Document:

Second Supplemental Indenture

 Exhibit 10.5 
 SECOND SUPPLEMENTAL INDENTURE 
 THIS SECOND SUPPLEMENTAL INDENTURE, dated as of
December 22, 2006 (this “Second Supplemental Indenture”), by and among VELOCITY EXPRESS CORPORATION, a Delaware corporation (the “Company”), each Subsidiary Guarantor listed on the signature pages hereto (the
“Subsidiary Guarantors”) and WELLS FARGO BANK, N.A., as trustee (the “Trustee”). 
 RECITALS

 WHEREAS, the Company, the Subsidiary Guarantors and the Trustee have executed and delivered an Indenture dated as of
July 3, 2006, as supplemented by the Supplemental Indenture dated as of August 17, 2006 (the “Indenture”), pursuant to which the Company issued $78,205,000 in aggregate principal amount of its 12% Senior Secured Notes Due
2010 (the “Notes”); and 
 WHEREAS, Section 8.02(a) of the Indenture provides that, with the consent of Holders
of not less than 50% in aggregate principal amount of the Notes outstanding (the “Requisite Consents”), the Company and the Trustee shall be entitled to execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any provision of the Indenture or any Security Document or modifying the rights of such Holders (with certain exceptions not relevant to this Second Supplemental Indenture); and 
 WHEREAS, the Company has solicited consents from Holders of the Notes to approve the amendments to the Indenture set forth herein (the
“Proposed Amendments”), upon the terms and subject to the conditions set forth in the Consent Solicitation Statement dated December 5, 2006, as the same may be amended, supplemented or modified; and 
 WHEREAS, the Company has received and delivered to the Trustee the Requisite Consents to effect the Proposed Amendments under the Indenture; and

 WHEREAS, all things necessary to make this Second Supplemental Indenture a valid agreement of the Company, and a valid supplement
to the Indenture have been done. 
 NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in consideration of the premises, it is mutually covenanted and agreed, for the equal and ratable benefit of all Holders of the Notes, as follows:

 ARTICLE I 
 AUTHORIZATION; DEFINITIONS 
 1.1 Effectiveness and Effect. 
 (a) This Second Supplemental Indenture is entered into pursuant to and consistent with Section 8.02(a) of the Indenture, and nothing
herein shall constitute an amendment, supplement or waiver requiring the approval of each Holder pursuant to clauses (1) through (12) of Section 8.02(b) of the Indenture. 
 (b) This Second Supplemental Indenture shall become effective upon the receipt and delivery of the requisite consents to the Trustee, and
execution hereof by the Company, the Subsidiary Guarantors and the Trustee. Upon execution and delivery of this Second Supplemental Indenture, the Indenture shall be modified, amended and supplemented in accordance with this Second Supplemental
Indenture, and all the terms and conditions of both shall be read together as though they constitute one instrument, except that, in the case of conflict, the provisions of this Second Supplemental Indenture will control. In case of a conflict
between the terms and conditions contained in the Notes and those contained in the Indenture, as modified, amended and supplemented by this Second Supplemental Indenture, the provisions of the Indenture, as modified, amended and supplemented by this
Second Supplemental Indenture, shall control. The Indenture, as modified, amended and supplemented by this Second Supplemental Indenture, is hereby ratified and confirmed in all respects, shall remain in full force and effect and shall bind every
Holder of Notes. 
 (c) In case any provision of this Second Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. The Section headings in this Second Supplemental Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 (d) On and after the date hereof, all references to the Indenture in the Indenture or in any other agreement, document or instrument delivered in connection therewith or pursuant thereto shall be deemed to refer to the Indenture as
modified, amended and supplemented by this Second Supplemental Indenture. 
 1.2 Definitions. All capitalized terms used in this
Second Supplemental Indenture and not defined herein shall have the meanings assigned to them in the Indenture. 
 ARTICLE II

 AMENDMENTS TO INDENTURE 
 2.1 The definition of “Applicable Facility Cap” in Section 1.01 of the Indenture is hereby deleted in its entirety. 
 2.2 The new definitions of “Availability” and “Availability Test” are hereby added to Section 1.01 of the Indenture as follows: 
 “Availability” means, (a) until such time as the WFF Agreement and all Commitments (as defined therein) thereunder have been terminated, the sum of (i) Excess Availability (as defined in the
WFF Agreement), plus  

  

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(ii) Qualified Cash (as defined in the WFF Agreement), and (b) thereafter, for any period the sum of (i) the daily average amount that the Company
and its Subsidiaries are entitled to borrow or incur as letter of credit obligations under the Senior Facility Agreement, taking into account then outstanding Senior Facility Obligations and limitations imposed by the “Borrowing Base” (or
any similar term) under and as such term is defined in the Senior Facility Agreement under the terms of the Senior Facility Agreement plus (ii) the daily average amount of cash and Cash Equivalents of the Company and its Restricted
Subsidiaries that are not subject to any Liens, other than Liens created under the Security Documents, Liens securing the Senior Facility Obligations and any Permitted Liens of the type described in clause (10) of the definition of Permitted
Lien. 
 “Availability Test” means both for the period of thirty (30) days ending on the date of any redemption of Notes
pursuant to Section 3.11 and immediately after giving effect to the redemption of Notes required by Section 3.11, Availability is at least $15,000,000. 
 2.3 The definition of “Cash Collateralized Letter of Credit” in Section 1.01 of the Indenture is hereby deleted in its entirety. 
 2.4 The definition of “Qualified Accounts Receivable” in Section 1.01 of the Indenture is hereby amended and restated in its entirety as
follows: 
 “Qualified Accounts Receivable” means the unpaid portion of any credit card receivable or other account
receivable (determined in accordance with GAAP) payable to the Company and/or any Restricted Subsidiary in United States Dollars that are subject to the perfected Lien created in favor of the Trustee for the benefit of the Holders pursuant to the
Security Documents (subject only to the Senior Lien, as, when and to the extent expressly provided for in the Intercreditor Agreement), net of any returns, discounts, claims, credits, charges or other allowances, charge-backs, offsets, deductions,
counterclaims, disputes or other defenses relating to any such receivable or otherwise, and reduced by the aggregate amount of all reserves; provided that the term “Qualified Accounts Receivable” shall in no event include any receivable,
account or portion thereof that is more than 90 days past due. 
 2.5 Subsections (20), (21) and (22) of the definition of “Permitted
Liens” in Section 1.01 of the Indenture are hereby amended and restated in their entirety as follows: 
 (20) any extension, renewal,
substitution, replacement (or successive extensions, renewals, substitutions or replacements), as a whole or in part, of any Liens described in clauses (1) through (19) of this definition; provided, that such extension, renewal,
substitution or replacement Lien shall be limited to the same property or assets that secured the Lien being 

  

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so extended, renewed, substituted or replaced and shall in no event be amended or adjusted such as to result in any Lien or priority that purports to take
priority over or otherwise conflicts with any Liens created in favor of the Holders pursuant to the Security Documents or, at any time from and after the effective date of the Supplemental Indenture, the Liens created in favor of the Holders
pursuant to the Security Documents or any Liens created in favor of the Senior Facility Creditors pursuant to the Senior Facility Documents or is inconsistent with the relative priorities as established among the Holders and the Senior Facility
Creditors with respect to the immediately foregoing Liens as set forth in the Intercreditor Agreement; 
 (21) the Senior Lien, to the extent
permitted by the Intercreditor Agreement; 
 (22) [Reserved.] 
 2.6 The first paragraph of the definition of “Permitted Refinancing Indebtedness” in Section 1.01 of the Indenture is hereby amended and restated in its entirety as follows: 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Subsidiaries issued in exchange for, or the net
proceeds of which are used solely to extend, refinance, renew, replace, defease or refund, other Indebtedness (other than the Note Obligations and, except as complying with all conditions and requirements as are applicable to Sections 4.16 and 4.16A
of this Indenture and the Intercreditor Agreement, the Senior Facility Obligations) of the Company or any of its Restricted Subsidiaries; provided that: 
 2.7 The definition of “Permitted Senior Obligations” in Section 1.01 of the Indenture is hereby amended and restated in its entirety as follows: 
 “Permitted Senior Obligations” means, in each case to the extent outstanding at any time or from time to time on or after the Issue Date
in accordance with all applicable requirements and limitations contained in this Indenture, the Intercreditor Agreement, each of the Note Obligations and the Senior Facility Obligations. 
 2.8 The new definition of “Redemption Notice” is hereby added to Section 1.01 of the Indenture as follows: 
 “Redemption Notice” has the meaning set forth in Section 3.11(a). 
 2.9 A new definition of “Refinancing Notice” is hereby added to Section 1.01 of the Indenture as follows: 
 “Refinancing Notice” has the meaning set forth in Section 4.16A(a). 
  

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 2.10 The definition of “Security Documents” in Section 1.01 of the Indenture is hereby
amended and restated in its entirety as follows: 
 “Security Documents” means the Security Agreement, the Control Agreement
(as defined in the Security Agreement), the Intercreditor Agreement (as and when required to be entered into as of the effective date of the Supplemental Indenture) and the various other security agreements, mortgages, pledge agreements, collateral
assignments and/or other instruments evidencing or creating any security interests or Liens in favor of the Holders or the Trustee acting for and on behalf of the Holders, in each case as amended, replaced, modified, or restated from time to time in
accordance with its terms and the terms of this Indenture. 
 2.11 The definition of “Senior Facility Agent” in
Section 1.01 of the Indenture is hereby amended and restated in its entirety as follows: 
 “Senior Facility Agent” means
Wells Fargo Foothill, Inc., a California corporation, as “Administrative Agent” under the Senior Facility Agreement, together with any replacement thereof or successor thereto duly appointed to act in such capacity and any subsequent agent
or administrative agent appointed under any subsequent Senior Facility Agreement entered into in accordance with this Indenture. 
 2.12 The
definition of “Senior Facility Agreement” in Section 1.01 of the Indenture is hereby amended and restated in its entirety as follows: 
 “Senior Facility Agreement” means the Credit Agreement, dated as of December 22, 2006, by and among VEI, Target, each of the other Subsidiaries of the Company that are identified on the signature
pages thereto as “Borrowers” thereunder, the Company and each of its Subsidiaries that are identified on the signature pages thereto as “Guarantors” thereunder, the “Lenders” that are signatories thereto and the Senior
Facility Agent (in the form of Exhibit E attached hereto), as such agreement may be amended, modified, amended and restated, supplemented, renewed or extended (the “WFF Agreement”); and as such agreement may be replaced or,
subject to Section 4.16A, refinanced, from time to time, in each case, in accordance with the Intercreditor Agreement. 
 2.13 The
definition of “Senior Facility Creditors” in Section 1.01 of the Indenture is hereby amended and restated in its entirety as follows: 
 “Senior Facility Creditors” means each lender party to (specifically including, without limitation, each issuer of or with respect to LOC Obligations arising or outstanding pursuant to) the Senior
Facility Agreement, along with each other Person holding or beneficiary to any assignment of, participation in or accession to the rights of a lender, noteholder, issuer, creditor, secured party or other oblige with respect to 

  

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Senior Facility Obligations evidenced by or arising under the Senior Facility Documents, and shall also mean and include the Senior Facility Agent.

 2.14 The definition of “Senior Facility Documents” in Section 1.01 of the Indenture is hereby amended and restated in its
entirety as follows: 
 “Senior Facility Documents” means the Senior Facility Agreement and all instruments and documents
from time to time governing or evidencing Senior LOC Obligations that have been incurred pursuant to terms and conditions of the Senior Facility Agreement, together with the various security agreements, mortgages, pledge agreements, collateral
assignments and/or other instruments executed and/or delivered by the Company and/or any Restricted Subsidiary(ies) to or in favor of the Senior Facility Creditors (or the Senior Facility Agent acting on their behalf), in each case as such
instruments, documents, security agreement, mortgages, pledge agreements, collateral assignments and/or other instruments may be amended, modified, amended and restated, supplemented, renewed, extended, replaced or, subject to Section 4.16A,
refinanced, from time to time, in each case, in accordance with the Intercreditor Agreement. 
 2.15 The definition of “Senior
Facility Obligations” in Section 1.01 of the Indenture is hereby amended and restated in its entirety as follows: 
 “Senior
Facility Obligations” means “Senior Indebtedness” as such term is defined in the Intercreditor Agreement. 
 2.16 The
definition of “Senior Lien” in Section 1.01 of the Indenture is hereby amended and restated in its entirety as follows: 
 “Senior Lien” has the meaning assigned to such term in the Intercreditor Agreement. 
 2.17 The definition of
“Senior LOC Obligations” in Section 1.01 of the Indenture is hereby amended and restated in its entirety as follows: 
 “Senior LOC Obligations” means Indebtedness of the Company and/or applicable Subsidiary Guarantor(s) to or in favor of one or more Senior Facility Creditors as of any date represented by the sum of the aggregate undrawn
amount of, plus the aggregate amount of all reimbursement obligations in respect of, letters of credit issued in accordance with the terms and conditions of the Senior Facility Agreement. 
 2.18 The definition of “Senior LOC Preferred Use” in Section 1.01 of the Indenture is hereby deleted in its entirety. 
  

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 2.19 The new definition of “Subordination Agreement” in Section 1.01 of the Indenture is
hereby deleted in its entirety and replaced by the new definition of “Intercreditor Agreement” as follows: 
 “Intercreditor Agreement” means (a) the Intercreditor Agreement, dated as of December 22, 2006, by and among the Senior Facility Agent and the Trustee (in the form annexed as Exhibit E to the Solicitation of
Consents, dated December 6, 2006, relating to the Notes); as such agreement may be amended, modified, amended and restated, supplemented, renewed, extended or replaced from time to time in accordance with its terms and (b) in connection
with any Permitted Refinancing Indebtedness incurred in exchange for or as a refinancing, renewal, replacement, defeasance or refunding of the Senior Facility Obligations, any intercreditor that has been approved by the Required Holders and the
Trustee. 
 2.20 The definition of “Subordination Required Date” in Section 1.01 of the Indenture is hereby deleted in its
entirety. 
 2.21 The new definition of “WFF Agreement” is hereby added to Section 1.01 of the Indenture as follows:

 “WFF Agreement” has the meaning assigned to such term in the definition of Senior Facility Agreement. 
 2.22 Section 3.11 of the Indenture (“Holder Optional Redemption Right”) is hereby amended and restated in its entirety as follows: 

SECTION 3.11. Holder Optional Redemption Right. 
 (a) Subject to paragraph (b) of this Section 3.11, if, for the period of four consecutive fiscal quarters of the Company ended immediately prior to the second (2nd) anniversary of the Issue Date,
Consolidated Cash Flow for the Company is less than $20 million, the Company shall so notify the Trustee and the Holders, and each Holder shall have the right to cause the Company upon such Holder’s delivery of written notice thereof (which
written notice must be delivered no later twenty (20) days prior to the 45th day referred to below), with a simultaneous copy to the Trustee (a “Redemption Notice”), to redeem, on or prior to the 45th day following the Required Filing
Date in respect of the last fiscal quarter in such period, up to 25% of the original principal amount of the Notes then outstanding, initially held or acquired by such Holder, such redemption to be effected at 100%, or par value, of such principal
amount so redeemed. Subject to paragraph (b) of this Section 3.11, in addition to and without limiting the foregoing, if, for the period of four consecutive fiscal quarters of the Company ended immediately prior to the third
(3rd) anniversary of the Issue Date, Consolidated Cash Flow for the Company is less than $25 million, each Holder shall have the further right to cause the Company 

  

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upon such Holder’s delivery of a Redemption Notice (which written notice must be delivered no later twenty (20) days prior to the 45th day referred
to below), with a simultaneous copy to the Trustee, to redeem, on or prior to the 45th day following the Required Filing Date in respect of the last fiscal quarter in such period, up to an additional 25% of the original principal amount of the Notes
then outstanding, initially held or acquired by such Holder, such redemption to be effected at 100%, or par value, of such principal accompanied by accrued and unpaid interest through such redemption date on the principal amount so redeemed. If the
conditions to Automatic Exercise (as defined in the Warrants) of the Warrants have been satisfied (disregarding the fact that any such Automatic Exercise may not occur prior to June 30, 2008), then the Holder redemption rights provided for in
this Section 3.11 shall be subject to automatic and irrevocable termination if, at or prior to either of the foregoing dates for which redemption is otherwise provided herein, the Volume-Weighted Average Trading Price for the Common Stock
exceeds $2.75 per share for any 20 trading days falling within any consecutive 30-trading-day period occurring at any time since the Issue Date and through either such redemption date as aforesaid. The Company shall promptly notify the Trustee to
such effect if and when any such termination occurs. Notwithstanding anything to the contrary contained in this Section 3.11, the Company shall not redeem any Notes under this Section 3.11 prior to the date that is ten (10) Business
Days following delivery by the Company to the Trustee and the Senior Facility Agent of copies of the Officer’s Certificates required to be delivered to them by the Company pursuant to Sections 3.11(c) and 3.11(d) hereof. 
 (b) The Company shall not be required to redeem any Notes pursuant to any Redemption Notice delivered pursuant to Section 3.11(a) (i) if at the
time of receipt of any Redemption Notice, at the time of any redemption contemplated by this Section or immediately after giving effect to any such redemption there shall be any Senior Facility Obligations outstanding or (ii) to the extent
that, either before or after giving effect to the redemption of any Notes pursuant to any such Redemption Notice(s), the Company shall not have satisfied the Availability Test. To the extent that the Company is not required to redeem any Notes by
virtue of this Section 3.11(b), the Company shall be required to redeem such Notes to the extent provided in Section 3.11(e). 
 (c)
On the last date that any Redemption Notice may be delivered to the Company in accordance with Section 3.11(a) (the “Last Redemption Notice Date”), if the Company has received any Redemption Notices, in the event that there are at
such time no Senior Facility Obligations outstanding, the Company shall calculate Availability for the period of thirty (30) days ending on the date which is not more than five (5) days following such Last Redemption Notice Date, giving
pro forma effect to the redemption of Notes required by each such Redemption Notice and 

  

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shall deliver, within five (5) days following the Last Redemption Notice Date, to the Trustee and to the Senior Facility Agent (if the Senior Facility
Agreement and all Commitments thereunder have not been terminated), an Officers’ Certificate setting forth (i) the amount of Availability for such period (together with reasonably detailed calculations thereof), and giving such pro forma
effect thereto, and (ii) the principal amount, if any, of Notes (rounded to the nearest $1,000) that can be redeemed pursuant to all such Redemption Notice(s) without violation of the Availability Test imposed under Section 3.11(b)(ii).

 (d) In the event that any of the Notes as to which a Redemption Notice has been delivered in accordance with this Agreement are not
redeemed due to the application of Section 3.11(b)(i) or Section 3.11(b)(ii), the Company shall, concurrently with its filing of its form 10-Q or 10-K until all such Notes are redeemed, deliver to the Trustee and, so long as the Senior
Facility Agreement and all Commitments thereunder have not been terminated, the Senior Facility Agent, either (i) an Officers’ Certificate indicating that as at such date there are Senior Facility Obligations outstanding or (ii) an
Officers’ Certificate indicating that (x) there are no Senior Facility Obligations outstanding, (y) setting forth the amount of Availability for the period of thirty (30) days ending on the last day of the most recent calendar
month ending on or prior to the date of such filing (together with reasonably detailed calculations thereof) and (z) indicating the maximum amount of Notes (rounded to the nearest $1,000) that can be redeemed pursuant to such Redemption Notice
without violation of the Availability Test imposed under Section 3.11(b)(ii). 
 (e) In the event that the delivery of an Officers’
Certificate pursuant to Section 3.11(d)(ii) indicates an amount of Notes that can be redeemed pursuant to a Redemption Notice without violation of Section 3.11(b), the Company shall, within twenty (20) days following such delivery,
redeem such amount of Notes (in accordance with the applicable provisions of Section 3.11(a)). 
 2.23 Section 4.09(i) of the Indenture
(“Limitation on Incurrence of Additional Indebtedness and Issuance of Preferred Stock”) is hereby amended and restated in its entirety as follows: 
 (i) the incurrence or existence of Indebtedness constituting, at any time on or after the Issue Date (but only to the extent permitted under Section 4.16), Senior Facility Obligations, together with any Permitted
Refinancing Indebtedness incurred by the Company or any Restricted Subsidiary in exchange for, or the Net proceeds of which are used to extend, refinance, renew, replace, defease or refund Senior Facility Obligations incurred in accordance with this
Indenture; less 50% of the aggregate amount of any repayments of term Indebtedness under Senior Facility Obligations and all repayments of revolving credit Indebtedness 

  

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under such Senior Facility Obligations effected with a corresponding permanent commitment reduction under such Senior Facility Obligation pursuant to clause
(a) of the second paragraph of Section 4.12; 
 2.24 Section 4.12 of the Indenture (“Limitation on Asset Sales”) is
hereby amended and restated in its entirety as follows: 
 SECTION 4.12. Limitation on Asset Sales. 
 Pending the final application of any such Net Proceeds, the Company may temporarily reduce the revolving Indebtedness included among the Senior Facility
Obligations or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture. Any Net Proceeds from Asset Sales that are not applied or invested as provided in the first sentence of this paragraph will be deemed to
constitute “Excess Proceeds.” On any date that the aggregate amount of Excess Proceeds under this Indenture exceeds $1 million (an “Asset Sale Offer Trigger Date”), the Company will be required to make an offer to
all Holders of Notes issued under this Indenture (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes and, if the Company is required to do so under the terms of any other Indebtedness ranking pari passu
and equally and ratably secured with such Notes (“Other Indebtedness”), such Other Indebtedness on a pro rata basis with the Notes that may be purchased out of the Excess Proceeds, at a purchase price in cash in an amount
equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, thereon, to the date of purchase in accordance with the procedures set out in this Indenture. To the extent that the aggregate amount of Notes (and any Other
Indebtedness subject to such Asset Sale Offer) tender pursuant to such Asset Sale Offer is less than the Excess Proceeds, the Company may, subject to the other terms of this Indenture, use any remaining Excess Proceeds for any purpose not prohibited
by this Indenture. If the aggregate principal amount of Notes surrendered by Holders thereof in connection with any Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select Notes to be purchased on a pro rata basis;
provided that no Note shall be repurchased in part if the remaining balance thereof would be less than $1,000. Upon completion of the offer to purchase made under this Indenture, the amount of Excess Proceeds that was the subject of such offer to
purchase shall be reset at zero. 
 2.25 Section 4.13(iii)(c) of the Indenture (“Dividend Limitations and Other Payment Restrictions
Affecting Restricted Subsidiaries”) is hereby and restated in its entirety as follows: 
 (c) this Indenture, the Security Documents and
the Senior Facility Documents; 
  

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 2.26 Section 4.16 of the Indenture (“Conditions and Limitations Regarding Senior Facility
Obligations”) is hereby amended and restated in its entirety as follows: 
 SECTION 4.16. Conditions and Limitations Regarding Senior
Facility Obligations. 
 On or after the Issue Date, the Company shall be entitled to enter into the Senior Facility Agreement and the
other Senior Facility Documents in each case subject to the following conditions and limitations: 
 (a) neither the Company nor any
Restricted Subsidiary shall be permitted to borrow or otherwise incur aggregate Indebtedness constituting the principal amount of loans or Senior LOC Obligations under or in connection with the Senior Facility Documents in an aggregate amount at any
time exceeding the maximum amount permitted for such principal and Senior LOC Obligations under the Intercreditor Agreement; 
 (b) the Senior
Facility Agent, acting for and on behalf of the Senior Facility Creditors, shall have entered into a Intercreditor Agreement with the Trustee, acting for and on behalf of the Holders; 
 (c) The Intercreditor Agreement provides that the maximum amount of Senior Facility Obligations permitted thereunder shall be permanently reduced by
amounts applied from time to time to repay principal of the Senior Facility Obligations (other than pursuant to any initial or subsequent refinancing thereof in whole or in part) which are accompanied by a permanent reduction in the revolving credit
commitment under the Senior Facility Agreement, and the Company and each Restricted Subsidiary agrees that as between the Company and the Restricted Subsidiaries, on the one hand, and the Trustee and the Noteholders, on the other hand, the amount of
Senior Facility Obligations that are permitted to be incurred under Section 4.09 and this Section 4.16 shall be permanently reduced by any such reduction in the maximum amount of Senior Facility Obligations permitted under the
Intercreditor Agreement. 
 (d) the Company acknowledges and agrees that any principal Indebtedness as may be incurred or assumed by the
Company under or in connection with the Senior Facility Documents that at any time does not constitute Senior Indebtedness by virtue of being in excess of any limit on Senior Indebtedness in the Intercreditor Agreement, shall in no event constitute
or be entitled to the benefits of treatment as Senior Facility Obligations or Permitted Refinancing Indebtedness in respect thereof, nor shall any Lien securing or purporting to same have or be entitled to Permitted Lien status, for purposes of
Default rights or remedies as provided in Article Six or for any other purpose whatsoever of this Indenture, the Notes and the Security Documents; and 
 (e) notwithstanding the Holders’ authorization of the Company’s and/or its Restricted Subsidiaries’ execution and delivery of the Senior Facility Documents as such documentation is provided in this
Section 4.16, 

  

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nothing contained herein or elsewhere in this Indenture shall in any manner be deemed or construed as waiving, limiting, releasing or otherwise impairing any
obligation or liability of the Company, or any right or remedy of the Holders, with respect to any other covenant (including, specifically, Section 4.09) contained in this Article 4, each of which shall be and remain independently complied with
after giving effect to any and all incurrences of Indebtedness or other transactions and matters authorized pursuant to this Section 4.16. 
 2.27 Section 4.16A of the Indenture (“Refinancing and Defaulted Financing Options in Favor of Holders”) is hereby amended and restated in its entirety as follows: 
 SECTION 4.16A. Refinancing and Defaulted Financing Options in Favor of Holders. 
 (a) If at any time after entering into the initial Senior Facility Agreement the Company proposes to refinance Senior Facility Obligations on terms that
taken as a whole are materially less favorable to the Company than those taken as a whole then in effect under the then-existing Senior Facility Documents, the Company shall afford the Holders, by delivery of written notice to the Trustee (“the
“Refinancing Notice”) of such proposed refinancing (i) setting forth all of the material terms and conditions for such proposed refinancing; (ii) providing a reasonably detailed description of the procedures to be followed by
such Holders to exercise their rights under this Section 4.16A(a) and (iii) attaching or enclosing a copy of this Section 4.16A(a), and the Holders shall have, a thirty (30) day period (subject to earlier termination effective
immediately upon the Holders’ delivery of written notice to the Company indicating their intention not to pursue any such option) after receipt by the Trustee of such notice (the “Refinance Option Period”) during which the Holders
shall have the right to provide such refinancing to the Company on substantially the same terms and conditions and in any event on terms and conditions at least as favorable to the Company as those set forth in the Refinancing Notice. Each Holder
who desires to participate in such refinancing shall deliver to the Company, prior to the end of the Refinance Option Period, a notice electing to participate in such refinancing and stating the maximum principal amount of such refinancing such
Holder is willing to fund. The Holders shall not be permitted to participate in such refinancing unless the Company receives during the Refinance Option Period notices from Holders electing to fund an amount at least equal to the full amount of the
refinancing described in the Refinancing Notice (a “Qualified Notice”) (which notice may be signed and delivered in counterparts). During the Refinance Option Period (and if the Holders deliver a Qualified Notice, thereafter until the
consummation of such refinancing), the Company shall provide such cooperation and information as such Holders that have delivered the Qualified Notice, or any of them, may reasonably request in connection with their evaluation of such refinancing.
If any one or more 

  

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Holders deliver a Qualified Notice, then the Holders who delivered such notice (the “Participating Holders”) shall enter into definitive
documentation for such refinancing with the Company and shall be prepared to fund any such refinancing pursuant to the terms thereof (subject to the terms and conditions for the closing of such refinancing), and such refinancing shall be provided by
the respective Participating Holders in proportion to the amount of refinancing each of them committed to fund in the Qualified Notice or in such other proportion as such Holders shall agree. If the Holders fail to deliver a Qualified Notice during
the Refinance Option Period, then the Company may consummate such refinancing during the forty-five (45) day period after the expiration of the Refinance Option Period on the material terms and conditions described to the Holders in the
Refinancing Notice. If the Company does not consummate such refinancing during such forty-five (45) day period or if the Company proposes to modify any material terms of such refinancing, then the Company shall not consummate such refinancing
without again following the procedures provided in this Section 4.16A(a). The rights provided by this Section 4.16A(a) shall apply to any subsequent Senior Facility Obligations of the Company and/or its Restricted Subsidiaries incurred as
a result of a later refinancing of the Senior Facility Obligations as referred to in the first sentence of this Section 4.16A(a), and the rights of the Holders under this Section 4.16A(a) as to any particular refinancing shall not be
affected by the failure of the Holders to exercise the right provided by this Section 4.16A(a) with respect to any preceding refinancing. 
 (b) Subject, in the case of Senior Facility Obligations, to the terms contained in Section 16 of the Intercreditor Agreement which shall govern and control with respect to any and all matters subject thereto, if the Company defaults in
the payment of any Senior Facility Obligations or any other Pari Passu Indebtedness (a “Defaulted Financing”), then, in addition to any other obligations of the Company under this Indenture or any other Transaction Documents, the Company
shall deliver to the holders and Trustee notice of such default (a “Notice of Financing Default”). Such Notice of Financing Default shall: (i) set forth in reasonable detail all of the material facts and circumstances related to such
Defaulted Financing and such default, (ii) state the amount necessary to acquire such defaulted Indebtedness (the “Cure Amount”), (iii) provide a reasonably detailed description of the procedures to be followed by such Holders to
exercise their rights under this Section 4.16A(b) and (iv) be accompanied by a copy of this Section 4.16A(b). The Trustee shall thereupon deliver such Notice of Financing Default to the holders of record of the Notes. During the
period after receipt of such notice by the Trustee which is specified in the Intercreditor Agreement (the “Default Option Period”), the holders of beneficial interests in the Notes representing 10% or more of the then outstanding principal
amount of the Notes shall have the right to elect to purchase such Defaulted Financing 

  

 13 

 
from the lenders thereof (if such a purchase is permitted by such lenders and is not otherwise subject to any consent or approval mandated by applicable law,
regulation, rule, order or similar legal requirement) or to provide to the Company financing to replace the Defaulted Financing, on substantially the same terms and conditions and in any event on terms at least as favorable to the Company as those
of such Defaulted Financing (a “Default Refinancing”). Subject to the conditions of this Section 4.16A(b) and compliance with all applicable securities laws (including the Holder’s good-faith and commercially-reasonable efforts
in cooperation with other applicable parties objectives toward qualification for Regulation D exemptions in connection with any such transactions), each such holder who desires to participate in such Default Refinancing shall deliver to the Company,
during the Default Option Period, a notice electing to participate in such Default Refinancing and stating the maximum amount of the Cure Amount such holder is willing to fund. Holders shall not have the right to participate in such Default
Refinancing unless the Company receives prior to the end of the Default Option Period notices from Holders electing to fund an amount at least equal to the Cure Amount (a “Qualified Participation Notice”) (which notice may be signed such
Holders deliver a Qualified Participation Notice, thereafter until the consummation of such Default Refinancing), the Company shall provide such cooperation and information as such holders that delivered the Qualified Participation Notice, or any of
them, may reasonably request in connection with their evaluation and negotiation of the purchase or refinancing of such Defaulted Financing. If such holders deliver a Qualified Participation Notice, then the Holders who delivered such notice (the
“Default Participating Holders”) shall negotiate with the Company and/or the lenders of such Defaulted Financing, in good faith, to purchase the Defaulted Financing (if such a purchase is permitted by such lenders) or provide such
refinancing to the Company on the terms and conditions set forth in the Qualified Participation Notice or such other terms and conditions to which the Company and such holders may agree (subject to the terms and conditions for the closing of such
refinancing), and such refinancing shall be provided by the respective Default Participating Holders in proportion to the amount of Cure Amount each of then committed to fund in the Qualified Participation Notice or in such other proportion as such
holders shall agree. The rights provided by this Section 4.16A(b) shall apply to any subsequent default by the Company in the payment of any Senior Facility Obligation or Pari Passu Indebtedness and the rights of the Holders and beneficial
holders under this Section 4.16A(b) as to any particular default shall not be effected by the failure of such Holders and beneficial holders to exercise the right provided by this Section 4.16A(b) with respect to any preceding default. The
provisions of this Section 4.16A(b) are intended to be separate from the provisions of Section 4.16A(a), such that if a Default Notice is provided under this Section 4.16A(b) and subsequently the Company 

  

 14 

 
proposes to refinance such defaulted indebtedness, another notice would be required pursuant to Section 4.16A(a) with respect to such proposed
refinancing. 
 2.28 The first paragraph of Section 4.21 of the Indenture (“Minimum Cash”) is hereby amended and restated in its
entirety as follows: 
 The Company and its Restricted Subsidiaries shall maintain at all times cash and Cash Equivalents which are subject to
the perfected Lien created in favor of the Trustee for the benefit of the Holders pursuant to the Security Documents (in each case, free of Liens other than (i) Security Document Liens as aforesaid, (ii) rights of setoff of the applicable
depository bank or securities intermediary, and (iii) the Senior Lien as, when and to the extent applicable pursuant to the Intercreditor Agreement) of not less than the following: 
 2.29 The first paragraph of Section 4.22 of the Indenture (“Minimum Cash and Accounts Receivable”) is hereby amended and restated in its
entirety as follows: 
 The Company and its Restricted Subsidiaries shall maintain at all times cash, Cash Equivalents and Qualified Accounts
Receivable which are subject to the perfected Lien created in favor of the Trustee for the benefit of the Holders pursuant to the Security Documents (in each case, free of Liens other than (i) Security Document Liens as aforesaid,
(ii) rights of setoff of the applicable depository bank or securities intermediary, and (iii) the Senior Lien as, when and to the extent applicable pursuant to the Intercreditor Agreement) of not less than the following: 
 2.30 Section 8.01(b) of the Indenture (“Without Consent of Noteholders”) is hereby amended and restated in its entirety as follows: 

(b) In addition to and without limitation on the powers and authority conferred on the Trustee pursuant to the foregoing clause (a) of this
Section 8.01, each Holder, by its acceptance of the Notes, irrevocably and unconditionally confirms and agrees that the Trustee shall be further authorized and empowered to, and, on and as of the effective date of the Supplemental Indenture,
the Trustee, for and on behalf of such Holder, shall enter into with the Senior Facility Agent, for and on behalf of the Senior Facility Creditors, the Intercreditor Agreement in substantially the form thereof attached as Exhibit E hereto.

 2.31 Section 8.02(a) of the Indenture (“With Consent of Noteholders”) is hereby amended and restated in its entirety as follows:

 (a) The Company and the Trustee, with the consent of the Required Holders, shall be entitled to execute supplemental indentures adding any
provisions to or changing in any manner or eliminating any provision of this Indenture or any Security Document or modifying the rights of such 

  

 15 

 
Holders (it being understood that the provisions of the Security Documents which may by their terms be amended or waived without the consent of the
Noteholders do not require the consent of the Noteholders contemplated hereby), provided, that notwithstanding the foregoing, the Trustee may, without the consent of any Noteholder, enter into any amendment, modification, amendment and restatement,
restatement or supplement to the Intercreditor Agreement that does not (i) increase the amount of “Senior Indebtedness” (as such term is defined therein) thereunder, (ii) alter any provision requiring the permanent reduction of
revolving or other loan commitments under the circumstances described therefor in Section 4.16(c) or (iii) adversely affect any rights of any Holder in respect of its ability to acquire Senior Facility Obligations, in each case, as set
forth in the Intercreditor Agreement as originally in effect or as amended with the consent of the Required Holders. 
 2.32 Section 11.01 of
the Indenture (“Security Documents”) is hereby amended and restated in its entirety as follows: 
 SECTION 11.01. Security
Documents. 
 The due and punctual payment of the principal, premium and interest of or on, and all other Note Obligations relating to,
the Notes when and as the same shall be due and payable, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption, special redemption or otherwise, and interest on the overdue principal of, interest on and Note
Obligations related to the Notes and performance of all other obligations of the Company and the Subsidiary Guarantors to the Holders or the Trustee under and in accordance with all applicable terms and conditions of this Indenture, the Notes and
the Security Documents shall be secured as provided in the Security Documents. Each Holder, by its acceptance of the Notes, consents and agrees to the terms of the Security Documents (including, without limitation, the provisions providing for
foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with their terms and authorizes and directs the Trustee to enter into such Security Documents and to perform their obligations and
exercise their rights thereunder in accordance therewith. The Company shall deliver to the Trustee copies of all documents delivered to any Person(s) other than the Trustee pursuant to the Security Documents, and shall do or cause to be done all
such acts and things as may be necessary or proper, or as may be required by the provisions of the Security Documents, to assure and confirm to the Trustee the security interest in the Collateral contemplated hereby, by the Security Documents or any
part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes secured thereby, according to the intent and purposes herein and therein expressed. The Company shall
take, upon request of the Trustee, any and all actions reasonably required to cause the Security 

  

 16 

 
Documents to create and maintain, as security for the obligations of the Company hereunder, a valid and enforceable perfected lien on and security interest
in all the Collateral in favor of the Trustee and the Holders, which lien and security interest shall be a first-priority Lien, subject only to the prior rights of the Senior Lien as expressly provided for under (and as such term is defined in) the
Intercreditor Agreement for so long as in effect from and after the effective date of the Supplemental Indenture, entitled to any and all of the rights, priorities and benefits provided for in accordance with the terms and conditions of the Security
Documents. 
 2.33 Section 11.09 of the Indenture (“Security Documents”) is hereby amended and restated in its entirety as follows:

 SECTION 11.09. Security Documents. 
 By their acceptance of the Notes, upon the Target Merger, the Holders hereby authorize and instruct the Trustee to enter into (or to accept the Company’s and each Subsidiary Guarantor’s execution and
delivery of), for its benefit and the benefit of the Noteholders, the Security Agreement in substantially the forms thereof attached as Exhibit G. 
 2.34 A new Section 11.10 (“Intercreditor Agreement”) is hereby added to the Indenture as follows: 
 SECTION 11.10.
Intercreditor Agreement. 
 Each Holder hereby grants to the Trustee all requisite authority to enter into or otherwise become bound by
the Intercreditor Agreement and to bind the Holders thereto by the Trustee’s entering into or otherwise becoming bound thereby, and no further consent or approval on the part of the Holders is or will be required in connection with the
performance of the Intercreditor Agreement. 
 ARTICLE III 
 MISCELLANEOUS 
 3.1 Counterparts. This Second Supplemental Indenture may be executed in
several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 
 3.2
Conflict with Trust Indenture Act. If any provision of this Second Supplemental Indenture limits, qualifies or conflicts with any provision of the TIA that is required under the TIA to be part of and govern any provision of this Second
Supplemental Indenture, the provision of the TIA shall control. If any provision of this Second Supplemental Indenture modifies or excludes any provision of the Second Supplemental Indenture that may be so modified or excluded, the provision of the
TIA shall be deemed to apply to the Indenture as so modified or to be excluded by this Second Supplemental Indenture, as the case may be. 
  

 17 

 3.3 Successor; Benefits of Second Supplemental Indenture, etc. All agreements of the Company and
the Subsidiary Guarantors in this Second Supplemental Indenture shall bind their respective successors. Nothing in this Second Supplemental Indenture or the Notes, express or implied, shall give to any Person, other than the parties hereto and
thereto and their respective successors hereunder and thereunder and the Holders of Notes, any benefit of any legal or equitable right, remedy or claim under the Indenture, this Second Supplemental Indenture or the Notes. 
 3.4 Certain Duties and Responsibilities of the Trustee. In entering into this Second Supplemental Indenture, the Trustee shall be entitled to the
benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. 
 3.5 Governing Law. The internal law of the State of New York shall govern and be used to construe this Second Supplemental Indenture. 

[Signature page follows] 
  

 18 

 IN WITNESS WHEREOF, the parties have caused this Second Supplemental Indenture to be duly executed as of
the date first above written. 
  

			
	THE COMPANY
	
	VELOCITY EXPRESS CORPORATION
		
	By:	 	 /s/ Edward W. Stone

		 	Edward W. Stone
		 	Chief Financial Officer
	
	THE SUBSIDIARY GUARANTORS
	
	VELOCITY EXPRESS, INC.
	VXP MID-WEST, INC.
	CORPORATE EXPRESS DISTRIBUTION SERVICES, INC.
	VELOCITY EXPRESS LEASING, INC.
	VXP LEASING MID-WEST, INC.
	CD&L, INC. (as successor to CD&L Acquisition Corp.)
		
	By:	 	 /s/ Edward W. Stone

		 	Edward W. Stone
		 	Chief Financial Officer
	
	THE TRUSTEE
	
	WELLS FARGO BANK, N.A., as Trustee
		
	By:	 	 /s/ Lynn M. Steiner

		 	Lynn M. Steiner
		 	Vice President

 Signature Page to Second Supplemental IndentureIntercreditor Agreement

 Exhibit 10.6 
 EXECUTION VERSION 
 INTERCOMPANY SUBORDINATION AGREEMENT 
 THIS INTERCOMPANY SUBORDINATION AGREEMENT (this “Agreement”), dated as of December 22, 2006, is entered into among the Obligors (as
defined below), in favor of WELLS FARGO FOOTHILL, INC., a California corporation, as arranger and administrative agent (in such capacity, together with its successors and assigns in such capacity, the “Agent”) for the Lender Group
(as defined in the Credit Agreement referred to below) and the Bank Product Provider (as defined in the Credit Agreement referred to below). 
 WHEREAS, pursuant to that certain Credit Agreement of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, including all schedules thereto, the “Credit Agreement”), by and among
the lenders identified on the signature pages thereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the
“Lenders”), the Agent, Velocity Express Corporation, a Delaware corporation (“Parent”), each of Parent’s Subsidiaries identified on the signature pages thereof as a Borrower (such Subsidiaries are referred to
hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), and each of Parent’s Subsidiaries identified on the signature pages thereof as a
Guarantor (such Subsidiaries, together with Parent, are referred to hereinafter each individually as a “Guarantor”, and individually and collectively, jointly and severally, as the “Guarantors”), the Lender Group is
willing to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof. 
 WHEREAS, in order to induce the Lender Group to enter into the Credit Agreement, each of the Guarantors has guaranteed pursuant to Section 16 of the Credit Agreement, or executed and delivered a Guaranty (as defined in
the Credit Agreement) in favor of the Lender Group with respect to, the obligations owing by the Obligors (as defined below) to the Lender Group pursuant to the Loan Documents (as defined in the Credit Agreement); 
 WHEREAS, each Obligor has made or may make certain loans or advances from time to time to one or more other Obligors; and 
 WHEREAS, each Obligor has agreed to the subordination of such indebtedness of each other Obligor to such Obligor, upon the terms and subject to
the conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants, conditions,
representations, and warranties set forth herein and for other good and valuable consideration, the Obligors hereby jointly and severally agree with the Agent and the Lenders as follows: 
 SECTION 1. Definitions; Interpretation. 
 (a) Terms Defined in Credit Agreement. All capitalized terms used in this Agreement (including in the preamble and recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.

 (b) Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 
 “Additional Obligor” has the meaning set forth in Section 28 hereto. 

 “Lender Group” means, individually and collectively, each of the Lenders (including the
Issuing Lender) and Agent. 
 “Lenders” means, individually and collectively, each of the lenders listed on the signature
pages of the Credit Agreement and any other Person made a party thereto in accordance with the provisions of Section 13.1 thereof (together with their respective successors and assigns). 
 “Obligors” means, individually and collectively, jointly and severally, each of the Borrowers and Guarantors and any other Person that
now or in the future becomes a party to the Credit Agreement as a Borrower or as a Guarantor or otherwise executes a Guaranty. 
 “Paid in Full” means the full payment in cash (or cash collateralization in accordance with the terms of the Credit Agreement), of all the Senior Debt other than Contingent Bank Product Obligations (whether or not any of
the Senior Debt shall have been voided, disallowed or subordinated pursuant to any provision of the Bankruptcy Code, any applicable state fraudulent conveyance law, any other law in connection with an Insolvency Proceeding or otherwise) and the full
and final termination of any commitment to extend any financial accommodations under the Credit Agreement and any other Loan Document. The expressions “prior payment in full”, “payment in full”, “paid or satisfied in
full” and “paid in full” (whether or not such expressions are capitalized) and other similar phrases shall have correlative meanings. 
 “Senior Debt” means the Obligations and the Guaranteed Obligations. 
 “Subordinated
Debt” means all indebtedness, obligations and other liabilities of each Obligor, and any Subsidiary of each Obligor, in favor of any other Obligor, whether created directly or acquired by assignment or otherwise, all interest thereon and
all fees, premiums, costs, expenses and other amounts payable in respect thereof, whether now existing or hereafter arising, direct or indirect, absolute or contingent, joint or several, secured or unsecured, matured or unmatured, monetary or
nonmonetary, liquidated or unliquidated, acquired outright, conditionally or as collateral security from another, including, without limitation, all such indebtedness, obligations and other liabilities of each Obligor and its Subsidiaries under or
in respect of (i) subrogation rights under any guaranty or any other rights to be subrogated to the rights of the holders of the Senior Debt in respect of payments or distributions of assets of, or ownership interests in, the Obligors made on
the Senior Debt, (ii) any compensation, management fees or consulting fees payable by any Obligor to any other Obligor, (iii) any Stock (or warrants, options or other rights for the purchase thereof) in any Obligor issued or sold to any
other Obligor, whether by dividend, redemption, repurchase or otherwise, as provided under the organizational documents of any Obligor or under any other agreement, instrument or document, (iv) the purchase, lease or license by any Obligor of
property or services from any other Obligor (including, without limitation, any lease of real property) or (v) the sale of or option to sell any assets by any Obligor to any other Obligor. 
 “Subordinated Debt Payment” means any payment or distribution by or on behalf of any Obligor, directly or indirectly, of any assets or
property of any Obligor of any kind or character, whether in cash, property, or securities, including on account of the purchase, redemption, or other acquisition of any of the Subordinated Debt, as a result of any collection, sale, or other
disposition of collateral, or by setoff, exchange, or in any other manner, for or on account of the Subordinated Debt. 
 (c)
Interpretation. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (ii)

  

 -2- 

 
any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Sections and Annexes shall be
construed to refer to Sections of, and Annexes to, this Agreement, and (v) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets
and properties, including cash, securities, accounts and contract rights. 
 SECTION 2. Subordination to Payment of Senior Debt. As to
each Obligor, all Subordinated Debt, including, without limitation, all payments on account of the Subordinated Debt, shall be subject, subordinate, and junior, in right of payment and exercise of remedies, to the extent and in the manner set forth
herein, to the prior Payment in Full of the Senior Debt. 
 SECTION 3. Subordination Upon Any Distribution of Assets of the Obligors.
As to each Obligor, in the event of any payment or distribution of assets of any other Obligor of any kind or character, whether in cash, property, or securities, upon the dissolution, winding up, or total or partial liquidation or reorganization,
readjustment, arrangement, or similar proceeding relating to such other Obligor or its property, whether voluntary or involuntary, or in bankruptcy, insolvency, receivership, arrangement, or similar proceedings or upon an assignment for the benefit
of creditors, or upon any other marshaling or composition of the assets and liabilities of such other Obligor, or otherwise: (i) all amounts owing on account of the Senior Debt shall first be Paid in Full before any Subordinated Debt Payment is
made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which such Obligor would be entitled (but for the provisions hereof) shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the
benefit of creditors, or other liquidating agent making such payment or distribution directly to the Agent for application to the payment of the Senior Debt until all of the Senior Debt shall have been Paid in Full. 
 SECTION 4. Payments on Subordinated Debt. 
 (a) Permitted Payments. So long as no Event of Default has occurred and is continuing, each Obligor may make, and each other Obligor shall be entitled to accept and receive, payments on account of the
Subordinated Debt in the ordinary course of business to the extent such payments are not prohibited under the Credit Agreement. 
 (b) No
Payment Upon Senior Debt Defaults. Upon the occurrence of any Event of Default, and until such Event of Default is cured or waived, no Obligor shall make, and no Obligor shall accept or receive, any Subordinated Debt Payment. 
 SECTION 5. Subordination of Remedies. Until all of the Senior Debt shall have been Paid in Full, upon the occurrence and during the continuance of
any Event of Default, no Obligor shall, without the prior written consent of the Agent: 
 (a) accelerate, make demand, or otherwise make due
and payable prior to the original due date thereof any Subordinated Debt or bring suit or institute any other actions or proceedings to enforce its rights or interests in respect of the obligations of any other Obligor owing to such Obligor;

 (b) exercise any rights under or with respect to any guaranty of any of the Subordinated Debt, if any; 
 (c) exercise any rights to set-offs and counterclaims in respect of any indebtedness, liabilities, or obligations of such Obligor to any other Obligor
against any of the Subordinated Debt; or 
 (d) commence, or cause to be commenced, or join with any creditor (other than the Agent) in
commencing, any Insolvency Proceeding against any other Obligor. 
  

 -3- 

 SECTION 6. Payment Over to the Agent. In the event that, notwithstanding the provisions of
Sections 3, 4, and 5, any Subordinated Debt Payments shall be received in contravention of such Sections 3, 4, and 5 by any Obligor before all Senior Debt is Paid in Full, such Subordinated Debt Payments shall be held in trust for the
benefit of the Agent and shall promptly be paid over or delivered to the Agent for application to the Payment in Full of all Senior Debt, to the extent necessary to give effect to such Sections 3, 4, and 5. 
 SECTION 7. Authorization to the Agent. If, while any Subordinated Debt is outstanding, any Insolvency Proceeding shall be commenced with respect
to any Obligor or its property: (i) any payment or distribution of any kind (whether in cash, securities or other property) which otherwise would be payable or deliverable upon or with respect to any of the Subordinated Debt shall be paid or
delivered directly to the Agent for application (in the case of cash) to, or as collateral (in the case of securities or other non-cash property) for, the payment or prepayment of the Senior Debt until all of the Senior Debt shall have been Paid in
Full, (ii) the Agent is hereby irrevocably authorized and empowered (in the name of each Obligor or otherwise), but shall have no obligation, to demand, sue for, collect, and receive every payment or distribution in respect of the Subordinated Debt
and give acquittance therefor and to file claims and proofs of claim and take such other action (including, without limitation, voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights
or interests of the Lender Group; and (ii) each Obligor shall promptly take such action as the Agent reasonably may request (A) to collect the Subordinated Debt for the account of the Lender Group and to file appropriate claims or proofs of claim in
respect of the Subordinated Debt, (B) to execute and deliver to the Agent such powers of attorney, assignments, and other instruments as it may request to enable it to enforce any and all claims with respect to the Subordinated Debt, and (C) to
collect and receive any and all Subordinated Debt Payments. 
 SECTION 8. Certain Agreements of Each Obligor. 
 (a) No Benefits. Each Obligor understands that there may be various agreements between the Lender Group and any other Obligor evidencing and
governing the Senior Debt, and each Obligor acknowledges and agrees that such agreements are not intended to confer any benefits on such Obligor and that the Lender Group and Agent on behalf thereof shall have no obligation to such Obligor or any
other Person to exercise any rights, enforce any remedies, or take any actions which may be available to them under such agreements. 
 (b)
No Interference. Each Obligor acknowledges that each other Obligor has granted to Agent for the benefit of the Lender Group and the Bank Product Provider security interests in certain of such other Obligor’s assets as set forth in the
Credit Agreement and the other Loan Documents, and agrees not to interfere with or in any manner oppose a disposition of any Collateral by the Lender Group or Agent on behalf thereof in accordance with applicable law. 
 (c) Reliance by the Lender Group. Each Obligor acknowledges and agrees that the Lender Group will have relied upon and will continue to rely upon
the subordination provisions provided for herein and the other provisions hereof in entering into the Loan Documents and making or issuing the Advances or other financial accommodations thereunder. 
 (d) Waivers. Except as provided under the Credit Agreement, each Obligor hereby waives any and all notice of the incurrence of the Senior Debt or
any part thereof and any right to require marshaling of assets. 
 (e) Obligations of Each Obligor Not Affected. Each Obligor hereby
agrees that at any time and from time to time, without notice to or the consent of such Obligor, without incurring responsibility to such Obligor, and without impairing or releasing the subordination provided for herein or otherwise impairing the
rights of the Lender Group hereunder: (i) the time for any other Obligor’s performance of or compliance with any of its agreements contained in the Loan Documents may be extended or such 

  

 -4- 

 
performance or compliance may be waived by the Lender Group or Agent on behalf thereof; (ii) the agreements of any other Obligor with respect to the
Loan Documents may from time to time be modified by such other Obligor and the Lender Group or Agent on behalf thereof for the purpose of adding any requirements thereto or changing in any manner the rights and obligations of such other Obligor or
the Lender Group thereunder; (iii) the manner, place, or terms for payment of Senior Debt or any portion thereof may be altered or the terms for payment extended, or the Senior Debt may be renewed in whole or in part; (iv) the maturity of
the Senior Debt may be accelerated in accordance with the terms of any present or future agreement by any other Obligor and the Lender Group or Agent on behalf thereof; (v) any Collateral may be sold, exchanged, released, or substituted and any
Lien in favor of Agent for the benefit of the Lender Group may be terminated, subordinated, or fail to be perfected or become unperfected; (vi) any Person liable in any manner for Senior Debt may be discharged, released, or substituted; and
(vii) all other rights against any other Obligor, any other Person, or with respect to any Collateral may be exercised (or the Lender Group or Agent on behalf thereof may waive or refrain from exercising such rights). 
 (f) Rights of the Lender Group Not to Be Impaired. No right of the Lender Group or Agent on behalf thereof to enforce the subordination provided
for herein or to exercise its other rights hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act by any other Obligor, the Lender Group, or Agent hereunder or under or in connection with the other Loan
Documents or by any noncompliance by any other Obligor with the terms and provisions and covenants herein or in any other Loan Document, regardless of any knowledge thereof the Lender Group or Agent on behalf thereof may have or otherwise be charged
with. 
 (g) Financial Condition of the Obligors. Except as provided under the Credit Agreement, no Obligor shall have any right to
require the Lender Group to obtain or disclose any information with respect to: (i) the financial condition or character of any other Obligor or the ability of the other Obligor to pay and perform Senior Debt; (ii) the Senior Debt;
(iii) the Collateral or other security for any or all of the Senior Debt; (iv) the existence or nonexistence of any guarantees of, or any other subordination agreements with respect to, all or any part of the Senior Debt; (v) any
action or inaction on the part of the Lender Group or any other Person; or (vi) any other matter, fact, or occurrence whatsoever. 
 (h)
Acquisition of Liens or Guaranties. Except as otherwise expressly permitted under the Credit Agreement, no Obligor shall, without the prior consent of Agent, acquire any right or interest in or to any Collateral not owned by such Obligor or
accept any guaranties for the Subordinated Debt. 
 SECTION 9. Subrogation. 
 (a) Subrogation. Until the Payment in Full of all Senior Debt, no Obligor shall have, or directly or indirectly exercise, any rights that it may
acquire by way of subrogation under this Agreement, by any payment or distribution to the Lender Group hereunder or otherwise. Upon the Payment in Full of all Senior Debt, each Obligor shall be entitled to exercise in full any subrogated rights it
may possess with respect to the rights of the Lender Group to receive payments or distributions applicable to the Subordinated Debt until the Subordinated Debt shall be paid in full. For the purposes of the foregoing subrogation, no payments or
distributions to the Lender Group of any cash, property, or securities to which any Obligor would be entitled except for the provisions of Section 3, 4, or 5 shall, as among such Obligor, its creditors (other than the Lender Group), and
the other Obligors, be deemed to be a payment by the other Obligors to or on account of the Senior Debt. 
 (b) Payments Over to the
Obligors. If any payment or distribution to which any Obligor would otherwise have been entitled but for the provisions of Section 3, 4, or 5 shall have been applied pursuant to the provisions of Section 3, 4, or 5 to the
payment of all amounts payable under the Senior Debt, such Obligor shall be entitled to receive from the Lender Group any payments or distributions received by the Lender Group in excess of the amount sufficient to Pay in Full all amounts payable
under or in respect of the Senior Debt. If any such excess payment is made to the Lender Group, the Lender Group shall promptly remit such excess to such Obligor and until so remitted shall hold such excess payment for the benefit of such Obligor.

  

 -5- 

 SECTION 10. Continuing Agreement; Reinstatement. 
 (a) Continuing Agreement. This Agreement is a continuing agreement of subordination and shall continue in effect and be binding upon each Obligor
until Payment in Full of the Senior Debt. The subordinations, agreements, and priorities set forth herein shall remain in full force and effect regardless of whether any party hereto in the future seeks to rescind, amend, terminate, or reform, by
litigation or otherwise, its respective agreements with the other Obligors. 
 (b) Reinstatement. This Agreement shall continue to be
effective or shall be reinstated, as the case may be, if, for any reason, any payment of the Senior Debt by or on behalf of any Obligor shall be rescinded or must otherwise be restored by the Lender Group, whether as a result of an Insolvency
Proceeding or otherwise. 
 (c) Obligations Unconditional. All rights and interests of the Agent and the Lender Group hereunder, and
all agreements and obligations of each Obligor hereunder, shall remain in full force and effect irrespective of: (i) any lack of validity or enforceability of any Loan Document or any other agreement or instrument relating thereto,
(ii) any change in the time, manner or place of payment of, or in any other term in respect of, all or any of the Senior Debt, or any other amendment or waiver of or any consent to departure from any Loan Document, (iii) any exchange or
release of, or non-perfection of any lien on or security interest in, any Collateral, or any release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Senior Debt, or (iv) any other circumstance which
might otherwise constitute a defense available to, or a discharge of, an Obligor in respect of any of the Senior Debt or an Obligor in respect of this Agreement. 
 (d) Waivers. Each Obligor hereby waives (i) promptness and diligence, and (ii) notice of acceptance and notice of the incurrence of any Senior Debt by an Obligor. Each Obligor agrees that its
obligations hereunder shall not be affected by (a) any failure by any member of the Lender Group to give notice of any actions taken by any Lender or the Agent or an Obligor under any Loan Document or any other agreement or instrument
relating thereto, (b) any failure by any member of the Lender Group to give any other notices (except if such notice is specifically required to be given to such Obligor under this Agreement or any other Loan Documents to which such Obligor is
a party), demands and protests, or to observe all other formalities of every kind in connection with the enforcement of the Obligations, the Guarantied Obligations, or of the obligations of an Obligor hereunder, the omission of or delay in which,
but for the provisions of this Section 10(d), might constitute grounds for relieving an Obligor of its obligations hereunder or (c) any requirement that any Lender or the Agent protect, secure, perfect or insure any security
interest or other lien or any property subject thereto or exhaust any right to take any action against an Obligor or any other Person or any collateral. 
 SECTION 11. Transfer of Subordinated Debt. No Obligor may assign or transfer its rights and obligations in respect of the Subordinated Debt except to another Obligor without the prior written consent of Agent,
and any such assignment without the Agent’s prior written consent shall be null and void. Any transferee or assignee, as a condition to acquiring an interest in the Subordinated Debt shall agree to be bound hereby, in form satisfactory to
Agent. 
 SECTION 12. Obligations of the Obligors Not Affected. The provisions of this Agreement are intended solely for the purpose
of defining the relative rights of each Obligor against the other Obligors, on the one hand, and of the Lender Group, the Bank Product Provider and Agent on behalf thereof against the other Obligors, on the other hand. Nothing contained in this
Agreement shall (i) impair, as between each Obligor and the other Obligors, the obligation of the other Obligors to pay their respective obligations with respect to the Subordinated Debt as and when the same shall become due and payable, or (ii)
otherwise 
  

 -6- 

 
affect the relative rights of each Obligor against the other Obligors, on the one hand, and of the creditors (other than the Lender Group and the Bank
Product Provider) of the other Obligors against the other Obligors, on the other hand. 
 SECTION 13. Endorsement of Obligor
Documents; Further Assurances and Additional Acts. 
 (a) Endorsement of Obligor Documents. At the request of Agent, all documents
and instruments evidencing any of the Subordinated Debt, if any, shall be endorsed with a legend, in form and substance satisfactory to the Agent, noting that such documents and instruments are subject to this Agreement, and each Obligor shall
promptly deliver to Agent evidence of the same. 
 (b) Further Assurances and Additional Acts. Each Obligor shall execute,
acknowledge, deliver, file, notarize, and register at its own expense all such further agreements, instruments, certificates, financing statements, documents, and assurances, and at Agent’s request, perform such acts as Agent reasonably shall
deem necessary or appropriate to effectuate the purposes of this Agreement, and promptly provide Agent with evidence of the foregoing reasonably satisfactory in form and substance to Agent. 
 SECTION 14. Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
by facsimile transmission) and shall be mailed, sent, or delivered in accordance with the notice provisions contained in the Credit Agreement. 
 SECTION 15. No Waiver; Cumulative Remedies. No failure on the part of the Lender Group or Agent on behalf thereof to exercise, and no delay in exercising, any right, remedy, power, or privilege hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, remedy, power, or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights and remedies under this
Agreement are cumulative and not exclusive of any rights, remedies, powers, and privileges that may otherwise be available to the Lender Group. 
 SECTION 16. Costs and Expenses. Each of the Obligors jointly and severally agrees to pay to Agent for the benefit of the Lender Group on demand all reasonable costs and expenses of the Lender Group, and the reasonable fees and
disbursements of counsel to the Lender Group, in connection with (i) the negotiation, preparation, execution, delivery, and administration of this Agreement, (ii) any amendments, modifications, or waivers of the terms of this Agreement, and (iii)
the enforcement or attempted enforcement of, and preservation of rights or interests under, this Agreement, including any losses, costs and expenses sustained by the Lender Group as a result of any failure by any Obligor to perform or observe its
obligations contained in this Agreement. 
 SECTION 17. Survival. All covenants, agreements, representations and warranties made in
this Agreement shall, except to the extent otherwise provided herein, survive the execution and delivery of this Agreement, and shall continue in full force and effect so long as any Senior Debt remains unpaid. Without limiting the generality of the
foregoing, the obligations of each Obligor under Section 16 shall survive the Payment in Full of the Senior Debt. 
 SECTION 18. Benefits
of Agreement. This Agreement is entered into for the sole protection and benefit of the parties hereto and their successors and assigns, and no other Person shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause
of action or claim in connection with, this Agreement. 
 SECTION 19. Binding Effect. This Agreement shall be binding upon, inure to
the benefit of and be enforceable by each Obligor and the Lender Group and their respective successors and permitted assigns except that no Obligor shall have the right to assign its rights hereunder or any interest herein without the prior written
consent of the Agent. 
  

 -7- 

 SECTION 20. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 21. SUBMISSION TO JURISDICTION. EACH OBLIGOR HEREBY (i) SUBMITS TO THE
EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES SITTING IN THE COUNTY OF NEW YORK, STATE OF NEW YORK, FOR THE PURPOSE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT,
(ii) AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH COURTS, OR AT THE SOLE OPTION OF AGENT, IN ANY OTHER COURT IN WHICH AGENT SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND WHICH HAS
SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY, (iii) IRREVOCABLY WAIVES (TO THE EXTENT PERMITTED BY APPLICABLE LAW) ANY OBJECTION WHICH IT NOW OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH ACTION OR PROCEEDING BROUGHT IN
ANY OF THE FOREGOING COURTS, AND ANY OBJECTION ON THE GROUND THAT ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM AND (iv) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PERMITTED BY LAW. 
 SECTION 22.
Entire Agreement; Amendments and Waivers. 
 (a) Entire Agreement. This Agreement constitutes the entire agreement of each of
the Obligors and the Lender Group with respect to the matters set forth herein and supersedes any prior agreements, commitments, drafts, communications, discussions, and understandings, oral or written, with respect thereto. 
 (b) Amendments and Waivers. No amendment to any provision of this Agreement shall in any event be effective unless the same shall be in writing
and signed by each of the Obligors and Agent; and no waiver of any provision of this Agreement, or consent to any departure by any Obligor therefrom, shall in any event be effective unless the same shall be in writing and signed by Agent. Any such
amendment, waiver, or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 23.
Conflicts. In case of any conflict or inconsistency between any terms of this Agreement, on the one hand, and any documents or instruments in respect of the Subordinated Debt, on the other hand, then the terms of this Agreement shall control.

 SECTION 24. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under all applicable laws and regulations. If, however, any provision of this Agreement shall be prohibited by or invalid under any such law or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified
to conform to the minimum requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions
of this Agreement or the validity or effectiveness of such provision in any other jurisdiction. 
 SECTION 25. Interpretation. This
Agreement is the result of negotiations between, and have been reviewed by the respective counsel to, the Obligors and the several members of the Lender Group and is the product of all parties hereto. Accordingly, this Agreement shall not be
construed against the Lender Group merely because of the Lender Group’s involvement in the preparation hereof. 
 SECTION 26.
Counterparts; Facsimile Execution. This Agreement may be executed in any number of counterparts and by different parties hereto in separate 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 

  

 -8- 

 
same agreement. Delivery of an executed counterpart of this Agreement by facsimile or other electronic transmission shall be equally as effective as delivery
of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by facsimile or electronic transmission also shall deliver an original executed counterpart of this Agreement but the failure to
deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. 
 SECTION 27.
Termination of Agreement. Upon Payment in Full of the Senior Debt, this Agreement shall terminate and Agent on behalf of the Lender Group shall, at the Obligors’ joint and several expense, and without any recourse, representation or
warranty, promptly execute and deliver to each Obligor such documents and instruments as shall be reasonably necessary to evidence such termination; provided, however, that the obligations of each Obligor under Section 16 shall survive such
termination. 
 SECTION 28. Additional Obligors. The initial Obligors hereunder shall be such of the Obligors as are signatories
hereto as of the date hereof. From time to time subsequent to the date hereof, additional Obligors, as required by the Credit Agreement or the other Loan Documents, may become parties hereto, as additional Obligors (each, an “Additional
Obligor”), by executing and delivering a joinder agreement substantially in the form set forth in Exhibit A hereto (the “Joinder”). Upon delivery of the Joinder to Agent, notice of which is hereby waived by any other
Obligor, each such Additional Obligor shall be an Obligor and shall be as fully a party hereto as if such Additional Obligor were an original signatory hereof. Each Obligor expressly agrees that its obligations arising hereunder shall not be
affected or diminished by the addition or release of any other Obligor hereunder. This Agreement shall be fully effective as to any Obligor that is or becomes a party hereto regardless of whether any other Person becomes or fails to become or ceases
to be an Obligor hereunder. 
 [Signature pages follow] 
  

 -9- 

 IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Agreement as of the date first
written above. 
  

			
	OBLIGORS:
	
	 VELOCITY EXPRESS, INC.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 VELOCITY EXPRESS LEASING, INC.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 VXP MID-WEST, INC.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 VXP LEASING MID-WEST, INC.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CLICK MESSENGER SERVICE, INC.,
 a New Jersey
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature Page to Intercompany Subordination 
 Agreement 

			
	SECURITIES COURIER CORPORATION,
	a New York corporation
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 OLYMPIC COURIER SYSTEMS, INC.,
 a New York
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 SILVER STAR EXPRESS, INC.,
 a Florida
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CLAYTON / NATIONAL COURIER SYSTEMS, INC.,
 a
Missouri corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 VELOCITY EXPRESS CORPORATION,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 CD&L, INC.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	
	Title:	 	

 Intercompany Subordination Agreement 

 EXHIBIT A 
 JOINDER AGREEMENT 
 TO THE 
 INTERCOMPANY SUBORDINATION AGREEMENT 
 Reference is hereby made to the Intercompany Subordination Agreement,
dated as of December 22, 2006 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercompany Subordination Agreement”), among the Obligors referred to therein, to which this Joinder is attached.
All capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Intercompany Subordination Agreement when used herein. The undersigned Additional Obligor, by execution of this Joinder, hereby agrees that as
of the date of the Intercompany Subordination Agreement, it shall be an Obligor under the Intercompany Subordination Agreement as if it were a signatory thereto and shall be bound by all of the provisions thereof, and agrees that it shall comply
with and be subject to all of the terms, conditions, covenants, agreements and obligations set forth therein. The undersigned Additional Obligor agrees that each reference to an “Obligor” or the “Obligors” in the Intercompany
Subordination Agreement shall include the Additional Obligor. The Additional Obligor acknowledges that it has received a copy of the Intercompany Subordination Agreement and that it has read and understands the terms thereof. 
  

			
	[INSERT NAME OF ADDITIONAL OBLIGOR(S)],
	as an Additional Obligor
		
	By:	 	  

	Name:	 	
	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]