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Put Payment Letter Agreement

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EXHIBIT 10.17


STERLING CONSTRUCTION COMPANY, INC.


July 16, 2004


The Stockholders of Sterling Houston Holdings Listed on Exhibit A c/o Joseph P. Harper, Sr. Sterling Houston Holdings, Inc. 20810 Fernbush Lane Houston, Texas 77073


Dear Stockholders:


The purpose of this letter is to set forth our agreement on certain matters relating to that certain Transaction Agreement between you, Sterling Construction Company, Inc., then known as Oakhurst Company, Inc. (the "Company") and the other parties named therein dated on or about July 18, 2001 (the "Transaction Agreement") as amended by that certain Restructuring Agreement dated as of September 19, 2003 (the "Restructuring Agreement"). All terms used but not defined in this letter shall have the meanings given to them in the Transaction Agreement.


Pursuant to the Transaction Agreement, you have the right to cause the Company to purchase each of your shares of Sterling Houston Holdings, Inc. ("SHH") for the Put Payment Amount. Pursuant to the Restructuring Agreement, you and the Company agreed that the Company may pay the Exercise Price for all SHH shares in the aggregate by the payment and issuance of --


- Cash in the amount of $2,415,525;


- Five-year 12% amortizing subordinated promissory notes in the
aggregate principal amount of $6,353,913; and


- Five-year 14% subordinated cash availability notes in the aggregate
principal amount of $3,230,562 (t
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