Document:

Orthovita, Inc. Employee Stock Purchase Plan

 Exhibit 10.1 
 ORTHOVITA, INC. 
 EMPLOYEE STOCK PURCHASE PLAN 
 Amended and Restated as of June 26, 2008 

 ARTICLE I 
 Introduction 
 1.01 Statement of Purpose. The purpose of the Orthovita, Inc. Employee Stock Purchase
Plan (the “Plan”) is to provide eligible employees of Orthovita, Inc. (the “Company”) and its subsidiaries an opportunity to purchase common stock of the Company. The Board of Directors of the Company believes that employee
participation in stock ownership will be to the mutual benefit of both the employees and the Company. 
 1.02 Internal Revenue Code
Considerations. The Plan is intended to constitute an “employee stock purchase plan” within the meaning of section 423 of the Internal Revenue Code of 1986, as amended. 
 1.03 ERISA Considerations. The Plan is not intended and shall not be construed as constituting an “employee benefit plan,” within the
meaning of section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 
 ARTICLE II 
 Definitions 
 2.01 “Board of
Directors” means the board of directors of the Company or a committee of the board of directors authorized to act on its behalf. 
 2.02 “Code” means the Internal Revenue Code of 1986, as amended, and any successor statute of similar nature. References to specific sections of the Code shall be taken to be references to corresponding sections of any
successor statute. 
 2.03 “Committee” means the committee appointed by the Board of Directors to administer the Plan, as
provided in Section 6.03. 
 2.04 “Company” means Orthovita, Inc., a Pennsylvania corporation. 
 2.05 “Compensation” means all cash compensation (including, but not limited to, salary, commissions and bonuses) received by an Employee
from the Company or a Subsidiary and includible in the Employee’s gross income for federal income tax purposes. 
 2.06
“Continuous Service” means the period of time immediately preceding the Election Date during which the Employee has been employed by an Employer and during which there has been no interruption of the Employee’s employment with
the Employer. For this purpose, periods of Excused Absence shall not be considered to be interruptions of Continuous Service. 
 2.07
“Effective Date” shall mean June 26, 2008. 
 2.08 “Election Date” means each
January 1, April 1, July 1 and October 1 or such other dates as the Committee shall specify. The first Election Date for the Plan shall be the Effective Date. 

 2.09 “Eligible Employee” means each employee of the Employer (i) who is classified
by the Employer as a full or part-time employee (and not as an independent contractor), (ii) whose customary employment is for more than twenty (20) hours per week and for more than six (6) months per year, (iii) who is not
deemed for purposes of section 423(b)(3) of the Code to own stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or any subsidiary, and (iv) who has completed at
least six (6) months of Continuous Service with the Employer. 
 2.10 “Employer” means the Company and each Subsidiary.

 2.11 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and as the same may hereafter be amended.

 2.12 “Excused Absence” means absence pursuant to a leave of absence granted by the Employer, absence due to disability or
illness, absence by reason of a layoff or inactive status due to completion of an assignment, or absence by reason of uniformed service within the meaning of the Uniformed Services Employment and Reemployment Rights Act (“USERRA”). In no
event may an Excused Absence exceed six (6) months in length (or, if longer and if applicable, the period of the individual’s uniformed services within the meaning of the USERRA and such period thereafter as such individual’s right to
reemployment by the Employer is protected by law), and any absence shall cease to be an Excused Absence upon the earlier of (a) the last day of the calendar month in which the duration of the absence reaches six (6) months (or such longer
period as may be required under the USERRA or other applicable law) or (b) the last day of the calendar month in which the leave expires by its terms, the layoff or inactive status ends by recall or permanent separation from service, or
recovery from illness or disability occurs. 
 2.13 “Market Value” means the last price for the Stock as reported on the
principal market on which the Stock is traded for the date of reference. If there was no such price reported for the date of reference, “Market Value” means the last reported price for the Stock on the day next preceding the date of
reference for which such price was reported. 
 2.14 “Participant” means each Eligible Employee who elects to participate in
the Plan. 
 2.15 “Plan” means the Orthovita, Inc. Employee Stock Purchase Plan, as set forth herein and as hereafter
amended. 
 2.16 “Purchase Agreement” means the instrument prescribed by the Committee pursuant to which an Eligible
Employee may enroll as a Participant and subscribe for the purchase of shares of Stock on the terms and conditions offered by the Company. The Purchase Agreement is intended to evidence the Company’s offer of an option to the Eligible Employee
to purchase Stock on the terms and conditions set forth therein and herein. 
 2.17 “Purchase Date” means the last day of
each Purchase Period. 
 2.18 “Purchase Period” means each calendar quarter or other period specified by the Committee,
beginning on or after the Effective Date, during which the Participant’s Stock purchase is funded through payroll deduction accumulations. 

 2.19 “Purchase Price” means the purchase price for shares of Stock purchased under the
Plan, determined as set forth in Section 4.03. 
 2.20 “Stock” means the common stock of the Company. 
 2.21 “Subsidiary” means any present or future corporation (i) which constitutes a “subsidiary corporation” of the Company
as that term is defined in section 424 of the Code, and (ii) is designated as a participating entity in the Plan by the Committee. Unless the Committee specifically designates otherwise, a Canadian or other foreign subsidiary shall not be
considered a Subsidiary for purposes of the Plan, and employees of such a subsidiary shall not be Eligible Employees. 
 ARTICLE III

 Admission to Participation 
 3.01 Initial Participation. An Eligible Employee may elect to participate in the Plan and may become a Participant effective as of any Election Date, by executing and filing with the Committee a Purchase Agreement at such time in
advance of such Election Date as the Committee shall prescribe. The Purchase Agreement shall remain in effect until modified or canceled in accordance with the terms of this Plan. 
 3.02 Discontinuance of Participation. A Participant may voluntarily cease his or her participation in the Plan and stop payroll deductions at any
time by filing a notice of cessation of participation on such form and at such time in advance of the effective date as the Committee shall prescribe. Notwithstanding anything in the Plan to the contrary, if a Participant ceases to be an Eligible
Employee, his or her participation automatically shall cease and no further purchase of Stock shall be made for the Participant. 
 3.03
Readmission to Participation. Any Eligible Employee who has previously been a Participant, who has discontinued participation (whether by cessation of eligibility or otherwise), and who wishes to be reinstated as a Participant may again
become a Participant by executing and filing with the Committee a new Purchase Agreement. Reinstatement to Participant status shall be effective as of any Election Date, provided the Participant files a new Purchase Agreement with the Committee at
such time in advance of the Election Date as the Committee shall prescribe. 
 ARTICLE IV 
 Stock Purchase and Resale 
 4.01
Reservation of Shares. There shall be 500,000 shares of Stock reserved for issuance or transfer under the Plan, subject to adjustment in accordance with the antidilution provisions hereinafter set forth. Except as provided in
Section 5.02, the aggregate number of shares of Stock that may be purchased under the Plan shall not exceed the number of shares of Stock reserved under the Plan. 
 4.02 Limitation on Shares Available. The maximum number of shares of Stock that may be purchased for each Participant on a Purchase Date is the lesser of (a) the number of whole and fractional shares of
Stock that can be purchased by applying the full balance of the 

 
Participant’s withheld funds to the purchase of shares of Stock at the Purchase Price, or (b) the Participant’s proportionate part of the
maximum number of shares of Stock available under the Plan, as stated in Section 4.01. Notwithstanding the foregoing, if any person entitled to purchase shares pursuant to any offering under the Plan would be deemed for purposes of section
423(b)(3) of the Code to own stock (including any number of shares of Stock that such person would be entitled to purchase hereunder) possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of
the Company, the maximum number of shares of Stock that such person shall be entitled to purchase pursuant to the Plan shall be reduced to that number which, when added to the number of shares of stock that such person is deemed to own (excluding
any number of shares of Stock that such person would be entitled to purchase hereunder), is one less than such five percent (5%). Any amounts withheld from a Participant’s Compensation that cannot be applied to the purchase of Stock by reason
of the foregoing limitation shall be returned to the Participant as soon as practicable. 
 4.03 Purchase Price of Shares. The
Purchase Price per share of the Stock sold to Participants pursuant to any offering under the Plan shall be the lower of (i) ninety-five percent (95%) of the Market Value of such share on the first day of the Purchase Period or
(ii) ninety-five percent (95%) of the Market Value of such share on the Purchase Date. Notwithstanding the foregoing, the Board of Directors may determine that the Purchase Price shall be the Market Value, or a percentage of the Market
Value, on either of such dates or the lower of such dates, so long as the percentage shall not be lower than ninety-five percent (95%) of such Market Value. 
 4.04 Exercise of Purchase Privilege. 
 (a) Each Participant shall be granted an option to purchase
shares of Stock as of the first day of each Purchase Period at the Purchase Price specified in Section 4.03. The option shall continue in effect through the Purchase Date for the Purchase Period. Subject to the provisions of Section 4.02
above and of paragraph (c) of this Section 4.04, on each Purchase Date, the Participant shall automatically be deemed to have exercised his or her option to purchase shares of Stock, unless he or she notifies the Committee, in such manner
and at such time in advance of the Purchase Date as the Committee shall prescribe, of his or her desire not to make such purchase. 
 (b)
There shall be purchased for the Participant on each Purchase Date, at the Purchase Price for the Purchase Period, the largest number of whole and fractional shares of Stock as can be purchased with the amounts withheld from the Participant’s
Compensation during the Purchase Period. Each such purchase shall be deemed to have occurred on the Purchase Date occurring at the close of the Purchase Period for which the purchase was made. 
 (c) A Participant may not purchase shares of Stock having an aggregate Market Value of more than twenty-five thousand dollars ($25,000), determined at
the beginning of each Purchase Period, for any calendar year in which one or more offerings under this Plan are outstanding at any time, and a Participant may not purchase a share of Stock under any offering after the expiration of the Purchase
Period for the offering. 
 4.05 Payroll Deductions. Each Participant shall authorize payroll deductions from his or her Compensation
for the purpose of funding the purchase of Stock pursuant to his or her 

 
Purchase Agreement. In the Purchase Agreement, each Participant shall authorize an after-tax payroll deduction from each payment of Compensation during a
Purchase Period of an amount not less than $10 per paycheck ($20 for any Participant on a monthly payroll period) and not more than 10% of such Participant’s Compensation. A Participant may change the deduction to any permissible level
effective as of any Election Date. A change shall be made by the Participant’s filing with the Committee a notice in such form and at such time in advance of the date on which the change is to be effective as the Committee shall prescribe.

 4.06 Payment for Stock. The Purchase Price for all shares of Stock purchased by a Participant under the Plan shall be paid out of
the Participant’s authorized payroll deductions. All funds received or held by the Company under the Plan are general assets of the Company, shall be held free of any trust or other restriction, and may be used for any corporate purpose.

 4.07 Share Ownership; Issuance of Certificates. 
 (a) The shares of Stock purchased by a Participant on a Purchase Date shall, for all purposes, be deemed to have been issued or sold at the close of business on the Purchase Date. Prior to that time, none of the
rights or privileges of a shareholder of the Company shall inure to the Participant with respect to such shares of Stock. All the shares of Stock purchased under the Plan shall be delivered by the Company in a manner as determined by the Committee.

 (b) The Committee, in its sole discretion, may determine that shares of Stock shall be delivered by the Company by (i) issuing and
delivering to the Participant a certificate for the number of shares of Stock purchased by the Participant on a Purchase Date or during a calendar year or other period determined by the Committee, (ii) issuing and delivering certificates for
the number of shares of Stock purchased by all Participants on a Purchase Date or during a calendar year or other period determined by the Committee to a firm which is a member of the National Association of Securities Dealers, as selected by the
Committee from time to time, which shares shall be maintained by such firm in a separate brokerage account for each Participant, or (iii) issuing and delivering certificates for the number of shares of Stock purchased by all Participants on a
Purchase Date or during the calendar year or other period determined by the Committee to a bank or trust company or affiliate thereof, as selected by the Committee from time to time, which shares may be held by such bank or trust company or
affiliate in street name, but with a separate account maintained by such entity for each Participant reflecting such Participant’s share interests in the Stock. Each certificate or account, as the case may be, may be in the name of the
Participant or, if he or she so designates on the Participant’s Purchase Agreement, in the Participant’s name jointly with the Participant’s spouse, with right of survivorship. A Participant who is a resident of a jurisdiction that
does not recognize such joint tenancy may have a certificate or account held in the Participant’s name as tenant in common with the Participant’s spouse, with or without right of survivorship. 
 (c) In addition to any restrictions or limitations on the resale of Stock purchased under the Plan as set forth in Section 4.08 or otherwise
hereunder, the Committee, in its sole discretion, may impose such restrictions or limitations as it shall determine on the resale of Stock, the issuance of individual stock certificates or the withdrawal from any shareholder accounts established for
a Participant. 

 (d) Any dividends payable with respect to whole or fractional shares of Stock credited to a shareholder
account of a Participant established pursuant to Section 4.07(b) hereof will be reinvested in shares of Stock and credited to the Participant’s account. 
 4.08 Withdrawal of Shares or Resale of Stock. 
 (a) A Participant may request a withdrawal of shares
of Stock purchased for the Participant under the Plan or order the sale of such shares at any time by making a request in such form and at such time as the Committee shall prescribe. 
 (b) If a Participant terminates his or her employment with the Employer or otherwise ceases to be an Eligible Employee, the Participant shall receive a
distribution of his or her shares of Stock held in any shareholder account established pursuant to Section 4.07(b), unless the Participant elects to have the shares of Stock sold in accordance with such procedures as the Committee shall
prescribe. 
 (c) If a Participant is to receive a withdrawal or distribution of shares of Stock, or if shares are to be sold, the
withdrawal, distribution or sale shall be made in whole shares of Stock, with fractional shares paid in cash. 
 ARTICLE V 
 Special Adjustments 
 5.01 Shares
Unavailable. If, on any Purchase Date, the aggregate funds available for the purchase of Stock would purchase a number of shares in excess of the number of shares of Stock then available for purchase under the Plan, the following events shall
occur: 
 (a) The number of shares of Stock that would otherwise be purchased by each Participant shall be proportionately reduced on the
Purchase Date in order to eliminate such excess; and 
 (b) The Plan shall automatically terminate immediately after the Purchase Date as of
which the supply of available shares is exhausted. 
 5.02 Anti-Dilution Provisions. The aggregate number of shares of Stock reserved
for purchase under the Plan, as provided in Section 4.01, and the calculation of the Purchase Price per share may be appropriately adjusted to reflect any increase or decrease in the number of issued shares of Stock resulting from a subdivision
or consolidation of shares or other capital adjustment, or the payment of a stock dividend, or other increase or decrease in such shares, if effected without receipt of consideration by the Company. Any such adjustment shall be made by the Committee
acting with the consent of, and subject to the approval of, the Board of Directors. 
 5.03 Effect of Certain Transactions. Subject to
any required action by the shareholders, if the Company shall be the surviving corporation in any merger or consolidation, any offering hereunder shall pertain to and apply to the shares of stock of the Company. However, in the event of a
dissolution or liquidation of the Company, or of a merger or consolidation in which the Company is not the surviving corporation, the Plan and any offering 

 
hereunder shall terminate upon the effective date of such dissolution, liquidation, merger or consolidation, and the balance of any amounts withheld from a
Participant’s Compensation which had not by such time been applied to the purchase of Stock shall be returned to the Participant. 
 ARTICLE VI 
 Miscellaneous 
 6.01 Non-Alienation. The right to purchase shares of Stock under the Plan is personal to the Participant, is exercisable only by the Participant during the Participant’s lifetime, except as hereinafter set forth, and may not be
assigned or otherwise transferred by the Participant. If a Participant dies, there shall be delivered to the executor, administrator or other personal representative of the deceased Participant such shares of Stock and such residual amounts as may
remain to the Participant’s credit from amounts withheld from the Participant’s Compensation as of the Purchase Date occurring at the close of the period in which the Participant’s death occurs, including shares of Stock purchased as
of that date or prior thereto with moneys withheld from the Participant’s Compensation. 
 6.02 Administrative Costs. The Company
shall pay all administrative expenses associated with the operation of the Plan. 
 6.03 The Committee. The Board of Directors shall
appoint a Committee, which shall have the authority and power to administer the Plan and to make, adopt, construe, and enforce rules and regulations not inconsistent with the provisions of the Plan. The Committee shall adopt and prescribe the
contents of all forms required in connection with the administration of the Plan, including, but not limited to, the Purchase Agreement, payroll withholding authorizations, withdrawal documents, and all other notices required hereunder. The
Committee shall have the fullest discretion permissible under law in the discharge of its duties. The Committee’s interpretations and decisions with respect to the Plan shall be final and conclusive. 
 6.04 Amendment of the Plan. The Board of Directors may, at any time and from time to time, amend the Plan in any respect, except that no amendment
may (i) increase the number of shares reserved for purposes of the Plan, or (ii) allow any person who is not an Eligible Employee to become a Participant, without the approval of the shareholders of the Company. 
 6.05 Expiration and Termination of the Plan. The Plan shall continue in effect for ten (10) years from the Effective Date, unless terminated
prior to that date pursuant to the provisions of the Plan or pursuant to action by the Board of Directors. The Board of Directors shall have the right to terminate the Plan at any time without prior notice to any Participant and without liability to
any Participant. Upon the expiration or termination of the Plan, the balance, if any, then standing to the credit of each Participant from amounts withheld from the Participant’s Compensation which has not, by such time, been applied to the
purchase of Stock shall be refunded to the Participant. 
 6.06 Federal Income Tax Consequences if Shareholder Approval is Not
Obtained. To be qualified under section 423 of the Code, the Plan must be approved by the shareholders of the Company within twelve (12) months after the date on which the Plan is adopted. If this 

 
shareholder approval is not obtained, the Plan and its accompanying shares of Stock will not be eligible for the favorable tax treatment afforded under
section 423 of the Code and the amount of the discount from the Market Value, as provided under Section 4.03 of the Plan (measured as of the Purchase Date), will be deemed taxable income to the Participants. 
 6.07 Repurchase of Stock. The Company shall not be required to purchase or repurchase from any Participant any of the shares of Stock that the
Participant acquires under the Plan. 
 6.08 Notice. A Purchase Agreement and any notice that a Participant files pursuant to the Plan
shall be on the form prescribed by the Committee and shall be effective only when received by the Committee. Delivery of such forms may he made by hand or by certified mail, sent postage prepaid, to Orthovita, Inc. 77 Great Valley Parkway, Malvern,
PA 19355, Attention: Employee Stock Purchase Plan Administrator. Delivery by any other mechanism shall be deemed effective at the option and discretion of the Committee. 
 6.09 Government Regulation. The Company’s obligation to sell and to deliver the Stock under the Plan is at all times subject to all approvals of any governmental authority required in connection with the
authorization, issuance, sale or delivery of such Stock. 
 6.10 Headings, Captions, Gender. The headings and captions herein are for
convenience of reference only and shall not be considered as part of the text. The masculine shall include the feminine, and vice versa. 
 6.11 Severability of Provisions, Prevailing Law. The provisions of the Plan shall be deemed severable. In the event any such provision is determined to be unlawful or unenforceable by a court of competent jurisdiction or by reason of
a change in an applicable statute, the Plan shall continue to exist as though such provision had never been included therein (or, in the case of a change in an applicable statute, had been deleted as of the date of such change). The Plan shall be
governed by the laws of the Commonwealth of Pennsylvania to the extent such laws are not in conflict with, or superseded by, federal law.FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

      This First Amendment to Amended and Restated Credit Agreement (this
"Amendment Agreement") is dated as of June 24, 2008 by and among Lower Lakes
Towing Ltd., Lower Lakes Transportation Company, Grand River Navigation Company,
Inc., the other Credit Parties signatory hereto, the other Lenders signatory
hereto and General Electric Capital Corporation, as Agent.

                              W I T N E S S E T H :

      WHEREAS, the Credit Parties, the lenders party thereto, and the Agent
entered into that certain Amended and Restated Credit Agreement dated as of
February 13, 2008 (the "Credit Agreement");

      WHEREAS, the Lenders and the Agent have agreed to amend the Credit
Agreement to effect certain changes thereto requested by the Credit Parties as
set forth herein.

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

      1. Defined Terms. Capitalized terms used herein and not otherwise defined
herein shall have the meanings attributed to such terms in the Credit Agreement,
as amended hereby.

      2. Amendments to Credit Agreement. The Credit Agreement is hereby amended
as follows:

      2.1. Section 1.1(a)(ii) of the Credit Agreement is hereby amended by
deleting the penultimate sentence thereof and replacing it with the following:

      The Cdn. Seasonal Facility shall be in an amount not to exceed (all as
      determined in Cdn. Dollars using, where applicable, the Cdn. Dollar
      Equivalent Amount) the lesser of: (A) US $8,000,000 (US $10,000,000 for
      calendar year 2008 only) less the principal amount outstanding under the
      US Seasonal Facility, or (B) 75% of the aggregate Fair Market Value of the
      Cdn. Vessels owned by the Cdn. Credit Parties and the US Owned Vessels
      less the aggregate of (i) the principal amount outstanding under the Cdn.
      Term Loan, the principal amount outstanding under the US Term Loan and the
      principal amount outstanding under the Engine Term Loan, (ii) the
      aggregate amount of the obligations secured by Liens attaching to the Cdn.
      Vessels and the US Owned Vessels that have priority to the Liens securing
      the Obligations, and (iii) the principal amount outstanding under the US
      Seasonal Facility; provided, that if Lower Lakes has certified to the
      Agent in the applicable Cdn. Notice of Revolving Credit Advance that the
      all or a portion of the proceeds of the related Cdn. Revolving Credit
      Advance will be directly applied to pay any obligation described in clause
      (ii) above, then such obligation will not be counted in determining
      availability for such Advance.

<PAGE>

      2.2. Section 1.1(c)(ii) of the Credit Agreement is hereby amended by
deleting the penultimate sentence thereof and replacing it with the following:

      The amount outstanding under the US Seasonal Facility shall be in an
      amount not to exceed (all as determined in US Dollars using, where
      applicable, the US Dollar Equivalent Amount) the lesser of: (A) US
      $8,000,000 (US $10,000,000 for calendar year 2008 only) less amounts
      outstanding under the Cdn. Seasonal Facility, or (B) 75% of the aggregate
      Fair Market Value of the Cdn. Vessels owned by the Cdn. Credit Parties and
      the US Owned Vessels less the aggregate of (i) the principal amount
      outstanding under the Cdn. Term Loan, the principal amount outstanding
      under the US Term Loan and the principal amount outstanding under the
      Engine Term Loan, (ii) the aggregate amount of the obligations secured by
      Liens attaching to the Cdn. Vessels and the US Owned Vessels that have
      priority to the Liens securing the Obligations, and (iii) amounts
      outstanding under the Cdn. Seasonal Facility; provided, that if LLTC has
      certified to the Agent in the applicable US Notice of Revolving Credit
      Advance that the all or a portion of the proceeds of the related US
      Revolving Credit Advance will be directly applied to pay any obligation
      described in clause (ii) above, then such obligation will not be counted
      in determining availability for such Advance.

      2.3. Annex A to the Credit Agreement is hereby amended by deleting the
definition of Fixed Charge Coverage Ratio in its entirety and replacing it with
the following:

            "Fixed Charge Coverage Ratio" means, with respect to any Person for
      any fiscal period, the ratio of EBITDA less Capital Expenditures
      (excluding Capital Expenditures financed through specifically arranged
      financings approved of by the Lenders in writing) to Fixed Charges;
      provided, that for calculations made during the period from June 30, 2008
      through March 31, 2009, Capital Expenditures shall not be deducted from
      EBITDA.

      2.4. Annex G to the Credit Agreement is hereby amended by deleting
paragraph (d) thereof in its entirety and replacing it with the following:

            (d) Maximum Capital Expenditures. Rand and its Subsidiaries on a
      consolidated basis shall not make Capital Expenditures on each of the test
      dates set forth below for the period of four Fiscal Quarters ending on
      such date that exceed in the aggregate the amounts set forth opposite each
      of such periods:

               Test Dates                              Maximum Capital
               ----------                              Expenditures per Period
                                                       -----------------------
               June 30, 2009 and June 30, 2010         Cdn.$8,000,000
               June 30, 2011                           Cdn.$8,500,000
               June 30, 2012                           Cdn.$8,200,000
               Each June 30 thereafter                 Cdn.$8,600,000

                                       2
<PAGE>

      3. Conditions to Effectiveness. The effectiveness of this Amendment
Agreement is expressly conditioned upon the execution of this Agreement by the
Credit Parties, the Agent and each Lender and the satisfaction of the following
conditions:

            (a) Reaffirmation. Each Credit Party shall have executed and
      delivered the Reaffirmation of Guaranty in the form of Exhibit A attached
      hereto.

            (b) Other Documents. The Borrowers shall provide such other
      documents, instruments and agreements as the Agent may reasonably request.

      4. Representations and Warranties of the Credit Parties.

      4.1. Each of the Credit Parties represents and warrants that the
execution, delivery and performance by each of the Credit Parties of this
Amendment Agreement and the documents and instruments delivered in connection
therewith have been duly authorized by all necessary corporate action and that
this Amendment Agreement is a legal, valid and binding obligation of such Credit
Party, enforceable against such Credit Party in accordance with its terms,
except as the enforcement thereof may be subject to (a) the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors' rights generally and (b) general principles of equity
(regardless of whether such enforcement is sought in a proceeding in equity or
at law).

      4.2. Each of the Credit Parties hereby certifies that each of the
representations and warranties contained in the Credit Agreement and the other
Loan Documents (as amended through the date hereof) is 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 that any such representation or warranty is stated to
relate solely to an earlier date, in which case such representation or warranty
shall be true and correct on and as of such earlier date.

      5. Reference to and Effect on the Credit Agreement.

      5.1. Upon the effectiveness of this Amendment Agreement, each reference in
the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein" or
words of like import and each reference to the Credit Agreement in each Loan
Document shall mean and be a reference to the Credit Agreement as amended
hereby.

      5.2. Except as specifically amended above, all of the terms, conditions
and covenants of the Credit Agreement and the other Loan Documents shall remain
unaltered and in full force and effect and shall be binding upon the Credit
Parties in all respects and are hereby ratified and confirmed.

      5.3. The execution, delivery and effectiveness of this Amendment Agreement
shall not operate as a waiver of (a) any right, power or remedy of any Lender or
the Agent under the Credit Agreement or any of the other Loan Documents, or (b)
any Event of Default or Default under the Credit Agreement.

                                       3
<PAGE>

      6. CHOICE OF LAW. THIS AMENDMENT AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF
NEW YORK.

      7. Execution in Counterparts. This Amendment Agreement may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

      8. Headings. Section headings in this Amendment Agreement are included
herein for convenience of reference only and shall not constitute a part of this
Amendment Agreement for any other purposes.

                            [signature page follows]

                                       4
<PAGE>

      IN WITNESS WHEREOF, the Credit Parties, the Agent and the Lenders have
executed this Amendment Agreement as of the date first above written.

                             LOWER LAKES TOWING LTD.

                             By: /s/ Lorraine Barber
                                 -----------------------------------------------
                             Title: Chief Financial Officer
                                    --------------------------------------------

                             LOWER LAKES TRANSPORTATION COMPANY

                             By: /s/ Laurence Levy
                                 -----------------------------------------------
                             Title: Vice President
                                    --------------------------------------------

                             GRAND RIVER NAVIGATION COMPANY, INC.

                             By: /s/ Laurence Levy
                                 -----------------------------------------------
                             Title: Vice President
                                    --------------------------------------------

                             RAND LOGISTICS, INC.

                             By: /s/ Joseph W. McHugh, Jr.
                                 -----------------------------------------------
                             Title: Chief Financial Officer
                                    --------------------------------------------

                             RAND LL HOLDINGS CORP.

                             By: /s/ Laurence Levy
                                 -----------------------------------------------
                             Title: President
                                    --------------------------------------------

                             RAND FINANCE CORP.

                             By: /s/ Joseph W. McHugh, Jr.
                                 -----------------------------------------------
                             Title: Vice President and Chief Financial Officer
                                    --------------------------------------------

                             GENERAL ELECTRIC CAPITAL CORPORATION, as Agent, L/C
                             Guarantor, Documentation Agent and Lender

                             By: /s/ Joseph Tunney
                                 -----------------------------------------------
                             Title: Duly Authorized Signatory
                                    --------------------------------------------

                             NATIONAL CITY BANK, as Co-Syndication Agent and
                             Lender

                             By: /s/ Matthew P. Tuohey
                                 -----------------------------------------------
                             Title: Senior Vice President
                                    --------------------------------------------

                             NATIONAL CITY BANK, CANADA BRANCH, as Lender

                             By: /s/ Nazmin Adatia
                                 -----------------------------------------------
                             Title: Vice President
                                    --------------------------------------------

                             By: /s/ Bill Hines
                                 -----------------------------------------------
                             Title: Senior Vice President and Principal Officer
                                    --------------------------------------------

                             KBC BANK, as Lender

                             By: /s/ Robert Snauffer
                                 -----------------------------------------------
                             Title: Managing Director
                                    --------------------------------------------

                             By: /s/ Edward Eijlers
                                 -----------------------------------------------
                             Title: Vice President
                                    --------------------------------------------

<PAGE>

                                    EXHIBIT A

                            CONSENT AND REAFFIRMATION

      Each of the undersigned ("Guarantors") hereby (i) acknowledges receipt of
a copy of the First Amendment to Credit Agreement dated as of June 25, 2008 (the
"First Amendment"); (ii) consents to the execution and delivery thereof by the
Credit Parties; (iii) agrees to be bound thereby; (iv) affirms that nothing
contained therein shall modify in any respect whatsoever its guaranty of the
obligations of the Credit Parties to Agent and Lenders pursuant to the terms of
that certain Amended and Restated Guaranty dated as of February 13, 2008 (the
"Guaranty"), and (v) reaffirms that the Guaranty is and shall continue to remain
in full force and effect. Although each of the Guarantors has been informed of
the matters set forth herein and in the First Amendment and has acknowledged and
agreed to same, such Guarantors understand that Agent and Lenders have no
obligation to inform any of the Guarantors of such matters in the future or to
seek any of the Guarantors' acknowledgment or agreement to future amendments or
waivers, and nothing herein shall create such a duty.

      This Consent and Reaffirmation shall be governed by and construed in
accordance with the laws of the State of New York, without reference to
principles of conflicts of law.

                             [signature page follow]

<PAGE>

      IN WITNESS WHEREOF, each of the undersigned has executed this Consent and
Reaffirmation on and as of the date first above written.

                                  LOWER LAKES TRANSPORTATION COMPANY

                                  By: /s/ Laurence Levy
                                      ------------------------------------------
                                  Title: Vice President
                                         ---------------------------------------

                                  GRAND RIVER NAVIGATION COMPANY, INC.

                                  By: /s/ Laurence Levy
                                      ------------------------------------------
                                  Title: Vice President
                                         ---------------------------------------

                                  RAND LOGISTICS, INC.

                                  By: /s/ Joseph W. McHugh, Jr.
                                      ------------------------------------------
                                  Title: Chief Financial Officer
                                         ---------------------------------------

                                  RAND LL HOLDINGS CORP.

                                  By: /s/ Laurence Levy
                                      ------------------------------------------
                                  Title: President
                                         ---------------------------------------

                                  RAND FINANCE CORP.

                                  By: /s/ Joseph W. McHugh, Jr.
                                      ------------------------------------------
                                  Title: Treasurer
                                         ---------------------------------------

                                  GENERAL ELECTRIC CAPITAL CORPORATION, as Agent

                                  By: /s/ Joseph Tunney
                                      ------------------------------------------
                                  Title: Duly Authorized Signatory
                                         ---------------------------------------

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