Document:

ATLANTIC
COAST BANK

    

    SPLIT
DOLLAR LIFE INSURANCE AGREEMENT

    

    This Split Dollar Agreement
(“Agreement”) is entered into effective January 1, 2010, between Atlantic Coast
Bank (“Bank”) and Thomas B. Wagers, Sr. (“Insured”) with respect to certain life
insurance policies (the “Policy” or “Policies”) issued by a duly licensed life
insurance company (the “Insurer”).

    

    The Bank
is the owner of the life insurance Policy or Policies set forth on Schedule A
hereto and the Insured is the Chief Financial Officer of the
Bank.  The respective rights and duties of the Bank and Insured in the
Policy are set forth herein and on Schedule A attached hereto.  This
Agreement is intended to be a non-equity, endorsement split dollar agreement,
such that it is not treated as a impermissible personal loan from the Bank to
the Insured under Section 402 of the Sarbanes-Oxley Act of 2002.

    

    1.       
    Policy
Title and Ownership; Endorsement.

    

    (a)           Policy
title and ownership shall reside in the Bank for its use and for the use of the
Insured, all in accordance with this Agreement.  The Bank has
purchased each Policy on a single premium basis.  Such Policy shall be
treated as “bank owned life insurance” (“BOLI”) and is held subject to the
provisions and limitations set forth in the Interagency Statement on the
Purchase and Risk Management of Life Insurance (OCC 2004-56).  The
Bank may, to the extent of its interest, exercise the right to borrow or
withdraw on the Policy cash values.  Where the Bank and the Insured
(or assignee, with the consent of the Insured) mutually agree to exercise the
right to increase the coverage under the Policy, then, in such event, the
rights, duties and benefits of the parties to such increased coverage shall
continue to be subject to the terms of this Agreement.

    

    (b)           An
endorsement on the form provided by the Insurer must be completed and filed with
the Insurer for each Policy identified on Schedule A in order to implement the
rights and obligations set forth in this Agreement.  The parties agree
that the Policy shall be subject to the terms and conditions of this Agreement
and of the endorsement filed with the Insurer.

    

    (c)           The
Bank agrees that, except as otherwise provided herein, it shall not sell,
assign, transfer, surrender or cancel the policy, or change the beneficiary
designation without the express written consent of the Employee.

    

    2.       
    Beneficiary
Designation Rights.  The Insured (or assignee) shall have the
right and power to designate a beneficiary or beneficiaries to receive the
Insured’s share of the Policy proceeds payable upon the death of the Insured,
subject to any right or interest the Bank may have in such proceeds, as provided
in this Agreement.  The Bank shall not terminate, alter or amend the
Insured’s beneficiary designations without the written consent of the
Insured.  The Bank shall be the beneficiary of any proceeds remaining
under the Policy after the payment required under this Agreement has been made
to the Insured’s designated beneficiary.

     

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

     

    3.        
   Premium
Payment.  The Bank shall pay an amount equal to the planned
premiums and any other premium payments that might become necessary to keep the
Policy in force.  Notwithstanding the foregoing, the Bank shall have
the absolute and sole right to terminate and surrender any or all of the
Policies that are subject to this Agreement.

     

    4.     
      Taxable
Benefit.  Annually, the Insured will recognize a taxable
benefit equal to the assumed cost of insurance required by the Internal Revenue
Service (“IRS”), as determined from time to time.  The Bank (or its
administrator) will timely report to the Insured the amount of such imputed
income each year on IRS Form W-2 or its equivalent.  The Bank and the
Insured intend that this Agreement will be subject to taxation under the
“economic benefit regime” set forth in Treasury Regulations section 1.61-22(d),
such that the Insured shall have taxable income equal to the annual cost of the
current life insurance coverage provided under the Policy.

     

    5.       
    Division
of Death Proceeds.  Upon the death of the Insured, the Bank
shall cooperate with the Insured’s designated beneficiary to take whatever
action is necessary to collect the death benefit provided under the
Policy.  Subject to Sections 6 and 9 below, the division of the death
proceeds of the Policy shall be as follows:

     

    (a)           If
the Insured is employed by the Bank at the time of his death or the Insured has
retired from employment with the Bank after completion of not less than ten (10)
years of service with the Bank measured from the Effective Date, then the
Insured’s beneficiary(ies) designated in accordance with Section 2 shall be
entitled to payment from the Policy proceeds directly from the Insurer of an
amount equal to three hundred percent (300%) of:

     

    (i)           if
the Insured is employed by the Bank at the time of death, the Insured’s highest
base annual salary (not including bonus, equity compensation, or any other forms
of compensation) in effect at the Bank at any time during the last ten calendar
years prior to the date of death of the Insured; or

     

    (ii)          if
the Insured’s death follows the Insured’s retirement from the Bank after
completion of not less than ten (10) years of service with the Bank measured
from the Effective Date, the Insured’s highest base annual salary (not including
bonus, equity compensation or any other forms of compensation) paid by the Bank
to the Insured during the last ten calendar years prior to the Insured’s
retirement date.

     

    Notwithstanding
the foregoing, the maximum payment due to the Insured’s beneficiary(ies) from
the Insurer under this Agreement and the Policies shall not exceed the amount
set forth on Schedule A.  To the extent possible, an equal amount of
each Policy’s proceeds shall be payable to the Insured’s beneficiary(ies) not to
exceed such Policy proceeds.  Any amount payable in accordance with
this subsection (a) in excess of a Policy’s proceeds shall thereafter be paid by
any remaining Policy proceeds pro rata.

     

    
      
         

      

      
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    (b)           Coverage
under this Agreement for the Insured who terminates employment with the Bank
(for reasons other than death) prior to completion of less than ten (10) years
of service with the Bank measured from the Effective Date (and prior to the
occurrence of a Change in Control, as defined below) will cease on his last day
of employment with the Bank.

     

    (c)           The
Bank shall be entitled to the remainder of such Policy proceeds.

     

    6.     
      Ownership
of the Cash Surrender Value of the Policies.

     

    (a)           The
Bank shall at all times be entitled to one hundred percent (100%) of the
Policy’s cash value, as that term is defined in the Policy contract, less any
policy loans and unpaid interest or cash withdrawals previously incurred by the
Bank.  Such cash value shall be determined as of the date of surrender
or death, as the case may be.

     

    (b)           The
Bank may pledge or assign the Policy, subject to the terms and conditions of
this Agreement, for the sole purposes of securing a loan from the
Insurer.  The amount of such loan, including accumulated interest
thereon, shall not exceed the lesser or (i) the amount of the premiums on the
Policy paid by the Bank, or (ii) the cash surrender value of the Policy (as
defined in the Policy).  Interest charges on such loan shall be paid
by the Bank.

     

    7.      
     Change
in Control of Bank.

     

    (a)           If
a Change in Control of the Bank shall occur prior to the Insured’s termination
of employment or retirement, then the death benefit coverage set forth in
Section 5 shall remain in effect until the Insured’s death, unless this
Agreement is otherwise terminated pursuant to its terms prior to such
time.

     

    (b)           “Change
in Control” shall mean: (i) a merger, consolidation, reorganization, liquidation
or similar extraordinary transaction involving the Bank whereby the Bank is not
the surviving entity or an on-going entity; (ii) the ownership, holding or power
to vote more than 25% of the Bank’s (or its holding company’s) outstanding
voting stock by any person other than those persons who are stockholders on the
effective date of this Agreement; (iii) the control of the election of a
majority of the Bank’s (or its holding company’s) directors or trustees, if,
during any three-year period, the composition of the Board of the Bank (or its
holding company) shall change, such that the members of the Board at the
beginning of such period shall no longer constitute a majority of such Board at
the end of such three-year period (provided that any member of the Board
appointed or nominated for election as a member of the Board by a vote of at
least a majority of the members then in office shall be considered to have been
members as of the beginning of such three-year period); (iv) the exercise of a
controlling influence over the management or policies of the Bank by any person
or persons acting as a group within the meaning of Section 13(d) of the
Securities Exchanges Act of 1934; or (v) a plan of reorganization, merger,
consolidation, sale of all or substantially all the assets of the Bank (or its
holding company) or similar transaction in which the Bank (or its holding
company) is not the surviving institution occurs, excluding any transaction in
which Atlantic Coast Federal, MHC, the majority stockholder of the Bank’s
holding company, undergoes a full stock conversion.  The term “person”
means an individual other than the Insured and shall also include a corporation,
partnership, trust, association, joint venture, pool, syndicate, sole
proprietorship, unincorporated organization or any other form of entity not
specifically listed herein.

     

    
      
         

      

      
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    8.         
  Rights
of Insured or Assignees.  The Insured may not, without the
written consent of the Bank, assign to any individual, trust or other
organization, any right, title or interest in the subject Policy nor any rights,
options, privileges or duties created under this Agreement.

     

    9.      
     Termination
of Agreement.

     

    (a)           This
Agreement shall terminate upon the occurrence of any one of the
following:

     

    (1)           The
Insured shall be discharged from employment with the Bank for cause, as defined
in his employment agreement, or, if there is no employment agreement or the
employment agreement does not have a definition, “cause” shall mean any of the
following that results in an adverse effect on the Bank: the Insured’s personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving
personal profit, intentional failure to perform stated duties, willful violation
of any law, rule or regulation (other than traffic violations or similar
offenses) or final cease-and-desist order; or

     

    (2)           Surrender,
lapse or other termination of the Policy by the Bank.  The Policy (and
all rights of the Insured and his beneficiary(ies)) will also terminate if any
regulatory agency requires the Bank to sever its relationship with the Insured,
if the Bank is subjected to banking regulatory restrictions limiting its ability
to pay such compensation to the Insured, upon the occurrence of the bankruptcy,
insolvency, receivership or dissolution of the Bank, or as may otherwise be
determined by the Bank in good faith.

     

    (b)           Upon
such termination, the Insured (or assignee) shall have a sixty (60) day option
to receive from the Bank an absolute assignment of the Policy in consideration
of a cash payment to the Bank, whereupon this Agreement shall
terminate.  Such cash payment shall equal the cash value of the Policy
on the date of such assignment.  The Insured expressly agrees that
this Agreement shall constitute sufficient written notice to the Insured of the
Insured’s option to receive an absolute assignment of the policy as set forth
herein.

     

    (c)           Except
as noted in subsections (a) and (b) above, this Agreement shall terminate upon
distribution of the death benefit proceeds in accordance with Section
5.

     

    10.           Amendment
and Revocation.  The Insured and the Bank agree that, during
the Insured’s lifetime, this Agreement may be amended or revoked at any time or
times, in whole or in part, by the mutual written consent of the Insured and the
Bank.

     

    
      
         

      

      
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    11.           ERISA
Provisions.

     

    To the extent this Agreement is treated
as a “welfare benefit plan” within the meaning of Section 3(1) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), the following
provisions shall apply.

     

    (a)           The
Bank shall be the named fiduciary for purposes of ERISA under this
Agreement.  Accordingly, the Bank shall have authority to control and
manage the operation and administration of this Agreement, including the right
to interpret any provision of this Agreement, and such interpretation shall be
binding on all parties.

     

    (b)           All
premiums paid with respect to the Policy shall be remitted to the Insurer when
due in accordance with the Agreement.

     

    (c)           Benefits
under this Agreement shall be paid directly by the Insurer, with those benefits
in turn being based on the payment of premiums as provided in this
Agreement.

     

    (d)           For
purposes of handling claims with respect to this Agreement, the “Claims
Reviewer” shall be the Bank, unless another person or organizational unit is
designated by the Bank as Claims Reviewer.

     

    (e)           An
initial claim for benefits under this Agreement must be made by the Insured or
his beneficiary in accordance with the terms of the Agreement or policy through
which the benefits are provided.  Not later than 90 days after receipt
of such claim, the Claims Reviewer shall provide its written decision on the
claim to the claimant, unless special circumstances require the extension of
such 90-day period.  If such extension is necessary, the Claims
Reviewer shall provide the Insured or the Insured’s beneficiary with written
notification of such extension before the expiration of the initial 90-day
period.

     

    (f)           In
the event the Claims Reviewer denies the claim of an Insured or the Insured’s
beneficiary in whole or in part, the Claims Reviewer’s written notification
shall specify, in a manner calculated to be understood by the claimant, the
reason for the denial; a description of any additional material or information
necessary for the claimant to perfect the claim; an explanation as to why such
information or material is necessary; and an explanation of the applicable
claims procedure.

     

    (g)           Should
the claimant be dissatisfied with the Claims Reviewer’s disposition of the
claim, the claimant may have a full and fair review of the denied claim by the
Bank upon written request therefore submitted by the claimant or the claimant’s
duly authorized representative and received by the Bank within 60 days after the
claimant receives written notification that the claim has been
denied.  In connection with such appeal, the claimant or the
claimant’s duly authorized representative shall be entitled to review pertinent
documents and submit the claimant’s views as to the issues in
writing.  The Bank shall act to deny or accept the appealed claim
within 60 days after receipt of the claimant’s written request for review unless
special circumstances require the extension of such 60-day period.  If
such extension is necessary, the Bank shall provide the claimant with written
notification of such extension before the expiration of such initial 60-day
period.  In all events, the Bank shall act to deny or accept the claim
within 120 days of the receipt of the claimant’s written request for
review.  The action of the Bank shall be in the form of a written
notice to the claimant and its contents shall include all of the requirements
for action on the original claim.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (h)           In
no event may a claimant commence legal action for benefits the claimant believes
are due to the claimant until the claimant has exhausted all of the remedies and
procedures set forth in this Section and under ERISA.

     

    12.           Miscellaneous.

     

    (a)           Binding
Agreement.  The Insured and the Bank agree that this Agreement
shall be binding on their heirs, successors, personal representatives and
assigns.

     

    (b)           Insurance Company Not a
Party to this Agreement.  The
Insurer shall not be deemed a party to this Agreement, but will respect the
rights of the Bank and the Insured hereunder by receiving an executed copy of
this Agreement.  Payment or other performance in accordance with the
Policy provisions shall fully discharge the Insurer from any and all
liability.

     

    (c)           Severability.  If
a provision of this Agreement is held to be invalid or unenforceable, the
remaining provisions shall nonetheless be enforceable according to their
terms.

     

    (d)           Governing
Law.  This Agreement shall be governed by the laws of the State
of Georgia, to the extent not pre-empted by federal law, without regard to
conflict of law provisions.

     

    (e)           Notices.  Any
notice, consent or demand required or permitted to be given hereunder shall be
in writing and shall be signed by the party giving such notice, consent or
demand.  If such notice, consent or demand is mailed to a party
hereto, it shall be sent by United States certified mail, FedEx (or other
reputable overnight delivery service) to such party’s last known address as
shown on the Bank’s records.  The date of the mailing shall be deemed
to be the date of the notice.

     

    [Signatures
on next page]

    
      
         

      

      
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    IN WITNESS WHEREOF, the Bank
and the Insured have executed this Agreement as of the date first set forth
above.

    

    
      
        
          	 
      	 
      	
                  ATLANTIC
      COAST BANK

                
	
                  January 1, 2010

                	 
      	
                  By: 

                	
                  /s/ Robert J. Larison,
  Jr.

                
	
                  Date

                	 
      	
                  Robert
      J. Larison, Jr. President and

                
	 
      	 
      	
                  Chief
      Executive Officer

                
	 
      	 
      	 
      
	 
      	 
      	
                  INSURED

                
	 
      	 
      	 
      
	
                  January 1, 2010

                	 
      	
                  /s/ Thomas B. Wagers,
Sr.

                
	
                  Date

                	 
      	
                  Thomas
      B. Wagers, Sr.

                

        

      

    

     

    
      
         

      

      
        7Unassociated Document

    Exhibit 10.1

     

    SETTLEMENT AGREEMENT AND
MUTUAL RELEASE

    

    This
Settlement Agreement and Mutual Release (the “Settlement Agreement”) is made and entered into as
of December 31,
2009 by and between Clark Holdings, Inc. f/k/a
Global Logistics Acquisition Corporation (“Clark”), The Clark Group, Inc.
(“Clark Group”), Donald G. McInnes, Gregory E. Burns, Brian Bowers, Edward W.
Cook, Maurice Levy, Charles H. “Skip” Fischer III, Brian Gillen, Stephen M.
Spritzer,1 on the one hand, and Charles C.
Anderson, Jr., or in his absence Jay Maier, as representative of the sellers of
the capital stock of Clark Group (the “Representative”), Cherokee Capital
Management, LLC (“Cherokee”), Joel R. Anderson, Charles C. Anderson, Jr.,
Delaware ESBT for Charles C. Anderson, Jr., Terry C. Anderson, Clyde B.
Anderson, Harold M. Anderson, Charles C. Anderson III, Frank Stockard, Bill
Lardie, Jay Maier, Delaware ESBT for Jay Maier, David Gillis, John Barry and
Timothy Teagan,2 on
the other hand. The parties hereto are sometimes
collectively referred to herein as the “Parties” and are sometimes individually
referred to herein as a “Party.”

    

    WHEREAS, Clark, Clark Group and the Sellers are
parties to a Stock Purchase Agreement dated as of May 18, 2007, as amended
November 1, 2007, (the “Stock Purchase Agreement”), pursuant to which Sellers
sold and Clark purchased the capital stock of the Clark
Group;

    

    WHEREAS, Clark, the Representative and
Continental Stock Transfer & Trust Company (the “Escrow Agent”) are parties
to an Escrow Agreement, dated as of February 12, 2008 (the “Escrow Agreement”),
pursuant to which a portion of the purchase price paid by Clark to Sellers
pursuant to the Stock Purchase Agreement was placed in an escrow account (the
“Escrow Fund”);

    

    WHEREAS, a dispute has arisen regarding,
among other things, how the remaining funds in the Escrow Fund are to be
distributed;

    

    WHEREAS, on or about March 18, 2009, the
Representative filed a Demand for Arbitration against Clark with the American
Arbitration Association; No. 14 148 Y 00499 09 (the
“Arbitration”);

    

    WHEREAS, on or about April 15, 2009,
Clark answered the Representative’s Demand for Arbitration and filed a
Counterclaim against Representative in the Arbitration;

    

    WHEREAS, on or about August 11, 2009,
Clark filed a notice of claim with the Escrow Agent and on or about September 8,
2009, the Representative filed a counter-notice;

    

    WHEREAS, as of December 28, 2009, the
Escrow Fund contains a total of $5,051,893.25;

     

     

      
        

    

    
      
        1 Clark,
Clark Group, Donald G. McInnes, Gregory E. Burns, Brian Bowers, Edward W. Cook,
Maurice Levy, Charles H. “Skip” Fischer III, Brian Gillen, Stephen M. Spritzer,
are sometimes collectively referred to as the “Clark
Parties.”

      

       

        2 Joel R.
Anderson, Charles C. Anderson, Jr., Delaware ESBT for Charles C. Anderson, Jr.,
Terry C. Anderson, Clyde B. Anderson, Harold M. Anderson, Charles C. Anderson
III, Frank Stockard, Bill Lardie, Jay Maier, Delaware ESBT for Jay Maier, David
Gillis, John Barry and Timothy Teagan are sometimes collectively referred to as
the “Sellers.”  The Representative, Cherokee and the Sellers are
sometimes collectively referred to as the “Selling
Parties.”

      

       

    

    
      
        
          Clark
Group Settlement Agreement and Release

          Page
1 of 8

        

      

      
         

        
          

        

      

      
         

      

    

     

    

    WHEREAS, without admitting or
determining liability, solely to compromise and settle all disputes and
potential disputes, and to avoid further and protracted negotiations, expense
and delay, the Parties mutually desire to enter into this Settlement
Agreement.

    

    NOW, THEREFORE, for and in consideration
of the foregoing and the mutual covenants, promises, and undertakings set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, it is agreed as follows:

    

    1.           Recitals.  The foregoing Recitals are
incorporated herein by reference.

     

    2.           Actions
by the Parties.

     

    
      	
               
      

            	
              (a)

            	
              Release of Escrow
      Funds.  Contemporaneous with the execution of this
      Settlement Agreement by all Parties, Clark and the Representative shall
      execute and deliver to the Escrow Agent  a Mutually Agreed
      Distribution of Escrow Funds Certificate (the “Escrow Certificate”), a
      copy of which is attached hereto as Exhibit 1, instructing the Escrow
      Agent to release $3,763,660.47 to Sellers and $1,288,232.78 to
      Clark.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Dismissal of
      Arbitration.  Immediately following the execution of this
      Settlement Agreement by all Parties, the Parties through their respective
      counsel shall execute and file an Agreed Order of Dismissal, a copy of
      which is attached hereto as Exhibit 2, dismissing the Arbitration with
      prejudice.

            

    

     

    3.           Mutual
Release and Waiver of Claims.

     

    
      	
               
      

            	
              (a)

            	
              Releases by Clark
      Parties.  Except for the obligations
      contained
      in this Settlement
      Agreement and those
      noted in Subparagraph 3(c) below, each of the Clark
      Parties, in their respective individual,
      representative, trustee and/or fiduciary capacities, forever releases and discharges
      each of the Selling
      Parties, in their respective individual,
      representative, trustee and/or fiduciary capacities, and all of their respective heirs,
      executors, administrators, assigns, officers, directors,
      members, employees, agents, attorneys, divisions, parents, affiliates,
      subsidiaries and related companies of and from any and all claims,
      demands, suits,
      damages, sums of
      money, expenses, costs, actions, causes of
      action, accounts,
      reckonings, controversies, bonds, bills, specialties, contracts,
      covenants, agreements, promises, variances, trespasses, judgments,
      extents, executions, undertakings, debts, dues, attorneys’ fees, obligations and liabilities
      of any nature, whatsoever, known or unknown, in law or in equity,
      which the Clark
      Parties or any of their respective heirs, executors, administrators,
      successors or assigns ever had, now have or hereafter can, shall or may,
      have for, upon, or by reason of any matter, cause or thing whatsoever
      from the beginning of
      time to the present.

            

    

     

    
       

      
        
          
            Clark
Group Settlement Agreement and Release

            Page 2
of 8

          

        

        
           

          
            

          

        

        
           

        

      

       

    

    
      	
               
      

            	
              (b)

            	
              Releases by Selling
      Parties.  Except for the obligations
      contained
      in this Settlement
      Agreement and those
      noted in Subparagraph 3(c) below, each of the Selling Parties, in their respective individual,
      representative, trustee and/or derivative capacities, forever
      releases and
      discharges each of the Clark Parties, in their respective individual,
      representative, trustee and/or fiduciary capacities, and all of their respective
      heirs, executors, administrators, assigns, officers, directors,
      members, employees, agents, attorneys, divisions, parents, affiliates,
      subsidiaries and related companies of and from any and all claims,
      demands, suits,
      damages, sums of
      money, expenses, costs, actions, causes of
      action, accounts,
      reckonings, controversies, bonds, bills, specialties, contracts,
      covenants, agreements, promises, variances, trespasses, judgments,
      extents, executions, undertakings, debts, dues, attorneys’ fees, obligations and liabilities
      of any nature, whatsoever, known or unknown, in law or in equity,
      which the Selling
      Parties or any of their respective heirs, executors, administrators,
      successors or assigns ever had, now have or hereafter can, shall or may,
      have for, upon, or by reason of any matter, cause or thing whatsoever
      from the beginning of
      time to the present.

            

    

    

    (c)           Matters not
Released.

    

    
      	
               
      

            	
              (1)

            	
              Individual
      Agreements.  Notwithstanding the foregoing, nothing
      herein is intended to or should be construed as limiting or otherwise
      altering the rights or obligations any Party has or may have as a result
      of its being a party to any of the following
  agreements:

            

    

    

    
      	
               
      

            	
              (i)

            	
              Employment
      Agreement, dated as of January 1, 1998, between David Gillis and The Clark
      Group, Inc., including but not limited to the Confidentiality Agreement
      executed by David Gillis in favor of The Clark Group, Inc. and referenced
      as Exhibit C thereto;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              Separation
      Agreement and General Release between The Clark Group, Inc., its parent,
      subsidiaries, affiliates, successors, assigns, owners and agents
      (collectively "the Company") and John Barry (“Barry”), dated as of May 27,
      2008, including but not limited to all incorporated continuing obligations
      arising under the Employment Agreement between the Clark Group and Barry
      dated January 1, 1998, and the Confidentiality Agreement executed by Barry
      in favor of the Clark Group dated April 17,
  1998;

            

    

     

    
      
        
          
            Clark
Group Settlement Agreement and Release

            Page
3 of 8

          

        

        
           

          
            

          

        

        
           

        

      

       

    

    
      	
               
      

            	
              (iii)

            	
              Confidential
      Separation Agreement and General Release, dated as of October 21, 2009,
      between Timothy Teagan (“Teagan”) and The Clark Group, Inc., its
      subsidiaries and affiliated
entities;

            

    

    

    
      	
               
      

            	
              (iv)

            	
              Independent
      Consulting Agreement, dated as of October 21, 2009, between Teagan and The
      Clark Group, Inc.; and

            

    

    

    
      	
               
      

            	
              (v)

            	
              Continuing
      and Post-employment obligations arising under the Employment Agreement
      dated January 1, 1998 between Teagan and The Clark Group, Inc. and the
      Confidentiality Agreement executed by Teagan dated February 28,
      1995.

            

    

    

    
      	
               
      

            	
              (2)

            	
              Stock Purchase
      Agreement.  Notwithstanding the foregoing, nothing herein
      is intended to or should be construed as limiting or otherwise altering
      the rights or obligations any Party has or may have under Sections 1.12
      (Certain Seller Matters); 5.6(a) (Confidentiality; Access to Information);
      5.20 (Noncompete; Nonsolicit; Nonhire); 5.23 (Books & Records);
      Article IX (Defined Terms) of the Stock Purchase Agreement to the extent
      said defined terms are pertinent to Sections 1.12, 5.6(a) 5.20 and 5.23
      and Article X of the Stock Purchase Agreement; and Article X (General
      Provisions) of the Stock Purchase Agreement, except that Section 10.12
      (Arbitration) shall apply only to disputes that may arise under the
      aforesaid provisions of the Stock Purchase Agreement and not to any
      disputes that may arise under this Settlement Agreement.  To the
      extent any provision of the Stock Purchase Agreement is in conflict with
      the terms of this Settlement Agreement, the provisions of this Settlement
      Agreement shall control.

            

    

    

    
      	
               
      

            	
              (3)

            	
              Acknowledgement of No
      Claims.  Each Party represents and warrants that, as of
      the date of this Settlement Agreement, it does not know or have reason to
      believe that any other Party has committed or is committing a breach of
      any of the agreements referenced in Subparagraph 3(c)(1) or any of the
      sections of the Stock Purchase Agreement referenced in Subparagraph
      3(c)(2).

            

    

     

    
      
        
          
            Clark
Group Settlement Agreement and Release

            Page 4
of 8

          

        

        
           

          
            

          

        

        
           

        

      

       

    

    4.           Representations,
Warranties, and Covenants.

     

    (a)           The Parties hereby represent, warrant,
and covenant that they have full authority and ability to execute, deliver, and
perform this Settlement Agreement.

    

    (b)           The Parties hereby represent, warrant,
and covenant that this Settlement Agreement constitutes the legal, valid, and
binding obligation of the
Parties.

    

    5.           Attorneys’
Fees and Costs.  The Parties agree to bear
their respective attorneys’ fees, costs, and expenses with respect to this
matter.  All
administrative fees from
the American Arbitration Association concerning the Arbitration or fees from the Arbitrator or Mediator shall be
paid 1⁄2 by Clark and 1⁄2 by Sellers.  Notwithstanding the foregoing, in the
event of a dispute arising out of or related to the terms of Settlement
Agreement, the prevailing Party shall recover all costs related thereto,
including, but not limited to, reasonable attorneys' fees and litigation
expenses.

    

    6.           Entire
Agreement; Amendment & Waiver in Writing.  This Settlement Agreement
and any exhibit hereto constitutes the entire agreement among the Parties and
all oral discussions, prior agreements (except as specifically provided for in
Section 3(c) above) and
negotiations among the Parties are merged herein and are superseded by this
Settlement Agreement.  The Parties each acknowledge that they
have not executed this Settlement Agreement in reliance on any promise,
representation or warranty which is not contained herein.  No provision of this Settlement
Agreement shall
be amended or waived except
by a statement in writing signed by the Party against which enforcement of the
amendment or waiver is sought.

    

    7.           Construction.  This Settlement
Agreement  has been jointly and fairly negotiated.  The
language of this Settlement Agreement shall be construed as a whole according to
its fair meaning and not strictly for or against any Party.

    

    8.           Choice
of Law; Forum Selection.  This Settlement Agreement shall be governed by and
construed in accordance with the laws of the state of New York without regard to choice of
law principles.  All actions, suits, or other proceedings
with respect to this Settlement Agreement shall be brought exclusively in the United States
District Court for the Eastern District of Pennsylvania.

    

    9.           Counterparts.  This Settlement Agreement may be executed in several
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  A signature
page hereto may be signed in the original and delivered by facsimile or electronic mail to the other party shall constitute
effective execution and delivery of this Settlement Agreement.

    
       

      
        
          
            Clark
Group Settlement Agreement and Release

            Page 5
of 8

          

        

        
           

          
            

          

        

        
           

        

      

       

    

    IN WITNESS
WHEREOF the Parties have
caused this Settlement Agreement and Mutual Release to be executed by themselves or
their duly authorized representative as of the day and year first written
above.

     

     

    
      	By:  	
              /s/ Gregory
      Burns

            	 
      
	 	 
      	 
      
	Its:  	
              Chief Executive
      Officer

            	 
      
	 	 
      	 
      
	 	 
      	 
      
	The Clark Group,
    Inc.	 
      
	 	 
      	 
      
	By:  	
              /s/ Charles H. Fischer
      III

            	 
      
	 	 
      	 
      
	Its:  	
              President

            	 
      

    

     

     

    
      	
              /s/ Donald G.
      McInnes

            	 
      
	
              Donald G.
      McInnes

            	 
      
	 
      	 
      
	 
      	 
      
	
              /s/ Gregory E.
      Burns

            	 
      
	
              Gregory E.
      Burns

            	 
      
	 
      	 
      
	 
      	 
      
	
              /s/ Brian
      Bowers

            	 
      
	
              Brian
Bowers

            	 
      
	 
      	 
      
	 
      	 
      
	
              /s/ Edward W.
      Cook

            	 
      
	
              Edward W.
    Cook

            	 
      
	 
      	 
      
	 
      	 
      
	
              /s/ Maurice
      Levy

            	 
      
	
              Maurice
Levy

            	 
      
	 
      	 
      
	 
      	 
      
	
              /s/ Charles H. Fischer
      III

            	 
      
	
              Charles H. “Skip” Fischer
      III

            	 
      
	 
      	 
      
	 
      	 
      
	
              /s/ Brian
      Gillen

            	 
      
	
              Brian
Gillen

            	 
      
	 
      	 
      
	 
      	 
      
	
              /s/ Stephen M.
      Spritzer

            	 
      
	
              Stephen M.
      Spritzer

            	 
      

    

     

    
      
        
          
            Clark
Group Settlement Agreement and Release

            Page
6 of 8

          

        

        
           

          
            

          

        

        
           

        

      

       

      
        	Representative	 
      
	 	 
      	 
      
	By:  	
                /s/ Charles C. Anderson,
      Jr.

              	 
      
	 	 
      	 
      
	 	 
      	 
      
	Cherokee Capital Management,
      LLC	 
      
	 	 
      	 
      
	By:  	
                /s/ Jay
    Maier

              	 
      
	 	 
      	 
      
	Its:  	
                Vice
    President

              	 
      

      

       

       

      
        	
                /s/ Joel R.
      Anderson

              	 
      
	
                Joel
      R. Anderson

              	 
      
	 
      	 
      
	 
      	 
      
	
                /s/ Charles C. Anderson,
      Jr.

              	 
      
	
                Charles
      C. Anderson, Jr.

              	 
      

      

       

       

       

      
        	Delaware
      ESBT for Charles C. Anderson, Jr.	 
      
	 	 
      	 
      
	By:  	
                /s/ Earl L. Weaver,
      Jr.

              	 
      
	 	 
      	 
      
	Its:  	
                Vice
    President

              	 
      

      

       

       

      
        	
                /s/ Terry C.
      Anderson

              	 
      
	
                Terry
      C. Anderson

              	 
      
	 
      	 
      
	 
      	 
      
	
                /s/ Clyde B.
      Anderson

              	 
      
	
                Clyde
      B. Anderson

              	 
      
	 
      	 
      
	 
      	 
      
	
                /s/ Harold M.
      Anderson

              	 
      
	
                Harold
      M. Anderson

              	 
      
	 
      	 
      
	 
      	 
      
	
                /s/ Charles C. Anderson
      III

              	 
      
	
                Charles
      C. Anderson III

              	 
      

      

    

    
       

      
        
          
            Clark
Group Settlement Agreement and Release

            Page 7
of 8

          

        

        
           

          
            

          

        

        
           

        

         

      

      
        
          	
                  /s/ Frank
      Stockard

                	 
      
	
                  Frank
      Stockard

                	 
      
	 
      	 
      
	 
      	 
      
	
                  /s/ Bill
    Lardie

                	 
      
	
                  Bill
      Lardie

                	 
      
	 
      	 
      
	 
      	 
      
	
                  /s/ Jay
    Maier

                	 
      
	
                  Jay
      Maier

                	 
      

        

         

        
          	Delaware
      ESBT for Jay Maier	 
      
	 	 
      	 
      
	By:  	
                  /s/ Bonnie G.
      Maier

                	 
      
	 	 
      	 
      
	Its:  	
                  Trustee

                	 
      

        

         

         

        
          	
                  /s/ David
      Gillis

                	 
      
	
                  David
      Gillis

                	 
      
	 
      	 
      
	 
      	 
      
	
                  /s/ John
    Barry

                	 
      
	
                  John
      Barry

                	 
      
	 
      	 
      
	 
      	 
      
	
                  /s/ Timothy
      Teagan

                	 
      
	
                  Timothy
      Teagan

                	 
      
	 
      	 
      

        

         

      

    

    
      
        
          
            Clark
Group Settlement Agreement and Release

            Page 8
of 8

          

        

        
           

          
            

          

        

        
           

        

      

       

    

     

    EXHIBIT 1

     

    MUTUALLY AGREED DISTRIBUTION OF ESCROW
FUNDS CERTIFICATE

     

    
      	
              TO:

            	
              Continental Stock Transfer &
      Trust Co

                    
                17 Battery
      Place

                8th Floor

                New York, New York
      10004

              

            

    

    
      	
            	
              Att:

            	
              Frank D. Paolo,
      CFO

                    
                Cynthia Jordan

                Sally
      Omrow

              

            

    

     

    This Certificate is issued pursuant to
that certain Escrow Agreement, dated as of February 12, 2008, among Global Logistics Acquisition
Corporation, a Delaware corporation (‘‘Purchaser’’), the Sellers listed on the signature
page thereto (‘‘Sellers’’), Charles C. Anderson, Jr. or, in his
absence, Jay Maier, as Representative of the Sellers (the ‘‘Representative’’) and you, as Escrow Agent (the
‘‘Escrow
Agreement’’). Capitalized
terms used but not otherwise defined in this Certificate shall have the meanings
ascribed to them in the Escrow Agreement.

     

    Purchaser has previously issued to you
two Claim Certificates
dated February 9, 2009 and August 11, 2009, pursuant to which it claimed that it
had a good faith belief that it was entitled to the entire Escrow Principal pursuant to the terms
of the Escrow Agreement by virtue of an Indemnity Claim arising under the Purchase
Agreement. The matters giving rise to such Claim Certificate have been the
subject of settlement negotiations between Purchaser and the Sellers, and such
parties have now settled such matters pursuant to a mutually satisfactory
settlement agreement.

     

    Accordingly, you are hereby instructed
to distribute immediately
$1,288,232.78 from the
Escrow Principal to Purchaser by wire transfer of immediately available funds to
the following account:

     

    Bank: 

     

    Account: 

     

    Routing Number: 

     

    And you are further instructed to
distribute immediately $3,763,660.47 to the Representative by wire transfer of
immediately available funds to the following account:

     

    Bank:

     

    Account:

     

    Routing Number:

     

    Dated: December 31, 2009

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	 	PURCHASER:	 
	 	 	 
	 	GLOBAL
      LOGISTICS ACQUISITION CORPORATION	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	Name:	 	 
	 	Title:
      	Authorized
      Signatory	 
	 	 	 	 

      

    

    
       

       

      
        
          	 	THE
      REPRESENTATIVE:	 
	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	Name:	 	 
	 	Title:
      	Representative	 
	 	 	 	 

        

      

       

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT 2

     

    AMERICAN
ARBITRATION ASSOCIATION

     

    
      
        	      
                x

              	
                 

              	 
      	 
      
	 
      	
                :

              	 
      	 
      
	
                CHARLES
      C. ANDERSON, JR., or, in his absence,

              	
                :

              	
                Arb.
      No. 14 148 Y 00499 09

              	 
      
	
                JAY
      MAIER, as representative of a group of sellers

              	
                :

              	 
      	 
      
	
                of
      the capital stock of The Clark Group, Inc.,

              	
                :

              	 
      	 
      

      

      
        	      
                :

              	
                 

              	 
      	 
      
	      
                Claimant,

              	
                      
                  :

                

              	
                      
                  AGREED
      ORDER

                

              	
                 

              
	 
      	      
                :

              	
                      
                  OF
      DISMISSAL WITH

                

              	
                 

              
	
                and

              	      
                :

              	
                      
                  PREJUDICE

                

              	
                 

              
	 
      	      
                :

              	
                 

              	 
      

      

      
        	
                CLARK
      HOLDINGS, INC., f/k/a GLOBAL

              	
                :

              	 
      
	
                LOGISTICS
      ACQUISITION CORPORATION, as

              	
                :

              	 
      
	
                the
      purchaser of the capital stock of The Clark

              	
                :

              	 
      
	
                Group,
      Inc.,

              	      
                :

              	 
      

      

      
        	      
                 

              	      
                :

              	
                 

              	 
      
	      
                Respondent.

              	
                      
                  :

                

              	
                 

              	 
      
	      
                x

              	
                 

              	 
      	 
      

      

    

     

     

    Pursuant to the agreement of the
parties, as evidenced by the signatures of counsel below, it is hereby agreed that the Arbitration and all claims and
counterclaims asserted therein should be dismissed with prejudice with each
party bearing its own costs, expenses and attorneys’ fees. All administrative fees from the
American Arbitration Association concerning the Arbitration or from the
Arbitrator shall be paid 1⁄2 by Claimant and 1⁄2 by Respondent.

     

    It is so ORDERED, this ___ day of
__________________,
20____.

    

    

    

     

    
      	 	  	 
	 	Stephen Armstrong	 
	 	American Arbitration Association
      Arbitrator	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    APPROVED FOR ENTRY:

    

    

    

    ____________________________________

    Samuel P.
Funk

    John L.
Farringer IV

    Sherrard
& Roe, PLC

    424
Church Street, Suite 2000

    Nashville,
Tennessee 37219

    (615)
742-4200

    sfunk@sherrardroe.com

    jfarringer@sherrardroe.com

    

    

    ____________________________________

    Nancy
Sills

    Graubard
Miller

    The
Chrysler Building

    405
Lexington Avenue

    New York,
NY 10174

    nsills@graubard.com

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