate of the Certifying Officer shall state that the attached financial
statement, together with any explanatory notes therein referred to and attached thereto, is correct and complete and fairly presents
the financial condition of the Guarantor as of the date of the financial statement, and the results of its operations for the period
ending on the date reflected in said financial statement; and that, with respect to year-end statements, such financial statements
have been prepared in accordance with GAAP and with respect to quarterly statements, such financial statements are in compliance
with applicable United States Securities and Exchange Commission regulations. Notwithstanding the foregoing, for so long as Guarantor
is a publicly-traded company and such financial statements and information or the equivalent thereof are readily available to Bank
for no charge via a publicly-accessible website, the timely posting by Guarantor of such financial statements and information shall
satisfy the requirements of this Section 6.5.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Borrowing Base Certificates and Unbilled Revenues Report</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Furnish to Bank monthly (or at such other frequency as Bank may require) a Borrowing Base Certificate substantially in the
form of <B>Exhibit &ldquo;6.6(a)&rdquo; </B>attached hereto, together with an aging report as to Unbilled Revenues, segregating
same into categories, according to whether they are zero (0) to fourteen (14) days old, fifteen (15) to thirty (30) days old, or
thirty-one (31) or more days old; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Furnish to the Bank quarterly concurrently with the financial statements referenced in Section 6.5, and annually with the
financial statements referenced in Section 6.5, a Compliance Certificate substantially in the form of <B>Exhibit &ldquo;6.6(b)&rdquo;</B>
attached hereto, executed by an Authorized Agent, together with a worksheet, in form acceptable to the Bank, showing how each financial
covenant reported on the Compliance Certificate was calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or before the fifteenth (15th) day of each calendar month, furnish to Bank an Accounts Receivable aging report which
shall report Borrower's total Accounts Receivable as of the close of business for the previous month and shall segregate such Accounts
Receivable into categories, according to whether such Accounts Receivable remain unpaid for more than thirty (30) days, or for
more than sixty (60) days, or for more than ninety (90) days from the date of invoice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Default</U>. At the time of Borrower's first knowledge or notice, furnish the Bank with written notice of the
occurrence of any event or the existence of any event, circumstance, or condition which constitutes or upon notice, lapse of time,
or both, would constitute an Event of Default under the terms of this Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Information</U>. Furnish (and cause Guarantor to furnish) such other information regarding the operations,
business affairs and financial condition of the Borrower and Guarantor as Bank may reasonably request, including, but not limited,
to accounts payable aging reports, written confirmation of requests for loan advances and other extensions of credit, true and
exact copies of its books of account and tax returns, and all information furnished to shareholders, or any governmental authority,
including the results of any stock valuation performed, and permit the copying of the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Ri<U>ght of Inspection</U>. Permit (and cause Guarantor to permit) any person designated by a Bank, at such Bank's expense,
to visit and inspect any of the properties, corporate books and financial reports of the Borrower and/or Guarantor and to discuss
the affairs, finances and accounts with the principal officers of each such entity, at all such reasonable times and as often as
a Bank may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Future Government Contracts</U>. Execute appropriate instruments of assignment in favor of Bank of any Government Contracts
at any time hereafter entered into by Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Books and Records</U>. Borrower shall maintain proper books of record and account in conformity with GAAP, including,
without limitation, books and records regarding the collateral, in which true, correct and complete entries shall be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Litigation</U>. Borrower will promptly notify Bank of any litigation action instituted or, to Borrower's knowledge, threatened
against Borrower or Guarantor, that could have a material adverse effect on the Borrower or Guarantor.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Law</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Accounts Receivable shall comply in all material respects with all applicable federal, state and local laws, rules,
regulations, proclamations, statues, orders and interpretations at the time when the Bank obtains any interest therein pursuant
to the Security Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower shall comply in all material respects with all local, state and federal laws and regulations applicable to its
business, including, without limitation, all laws and regulations of local authorities, and the provisions and requirements of
all franchises, permits, certificates of compliance and approval issued by regulatory authorities and other like grants of authority
held by the Borrower; and notify Bank immediately (and in detail) of any actual or alleged failure to comply with or perform, breach,
violation or default under any such laws or regulations or under the terms of any such franchises or licenses, grants of authority
the result of which would constitute a materially adverse effect on the Borrower, or the occurrence or existence of any facts or
circumstances which with the passage of time, the giving of notice or otherwise could create such a breach, violation or default
or could occasion the termination of any such franchises or grants of authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">6.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lockbox and Lockbox Account</U>. Borrower shall maintain a lockbox (the &ldquo;<U>Lockbox</U>&rdquo;) and lockbox account
(the &ldquo;<U>Lockbox Account</U>&rdquo;) with the Bank and shall cause all Account Debtors to send all payments on Accounts Receivable
to the Lockbox. Borrower and all of its affiliates, subsidiaries, shareholders, directors, employees or agents shall, acting as
trustee for Bank, receive, any monies, checks, notes, drafts or any other payment relating to and/or proceeds of Account Receivable
or other collateral which come into their possession or under their control and immediately upon receipt thereof, shall deposit
or cause the same to be deposited in the Lockbox Account, or remit the same or cause the same to be remitted, in kind, to Bank.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Seven:</B></font></TD><TD STYLE="text-align: justify">NEGATIVE
COVENANTS OF BORROWER</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Borrower covenants
and agrees that at all times from and after the Closing Date, unless the Bank shall otherwise consent in writing, which consent
shall not be unreasonably withheld, it will not, either directly or indirectly:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indebtedness</U>. Incur, create, assume or permit to exist or permit the Guarantor to create) any indebtedness or liability
for borrowed money, or on account of deposit, advance or progress payments under contracts, or any other indebtedness or liability,
including, but not limited to, indebtedness evidenced by notes, bonds, debentures or similar obligations, except:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">indebtedness to the Bank arising under this Loan Agreement and evidenced by the Note;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">other indebtedness and obligations, the creating or incurring of which by either the Borrower or
the Guarantor will not directly or indirectly cause or result in a violation of any of the covenants or agreements of Borrower
or Guarantor as set forth herein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mortgages. Liens. Etc.</U> Create, assume or suffer to exist any mortgage, pledge, lien, charge or other encumbrance
of any nature whatsoever on any of its assets, now or hereafter owned, except for:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">liens securing payment of the Loan;</TD></TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">liens securing indebtedness permitted under Section 7.1(b) above, provided that they do not encumber
any of the collateral now or at any time hereafter pledged to secure the Loan; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Permitted Encumbrances (as defined at Article One).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Guaranties</U>. Guarantee or otherwise in any way become or be responsible for the indebtedness or obligations of any
other Person, by any means whatsoever, whether by agreement to purchase the indebtedness of any other Person or agreement for the
furnishing of funds to any other Person through the purchase of goods, supplies or services (or by way of stock purchase, capital
contribution, advance or loan) for the purpose of paying or discharging the indebtedness of any other Person, or otherwise, except
for the endorsement of negotiable instruments by the Borrower in the ordinary course of business for collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sale of Assets</U>. Sell, lease, transfer or dispose (other than in the normal course of business) of all or a substantial
part of its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consolidation or Merger: Acquisition of Assets</U>. Enter into any transaction of merger or consolidation, acquire any
other business or corporation, or acquire all or substantially all of the property or assets of any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loans and Investments</U>. Make any loans to or investments in, or, purchase any stock, other securities or evidence
of indebtedness of any Person, except as follows: (i) direct obligations of the United States of America or obligations for which
the full faith and credit of the United States of America is pledged to provide for the payment of principal and interest, (ii)&nbsp;marketable
securities issued by an agency of the United States government, (iii) commercial paper rated A-1 by Standard and Poors Corporation,
or P-1 by Moody's Investors Service, Inc., (iv) certificates of deposit of or bankers' acceptances accepted by domestic commercial
banks in the United States of America having a combined capital and surplus of at least Ninety Million Dollars ($90,000,000.00),
(v) repurchase agreements with respect to any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sale of Accounts Receivable</U>. Sell, discount or otherwise dispose of any of its Accounts Receivable or any promissory
note or obligation held by it, with or without recourse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends. Redemptions and Other Payments</U>. This Section is intentionally omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Salaries</U>. This Section is intentionally omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>New Business</U>. Acquire or enter into any business other than its present business, except for expansions of Borrower's
present business or any business directly related thereto, or enter into any management contract whereby the effective management
or control of Borrower is delegated to third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounts Receivable From Related Persons</U>. This Section is intentionally omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">7.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Loans to Officers and Employees</U>. This Section is intentionally omitted.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Eight:</B></font></TD><TD STYLE="text-align: justify">GUARANTOR
COVENANTS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Guarantor covenants
and agrees that from the date hereof and until payment in full of the principal of and interest on the Loan, unless the Bank shall
otherwise consent in writing, such consent to be at the discretion of the Bank, Guarantor will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Senior Funded Debt to EBITDA Ratio</U>. Maintain as of the end of each calendar quarter a ratio of Senior Funded Debt
to EBITDA (as defined in Article One) of not more than 4.00 to 1.00, to be tested quarterly on a rolling four-quarter basis at
the end of each quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dividends. Redemptions and Other Payments</U>. Not (a) pay, or set aside any sum for the payment of, any dividends, or
make any other distribution upon any shares of its capital stock of any class, which exceeds, in the aggregate (as to all of them)
for any one fiscal year, fifty percent (50%) of its net after-tax income for such fiscal year, determined in accordance with GAAP,
nor (b) make any payment to a profit sharing plan or to any other retirement or pension plan to or for the benefit of management
shareholders which exceeds (based on a percentage of compensation) similar payments made for the benefit of all employees of the
Guarantor. The foregoing shall not, however, be deemed to prohibit share repurchases by the Guarantor so long as the Borrower and
Guarantor are otherwise in compliance with all provisions of this Agreement, including without limitation the Guarantor&rsquo;s
compliance with the financial covenant set forth in Section 8.1, above.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Nine:</B></font></TD><TD STYLE="text-align: justify">EVENTS
OF DEFAULT</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definition</U>. An &ldquo;Event of Default&rdquo; shall exist if any of the following shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Payment of Principal. Interest</U></I>. The Borrower defaults in the prompt payment as and when due of the principal
of or interest on the Loan or any fees due under this Loan Agreement, or in the prompt payment when due of any other indebtedness,
liabilities, or obligations to the Bank, whether now existing or hereafter created or arising; direct or indirect, absolute or
contingent, which default shall continue unremedied for a period of five (5) days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Payment of Other Obligations</U></I>. The Borrower or Guarantor defaults under any agreement, document or instrument
relating to any indebtedness for borrowed money owing to any person other than Bank, or any capitalized lease obligations, contingent
indebtedness in connection with any guarantee, letter of credit, indemnity or similar type of instrument in favor of any person
other than Bank, in any case in an amount in excess of Seven Million Dollars ($7,000,000.00), which default continues for more
than the applicable cure period, if any, with respect thereto, or any material default by Borrower or any Guarantor under any material
contract, lease, license or other obligation to any person other than Bank, which default continues for more than the applicable
cure period, if any, with respect thereto; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Representation or Warranty</U></I>. Any representation or warranty made by the Borrower or Guarantor herein, or in
any report, certificate, financial statement or other writing furnished in connection with or pursuant to this Loan Agreement shall
prove to be false, misleading or incomplete in any material respect on the date as of which made; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Covenants</U></I>. The Borrower or Guarantor defaults in the performance or observance of any covenant, condition,
agreement or undertaking on its part to be performed or observed, as contained herein, in the Security Agreement or in any other
instrument or document which now or hereafter evidences, secures or relates to all or any part of the Loan or any extensions of
credit made pursuant hereto, and, as to the Guarantor covenant set forth in Section 8.1 hereof, such default is not cured within
forty-five (45) days following Guarantor's or Borrower's first knowledge or notice thereof; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Bankruptcy, Etc</U></I><U>.</U> The Borrower or Guarantor shall make an assignment for the benefit of creditors, file
a petition in bankruptcy, petition or apply to any tribunal for the appointment of a custodian, receiver or any trustee for it
or a substantial part of its assets, or shall commence any proceeding under any bankruptcy, reorganization, arrangement, readjustment
of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; or if there shall have
been filed any such petition or application, or any such proceeding shall have been commenced against Borrower, in which an order
for relief is entered or which remains undismissed for a period of thirty (30) days or more; or Borrower or Guarantor by any act
or omission shall indicate its consent to, approval of or acquiescence in any such petition, application or proceeding or order
for relief or the appointment of a custodian, receiver or any trustee for it or any substantial part of any of its properties,
or shall suffer any such custodianship, receivership or trusteeship to continue undischarged for a period of thirty (30) days or
more; or Borrower or Guarantor shall generally not pay its debts as such debts become due; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: white">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Concealment of Property, Etc</U></I><U>.</U> The Borrower or Guarantor shall have concealed, removed, or permitted
to be concealed or removed, any part of its property, with intent to hinder, delay or defraud its creditors or any of them, or
made or suffered a transfer of any of its property which may be fraudulent under any bankruptcy, fraudulent conveyance or similar
law; or shall have made any transfer of its, his or her property to or for the benefit of a creditor at a time when other creditors
similarly situated have not been paid; or shall have suffered or permitted, while insolvent, any creditor to obtain a lien upon
any of its property through legal proceedings or distraint which is not vacated within thirty (30) days from the date thereof;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Management Change</U></I>. This Section is intentionally omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Guarantor's Liability Terminated</U></I>. The Guarantor shall notify the Bank that it no longer intends to be bound
by the provisions of its Guaranty as to future loan advances and extensions of credit, or the Guarantor otherwise revokes, terminates,
or fails to perform any of the terms, covenants, conditions, or provisions of any guarantee, endorsement, or other agreement of
such party in favor of Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Judgments</U></I>. A final judgment rendered against the Borrower or Guarantor in excess of Six Million Dollars ($6,000,000),
which is not being appealed in a manner reasonably satisfactory to the Bank and which is not covered by the proceeds of insurance
where the applicable insurance company has not denied coverage or otherwise rejected Borrower&rsquo;s or Guarantor&rsquo;s claim
for such insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I><U>Collateral</U></I>. The Bank&rsquo;s interest in the collateral shall for any reason cease or otherwise fail to be
a valid and subsisting first priority lien in favor of the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedy</U>. Upon the occurrence of any event, circumstance or condition which constitutes or would with the giving of
notice, lapse of time, or both constitute an Event of Default, as specified herein, the Bank shall, at its option, be relieved
of any obligation to make further loan advances or extensions of credit under this Agreement; and if such event, circumstance,
or condition constitutes or becomes an Event of Default, the Bank may, at its option, thereupon declare the entire Loan indebtedness
and all other extensions of credit to be immediately due and payable for all purposes, and may exercise all rights and remedies
available to it under the Security Agreement, Guaranties, or any other instrument or document which secures the Loan indebtedness,
or available at law or in equity; <U>provided</U> that upon the occurrence of an Event of Default specified in Section 9.1(e),
the commitment of the Bank and any right of Borrower to request borrowings hereunder shall be automatically terminated and all
obligations under the Loan Documents shall automatically become due and payable without presentment, demand, protest or other notice
of any kind, all of which are expressly waived by the Borrower, anything in this Agreement or in any other Loan Document to the
contrary. Further, the Bank shall have the right to the appointment of a receiver to take possession of Borrower's premises, properties,
assets, books and records, without consideration of the value of the collateral pledged as security for the Loan and extensions
of credit or the solvency of any person liable for the payment of the amounts then owing, and all amounts collected by the receiver
shall, after expenses of the receivership, be applied to the payment of the Loan indebtedness, extensions of credit, and interest
thereon; and the Bank, at its option, shall have the right to do the same, without the appointment of a receiver. All such rights
and remedies are cumulative and nonexclusive, and may be exercised by the Bank concurrently or sequentially, in such order as the
Bank may choose.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE Ten:</B></font></TD><TD STYLE="text-align: justify">MISCELLANEOUS</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments</U>. The provisions of this Loan Agreement, the Note or any instrument or document executed pursuant hereto
or securing the Loan indebtedness may be amended or modified only by an instrument in writing signed by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All notices and other communications provided for hereunder (except for routine informational communications)
shall be in writing and shall be mailed, sent by recognized national overnight courier service, telecopied by facsimile machine,
or delivered, if to the Borrower or Guarantor, to Borrower at its address specified in the first paragraph of this Agreement (Telecopy
No. 479/361-5335); and if to the Bank, to it, Attention: Business Credit at its address specified in the first paragraph of this
Agreement (Telecopy No.: 901/523-4633); with a copy (if other than a routine informational communication) to Baker, Donelson, Bearman,
Caldwell &amp; Berkowitz, PC, 2000 First Tennessee Building, 165 Madison Avenue, Memphis, Tennessee 38103, Attention: Mary L. Aronov
(Telecopy No.: 901/577-0715). All such notices and other communications shall be effective (a) if mailed, when received or three
(3) business days after mailing, whichever is earlier, (b) if sent by recognized national overnight courier service, on the first
business day following the sending thereof, (c) if telecopied, upon confirmation of sending, and (d) if delivered, upon delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Waiver. Cumulative Remedies</U>. No failure to exercise and no delay in exercising, on the part of the Bank, any right,
power or privilege hereunder, shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Waiver
of any right, power, or privilege hereunder or under any instrument or document now or hereafter securing the indebtedness evidenced
hereby or under any guaranty at any time given with respect thereto is a waiver only as to the specified item. The rights and remedies
herein provided are cumulative and not exclusive of any rights or remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Survival of Agreements</U>. All agreements, representations and warranties made herein shall survive the delivery of
the Note. This Loan Agreement shall be binding upon, and inure to the benefit of the parties hereto and their respective heirs,
successors, and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest therein.
Bank may assign its rights and delegate its obligations under this Agreement and the other Loan Documents and further may assign,
or sell participations in, all or any part of the Loan or any other interest herein to another financial institution or other person,
in which event, the assignee or participant shall have, to the extent of such assignment or participation, the same rights and
benefits as it would have if it were the Bank hereunder, except as otherwise provided by the terms of such assignment or participation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liens: Setoff by Bank</U>. Borrower hereby grants to the Bank a continuing lien, as security for the Note and all other
indebtedness, liabilities, and obligations of the Borrower to the Bank, upon any and all of its moneys, securities and other property
and the proceeds thereof, now or hereafter held or received by or in transit to, the Bank from or for Borrower, and also upon any
and all deposits (general or special, matured or unmatured) and credits of the Borrower against the Bank, at any time existing.
Upon the occurrence of any Event of Default as specified above, the Bank is hereby authorized at any time and from time to time,
without notice to Borrower to set off, appropriate, and apply any and all items hereinabove referred to against any or all indebtedness
of the Borrower to the Bank.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law</U>. This Loan Agreement shall be governed and construed in accordance with the laws of the State of Tennessee;
except that the provisions hereof which relate to the payment of interest shall be governed by (i) the laws of the United States,
or (ii) the laws of the State of Tennessee, whichever permits the Bank to charge the higher rate, as more particularly set out
in the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution in Counterparts</U>. This Loan Agreement may be executed in any number of counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Terminology; Section Heading</U>s. All personal pronouns used in this Loan Agreement whether used in the masculine, feminine,
or neuter gender, shall include all other genders; the singular shall include the plural, and vice versa. Section headings are
for convenience only and neither limit nor amplify the provisions of this Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Enforceability of Agreement</U>. Should any one or more of the provisions of this Loan Agreement be determined to be
illegal or unenforceable, all other provisions, nevertheless, shall remain effective and binding on the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Interest Limitations</U>. It is the intention of the parties hereto to comply strictly with all applicable usury and
similar laws; and, accordingly, in no event and upon no contingency shall the Bank ever be entitled to receive, collect, or apply
as interest any interest, fees, charges or other payments equivalent to interest, in excess of the Maximum Rate. Any provision
hereof, or of any other agreement executed by the Borrower that would otherwise operate to bind, obligate or compel the Borrower
to pay interest in excess of such Maximum Rate or fees in excess of the maximum lawful amount shall be construed to require the
payment of the maximum rate or amount only. The provisions of this paragraph shall be given precedence over any other provisions
contained herein or in any other agreement applicable to the extensions of credit that is in conflict with the provisions of this
paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Non-Control</U>. In no event shall the Bank's rights hereunder be deemed to indicate that, the Bank is in control of
the business, management or properties of the Borrower or has power over the daily management functions and operating decisions
made by the Borrower, all such rights and powers being hereby expressly reserved to the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 23.05pt 12pt 0; text-align: justify; text-indent: 0.5in; background-color: white">10.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Extensions of Termination Date: Continuing Security</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The specific Termination Date mentioned in Article One may, in the sole and unrestricted discretion of the Bank, by written
notice to the Borrower, be extended one or more times to a subsequent date or dates unless, not later than thirty (30) days prior
to the specific Termination Date mentioned in Article One, or, in the event of the extension of such Termination Date, not later
than thirty (30) days prior to any such then effective extended Termination Date, the Borrower shall notify the Bank in writing
that this Agreement shall not be further extended. The Bank shall be under no obligation whatsoever to extend the initial Termination
Date, or to further extend any subsequent Termination Date to which the Bank has previously agreed in writing, any extensions of
the initial or any subsequent Termination Date being in the sole and unrestricted judgment and discretion of the Bank.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the specific Termination Date so fixed in Article One, or in the event of the extension of this Agreement to a subsequent
Termination Date (when no effective extension is in force), the Loan and all other extensions of credit (unless sooner declared
to be due and payable by the Bank pursuant to the provisions hereof) shall become due and payable for all purposes. Until all such
indebtedness, liabilities and obligations secured by the Security Agreement are satisfied in full, such termination shall not affect
the security interest granted to Bank pursuant to the Security Agreement, nor the duties. covenants, and obligations of the Borrower
or Guarantor therein and in this Agreement; and all of such duties, covenants and obligations shall remain in full force and effect
until the Loan and all other indebtedness, liabilities and obligations of the Borrower to the Bank shall have been fully paid and
satisfied in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statute of Limitations</U>. Any payment of principal or interest shall automatically toll the running of any statute
of limitations otherwise applicable to obligations of Borrower and Guarantor under the Note, this Loan Agreement, the Security
Agreement, or any other loan document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fees and Expenses</U>. The Borrower agrees to pay, or reimburse the Bank for, the actual out-of-pocket expenses, including
reasonable counsel fees and reasonable fees of any accountants, inspectors or other similar experts, as deemed necessary by the
Bank, incurred by the Bank in connection with the preparation, execution, amendment, recording, administration (excluding the salary
of Bank's employees and Bank's normal and usual overhead expenses) or enforcement of, or the preservation of any rights under this
Loan Agreement, the Note, the Security Agreement, and any other instrument or document which now or hereafter secures the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Time of Essence</U>. Time is of the essence of the obligations of Borrower and Guarantor under this Loan Agreement, the
Note, and the other instruments and documents executed and delivered in connection herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conflict</U>. In the event of any conflict between the provisions hereof and the provisions of the Note, the Security
Agreement, the Proposal Letter (hereinafter defined) or any other loan document, during the continuance of this Agreement the provisions
of this Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>As to the Bank's Base Rate</U>. Borrower acknowledges that the Bank's Base Rate is one of several interest rate indices
employed by the Bank; and that the Bank has made and may hereafter make loans bearing interest at rates which are higher or lower
than the Bank's Base Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intentionally Omitted</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports</U>. Except as otherwise expressly set forth herein, all certificates and reports to be furnished by the Borrower
or Guarantor to the Bank shall be furnished by an officer of the Borrower or the Guarantor, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compromises. Releases. Etc.</U> The Guarantor agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Bank is hereby authorized from time to time, without notice to anyone, to make any sales, pledges, surrenders, compromises,
settlements, releases, indulgences, alterations, substitutions, exchanges, changes in, modifications or other disposition, including,
without limitation, cancellations, of all or any part of the Loan indebtedness, or of any contract or instrument evidencing any
thereof, or of any security or collateral therefor, and/or to take any security for or other guaranties upon any of said indebtedness;
and the liability of the Guarantor shall not be in any manner affected, diminished or impaired thereby, or by any lack of diligence,
failure, neglect, or omission on the part of the Bank to make any demand or protest, or to give any notice of dishonor or default,
or to realize upon or protect any of said indebtedness or any collateral or security therefor.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Bank shall have the exclusive right to determine how, when and what application of payments and credits, if any, shall
be made on the Loan and extensions of credit or any part thereof, and shall be under no obligation, at any time, to first resort
to, make demand on, file a claim against, or exhaust its remedies against the Borrower, or its property or estate, or to resort
to or exhaust its remedies against any collateral, security, property, liens or other rights whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Bank may, at any time, make demand for payment on, or bring suit against, the Guarantor, or any other guarantors, less
than all, and may compound with any one or more of any guarantors for such sums or on such terms as it may see fit, and without
notice or consent, the same being hereby expressly waived, release any guarantor from all further liability to the Bank hereunder,
without thereby impairing the rights of the Bank in any respect to demand, sue for, and collect the balance of the indebtedness
from any guarantor not so released.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any provision contained herein or in the guaranty agreement<BR>
executed by the Guarantor in favor of the Bank, if at any time the Guarantor is or becomes an &ldquo;insider&rdquo; (as defined
from time to time in Section 101 of the Federal Bankruptcy Code) with respect to the Borrower, the Guarantor waives any and all
rights of subrogation against the Borrower with respect to its said Guaranty of the obligations of the Borrower, whether such rights
arise under an express or implied contract or by operation of law, it being the intention of the parties that, if the Guarantor
is an &ldquo;insider&rdquo; with respect to the Borrower, the Guarantor shall not be deemed to be a &ldquo;creditor&rdquo; (as
defined in Section 101 of the Federal Bankruptcy Code) of the Borrower, by reason of the existence of such Guaranty in the event
that the Borrower becomes a debtor in any proceeding under the Federal Bankruptcy Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Guarantor does further absolutely and unconditionally guarantee the payment and performance of each and every obligation
and undertaking of the Borrower hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Venue of Actions</U>. As an integral part of the consideration for the making of the Loan, it is expressly understood
and agreed that no suit or action shall be commenced by the Borrower, by either Guarantor, or by any heir, successor, personal
representative or assignee of any of them, with respect to the Loan contemplated hereby, or with respect to any of the Loan Documents,
other than in a state court of competent jurisdiction in and for the County of the State in which the principal place of business
of the Bank is situated, or in the United States District Court for the District in which the principal place of business of the
Bank is situated, and not elsewhere. Nothing in this paragraph contained shall prohibit Bank instituting suit in any court of competent
jurisdiction for the enforcement of its rights hereunder, in the Note, in the Security Agreement or in any other loan document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Assignments and Participations</U>. Subject to the last two sentences of this Section 10.22, Bank may sell or offer to
sell the Loan or interests therein to one or more assignees or participants. Borrower shall execute, acknowledge and deliver any
and all instruments reasonably requested by Bank in connection therewith, and to the extent, if any, specified in any such assignment
or participation, such assignee(s) or participant(s) shall have the same rights and benefits with respect to the Loan Documents
as such Person(s) would have if such Person(s) were Bank hereunder. Bank may disseminate any information it now has or hereafter
obtains pertaining to the Loan, including any security for the Loan, or Borrower, to any actual or prospective assignee or participant
with Borrower&rsquo;s consent as descrbed below, to any regulatory body having jurisdiction over Bank, to any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to Bank and the Loan, as necessary or appropriate
in Bank's reasonable judgment. However, subject to applicable law, Bank shall use reasonable efforts to protect the confidentiality
of the terms and conditions of the Loan in all other respects. Notwithstanding the foregoing, so long as no Event of Default has
occurred and is continuing, and except in case of an assignment in connection with a merger or sale of all or substantially all
of the assets of the Bank, before entering into an assignment or participation with respect to all or a portion of the Loan, Bank
shall give Borrower prior written notice of its intent to assign or participate all or a portion of the Loan. In such case, Borrower
shall have five (5) Business Days from receipt of such notice to either consent to such assignment or participation or refuse to
consent. Borrower's failure to respond within such time frame shall be deemed to be Borrower's consent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Electronic Transmission of Data</U>. Bank and Borrower agree that certain data related to the Loan (including confidential
information, documents, applications and reports) may be transmitted electronically, including transmission over the Internet to
the parties, the parties affiliates, agents and representatives, and other Persons involved with the subject matter of this Agreement.
Borrower acknowledges and agrees that (a) there are risks associated with the use of electronic transmission and that Bank does
not control the method of transmittal or service providers, (b)&nbsp;Bank has no obligation or responsibility whatsoever and assumes
no duty or obligation for the security, receipt or third party interception of any such transmission, and (c)&nbsp;Borrower will
release, hold harmless and indemnify Bank from any claim, damage or loss, including that arising in whole or part from Bank's strict
liability or sole, comparative or contributory negligence, but not its sole gross negligence or willful misconduct, as determined
by a final judgment of a court of competent jurisdiction, which is related to the electronic transmission of data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Right to Trial by Jury</U>. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,
DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED
IN CONNECTION HEREWITH, OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALING OF THE PARTIES HERETO OR ANY OF
THEM WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH,
OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING; AND EACH PARTY HEREBY AGREES
AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY
PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR COPY OF THIS SECTION WITH ANY COURT AS EVIDENCE OF SUCH AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">10.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment and Restatement</U>. This Amended and Restated Loan Agreement is an amendment and restatement of the parties'
Prior Loan Agreement, and shall not be construed as a novation thereof. From and after the date hereof, the terms and provisions
of this Amended and Restated Loan Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">[SIGNATURE PAGE STARTS ON
NEXT PAGE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Borrower, the Guarantor and the Bank have caused this Agreement to be executed by their respective officers, duly authorized
so to do, all as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 4in; text-indent: 0in"><B>P.A.M. TRANSPORT, INC.</B><BR>
<BR>
By:<U> /s/ Daniel H. Cushman</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President<BR>
<BR>
BORROWER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in; text-indent: 0in"><B>P.A.M. TRANSPORTATION</B><BR>
<B>SERVICES, INC.</B><BR>
<BR>
By:<U> /s/ Daniel H. Cushman</U><BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President<BR>
<BR>
GUARANTOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in; text-indent: 0in"><B>FIRST TENNESSEE BANK NATIONAL
ASSOCIATION</B><BR>
<BR>
By:<U> /s/ Gavin Turner</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice-President<BR>
<BR>
BANK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 4in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 4in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"><U>LIST
OF EXHIBITS TO LOAN AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit
&ldquo;1.1&rdquo; &ndash; Exceptions to Concentration Limit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit
&ldquo;1.5&rdquo; &ndash; Borrowing Base</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit
&ldquo;1.19&rdquo; &ndash; Additional Permitted Encumbrances</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit
&ldquo;2.3&rdquo; &ndash; Form of Promissory Note</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit
&ldquo;4.1&rdquo; &ndash; List of Government Contracts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit
&ldquo;6.6&rdquo; &ndash; Form of Periodic Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-align: justify; text-indent: -1.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in">EXHIBIT
&ldquo;1.1&rdquo;<BR>
TO LOAN AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><BR>
<FONT STYLE="text-transform: none"><U>Exceptions to Concentration Limit</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">Accounts Receivable
owed by any of the following Account Debtors, if otherwise constituting Acceptable Accounts, may be included in the Borrowing Base,
even if the Accounts Receivable owed by any such Account Debtor exceed twenty-five percent (25%) of the Borrower's Acceptable Accounts
Receivable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">N/A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in">EXHIBIT
&ldquo;1.5&rdquo;<BR>
TO LOAN AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;<BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">The Borrowing Base
is an amount equal to eighty-five percent (85%) of the amount due on the Acceptable Accounts of Borrower, plus eighty-five percent
(85%) of Unbilled Revenues, meeting the conditions set forth in Section 1.1 of the Loan Agreement minus the Bank Product Reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in">(Note:</TD><TD STYLE="text-align: justify">Although the Borrowing Base is limited as set forth above, Bank's security interest covers and
includes all of the Accounts Receivable and Unbilled Revenue of Borrower and the other collateral, both now owned and hereafter
acquired, as more particularly described in the respective Security Agreements, as amended from time to time).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in">EXHIBIT
&ldquo;1.34&rdquo;<BR>
TO LOAN AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><BR>
<FONT STYLE="text-transform: none"><U>Additional Permitted Encumbrances</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in">EXHIBIT
&ldquo;2.3&rdquo;<BR>
TO LOAN AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><BR>
<FONT STYLE="text-transform: none">(See attached &ldquo;Form&rdquo; of Promissory Note)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"><U>FOURTH AMENDED
AND RESTATED CONSOLIDATED REVOLVING CREDIT NOTE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">$40,000,000.00</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in; text-align: right">Memphis, Tennessee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: right; text-indent: 0in">____________,
2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">ON OR BEFORE July
1, 2018 (the &ldquo;<U>Termination Date</U>&rdquo;), the undersigned, <B>P.A.M.&nbsp;TRANSPORT, INC. </B>(&ldquo;<U>Maker</U>&rdquo;),
promises to pay to the order of <B>FIRST TENNESSEE BANK NATIONAL ASSOCIATION</B>, a national banking association having its principal
place of business in Memphis, Tennessee (&ldquo;<U>Bank</U>&rdquo;), the principal sum of Forty Million Dollars ($40,000,000.00),
value received, together with interest from date until paid, upon disbursed and unpaid principal balances, at the Contract Rate
hereinafter specified, said interest being payable monthly on the first (1<SUP>st</SUP>) day of each month hereafter, commencing
on the 1<SUP>st</SUP> day of April, 2016, with the final installment of interest being due and payable concurrently on the same
date that the principal balance is due hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">The Termination
Date may be extended one or more times pursuant to the provisions of that certain Amended and Restated Loan Agreement dated _____________
____, 2016, among Maker, Bank and a certain guarantor therein mentioned and described (as same may hereafter be amended, the &ldquo;<U>Loan
Agreement</U>&rdquo;), and if so extended, such extended date shall thereupon constitute the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">The interest rate
on this Note is subject to change from time to time based on changes in an independent index (the &ldquo;<U>Index</U>&rdquo;) which
is the LIBOR Rate (as hereinafter defined) adjusted and determined, without notice to Maker, as of the first day of the month in
which this Note is executed and as of the first (1st)&nbsp;day of each calendar month hereafter (the &ldquo;<U>Interest Rate Change
Date</U>&rdquo;). The &ldquo;<U>LIBOR Rate</U>&rdquo; shall mean the London Interbank Offered Rate of interest for an interest
period of one (1) month, which appears on Bloomberg page BBAM under the column heading &ldquo;USD&rdquo; (the &ldquo;<U>Index</U>&rdquo;)
on the day that is two (2) London Business Days preceding each Interest Rate Change Date (the &ldquo;<U>Reset Date</U>&rdquo;).
If the LIBOR Rate as defined above is not available or is not published for any Reset Date, then Bank shall, at its sole discretion,
choose a substitute source for the LIBOR Rate, which LIBOR Rate plus the Margin (hereinafter defined) shall become effective on
the next Interest Rate Change Date. &ldquo;London Business Day&rdquo; shall mean any day on which commercial banks in London, England
are open for general business. The Index is not necessarily the lowest rate charged by Bank on its loans. If the Index becomes
unavailable during the term of this loan, Bank may designate a substitute index after notice to Maker. Bank will tell Maker the
current Index rate upon Maker's request. The interest rate change will not occur more often than each month. Maker understands
that Bank may make loans based on other rates as well. The Index is currently 1.4385% per annum. The Index plus a margin of one
and one-half percent (1.5%) (the &ldquo;<U>Margin</U>&rdquo;) results in an initial interest rate of 1.9385%. NOTICE: Under no
circumstances will the interest rate on the Note be more than the maximum rate allowed by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">The annual interest
rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360
days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">Notwithstanding
the foregoing, upon the occurrence of an Event of Default (as defined in the Loan Agreement), the Bank, at its option, may charge,
and the Maker agrees to pay, interest on disbursed and unpaid principal balances at the default rate (the &ldquo;<U>Default Rate</U>&rdquo;)
equal to a rate per annum equal to the lesser of (a)&nbsp;the Maximum Rate or (b) (i)&nbsp;the base commercial rate of interest
(the &ldquo;<U>Base Rate</U>&rdquo;) established from time to time by the Bank plus (ii)&nbsp;three percent (3%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">Notwithstanding
any other provisions herein, if any Change in Law (as hereinafter defined) shall make it unlawful for the Bank to make or maintain
a LIBOR Rate loan as contemplated by this Note, the principal outstanding hereunder shall, if required by law and if the Bank so
requests, be converted on the date required to make the loan evidenced by this Note legal to a loan accruing interest at the lesser
of the Maximum Rate or the base commercial rate of interest (&ldquo;<U>Base Rate</U>&rdquo;) established from time to time by the
Bank. Each change in the Base Rate shall become effective, without notice to the undersigned, on the same date that the Base Rate
changes. The undersigned hereby agrees promptly to pay the Bank, upon demand, any costs incurred by the Bank in making any conversion
in accordance with this paragraph, including any interest or fees payable by the Bank to lenders of funds obtained by it in order
to maintain its LIBOR Rate loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">Any amounts not
paid when due hereunder (whether by reason of acceleration, maturity, or otherwise) shall bear interest after maturity at the Default
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">For purposes hereof,
the following terms shall have the following meanings unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<U>Change
in Law</U>&rdquo; shall mean the adoption of any law, rule, regulation, policy, guideline or directive (whether or not having the
force of law) or any change therein or in the interpretation or application thereof, in all cases by any Governmental Authority
having jurisdiction over the Bank, in each case after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<U>Governmental
Authority</U>&rdquo; shall mean any nation or government, any state or other political subdivision thereof and any entity exercising
regulatory functions of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">In the event that
the foregoing provisions should be construed by a court of competent jurisdiction not to constitute a valid, enforceable designation
of a rate of interest or method of determining same, the indebtedness hereby evidenced shall bear interest at the maximum effective
contract rate which may be charged by the Bank under applicable statutes and laws from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">For any payment
which is not made within ten (10) days of the due date for such payment, the Maker shall pay a late fee. The late fee shall equal
five percent (5%) of the unpaid portion of the past-due payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">This Note is secured
by an Amended and Restated Security Agreement (the &ldquo;<U>Security Agreement</U>&rdquo;) dated of even date herewith, as same
may be modified, amended, renewed, or extended, covering Maker's Accounts Receivable, and other collateral, as is more particularly
described in said Security Agreement, and may now or hereafter be secured by other mortgages, trust deeds, assignments, security
agreements, or other instruments of pledge or hypothecation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">This Note is payable
at the offices of Bank, 165&nbsp;Madison Avenue, Memphis, Tennessee 38103, or at such other place as the holder may designate in
writing, in lawful money of the United States of America, which shall be legal tender in payment of all debts and dues, public
and private, at the time of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">On the Termination
Date, or, at the option of the Bank (a)&nbsp;if the undersigned shall fail to make payment of any installment of interest, as above
provided, or (b)&nbsp;upon any default in the terms and provisions of the Security Agreement or any trust deed, mortgage, or other
instrument of pledge or hypothecation which now or hereafter secures the payment of the indebtedness evidenced hereby, or (c)&nbsp;upon
the occurrence of any Event of Default as that term is defined in the Loan Agreement, or&nbsp;(d)&nbsp;upon the death or dissolution
of the Maker or any endorser or guarantor or (if the Maker, or any endorser or guarantor is a partnership) the death or dissolution
of any general partner thereof, or (e)&nbsp;upon default in the payment when due of any other indebtednesses, liabilities, or obligations
of the Maker to the Bank, whether now existing or hereafter created or arising, the entire unpaid balance of the indebtedness hereby
evidenced, together with all interest then accrued, shall at once become due and payable for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">If this Note is
placed in the hands of an attorney for collection, by suit or otherwise, or to protect the security for its payment, or to enforce
its collection, or to represent the rights of the Bank in connection with any loan documentation executed in connection herewith,
or to defend successfully against any claim, cause of action or suit brought by the Maker against the Bank, the Maker shall pay
on demand all costs of collection and litigation (including court costs), together with a reasonable attorney's fee. These include,
but are not limited to, the Bank's reasonable attorney's fees and legal expenses, whether or not there is a lawsuit, including
attorney's fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction) and appeals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><B>The Bank and
the Maker hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Bank or Maker against
the other.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">To the extent permitted
by applicable law, the Bank reserves a right of setoff in all the Maker's accounts with the Bank (whether checking, savings, or
some other account). This includes all accounts the Maker may open in the future. However, this does not include any IRA or Keogh
accounts, or any trust accounts for which setoff would be prohibited by law. The Maker authorizes the Bank, to the extent permitted
by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at the Bank's
option, to administratively freeze all such accounts to allow the Bank to protect the Bank's charge and setoff rights provided
in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify,
and record information that identifies each business entity that opens an account. What this means to Maker: When Maker opens an
account, the Bank will ask for Federal Tax Identification Number, physical street address, full legal name of the Maker and other
information that will allow the Bank to identify Maker. The Bank may also ask Maker to provide copies of certain documents that
will aid in confirming this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">The Maker and any
endorsers or guarantors hereof waive protest, demand, presentment and notice of dishonor, and agree that this Note may be extended,
in whole or in part, without limit as to the number of such extensions, or the period or periods thereof, and without notice to
them and without affecting their liability thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">It is the intention
of the Bank and the Maker to comply strictly with all applicable usury laws; and, accordingly, in no event and upon no contingency
shall the holder hereof ever be entitled to receive, collect, or apply as interest any interest, fees, charges, or other payments
equivalent to interest, in excess of the maximum rate which the Bank may lawfully charge under applicable statutes and laws from
time to time in effect; and, in the event that the holder hereof ever receives, collects, or applies as interest, any such excess,
such amount which, but for this provision, would be excessive interest, shall be applied to the reduction of the principal amount
of the indebtedness evidenced hereby; and, if the principal amount of the indebtedness evidenced hereby, and all lawful interest
thereon, is paid in full, any remaining excess shall forthwith be paid to the Maker, or other party lawfully entitled thereto.
All interest paid or agreed to be paid by the Maker shall, to the maximum extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal, so that the interest hereon for such full
period shall not exceed the maximum amount permitted by applicable law. Any provision hereof, or of any other agreement between
the Bank and the Maker, that operates to bind, obligate, or compel the Maker to pay interest in excess of such maximum lawful contract
rate shall be construed to require the payment of the maximum rate only. The provisions of this paragraph shall be given precedence
over any other provision contained herein or in any other agreement between the Bank and the Maker that is in conflict with the
provisions of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">This Note shall
be governed and construed according to the statutes and laws of the State of Tennessee from time to time in effect, except to the
extent that Section&nbsp;85 of Title&nbsp;12 of the United States Code (or other applicable federal statute) may permit the charging
of a higher rate of interest than applicable state law, in which event such applicable federal statute, as amended and supplemented
from time to time, shall govern and control the maximum rate of interest permitted to be charged hereunder; it being intended that,
as to the maximum rate of interest which may be charged, received, and collected hereunder, those applicable statutes and laws,
whether state or federal, from time to time in effect, which permit the charging of a higher rate of interest, shall govern and
control; provided, always, however, that in no event and under no circumstances shall the Maker be liable for the payment of interest
in excess of the maximum effective rate permitted by such applicable law, from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">This Note constitutes
an increase, renewal and extension of that certain Third Amended and Restated Consolidated Revolving Credit Note dated November
17, 2014, in the principal sum of Forty Million Dollars ($40,000,000.00), as same has been amended, which amended that certain
Second Amended and Restated Consolidated Revolving Credit Note dated May&nbsp;30, 2012, in the principal sum of Thirty-Five Million
Dollars ($35,000,000.00), as same has been amended, which amended that certain Consolidated Amended and Restated Promissory Note
of the Maker dated June 22, 2007, in the principal sum of Thirty Million Dollars ($30,000,000.00), as same was previously amended
by First Amendment to Consolidated, Amended and Restated Revolving Credit Note dated June 1, 2009, which constituted an increase,
consolidation, renewal and extension of that certain promissory note dated June&nbsp;27, 1995, in the principal amount of Two Million
Five Hundred Thousand Dollars ($2,500,000.00), that certain promissory note dated July&nbsp;3, 1996, in the principal amount of
Five Million Dollars ($5,000,000.00), that certain consolidated, amended and restated promissory note dated April&nbsp;26, 2001,
in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00), that certain promissory note dated April&nbsp;26,
2001, in the principal amount of Five Million Dollars ($5,000,000.00), and that amended and restated revolving credit note dated
April&nbsp;26, 2001, in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) (the &ldquo;<U>Prior
Notes</U>&rdquo;), being payable to the order of the Bank, and being executed by the Maker. The indebtedness heretofore evidenced
by such Prior Notes is not discharged or cancelled by the execution hereof. From and after the date hereof, said indebtedness evidenced
by the Prior Notes shall be evidenced by, and shall be payable in accordance with, the provisions of this Note; and the collateral
security which secured the indebtedness heretofore evidenced by said Prior Notes shall continue to secure the indebtedness evidenced
hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">ATTEST:</TD>
    <TD STYLE="width: 50%"><B>P.A.M. TRANSPORT, INC.</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>_____________________________</TD>
    <TD>By: ___________________________</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Secretary</TD>
    <TD>Title:__________________________</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in">EXHIBIT
&ldquo;4.1&rdquo;<BR>
TO LOAN AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><BR>
<FONT STYLE="text-transform: none"><U>List of Government Contracts</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">None</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in">EXHIBIT
&ldquo;6.6(a)&rdquo;<BR>
TO LOAN AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><BR>
<FONT STYLE="text-transform: none"><U>&ldquo;Form&rdquo; of Borrowing Base Certificate</U></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PERIODIC REPORT NUMBER :</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in; text-align: center">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>REPORT DATE :</B></FONT></TD>
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    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;I.&nbsp;&nbsp;ACCOUNTS RECEIVABLE AS OF:</B></FONT></TD>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; text-indent: 0in; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>A/R</B></FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CATEGORY #3</B></FONT></TD></TR>
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    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Billed)</FONT></TD>
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    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Unbilled)</FONT></TD>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ASSIGNED ACCOUNTS (attach back-up) </B></FONT></TD>
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    <TD NOWRAP>&nbsp;</TD>
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    <TD NOWRAP>&nbsp;</TD>
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    <TD NOWRAP>&nbsp;</TD>
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    <TD NOWRAP>&nbsp;</TD>
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TR STYLE="vertical-align: bottom">
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85%</FONT></TD>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85%</FONT></TD>
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<TR STYLE="vertical-align: bottom">
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
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<TR STYLE="vertical-align: bottom">
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<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
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    <TD NOWRAP>&nbsp;</TD>
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    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;II. INVENTORY AS OF:</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date:</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date:</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Date:</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; text-align: center">&nbsp;</TD></TR>
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    <TD NOWRAP STYLE="border-left: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; text-indent: 0in; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INVENTORY</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; text-indent: 0in; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INVENTORY</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; text-indent: 0in; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INVENTORY</B></FONT></TD></TR>
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    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CATEGORY #1</B></FONT></TD>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CATEGORY #2</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CATEGORY #3</B></FONT></TD></TR>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>COLLATERAL TYPE</B></FONT></TD>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PREVIOUS (BEGINNING) BALANCE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INVENTORY PURCHASES (RECEIPTS)</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INVENTORY RELEASES (COST OF SALES)</B></FONT></TD>
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    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ADJUSTMENTS</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ENDING INVENTORY BALANCE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS INELIGIBLE INVENTORY </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>NET COLLATERAL VALUE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>RATE OF ADVANCE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>COLLATERAL LOAN VALUE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>INVENTORY DEBT CAP </B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;(Lesser of Calculation or Inventory Cap)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
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    <TD NOWRAP STYLE="border: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&nbsp;III. PREVIOUS LOAN BALANCE</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>IV.</B></FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>TOTAL COLLATERAL LOAN VALUE</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ADVANCES MADE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS ENDING LOAN BALANCE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>COLLECTIONS APPLIED</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS LETTERS OF CREDIT</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ADJUSTMENTS (CORRECTIONS) TO LOAN</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS BANKERS ACCEPTANCES</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ENDING LOAN BALANCE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-indent: 0in; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.00</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS RESERVES</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OTHER</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*ADJUSTMENT TYPES:&nbsp;&nbsp;WO=Write offs;&nbsp;&nbsp;CM=Credit Memos;</FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AVAILABILITY ON COLLATERAL</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UNRL=Unrelated Funds; DSC=Cash Discounts;</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="background-color: silver; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; background-color: silver; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">DM=Debt Memos; AG=Aging Adjustments; JE=Journal Entries;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LINE OF CREDIT</B></FONT></TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RTN CHK=Return Checks; OTH=Other</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS ENDING LOAN BALANCE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS LC's AND B/A's </B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS ACH RESERVE</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS CREDIT CARD RESERVE</B></FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>LESS ACH RESERVE</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>AVAILABILITY ON LINE</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 2.25pt double; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,000,000 </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="5" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Cash Available to borrow is lesser of Availability on Collateral</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or Availability on Line.)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-indent: 0in; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CERTIFICATE AND AGREEMENT</B></FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="7" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The undersigned (&quot;Borrower&quot;) do(es) hereby certify, represent, and warrants to FIRST TENNESSEE BANK, (&quot;FTB, &quot;), that:</FONT></TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1) The information set herein and in&nbsp;&nbsp;the attachments (&quot;Attachments&quot;) hereto is true, accurate, and complete in all respects, without any material </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;deviations or omissions.</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2) All of the Collateral described above (&quot;Collateral&quot;) is subject to the security interest of FTB, , pursuant to one or more previously executed Security</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements; and to further assure FTB, , of such security interest, the Borrower
does hereby assign, transfer, and convey to FTB, ,, and grant to</font></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTB, , a security interest in said Collateral for the purpose of securing the payment of all indebtedness', liabilities, and obligations of the Borrower to</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTB, , of every kind, character or description, now existing or hereafter created or arising, absolute or contingent, due or to become due, whether</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;several, joint, or joint and several, and howsoever owned, held or acquired.</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)
    None of the Collateral is subject to any lien, security interest, or claim of any party other than FTB, , except:</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)
    All representations and warranties made by Borrower in any Loan Agreement(s) or Security Agreement(s) executed in favor of
    FTB, ,(collectively</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;called &quot;Loan Documents&quot;) remain true, accurate, and complete in all respects, the same as if made on the date hereof.&nbsp;&nbsp;Further, the&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower has no knowledge of any default by Borrower in any of the covenants and conditions contained in the&nbsp;&nbsp;Loan Documents, nor of any</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;event, circumstance or condition which, with the giving of notice, lapse of time, or both, would become a default or event of default in any of</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-indent: 0in"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the Loan Documents.</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="6" STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5)
    The Attachments (which are made a part of the Certificate by reference) are identified specifically as follows: </FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">#REF!</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Controller/AVP of Acct</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid; text-indent: 0in">&nbsp;</TD>
    <TD NOWRAP STYLE="text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(Title)</FONT></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">EXHIBIT
&ldquo;6.6(B)&rdquo;</FONT><U><BR>
</U><FONT STYLE="text-transform: none">TO LOAN AGREEMENT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><B><U>&ldquo;Form&rdquo;
of Compliance Certificate</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0pt"><U>Compliance Certificate</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">[DATE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">First Tennessee Bank</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">Business Credit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">165 Madison Ave, Suite 700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">Memphis, TN&nbsp; 38103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">Re: Compliance Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in; text-align: justify">I, __________________________, ________________,
of <B>PAM Transport, Inc</B>, &ldquo;Borrower&rdquo;, certify to First Tennessee Bank that the financial statements for the YTD
period ending ___________ ____, 20<U> </U>, present fairly the financial position and results of operations of <B>PAM Transportation
Services, Inc</B>., &ldquo;Guarantor.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in; text-align: justify">This certification is provided solely to First
Tennessee Bank under the provision of Section 6.6 (b) of the Amended and Restated Loan Agreement by and between First Tennessee
Bank and Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><U>Covenant</U> </TD>
    <TD STYLE="text-align: center"><U>Threshold</U></TD>
    <TD STYLE="text-align: center"><U>Actual</U></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><U>In Compliance</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center"><U>Yes</U></TD>
    <TD STYLE="width: 10%; text-align: center"><U>No</U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Maximum Senior Funded Debt/EBITDA</TD>
    <TD STYLE="text-align: center">4.00 to 1.0</TD>
    <TD STYLE="text-align: center">______________</TD>
    <TD STYLE="text-align: center">_____</TD>
    <TD STYLE="text-align: center">_____</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Maximum Annual Distributions/Dividends</TD>
    <TD STYLE="text-align: center">50%
of NI</TD>
    <TD STYLE="text-align: center">______________</TD>
    <TD STYLE="text-align: center">_____</TD>
    <TD STYLE="text-align: center">_____</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in; text-align: justify">By signing below I acknowledge that I have completed
the above covenant compliance check, and to the best of my knowledge, except where indicated, Guarantor and Borrower are in compliance
with all of the above covenants and all other affirmative and negative covenants, events of default, and all other terms of the
agreements encompassing the Amended and Restated Loan Agreement between First Tennessee Bank and Borrower dated _______ __, 20__
and amended thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in"><B>PAM Transport, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">By: ____________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">Title: ____________________&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-indent: 0in">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>pam_8k-ex0402.htm
<DESCRIPTION>FOURTH AMENDED AND RESTATED CONSOLIDATED REVOLVING CREDIT NOTE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">Exhibit 4.2</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FOURTH AMENDED AND RESTATED CONSOLIDATED
REVOLVING CREDIT NOTE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">$40,000,000.00</TD>
    <TD STYLE="width: 50%; font-size: 10pt; text-align: right">Memphis, Tennessee</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">March 28, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ON OR BEFORE July 1,
2018 (the &ldquo;<U>Termination Date</U>&rdquo;), the undersigned, <B>P.A.M.&nbsp;TRANSPORT, INC. </B>(&ldquo;<U>Maker</U>&rdquo;),
promises to pay to the order of <B>FIRST TENNESSEE BANK NATIONAL ASSOCIATION</B>, a national banking association having its principal
place of business in Memphis, Tennessee (&ldquo;<U>Bank</U>&rdquo;), the principal sum of Forty Million Dollars ($40,000,000.00),
value received, together with interest from date until paid, upon disbursed and unpaid principal balances, at the Contract Rate
hereinafter specified, said interest being payable monthly on the first (1<SUP>st</SUP>) day of each month hereafter, commencing
on the 1<SUP>st</SUP> day of April, 2016, with the final installment of interest being due and payable concurrently on the same
date that the principal balance is due hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Termination Date
may be extended one or more times pursuant to the provisions of that certain Amended and Restated Loan Agreement dated March 28,
2016, among Maker, Bank and a certain guarantor therein mentioned and described (as same may hereafter be amended, the &ldquo;<U>Loan
Agreement</U>&rdquo;), and if so extended, such extended date shall thereupon constitute the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The interest rate on
this Note is subject to change from time to time based on changes in an independent index (the &ldquo;<U>Index</U>&rdquo;) which
is the LIBOR Rate (as hereinafter defined) adjusted and determined, without notice to Maker, as of the first day of the month in
which this Note is executed and as of the first (1st)&nbsp;day of each calendar month hereafter (the &ldquo;<U>Interest Rate Change
Date</U>&rdquo;). The &ldquo;<U>LIBOR Rate</U>&rdquo; shall mean the London Interbank Offered Rate of interest for an interest
period of one (1) month, which appears on Bloomberg page BBAM under the column heading &ldquo;USD&rdquo; (the &ldquo;<U>Index</U>&rdquo;)
on the day that is two (2) London Business Days preceding each Interest Rate Change Date (the &ldquo;<U>Reset Date</U>&rdquo;).
If the LIBOR Rate as defined above is not available or is not published for any Reset Date, then Bank shall, at its sole discretion,
choose a substitute source for the LIBOR Rate, which LIBOR Rate plus the Margin (hereinafter defined) shall become effective on
the next Interest Rate Change Date. &ldquo;London Business Day&rdquo; shall mean any day on which commercial banks in London, England
are open for general business. The Index is not necessarily the lowest rate charged by Bank on its loans. If the Index becomes
unavailable during the term of this loan, Bank may designate a substitute index after notice to Maker. Bank will tell Maker the
current Index rate upon Maker's request. The interest rate change will not occur more often than each month. Maker understands
that Bank may make loans based on other rates as well. The Index is currently 1.4385% per annum. The Index plus a margin of one
and one-half percent (1.5%) (the &ldquo;<U>Margin</U>&rdquo;) results in an initial interest rate of 1.9385%. NOTICE: Under no
circumstances will the interest rate on the Note be more than the maximum rate allowed by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The annual interest
rate for this Note is computed on a 365/360 basis; that is, by applying the ratio of the annual interest rate over a year of 360
days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, upon the occurrence of an Event of Default (as defined in the Loan Agreement), the Bank, at its option, may charge,
and the Maker agrees to pay, interest on disbursed and unpaid principal balances at the default rate (the &ldquo;<U>Default Rate</U>&rdquo;)
equal to a rate per annum equal to the lesser of (a)&nbsp;the Maximum Rate or (b) (i)&nbsp;the base commercial rate of interest
(the &ldquo;<U>Base Rate</U>&rdquo;) established from time to time by the Bank plus (ii)&nbsp;three percent (3%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any
other provisions herein, if any Change in Law (as hereinafter defined) shall make it unlawful for the Bank to make or maintain
a LIBOR Rate loan as contemplated by this Note, the principal outstanding hereunder shall, if required by law and if the Bank so
requests, be converted on the date required to make the loan evidenced by this Note legal to a loan accruing interest at the lesser
of the Maximum Rate or the base commercial rate of interest (&ldquo;<U>Base Rate</U>&rdquo;) established from time to time by the
Bank. Each change in the Base Rate shall become effective, without notice to the undersigned, on the same date that the Base Rate
changes. The undersigned hereby agrees promptly to pay the Bank, upon demand, any costs incurred by the Bank in making any conversion
in accordance with this paragraph, including any interest or fees payable by the Bank to lenders of funds obtained by it in order
to maintain its LIBOR Rate loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any amounts not paid
when due hereunder (whether by reason of acceleration, maturity, or otherwise) shall bear interest after maturity at the Default
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes hereof,
the following terms shall have the following meanings unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify">&ldquo;<U>Change in Law</U>&rdquo; shall
mean the adoption of any law, rule, regulation, policy, guideline or directive (whether or not having the force of law) or any
change therein or in the interpretation or application thereof, in all cases by any Governmental Authority having jurisdiction
over the Bank, in each case after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60pt; text-align: justify">&ldquo;<U>Governmental Authority</U>&rdquo;
shall mean any nation or government, any state or other political subdivision thereof and any entity exercising regulatory functions
of or pertaining to government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the
foregoing provisions should be construed by a court of competent jurisdiction not to constitute a valid, enforceable designation
of a rate of interest or method of determining same, the indebtedness hereby evidenced shall bear interest at the maximum effective
contract rate which may be charged by the Bank under applicable statutes and laws from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For any payment which
is not made within ten (10) days of the due date for such payment, the Maker shall pay a late fee. The late fee shall equal five
percent (5%) of the unpaid portion of the past-due payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is secured
by an Amended and Restated Security Agreement (the &ldquo;<U>Security Agreement</U>&rdquo;) dated of even date herewith, as same
may be modified, amended, renewed, or extended, covering Maker's Accounts Receivable, and other collateral, as is more particularly
described in said Security Agreement, and may now or hereafter be secured by other mortgages, trust deeds, assignments, security
agreements, or other instruments of pledge or hypothecation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is payable
at the offices of Bank, 165&nbsp;Madison Avenue, Memphis, Tennessee 38103, or at such other place as the holder may designate in
writing, in lawful money of the United States of America, which shall be legal tender in payment of all debts and dues, public
and private, at the time of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Termination
Date, or, at the option of the Bank (a)&nbsp;if the undersigned shall fail to make payment of any installment of interest, as above
provided, or (b)&nbsp;upon any default in the terms and provisions of the Security Agreement or any trust deed, mortgage, or other
instrument of pledge or hypothecation which now or hereafter secures the payment of the indebtedness evidenced hereby, or (c)&nbsp;upon
the occurrence of any Event of Default as that term is defined in the Loan Agreement, or&nbsp;(d)&nbsp;upon the death or dissolution
of the Maker or any endorser or guarantor or (if the Maker, or any endorser or guarantor is a partnership) the death or dissolution
of any general partner thereof, or (e)&nbsp;upon default in the payment when due of any other indebtednesses, liabilities, or obligations
of the Maker to the Bank, whether now existing or hereafter created or arising, the entire unpaid balance of the indebtedness hereby
evidenced, together with all interest then accrued, shall at once become due and payable for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Note is placed
in the hands of an attorney for collection, by suit or otherwise, or to protect the security for its payment, or to enforce its
collection, or to represent the rights of the Bank in connection with any loan documentation executed in connection herewith, or
to defend successfully against any claim, cause of action or suit brought by the Maker against the Bank, the Maker shall pay on
demand all costs of collection and litigation (including court costs), together with a reasonable attorney's fee. These include,
but are not limited to, the Bank's reasonable attorney's fees and legal expenses, whether or not there is a lawsuit, including
attorney's fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction) and appeals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The Bank and the
Maker hereby waive the right to any jury trial in any action, proceeding, or counterclaim brought by either Bank or Maker against
the other.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent permitted
by applicable law, the Bank reserves a right of setoff in all the Maker's accounts with the Bank (whether checking, savings, or
some other account). This includes all accounts the Maker may open in the future. However, this does not include any IRA or Keogh
accounts, or any trust accounts for which setoff would be prohibited by law. The Maker authorizes the Bank, to the extent permitted
by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts, and, at the Bank's
option, to administratively freeze all such accounts to allow the Bank to protect the Bank's charge and setoff rights provided
in this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To help the government
fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify,
and record information that identifies each business entity that opens an account. What this means to Maker: When Maker opens an
account, the Bank will ask for Federal Tax Identification Number, physical street address, full legal name of the Maker and other
information that will allow the Bank to identify Maker. The Bank may also ask Maker to provide copies of certain documents that
will aid in confirming this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Maker and any endorsers
or guarantors hereof waive protest, demand, presentment and notice of dishonor, and agree that this Note may be extended, in whole
or in part, without limit as to the number of such extensions, or the period or periods thereof, and without notice to them and
without affecting their liability thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is the intention
of the Bank and the Maker to comply strictly with all applicable usury laws; and, accordingly, in no event and upon no contingency
shall the holder hereof ever be entitled to receive, collect, or apply as interest any interest, fees, charges, or other payments
equivalent to interest, in excess of the maximum rate which the Bank may lawfully charge under applicable statutes and laws from
time to time in effect; and, in the event that the holder hereof ever receives, collects, or applies as interest, any such excess,
such amount which, but for this provision, would be excessive interest, shall be applied to the reduction of the principal amount
of the indebtedness evidenced hereby; and, if the principal amount of the indebtedness evidenced hereby, and all lawful interest
thereon, is paid in full, any remaining excess shall forthwith be paid to the Maker, or other party lawfully entitled thereto.
All interest paid or agreed to be paid by the Maker shall, to the maximum extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full period until payment in full of the principal, so that the interest hereon for such full
period shall not exceed the maximum amount permitted by applicable law. Any provision hereof, or of any other agreement between
the Bank and the Maker, that operates to bind, obligate, or compel the Maker to pay interest in excess of such maximum lawful contract
rate shall be construed to require the payment of the maximum rate only. The provisions of this paragraph shall be given precedence
over any other provision contained herein or in any other agreement between the Bank and the Maker that is in conflict with the
provisions of this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note shall be
governed and construed according to the statutes and laws of the State of Tennessee from time to time in effect, except to the
extent that Section&nbsp;85 of Title&nbsp;12 of the United States Code (or other applicable federal statute) may permit the charging
of a higher rate of interest than applicable state law, in which event such applicable federal statute, as amended and supplemented
from time to time, shall govern and control the maximum rate of interest permitted to be charged hereunder; it being intended that,
as to the maximum rate of interest which may be charged, received, and collected hereunder, those applicable statutes and laws,
whether state or federal, from time to time in effect, which permit the charging of a higher rate of interest, shall govern and
control; provided, always, however, that in no event and under no circumstances shall the Maker be liable for the payment of interest
in excess of the maximum effective rate permitted by such applicable law, from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note constitutes
an increase, renewal and extension of that certain Third Amended and Restated Consolidated Revolving Credit Note dated November
17, 2014, in the principal sum of Forty Million Dollars ($40,000,000.00), as same has been amended, which amended that certain
Second Amended and Restated Consolidated Revolving Credit Note dated May&nbsp;30, 2012, in the principal sum of Thirty-Five Million
Dollars ($35,000,000.00), as same has been amended, which amended that certain Consolidated Amended and Restated Promissory Note
of the Maker dated June 22, 2007, in the principal sum of Thirty Million Dollars ($30,000,000.00), as same was previously amended
by First Amendment to Consolidated, Amended and Restated Revolving Credit Note dated June 1, 2009, which constituted an increase,
consolidation, renewal and extension of that certain promissory note dated June&nbsp;27, 1995, in the principal amount of Two Million
Five Hundred Thousand Dollars ($2,500,000.00), that certain promissory note dated July&nbsp;3, 1996, in the principal amount of
Five Million Dollars ($5,000,000.00), that certain consolidated, amended and restated promissory note dated April&nbsp;26, 2001,
in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00), that certain promissory note dated April&nbsp;26,
2001, in the principal amount of Five Million Dollars ($5,000,000.00), and that amended and restated revolving credit note dated
April&nbsp;26, 2001, in the principal amount of Seven Million Five Hundred Thousand Dollars ($7,500,000.00) (the &ldquo;<U>Prior
Notes</U>&rdquo;), being payable to the order of the Bank, and being executed by the Maker. The indebtedness heretofore evidenced
by such Prior Notes is not discharged or cancelled by the execution hereof. From and after the date hereof, said indebtedness evidenced
by the Prior Notes shall be evidenced by, and shall be payable in accordance with, the provisions of this Note; and the collateral
security which secured the indebtedness heretofore evidenced by said Prior Notes shall continue to secure the indebtedness evidenced
hereby.</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">ATTEST:</TD>
    <TD STYLE="width: 50%"><B>P.A.M. TRANSPORT, INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline"><U>&nbsp;&nbsp;/s/ Allen West</U></TD>
    <TD>By:<U>&nbsp;&nbsp;/s/ Daniel H. Cushman</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Secretary</TD>
    <TD>Title:<U>&nbsp;&nbsp;President</U></TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>pam_8k-ex0403.htm
<DESCRIPTION>AMENDED AND RESTATED SECURITY AGREEMENT
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right">Exhibit 4.3</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AMENDED
AND RESTATED SECURITY AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS AMENDED AND RESTATED
SECURITY AGREEMENT entered into this 28th day of March, 2016, by and between <B>P.A.M. TRANSPORT, INC.</B>, an Arkansas corporation,
whose address is 297 W. Henri de Tonti Boulevard, P.O. Box 188, Tontitown, Arkansas 72770 (&ldquo;<U>Grantor</U>&rdquo;), and <B>FIRST
TENNESSEE BANK NATIONAL ASSOCIATION</B>, a national banking association whose address is 165&nbsp;Madison Avenue, Memphis, Tennessee
38103, Attention: First Tennessee Business Credit (&ldquo;<U>Bank</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">That for good and valuable
considerations, the receipt and sufficiency of which are hereby acknowledged, the Grantor hereby agrees with Bank as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#9;<U>Definitions</U>.
Reference is made to the Amended and Restated Loan Agreement, dated March 28, 2016, among the Grantor, the Bank, and any Guarantor
therein mentioned and described (as same may be amended or modified, the &ldquo;<U>Loan Agreement</U>&rdquo;), said Loan Agreement
being incorporated herein by reference. All terms used in this Security Agreement which are defined in the Loan Agreement or in
Article&nbsp;9 of the Uniform Commercial Code (the &ldquo;<U>Code</U>&rdquo;) of Tennessee, as now or hereinafter in effect, and
which are not otherwise defined herein shall have the same meanings herein as set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#9;<U>Grant of Security
Interest</U>. As collateral security for all of the Obligations (as defined in Section&nbsp;3 hereof), the Grantor hereby pledges
and assigns to Bank, and grants to Bank a continuing security interest in, the following (the &ldquo;<U>Collateral</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">(a)&#9;All of the Grantor's
accounts, accounts receivable, unbilled revenue, chattel paper, instruments, and other obligations of any kind, whether or not
earned by performance (collectively hereinafter called &ldquo;<U>Accounts Receivable</U>&rdquo; or &ldquo;<U>Receivables</U>&rdquo;)
whether now or hereafter existing, arising out of or in connection with the rendering of transportation services, and all rights
now or hereafter existing in and to all security agreements, leases and other contracts securing or otherwise relating to any such
Accounts Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">(b)&#9;All of Grantor's
customer lists, original books and records, ledger and account cards, computer tapes, discs and printouts, whether now in existence
or hereafter created, relating to such Accounts Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">(c)&#9;All proceeds
(&ldquo;<U>Proceeds</U>&rdquo;) of any and all of the foregoing Collateral. (Although proceeds are covered, Bank does not authorize
the sale or other transfer of any of the Collateral or the transfer of any interest in the Collateral, except for the sale of goods
in the ordinary course of Grantor's business);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in each case, whether now owned or hereafter acquired by the
Grantor and howsoever its interest therein may arise or appear (whether by ownership, lease, security interest, claim, or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#9;<U>Security for
Obligations</U>. The security interest created hereby in the Collateral constitutes continuing collateral security for all of the
following obligations, whether now existing or hereafter incurred (the &ldquo;<U>Obligations</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">(a)&#9;the full and
prompt payment, when due, of the indebtedness (and interest thereon) evidenced and to be evidenced by that certain Fourth Amended
and Restated Consolidated Revolving Credit Note, bearing date of the 28th&nbsp;day of March, 2016, in the principal sum of Forty
Million Dollars ($40,000,000.00), executed by Grantor, and payable to the order of Bank, and any and all renewals, modifications,
and extensions of said note, in whole or in part;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">(b)&#9;the due performance
and observance by the Grantor of all of its covenants, agreements, representations, liabilities, obligations, and undertakings
as set forth herein, or in the Loan Agreement (as the same may be modified, renewed or extended from time to time) or in any other
instrument or document which now or at any time hereafter evidences or secures, in whole or in part, all or any part of the Obligations
hereby secured;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">(c)&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif">all
indebtedness, liabilities, obligations, covenants and duties of Grantor to the Bank, of every kind, nature and description arising
under of in respect of any Bank Product (including arising under or in respect of any guaranty thereof), whether direct or indirect,
absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, in each case now existing or hereafter
arising. &ldquo;<U>Bank Products</U>&rdquo; means any of the following that the Bank provides, to or enters into with the Grantor:
(i) any deposit, lockbox, Cash Management Services, or other cash management agreement, (ii) any Interest Rate Management Agreements,
(iii) any credit cards, purchase cards and/or debit cards, and (iv) any other product, service or agreement pursuant to which Grantor
is indebted to the Bank. &ldquo;<U>Interest Rate Management Agreements</U>&rdquo; means interest rate management contracts with
Bank on behalf of the Grantor, whether now existing or hereafter arising, which shall include, but are not limited to, interest
rate swap transactions, basis swaps, forward rate transactions, commodity swaps, commodity options, equity or equity index swaps,
equity or equity index options, bond options, interest rate options, foreign exchange transactions, cap transactions, floor transactions,
collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options or any other similar transaction
(including any option with respect to any of these transactions). &ldquo;<U>Cash Management Services</U>&rdquo; means any services
provided from time to time by the Bank to Grantor in connection with the operating, collections, payroll, trust or other depository
or disbursement accounts, including automated clearinghouse, e-payable, electronic funds transfer, wire transfer, controlled disbursement,
overdraft, depository, information reporting, lockbox and stop payment services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">(d)&#9;the prompt payment
and performance of any and all other present and future indebtednesses, liabilities and obligations of Grantor to Bank of every
kind, character, and description, whether now existing or hereafter created or arising, whether absolute or contingent, due or
to become due, joint or several, matured or unmatured, direct or indirect, primary or secondary, and including, without limitation,
all future advances to the Grantor and all obligations of the Grantor with respect to any letters of credit issued at any time
by Bank for the benefit of Grantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#9;<U>Representations
and Warranties</U>. The Grantor represents and warrants as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;The Grantor's
chief place of business and chief executive office, the place where the Grantor keeps its records concerning Accounts Receivable
and all originals of all chattel paper which constitute Accounts Receivable are located at the address specified for the Grantor
in the initial paragraph hereof. None of the Accounts Receivable is evidenced by a promissory note or other instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;Except
as otherwise specifically mentioned in <B>Exhibit&nbsp;&rdquo;A,&rdquo;</B> hereto attached, the Grantor owns the Collateral free
and clear of any lien, security interest or other charge or encumbrance except for the security interest created by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-align: justify; text-indent: 0.5in">(ii)&#9;Except for
the financing statements filed in favor of Bank relating to this Agreement, and except for any financing statements filed with
respect to the security interests mentioned in <B>Exhibit&nbsp;&rdquo;A,&rdquo;</B> hereto attached, no other financing statement
or other instrument similar in effect covering all or any part of the Collateral is on file in any recording office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#9;The exercise
by Bank of its rights and remedies hereunder will not contravene any law or governmental regulation or any contractual restriction
binding on or affecting the Grantor or any of its properties and will not result in or require the creation of any lien, security
interest or other charge or encumbrance upon or with respect to any of its properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#9;No authorization
or approval or other action by, and no notice to or filing with, any governmental authority or other regulatory body is required
either for the grant by the Grantor of the security interest created hereby in the Collateral or for the exercise by Bank of its
rights and remedies hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#9;This Agreement
creates a valid security interest in favor of the Bank in the Collateral. The taking possession by the Bank of all instruments
and chattel paper constituting Collateral from time to time, and the filing of financing statements with the Arkansas Secretary
of State will perfect and establish the priority of the Bank's security interest hereunder in the Collateral, subject to no other
liens and encumbrances, except as otherwise specifically disclosed in <B>Exhibit&nbsp;&rdquo;A.&rdquo;</B> Except as set forth
in this Section 4(e), no action is necessary or desirable to perfect or otherwise protect such security interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#9;<U>Covenants
as to the Collateral</U>. So long as any of the Obligations shall remain outstanding, unless Bank shall otherwise consent in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;<I><U>Further
Assurances</U></I>. The Grantor will at its expense, at any time and from time to time, promptly execute and deliver all further
instruments and documents and take all further action that Bank deems necessary or desirable or that Bank may request in order
(i)&nbsp;to perfect and protect the security interest created or purported to be created hereby; (ii)&nbsp;to enable Bank to exercise
and enforce its rights and remedies hereunder in respect of the Collateral; or (iii)&nbsp;to otherwise effect the purposes of this
Agreement, including, without limitation: (A)&nbsp;executing and filing such financing or continuation statements, or amendments
thereto, as Bank deems necessary or desirable or that Bank may request in order to perfect and preserve the security interest created
or purported to be created hereby; (B)&nbsp;furnishing to Bank from time to time statements and schedules further identifying and
describing the Collateral and such other reports in connection with the Collateral as Bank may reasonably request, all in reasonable
detail; (C)&nbsp;marking conspicuously each chattel paper included in the Accounts Receivable and, at the request of the Bank,
each of its records pertaining to the Account Receivable with a legend, in form and substance satisfactory to the Bank, indicating
that such chattel paper is subject to the security interest created hereby; and (D)&nbsp;if any Account Receivable shall be evidenced
by a promissory note or other instrument or chattel paper, delivering and pledging to the Bank hereunder such note, instrument
or chattel paper duly endorsed and accompanied by executed instruments of transfer or assignment, all in form and substance satisfactory
to the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;<I><U>Taxes</U></I>.
The Grantor will pay promptly before delinquent all property and other taxes, assessments, and governmental charges or levies imposed
upon, and all claims (including claims for labor, materials, and supplies)&nbsp;against, the Collateral, except to the extent the
validity thereof is being contested diligently and in good faith by proper proceedings satisfactory to the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#9;<I><U>Insurance</U></I>.
This Section is intentionally omitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#9;<I><U>As to
Receivables</U></I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(i)&#9;The Grantor
will (A) keep its chief place of business and chief executive office and all originals of all chattel paper which constitute Accounts
Receivable, at the location(s)&nbsp;specified in paragraph&nbsp;4(a) hereof, and (B) maintain and preserve complete and accurate
records concerning the Receivables and such chattel paper and the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(ii)&#9;As of the time
any Receivable becomes subject to the security interest granted by this Security Agreement, including, without limitation, as of
each time any specific assignment or transfer or identification is made to Bank of any Receivable, Grantor shall be deemed to have
warranted as to each and all of such Receivables that each Receivable and all papers and documents relating thereto are genuine
and in all respects what they purport to be; that each Receivable is valid and subsisting and arises out of a bona fide sale of
goods sold and delivered, or in the process of being delivered, or out of and for services theretofore actually rendered, to the
account debtor named in the Receivable; that the amount of the Receivable represented as owing is the correct amount actually and
unconditionally owing except for normal cash discounts and is not disputed, and except for such normal cash discount is not subject
to any setoffs, credits, deductions or counter-charges; that the Grantor is the owner thereof free and clear of all prior liens,
except for the security interest in favor of Bank and any security interest specifically mentioned in <B>Exhibit&nbsp;&rdquo;A&rdquo;</B>
hereto attached; and that no surety bond was required or given in connection with said Receivable or the contracts or purchase
orders out of which the same arose; and that Grantor has no notice of or reason to believe that the account debtor is subject to
any pending bankruptcy proceeding, insolvency proceeding or operations of any creditors committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(iii)&#9;Bank shall
have the privilege at any time upon its request, of inspection during reasonable business hours of any of the business properties
or premises of the Grantor and the books and records of the Grantor relating to said Receivables and inventory or the processing
or collection thereof as well as those relating to its general business affairs and financial condition. Bank shall have the right
at any time after the occurrence of a Default, to notify any and all account debtors to make payment thereof directly to Bank;
but prior to a Default, and after a Default to the extent Bank does not so elect, Grantor shall continue to collect the Receivables.
Except as the Bank shall otherwise expressly agree in writing, all proceeds of collection of Receivables received by the Grantor
shall be forthwith accounted for and transmitted to Bank in the form as received by the Grantor and shall not be commingled with
any funds of the Grantor. In the event the account debtor of any Receivable included in this Security Agreement shall also be indebted
to the Grantor in any other respect and such account debtor shall make payment without designating the particular indebtedness
against which it is to apply, such payment shall be conclusively presumed to be payment on the Receivable of such account debtor
included in this Security Agreement. Any proceeds of Receivables so transmitted to Bank shall be handled and administered by Bank
in and through a Remittance or similar account, but the Grantor acknowledges that the maintenance of such an account by Bank is
solely for its convenience in facilitating its own operations pursuant hereto and that Grantor has not and shall not have any right,
title or interest in said Receivable or in the amounts at any time to the credit thereof. Except to the extent Bank may from time
to time in its discretion release proceeds to the Grantor for use in its business, all proceeds received by Bank shall be applied
on the Obligations secured hereby, whether or not such Obligations shall have by their terms matured, such application to be made
at such intervals as Bank may determine, except that Bank need not apply or give credit for any item included in such proceeds
until two&nbsp;(2) business days after receipt by Bank of such item at its main office in Memphis, Tennessee. Items received after
2:00 o'clock p.m. on any business day shall be deemed to have been received the following business day. In administering the collection
of proceeds as herein provided for, Bank may accept checks or drafts in any amount and bearing any notation without incurring liability
to Grantor for so doing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(iv)&#9;<FONT STYLE="font-family: Times New Roman, Times, Serif">Until
the Bank exercises its right of collection under paragraph 5(e)(iii) or its right to require Grantor to transmit the proceeds of
the Accounts Receivable directly to the Bank under paragraph 5(e)(iii), except as hereafter provided, Grantor may collect these
proceeds, deposit them in the Grantor's operating accounts and otherwise commingle them with other funds of the Grantor. Notwithstanding
the foregoing, Grantor shall establish and maintain, at its expense, lockboxes and/or accounts (&quot;Blocked Account&quot;) as
Bank may specify, with financial institutions reasonably acceptable to Bank, and shall enter into and shall cause the applicable
financial institutions to enter into lockbox/and or blocked account agreements, in form and substance reasonably acceptable to
the Bank pertaining to the cash in the Blocked Account, including provisions that provide, among other items, that the financial
institutions shall follow the instructions of the Bank as to the cash held in the Blocked Account, providing that all items received
or deposited in the Blocked Account are held for the benefit of Bank, that the depository bank has no lien upon, or right to setoff
against, the Blocked Accounts, the items received for deposit therein, or the funds from time to time on deposit therein and that
the Bank shall initiate a transfer through an ACH transfer, in immediately available funds, on a daily basis, all funds received
or deposited into the Blocked Accounts to such bank account of Bank as Bank may from time to time designate for such purpose. If
the Bank requires that the Grantor establish the lockbox and/or Blocked Account, Grantor shall promptly deposit, and, if required
by Bank, shall direct its account debtors to directly remit, all cash payments received by Grantor (or, in the case of account
debtors, payable to Grantor), including, without limitation, all payments in respect of Accounts Receivable and all proceeds of
the Collateral into the Blocked Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(v)&#9;After any occurrence
of a Default, Bank shall have the right, but shall incur no liability for failing to do so, in its own name, or in the name of
the Grantor to demand, collect, receive, receipt for, sue for, compound and give acquittance for, any and all amounts due or to
become due on the Receivables, to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same
extent as Grantor might have done, and to endorse the name of the Grantor on all commercial paper given in payment or part payment
thereof, and in its discretion to file any claim or take any action or proceedings which Bank may deem necessary or appropriate
to protect and preserve and realize upon the security interest of Bank in the Receivables and the proceeds thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(vi)&#9;Grantor will
from time to time execute such further instruments and do such further acts and things as Bank may reasonably require by way of
further assurance to Bank of the matters and things herein provided for or intended so to be. Without limiting the foregoing, Grantor
agrees to execute and deliver to Bank an assignment or other form of identification in the form required by Bank of all Receivables
at any time included under this Security Agreement, together with such other evidence of the existence and identity of such Receivables
as Bank may reasonably require; and Grantor will mark its books and records to reflect this Security Agreement. Grantor will accompany
each transmission of proceeds of Receivables to Bank with a report in such form as Bank may require in order to identify the Receivables
to which such proceeds apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#9;<I><U>Transfers
and Other Liens</U></I>. Without the prior consent of Bank or as permitted by the Loan Agreement, the Grantor will not (i)&nbsp;sell,
assign (by operation of law or otherwise), exchange, or otherwise dispose of any of the Collateral; or (ii)&nbsp;create or suffer
to exist any lien, security interest or other charge or encumbrance upon or with respect to any of the Collateral except for the
security interest created by this Agreement, and except for any security interest specifically disclosed in <B>Exhibit&nbsp;&rdquo;A,&rdquo;</B>
attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#9;<U>Additional
Provisions Concerning the Collateral</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;The Grantor
hereby authorizes Bank to file, without the signature of the Grantor where permitted by law, one or more financing or continuation
statements, and amendments thereto, relating to the Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;The Grantor
hereby irrevocably appoints Bank the Grantor's attorney-in-fact and proxy, with full authority in the place and stead of the Grantor
and in the name of the Grantor or otherwise, from time to time in the Bank's discretion, to take any action and to execute any
instrument which Bank may deem necessary or advisable to accomplish the purposes of this Agreement, including, without limitation:
(i)&nbsp;to ask, demand, collect, sue for, recover, compound, receive, and give acquittance and receipts for moneys due and to
become due under or in respect of any of the Collateral; (ii)&nbsp;to receive, endorse, and collect any checks, drafts or other
instruments, documents, and chattel paper in connection with clause&nbsp;(i)&nbsp;above; (iii) to sign its name on any invoice
or bill of lading relating to any Receivable, on drafts against customers, on schedules and assignments of Receivables, on notices
of assignment, financing statements and other public records, on verification of accounts and on notices to customers (including
notices directing customers to make payment direct to Bank); (iv)&nbsp;to notify the post office authorities to change the address
for delivery of its mail to an address designated by Bank, to receive, open and process all mail addressed to Grantor, to send
requests for verification of Receivables to customers; and (v)&nbsp;to file any claims or take any action or institute any proceedings
which Bank may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of Bank
with respect to any of the Collateral. Grantor hereby ratifies and approves all acts of said attorney; and so long as the attorney
acts in good faith it shall have no liability to Grantor for any act or omission as such attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#9;If the Grantor
fails to perform any agreement contained herein, Bank may itself perform, or cause performance of, such agreement or obligation,
and the costs and expenses of Bank incurred in connection therewith shall be payable by the Grantor under Section&nbsp;9 hereof,
and shall be fully secured hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#9;The powers conferred
on Bank hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such
powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder,
Bank shall have no duty as to any Collateral or as to the taking of any necessary steps to preserve rights against prior parties
or any other rights pertaining to any Collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#9;Anything herein
to the contrary notwithstanding, (i)&nbsp;the Grantor shall remain liable under any contracts and agreements relating to the Collateral
to the extent set forth therein to perform all of its obligations thereunder to the same extent as if this Agreement had not been
executed; (ii)&nbsp;the exercise by Bank of any of its rights hereunder shall not release the Grantor from any of its obligations
under the contracts and agreements relating to the Collateral; and (iii)&nbsp;Bank shall not have any obligation or liability by
reason of this Agreement under any contracts and agreements relating to the Collateral, nor shall Bank be obligated to perform
any of the obligations or duties of the Grantor thereunder or to take any action to collect or enforce any claim for payment assigned
hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#9;<U>Remedies Upon
Default</U>. If an Event of Default shall have occurred:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;Bank may exercise
in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the
rights and remedies of a secured party on default under the Code (whether or not the Code applies to the affected Collateral),
and also may (i)&nbsp;require the Grantor to, and the Grantor hereby agrees that it will at its expense and upon request of Bank
forthwith, assemble all or part of the Collateral as directed by Bank and make it available to Bank at a place to be designated
by Bank which is reasonably convenient to Bank; and (ii)&nbsp;without notice except as specified below, sell the Collateral or
any part thereof in one or more parcels at public or private sale, at any of Bank's offices or elsewhere, for cash, on credit or
for future delivery, and at such price or prices and upon such other terms as Bank may deem commercially reasonable. The Grantor
agrees that, to the extent notice of sale shall be required by law, at least ten&nbsp;(10) days' notice to the Grantor of the time
and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. Bank
shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Bank may adjourn any public
or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice,
be made at the time and place to which it was so adjourned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;Any cash held
by Bank as Collateral and all cash proceeds received by Bank in respect of any sale of, collection from, or other realization upon,
all or any part of the Collateral shall be applied as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(i)&#9;First, to the
repayment of the reasonable costs and expenses, including reasonable attorneys' fees and legal expenses, incurred by Bank in connection
with (A)&nbsp;the administration of this Agreement, (B)&nbsp;the retaking, custody, preservation, use, or operation of, or the
sale of, collection from, or other realization upon, any Collateral, (C)&nbsp;the exercise or enforcement of any of the rights
of Bank hereunder, or (D)&nbsp;the failure of the Grantor to perform or observe any of the provisions hereof or of the Loan Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(ii)&#9;Second, to
the reimbursement of Bank for the amount of any obligations of the Grantor paid or discharged by Bank pursuant to the provisions
of this Agreement, and of any expenses of Bank payable by the Grantor hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(iii)&#9;Third, to
the satisfaction of the Obligations, in such order as Bank shall elect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(iv)&#9;Fourth, to
the payment of any other amounts required by applicable law; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 0.5in">(v)&#9;Fifth, the surplus
proceeds, if any, to the Grantor or to whomsoever shall be lawfully entitled to receive the same or as a court of competent jurisdiction
shall direct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#9;In the event
that the proceeds of any such sale, collection or realization are insufficient to pay all amounts to which Bank is legally entitled,
the Grantor shall be liable for the deficiency, together with interest thereon at such rate(s) as shall be fixed by instrument(s)
evidencing the Obligation(s) with respect to which such deficiency exists, together with the costs of collection and the reasonable
fees of any attorneys employed by Bank to collect such deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#9;<U>Rights and
Duties of Bank, Etc</U>. Bank undertakes, as to this Agreement, to exercise only such duties as are specifically set forth in this
Agreement and to exercise such of the rights, powers and remedies as are vested in it by this Agreement or by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&#9;<U>Indemnity
and Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;The Grantor
agrees to indemnify Bank from and against any and all claims, losses, and liabilities growing out of or resulting from this Agreement
(including, without limitation, enforcement of this Agreement), except claims, losses, or liabilities resulting solely and directly
from Bank's gross negligence or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;The Grantor
will upon demand pay to Bank the amount of any and all costs and expenses, including the fees and disbursements of the Bank's counsel
and of any experts and agents, which Bank may incur in connection with (i)&nbsp;the administration of this Agreement (excluding
the salary of Bank's employees and Bank's normal and usual overhead expenses); (ii)&nbsp;the custody, preservation, use, or operation
of, or the sale of, collection from, or other realization upon, any Collateral; (iii)&nbsp;the exercise or enforcement of any of
the rights of Bank hereunder; or (iv)&nbsp;the failure by the Grantor to perform or observe any of the provisions hereof, except
expenses resulting solely and directly from Bank's gross negligence or willful misconduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&#9;<U>Notices,
Etc.</U> All notices and other communications provided for hereunder (except for routine informational communications) shall be
in writing and shall be mailed, by registered or certified mail, return receipt requested, sent by recognized national overnight
courier service or delivered, if to the Grantor, to it at its address specified in the first paragraph of this Agreement; and if
to the Bank, to it Attention: First Tennessee Business Credit, at its address specified in the first paragraph of this Agreement,
with a copy (if other than a routine informational communication) to Baker, Donelson, Bearman,&nbsp;Caldwell &amp; Berkowitz, PC,
2000 First Tennessee Building, 165&nbsp;Madison Avenue, Memphis, Tennessee 38103, Attention: Mary Aronov. All such notices and
other communications shall be effective (i)&nbsp;if mailed, when received or three (3) days after mailing, whichever is earlier;
(ii)&nbsp;if sent by recognized national overnight courier service, one (1) business day after sending; and (iii)&nbsp;if delivered,
upon delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&#9;<U>Security
Interest Absolute</U>. All rights of Bank, all security interests and all obligations of the Grantor hereunder shall be absolute
and unconditional irrespective of: (i)&nbsp;any lack of validity or enforceability of the Loan Agreement, any guaranty, or any
other agreement or instrument relating thereto; (ii)&nbsp;any change in the time, manner, or place of payment of, or in any other
term in respect of, all or any of the Obligations, or any other amendment or waiver of or consent to any departure from this Agreement,
any guaranty, or any other agreement or instrument relating thereto; (iii)&nbsp;any increase in, addition to, or exchange, release,
or non-perfection of, any other collateral, or any release or amendment or waiver of or consent to departure from any guaranty,
for all or any of the Obligations; (iv)&nbsp;any other circumstance which might otherwise constitute a defense available to, or
a discharge of, the Grantor in respect of the Obligations or this Agreement; or (v)&nbsp;the absence of any action on the part
of Bank to obtain payment or performance of the Obligations from the Grantor or any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&#9;<U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#9;No amendment
of any provision of this Security Agreement shall be effective unless it is in writing and signed by the Grantor and Bank, and
no waiver of any provision of this Agreement, and no consent to any departure by the Grantor therefrom, shall be effective unless
it is in writing and signed by Bank, and then such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#9;No failure on
the part of Bank to exercise, and no delay in exercising, any right hereunder or under any other instrument or document shall operate
as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof
or the exercise of any other right. The rights and remedies of Bank provided herein and in the other instruments and documents
are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights of Bank under any
Loan Agreement between the parties, any guaranty, any other instrument which now or hereafter evidences or secures all or part
of the Obligations, or any related document against any party thereto are not conditional or contingent on any attempt by Bank
to exercise any of its rights under any other such instrument or document against such party or against any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#9;Any provision
of this Security Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or invalidity without invalidating the remaining portions hereof or thereof or affecting the
validity or enforceability of such provision in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#9;This Agreement
shall create a continuing security interest in the Collateral and shall (i)&nbsp;remain in full force and effect until the payment
in full of all of the Obligations, (ii)&nbsp;be binding on the Grantor and its successors and permitted assigns and shall inure,
together with all rights and remedies of Bank hereunder, to the benefit of Bank and its successors, transferees, and assigns. None
of the rights or obligations of the Grantor hereunder may be assigned or otherwise transferred without the prior written consent
of Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#9;Upon the satisfaction
in full of all of the Obligations, Bank will, upon the Grantor's request and at the Grantor's expense, (i)&nbsp;return to the Grantor
such of the Collateral as shall not have been sold or otherwise disposed of or applied pursuant to the terms hereof; and (ii)&nbsp;execute
and deliver to the Grantor such documents as the Grantor shall reasonably request to evidence termination of the security interest
herein granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#9;This Agreement
shall be governed by and construed in accordance with the statutes and laws of the state of Tennessee, except as required by mandatory
provisions of law and except to the extent that the validity or perfection of the security interest created hereby, or remedies
hereunder, in respect of any particular Collateral are governed by the laws of a jurisdiction other than the State of Tennessee.
If any provision hereof is in conflict with the provisions of the Loan Agreement, the provisions of the Loan Agreement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&#9;This Amended
and Restated Security Agreement constitutes an amendment and restatement of that certain prior Security Agreement from the Grantor
to the Bank dated July 26, 1994, as previously amended by First Amendment to Security Agreement dated June 27, 1995, Second Amendment
to Security Agreement dated July 3, 1996, Third Amendment to Security Agreement dated April 26, 2001, Fourth Amendment to Security
Agreement dated June 22, 2007, Fifth Amendment to Security Agreement dated May 30, 2012, and Sixth Amendment to Security Agreement
dated November 17, 2014 (collectively, the &ldquo;<U>Prior Security Agreement</U>&rdquo;), and shall not be deemed to be a novation
thereof. From and after the date hereof, all matters previously governed by the Prior Security Agreement shall be governed by the
terms and conditions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Grantor has caused this Agreement to be executed and delivered by its duly authorized officers on this the day and year first
above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">ATTEST:</P>
                                                                     <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"><B>P.A.M. TRANSPORT, INC.</B></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Allen West</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Daniel H. Cushman</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">Title:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">Secretary</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">President</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">GRANTOR</TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Corporate Seal)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT &ldquo;A&rdquo;<BR>
<FONT STYLE="font-size: 10pt">TO</FONT><BR>
<FONT STYLE="font-size: 10pt"><U>SECURITY AGREEMENT</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>5
<FILENAME>pam_8k-ex0404.htm
<DESCRIPTION>FOURTH AMENDED AND RESTATED GUARANTY AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">Exhibit 4.4</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FOURTH AMENDED AND RESTATED GUARANTY
AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED,
and in consideration of credit given or to be given, advances made or to be made, or other financial accommodation from time to
time afforded or to be afforded to <B>P.A.M. TRANSPORT, INC.</B>, an Arkansas corporation (hereinafter called the &quot;Debtor&quot;),
by <B>FIRST TENNESSEE BANK NATIONAL ASSOCIATION</B>, a national banking association organized and existing under the laws of the
United States, and having a place of business in Memphis, Tennessee (hereinafter called the &quot;Bank&quot;), the undersigned
<B>P.A.M.&nbsp;TRANSPORTATION SERVICES, INC.</B> (hereinafter called the &quot;Guarantor&quot;) hereby jointly and severally (if
more than one), for themselves, their heirs, executors, administrators and successors absolutely and unconditionally guarantee(s)
the full and prompt payment to the Bank, at maturity (whether by acceleration or otherwise) and at all times thereafter, of any
and all indebtedness, obligations and liabilities of every kind and nature, however created, arising or evidenced, of the Debtor
to the Bank (including all liabilities of any partnership created or arising while the Debtor may have been or may be a member
thereof), whether now existing or hereafter created or arising, whether direct or indirect, absolute or contingent, joint or several,
and howsoever owned, held or acquired, whether through discount, overdraft, purchase, direct loan or as collateral, or otherwise,
together with all expenses, legal and/or otherwise (including court costs and attorney's fees) incurred by the Bank in collecting
or endeavoring to collect such indebtedness or any part thereof, in protecting any collateral, and in enforcing this Guaranty (all
of which is collectively referred to as the &quot;Indebtedness&quot;). The right of recovery, however, against the Guarantor (or
each of them, if more than one) is limited to Forty Million Dollars ($40,000,000.00) plus interest on all loans and/or advances
hereunder and all expenses hereinbefore mentioned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS GUARANTY SHALL
BE A CONTINUING, ABSOLUTE AND UNCONDITIONAL GUARANTY, and shall remain in full force and effect until the Indebtedness (and interest
thereon and expenses in connection therewith), and all renewals, modifications, or extensions thereof, in whole or in part, shall
have been fully paid and satisfied and shall remain in full force and effect until written notice of its discontinuance, addressed
to the President of the Bank, shall be actually received by the Bank (the burden of proof of receipt by the Bank of such notice
being in all cases upon the Guarantor), and also until any and all said indebtedness, or any extensions or renewals thereof, existing
before receipt of such notice, and expenses in connection therewith, shall be fully paid. Regardless of when a renewal or extension
of pre-termination debt occurs (with or without adjustment of interest rate or other terms), the debt is deemed to have been incurred
prior to termination to the extent of the renewal or extension, and to be fully covered by this Guaranty. The death, dissolution
or withdrawal of the Guarantor (or any of them, if more than one) shall not terminate this Guaranty until notice of any such death,
dissolution or withdrawal, given as above provided, shall have actually been received by the Bank, and until all of said indebtedness,
or any extensions or renewals thereof, existing before receipt of such notice shall be fully paid. And in the event of any such
death, dissolution or withdrawal and notice thereof to the Bank, this Guaranty shall, notwithstanding, continue and remain in force
against any surviving Guarantor until discontinued as hereinabove provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bank is hereby
expressly authorized to make from time to time, without notice to anyone: any renewals, modifications or extensions, whether such
renewals, modifications or extensions be in whole or in part and without limit as to the number of such extensions or of the renewal
periods thereof, and without notice to or further assent from the undersigned, sales, pledges, surrenders, compromises, settlements,
releases, indulgences, alterations, substitutions, exchanges, changes in, modifications, or other dispositions including, without
limitation, cancellations, of all or any part of the collateral pledged to secure the Indebtedness or any part of said Indebtedness,
either express or implied, or of any contracts or instruments evidencing any thereof, or of any security or collateral therefor,
and/or to take any security for or other guaranties upon any of said Indebtedness; and the liability of the Guarantor (or any of
them, if more than one) shall not be in any manner affected, diminished or impaired thereby, or by any lack of diligence, failure,
neglect or omission on the part of the Bank to make any demand or protest, or give any notice of dishonor or default, or to realize
upon or protect any of said Indebtedness, or any collateral or security therefor, or to exercise any lien upon or right of appropriation
or setoff of any moneys, accounts, credits, or property of said Debtor, possessed by the Bank, towards the liquidation of said
Indebtedness, or by any application of payments or credits thereon. The Bank shall have the exclusive right to determine how, when
and what application of payments and credits, if any, shall be made on said Indebtedness, or any part thereof, and shall be under
no obligation, at any time, to first resort to, make demand on, file a claim against, or exhaust its remedies against the Debtor,
or any one or more of the Guarantors, or other persons or corporations, their properties or estates, or to resort to or exhaust
its remedies against, any collateral, security, property, liens or other rights whatsoever. It is expressly agreed that the Bank
may at any time make demand for payment on, or bring suit against the Guarantor (or any of them, if more than one), or any other
guarantors, may compound with the Guarantor or any other guarantor for such sums or on such terms as Bank may see fit and release
the Guarantor (or any of them, if more than one) or any other guarantor from all further liability to the Bank, without thereby
impairing the rights of the Bank in any respect to demand, sue for and collect the balance of the Indebtedness from any guarantor
not so released; and that any claims against Debtor, against any other guarantor, or against any collateral, accruing to the Guarantor
(or any of them, if more than one) by reason of payments made hereunder shall be in all respects junior and subordinate to any
obligation then or subsequently owed by the Debtor or by such other guarantor to the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the liability
of the Guarantors (or each of them, if more than one) shall not be affected by any lack of validity or enforceability of the guaranteed
debt. As security for the undertakings and obligations of the Guarantor hereunder, the Guarantor (or each of them, if more than
one) expressly grants and gives to the Bank a right of immediate setoff, without demand or notice, of the balance of every deposit
account, now or at any time hereafter existing, of the Guarantor (or each of them, if more than one) with the Bank, and a general
lien upon, and security interest in all money, negotiable instruments, commercial paper, notes, bonds, stocks, credits and/or choses
in action, or any interest therein, and any other property, rights, and interests of the Guarantor (or each of them, if more than
one) or any evidence thereof, which have or any time shall come into the possession, custody, or control of the Bank, and, in the
event of default hereunder, the Bank may sell or cause to be sold at public or private sale in any manner which may be lawful,
for cash or credit and upon such terms as the Bank may see fit, and (except as may be otherwise expressly provided by the Uniform
Commercial Code, or other applicable law) without demand or notice to the Guarantor (or each of them, if more than one), all or
any of such security, and the Bank (unless prohibited by the Uniform Commercial Code from so doing) or any other person may purchase
such property, rights or interests so sold and thereafter hold the same free of any claim or right of whatsoever kind, including
any right or equity or redemption, of the Guarantor (or each of them, if more than one), such demand, notice, right or equity of
redemption being hereby expressly waived and released.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of the
death, incompetency, dissolution, liquidation, insolvency (however evidenced) of the Debtor, or institution of bankruptcy or receivership
proceedings by the Debtor, or in the event that any involuntary bankruptcy or receivership proceedings filed against the Debtor
shall not be dismissed within thirty (30) days following the institution of such proceedings, then and in any such event all of
the Indebtedness shall, for the purposes of this Guaranty, and at the option of the Bank, immediately become due and payable from
the Guarantor; and, in such event, any and all sums or payments of any nature which may be or become due and payable by the Debtor
to the undersigned are hereby assigned to the Bank, and shall be collectible by the Bank, without necessity for other authority
than this instrument, until the Indebtedness shall be fully paid and discharged, but such collection by the Bank shall not in any
respect affect, impair or diminish any other rights of the Bank hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The granting of credit
from time to time by the Bank to the Debtor, in excess of the amount to which right of recovery under this Guaranty is limited
and without notice to the Guarantor (or any of them, if more than one), is hereby expressly authorized and shall in no way affect
or impair this Guaranty; and, in the event that the Indebtedness of the Debtor to the Bank shall so exceed the amount to which
this Guaranty is limited, any payment by the Debtor or any collections or recovery by the Bank from any sources other than this
Guaranty may first be applied by the Bank to any portion of the Indebtedness which exceeds the limits of this Guaranty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Guarantor (or each
of them, if more than one) will not exercise any rights that Guarantor (or any of them, if more than one) may acquire by way of
subrogation under this Guaranty, by any payment made hereunder or otherwise, until all of the Indebtedness shall have been paid
in full. If any amount shall be paid to the Guarantor (or any of them, if more than one) on account of such subrogation rights
at any time when all the Indebtedness shall not have been paid in full, such amount shall be held in trust for the benefit of the
Bank and shall forthwith be paid to the Bank to be credited and applied upon the Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any
other provision of this Guaranty to the contrary, if the obligations of the Guarantor hereunder would otherwise be held or determined
by a court of competent jurisdiction in any action or proceeding involving any state corporate law or any state or Federal bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance or other law affecting the rights of creditors generally, to be void,
invalid or unenforceable to any extent on account of the amount of the Guarantor's (or each of them, if more than one) liability
under this Guaranty, then notwithstanding any other provision of this Guaranty to the contrary, the amount of such liability shall,
without any further action by the Guarantor (or each of them, if more than one) or any other person, be automatically limited and
reduced to the highest amount which is valid and enforceable as determined in such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bank may without
any notice whatsoever to anyone, sell, assign or transfer all or any part of said Indebtedness; and in that event each and every
immediate and successive assignee, transferee or holder of all or any part of said Indebtedness shall have the right to enforce
this Guaranty, by suit or otherwise, for the benefit of such assignee, transferee or holder, as fully as though such assignee,
transferee or holder were herein by name given such rights, powers and benefits; but the Bank shall have an unimpaired right, prior
and superior to that of any said assignee, transferee or holder, to enforce this Guaranty for the benefit of the Bank, as to so
much of said Indebtedness that has not been sold, assigned or transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No act of commission
or omission of any kind, or at any time, on the part of the Bank in respect of any matter whatsoever shall in any way affect or
impair this Guaranty. This Guaranty is in addition to and not in substitution for or discharge of any other Guaranty held by the
Bank. The Guarantor (or each of them, if more than one) waives any rights of action Guarantor (or any of them, if more than one)
might have against the Bank because of the exercise by the Bank in any manner howsoever of any rights granted to the Bank herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Guaranty contains
the entire agreement between the parties and every part thereof shall be binding upon the Guarantor (or each of them, if more than
one), Guarantor's successors and assigns, as fully as though everywhere specifically mentioned, and shall inure to the benefit
of the Bank, and its successors and assigns, and shall be construed according to the laws of the State of Tennessee, in which state
it is accepted by the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any provision hereof
is invalid or unenforceable, the remaining provisions hereof shall not be affected by such invalidity or unenforceability. Each
term and provision contained herein shall, however, be valid and enforceable to the fullest extent permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Guarantor agrees
to furnish a current financial statement upon the request of the Bank from time to time. Further, Guarantor shall supply or cause
to be supplied to Bank such other information relating to the financial condition and business affairs of the Guarantor (including
updated financial statement of the Guarantor) as may from time to time be requested by the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Guarantor (or each
of them, if more than one) acknowledges that this Guaranty Agreement is and shall be effective against such Guarantor upon execution
by such Guarantor (regardless of whether any other person named herein as Guarantor shall sign), and delivery hereof to the Bank,
or its agent; and that it shall not be necessary for the Bank to execute any acceptance hereof or otherwise to signify or express
its acceptance hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ALL OF THE PARTIES
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY OF THE PARTIES AGAINST THE OTHER ON ANY MATTER
WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT
DELIVERED (OR WHICH MAY BE DELIVERED IN THE FUTURE) IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP BETWEEN THE
PARTIES TO THIS AGREEMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement amends
and restates that certain Third Amended and Restated Guaranty Agreement dated November 17, 2014, which amended and restated that
certain Second Amended and Restated Guaranty Agreement dated May&nbsp;30, 2012, which amended and restated that certain Amended
and Restated Guaranty Agreement, dated June 22, 2007, which amended and restated that certain Guaranty Agreement dated April&nbsp;26,
2001, and as amended is hereby ratified and confirmed in all respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the Guarantor (or each of them, if more than one) has caused this Guaranty Agreement to be executed by its duly authorized officers
on this the 28th day of March, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><B>P.A.M. TRANSPORTATION SERVICES, INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 48%; border-bottom: Black 1pt solid">/s/ Lance K. Stewart</TD>
    <TD STYLE="vertical-align: top; width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 7%">By:</TD>
    <TD STYLE="vertical-align: top; width: 38%; border-bottom: Black 1pt solid">/s/ Daniel H. Cushman</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">WITNESS</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: top">President</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">ATTEST:</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Bobby Caldwell</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">/s/ Allen West</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">WITNESS</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: top">Secretary</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">STATE OF Arkansas<BR>
COUNTY OF WASHINGTON</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Before me, Heather M. Henley, a Notary Public
in and for the State and County aforesaid, personally appeared Daniel Cushman and Allen West, with whom I am personally acquainted
(or proved to me on the basis of satisfactory evidence), and who, upon oath, acknowledged themselves to be the President and Secretary,
respectively, of<B> P.A.M, TRANSPORTATION SERVICES, INC.</B>, the within-named bargainor, a corporation, and that they as such
President and Secretary, being duly authorized so to do, executed the foregoing instrument for the purposes therein contained,
by the said Daniel Cushman signing the name of the corporation by himself as such President and by the said Allen West attesting
the same as such Secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WITNESS my hand and seal at office, on this
the 28th day of March, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">/s/ Heather M. Henley</TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Notary Public</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">My Commission Expires:</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center">2-12-2020</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
