Document:

EX-10.50

     SECOND AMENDMENT TO SECURITIES PURCHASE AGREEMENT (NOTES AND WARRANTS)
                    AND FIRST AMENDMENT TO JOINDER AGREEMENT

        THIS  SECOND  AMENDMENT  TO  SECURITIES  PURCHASE  AGREEMENT  (NOTES AND
WARRANTS) AND FIRST AMENDMENT TO JOINDER AGREEMENT dated as of May __, 2007 (the
"AMENDMENT"), is entered into by and between Maritime Logistics US Holdings Inc.
(the  "COMPANY"),  Summit  Global  Logistics,  Inc.  (formerly  know as  Aerobic
Creations, Inc.) ("SHELLCO") and Law Debenture Trust Company of New York, in its
capacity as collateral  agent for and on behalf of the Buyers (as defined below)
(in such capacity,  "COLLATERAL AGENT").  Capitalized terms used but not defined
herein shall have the  meanings  ascribed to them in the  Agreement  (as defined
below).

        WHEREAS,  the  Company,   ShellCo,   Collateral  Agent  and  the  Buyers
(hereinafter  defined) entered into that certain  Securities  Purchase Agreement
(Notes and  Warrants)  dated as of  November  8, 2006 (as amended to date and as
amended,  supplemented,  extended,  renewed,  restated,  replaced  or  otherwise
modified from time to time, the "AGREEMENT").

        WHEREAS,  Company and ShellCo have  requested that Buyers and Collateral
Agent (i) waive the Events of Defaults  (as defined in the Notes) that  occurred
and are  continuing as a result of (A) ShellCo's  failure to timely  deliver the
quarterly  financial  statements  for the quarter ending on December 31, 2006 in
accordance  with  Section  14(g)(i)  of the Notes (in  effect  prior to the date
hereof), (B) ShellCo's failure to timely deliver the annual financial statements
for the fiscal year  ending on December  31,  2006 in  accordance  with  Section
14(g)(ii)  of the Notes (in effect prior to the date  hereof),  (C) changing the
name of ShellCo  after the latest date  permitted  therefor  under the  Security
Agreement (as defined in the Notes),  (D) the failure (if any) of ShellCo and/or
Company to notify the Collateral Agent and/or the Buyers  (hereinafter  defined)
of the other Existing  Events of Default  (hereinafter  defined) within the time
periods  required under the Transaction  Documents,  (E) failure to pay, through
the date hereof,  the default rate of Interest to Noteholders under Section 2(c)
of the Notes arising as a result of the occurrence and continuation of the other
Existing Events of Default (such 2% increase in Interest Rate through the period
ending on the date hereof, the "DEFAULT INTEREST") and (F) ShellCo's failure (if
any) to comply with the  financial  covenants  set forth in Section 14(l) of the
Notes (in effect prior to the date  hereof) for the quarter  ending on March 31,
2007  (collectively,  the  "EXISTING  EVENTS  OF  DEFAULT")  and (ii)  amend the
Agreement in certain respects,  including without limitation, to (A) provide for
the  amendment and  restatement  of the Notes issued on the Closing Date and (B)
provide for the issuance of additional  secured  convertible  notes and warrants
(of like tenor to the Notes and Warrants, respectively) (such additional secured
convertible  notes,  the  "NEW  NOTES";  such  additional  warrants,   the  "NEW
WARRANTS");

        WHEREAS,  (i) the  consent  of each of the  holders  of the Notes  (each
individually,  a "HOLDER" and  collectively,  the "HOLDERS";  as further defined
hereinafter)  is required to waive the  Existing  Events of Default and (ii) the
consent of the Holders of at least a majority of the aggregate  principal amount
of the Notes now  outstanding  is  required to amend the  Agreement  as provided
herein;

        WHEREAS,  each of the Holders has agreed to waive the Existing Events of
Default and to amend the Agreement as provided herein, in each case,  subject to
the terms and conditions hereof; and

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        WHEREAS,  as partial  consideration  for Holders  agreement to waive the
Existing  Events of Default and to amend the  Agreement in  accordance  with the
provisions  hereof,  ShellCo has agreed to amend,  restate and replace the Notes
issued  on the  Closing  Date  with the  Amended  and  Restated  Senior  Secured
Convertible Notes (hereinafter defined).

        NOW,  THEREFORE,  in  consideration of the premises and the other mutual
covenants contained herein, the receipt and sufficiency are hereby acknowledged,
the parties hereto agree as follows:

        SECTION 1. AMENDMENTS.
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        a.  RECITALS.  The  reference to "Section  6(o)" set forth in the second
recital to the  Agreement is hereby  deleted  therefrom  and  "Section  7(y)" is
substituted in lieu thereof.

        b. AEROBIC CREATIONS,  INC. All references to "Aerobic Creations,  Inc."
set forth in the Agreement and the Joinder Agreement (hereinafter defined) shall
mean "Summit Global Logistics, Inc."

        c. BUYERS. All references to "Buyers" in the Agreement shall mean (i) in
respect  of the  period  from  November  8,  2006  through  the day  immediately
preceding  the date hereof,  the "Buyers"  referenced  on the Schedule of Buyers
attached  to the  Agreement  prior to the date hereof and (ii) in respect of the
period from and after the date hereof,  the "Buyers"  referenced on the Schedule
of Buyers  attached to the Agreement,  after giving effect to (A) this Amendment
and  (B)  any  other  subsequent  amendments  to  the  Schedule  of  Buyers,  as
applicable. Each New Buyer (hereinafter defined) acknowledges and agrees that it
shall be a "Buyer" (and Holder),  as of the date hereof,  for all purposes under
the Agreement and the other applicable Transaction Documents.

        d. HOLDERS.  All references to "Holders" in the Agreement shall mean the
holders, from time to time, of the Notes.

        e. NOTES.  All references to "Notes" in the Agreement  shall mean (i) in
respect  of the  period  from  November  8,  2006  through  the day  immediately
preceding the date hereof,  the "Notes",  as defined in the  Agreement  prior to
giving effect to this Amendment and (ii) in respect of the period from and after
the date hereof, the "Notes", as defined in the Agreement prior to giving effect
to this Amendment, as such Notes are amended and restated in accordance with the
provisions hereof plus the New Notes, as the foregoing may be amended, restated,
supplemented and/or modified from time to time.

        f. TRANSACTION DOCUMENTS.  All references to "Transaction  Documents" in
the  Agreement  and the other  Transaction  Documents  shall  also  include  the
following documents executed in connection herewith:  (i) the First Amendment to
Guaranty ("FIRST  AMENDMENT TO GUARANTY"),  (ii) the First Amendment to Security
Agreement ("FIRST AMENDMENT TO SECURITY  AGREEMENT"),  (iii) the First Amendment
to Pledge Agreement ("FIRST AMENDMENT TO PLEDGE AGREEMENT"), (iv) the New Notes,
(v) the Amended and Restated  Senior  Secured  Convertible  Notes,  (vi) the New
Warrants,  (vii) this  Amendment,  (viii) Waiver and Amendment No. 1 to Warrants
(Notes) and (ix) Waiver and Amendment  No. 1 to  Registration  Rights  Agreement
(Notes).

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        g. WARRANTS.  All  references to "Warrants" in the Agreement  shall mean
(i) in respect of the period from  November 8, 2006 through the day  immediately
preceding the date hereof, the "Warrants",  as defined in the Agreement prior to
giving effect to this Amendment and (ii) in respect of the period from and after
the date hereof,  the  "Warrants",  as defined in the Agreement  prior to giving
effect to this  Amendment  plus New  Warrants,  as the foregoing may be amended,
restated, supplemented and/or modified from time to time.

        h. INTENTIONALLY OMITTED.

        i. USE OF PROCEEDS.  Notwithstanding  any other  provisions set forth in
the  Agreement  or any of the  other  Transaction  Documents,  ShellCo  shall be
permitted  to  use  the  proceeds  from  the  payment  of  the  Purchase   Price
(hereinafter   defined)  for  general  corporate  purposes,   including  without
limitation, to pay professional fees (including, without limitation,  attorneys'
fees) and other  administrative  costs and  expenses  incurred by  ShellCo,  the
Company and their  respective  Subsidiaries in connection with the  negotiation,
documentation,  execution and  administration  of the New Notes, the Amended and
Restated Senior Secured  Convertible Notes and the other  agreements,  documents
and instruments executed and/or delivered in connection herewith and therewith.

        j. INTENTIONALLY OMITTED.

        k. INTENTIONALLY OMITTED.

        l.  RESERVATION  OF  SHARES.  Section  4(l) of the  Agreement  is hereby
deleted in its entirety and the following is substituted in lieu thereof:

        "RESERVATION  OF  SHARES.  For as long as any  Buyer  owns any  Notes or
        Warrants, ShellCo shall take all actions necessary to at all times after
        the  Closing  Date have  authorized,  and  reserved  for the  purpose of
        issuance,  no less than  130% of the sum of (i) the  number of shares of
        Common Stock issuable upon  conversion of all of the Notes issued at the
        Closing and on May __,  2007,  (ii) the number of shares of Common Stock
        issuable upon exercise of the Warrants  issued at the Closing and on May
        __, 2007,  and (iii) the number of shares of Common Stock  issuable upon
        exercise of the Common PIPE  Warrants  (without  taking into account any
        limitations  on the  conversion of the Notes or exercise of the Warrants
        or Common PIPE Warrants set forth in the Notes, Warrants and Common PIPE
        Warrants, respectively)."

        m. The last sentence of Section 7(cc) of the Agreement is hereby deleted
in its entirety.

        n. NOTICE.  Section 9(f) of the Agreement is hereby  amended by deleting
"John G.  Nossiff,  Jr."  therefrom and by  substituting  "David D. Gammell" and
"Andreas P. Andromalos" in lieu thereof.

        o. SCHEDULE OF BUYERS.  The Schedule of Buyers attached to the Agreement
is  hereby  deleted  in its  entirety  and the  attached  Schedule  of Buyers is
substituted in lieu thereof.

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        SECTION  2. NEW BUYER  REPRESENTATIONS  AND  WARRANTIES.  Each New Buyer
represents and warrants that (i) it is an "accredited  investor" as that term is
defined in Rule 501(a) of Regulation D and (ii) such Buyer is acquiring such New
Note(s),  and such New  Warrant(s),  and upon conversion of such New Note(s) and
exercise of such New Warrant(s) will acquire the Conversion Shares issuable upon
conversion  of such New Note(s) and the Warrant  Shares  issuable  upon exercise
thereof, in the ordinary course of business,  for its own account and not with a
view towards,  or for resale in connection with, the public sale or distribution
thereof,  except pursuant to sales registered or exempted under the 1933 Act and
such New Buyer does not have a present arrangement to effect any distribution of
the Securities to or through any person or entity.

        SECTION 3.  WAIVER OF  EXISTING  EVENTS OF  DEFAULT;  ACCRUAL OF DEFAULT
INTEREST.

        (a) Effective upon the Second Closing Date  (hereinafter  defined),  the
Collateral Agent and Holders hereby waive the Existing Events of Default through
the date hereof.  This waiver is and shall be effective  solely for the specific
instance and purpose  described herein and is not and shall not be applicable to
any other Events of Default  whether now existing or  hereafter  occurring.  The
Collateral Agent and Holders  acknowledge and agree that all rights and remedies
of Collateral  Agent and Holders that arose as a result of the occurrence of the
Existing  Events of Default  shall have no force or effect until such rights and
remedies  arise anew upon the  occurrence  of an Event of Default  that does not
constitute an Existing Event of Default.

        (b) All  Default  Interest  shall be added to the  Principal  under  the
Amended and Restated Senior Secured Convertible Notes (hereinafter  defined), on
a pro rata  basis,  as of the date  hereof  and shall not be  payable  until the
earlier  to occur  of the  Maturity  Date  (as  defined  in the  Notes)  and the
Conversion Date with respect to the conversion of all of the Principal under the
applicable Amended and Restated Senior Secured Convertible Notes to Common Stock
(of ShellCo).

        SECTION 4. AMENDMENT AND RESTATEMENT OF NOTES; ISSUANCE OF NEW NOTES AND
NEW WARRANTS

        a. PURCHASE OF NEW NOTES AND NEW WARRANTS.  Subject to the  satisfaction
(or waiver) of the conditions set forth in Sections 9 and 10 below,  (i) ShellCo
shall issue and sell to each New Buyer,  and each New Buyer  severally,  but not
jointly, agrees to purchase from ShellCo on the Second Closing Date (hereinafter
defined),  (x) the  principal  amount of New Notes set forth  opposite  such New
Buyer's  name in column  (1) on the  attached  Schedule  of  Buyers  and (y) the
related  Warrants  to  acquire  up to that  number of  Warrant  Shares set forth
opposite such New Buyer's name in column (7) on the attached  Schedule of Buyers
and (ii) ShellCo shall issue  Amended and Restated  Senior  Secured  Convertible
Note(s) to each Buyer  (other than the New Buyers),  which shall amend,  restate
and  replace the Note(s)  previously  issued by ShellCo to such Buyer  (together
with the other Amended and Restated Senior Secured  Convertible  Notes issued to
the other Buyers on the date hereof,  the "AMENDED AND RESTATED  SENIOR  SECURED
CONVERTIBLE   NOTES"),   and  each  Buyer  (other  than  the  New  Buyers),   as
consideration  for the  issuance  of the  Amended and  Restated  Senior  Secured
Convertible Note(s) to such Buyer, severally, but not jointly, agrees to (A) pay
to ShellCo at the closing the amount set forth  opposite  such  Buyer's  name in
column  (8) set forth on the  attached  Schedule  of Buyers,  (B)

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waive certain rights under the Registration  Rights Agreement in accordance with
the Waiver and Amendment No. 1 to Registration Rights Agreement dated as of even
date hereof ("FIRST AMENDMENT TO REGISTRATION  RIGHTS AGREEMENT") and (C) return
to ShellCo the Note(s)  issued to such Buyer on the  Closing  Date (the  "SECOND
CLOSING").

        b. SECOND CLOSING.  The date and time of the Second Closing (the "SECOND
CLOSING  DATE") shall be 10:00 a.m.,  New York City time, on the first  Business
Day  following  the  satisfaction  (or  waiver) and  notification  of ShellCo of
satisfaction  (or waiver) of the  conditions to the Second  Closing set forth in
Sections 9 and 10 below (or such later or earlier date as is mutually  agreed to
by ShellCo and each of the Buyers).

        c. PURCHASE  PRICE.  The aggregate  purchase price for the New Notes and
the New Warrants  and cash  purchase  price for the Amended and Restated  Senior
Secured  Convertible  Notes to be purchased by the Buyers at the Second  Closing
(the  "PURCHASE  PRICE")  shall be  payable by Buyers in the  amounts  set forth
opposite  the Buyers'  names in column (8) of the  attached  Schedule of Buyers.
Each New Buyer shall pay $1,000 for each $1,000 of principal amount of New Notes
and related New Warrants to be purchased by such Buyer at the Second Closing.

        d. FORM OF PAYMENT. On the Second Closing Date, (i) each Buyer shall pay
its  respective  portion of the Purchase  Price to ShellCo and/or to one or more
designees  of ShellCo  for the Notes and  Warrants to be issued and sold to such
Buyer at the Second Closing, by wire transfer of immediately  available funds in
accordance with the Company's or ShellCo's  written wire  instructions  attached
hereto at  Exhibit  B, and (ii)  ShellCo  shall  deliver to each Buyer the Notes
which such Buyer is then purchasing  hereunder along with warrants  representing
the  Warrants  which such Buyer is  purchasing,  in each case duly  executed  on
behalf of  ShellCo  and  registered  in the name of such  Buyer or,  subject  to
compliance with applicable securities laws, its designee.

        SECTION 5. CONSENT.  The Collateral  Agent and each of the Buyers hereby
consents to the  issuance  of the New Notes,  the New  Warrants  and Amended and
Restated Senior Secured Convertible Notes  notwithstanding any restrictions upon
the  issuance  of the  same  set  forth  in  the  Agreement  (including  without
limitation,  under  Sections  4(i)  and  4(j)  of the  Agreement)  or the  other
Transaction Documents.

        SECTION 6. CLOSING FEE.  ShellCo agrees to pay to Collateral  Agent, for
the  benefit of the Buyers  (other  than the New  Buyers),  a closing  fee in an
amount equal to TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00), which shall be
(i) payable on the Maturity Date in cash (the  "CLOSING  FEE") and (ii) paid, in
accordance with clause (i) of this Section 6, pro rata to the Buyers (other than
the New Buyers) who were issued Amended and Restated Senior Secured  Convertible
Notes.  ShellCo agrees to pay a TWO THOUSAND  DOLLAR  ($2,000)  amendment fee to
Collateral Agent on the date hereof ("AMENDMENT FEE").

        SECTION 7.    JOINDER.
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        (a) ShellCo  acknowledges,  confirms  and agrees  that  pursuant to that
certain  Joinder  Agreement  dated as of November  8, 2006 by ShellCo  ("JOINDER
AGREEMENT"):

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               (i)  Each of the  representations  and  warranties  set  forth in
Section 3 (other  than the first  sentence  of Section  3(o)) of the  Agreement,
mutatis  mutandis,  were as of the  Closing  Date  true and  correct  as if each
reference to the Company contained in such  representations and warranties was a
reference  to ShellCo  (unless  otherwise  expressly  provided  herein or in the
disclosure schedules hereto).

               (ii) ShellCo assumed all covenants and obligations of the Company
set forth in the Agreement (including,  without limitation,  all indemnification
obligations)  as if each  obligation of the Company and each  reference  thereto
contained in the Agreement was an obligation of and a reference to ShellCo.

        (b) ShellCo,  Collateral Agent and Buyers acknowledge and agree that the
representations  and warranties set forth in the Joinder  Agreement were made as
of the Closing Date.

        (c)  ShellCo,  Collateral  Agent and Buyers  acknowledge  and agree that
clauses A, B, C, D, E, F, G, H, J, K, L, M, N and O of Section 4 of the  Joinder
Agreement are hereby deleted in their entirety and the  "Intentionally  Omitted"
is substituted in lieu thereof.

        SECTION 8. MATERIAL  NON-PUBLIC  INFORMATION.  Notwithstanding any other
provisions  set  forth  herein  or in  any of the  other  Transaction  Documents
(including,  without  limitation,  any reporting  and/or  notice  requirements),
ShellCo shall not, and shall cause its Subsidiaries and each of their respective
officers, directors,  employees and agents, not to, provide the Collateral Agent
or Buyers with any material,  nonpublic  information regarding ShellCo or any if
its  Subsidiaries  from and after  the  filing  of the 8-K  Filing  with the SEC
without the express written  consent of the Collateral  Agent and the applicable
Buyer, as applicable,  and such Buyer's and/or  Collateral  Agent's  delivery to
ShellCo of a  confidentiality  agreement with respect to such  information to be
disclosed.

        SECTION 9. CONDITIONS TO SHELLCO'S OBLIGATION TO SELL. The obligation of
the  ShellCo  hereunder  to issue  and sell the New Notes  and the  related  New
Warrants and the Amended and Restated Senior Secured  Convertible  Notes to each
applicable  Buyer at the Second  Closing is subject to the  satisfaction,  at or
before the Second Closing Date, of each of the following conditions,  reasonably
satisfactory  to the ShellCo,  provided that these  conditions are for ShellCo's
benefit  and may be  waived by  ShellCo  at any time in its sole  discretion  by
providing each Buyer with prior written notice thereof:

        (a) Each Buyer and  Collateral  Agent  shall have  executed  each of the
following documents to which it is a party and delivered the same to ShellCo, as
applicable:  (i) the First  Amendment to Guaranty,  (ii) the First  Amendment to
Security  Agreement,  (iii) the First Amendment to Pledge  Agreement,  (iv) this
Amendment,  (v) Waiver and Amendment  No. 1 to Warrants  (Notes) and (vi) Waiver
and Amendment No. 1 to Registration Rights Agreement (Notes).

        (b) Each Buyer shall have  delivered to ShellCo or its  designee(s)  its
portion  of the  Purchase  Price for the New  Notes,  the New  Warrants  and the
Amended and Restated  Senior Secured  Convertible  Notes being purchased by such
Buyer at the Second  Closing by wire  transfer of  immediately  available  funds
pursuant to the wire  instructions set forth on Exhibit B

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attached  hereto.  Each Buyer's delivery of its portion of the Purchase Price to
ShellCo shall constitute and evidence such Buyer's agreement that the conditions
precedent set forth in Section 10 hereof have been satisfied.

        SECTION 10.  CONDITIONS  TO EACH BUYER'S  OBLIGATION  TO  PURCHASE.  The
obligation of each Buyer  hereunder to purchase,  as applicable,  the New Notes,
the New Warrants and the Amended and Restated Senior Secured  Convertible  Notes
at the Second  Closing is subject to the  satisfaction,  at or before the Second
Closing  Date,  of  each  of  the  following  conditions,  provided  that  these
conditions  are for each Buyer's sole benefit and may be waived by such Buyer at
any time in its sole  discretion  by providing  the ShellCo  with prior  written
notice thereof:

        (a) Each of the Company, ShellCo and each of their Subsidiaries,  to the
extent  each is a party  thereto,  shall have  executed  and  delivered  to each
applicable Buyer: (i) the First Amendment to Guaranty,  (ii) the First Amendment
to Security Agreement,  (iii) the First Amendment to Pledge Agreement,  (iv) the
New Notes, (v) the Amended and Restated Senior Secured  Convertible  Notes, (vi)
the New  Warrants,  (vii) this  Amendment,  (viii) Waiver and Amendment No. 1 to
Warrants  (Notes) and (ix) Waiver and  Amendment  No. 1 to  Registration  Rights
Agreement (Notes).

        (b) On or prior to Second  Closing Date,  (i) ShellCo,  Fortress  Credit
Corp.,  the Company and certain of the Subsidiaries of ShellCo and Company shall
have entered into and delivered to each of the Buyers and  Collateral  Agent the
First  Amendment  to Senior Loan  Agreement,  in form and  substance  reasonably
satisfactory to each Buyer, (ii) Fortress Credit Corp., the Company, ShellCo and
the Collateral Agent shall have entered into and delivered to each of the Buyers
and the Collateral Agent the First Amendment to Intercreditor Agreement, in form
and  substance  reasonably  satisfactory  to each  Buyer  ("FIRST  AMENDMENT  TO
INTERCREDITOR  AGREEMENT") and (iii) ShellCo shall have delivered to each of the
Buyers a true and correct copy of the final form of the PIPE Notes and such PIPE
Notes  shall  be in  form  and  substance  reasonably  satisfactory  to  Buyers,
including with respect to subordination of the PIPE Notes to the Notes.

        (c) The Company,  ShellCo and each entity  which is a Subsidiary  of the
Company  immediately  prior to the Second  Closing Date shall have  delivered to
such Buyer a secretary's  certificate in the form attached  hereto as EXHIBIT C,
executed  by the  secretary  of such  Person and dated as of the Second  Closing
Date, certifying (A) that the attached written consent of or resolutions adopted
by the board of directors of such Person in connection  with this  Amendment are
true,  complete and correct and remain  unamended  and in full force and effect,
(B) that the attached  certificate of  incorporation or certificate of formation
of such Person is true,  complete and correct and remains  unamended and in full
force and effect,  (C) that the  attached  bylaws or limited  liability  company
agreement or operating  agreement of such Person are true,  complete and correct
and remain  unamended and in full force and effect and (D) as to the  incumbency
and specimen  signature of each officer of such Person executing this Agreement,
the other Transaction  Documents and any other document  delivered in connection
herewith on behalf of such Person.

        (d) The representations  and warranties of the Company,  ShellCo and any
Subsidiary set forth in this Amendment,  the Agreement or any other  Transaction
Document  shall be true and

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correct  in  all  material  respects  (except  for  those   representations  and
warranties that are qualified by materiality or Material  Adverse Effect,  which
shall be true and  correct in all  respects)  as of the date when made and as of
the Second Closing Date (except with respect to the  representation and warranty
set forth in Section 3(k) of the  Agreement) as though made at that time (except
for  representations  and warranties  which speak as of a specific date, each of
which  shall be true and  correct as of such date) and the  Company,  ShellCo or
each Subsidiary, as applicable, shall have performed,  satisfied and complied in
all material respects with the covenants,  agreements and conditions required by
the  Transaction  Documents to be performed,  satisfied or complied with by such
entity at or prior to the  Second  Closing  Date,  except  with  respect to such
covenants,   agreements  and  conditions  that  Company,  ShellCo  and/or  their
respective  Subsidiaries  failed to  satisfy  or comply  with  resulting  in the
occurrence of the Existing  Events of Default.  Such Buyer shall have received a
certificate  delivered  and executed by the President of each of the Company and
ShellCo,  dated as of the Second Closing Date, to the foregoing effect and as to
such other  matters  as may be  reasonably  requested  by such Buyer in the form
attached hereto as EXHIBIT D

        (e) Intentionally Omitted.

        (f) The Company and ShellCo  shall have (i) obtained  all  governmental,
regulatory  or third party  consents  and  approvals,  if any, and (ii) made all
filings under all applicable  federal and state  securities  laws (to the extent
such filings  must be made on or prior to the Second  Closing Date in each case)
necessary  to  consummate  the  issuance  and the sale of the New  Notes and New
Warrants.

        (g) The Company shall have delivered to each Buyer such other  documents
relating to the transactions contemplated by this Amendment as each Buyer or its
counsel may reasonably request.

        (h) ShellCo shall have paid the Amendment Fee to Collateral Agent.

        (i)  Buyers  shall have  received  a copy of the legal  opinion of Brown
Rudnick   Berlack  Israels  LLP,  dated  as  of  the  Second  Closing  Date,  in
substantially the form of EXHIBIT E attached hereto.

        (j) Buyers shall have received a true,  correct and complete copy of the
engagement letter of ShellCo with the Consultant,  as duly authorized,  executed
and delivered by the parties thereto.

        SECTION 11. BOARD OF DIRECTORS SEAT. The Required Holders shall have the
right to nominate  one member of the  ShellCo's  board of  directors at the next
annual  meeting of the ShellCo's  shareholders  after May 18, 2007 provided that
(i) such member has  industry  experience  satisfactory  to  ShellCo,  (ii) such
member is independent in accordance with the NASDAQ rules regarding independence
of directors  and (iii) such member and  nomination  is subject to the ShellCo's
corporate governance documents and requirements. Until such member is elected to
the ShellCo's board of directors,  the Required  Holders shall have the right to
nominate an observer to the  ShellCo's  board of  directors  provided  that such
observer is acceptable to the ShellCo.  Notwithstanding the foregoing, Radcliffe
SPC, Ltd., for and on behalf of the Class A Segregated  Portfolio,  shall not be
entitled to  participate  under this Section 11 in

                                       8
<PAGE>

the  nomination  of an  observer  to  ShellCo's  board  of  directors  or in the
nomination of a member to ShellCo's board of directors.

        SECTION 12.  COLLATERAL AGENT.
                     ----------------

        (a) Each New Buyer hereby (x) appoints Law  Debenture  Trust  Company of
New York, as the Collateral  Agent for such Buyer under the Securities  Purchase
Agreement and the other applicable Transaction Documents, and (y) each New Buyer
hereby authorizes the Collateral Agent (and its officers,  directors,  employees
and agents) in such capacity to take any and all such actions on its behalf with
respect  to the  Collateral  (as  defined  in the  Security  Documents)  and the
Obligations  in  accordance  with the  terms  of this  Agreement  and the  other
applicable Transaction Documents. The Collateral Agent shall not have, by reason
hereof or any of the other Transaction  Documents,  a fiduciary  relationship in
respect of any New Buyer.  Neither the Collateral Agent nor any of its officers,
directors,  employees  and agents shall have any  liability to any New Buyer for
any action taken or omitted to be taken in connection herewith or therewith each
New Buyer agrees to defend, protect,  indemnify and hold harmless the Collateral
Agent and all of its officers,  directors,  employees and agents  (collectively,
the "CA  INDEMNITEES")  from  and  against  any  losses,  damages,  liabilities,
obligations,  penalties,  actions,  judgments,  suits,  fees, costs and expenses
(including, without limitation,  reasonable attorneys' fees, costs and expenses)
incurred by such CA  Indemnitee,  whether  direct,  indirect  or  consequential,
arising from or in connection  with the performance by such CA Indemnitee of the
duties and obligations of Collateral  Agent pursuant to the Securities  Purchase
Agreement and to the other applicable Transaction Documents.

        (b) Without limiting the generality of the foregoing,  each Buyer hereby
irrevocably appoints and authorizes  Collateral Agent to execute and deliver the
First  Amendment to  Intercreditor  Agreement,  the First  Amendment to Security
Agreement,  the First  Amendment to Guaranty  and the First  Amendment to Pledge
Agreement (on  substantially  the terms set forth in the forms of such documents
attached  as Exhibit A attached  hereto)  for and on behalf of such Buyer and to
perform all of the  obligations  and duties of  Collateral  Agent  provided  for
therein,  and  each  Buyer  shall be  bound  by the  terms of the  Intercreditor
Agreement,  the First Amendment to Intercreditor  Agreement, the First Amendment
to Guaranty,  the First Amendment to Security  Agreement and the First Amendment
to Pledge Agreement as if such Buyer were an original signatory  thereto.  As to
(x) any matters not expressly  provided for by this  Amendment or the Securities
Purchase  Agreement  and the other  Transaction  Documents  (including,  without
limitation,  enforcement  of any  security  interests)  and (y) any  amendments,
consents or waivers of any Transaction Document,  the Collateral Agent shall not
be required to exercise any discretion or take any action, but shall be required
to act or to refrain  from acting (and shall be fully  protected in so acting or
refraining  from acting) upon the  instructions  of the Required  Holders or all
Holders  (as  applicable),  and,  in the  case of  instructions  required  to be
provided by Required Holders, such instructions of the Required Holders shall be
binding upon all Holders.

        SECTION  13.  RETURN OF NOTES.  Each Buyer  (other  than the New Buyers)
agrees  that upon the  issuance  of the  Amended  and  Restated  Senior  Secured
Convertible  Note to such  Buyer,  (i) the Note  issued to such  Buyer as of the
Closing Date shall be null and void, (ii) such Buyer shall notate  conspicuously
"CANCELLED" across each page of such originally issued Note issued to such Buyer
on the Closing  Date,  (iii) such Buyer agrees to return,  within  fourteen (14)
days after the date hereof,  to ShellCo such originally issued Note issued to it
and (iv) until such

                                       9
<PAGE>

originally  issued Note issued to such Buyer is returned to ShellCo,  such Buyer
agrees to  indemnify  ShellCo for any loss or cost ShellCo may incur as a result
of any other  person who is in  possession  of such Note  claiming an  ownership
interest in such Note.

        SECTION 14.  WAIVER.  Noteholders  and the holders of the Warrants waive
(i) their  Purchase  Rights under  Section 6(a) of the Notes,  (ii) their rights
under  Section 7(a) of the Notes,  and (iii) their rights under Section 2 of the
Warrant,  each in connection with the amendment to the Warrants and the issuance
of the Amended and Restated Senior Secured Convertible Notes, the New Notes, the
New Warrants and the PIPE Notes.

        SECTION 15.  INDEPENDENT  NATURE OF BUYERS'  OBLIGATIONS AND RIGHTS. The
obligations  of each Buyer under any  Transaction  Document  are several and not
joint with the obligations of any other Buyer, and no Buyer shall be responsible
in any way for the  performance of the  obligations of any other Buyer under any
Transaction  Document.  Nothing  contained  herein or in any  other  Transaction
Document,  and no action taken by any Buyer pursuant hereto or thereto, shall be
deemed to  constitute  the  Buyers as a  partnership,  an  association,  a joint
venture or any other kind of entity, or create a presumption that the Buyers are
in any way acting in concert or as a group in respect of such obligations or the
transactions   contemplated  by  the  Transaction   Documents  and  the  Company
acknowledges  on behalf of itself and ShellCo  that the Buyers are not acting in
concert  or as a group  in  respect  of  such  obligations  or the  transactions
contemplated  by the  Transaction  Documents.  Each Buyer  confirms  that it has
independently participated in the negotiation of the transaction contemplated by
this Amendment and the Transaction  Documents with the advice of its own counsel
and  advisors,   that  it  has  independently   determined  to  enter  into  the
transactions  contemplated  hereby and  thereby,  that it is not  relying on any
advice  from or  evaluation  by any other  Buyer,  and that it is not  acting in
concert with any other Buyer in making its purchase of  Securities  hereunder or
in monitoring its investment in ShellCo.  The Buyers and, to its knowledge,  the
Company agree that no action taken by any Buyer pursuant  hereto or to the other
Transaction   Documents,   shall  be  deemed  to  constitute  the  Buyers  as  a
partnership,  an  association,  a joint  venture  or any other kind of entity or
group, or create a presumption  that the Buyers are in any way acting in concert
or would deem such  Buyers to be members of a "group"  for  purposes  of Section
13(d) of the 1934 Act.  The Buyers each confirm that they have not agreed to act
together for the purpose of  acquiring,  holding,  voting or disposing of equity
securities  of  ShellCo.  The Company has elected to provide all Buyers with the
same terms and Transaction  Documents for the convenience of the Company and not
because it was required or requested to do so by any of the Buyers.  The Company
acknowledges  on behalf of itself and ShellCo that such  procedure in respect of
the Transaction Documents in no way creates a presumption that the Buyers are in
any way acting in concert or as a "group" for  purposes of Section  13(d) of the
1934  Act  in  respect  of  the  Transaction   Documents  or  the   transactions
contemplated  hereby or thereby.  Except as otherwise set forth  herein,  in the
Agreement  or in the  Transaction  Documents,  each Buyer  shall be  entitled to
independently protect and enforce its rights, including, without limitation, the
rights  arising  out of  this  Amendment,  or out  of  the  Registration  Rights
Agreement,  its Note, its Warrant and the right of set-off under the Guaranties,
and it shall not be necessary  for any other Buyer to be joined as an additional
party in any proceeding for such purpose.

        SECTION 17    AMENDMENTS TO SCHEDULES.

                                       10
<PAGE>

        (a)  Schedule  3(a) to the  Agreement  is hereby  amended  by adding the
following to the chart titled "Post-Closing" constituting a part thereof:

<TABLE>
<CAPTION>

----------------------------------------------------------------------------------------------------------
          Transaction Party Name        State of Organization    Percentage of Outstanding Capital Stock
                                                                  or other Equity Interests that is Held
                                                                           by Company or Target
----------------------------------------------------------------------------------------------------------
<S>                                     <C>                      <C>
Sea Master Logistics (Holding) Ltd.,           Taiwan            Wholly owned by Sea Master Logistics
Taiwan Branch                                                    (Holding) Limited
----------------------------------------------------------------------------------------------------------

</TABLE>

        (b) Schedule 3(n) to the Agreement is hereby  amended by adding  thereto
immediately  following  "Payment due to Paul Shahbazian in the amount of $15,000
for payment made to Salibello & Broder LLP for professional  services on October
31, 2006.":

               "Senior Secured  Covertible  Notes dated as of the Second Closing
               Date by and among  Summit  Global  Logistics,  Inc.  and  certain
               employees and professionals of Summit Global Logistics,  Inc. and
               its Subsidiaries."

        (c)  Schedule  3(o) to the  Agreement  is hereby  amended  by adding the
following to "(ii)" constituting a part thereof:

               "Warrants issued pursuant to  restructuring  and issued as of the
               Second Closing Date

               See options and warrants disclosed in ShellCo's public filings"

        SECTION 18 DEPOSIT ACCOUNT (PROCEEDS OF PURCHASE PRICE). Notwithstanding
anything to the  contrary  contained in the  Agreement or the other  Transaction
Documents,  ShellCo and its Subsidiaries shall be permitted to hold the proceeds
of the Purchase  Price in a deposit  account or  investment  account that is not
subject  to a Control  Agreement  in favor of the  Senior  Lender or  Collateral
Agent,  so long as such funds are  available  for,  and are being used for,  the
working  capital  of  Shellco  and its  Subsidiaries  and no Default or Event of
Default exists or has occurred and is continuing. At any time a Default or Event
of Default  exists or has occurred and is  continuing,  promptly upon the Senior
Lender's or  Collateral  Agent's  request,  Shellco and its  Subsidiaries  shall
execute and deliver and cause to be executed and  delivered a Control  Agreement
for the  benefit of Senior  Lender  and  Collateral  Agent with  respect to such
deposit  account or investment  account.  Collateral  Agent agrees that it shall
only be entitled to exercise  its rights  under such  Control  Agreement to have
exclusive  control with respect to such deposit  account or investment  account,
and cause funds  thereunder to be remitted to Collateral Agent or Senior Lender,
after:  (i) the  occurrence  of an Event of Default  under (A) Sections  8.01(a)
and/or 8.01(c) of the Senior Loan Agreement as a result of the failure to comply
with Section 6.03 of the Senior Loan Agreement,  or (B) Sections  8.01(f) and/or
8.01(g) of the Senior Loan  Agreement;  or (ii) the exercise of any  enforcement
rights or remedies by or on behalf of Senior Lender or Collateral Agent.

                                       11
<PAGE>

        SECTION 19 MISCELLANEOUS.

         (a) The execution,  delivery and  effectiveness of this Amendment shall
not,  except as  expressly  provided  herein,  be deemed to be an  amendment  or
modification of, or operate as a waiver of, any provision of the Agreement,  the
Joinder  Agreement or any right,  power or remedy  thereunder,  nor constitute a
waiver of any  provision of the  Agreement,  the Joinder  Agreement or any other
document,  instrument  and/or  agreement  executed or  delivered  in  connection
therewith.

         (b) This  Amendment  may be  executed  in any  number  of  counterparts
(including by facsimile),  and by the different parties hereto or thereto on the
same or separate  counterparts,  each of which shall be deemed to be an original
instrument  but  all of  which  together  shall  constitute  one  and  the  same
agreement.  Each  party  agrees  that  it  will be  bound  by its own  facsimile
signature and that it accepts the facsimile  signature of each other party.  The
descriptive  headings of the various sections of this Amendment are inserted for
convenience  of reference  only and shall not be deemed to affect the meaning or
construction  of any of the provisions  hereof or thereof.  Whenever the context
and  construction  so  require,  all words  herein and in the  Agreement  in the
singular number herein shall be deemed to have been used in the plural, and vice
versa,  and the  masculine  gender shall include the feminine and neuter and the
neuter shall include the masculine and feminine.

         (c) This  Amendment,  the  Agreement  and Joinder  Agreement may not be
changed,  amended,  restated,  waived,   supplemented,   discharged,   canceled,
terminated  or otherwise  modified  orally or by any course of dealing or in any
manner other than as provided in the Agreement and/or the Notes.  This Amendment
shall  be  considered  part  of the  Agreement  and  the  Joinder  Agreement  as
applicable.

         (d) This Amendment,  the Agreement and the Joinder Agreement constitute
the final,  entire agreement and understanding  between the parties with respect
to the subject matter hereof and thereof, may not be contradicted by evidence of
prior,  contemporaneous or subsequent oral agreements between the parties, shall
be binding  upon and inure to the benefit of the  successors  and assigns of the
parties  hereto  and  thereto  and  supersede  all other  prior  agreements  and
understandings,  if any,  relating to the subject  matter  hereof.  There are no
unwritten oral agreements between the parties with respect to the subject matter
hereof or thereof.

         (e) The validity of this Amendment,  its  construction,  interpretation
and enforcement, the rights of the parties hereunder, shall be determined under,
governed by, and construed in accordance  with the choice of law  provisions set
forth in the Agreement.

         (f)  ShellCo  hereby  irrevocably  and  unconditionally   acknowledges,
affirms and covenants to each of the Collateral  Agent and the Buyers that as of
May __, 2007, the aggregate  outstanding  principal amount of the Notes is equal
to  $84,400,833.33,  the  accrued  and unpaid  interest on the Notes is equal to
$899,337.40, and the amount of accrued and unpaid Late Charges is equal to $0.

         (g) In consideration for the foregoing,  the Company and its respective
affiliates,    successors,   assigns,   agents,   employees   and   subsidiaries
(collectively,  the "Releasors"),  as applicable,  release and forever discharge
the Collateral  Agent,  and each of the Buyers,  and their  respective  parents,
subsidiaries,  affiliates,  officers,  directors,  employees, agents, attorneys,

                                       12
<PAGE>

predecessors,  successors  and assigns,  both present and former  (collectively,
together  with  the  Collateral  Agent  and  each  of the  Buyers,  the  "Buying
Affiliates"),  of and from any and all manner of action and  actions,  causes of
action, suits, debts, controversies, damages, judgments, executions, claims, and
demands whatsoever,  asserted or unasserted, in law or in equity, against any of
the Buying Affiliates which any Releasor ever had or now has on the date hereof,
upon or by reason of any manner, cause, causes or thing whatsoever, in each case
arising  in  connection  with  the  Transaction  Documents,   whether  presently
existing, suspected, known, unknown, contemplated or anticipated.

(h) The Company  represents  and  warrants  that from and after the Closing Date
until Second Closing Date, no event has occurred and no action has been taken by
the Company that would have  entitled the Buyers to exercise  their rights under
Section 6 or 7 of the Notes, or that would have entitled the Company to exercise
its rights under  Section 8 of the Notes,  in each case,  after giving effect to
this Amendment.

                      REMAINDER OF PAGE INTENTIONALLY BLANK

                                       13
<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

        IN WITNESS  WHEREOF,  the  parties  have  caused  this  Amendment  to be
executed by their respective officers thereunto duly authorized,  as of the date
first written above.

COMPANY:                      MARITIME LOGISTICS US HOLDINGS INC.

                              By: ______________________________________________
                              Name:_____________________________________________
                              Title:____________________________________________

SHELLCO:                      SUMMIT GLOBAL LOGISTICS, INC.
                              (formerly known as Aerobic Creations, Inc.)

                              By: ______________________________________________
                              Name:_____________________________________________
                              Title:____________________________________________

COLLATERAL AGENT:             LAW DEBENTURE TRUST COMPANY OF
                              NEW YORK, as Collateral Agent for the
                              Holders/Buyers

                              By: ______________________________________________
                              Name:_____________________________________________
                              Title:____________________________________________

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    SILVER OAK CAPITAL, L.L.C.
                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    ALEXANDRA GLOBAL MASTER FUND LTD

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    BAY HARBOUR MASTER, LTD.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    BAY HARBOUR 90-1, LTD.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    BHCO MASTER, LTD.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    INSTITUTIONAL BENCHMARK

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    MSS DISTRESSED & OPP. 2

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    CAMOFI MASTER LDC

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    CREDIT SUISSE SECURITIES (USA) LLC

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    DIAMOND OPPORTUNITY FUND, LLC

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    EVOLUTION MASTER FUND LTD SPC,
                                    SEGREGATED PORTFOLIO M

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    GOTTBETTER CAPITAL MASTER, LTD.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    HARVEST CAPITAL, LP

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    HARVEST OFFSHORE INVESTORS, LTD.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    TE HARVEST PORTFOLIO, LTD.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    JMG CAPITAL PARTNERS, LP

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    JMG TRITON OFFSHORE FUND, LTD

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    SHOSHONE PARTNERS, L.P.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    KNOTT PARTNERS, L.P.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    FINDERNE LLC

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    MULSANNE PARTNERS, L.P.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    MATTERHORN OFFSHORE FUND LTD.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    COMMONFUND HEDGED EQUITY
                                    COMPANY

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    GOOD STEWARD TRADING CO. S.P.C.

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:

                                    RADCLIFFE SPC, LTD. FOR AND ON
                                    BEHALF OF THE CLASS A
                                    SEGREGATED PORTFOLIO

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    WOLVERINE CONVERTIBLE
                                    ARBITRAGE TRADING, LIMITED

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    [MANAGEMENT NOTEHOLDER]

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                              SIGNATURE  PAGE TO SECOND  AMENDMENT TO SECURITIES
                              PURCHASE   AGREEMENT  (NOTES  AND  WARRANTS)   AND
                              FIRST AMENDMENT TO JOINDER AGREEMENT

HOLDER/BUYER:
                                    [MANAGEMENT NOTEHOLDER]

                                    By:_________________________________________
                                       Name:
                                       Title:

<PAGE>

                               SCHEDULE OF BUYERS
                               ------------------

<PAGE>

                                    EXHIBIT A
                                    ---------

                               Forms of Documents

    (First Amendment to Intercreditor Agreement, First Amendment to Security
Agreement, First Amendment to Pledge Agreement and First Amendment to Guaranty)

                                  SEE ATTACHED

<PAGE>

                                    EXHIBIT B

                                Wire Instructions

                         BANC OF AMERICA SECURITIES LLC

                                WIRE INSTRUCTIONS

================================================================================

                BANC OF AMERICA SECURITIES LLC WIRE INSTRUCTIONS:

--------------------------------------------------------------------------------
                      BANK NAME:  BK OF NYC
                      ABA: 021000018
FED MONEY WIRES       ACCT: IOC569 GSCS MIC
                      ACCT NAME: BANC OF AMERICA SECURITIES LLC
                      PAYMENT DETAILS:  22367505 Summit Global Logistics Inc.
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DTC                           DTC# 0773, INSTITUTIONAL ID #0773

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FED ELIGIBLE TREASURIES &     BK OF NYC/BASEC
AGENCIES:                     ABA:  021000018

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FED ELIGIBLE MORTGAGE-        BK OF NYC/NCMMBS
BACKED:                       ABA:  021000018

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PHYSICAL                      Bank of New York
                              1 Wall St., 3rd Floor  Dealer Clearance, Window B
                              BAS A/C 014188

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PTC ELIGIBLE                  Participant Contra BNNCM

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GSCC                          Participant # 9510

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EUROCLEAR                     97694 Free Deliveries
                              90217 DVP

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<PAGE>

                                    EXHIBIT C
                                    ---------

                         Form of Secretary's Certificate

                                  SEE ATTACHED
                                  ------------

<PAGE>

                                    EXHIBIT D

                              OFFICERS CERTIFICATE
                              --------------------

                                  SEE ATTACHED

<PAGE>

                                    EXHIBIT E

                           BROWN RUDNICK LEGAL OPINION

                                  SEE ATTACHEDEX-10.51

                                                                     [Execution]

                        AMENDMENT NO. 1 TO LOAN AGREEMENT

     THIS AMENDMENT NO. 1 TO LOAN AGREEMENT (this "Amendment No. 1"), dated as
of May 21, 2007, is entered into by and among Fortress Credit Corp., a Delaware
corporation, in its capacity as administrative and collateral agent acting for
and on behalf of the parties to the Loan Agreement (as hereinafter defined) as
lenders (in such capacity, "Agent"), the parties to the Loan Agreement as
lenders (each individually a "Lender" and collectively, "Lenders"), Maritime
Logistics US Holdings Inc., a Delaware corporation ("MLI"), Summit Logistics
International Inc, a New Jersey corporation ("Summit"), SeaMaster Logistics
Inc., a Delaware corporation ("SeaMaster"), AmeRussia Shipping Company Inc., a
Delaware corporation ("AmeRussia Shipping"), FMI International LLC, a Delaware
limited liability company ("FMI International"), Fashion Marketing, Inc., a New
Jersey corporation ("FM"), FMI International Corp. (West), a New Jersey
corporation ("FMIW"), FMI International Corp., a New Jersey corporation
("FMII"), Freight Management LLC, a Delaware limited liability company
("FMLLC"), FMI Trucking, Inc., a New Jersey corporation ("Trucking"), FMI
Express Corp., a New Jersey corporation ("Express"), Clare Freight, Los Angeles,
Inc., a California corporation ("Clare"), TUG New York, Inc., a New York
corporation ("TUG NY"), Summit Global Logistics, Inc. (formerly known as Aerobic
Creations, Inc.), a Delaware corporation ("Parent"), TUG USA, Inc., a New Jersey
corporation, formerly known as Dolphin US Logistics Inc ("TUG USA"), AMR
Investments Inc, a New Jersey corporation ("AMRI") and FMI Holdco I, LLC, a
Delaware limited liability company ("FMI Holdco", and together with MLI, Summit,
SeaMaster, AmeRussia Shipping, FM, FMI International, FMIW, FMII, FMLLC,
Trucking, Express, Clare, TUG NY, Parent, TUG USA, AMRI and FMI Holdco, each
individually, a "Borrower" and collectively, "Borrowers"), the parties to the
Loan Agreement as guarantors (each individually, a "Guarantor" and collectively,
"Guarantors").

                              W I T N E S S E T H:
                               - - - - - - - - - -

     WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into
financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders)
have made and may make loans and advances and provide other financial
accommodations to Borrowers as set forth in the Loan Agreement, dated as of
November 8, 2006, by and among Agent, Lenders, Borrowers and Guarantors (as the
same may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced, the "Loan Agreement", and together with this Amendment No.
1, and all other agreements, documents and instruments at any time executed
and/or delivered in connection therewith or related thereto, as from time to
time amended, modified, supplemented, extended, renewed, restated, or replaced,
collectively, the "Loan Documents");

     WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders
agree to certain amendments to the Loan Agreement, and Agent and Lenders are
willing hereby to make such amendments, subject to and in accordance with the
terms and conditions set forth herein;
<PAGE>

     WHEREAS, the parties hereto desire to enter into this Amendment No. 1 to
evidence and effectuate such amendments to the Loan Agreement relating thereto,
in each case subject to the terms and conditions and to the extent set forth
herein;

     NOW, THEREFORE, in consideration of the premises and covenants set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

     Section 1. DEFINITIONS AND INTERPRETATION.

     1.1 ADDITIONAL DEFINITIONS. As used herein, the following terms shall have
the meanings given to them below, and the Loan Agreement and the other Loan
Documents are hereby amended to include, in addition and not in limitation, the
following definitions:

     (a) "Amendment No. 1" means Amendment No. 1 to Loan Agreement, dated as of
May 21, 2007, by and among Agent, Lenders, Borrowers and Guarantors.

     (b) "Consultant" means Alvarez & Marsal, Inc. and any replacement or
successors thereto selected by Borrowers and reasonably acceptable to Agent.

     (c) "Existing Defaults" shall have the meaning given to such term in the
Forbearance Agreement.

     (d) "Forbearance Agreement" means the Forbearance Agreement, dated as of
April 16, 2007, by and among Agent, Lenders, Borrowers and Guarantors.

     (e) "Investor Document Amendments" means, collectively, (i) the Waiver and
Amendment No. 1 to Registration Rights Agreement, dated as of May 21, 2007, by
and between Parent and the investors party thereto, (ii) the Waiver and
Amendment No. 1 to Warrant, dated as of May 21, 2007, by and between Parent and
the warrant holders party thereto and (iii) the PIPE Notes.

     (f) "Investor Registration Rights Agreement" means the Registration Rights
Agreement, dated as of November 8, 2006, by and among Parent and the buyers of
common stock of Parent thereto.

     (g) "Investors" means, collectively, the buyers of the common stock of
Parent pursuant to the PIPE Documents and their respective successors, assigns
and transferees.

     (h) "Noteholder Document Amendments" means, collectively, (i) the Senior
Convertible Notes issued as of May 21, 2007, or in the case of certain Senior
Convertible Notes being issued on or before June 5, 2007 as provided below, (ii)
the Second Amendment to Securities Purchase Agreement (Notes and Warrants) and
First Amendment to Joinder Agreement, dated as of May 21, 2007, by and between
Parent, MLI and the "Buyers" party thereto ("Second Amendment to SPA"), (iii)
the First Amendment to Security Agreement, dated as of May 21, 2007, by and
between Noteholder Agent and the Borrowers, (iv) the First Amendment to
Guaranty, dated as of May 21, 2007, by and between Noteholder Agent and the

                                       2
<PAGE>

Borrowers (other than Parent), (v) the First Amendment to Pledge and Security
Agreement, dated as of May 21, 2007, by and between Noteholder Agent and the
pledgors party thereto, (vi) the Waiver and Amendment No. 1 to Registration
Rights Agreement, dated as of May 21, 2007, by and between Parent and the
investors party thereto and (vii) the Waiver and Amendment No. 1 to Warrant,
dated as of May 21, 2007, by and between Parent and the warrant holders party
thereto.

     (i) "Noteholder Registration Rights Agreement" means the Registration
Rights Agreement, dated as of November 8, 2006, by and among Parent and the
buyers of Senior Convertible Notes party thereto.

     (j) "PIPE Notes" means, collectively, the unsecured convertible notes
issued by Parent payable to Investors in the aggregate principal amount of
$1,000,000 pursuant to the Waiver and Amendment No. 1 to Registration Rights
Agreement by and among Parent and the Investors, substantially in the form
included as Exhibit A to this Amendment No. 1.

     (k) "PIPE Note Subordination Agreement" means the Intercreditor and
Subordination Agreement, dated as of May 21, 2007, among Agent (for itself and
on behalf of Lenders) and the Noteholder Agent under such agreement (for itself
and on behalf of holders of the PIPE Notes).

     (l) "Senior Convertible Note Defaults" shall mean the defaults that
occurred under the Senior Convertible Notes pursuant to: (i) the failure to
deliver the quarterly financial statements for the quarter ending on December
31, 2006; (ii) the failure to deliver the annual financial statements for the
fiscal year ending on December 31, 2006; (iii) the name change of Parent
occurring after the latest date permitted therefor under the Security Agreement
(as defined in the Senior Convertible Notes); (iv) the failure to comply with
the financial covenants set forth in Section 14(l) of the Senior Convertible
Notes (as in effect prior to the date hereof), in each case for the respective
periods ending on March 31, 2007; (v) the failure to pay, through May 21, 2007,
the default rate of interest to Noteholders under Section 2(c) of the Senior
Convertible Notes arising as a result of the occurrence and continuation of the
other Senior Convertible Note Defaults, and (vi) the failure (if any) to notify
the Noteholders of the defaults described in clauses (i) through (v) above
within the time periods required.

     (m) "Prospective Financial Covenant Defaults" shall have the meaning given
to such term in the Forbearance Agreement.

     (n) "Sea Master Hong Kong" shall have the meaning given to such term in the
Forbearance Agreement.

     (o) "Sea Master Taiwan" shall have the meaning given to such term in the
Forbearance Agreement.

     1.2 AMENDMENTS TO DEFINITIONS.

     (a) The definition of the term "Applicable Margin" set forth in the Loan
Agreement is hereby deleted in its entirety and the following substituted
therefor:

                                       3
<PAGE>

     "APPLICABLE MARGIN" means:

--------------------------------------------------------------------------------
                                                              Applicable Margin
  Ratio of Net Senior Indebtedness to    Applicable Margin     (Reference Rate
          Consolidated EBITDA            (LIBOR Rate Loans)         Loans)
--------------------------------------------------------------------------------
Greater than 4.0:1.0                           5.25%                4.25%
--------------------------------------------------------------------------------
Equal to or less than 4.0:1.0 but
greater than 3.5:1.0                           5.00%                4.00%
--------------------------------------------------------------------------------
Equal to or less than 3.5:1.0 but
greater than 3.0:1.0                           4.75%                3.75%
--------------------------------------------------------------------------------
Equal to or less than 3.0:1.0 but
greater than 2.5:1.0                           4.50%                3.50%
--------------------------------------------------------------------------------
Equal to or less than 2.5:1.0 but
greater than 2.0:1.0                           4.25%                3.25%
--------------------------------------------------------------------------------
Equal to or less than 2.0:1.0 but
greater than 1.5:1.0                           4.00%                3.00%
--------------------------------------------------------------------------------
Equal to or less than 1.5:1.0                  3.75%                2.75%
--------------------------------------------------------------------------------

     PROVIDED, THAT, (a) the Applicable Margin shall be calculated and
     established once each fiscal quarter based on the ratio of Net Senior
     Indebtedness to Consolidated EBITDA of Parent and its Subsidiaries for the
     immediately preceding twelve (12) month period ending as of the last day of
     the immediately preceding fiscal quarter and shall remain in effect until
     adjusted thereafter after the end of the next fiscal quarter, (b) each
     adjustment to the Applicable Margin shall be effective on the date that
     Agent receives the financial statements of Parent and its Subsidiaries for
     the immediately preceding fiscal quarter in accordance with Section
     6.01(a)(i) and shall remain in effect until adjusted thereafter during the
     next fiscal quarter, (c) the failure to deliver the financial statements
     pursuant to Section 6.01(a)(i) hereof on the required date shall
     automatically cause the Applicable Margin for each LIBOR Rate Loan and
     Reference Rate Loan to be the highest applicable rate set forth above,
     effective as of the date on which the delivery of the financial statements
     was otherwise required until the date on which such financial statements
     are so delivered to Agent at which time the Applicable Margin shall be
     adjusted in accordance with clause (a) above, (d) in the event that any of
     the information provided to Agent which is used in the calculation of the
     Applicable Margin for any period is subsequently restated or is otherwise
     changed thereafter, then if the Applicable Margin for the applicable period
     would have resulted in a higher rate, Borrowers shall promptly upon demand
     pay to Agent any additional amount in respect of interest that would have
     been required based on the higher Applicable Margin, and (e)
     notwithstanding anything to the contrary set forth herein, until the
     effective date set forth in clause (b) above that

                                       4
<PAGE>

     follows the last day of the fourth full fiscal quarter after the Effective
     Date, the Applicable Margin shall be equal to the greater of (i) the amount
     determined as set forth above based on the ratio of Net Senior Indebtedness
     to Consolidated EBITDA of Parent and its Subsidiaries for the immediately
     preceding twelve (12) month period ending as of the last day of each fiscal
     quarter prior thereto after giving pro forma effect to the Acquisitions,
     the Revolving Credit Facility, the Term Loan and the other transactions
     contemplated hereunder and (ii) five and one quarter (5.25%) percent per
     annum."

          (b) The definition of the term "Consolidated EBITDA" in the Loan
Agreement is hereby deleted in its entirety and the following substituted
therefor:

          "CONSOLIDATED EBITDA" means, with respect to any Person for any
     period, (a) the Consolidated Net Income of such Person and its Subsidiaries
     for such period, plus (b) without duplication, the sum of all or a portion
     of the following amounts of such Person and its Subsidiaries for such
     period determined on a consolidated basis in accordance with GAAP, in each
     case to the extent deducted in determining Consolidated Net Income of such
     Person for such period: (i) Consolidated Net Interest Expense, (ii) income
     tax expense paid or accrued by such Person and its Subsidiaries, (iii)
     depreciation expense, (iv) amortization expense, (v) in the case of Parent
     and its Subsidiaries, (A) cash payments to each of Robert Lee and Robert Wu
     pursuant to the TUG China Bonus Agreement by and among Sea Master Hong
     Kong, Robert Lee and Robert Wu not to exceed an aggregate amount of
     $500,000 in any Fiscal Year, (B) the fees payable by Borrowers to Raymond
     James & Associates, Inc. and the Consultant, and legal fees related to the
     Noteholder Document Amendments, Investor Document Amendments and Amendment
     No. 1 (but only to the extent such legal fees are not accounted for in
     Consolidated Net Interest Expense or otherwise) and the costs of the
     Consultant's information technology system assessment and report and, (C)
     during Borrowers' Fiscal Year ending December 31, 2007, up to $1,000,000 of
     non-recurring costs and expenses incurred in connection with Borrowers'
     compliance with the rules and regulations of the SEC and applicable
     securities laws (including, without limitation, the Sarbanes-Oxley Act of
     2002)."

          (c) The definition of the term "Consolidated Net Interest Expense" in
the Loan Agreement is hereby deleted in its entirety and the following
substituted therefor:

          "CONSOLIDATED NET INTEREST EXPENSE" means, for any period, as to any
     Person, as determined in accordance with GAAP, the amount equal to: (a)
     total interest expense of such Person and its Subsidiaries on a
     consolidated basis for such period, whether paid or accrued (including the
     interest component of any Capitalized Lease for such period), and in any
     event, including, without limitation, (i) all bank fees, commissions,
     discounts and other fees and charges owed with respect to letters of credit
     or any factoring or similar arrangements, (ii) interest payable by addition
     to principal or in the form of property other than cash and any other
     interest expense not payable in cash, (iii) the costs or fees for such
     period associated with Hedging Agreements (to the extent not otherwise
     included in such total interest expense) and (iv) the non-cash component of
     the expense arising from the valuation of the Senior Convertible Notes and
     the PIPE Notes and

                                       5
<PAGE>

     warrants issued pursuant to the Noteholder Documents and the PIPE Documents
     constituting "embedded derivatives", MINUS (b) the sum of (i) any net
     payments received by such Person and its Subsidiaries on a consolidated
     basis during such period as interest income received in respect of its
     investments in cash, and (ii) gains for such period on Hedging Agreements
     (to the extent not included in interest income above and excluding any
     non-cash gains), PLUS (c) losses for such period on Hedging Agreements (to
     the extent not deducted in the calculation of such total interest expenses
     and excluding any non-cash losses)."

          (d) The definition of the term "Net Senior Indebtedness" in the Loan
Agreement is hereby deleted in its entirety and the following substituted
therefor:

          "NET SENIOR INDEBTEDNESS" means with respect to any Person at any
     date, the amount equal to: (a) the sum of (i) the Consolidated Indebtedness
     of such Person plus (ii) the aggregate amount of all then outstanding and
     unpaid trade payables and other obligations such Person which are
     outstanding more than ninety (90) days past due under its original terms as
     of the end of the immediately preceding month or at Agent's option, as of a
     more recent date based on such reports as Agent may from time to time
     specify (other than trade payables or other obligations being contested or
     disputed by such Person in good faith) minus (b) in the case of Parent and
     its Subsidiaries, the sum of (i) cash on the balance sheet of such Person
     as set forth in such Person's financial statements in the form filed with
     the SEC for the fiscal quarter immediately prior to such date plus (ii) the
     Subordinated Indebtedness of such Person plus (iii) the Indebtedness
     evidenced by the Senior Convertible Notes and PIPE Notes."

          (e) The definition of the term "Permitted Indebtedness" in the Loan
Agreement is hereby amended by adding the following immediately before the words
"surety or appeal bonds" contained therein in each place where such words
appear: "customs,".

          (f) The definition of the term "Permitted Indebtedness" in the Loan
Agreement is hereby amended to add a new subsection (r) at the end thereof as
follows:

          "(r) Indebtedness of Parent or any Domestic Subsidiary evidenced by
     the PIPE Notes."

          (g) The definition of the term "PIPE Documents" in the Loan Agreement
is hereby deleted in its entirety and the following substituted therefor:

          "PIPE DOCUMENTS" means the Securities Purchase Agreement (Common
     Shares and Warrants), dated on or about the date hereof, between MLI and
     the buyers party thereto, and all agreements, documents and instruments
     executed and/or delivered in connection therewith, including without
     limitation, the PIPE Notes."

          (h) The definition of the term "Senior Convertible Notes" in the Loan
Agreement is hereby deleted in its entirety and the following substituted
therefor:

                                       6
<PAGE>

               "SENIOR CONVERTIBLE NOTES" means (i) in respect of the period
        from November 8, 2006 through May 21, 2007, the "Senior Convertible
        Notes", as defined in the Loan Agreement prior to giving effect to
        Amendment No. 1 and (ii) in respect of the period from and after May 21,
        2007, (A) the "Senior Convertible Notes", as defined in the Loan
        Agreement prior to giving effect to Amendment No.1, as such Senior
        Convertible Notes are amended, restated and replaced by those certain
        Amended and Restated Senior Secured Convertible Notes, dated as of May
        21, 2007, issued by Parent to the applicable Noteholders in the
        aggregate reissuance amount of $79,900,833.33, (B) the Senior Secured
        Convertible Notes, dated as of May 21, 2007, issued by Parent to the
        applicable Noteholders in the aggregate original principal amount of
        $2,500,000 and (C) the Senior Secured Convertible Notes, dated on or
        about June 5, 2007, issued by Parent to Raymond James & Associates,
        Inc., the Consultant and/or Brown Rudnick Berlack Israels LLP in an
        aggregate original principal amount acceptable to Agent, but in no event
        to exceed in the aggregate $3,000,000."

          1.3 INTERPRETATION. All capitalized terms used herein shall have the
meanings assigned to them in the Loan Agreement, unless otherwise defined
herein.

     Section 2. WAIVERS.

          2.1 Subject to the terms and conditions contained herein, Agent and
Lenders hereby waive, as of the effective date hereof, the Existing Defaults and
the Prospective Financial Covenant Defaults.

          2.2 Agent and Lenders have not waived and are not by this agreement
waiving, and have no present intention of waiving, any Events of Default (other
than the Existing Defaults and the Prospective Financial Covenant Defaults)
which may have occurred prior to the date hereof, or may be continuing on the
date hereof or any Event of Default which may occur or may be anticipated to
occur after the date hereof, whether based on the failure to comply with
Sections 6.01(a), 6.01(b), 6.02(f), 6.02(m) or 6.03 of the Loan Agreement at any
time hereafter or otherwise and whether Agent or any Lender may have any notice
or information with respect thereto as of the date hereof. Agent and Lenders
reserve the right, in their discretion, to exercise any or all of its or their
rights and remedies arising under the Loan Documents as a result of any Events
of Default (other than the Existing Defaults and the Prospective Financial
Covenant Defaults) which may have occurred prior to the date hereof, or are
continuing on the date hereof (after giving effect to this Amendment No. 1), or
any Event of Default which may occur after the date hereof, whether based on the
failure to comply with Sections 6.01(a), 6.01(b), 6.02(f), 6.02(m) or 6.03 of
the Loan Agreement at any time hereafter or otherwise.

     Section 3. RESTRICTED PAYMENTS. Section 6.02(i)(v) of the Loan Agreement is
hereby deleted in its entirety and the following substituted therefor:

          "(v) Make any payment (whether for principal or interest or any other
     amount, and whether an optional prepayment, mandatory payment or
     otherwise), repurchase, redeem, defease or segregate funds with respect to
     the Indebtedness of Parent to Noteholders under the Senior Convertible
     Notes, except as permitted in the Intercreditor

                                       7
<PAGE>

     Agreement, or to Investors under the PIPE Notes, except as permitted in the
     PIPE Note Subordination Agreement; or"

     Section 4. LIMITATIONS ON RESTRICTIONS AFFECTING SUBSIDIARIES. Section
6.02(t) of the Loan Agreement is hereby deleted in its entirety and the
following substituted therefor:

          "(t) Limitations on Restrictions Affecting Subsidiaries. Create or
     otherwise cause or suffer to exist any encumbrance or restriction which
     prohibits or limits the ability of any Subsidiary of a Borrower or
     Guarantor to (i) pay dividends or make other distributions or pay any
     Indebtedness owed to such Borrower or Guarantor or any Subsidiary of such
     Borrower or Guarantor, (ii) make loans or advances to such Borrower or
     Guarantor or any Subsidiary of such Borrower or Guarantor, (iii) transfer
     any of its properties or assets to such Borrower or Guarantor or any
     Subsidiary of such Borrower or Guarantor; or (iv) create, incur, assume or
     suffer to exist any Lien upon any of its property, assets or revenues,
     whether now owned or hereafter acquired, other than encumbrances and
     restrictions arising under (A) applicable law, (B) this Agreement, (C) the
     Noteholder Documents and PIPE Documents, (D) customary provisions
     restricting subletting or assignment of any lease governing a leasehold
     interest of such Borrower or Guarantor or any Subsidiary of such Borrower
     or Guarantor, (E) customary provisions restricting the creation,
     incurrence, assumption or existence of Liens on Equipment financed solely
     with purchase money indebtedness, (F) any agreement relating to Permitted
     Indebtedness incurred by a Subsidiary of such Borrower or Guarantor prior
     to the date on which such Subsidiary was acquired by such Borrower or such
     Guarantor and outstanding on such acquisition date, and (G) the extension
     or continuation of contractual obligations in existence on the date hereof;
     provided, that, any such encumbrances or restrictions contained in such
     extension or continuation are no less favorable to Agent and Lenders than
     those encumbrances and restrictions under or pursuant to the contractual
     obligations so extended or continued."

     Section 5. FINANCIAL COVENANTS.

          5.1 Section 6.03(a) of the Loan Agreement is hereby deleted in its
entirety and the following is substituted therefor:

               "(a) TOTAL LEVERAGE RATIO. Permit the ratio of Net Senior
Indebtedness to Consolidated EBITDA of Parent and its Subsidiaries for the
twelve (12) consecutive months ending on the last day of the month set forth on
Schedule 6.03(a) hereto to be greater than the applicable ratio for such date
set forth on such Schedule; PROVIDED, THAT, (i) on and after the date of the
receipt by Agent of financial projections in accordance with Section 6.01(a)(vi)
for the fiscal year of Parent ending December 31, 2008, which shall be in form
and substance satisfactory to Agent, Agent may in its sole discretion and on
such terms as it may determine in its sole discretion, upon written notice to
Administrative Borrower, establish new amounts for such ratio for periods ending
on the last day of each month and/or quarter for the period from January 1, 2008
through and including December 31, 2008, (ii) so long as no Default or Event of
Default exists or has occurred and is continuing, to the extent that Agent has
established measurement periods ending as of the last day of each month during
the fiscal year ending

                                       8
<PAGE>

December 31, 2008 pursuant to its rights set forth herein, Borrowers and
Guarantors shall only be required to comply with this Section 6.03(b) as to the
periods ending on the last day of a month that is the end of a fiscal quarter
and (iii) for purposes of calculating the ratio of Net Senior Indebtedness to
Consolidated EBITDA under this Section 6.03(a) for the twelve (12) consecutive
months ending June 30, 2007, September 30, 2007, December 31, 2007 and March 31,
2008, respectively, the amounts included in respect of the Consolidated EBITDA
of Parent and its Subsidiaries for the fiscal quarters ending on the dates set
forth below shall be the amount indicated below for the applicable fiscal
quarter:

               -------------------------------------------------
               June 30, 2006               $2,915,000
               -------------------------------------------------
               September 30, 2006          $5,217,000
               -------------------------------------------------
               December 31, 2006           $4,084,000
               -------------------------------------------------
               March 31, 2007              negative $565,000"
               -------------------------------------------------

          5.2 Section 6.03(b) of the Loan Agreement is hereby deleted in its
entirety and the following is substituted therefor:

               "(b) CONSOLIDATED LAST TWELVE MONTHS EBITDA. Permit Consolidated
        EBITDA of the Parent and its Subsidiaries for the period ending on the
        last day of the month set forth on Schedule 6.03(b) hereto to be less
        than the applicable amount for such period set forth on such Schedule.
        On and after the date of the receipt by Agent of financial projections
        in accordance with Section 6.01(a)(vi) for the fiscal year of Parent
        ending December 31, 2008, which shall be in form and substance
        satisfactory to Agent, Agent may in its sole discretion and on such
        terms as it may determine in its sole discretion, upon written notice to
        Administrative Borrower, establish new amounts of such Consolidated
        EBITDA for periods ending on the last day of each month and/or quarter
        for the period from January 1, 2008 through and including December 31,
        2008. So long as no Default or Event of Default exists or has occurred
        and is continuing, to the extent that Agent has established measurement
        periods ending as of the last day of each month during the fiscal year
        ending December 31, 2008 pursuant to its rights set forth herein,
        Borrowers and Guarantors shall only be required to comply with this
        Section 6.03(b) as to the periods ending on the last day of a month that
        is the end of a fiscal quarter."

          5.3 Section 6.03(c) of the Loan Agreement is hereby deleted in its
entirety and the following is substituted therefor

               "(c) FIXED CHARGE COVERAGE RATIO. Permit the Fixed Charge
        Coverage Ratio of the Parent and its Subsidiaries for the period ending
        on the last day of the month set forth on Schedule 6.03(c) hereto to be
        less than the applicable amount for such period set forth on such
        Schedule. On and after the date of the receipt by Agent of financial
        projections

                                       9
<PAGE>

        in accordance with Section 6.01(a)(vi) for the fiscal year of Parent
        ending December 31, 2008, which shall be in form and substance
        satisfactory to Agent, Agent may in its sole discretion and on such
        terms as it may determine in its sole discretion, upon written notice
        to Administrative Borrower, establish new amounts for such Fixed
        Charge Coverage Ratio for periods ending on the last day of each month
        and/or quarter for the period January 1, 2008 through and including
        December 31, 2008. So long as no Default or Event of Default exists or
        has occurred and is continuing, to the extent that Agent has
        established measurement periods ending as of the last day of each
        month during the fiscal year ending December 31, 2008 pursuant to its
        rights set forth herein, Borrowers and Guarantors shall only be
        required to comply with this Section 6.03(c) as to the periods ending
        on the last day of a month that is the end of a fiscal quarter."

          5.4 Schedules 6.03(a), 6.03(b) and 6.03(c) to the Loan Agreement are
hereby deleted in their entirety and Amended and Restated Schedules 6.03(a),
6.03(b) and 6.03(c) constituting Exhibit B to this Amendment No. 1 are
substituted therefor.

     Section 6. EVENTS OF DEFAULT. Section 8.01 of the Loan Agreement is hereby
amended by adding the following clause (v) at the end thereof:

               "(v) at any time after the initial employment by Borrowers of the
        Consultant, (i) Borrowers terminate the employment of the Consultant
        (PROVIDED, THAT, it shall not be an Event of Default hereunder if
        Borrowers terminate the employment of the Consultant at any time after
        the date of the receipt by Agent of the financial statements to be
        delivered under Sections 6.01(a)(i) and (ii) in accordance with the
        terms thereof for the period through and including December 31, 2007, so
        long as no other Default or Event of Default shall exist or have
        occurred and be continuing as of the date of such termination), or limit
        or attempt to limit the scope of the engagement of the Consultant,
        without the consent of Agent or (ii) Borrowers, or any member of senior
        management of Borrowers, shall fail to cooperate with the Consultant in
        connection with the Consultant providing the services for which it was
        engaged or prevent or limit the delivery by the Consultant of
        information to Agent and Lenders, other than as required by applicable
        law."

     Section 7. AMENDMENTS TO SCHEDULES.

          (a) Schedule 5.15 to the Loan Agreement is hereby amended by adding
the following thereto:

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
             Address                       Name of Tenant                    Name of Landlord
----------------------------------------------------------------------------------------------------------
<S>                                <C>                                 <C>
780 Nogales Street, Industry,      TUG USA, Inc.                       Tarhong Industry Properties
CA  91748                                                              LLC
----------------------------------------------------------------------------------------------------------
One Meadowlands Plaza, 11th        Summit Global Logistics, Inc.       P&O Nedlloyd Limited
Floor, East Rutherford, NJ
07073
----------------------------------------------------------------------------------------------------------
</TABLE>

                                       10
<PAGE>

     (b) Schedule 5.18 to the Loan Agreement is hereby amended by adding thereto
the insurance policy constituting Exhibit C to this Amendment No. 1.

     (c) Schedule 5.22 to the Loan Agreement is hereby amended by adding the
following thereto:

          "Service Contract, dated February 2, 2007, by and between Evergreen
     Marine Corp. (Taiwan) Ltd. and Tug USA, Inc."

          "Service Contract, dated March 30, 2007, by and between Maersk Inc.
     and Sea Master Logistics (Holding) Ltd."

          "Service Contract, dated April 30, 2007, by and between Hapag-Lloyd AG
     and Sea Master Logistics Inc."

          "Service Contract, dated May 1, 2007, by and between Hanjin Shipping
     Co. Ltd. and Tug USA, Inc."

          "Service Contract, dated May 1, 2007, by and between Wan Hai Lined
     Ltd. and TUG USA, Inc."

          "Service Contract, dated May 4, 2007, by and between MOL (America)
     Inc. and Sea Master Logistics (Holding) Ltd."

          "Service Contract, dated May 16, 2007, by and between Mediterranean
     Shipping Company S.A. and Sea Master Logistics (Holding) Ltd."

     (d) Schedule 5.25 to the Loan Agreement is hereby amended by adding the
following to the chart titled "MLI Entities" constituting a part thereof:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
<S>                 <C>                 <C>         <C>                <C>                <C>                   <C>
Entity Name         Jurisdiction of     FEIN        Place of Business  Chief Executive    Organizational ID     Ownership
                    Organization                                       Office
--------------------------------------------------------------------------------------------------------------------------
Sea Master          Taiwan              N/A         215 Nanjing East   215 Nanjing East   N/A                   Wholly
Logistics                                           Road, TaiPei,      Road, TaiPei,                            owned by
(Holding) Ltd.,                                     Taiwan             Taiwan                                   Sea Master
Taiwan Branch                                                                                                   Logistics
                                                                                                                (Holding)
                                                                                                                Limited
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

          Section 8. LIMITATION ON RIGHT TO RECEIVE REVOLVING LOANS AND LETTER
OF CREDIT GUARANTIES. On and after the date hereof, Agent and Lenders will have
no obligation, or

                                       11
<PAGE>

otherwise be required, to make any Revolving Loans or provide any Letter of
Credit Guaranties or other financial accommodations, except as Agent and
Required Lenders may otherwise hereafter expressly agree in writing.

          Section 9. CONSENT TO NOTEHOLDER DOCUMENT AMENDMENTS AND INVESTOR
DOCUMENT AMENDMENTS. Notwithstanding anything to the contrary contained in
Section 6.02(m) of the Loan Agreement or any other provisions set forth in the
Loan Agreement or the other Loan Documents, Agent and Lenders consent to the
execution of and Borrowers' performance and the consummation of the transactions
contemplated under the Noteholder Document Amendments as in effect on the date
hereof and the Investor Document Amendments as in effect on the date hereof, in
each case subject to the terms and conditions contained in this Amendment No. 1.
Notwithstanding any restrictions set forth in the Loan Agreement and/or the
other Loan Documents, the Agent and Lenders consent to the (a) Noteholders
having the right (and the Noteholders' exercise of such right) to nominate (i)
one member of Parent's Board of Directors and (ii) prior to the election of such
member, an observer to the Parent's Board of Directors, in each case, in
accordance with Section 11 of the Second Amendment to SPA, as in effect on the
date hereof and (b) amendment of the Parent's corporate governance documents in
furtherance thereof.

          Section 10. AMENDMENT FEE. In addition to all other fees, charges,
interest and expenses payable by Borrowers to Agent and Lenders under the Loan
Agreement and the other Loan Documents, Borrowers shall pay to Agent a fee for
entering into this Amendment No. 1 and the transactions referred to herein in
the amount of $265,000, which amount is fully earned and due and payable as of
the date hereof, and may, at the option of Agent, be charged directly to any of
Borrowers' loan accounts maintained by Agent or required to be paid in
immediately available funds to Agent.

          Section 11. ADDITIONAL REPRESENTATIONS, WARRANTIES AND COVENANTS. In
addition to the continuing representations, warranties and covenants heretofore
or hereafter made by Borrowers and Guarantors to Agent and Lenders pursuant to
the other Loan Documents, each of Borrowers and Guarantors, jointly and
severally, hereby represents, warrants and covenants with and to Agent and
Lenders as follows (which representations, warranties and covenants are
continuing and shall survive the execution and delivery hereof and shall be
incorporated into and made a part of the Loan Documents):

          11.1 Borrowers have delivered to Agent prior to the date hereof a
true, correct and complete copy of the agreement of Borrowers with Consultant as
in effect on the date hereof. Such agreement shall not be amended, modified or
supplemented without the prior written consent of Agent. The scope and nature of
the engagement of Consultant shall at all times be reasonably acceptable to
Agent. Borrowers hereby irrevocably authorize and direct Consultant to share
with Agent all budgets, records, projections, financial information, reports and
other information relating to the Collateral, or the business, assets and
condition (financial or otherwise) of Borrowers and Guarantors. If Agent
determines that Consultant is not providing Agent with information or access to
Borrowers' records as may be requested by Agent, Borrowers hereby agree,
promptly upon the request of Agent, to terminate Consultant as Borrowers'
consultant and to promptly (but in any event within five (5) Business Days after
the

                                       12
<PAGE>

request of Agent) retain another Consultant from the list provided by Agent
to Borrowers. Borrowers agree to provide Consultant with complete access to all
of Borrowers' books and records, all of Borrowers' premises and to Borrowers'
management and to cooperate with Consultant in connection with the Consultant
providing the services for which it was engaged.

          11.2 On or before the date hereof, (a) the Noteholders have waived all
existing events of default, and events which, with the giving of notice or the
lapse of time or both, would constitute events of default, under the Noteholder
Documents (including, but not limited to, the Senior Convertible Note Defaults),
which waivers are in full force and effect as of the date hereof, (b) all fees
or other charges or payments as a result of the failure of Borrowers to have its
registration statement with the SEC declared effective, including the
Registration Delay Payments, as such term is defined in the Noteholder
Registration Rights Agreement and Investor Registration Rights Agreement, have
been restated as principal evidenced by the Senior Convertible Notes as set
forth in the Noteholder Document Amendments and as principal evidenced by the
PIPE Documents as set forth in the Investor Document Amendments, respectively,
in each case as in effect on the date hereof, provided, that, the aggregate
amount of such principal amounts for the Noteholders and the Investors does not
exceed $3,000,000, (c) the Noteholders have agreed that interest on account of
the Senior Convertible Notes, and the Investors as holders of the PIPE Notes
have agreed that interest on account of the PIPE Notes, shall in the case of the
Senior Convertible Notes and the PIPE Notes, respectively, accrue, at the option
of the Parent, in arrears on the first day of the succeeding Calendar Quarter
(as defined in the Senior Convertible Notes and the PIPE Notes) for the five (5)
consecutive Calendar Quarters ending after the date hereof and shall not be
payable until the earlier to occur of the Maturity Date (as defined in the
Senior Convertible Notes and PIPE Notes) and the applicable Conversion Date (as
defined in the Senior Convertible Notes and PIPE Notes) and Parent shall
exercise such option (in accordance with the Senior Convertible Notes and the
PIPE Notes) to have interest so accrue, (d) Borrowers have received the cash
proceeds of additional loans by the Noteholders in the aggregate amount of
$14,950,000 (which amount is net of $50,000 paid for certain legal expenses of
Noteholders), which funds are and shall be available and used for the working
capital of Borrowers (including, without limitation, to pay professional fees
such as attorneys' fees and investment banker fees) and, together with all other
Indebtedness and obligations evidenced by or arising under any of the Senior
Convertible Notes, are and shall be subject in all respects to the terms of the
Noteholder Document Amendments and the Intercreditor Agreement, PROVIDED, THAT,
(i) notwithstanding anything to the contrary contained in the Loan Agreement or
the other Loan Documents, such funds shall not be required to be held in a
deposit account or investment account subject to a Control Agreement in favor of
Agent, so long as such funds are available for, and are being used for, the
working capital of Borrowers and no Default or Event of Default exists or has
occurred and is continuing and (ii) at any time a Default or Event of Default
exists or has occurred and is continuing, promptly upon Agent's request,
Borrowers shall execute and deliver and cause to be executed and delivered a
Control Agreement with respect to such deposit account or investment account and
in any event Agent shall only exercise its rights thereunder to have exclusive
control with respect to such deposit account or investment account, and cause
funds thereunder to be remitted to Agent, after (A) the occurrence of an Event
of Default under (1) Section 8.01(a) of the Loan Agreement, or (2) Section
8.01(c) of the Loan Agreement as a result of the failure to comply with Section
6.03 of the Loan Agreement, or (3)

                                       13
<PAGE>

Section 8.01(f) of the Loan Agreement, or (4) Section 8.01(g) of the Loan
Agreement or (B) the commencement of the exercise of any enforcement rights or
remedies by or on behalf of Agent, (e) Borrowers have delivered, or caused to be
delivered to Agent, true, correct and complete copies of the Noteholder Document
Amendments and the Investor Document Amendments as executed and delivered by the
parties thereto, and (f) the Noteholder Document Amendments and Investor
Document Amendments have been duly executed and delivered in accordance with
their terms by Parent and its Subsidiaries and to the best of the knowledge of
Borrowers and Guarantors, the other parties thereto and are in full force and
effect as of the date hereof.

          11.3 On or prior to June 30, 2007, Borrowers and Guarantors shall (a)
cause Sea Master Taiwan to execute and deliver to Agent a Security Agreement and
Guaranty and execute and deliver, or cause to be executed and delivered, or
deliver, as the case may be, the other agreements, documents and instruments, in
each case as required under the terms of Section 6.01(b)(i) of the Loan
Agreement and (b) cause Sea Master Hong Kong to execute and deliver a Pledge
Agreement with respect to the stock of Sea Master Taiwan and execute and
deliver, or cause to be executed and delivered, or deliver, as the case may be,
the other agreements, documents and instruments, in each case as required under
the terms of Section 6.01(b)(ii) of the Loan Agreement.

          11.4 Without limiting any restrictions or prohibitions on payments of
Indebtedness in the Loan Agreement, the Intercreditor Agreement or the PIPE Note
Subordination Agreement, to the extent of any option granted to Borrowers to
make payments using its common stock or other equity interests in the Senior
Convertible Notes or PIPE Notes instead of cash, and to the extent permitted
under the applicable corporate governance documents, Borrowers shall make such
payments using common stock or such other equity interests.

          11.5 This Amendment No. 1 has been duly authorized, executed and
delivered by all necessary corporate action on the part of each Borrower and
Guarantor which is a party hereto, and is in full force and effect as of the
date hereof, and the agreements and obligations of Borrowers and Guarantors
contained herein constitute legal, valid and binding obligations of Borrowers
and Guarantors enforceable against them in accordance with their terms, except
as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or other similar laws affecting
creditors' rights generally.

          11.6 All of the representations and warranties set forth in the Loan
Agreement and the other Loan Documents, each as amended hereby, are true and
correct in all material respects on and as of the date hereof as if made on the
date hereof, except to the extent any such representation or warranty is made as
of a specified date, in which case such representation or warranty shall have
been true and correct in all material respects as of such date.

          11.7 All necessary actions and proceedings required by the Loan
Documents in connection with this Amendment No. 1, applicable law or regulation
and the transactions contemplated thereby have been duly and validly taken in
accordance with the terms thereof, and all required consents thereto under any
agreement, document or instrument to which Borrowers and Guarantors are a party,
and all applicable consents or approvals of governmental authorities, have been
obtained.

                                       14
<PAGE>

          11.8 The parties hereto acknowledge, confirm and agree that the
failure of any Borrower or Guarantor to comply with the covenants, conditions
and agreements contained herein, or in any other agreement, document or
instrument at any time executed and/or delivered by any Borrower or Guarantor
with, to or in favor of Agent and Lenders shall constitute an Event of Default
under the Loan Agreement and the other Loan Documents.

     Section 12. RELEASE. In consideration of Agent and Lenders entering into
this Amendment No. 1, and other consideration provided for in this Amendment No.
1, each Borrower and Guarantor hereby fully releases, remises, acquits,
irrevocably waives and forever discharges Agent and each Lender under the Loan
Agreement, together with their respective predecessors, successors, assigns,
subsidiaries, affiliates and agents and all of their respective past, present
and future officers, directors, shareholders, employees, contractors and
attorneys and their respective predecessors, successors, heirs, and assigns,
from and with respect to any and all past, present or future actions and causes
of action, suits, disputes, controversies, claims, liabilities, obligations,
debts, sums of money, offset rights and set-offs, defenses to payment, losses,
damages, judgments, executions and demands of whatever nature (whether known or
unknown, liquidated or unliquidated, fixed or contingent, matured or unmatured,
asserted or unasserted, foreseen or unforeseen, in contract, in tort or
otherwise, or at law or in equity), arising on or prior to the date hereof, for
money damages or dues, recovery of property, or specific performance, in respect
of the Loan Agreement and the other Loan Documents and the transactions
contemplated hereby and thereby, all the foregoing being with full knowledge and
understanding of the circumstances and effect thereof and after having consulted
legal counsel with respect thereto.

     Section 13. CONDITIONS PRECEDENT. Concurrently with the execution and
delivery hereof, and as a further condition to the effectiveness of this
Amendment No. 1 and the agreement of Agent and Lenders to the modifications and
amendments set forth in this Amendment No. 1:

          13.1 Agent shall have received, in form and substance satisfactory to
Agent, executed original counterparts of this Amendment No. 1, duly authorized,
executed and delivered by each Borrower and Guarantor and such Lenders as may be
required under the Loan Agreement;

          13.2 Agent shall have received, in form and substance satisfactory to
Agent, evidence that Parent has received cash proceeds of not less than
$14,950,000 in the aggregate from the issuance of additional Indebtedness under
and in accordance with the terms of the Noteholder Amendment Documents;

          13.3 Agent shall have received, in form and substance satisfactory to
Agent, Amendment No. 1 to Intercreditor Agreement, pursuant to which the
Noteholder Agent and Noteholders agree that the additional loans to Borrowers
pursuant to the Noteholder Amendment Documents and all other Indebtedness and
obligations to the Noteholders (including pursuant to the Amended and Restated
Secured Convertible Notes and the new Secured Convertible Notes) are in all
respects subject to the terms and conditions of the Intercreditor Agreement, the
Indebtedness arising in connection therewith to the Noteholders constitutes
"Noteholder Debt" as such term is defined therein, any new Noteholders are bound
by the Intercreditor Agreement and have authorized the Noteholder Agent to act
on their behalf in connection with the Intercreditor

                                       15
<PAGE>

Agreement and providing for such other matters related thereto as Agent may
reasonably require, duly authorized, executed and delivered by the Noteholder
Agent for itself and on behalf of the Noteholders;

          13.4 Agent shall have received, in form and substance satisfactory to
Agent, the PIPE Note Subordination Agreement, pursuant to which the Noteholder
Agent (as defined in the PIPE Note Subordination Agreement) and the Investors
agree that the Indebtedness and obligations to the Investors (including pursuant
to the PIPE Notes) are in all respects subject to the terms and conditions of
the PIPE Note Subordination Agreement, the Indebtedness arising in connection
with the PIPE Notes is junior and subordinate in right of payment to the
Obligations and otherwise subject to the terms and conditions of the PIPE Note
Subordination Agreement, the Investors are bound by the PIPE Note Subordination
Agreement and have authorized the Noteholder Agent to act on their behalf in
connection with the PIPE Note Subordination Agreement and providing for such
other matters related thereto as Agent may reasonably require, duly authorized,
executed and delivered by the Noteholder Agent (as defined in the PIPE Note
Subordination Agreement) for itself and on behalf of the Investors;

          13.5 Agent shall have received, in form and substance satisfactory to
Agent, true, correct and complete copies of the Noteholder Document Amendments
and Investor Document Amendments, as duly authorized, executed and delivered by
the parties thereto;

          13.6 Agent shall have received, in form and substance satisfactory to
Agent, a true, correct and complete copy of the engagement letter of Borrowers
with the Consultant, as duly authorized, executed and delivered by the parties
thereto;

          13.7 each Borrower and Guarantor shall deliver, or cause to be
delivered, to Agent a true and correct copy of any consent, waiver or approval
to or of this Amendment No. 1, which any Borrower or Guarantor is required to
obtain from any other Person, and such consent, approval or waiver shall be in a
form and substance satisfactory to Agent; and

          13.8 after giving effect to the waivers, consents and amendments
contemplated by this Amendment No. 1, no Default or Event of Default shall exist
or have occurred and be continuing.

     Section 14. EFFECT OF THIS AMENDMENT. This Amendment No. 1 and the
instruments and agreements delivered pursuant hereto constitute the entire
agreement of the parties with respect to the subject matter hereof and thereof,
and supersede all prior oral or written communications, memoranda, proposals,
negotiations, discussions, term sheets and commitments with respect to the
subject matter hereof and thereof. Except as expressly amended pursuant hereto
and except for the amendments and waivers expressly contained herein, no other
changes or modifications or waivers to the Loan Documents are intended or
implied, and in all other respects the Loan Documents are hereby specifically
ratified, restated and confirmed by all parties hereto as of the effective date
hereof. To the extent that any provision of the Loan Agreement or any of the
other Loan Documents are inconsistent with the provisions of this Amendment No.
1, the provisions of this Amendment No. 1 shall control.

                                       16
<PAGE>

     Section 15. FURTHER ASSURANCES. Borrowers and Guarantors shall execute and
deliver such additional documents and take such additional action as may be
reasonably requested by Agent to effectuate the provisions and purposes of this
Amendment No. 1.

     Section 16. COSTS, FEES AND EXPENSES. Without limiting any of the
obligations of Borrowers and Guarantors under the Loan Agreement or any of the
other Loan Documents, Borrowers agree to reimburse Agent and each Lender upon
demand by Agent for all costs, fees and expenses (including the reasonable fees
and expenses of counsels to Agent and each Lender) incurred in connection with
the preparation, execution and delivery of this Amendment No. 1.

     Section 17. GOVERNING LAW. The validity, interpretation and enforcement of
this Amendment No. 1 in any dispute arising out of the relationship between the
parties hereto, whether in contract, tort, equity or otherwise shall be governed
by the internal laws of the State of New York, without regard to any principle
of conflict of laws or other rule of law that would result in the application of
the law of any jurisdiction other than the State of New York.

     Section 18. BINDING EFFECT. This Amendment No. 1 shall be binding upon and
inure to the benefit of each of the parties hereto and their respective
successors and assigns.

     Section 19. COUNTERPARTS. This Amendment No. 1 may be executed in one or
more counterparts, each of which when so executed shall be deemed to be an
original but all of which when taken together shall constitute one and the same
instrument. In making proof of this Amendment No. 1, it shall not be necessary
to produce or account for more than one counterpart hereof signed by each of the
parties hereto. This Amendment No. 1 may be executed and delivered by telecopier
(or other electronic transmission of a manually executed counterpart) with the
same force and effect as if it were a manually executed and delivered
counterpart. Any party delivering an executed counterpart of this Amendment No.
1 by telecopier (or other electronic transmission of a manually executed
counterpart) shall also deliver an original executed counterpart of this
Amendment No. 1, but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this
Amendment No. 1 as to such party or any other party.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       17
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment No. 1 as of the date first written above.

                                            BORROWERS:

                                            MARITIME LOGISTICS US HOLDINGS INC.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            SUMMIT LOGISTICS INTERNATIONAL INC

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            SEAMASTER LOGISTICS INC.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            AMERUSSIA SHIPPING COMPANY INC.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            FASHION MARKETING, INC.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            FMI INTERNATIONAL LLC

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            FMI INTERNATIONAL CORP. (WEST)

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                       [SIGNATURES CONTINUE ON NEXT PAGE]

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                            FMI INTERNATIONAL CORP.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            FREIGHT MANAGEMENT LLC

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            FMI TRUCKING, INC.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            FMI EXPRESS CORP.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            CLARE FREIGHT, LOS ANGELES, INC.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            TUG NEW YORK, INC.

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                       [SIGNATURES CONTINUE ON NEXT PAGE]

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                     SUMMIT GLOBAL LOGISTICS, INC. (formerly
                                     known as Aerobic Creations, Inc.)

                                     By:
                                        --------------------------------
                                     Name:
                                     Title:

                                     TUG USA, INC. (formerly known as Dolphin US
                                     Logistics Inc.)

                                     By:
                                        --------------------------------
                                     Name:
                                     Title:

                                     AMR INVESTMENTS INC

                                     By:
                                        --------------------------------
                                     Name:
                                     Title:

                                     FMI HOLDCO I, LLC

                                     By:
                                        --------------------------------
                                     Name:
                                     Title:

                       [SIGNATURES CONTINUE ON NEXT PAGE]

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                            FORTRESS CREDIT CORP.,
                                              as Agent

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            LENDERS:

                                            FORTRESS CREDIT OPPORTUNITIES I LP

                                            By:  FORTRESS CREDIT OPPORTUNITIES I
                                                 GP LLC, its General Partner

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            FORTRESS CREDIT OPPORTUNITIES II LP

                                            By:  FORTRESS CREDIT OPPORTUNITIES
                                                 II GP LLC, its General Partner

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                                            FORTRESS PARTNERS FUND LP

                                            By:  FORTRESS PARTNERS GP LLC, its
                                                 General Partner

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                       [SIGNATURES CONTINUE ON NEXT PAGE]

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                        FORTRESS CREDIT FUNDING III LP

                                        By:  FORTRESS CREDIT FUNDING III GP LLC,
                                             its General Partner

                                        By:
                                           --------------------------------
                                        Name:
                                        Title:

                                        FORTRESS CREDIT FUNDING IV LP

                                        By:  FORTRESS CREDIT FUNDING IV GP LLC,
                                        its General Partner

                                        By:
                                           --------------------------------
                                        Name:
                                        Title:

                       [SIGNATURES CONTINUE ON NEXT PAGE]

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                            ABLECO FINANCE LLC

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

                       [SIGNATURES CONTINUE ON NEXT PAGE]

<PAGE>

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                            PLAINFIELD DIRECT LLC

                                            By:
                                               --------------------------------
                                            Name:
                                            Title:

<PAGE>

                                    EXHIBIT A
                                       to
                                 AMENDMENT NO. 1

                                FORM OF PIPE NOTE

<PAGE>

                                    EXHIBIT B
                                       to
                                 AMENDMENT NO. 1

                                SCHEDULE 6.03(a)

                              TOTAL LEVERAGE RATIO

         -----------------------------------------------------------------
         Applicable Period-- Last twelve (12)      Total Leverage Ratio
         consecutive months ending:
         -----------------------------------------------------------------
         June 30, 2007                             5.25 : 1.0
         -----------------------------------------------------------------
         September 30, 2007                        4.0 : 1.0
         -----------------------------------------------------------------
         December 31, 2007                         2.75 : 1.0
         -----------------------------------------------------------------
         March 31, 2008                            1.5 : 1.0
         -----------------------------------------------------------------
         June 30, 2008                             1.5 : 1.0
         -----------------------------------------------------------------
         September 30, 2008                        1.5 : 1.0
         -----------------------------------------------------------------
         December 31, 2008                         1.5 : 1.0
         -----------------------------------------------------------------
         March 31, 2009                            1.5 : 1.0
         -----------------------------------------------------------------
         June 30, 2009                             1.5 : 1.0
         -----------------------------------------------------------------
         September 30, 2009                        1.5 : 1.0
         -----------------------------------------------------------------
         December 31, 2009                         1.5 : 1.0
         -----------------------------------------------------------------
         March 31, 2010                            1.5 : 1.0
         -----------------------------------------------------------------
         June 30, 2010                             1.5 : 1.0
         -----------------------------------------------------------------
         September 30, 2010                        1.5 : 1.0
         -----------------------------------------------------------------
         December 31, 2010                         1.5 : 1.0
         -----------------------------------------------------------------
         March 31, 2011                            1.5 : 1.0
         -----------------------------------------------------------------
         June 30, 2011                             1.5 : 1.0
         -----------------------------------------------------------------
         September 30, 2011                        1.5 : 1.0
         -----------------------------------------------------------------

<PAGE>

                                SCHEDULE 6.03(b)

                     CONSOLIDATED LAST TWELVE MONTHS EBITDA

<TABLE>
<CAPTION>
         ---------------------------------------------------------------------------------------------
         Applicable Period-- April 1, 2007 to period ending on:                 Minimum EBITDA
         ---------------------------------------------------------------------------------------------
        <S>                                                                    <C>
         June 30, 2007                                                          $2,000,000
         ---------------------------------------------------------------------------------------------
         July 31, 2007                                                          $4,150,000
         ---------------------------------------------------------------------------------------------
         August 31, 2007                                                        $6,350,000
         ---------------------------------------------------------------------------------------------
         September 30, 2007                                                     $9,150,000
         ---------------------------------------------------------------------------------------------
         October 31, 2007                                                       $11,400,000
         ---------------------------------------------------------------------------------------------
         November 30, 2007                                                      $13,850,000
         ---------------------------------------------------------------------------------------------
         December 31, 2007                                                      $14,800,000
         ---------------------------------------------------------------------------------------------
         Applicable Period-- Last twelve (12) consecutive months ending:
         ---------------------------------------------------------------------------------------------
         March 31, 2008                                                         $26,755,000
         ---------------------------------------------------------------------------------------------
         June 30, 2008                                                          $28,630,000
         ---------------------------------------------------------------------------------------------
         September 30, 2008                                                     $30,803,000
         ---------------------------------------------------------------------------------------------
         December 31, 2008                                                      $32,912,000
         ---------------------------------------------------------------------------------------------
         March 31, 2009                                                         $34,755,000
         ---------------------------------------------------------------------------------------------
         June 30, 2009                                                          $36,536,000
         ---------------------------------------------------------------------------------------------
         September 30, 2009                                                     $37,857,000
         ---------------------------------------------------------------------------------------------
         December 31, 2009                                                      $39,124,000
         ---------------------------------------------------------------------------------------------
         March 31, 2010                                                         $40,150,000
         ---------------------------------------------------------------------------------------------
         June 30, 2010                                                          $41,129,000
         ---------------------------------------------------------------------------------------------
         September 30, 2010                                                     $42,021,000
         ---------------------------------------------------------------------------------------------
         December 31, 2010                                                      $42,872,000
         ---------------------------------------------------------------------------------------------
         March 31, 2011                                                         $43,891,000
         ---------------------------------------------------------------------------------------------
         June 30, 2011                                                          $44,850,000
         ---------------------------------------------------------------------------------------------
         September 30, 2011                                                     $46,056,000
         ---------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                SCHEDULE 6.03(c)

                           FIXED CHARGE COVERAGE RATIO

         -----------------------------------------------------------------------
         Applicable Period-- April 1, 2007 to
         period ending on:                          Fixed Charge Coverage Ratio
         -----------------------------------------------------------------------
         June 30, 2007                              0.35 : 1.00
         -----------------------------------------------------------------------
         September 30, 2007                         0.90 : 1.00
         -----------------------------------------------------------------------
         December 31, 2007                          1.00 : 1.00
         -----------------------------------------------------------------------
         Applicable Period-- Last twelve (12)
         consecutive months ending on:
         -----------------------------------------------------------------------
         March 31, 2008                             1.10 : 1.00
         -----------------------------------------------------------------------
         June 30, 2008                              1.10 : 1.00
         -----------------------------------------------------------------------
         September 30, 2008                         1.10 : 1.00
         -----------------------------------------------------------------------
         December 31, 2008                          1.10 : 1.00
         -----------------------------------------------------------------------
         March 31, 2009                             1.20 : 1.00
         -----------------------------------------------------------------------
         June 30, 2009                              1.20 : 1.00
         -----------------------------------------------------------------------
         September 30, 2009                         1.20 : 1.00
         -----------------------------------------------------------------------
         December 31, 2009                          1.20 : 1.00
         -----------------------------------------------------------------------
         March 31, 2010                             1.20 : 1.00
         -----------------------------------------------------------------------
         June 30, 2010                              1.20 : 1.00
         -----------------------------------------------------------------------
         September 30, 2010                         1.20 : 1.00
         -----------------------------------------------------------------------
         December 31, 2010                          1.20 : 1.00
         -----------------------------------------------------------------------
         March 31, 2011                             1.20 : 1.00
         -----------------------------------------------------------------------
         June 30, 2011                              1.20 : 1.00
         -----------------------------------------------------------------------
         September 30, 2011                         1.20 : 1.00
         -----------------------------------------------------------------------

<PAGE>

                                    EXHIBIT C
                                       to
                                 AMENDMENT NO. 1

                                INSURANCE POLICY

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]