Document:

Stock Purchase Agreement for Series Q Preferred Stock

 EXHIBIT 10.4 
 STOCK PURCHASE AGREEMENT 
 Velocity Express Corporation 
 One Morningside Drive North, Bldg. B, Suite 300 
 Westport, CT 06880 
 The undersigned (the “Purchasers”), hereby confirm their agreement with you as follows: 
 1. This Stock Purchase Agreement (the
“Agreement”) is made as of the date set forth below among Velocity Express Corporation, a Delaware corporation (the “Company”), and each of the Purchasers listed on Exhibit A hereto and named on the signature page of this
Agreement. 
 2. The Company has authorized the sale and issuance of up to 4,000,000 shares of Series Q Convertible Preferred Stock of the Company, $0.004
par value per share (the “Shares”), to the Purchasers in a private placement (the “Offering”) exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2) and Regulation D thereunder. The
Shares are initially convertible into 36,363,637 shares (the “Conversion Shares”) of the Company’s Common Stock, $0.004 par value (the “Common Stock”), subject to adjustment in accordance with the terms of the Certificate of
Designations, Preferences and Rights of Series Q Convertible Preferred Stock of the Company. The proceeds from the sale of the Shares, the Notes (as defined below) and the Warrants (as defined below), net of transaction expenses, will be used
(i) to fund the Company’s acquisition and integration of CD&L, Inc., (ii) to refinance certain existing indebtedness of the Company, (iii) for the payment of fees and expenses in connection with the financing of the
acquisition of CD&L, Inc. and (iv) for general corporate purposes. 
 3. On the basis of the representations, warranties and agreements contained in
this Agreement, and subject to the terms and conditions set forth in this Agreement, the Company hereby agrees to issue and sell to the Purchasers, and each Purchaser severally and not jointly, agrees to purchase from the Company the number of
Shares set forth next to such Purchaser’s name on Exhibit A hereto at a purchase price of $10.00 per Share, pursuant to the Terms and Conditions for Purchase of Shares attached hereto as Annex I and incorporated herein by this
reference as if fully set forth herein. Unless otherwise requested by any Purchaser, certificates representing the Shares purchased by such Purchaser will be registered in such Purchaser’s name and address as set forth on Exhibit A
hereto. 
 4. This Agreement and the funds to be delivered to the Company by the Purchasers upon the execution and delivery of this Agreement will be held in
escrow by Wells Fargo Bank, N.A., as escrow agent (“Escrow Agent”), pursuant to an escrow agreement (the “Escrow Agreement”). It is expected that this Agreement and such funds will be released concurrently with (i) the
Company’s concurrent or prior sale of $75,000,000 principal amount of its 12% Senior Secured Notes due 2010 (the “Notes”) and detachable warrants (“Warrants”), (ii) the Company’s concurrent or prior execution of
(a) all agreements with respect to the Company’s acquisition of 49% of the outstanding common stock (on a fully-diluted basis) of CD&L, Inc. (the “CD&L Purchase Agreements”), (b) agreements with the holders of at
least an additional 2% of CD&L, Inc.’s outstanding common stock to vote their shares in favor of the merger under the CD&L Merger Agreement (as defined below) (the “Voting Agreement”) and (c) the Agreement and Plan of
Merger by and among the Company, CD&L Acquisition Corp. and CD&L, Inc. (the 

 “CD&L Merger Agreement” and, together with the CD&L Purchase Agreements and the Voting Agreement, the
“CD&L Agreements”), (iii) the Company’s execution and delivery of Registration Rights Agreement in the form attached hereto as Exhibit B with respect to the Conversion Shares and the shares of Common Stock issuable
upon exercise of the Warrants and (iv) filing of the Certificate of Designations for the Shares. The Company has heretofore made available to each Purchaser a copy of the Indenture with respect to the issuance of the Notes, the form of Warrant
and the CD&L Agreements. Purchaser is aware that the Indenture relating to the Notes contains restrictions on the Company’s ability to pay dividends and other restricted payments. 
 5. Jefferies & Company, Inc. joins this Agreement only for purposes of Section 2.1(f) and Section 10 hereof and solely in its capacity as Closing
Agent (as defined in Section 2.1(f)). 
  

 2 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Scorpion Capital Partners LP
		
	By:	 	  
		 	 Name:
	 	
		 	 Title:
	 	
	
	 Investment Amount:
$                                        
        

	
	 Tax ID No.: 20-1155319

	
	ADDRESS FOR NOTICE
	
	 c/o Kevin McCarthy
 245 Fifth Ave, 25th Floor
 New York, NY 10016
 USA

	
	 E-Mail: kmccarthy@scorpioncap.com
 Tel:  212-213-8916
 Fax: 212-213-9167

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Scorpion Acquisition LLC
		
	By:	 	/s/ Kevin R. McCarthy
		 	 Name:
	 	Kevin R. McCarthy
		 	 Title:
	 	Manager
	
	 Investment Amount: $200,000.00

	
	 Tax ID No.: 13-3983835

	
	ADDRESS FOR NOTICE
	
	 c/o Kevin McCarthy
 245 Fifth Ave, 25th Floor
 New York, NY 10016
 USA

	
	 E-Mail: kmccarthy@scorpioncap.com
 Tel:  212-213-8916
 Fax: 212-213-9167

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Marshall & Ilsley Trust Company NA, trustee of Lapp Libra 401(k) Daily Plan, f/b/o William Lapp
		
	By:	 	/s/ Stephanie L. Napier
		 	 Name:
	 	Stephanie L. Napier
		 	 Title:
	 	Vice President
		
	By:	 	/s/ Lori Harding
		 	 Name:
	 	Lori Harding
		 	 Title:
	 	Officer
	
	 Investment Amount: $220,000

	
	 Tax ID No.: 39-6767467

	
	ADDRESS FOR NOTICE
	
	 c/o Melissa Hisek
 651 Nicollet Mall, 3rd Floor
 Minneapolis, MN 55402
 USA

	
	 E-Mail: Melissa.hisek@micorp.com
 Tel:  612-904-8175
 Fax: 612-904-8008

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	William S. Lapp
		
	By:	 	/s/ William S. Lapp
		 	 Name:
	 	William S. Lapp
	
	 Investment Amount: $132,000

	
	 Tax ID No.: ###-##-####

	
	ADDRESS FOR NOTICE
	
	 c/o William Lapp
 One Financial Plaza, Suite 2500
 Minneapolis, MN 55402
 USA

	
	 E-Mail: wlapp@lapplibra.com
 Tel:  612-338-5815
 Fax: 612-338-6651

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Linden Capital, LP
		
	By:	 	/s/ Craig Jarvis
		 	 Name:
	 	Craig Jarvis
		 	 Title:
	 	Authorized Signatory
	
	 Investment Amount: $6,000,000

	
	 Tax ID No.: 98-0430338

	
	ADDRESS FOR NOTICE
	
	 c/o Craig Jarvis
 18 Church Street
 Skandia House
 Hamilton, HM11
 Bermuda

	
	 E-Mail: cjarvis@lindenlp.com
 Tel:  646-840-3510
 Fax: 646-840-3625

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Third Point Partners L.P.
		
	By:	 	/s/ Justin Nadler
		 	 Name:
	 	Justin Nadler
		 	 Title:
	 	CFO, Third Point LLC
	
	 Investment Amount: $619,590.00

	
	 Tax ID No.: 22-3352246

	
	ADDRESS FOR NOTICE
	
	 c/o Justin Nadler
 390 Park Avenue, 18th Floor
 New York, NY 10022
 USA

	
	 E-Mail: jnadler@thirdpoint.com
 Mobile Tel: 212-925-4770
 Fax: 212-224-7401

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Third Point Partners Qualified L.P.
		
	By:	 	/s/ Justin Nadler
		 	 Name:
	 	Justin Nadler
		 	 Title:
	 	CFO, Third Point LLC
	
	 Investment Amount: $406,740.00

	
	 Tax ID No.: 74-3110449

	
	ADDRESS FOR NOTICE
	
	 c/o Justin Nadler
 390 Park Avenue, 18th Floor
 New York, NY 10022
 USA

	
	 E-Mail: jnadler@thirdpoint.com
 Mobile Tel: 212-925-4770
 Fax: 212-224-7401

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Third Point Offshore Fund, Ltd.
		
	By:	 	/s/ Justin Nadler
		 	 Name:
	 	Justin Nadler
		 	 Title:
	 	CFO, Third Point LLC
	
	 Investment Amount: $3,558,340.00

	
	 Tax ID No.:

	
	ADDRESS FOR NOTICE
	
	390 Park Avenue, 18th Floor
	
	New York, NY 10022
	
	  
	
	 E-Mail: jnadler@thirdpoint.com
 Mobile Tel: 212-925-4770
 Fax: 212-224-7401

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Third Point Ultra Ltd.
		
	By:	 	/s/ Justin Nadler
		 	 Name:
	 	Justin Nadler
		 	 Title:
	 	CFO, Third Point LLC
	
	 Investment Amount: $415,330.00

	
	 Tax ID No.:

	
	ADDRESS FOR NOTICE
	
	390 Park Avenue, 18th Floor
	
	New York, NY 10022
	
	  
	
	 E-Mail: jnadler@thirdpoint.com
 Mobile Tel: 212-925-4770
 Fax: 212-224-7401

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	LibertyView Funds, L.P.
		
	By:	 	 /s/    Steven S. Rogers

		 	 Name:
	 	 Steven S. Rogers

		 	 Title:
	 	 Authorized signatory

  

	
	 Investment Amount: $600,000

	
	 Tax ID No.: 98-0388959

	
	ADDRESS FOR NOTICE
	
	 c/o George Hartigan
 Libertyview Capital
Management
 111 River St., Suite 1000
 Hoboken, NJ
07030
 USA

	
	 E-Mail: ghartigan@libertyview.com

	 Tel:  201-216-8606

	 Fax: 201-216-8625

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	LibertyView Special Opportunities Fund, L.P.
		
	By:	 	 /s/ Steven S. Rogers

		 	 Name:
	 	 Steven S. Rogers

		 	 Title:
	 	 Authorized Signatory

  

	
	 Investment Amount: $100,000

	
	 Tax ID No.: 98-0366030

	
	ADDRESS FOR NOTICE
	
	 c/o George Hartigan
 Libertyview Capital Management
 111 River St., Suite 1000
 Hoboken, NJ 07030
 USA

	
	 E-Mail: ghartigan@libertyview.com

	 Tel:  201-216-8606

	 Fax: 201-216-8625

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Trust “D” for a Portion of the Assets of the Kodak Retirement Income Plan
		
	By:	 	 /s/ Steven S. Rogers

		 	 Name:
	 	 Steven S. Rogers

		 	 Title:
	 	 Authorized Signatory

  

	
	 Investment Amount: $300,000

	
	 Tax ID No.: 04-3306562

	
	ADDRESS FOR NOTICE
	
	 c/o George Hartigan
 Libertyview Capital Management
 111 River St., Suite 1000
 Hoboken, NJ 07030
 USA

	
	 E-Mail: ghartigan@libertyview.com

	 Tel:  201-216-8606

	 Fax: 201-216-8625

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	TH Lee Putnam Ventures, LP
		
	By:	 	 /s/ Jim Brown

		 	 Name:
	 	 Jim Brown

		 	 Title:
	 	 Managing Director

  

	
	 Investment Amount: $6,691,545.61

	
	 Tax ID No.: 06-1561851

	
	ADDRESS FOR NOTICE
	
	 c/o Fred Coulson
 200 Madison Avenue, Suite 1900
 New York, NY 10016
 USA

  

			
	 E-Mail:
	 	 fred.coulson@thlpv.com

	 Tel:
	 	212 951-8600
	 Fax:
	 	212 951-8655

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	TH Lee Putnam Parallel Ventures, LP
		
	By:	 	 /s/ Jim Brown

		 	 Name:
	 	 Jim Brown

		 	 Title:
	 	 Managing Director

  

	
	 Investment Amount: $4,895,004.60

	
	 Tax ID No.: 06-1564965

	
	ADDRESS FOR NOTICE
	
	 c/o Fred Coulson
 200 Madison Avenue, Suite 1900
 New York, NY 10016
 USA

  

			
	 E-Mail:
	 	fred.coulson@thlpv.com
	 Tel:
	 	212-951-8600
	 Fax:
	 	212-951-8655

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	THLi Coinvestment Partners, LLC
		
	By:	 	 /s/ Jim Brown

		 	 Name:
	 	 Jim Brown

		 	 Title:
	 	 Managing Director

  

	
	 Investment Amount: $391,838.43

	
	 Tax ID No.: 13-4119409

	
	ADDRESS FOR NOTICE
	
	 c/o Fred Coulson
 200 Madison Avenue, Suite 1900
 New York, NY 10016
 USA

  

			
	 E-Mail:
	 	fred.coulson@thlpv.com
	 Tel:
	 	212-951-8600
	 Fax:
	 	212-951-8655

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Thomas H. Lee
		
	By:	 	 /s/ Thomas H. Lee

		 	 Name:
	 	 Thomas H. Lee

		 	 Title:
	 	

  

	
	 Investment Amount: $151,611.36

	
	 Tax ID No.: ###-##-####

	
	ADDRESS FOR NOTICE
	
	 c/o Fred Coulson
 200 Madison Avenue, Suite 1900
 New York, NY 10016
 USA

  

			
	 E-Mail:
	 	fred.coulson@thlpv.com
	 Tel:
	 	212-951-8600
	 Fax:
	 	212-951-8655

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the 3rd day of
July, 2006. 
  

					
	NAME OF PURCHASER:
	
	Crestview Capital Master, LLC
		
	By:	 	 Crestview Capital Partners, LLC

	Its:	 	 Sole Manager

		
	By:	 	 /s/ Ted Wachtell

		 	 Name:
	 	 Ted Wachtell

		 	 Title:
	 	 Manager

  

	
	 Investment Amount: $750,000.00

	
	 Tax ID No.: 20-0512894

	
	ADDRESS FOR NOTICE
	
	 c/o John Schmit
 95 Revere Drive, Suite A
 Northbrook, IL 60062
 USA

	
	 E-Mail: john@crestviewcap.com

	 Tel:  847-559-0060

	 Fax: 847-559-5807

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the     
day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Selz Family Trust
		
	By:	 	 /s/ Lisa P. Selz

		 	 Name:
	 	 Lisa P. Selz

		 	 Title:
	 	 Trustee

  

	
	 Investment Amount:
$                                       
 

	
	 Tax ID No.: 13-7106451

	
	ADDRESS FOR NOTICE
	
	 c/o Bernard Selz
 600 5th Avenue, 25th Floor
 New York, NY 10020
 USA

			
		
	E-Mail:	 	bselz@selzcapital.com
	Tel:	 	212-218-8280
	Fax:	 	212-218-8270

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the     
day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Bernard Selz
		
	By:	 	 /s/ Bernard Selz

		 	 Name:
	 	Bernard Selz
		 	 Title:
	 	

  

	
	 Investment Amount:
$                                       
 

	
	 Tax ID No.: ###-##-####

	
	ADDRESS FOR NOTICE
	
	 c/o Bernard Selz
 600 5th Avenue, 25th Floor
 New York, NY 10020
 USA

			
		
	E-Mail:	 	bselz@selzcapital.com
	Tel:	 	212-218-8280
	Fax:	 	212-218-8270

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	TPR Investment Associates, Inc.
		
	By:	 	 /s/ Sergi Genger

		 	 Name:
	 	 Sergi Genger

		 	 Title:
	 	 President

  

	
	 Investment Amount: $100,000

	
	 Tax ID No.: 13-3506464

	
	ADDRESS FOR NOTICE
	
	 200 West 57th
Street, Suite 1208
 New York, NY 10019
 USA

			
		
	E-Mail:	 	  
	Tel:	 	  
	Fax:	 	  

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	Richard Neslund
		
	By:	 	 /s/ Richard Neslund

		 	 Name:
	 	 Richard Neslund

  

	
	 Investment Amount:
$                                       
 

	
	 Tax ID No.: ###-##-####

	
	ADDRESS FOR NOTICE
	
	 11370 Longwater Chase Court
 Fort Myers, FL
33901
 USA

			
		
	E-Mail:	 	  
	Tel:	 	 239-466-8900

	Fax:	 	 952-646-3517

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the
     day of June, 2006. 
  

					
	NAME OF PURCHASER:
	
	George Furla
		
	By:	 	 /s/ George Furla

		 	 Name:
	 	 George Furla

  

	
	 Investment Amount: $444,000.00

	
	 Tax ID No.: ###-##-####

	
	ADDRESS FOR NOTICE
	
	 8530 Wilshire #420
 Beverly Hills, CA 90211

USA

			
		
	E-Mail:	 	 georgefurla@aol.com

	Tel:	 	 213-923-9338

	Fax:	 	 310-659-9412

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the 3rd day
of July, 2006. 
  

					
	NAME OF PURCHASER:
	
	Longview Fund L.P.
		
	By:	 	 /s/ S. Michael Rudolph

		 	 Name:
	 	 S. Michael Rudolph

		 	 Title:
	 	 CFO & Investment Advisor

  

	
	 Investment Amount: $3,000,000.00

	
	 Tax ID No.: 94-3386893

	
	ADDRESS FOR NOTICE
	
	 600 Montgomery Street, 44th Floor
 San Francisco, CA
94111

			
		
	E-Mail:	 	 agreen@rwgem.com

		 	 smrudolph@rwgem.com

	Tel:	 	 415-981-5300

	Fax:	 	 415-981-5302

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the 3rd day
of July, 2006. 
  

					
	NAME OF PURCHASER:
	
	 Pequot Scout Pund, L.P.
 Name of Purchaser: By Pequot Capital Management, Inc. Investment Manager

		
	By:	 	 /s/ Aryeh Davis

		 	 Name:
	 	 Aryeh Davis

		 	 Title:
	 	 COO

  

	
	 Investment Amount: 

	
	 Tax ID No.: 13-3741801

	
	ADDRESS FOR NOTICE
	
	 c/o Pequot Capital Management, Inc.
 Attn: Amber
Tercic
 500 Nyala Farm Road
 Westport, CT
06880

			
		
	E-Mail:	 	 amber@PequotCap.com

	Tel:	 	
	Fax:	 	 203-557-5551

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the 3rd day
of July, 2006. 
  

					
	NAME OF PURCHASER:
	
	 Pequot Mariner Master Fund, L.P.
 Name of Purchaser: By Pequot Capital Management, Inc. Investment Advisor

		
	By:	 	 /s/ Aryeh Davis

		 	 Name:
	 	 Aryeh Davis

		 	 Title:
	 	 COO

  

	
	 Investment Amount:

	
	 Tax ID No.: 98-0460593

	
	ADDRESS FOR NOTICE
	
	 c/o Pequot Capital Management, Inc.
 Attn: Amber
Tercic
 500 Nyala Farm Road
 Westport, CT
06880

			
		
	E-Mail:	 	 amber@PequotCap.com

	Tel:	 	
	Fax:	 	 203-557-5551

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the 3rd day
of July, 2006. 
  

					
	NAME OF PURCHASER:
	
	 Pequot Navigator Offshore Fund, Inc.
 Name of Purchaser: By Pequot Capital Management, Inc. Investment Advisor

		
	By:	 	 /s/ Aryeh Davis

		 	 Name:
	 	 Aryeh Davis

		 	 Title:
	 	 COO

  

	
	 Investment Amount: 

	
	 Tax ID No.: 

	
	ADDRESS FOR NOTICE
	
	

			
		
	E-Mail:	 	
	Tel:	 	
	Fax:	 	

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the 3rd day
of July, 2006. 
  

					
	NAME OF PURCHASER:
	
	 Pequot Diversified Master Fund, Ltd.
 Name of Purchaser: By Pequot Capital Management, Inc. Investment Advisor

		
	By:	 	 /s/ Aryeh Davis

		 	 Name:
	 	 Aryeh Davis

		 	 Title:
	 	 COO

  

	
	 Investment Amount: 

	
	 Tax ID No.: 

	
	ADDRESS FOR NOTICE
	
	

			
		
	E-Mail:	 	
	Tel:	 	
	Fax:	 	

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the 3rd day
of July, 2006. 
  

					
	NAME OF PURCHASER:
	
	 Premium Series PCC Limited-Cell 33
 Name of Purchaser:

		
	By:	 	 /s/ Chris Mueller

		 	 Name:
	 	 Chris Mueller

		 	 Title:
	 	 Attorney in Fact

  

	
	 Investment Amount:

	
	 Tax ID No.: 

	
	ADDRESS FOR NOTICE
	
	

			
		
	E-Mail:	 	
	Tel:	 	
	Fax:	 	

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 
  

 IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase Agreement as of the 3rd day
of July, 2006. 
  

					
	NAME OF PURCHASER:
	
	Scorpion Capital Partners LP
	By:	 	 Scorpion Cap, LLC, its general partner

		
	By:	 	 /s/ Kevin R. McCarthy

		 	 Name:
	 	 Kevin R. McCarthy

		 	 Title:
	 	 Manager

  

	
	 Investment Amount: $3,000,000.00

	
	 Tax ID No.: 20-1153319

	
	ADDRESS FOR NOTICE
	
	 c/o Kevin McCarthy
 245 Fifth Ave., 25th
Floor
 New York, NY 10016
 USA

			
		
	E-Mail:	 	 kmccarthy@scorpioncap.com

	Tel:	 	 212-213-8916

	Fax:	 	 212-213-9167

 SIGNATURE PAGE TO THE STOCK PURCHASE AGREEMENT 

			
	 JEFFERIES & COMPANY, INC.,
As Closing Agent

		
	 By:
	 	 /s/ Jonathan Cunningham

	 Name:
	 	 Jonathan Cunningham

	 Title:
	 	 Executive Vice President

	
	 VELOCITY EXPRESS CORPORATION

		
	 By:
	 	 /s/ Edward W. Stone

	 Name:
	 	 Edward W. Stone

	 Title:
	 	 Chief Financial Officer

  

 4 

 ANNEX I 
 TERMS AND CONDITIONS FOR PURCHASE OF SHARES 
 1. Agreement to Sell and Purchase the Shares; Subscription Date. 
 1.1 Purchase and Sale. At the Closing (as hereinafter defined), the Company will sell to each Purchaser, and such Purchaser will purchase from the Company severally, not jointly, upon the terms and conditions
hereinafter set forth, the number of Shares set forth next to such Purchaser’s name on Exhibit A hereto at a purchase price of $10.00 per Share. The Company shall adopt and file with the Secretary of State of the State of Delaware on or
before the Closing Date (as hereinafter defined) the Certificate of Designations, Preferences and Rights of Series Q Convertible Preferred Stock in the form attached hereto as Exhibit C hereto (the “Certificate of Designations”).

 1.2 Placement Agent. The Company has engaged Broadband Capital Management LLC (the “Placement Agent”) in connection with
the sale of the Shares. The Company agrees and acknowledges that any and all fees and commissions payable or previously paid to the Placement Agent in respect of the sale of Shares shall be the sole and exclusive responsibility of the Company. Other
than the Placement Agent, the fees of which shall be paid by the Company on the Closing Date, the Company shall not be obligated to pay any fee or commission to any broker, finder or other intermediary for or on account of the transactions
contemplated by this Agreement. The Company further agrees that it shall indemnify and hold harmless each Purchaser from and against all fees, commissions or other payments owing by the Company to the Placement Agent or any other person or firm
acting or alleging to act on behalf of the Company hereunder. 
 2. Deliveries at Closing; Closing Obligations. The purchase and sale
of the Shares (the “Closing”) shall occur on a date to be specified by the Company and the Placement Agent (the “Closing Date”), which date shall be concurrent with or immediately following (a) the execution and delivery of
the CD&L Agreements and (b) the Company’s sale and issuance of the Notes and Warrants. 
 2.1 Certain Closing Deliveries

 (a) At the Closing, the Company shall deliver to each Purchaser one or more stock certificates representing the number of Shares set
forth next to such Purchaser’s name on Exhibit A hereto, each such certificate to be registered in the name of the Purchaser or, if so indicated on the signature page hereto, in the name of a nominee designated by the Purchaser.

 (b) On or prior to the Closing Date, the Company shall deliver to the Purchasers a legal opinion from the Company’s Special Counsel,
Briggs and Morgan, P.A., in the form attached hereto as Exhibit D. 
 (c) At the Closing, the Company shall deliver to the
Purchasers: 
 (1) an executed copy of the Registration Rights Agreement; 

 (2) an executed copy of the Merger Agreement; 
 (3) an executed copy of each of the Voting Agreement; 
 (4) an executed copy of the opinion of Jefferies & Company, Inc. as to the fairness of the merger consideration; 
 (5) evidence reasonably satisfactory to counsel to the Purchasers regarding the consummation and sale of the Notes and the Warrants; 
 (6) evidence reasonably satisfactory to counsel to the Purchasers of the Company’s receipt of each of the consents and approvals referred to in Section 2.3 hereof; 
 (7) an executed copy of each of (a) the Voting, Consent, Amendment and Waiver Agreement with holders of the Company’s Series M Convertible
Preferred Stock, the Company’s Series N Convertible Preferred Stock and the Company’s Series O Convertible Preferred Stock (the “Series M, N and O Consent”) and (b) the Voting, Consent, Amendment and Waiver Agreement with
holders of the Company’s Series P Convertible Preferred Stock (the “Series P Consent”); and 
 (8) evidence reasonably
satisfactory to counsel to the Purchasers regarding the execution and delivery of the CD&L Agreements and the consummation of the transactions contemplated thereby, other than those transactions to be consummated after Closing as contemplated by
the CD&L Agreements. 
 (d) Concurrently with the execution and delivery of this Agreement, the Company shall deliver to the Purchasers a
certificate of the Company signed on behalf of the Company by the principal executive officer and by the chief financial or chief accounting officer of the Company, in their capacities as such, dated the date of this Agreement, to the effect that
each of such persons has carefully examined this Agreement and each of the other Transaction Documents, and that: 
 (1) the representations
and warranties of the Company in this Agreement and each of the other Transaction Documents are true and correct; 
 (2) no stop order
suspending the qualification or exemption from qualification of the Shares shall have been issued and no proceedings for that purpose shall have been commenced or, to the knowledge of the Company, be contemplated; 
 (3) since the date of the most recent financial statements included in the SEC Filings, there has been no material adverse change in the condition,
financial or otherwise, business, prospects or results of operation of the Company and the Subsidiaries, taken as a whole; 
 (4) none of
the SEC Filings or any amendment or supplement thereto includes any untrue statement of a material fact or omits to state any material fact 
  

 2 

 required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading; and 
 (5) subsequent to the respective dates as of which information is given in the SEC Filings:
(A) neither the Company nor any of the Subsidiaries has incurred up to and including the date of this Agreement, other than in the ordinary course of its business, any material liabilities or obligations, direct or contingent; (B) neither
the Company nor any of the Subsidiaries has paid or declared any dividends or other distributions on its capital stock; (C) neither the Company nor any of the Subsidiaries has entered into any material transactions not in the ordinary course of
business; (D) there has not been any change in the capital stock (other than securities covered by the Registration Rights Agreement or pursuant to the Company’s stock option plan or stock purchase plan or the exercise of warrants
outstanding on such respective dates) or the short-term or long-term debt of the Company or any of the Subsidiaries; (E) neither the Company nor any of the Subsidiaries has sustained any material loss or damage to its property or assets,
whether or not insured; and (F) there is no litigation which is pending or, to the Company’s knowledge, threatened or contemplated against the Company or any of its Affiliates which would, if decided adversely, have a Material Adverse
Effect. 
 (e) Concurrently with the execution and delivery of this Agreement, the Company shall have delivered to the Purchasers a
certificate signed on behalf of the Company by the Secretary of the Company, in his capacity as such, dated the date of this Agreement, as to: 
 (1) the absence of any contemplated proceeding for the merger, consolidation, liquidation or dissolution of the Company or any Subsidiary, as the case may be, or the sale of all or substantially all of its assets, other than the
transactions contemplated by the CD&L Agreements; 
 (2) the due adoption and full force and effect of the By-laws of the Company (with
a copy of the By-laws attached); 
 (3) resolutions adopted by the Board of Directors of the Company authorizing the Shares and the
consummation of the transactions contemplated by this Agreement and each of the other Transaction Documents (with copies of such resolutions attached); and 
 (4) the incumbency, authorization and signatures of those officers of the Company signing this Agreement, each of the other Transaction Documents and/or any certificate delivered in connection therewith. 

(f) On the Closing Date, (i) subject to the satisfaction (or waiver by a Purchaser) of the conditions to Closing described in Section 2.3
of this Agreement, each Purchaser shall pay to the Escrow Agent on or prior to such date the aggregate purchase price for the number of Shares set forth opposite such Purchaser’s name on Exhibit A to this Agreement by wire transfer of
immediately available funds in accordance with the wire instructions provided by the Escrow Agent and (ii) the Company shall deliver or cause to be delivered the Shares that such Purchaser is purchasing to the Purchaser (or for the account of
the Purchaser as 
  

 3 

 the Purchaser shall instruct). Prior to the Closing, Jefferies & Company, Inc., as closing agent (in such
capacity, the “Closing Agent” ), will contact the contact person for each Purchaser listed on Exhibit A hereto to confirm (A) that the Closing is to take place, the wire transfer instructions and the closing mechanics set forth herein
and (B) the receipt from the Company of duly executed signature pages (as applicable) to the Transaction Documents. The receipt of funds by the Escrow Agent from a Purchaser shall be deemed to be irrevocable instructions from such Purchaser to
the Closing Agent that the conditions to the Closing have been satisfied. In accordance with the foregoing, the Closing Agent shall instruct the Escrow Agent to disburse the funds referred to above by wire transfer of immediately available funds in
accordance with the Company’s written wire instructions on the Closing Date. Following the Closing Date, the Closing Agent shall deliver to each Purchaser duly executed signature pages to the Transaction Documents of the Company. 
 2.2 Company Obligations to Close. The Company’s obligation to issue and sell the Shares to the Purchasers shall be subject to the following
conditions, any one or more of which may be waived by the Company: (a) receipt by the Company from each Purchaser of the purchase price for the Shares being purchased hereunder as set forth next to such Purchaser’s name on Exhibit A
hereto; (b) consummation of the sale of the Notes and Warrants; (c) the execution of the CD&L Agreements; and (d) the accuracy of the representations and warranties made by the Purchasers herein and the fulfillment the covenants
and agreements of the Purchasers to be fulfilled hereunder prior to the Closing. 
 2.3 Purchasers Obligations to Close. The
obligation of each Purchaser to purchase the number of Shares set forth next to such Purchaser’s name on Exhibit A hereto shall be subject to the following conditions, any one or more of which may be waived in writing by the Purchasers:
(a) the Company’s issuance and sale to all Purchasers, pursuant to this Agreement, on the Closing Date of an aggregate of no less than 4,000,000 Shares; (b) the Company’s concurrent issuance and sale of the Notes and Warrants;
(c) the Company’s concurrent execution and delivery of the CD&L Agreements; (d) the delivery to the Purchasers of a legal opinion in the form attached hereto as Exhibit D; (e) the delivery of written consents from the
holders of a majority of the Company’s outstanding Common Stock approving the issuance of the Conversion Shares; (f) the delivery of the executed MNO Consent and P Consent; (g) the Company’s filing of the Certificate of
Designations for the Shares; (h) the representations and warranties of the Company contained in Section 3 being true and correct on and as of such Closing with the same effect as though such representations and warranties had been made on
and as of the date of such Closing (except with respect to representations and warranties which are made as of a specific date or period, which shall continue to be true and correct in all material respects as of the respective dates and for the
respective periods covered); (i) the absence of any order, writ, injunction, judgment or decree that questions the validity of the Agreements or the right of the Company to enter into such Agreements or to consummate the transactions
contemplated hereby and thereby; (j) delivery to each Purchaser by the Secretary or Assistant Secretary of the Company of a certificate stating that the conditions of this Section 2.3 have been fulfilled; and (k) delivery to each
Purchaser by the Company of an executed copy of the Registration Rights Agreement in the form attached hereto as Exhibit B. 
  

 4 

 3. Representations, Warranties of the Company. In addition to those terms defined above and
elsewhere in this Agreement, the following terms shall have the meanings set forth below: 
 “Affiliate”, as applied to any
Person, means any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
that Person, whether through the ownership of voting securities or by contract or otherwise. 
 “Common Stock Equivalent”
means any preferred stock, option, warrant, convertible bond, debt instrument or any other convertible instrument that can be converted into Common Stock. 
 “Intellectual Property” means all of the following: (i) patents, patent applications, patent disclosures and inventions (whether or not patentable and whether or not reduced to practice);
(ii) trademarks, service marks, trade dress, trade names, corporate names, logos, slogans and Internet domain names, together with all goodwill associated with each of the foregoing; (iii) copyrights and copyrightable works;
(iv) registrations, applications and renewals for any of the foregoing; and (v) proprietary computer software (including but not limited to data, data bases and documentation). 
 “Material Adverse Effect” means a material adverse effect on (i) the assets, liabilities, results of operations, condition
(financial or otherwise), business, or prospects of the Company and its Subsidiaries taken as a whole, or (ii) the ability of the Company to perform its obligations under the Transaction Documents. 
 “Nasdaq” means The Nasdaq Stock Market, Inc. 
 “Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint stock company, joint venture, sole proprietorship, unincorporated
organization, governmental authority or any other form of entity not specifically listed herein. 
 “PIK Shares” means
shares of the Company’s Series Q Convertible Preferred Stock issued as payment-in-kind dividends on the Shares or any previously issued PIK Shares. 
 “Subsidiary” of any Person means another Person, an amount of the voting securities, other voting ownership or voting partnership interests of which is sufficient to elect at least a majority of its
Board of Directors or other governing body (or, if there are no such voting interests, 50% or more of the equity interests of which) is owned directly or indirectly by such first Person. 
 “Transaction Documents” means this Agreement, the Certificate of Designations, the Registration Rights Agreement and the CD&L
Agreements. 
  

 5 

 The Company hereby represents and warrants to each Purchaser that, except as set forth in the schedules delivered
herewith (collectively, the “Disclosure Schedules”): 
 3.1 Organization, Good Standing and Qualification. Each of the
Company and its Subsidiaries is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all requisite corporate power and authority to carry on its business as now conducted
and to own its properties. Each of the Company and its Subsidiaries is duly qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property
makes such qualification or leasing necessary unless the failure to so qualify has not and could not reasonably be expected to have a Material Adverse Effect. 
 3.2 Authorization. The Company has full power and authority and has taken all requisite action on the part of the Company, its officers, directors and stockholders necessary for (i) the authorization,
execution and delivery of this Agreement and the other Transaction Documents, (ii) the authorization of the performance of all obligations of the Company under this Agreement and the other Transaction Documents, and (iii) the
authorization, issuance, reservation for issuance and delivery, and the conversion of the Series Q Convertible Preferred Stock, the Shares and the PIK Shares and the authorization, issuance, reservation for issuance and delivery of the Conversion
Shares. The Transaction Documents constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to (i) bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar laws of general applicability, relating to or affecting creditors’ rights generally and (ii) laws relating to the availability of specific performance, injunctive relief or other equitable remedies. 
 3.3 Capitalization. All of the issued and outstanding shares of the Company’s and its subsidiaries capital stock have been duly authorized
and validly issued and are fully paid, nonassessable and were issued in full compliance with applicable state and federal securities law and any rights of third parties; the holders thereof have no rights of rescission with respect thereto and are
not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights of any securityholder of the Company or any of the Subsidiaries or similar contractual rights granted by
the Company or any of the Subsidiaries. The Company does not have outstanding stockholder purchase rights or “poison pill” or any similar arrangement in effect giving any Person the right to purchase any equity interest in the Company upon
the occurrence of certain events. 
 3.4 Valid Issuance. The Shares are duly and validly authorized and, when issued and paid for
pursuant to this Agreement, will be validly issued, fully paid and nonassessable, free and clear of all encumbrances and restrictions (other than those created by the Purchasers), except for restrictions on transfer set forth in the Transaction
Documents or imposed by applicable securities laws, and will be entitled to the relative rights, powers and preferences set forth in the Certificate of Designations. The PIK Shares are duly and validly authorized and, when issued pursuant to the
terms of the Certificate of Designations, will be validly issued, fully paid and nonassessable, free and clear of all encumbrances and restrictions (other than those created by the Purchasers), except for restrictions on transfer set forth in the
Transaction Documents or imposed by applicable securities laws, and will be entitled to the 
  

 6 

 relative rights, powers and preferences set forth in the Certificate of Designations. Upon the conversion of the Shares
and/or the PIK Shares, the Conversion Shares will be validly issued, fully paid and non-assessable, free and clear of all encumbrances and restrictions, except for restrictions on transfer set forth in the Transaction Documents or imposed by
applicable securities laws and except for those created by the Purchasers. Prior to Closing, the Company will have reserved not less than 150% of the amount of shares of Common Stock issuable upon conversion of the Shares, free and clear of all
encumbrances and restrictions, except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws and except for those created by the Purchasers. 
 3.5 Consents. The execution, delivery and performance by the Company of the Transaction Documents and the offer, issuance and sale of the Shares
and Conversion Shares require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official other than (i) filings that have been made pursuant to applicable state securities laws,
(ii) post-sale filings pursuant to applicable state and federal securities laws, which were not required to be made prior to Closing and (iii) such consents as have been previously obtained. Subject to the accuracy of the representations
and warranties of each Purchaser set forth in Section 5 hereof, the Company has taken all action necessary to exempt (i) the issuance and sale of the Conversion Shares, (ii) the issuance of the PIK Shares in accordance with the
Certificate of Designations, (iii) the issuance of the Conversion Shares upon due conversion of the Shares and the PIK Shares, and (iv) the other transactions contemplated by the Transaction Documents, from the provisions of any
stockholder rights plan or other “poison pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which the Company or any of its assets and properties may be subject and any
provision of the Company’s Certificate of Incorporation or By-laws that is or could reasonably be expected to become applicable to the Purchasers as a result of the transactions contemplated hereby, including without limitation, the issuance of
the Conversion Shares, Shares and the ownership, disposition or voting of the Shares by the Purchasers or the exercise of any right granted to the Purchasers pursuant to the Transaction Documents. The Company has received confirmation from that
number of voting stockholders sufficient to approve conversion of the Shares and the PIK Shares. 
 3.6 SEC Filings; Business.

 (a) The Company is subject to, and in full compliance with, the reporting requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). The Company has made available to each Purchaser through the EDGAR system true and complete copies of the Company’s Annual Report on Form 10-K for the fiscal year ended
July 2, 2005 (and any amendments thereto filed prior to the date of this Agreement), the Company’s Quarterly Reports on Form 10-Q for the fiscal periods ended October 1, 2005, December 31, 2005 and April 1, 2006, each
of the Company’s Current Reports on Form 8-K filed since July 2, 2005, and the Company’s proxy statement pertaining to its annual meeting of stockholders to be held on June 28, 2006 and each other filing made by the Company with
the Securities and Exchange Commission (the “Commission”) under the Exchange Act since July 2, 2005 (collectively, the “SEC Filings”). The Company has not made any filings with the Commission under the Exchange Act since
July 2, 2005 except for the SEC Filings and documents that are only required to be furnished to the Commission. The SEC 
  

 7 

 Filings, when they were filed with the Commission (or, if any amendment with respect to any such document was filed, when
such amendment was filed), complied in all material respects with the applicable requirements of the Exchange Act and the rules and regulations thereunder and did not, as of such date, contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. All reports and statements required to be filed by the Company under
the Securities Act of 1933, as amended (the “Securities Act”) and the Exchange Act have been filed, together with all exhibits required to be filed therewith. The Company and each of its direct and indirect subsidiaries (collectively, the
“Subsidiaries”) are engaged in all material respects only in the business described in the SEC Filings, and the SEC Filings contain a complete and accurate description in all material respects of the business of the Company and the
Subsidiaries. 
 (b) Each registration statement and any amendment thereto filed by the Company and which has become effective since
January 1, 2004 pursuant to the Securities Act and the rules and regulations thereunder, as of the date such statement or amendment became effective, complied as to form in all material respects with the Securities Act and did not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements made therein not misleading; and each prospectus filed pursuant to Rule 424(b) under the Securities
Act, as of its issue date and as of the closing of any sale of securities pursuant thereto did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the
statements made therein, in the light of the circumstances under which they were made, not misleading, and the Company will continue to make such filings as is necessary to comply with the obligations of a company with a class of shares registered
pursuant to Rule 12(g) of the Exchange Act. 
 (c) Each filing required to be made by the Company pursuant to the Securities Act or the
Exchange Act in connection with the acquisition of CD&L, Inc. or the acquisition of any interest in CD&L, Inc. shall, when filed with the Commission, comply in all material respects with the applicable requirements of the Securities Act and
the Exchange Act and the rules and regulations thereunder and will not, as of such date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements
therein not misleading. 
 For purposes of clarity, when any of the following representations and warranties of the Company in this Section 3 are
qualified by reference to disclosures in the SEC Filings, such qualification shall apply only to express statements set forth in the body of the relevant SEC Filings and will not include disclosures set forth in exhibits included in the SEC Filings.

 3.7 Subsidiaries. The Company does not own or control, directly or indirectly, any corporation, association or other entity other
than the Subsidiaries. There are no Subsidiaries other than those set forth on Schedule 3.7. None of the Subsidiaries owns or controls directly or indirectly, any corporation, association or other entity. Except as described in the Annual Report on
Form 10-K included among the SEC Filings, the Company owns, either directly or through other Subsidiaries, all of the outstanding capital stock of each Subsidiary, in each case free and clear of all liens, charges, claims, encumbrances, pledges,
security interests, defects or other 
  

 8 

 restrictions or equities of any kind whatsoever; and all outstanding capital stock of the Subsidiaries has been duly
authorized and validly issued and is fully paid and non-assessable and not issued in violation of any preemptive rights or applicable securities laws. 
 3.8 Power and Authority. Each of the Company and the Subsidiaries has all requisite power and authority (corporate and other), and has obtained any and all requisite authorizations, approvals, orders, licenses,
certificates, franchises and permits of and from all governmental or regulatory officials and bodies, to own or lease its properties and conduct its business as described in the SEC Filings, except where the failure to have any such power,
authority, authorization, approval, order license, certificate, franchise or permit would not have a Material Adverse Effect; each of the Company and the Subsidiaries is and has been doing business in compliance with all such authorizations,
approvals, orders, licenses, certificates, franchises and permits and all federal, foreign, state and local laws, rules and regulations, except where the failure to be in compliance would not have a Material Adverse Effect; and neither the Company
nor any of the Subsidiaries has received any notice of proceedings relating to the revocation or modification of any such authorization, approval, order, license, certificate, franchise or permit which, singly or in the aggregate, if the subject of
an unfavorable decision, ruling or finding, would have a Material Adverse Effect. 
 3.9 Use of Proceeds. The net proceeds of the sale
of the Shares, the Notes and the Warrants shall only be used by the Company (i) to fund the Company’s acquisition and integration of CD&L Inc., (ii) to refinance existing indebtedness of the Company, (iii) for the payment of
fees and expenses in connection with the financing of the acquisition of CD&L Inc., and (iv) for and general corporate purposes in accordance with financial budgets approved from time to time by the Board of Directors of the Company.

 3.10 No Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction Documents by the Company
and the issuance and sale of the Shares and Conversion Shares will not conflict with or result in a breach or violation of any of the terms and provisions of, or constitute a default under (i) the Company’s Certificate of Incorporation or
the Company’s Bylaws, both as in effect on the date hereof (true and complete copies of which have been made available to the Purchasers through the EDGAR system), or (ii)(a) any statute, rule, regulation or order of any governmental agency or
body or any court, domestic or foreign, having jurisdiction over the Company, any Subsidiary or any of their respective assets or properties, or (b) any agreement or instrument to which the Company or any Subsidiary is a party or by which the
Company or a Subsidiary is bound or to which any of their respective assets or properties is subject. 
 3.11 Title to Properties.
Except as disclosed in the SEC Filings and except for liens, encumbrances and defects that arise in the ordinary course of business and do not impair the Company’s ownership or use of such properties, the Company and each Subsidiary has good
and marketable title to all real properties and all other properties and assets owned by it, in each case free from liens, encumbrances and defects that would materially affect the value thereof or materially interfere with the use made or currently
planned to be made thereof by them; and except as disclosed in the SEC Filings, the Company and each Subsidiary holds any leased real or personal property under valid and enforceable leases with no exceptions that would materially interfere with the
use made or currently planned to be made thereof by them. 
  

 9 

 3.12 Certificates, Authorities and Permits. The Company and each Subsidiary possess adequate
certificates, authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by it, and neither the Company nor any Subsidiary has received any notice of proceedings relating to the
revocation or modification of any such certificate, authority or permit that, if determined adversely to the Company or such Subsidiary, could reasonably be expected to have a Material Adverse Effect, individually or in the aggregate. 
 3.13 ERISA. No “employee pension benefit plan,” “employee welfare benefit plan” or “multi-employer plan” of the
Company (“ERISA Plans”) as such terms are defined in Sections 3(2), 3(1) and 3(37), respectively, of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or any trust created thereunder has engaged in a
“prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) which could subject the Company to any material tax penalty on prohibited
transactions and which has not adequately been corrected. No “accumulated funding deficiency” (as defined in Section 302 of ERISA) or any of the events set forth in Section 4043(b) of ERISA (other than events with respect to
which the 30-day notice under Section 4043 of ERISA has been waived) has occurred with respect to any employee benefit plan which might reasonably be expected to have a Material Adverse Effect. 
 3.14 Labor Matters. 
 (a) The
Company and the Subsidiaries are in compliance in all material respects with all applicable federal, state, local and foreign laws and regulations respecting employment and employment practices, terms and conditions of employment and wages and
hours. Except as set forth in Schedule 3.12 hereto, to the knowledge of the Company, there are no pending investigations involving the Company or any of the Subsidiaries by the U.S. Department of Labor or any other governmental agency responsible
for the enforcement of such federal, state, local or foreign laws and regulations. To the knowledge of the Company, there is no unfair labor practice charge or complaint against the Company or any of the Subsidiaries pending before the National
Labor Relations Board or any strike, picketing, boycott, dispute, slowdown or stoppage pending or threatened against or involving the Company or any of the Subsidiaries. Neither the Company nor any of the Subsidiaries is or ever have been a party to
any collective bargaining agreement, and no collective bargaining agreement is currently being negotiated by the Company or any of the Subsidiaries. No material labor dispute with the employees of the Company or any of the Subsidiaries exists or, to
the knowledge of the Company, is imminent. 
 (b) Neither the Company nor any of the Subsidiaries is a party to, or bound by, any employment
or other contract or agreement that contains any severance, termination pay or change of control liability or obligation, including, without limitation, any “excess parachute payment,” as defined in Section 280G(b) of the Internal
Revenue Code. 
 (c) Neither the Company nor any Subsidiary has any liability for the improper classification by the Company of their
employees as independent contractors or leased employees. 
  

 10 

 3.15 Intellectual Property. 
 (a) Except as set forth in Schedule 3.13 hereto, all Intellectual Property of the Company and its Subsidiaries is currently in compliance with all legal
requirements (including timely filings, proofs and payments of fees) and is valid and enforceable, except where the failure to be in compliance or to be valid and enforceable has not and could not reasonably be expected to have a Material Adverse
Effect on the Company and its Subsidiaries taken as a whole. Except as set forth in Schedule 3.13 hereto, no Intellectual Property of the Company or its Subsidiaries which is necessary for the conduct of Company’s and each of its
Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted has been or is now involved in any cancellation, dispute or litigation, and, to the knowledge of the Company, no such action is threatened. No
patent of the Company or its Subsidiaries has been or is now involved in any interference, reissue, re-examination or opposition proceeding. 
 (b) All of the licenses and sublicenses and consent, royalty or other agreements concerning Intellectual Property which are necessary for the conduct of the Company’s and each of its Subsidiaries’ respective businesses as
currently conducted or as currently proposed to be conducted to which the Company or any Subsidiary is a party or by which any of their assets are bound (other than generally commercially available, non-custom, off-the-shelf software application
programs having a retail acquisition price of less than $10,000 per license) (collectively, “License Agreements”) are valid and binding obligations of the Company or its Subsidiaries that are parties thereto and, to the knowledge of the
Company, the other parties thereto, enforceable in accordance with their terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting
the enforcement of creditors’ rights generally, and there exists no event or condition which will result in a material violation or breach of or constitute (with or without due notice or lapse of time or both) a default by the Company or any of
its Subsidiaries under any such License Agreement. 
 (c) The Company and its Subsidiaries own or have the valid right to use all of the
Intellectual Property that is necessary for the conduct of the Company’s and each of its Subsidiaries’ respective businesses as currently conducted or as currently proposed to be conducted and for the ownership, maintenance and operation
of the Company’s and its Subsidiaries’ properties and assets, free and clear of all liens, encumbrances, adverse claims or obligations to license all such owned Intellectual Property and Confidential Information, other than licenses
entered into in the ordinary course of the Company’s and its Subsidiaries’ businesses. The Company and its Subsidiaries have a valid and enforceable right to use all third party Intellectual Property and Confidential Information used or
held for use in the respective businesses of the Company and its Subsidiaries. 
 3.16 Environmental Matters. Neither the Company nor
any of the Subsidiaries has been notified in writing that it is liable with respect to obligations under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, or any similar law, statute, rule, regulatory
decision or order of any governmental agency or body or any court, domestic or foreign relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to
hazardous or 
  

 11 

 toxic substances (collectively, “Environmental Laws”), except for any liability as would not have a Material
Adverse Effect, and it is not aware of any facts or circumstances which could reasonably be expected to result in any such liability. The Company and the Subsidiaries are in substantial compliance with all applicable existing Environmental Laws,
except for such instances of non-compliance which would not have a Material Adverse Effect. The term “Hazardous Material” means (i) any “hazardous substance” as defined by the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended, (ii) any “hazardous waste” as defined by the Resource Conservation and Recovery Act, as amended, (iii) any petroleum or petroleum product, (iv) any polychlorinated biphenyl
and (v) any pollutant or contaminant or hazardous, dangerous or toxic chemical, material, waste or substance regulation under or within the meaning of any other Environmental Law. To the knowledge of the Company, no disposal, release or
discharge of “Hazardous Material” has occurred on, in, at or about any of the facilities or properties of the Company or any of the Subsidiaries, except for any such disposal, release or discharge which is in compliance with Environmental
Laws or which would not have a Material Adverse Effect. Except as described in the SEC Filings, to the knowledge of the Company: (A) there has been no storage, disposal, generation, transportation, handling or treatment of hazardous substances
or solid wastes by the Company or any of the Subsidiaries (or to the knowledge of the Company, any of its predecessors in interest) at, upon or from any of the property now or previously owned or leased by the Company or any of the Subsidiaries in
violation of any applicable law, ordinance, rule, regulation, order, judgment, decree or permit or which would require remedial action which has not been taken, under any applicable law, ordinance, rule, regulation, order, judgment, decree or
permit, except for such violations and failures to take remedial action which would not result in, singularly or in the aggregate, a Material Adverse Effect; and (B) there has been no material spill, discharge, leak, emission, injection,
escape, dumping or release of any kind onto such property or into the environment surrounding such property by the Company or any of the Subsidiaries of any solid waste or Hazardous Materials, except for such spills, discharges, leaks, emissions,
injections, escapes, dumping or releases which would not result in, singularly or in the aggregate, a Material Adverse Effect. 
 3.17
Litigation. There is no action, suit, proceeding, litigation or governmental proceeding pending or, to the knowledge of the Company, threatened or contemplated against (or circumstances that are reasonably likely to give rise to the same), or
involving the properties or businesses of, the Company or any of the Subsidiaries which questions the validity of any of the capital stock of the Company (including, without limitation, the Shares) or any of the Subsidiaries, this Agreement or any
of the other Transaction Documents, or of any action taken or to be taken by the Company or any of the Subsidiaries pursuant to or in connection with this Agreement or any of the other Transaction Documents. There are no pending actions, suits or
proceedings against or affecting the Company, its Subsidiaries or any of its or their properties involving an amount in controversy in excess of $150,000; and to the knowledge of the Company, no such actions, suits or proceedings are threatened or
contemplated. 
 3.18 Financial Statements. The consolidated financial statements of the Company and the Subsidiaries together with
the related notes thereto included in the Annual Report on Form 10-K and the most recent Quarterly Report on Form 10-Q included among the SEC Filings fairly present in all material respects the financial position, income, changes in
stockholders’ equity, cash flow and results of operations of the Company and the Subsidiaries at 
  

 12 

 the respective dates and for the respective periods to which they apply, and such financial statements have been prepared
in conformity with United States generally accepted accounting principles applied on a consistent basis (“GAAP”) throughout the periods involved (except as may be disclosed therein or in the notes thereto, and, in the case of quarterly
financial statements, as permitted by Form 10-Q under the Securities Act). Except as set forth in the financial statements of the Company set forth in the Annual Report on Form 10-K and the most recent Quarterly Report on Form 10-Q included among
the SEC Filings, since the date of the latest financial statements included in the most recent Quarterly Report on Form 10-Q included among the SEC Filings: (i) neither the Company nor any of its Subsidiaries has incurred any liabilities,
contingent or otherwise, except those incurred in the ordinary course of business, consistent (as to amount and nature) with past practices, none of which, individually or in the aggregate, have had or could reasonably be expected to have a Material
Adverse Effect; (ii) there has been no material adverse change or development involving a prospective material change in the condition, financial or otherwise, or in the earnings, business, prospects or results of operations of the Company and
the Subsidiaries, taken as a whole, whether or not arising in the ordinary course of business; (iii) neither the Company nor any Subsidiary has entered into any material transaction other than in the ordinary course of business; and
(iv) the Company has not declared or paid any dividend or made any other distribution on or in respect of its capital stock. The outstanding debt, the property, both tangible and intangible, and the businesses of each of the Company and the
Subsidiaries conform in all material respects to the descriptions thereof contained in the Annual Report on Form 10-K and the most recent Quarterly Report on Form 10-Q included among the SEC Filings. 
 3.19 Insurance Coverage. The Company and each Subsidiary maintains in full force and effect insurance coverage that is customary for comparably
situated companies for the business being conducted and properties owned or leased by the Company and each Subsidiary, and the Company reasonably believes such insurance coverage to be adequate against all liabilities, claims and risks against which
it is customary for comparably situated companies to insure. 
 3.20 Compliance with Nasdaq Continued Listing Requirements. The Common
Stock is registered pursuant to Section 12(g) of the Exchange Act, and is approved for listing on the Nasdaq Capital Market under the symbol “VEXP”. The Company is, and after giving effect to the issuance of the Notes, the Warrants
and the Series Q Preferred Stock and the entering into of the Transaction Documents will be, in compliance with applicable Nasdaq continued listing requirements following the Company’s filing and distribution of the Information Statement in
accordance with Section 5.1 below. There are no proceedings pending or, to the knowledge of the Company, threatened against the Company relating to the continued listing of the Company’s Common Stock on the Nasdaq Capital Market and the
Company has not received any notice of, nor to the knowledge of the Company is there any basis for, the delisting of the Common Stock from the Nasdaq Capital Market. The Company has taken no action that was designed to terminate trading of the
Common Stock on the Nasdaq Capital Market, nor has the Company received any notification that the Commission or Nasdaq is contemplating terminating such trading. 
 3.21 No Directed Selling Efforts or General Solicitation. Neither the Company, nor, to the knowledge of the Company, any Affiliate of the Company, nor any Person acting on 
  

 13 

 its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D under
the Securities Act) in connection with the offer or sale of any of the Shares. 
 3.22 No Integrated Offering. Neither the Company
nor, to the knowledge of the Company, any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any Company security or solicited any offers to buy any security, or otherwise taken
any action or abstained from taking any action, under circumstances that would adversely affect reliance by the Company on Section 4(2) and/or Regulation D for the exemption from registration for the transactions contemplated hereby or would
require registration of the Shares under the Securities Act. 
 3.23 Private Placement. Assuming the truth and accuracy of the
applicable Purchasers’ representations set forth in Section 4 of this Agreement, the offer and sale of the Securities to the Purchasers as contemplated hereby is exempt from the registration requirements of the Securities Act. 

3.24 Questionable Payments. Neither the Company nor any of the Subsidiaries has, nor, to the knowledge of the Company, has any
officer, director or employee of the Company or any of the Subsidiaries or any other person acting on behalf of the Company or any of the Subsidiaries, for the benefit of the Company or any such Subsidiaries at any time during the last five years,
(i) made any unlawful gift or contribution to any candidate for federal, state, local or foreign political office, or failed to disclose fully any such gift or contribution in violation of law, or (ii) made any payment to any federal,
state, local or foreign governmental officer or official, which would be reasonably likely to subject the Company or any of the Subsidiaries to any damage or penalty in any civil, criminal or governmental litigation or proceeding (domestic or
foreign). Each of the Company’s and the Subsidiaries’ internal accounting controls are sufficient to cause the Company and the Subsidiaries to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended.

 3.25 Transactions with Affiliates. Except as disclosed in the SEC Filings and except for the Expense Reimbursement Agreement by and
between the Company and TH Lee Putnam, none of the officers, directors or 5% or greater stockholders of the Company, and to the knowledge of the Company none of their respective Affiliates and, to the knowledge of the Company, none of the employees
of the Company is presently a party to any transaction with the Company or any Subsidiary (other than as holders of stock options and/or warrants, and for services as employees, officers and directors), including any contract, agreement or other
arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any
entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner. 
 3.26 Internal Controls. Except as described in the SEC filings, the Company is in material compliance with the provisions of the Sarbanes-Oxley Act of 2002 currently applicable to the Company. The Company and the Subsidiaries
maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded

  

 14 

 as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the SEC Filings, the Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-13 and 15d-13) for the
Company and designed such disclosure controls and procedures to ensure that material information relating to the Company, including the Subsidiaries, is made known to the certifying officers by others within those entities, particularly during the
period in which the Company’s most recently filed period report under the Exchange Act, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s controls and procedures
as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its most recently filed periodic report under the Exchange Act the
conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. The Company maintains and will continue to maintain a standard system of accounting
established and administered in accordance with GAAP and the applicable requirements of the Exchange Act. 
 3.27 Lockup. Prior to
Closing the Company will have entered into written agreements with each executive officer of the Company whereby each such Person shall agree that he or she will not directly or indirectly (including through any entity within his or her control)
sell, dispose of any Common Stock, Series Q Convertible Preferred Stock or other equity securities of the Company for the period beginning on the Closing Date and ending on the date three (3) months following the effective date of the
Registration Statement (as hereinafter defined). Schedule 3.27 attached hereto contains an accurate list of the parties to these agreements. 
 3.28 Stabilization. None of the Company, any of the Subsidiaries or, to the knowledge of the Company, any Affiliate of the Company or any Subsidiary, has taken or will take, directly or indirectly, any action designed to or which has
constituted or which might be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares or otherwise. 
 3.29 Taxes. Each of the Company and the Subsidiaries has filed all income and franchise tax returns required to be filed (after giving effect to
all permissible extensions) through the date hereof by it in any jurisdiction, and has paid all taxes shown to be due on such returns or claimed to be due from such entities, other than those being contested in good faith, except where the failure
to so file or pay would not have a Material Adverse Effect. All tax liabilities, including those being contested by the Company or the Subsidiaries are adequately reserved for in the Company’s financial statements (in accordance with GAAP). No
tax deficiency has been asserted and no tax proceedings are pending or, to the knowledge of the Company, are threatened against the Company or any of the Subsidiaries which, if adversely determined would have a Material Adverse Effect, and to the
knowledge of the Company, no such deficiency or proceeding is contemplated. 
  

 15 

 3.30 No Transfer Tax. No transfer tax, stamp duty or other similar tax is payable by or on behalf
of any Purchaser in connection with (i) the issuance by the Company of the Shares, (ii) the purchase by such Purchaser of Shares from the Company or (iii) the consummation by the Company of any of its obligations under this Agreement.

 3.31 Not Investment Company. The Company is not an “investment company” or a company controlled by an “investment
company” or, to the knowledge of the Company, an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment company” as such terms are defined in the Investment Company Act of
1940, as amended. 
 3.32 Solvency. All indebtedness of the Company that will be repaid with the proceeds of the issuance and sale of
the Shares was incurred for proper purposes and in good faith and the Company was, at the time of the incurrence of such indebtedness that will be repaid with the proceeds of the issuance and sale of the Shares, and will be on the Closing Date
(after giving effect to the application of the proceeds from the issuance of the Shares) solvent, and had at the time of the incurrence of such indebtedness that will be repaid with the proceeds of the issuance and sale of the Shares and will have
on the Closing Date (after giving effect to the application of the proceeds from the issuance of the Shares) sufficient capital for carrying on its business and was, at the time of the incurrence of such indebtedness that will be repaid with the
proceeds of the issuance and sale of the Shares, and will be on the Closing Date (after giving effect to the application of the proceeds from the issuance of the Shares) able to pay its debts as they mature. 
 3.33 Non-Contravention. 
 (a) None
of the Company’s issue and sale of the Shares, the execution or delivery of the Transaction Documents, its performance hereunder and thereunder or its consummation of the transactions contemplated herein and therein conflicts or will conflict
with or results or will result in any breach or violation of any of the terms or provisions of, or constitutes or will constitute a default under, or results or will result in a right of acceleration of performance or the creation or imposition of
any lien, charge, claim, encumbrance, pledge, security interest, defect or other restriction or equity of any kind whatsoever upon any property or assets of the Company or any of the Subsidiaries pursuant to the terms of, (A) the certificate of
incorporation or by-laws of the Company or any of the Subsidiaries, (B) any license, contract, indenture, mortgage, deed of trust, voting trust agreement, stockholders’ agreement, note, loan or credit agreement or other agreement or
instrument to which the Company or any of the Subsidiaries is a party or by which it or any Subsidiary is or may be bound or to which its or any of the Subsidiaries’ properties or assets is or may be subject, or any indebtedness, or
(C) any statute, judgment, decree, order, rule or regulation directly applicable to the Company or any of the Subsidiaries of any arbitrator, court, regulatory body or administrative agency or other governmental agency or body, having
jurisdiction over the Company or any of the Subsidiaries or any of their respective activities or properties, which, with respect to the foregoing clauses (B) and (C) only, breach, violation or default would have a Material Adverse Effect.

 (b) Neither the Company nor any of the Subsidiaries (A) is in violation of its certificate of incorporation or by-laws, (B) is
in default in the performance of any obligation, agreement or condition contained in any license, contract, indenture, mortgage, 
  

 16 

 installment sale agreement, lease, deed of trust, voting trust agreement, stockholders’ agreement, note, loan or
credit agreement, purchase order, agreement or instrument evidencing an obligation for borrowed money or other material agreement or instrument to which the Company or any of the Subsidiaries is a party or by which the Company or any of the
Subsidiaries may be bound or to which the property or assets of the Company or any of the Subsidiaries is subject or affected or (C) is in violation in any respect of any law, ordinance, governmental rule, regulation or court decree to which it
or its property or assets may be subject, except any violation or default under the foregoing clauses (B) or (C) as would not have a Material Adverse Effect. 
 (c) Except as disclosed in Schedule 3.33 to this Agreement, none of: (A) the execution, delivery or performance of the CD&L Purchase Agreements, (B) the consummation of the transactions contemplated
therein or (C) the execution and delivery of the Merger Agreement conflicts or will conflict with or results or will result in any breach or violation of any of the terms or provisions of, or constitutes or will constitute a default under, or
results or will result in a right of acceleration of performance or the creation or imposition of any lien, charge, claim, encumbrance, pledge, security interest, defect or other restriction or equity of any kind whatsoever upon any property or
assets of CD&L, Inc. pursuant to the terms of any indenture, mortgage, deed of trust, note, loan or credit agreement or other agreement or instrument pertaining to indebtedness of CD&L, Inc. or any of its subsidiaries to which CD&L, Inc.
or any of its subsidiaries is a party or by which CD&L, Inc. or any of its subsidiaries is or may be bound or to which CD&L Inc. or any of its subsidiaries’ properties or assets is or may be subject. 
 3.34 Minute Books Complete. The minute books of each of the Company and the Subsidiaries have been made available to counsel for the
Placement Agent and summarize in all material respects all meetings and actions of the directors and stockholders of each of the Company and the Subsidiaries since the time of their respective incorporation. 
 3.35 Payment Restrictions. No Subsidiary is prohibited, directly or indirectly, from paying any dividends to the Company, from making any other
distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary’s property or assets to the Company or any other
Subsidiary. 
 3.36 Transaction Structure. The solicitation of the holders of the capital stock and debt securities of CD&L, Inc.
to be acquired by the Company with the proceeds from the sale of the Shares, the capital stock and debt securities of CD&L, Inc. acquired pursuant to the CD&L Purchase Agreements, the issue and sale of Series Q Preferred Stock hereunder and
the consummation of the sale of Units each have been and will be made in compliance with the reporting, disclosure and procedural requirements of the Securities Act, the Exchange Act, Delaware General Corporation Law, the Nasdaq Stock Market and all
other applicable laws, rules and regulations. The solicitation, delivery and performance of the Voting Agreement has been and will be made in compliance with the reporting, disclosure and procedural requirements of the Securities Act, the Exchange
Act, Delaware General Corporation Law, the Nasdaq Stock Market and all other applicable laws. 
  

 17 

 3.37 Representations in Other Transaction Documents. To the knowledge of the Company, each
representation and warranty set forth in the Transaction Documents of each party to the Transaction Documents, other than the Purchasers, which is not qualified by a materiality standard is true and correct in all material respects, and each such
representation and warranty that is qualified by a materiality standard is true and correct in all respects. 
 3.38 No Undisclosed
Events, Liabilities or Developments. Except for the issuance of the Shares contemplated by this Agreement, and the transactions contemplated by the other Transaction Documents, no event, liability or development has occurred or exists with
respect to the Company or its Subsidiaries or their respective business, properties, operations or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made
that has not been publicly disclosed one (1) day prior to the date that this representation is made. 
 4. Representations, Warranties
and Covenants of the Purchasers. 
 4.1 Purchaser Knowledge and Status. Each Purchaser severally and not jointly with any other
Purchaser represents and warrants to, and covenants with, the Company that: (i) such Purchaser is an “accredited investor” as defined in Regulation D under the Securities Act and has requested, received, reviewed and considered all
information it deemed relevant in making an informed decision to purchase the Shares, and has such business and financial experience as is required to give it the capacity to utilize the information received, to evaluate the risks involved in
purchasing the Shares, and to protect its own interests in connection with the purchase of the Shares and is able to bear the risks of an investment in the Shares; (ii) such Purchaser understands that the Shares are “restricted
securities” and have not been registered under the Securities Act and is acquiring the number of Shares set forth on the Exhibit A hereto in the ordinary course of its business and for its own account for investment only, has no present
intention of distributing any of such Shares and has no arrangement or understanding with any other persons regarding the distribution of such Shares; (iii) such Purchaser will notify the Company promptly of any change in any of such
information until such time as such Purchaser has sold all of its Shares or until the Company is no longer required to keep the Registration Statement effective; and (iv) such Purchaser has, in connection with its decision to purchase the
number of Shares set forth on the signature page hereto, relied only upon the representations and warranties of the Company contained herein. Each Purchaser understands that the Shares to be issued to such Purchaser have not been registered under
the Securities Act, or registered or qualified under any state securities law in reliance on specific exemptions therefrom, which exemptions may depend upon, among other things, the bona fide nature of such Purchaser’s investment intent as
expressed herein, and such Purchaser is able to bear the economic risk of holding the Shares for an indefinite period of time and can afford a complete loss of its investment. The Placement Agent is not authorized to make any representation or use
any information in connection with the placement, purchase and sale of the Shares, and no person is authorized to provide any representation which is inconsistent or in addition to those in the SEC Reports. Each Purchaser acknowledges that it has
not received or relied on any such representations. 
 4.2 International Actions. Each Purchaser acknowledges, represents and agrees
that no action has been or will be taken in any jurisdiction outside the United States by the 
  

 18 

 Company or the Placement Agent that would permit an offering of the Shares, or possession or distribution of offering
materials in connection with the issue of the Shares, in any jurisdiction outside the United States. If such Purchaser is located outside the United States, it has or will take all actions necessary for the sale of the Shares to comply with all
applicable laws and regulations in each foreign jurisdiction in which it offers, sells or delivers Shares or has in its possession or distributes any offering material, in all cases at its own expense. 
 4.3 Registration Required. Each Purchaser hereby covenants with the Company not to make any sale of the Shares without complying with the
provisions of this Agreement and the Registration Rights Agreement, and such Purchaser acknowledges that the certificates evidencing the Shares will be imprinted with a legend that prohibits their transfer except in accordance therewith. Each
Purchaser acknowledges that as set forth in, and subject to the provisions of, the Registration Rights Agreement, there may occasionally be times when the Company, based on the advice of its counsel, determines that it must suspend the use of the
prospectus forming a part of the Registration Statement until such time as an amendment to the Registration Statement has been filed by the Company and declared effective by the Commission or until the Company has amended or supplemented such
prospectus. 
 4.4 Power and Authority. Each Purchaser severally and not jointly with any other Purchaser further represents and
warrants to, and covenants with, the Company that (i) if an entity, such Purchaser is duly organized and in good standing in the jurisdiction of its organization, (ii) such Purchaser has full right, power, authority and capacity to enter
into this Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement, and (iii) this Agreement has been duly authorized, executed
and delivered, and constitutes a valid and binding obligation of such Purchaser enforceable against such Purchaser in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity
or at law). 
 4.5 Prohibited Transactions. During the last thirty (30) days prior to the date hereof, neither such Purchaser nor
any Affiliate of such Purchaser, which (x) had knowledge of the transactions contemplated hereby, (y) has or shares discretion relating to such Purchaser’s investments or trading or information concerning such Purchaser’s
investments, including in respect of the Shares, or (z) is subject to such Purchaser’s review or input concerning such Affiliate’s investments or trading (collectively, “Trading Affiliates”), has, directly or indirectly,
effected or agreed to effect any short sale, whether or not against the box, established any “put equivalent position” (as defined in Rule 16a-1(h) under the Exchange Act) with respect to the Common Stock, granted any other right
(including, without limitation, any put or call option) with respect to the Common Stock or with respect to any security that includes, relates to or derived any significant part of its value from the Common Stock or otherwise sought to hedge its
position in the Shares (each, a “Prohibited Transaction”). 
 4.6 No Tax or Legal Advice. Each Purchaser understands that
nothing in this Agreement, or any other materials presented to such Purchaser in connection with the purchase and sale of Shares hereunder constitutes legal, tax or investment advice. Each Purchaser has 
  

 19 

 consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in
connection with its purchase of Shares. 
 4.7 Risk Factors. Each Purchaser has carefully considered the potential risks relating to
the Company and a purchase of the Shares, and fully understands that the Shares are speculative investments which involve a high degree of risk of loss of the Purchaser’s entire investment. Among others, each Purchaser has carefully considered
each of the risks described under the headings “Risk Factors” in the Company’s Annual Report on Form 10-K, as amended, for the year ended July 2, 2005 and the Company’s Quarterly Reports on Form 10-Q for the quarters ended
October 1, 2005, December 31, 2005 and April 1, 2006. 
 5. Company Covenants. 
 5.1 Stockholder Approval. Promptly after the Closing Date, but in no event later than the 20th business day following the Closing Date, the Company will prepare and file with the Securities and Exchange Commission an Information Statement in compliance
with Regulation 14C and Schedule 14C under the Exchange Act with respect to the approvals by the holders of the Company’s Common Stock and Outstanding Preferred of the matters set forth in Section 2.3 to comply with applicable Nasdaq
Marketplace Rules. The stockholder approval shall be deemed given after 20 days has elapsed following the date the Company mails the Information Statement to stockholders pursuant to Regulation 14C under the Exchange Act. Within two
(2) business days after stockholder approval of the matters set forth in the Information Statement is effective, the Company will send written notification to each Purchaser of such stockholder approval and that such Purchaser may exercise its
conversion rights in accordance with the Certificate of Designations. The Company shall file the Information Statement with the Securities and Exchange Commission prior to or concurrent with the Company’s filing of the Registration Statement
(as defined in the Registration Rights Agreement) with the Securities and Exchange Commission pursuant to Section 2(a)(i) of the Registration Rights Agreement. 
 5.2 Press Release. The Company will not issue a press release naming any Purchaser without the prior written approval of such Purchaser, which approval will not be unreasonably withheld or delayed. 

5.3 Prohibition on Certain Forms of Financing. For as long as any of the Shares purchased by the Purchasers hereunder are outstanding, the
Company will not enter into or consummate any agreement providing for an equity line of credit, variable or “future-priced” resetting, self-liquidating, adjusting or conditional fund raising, or similar financing arrangements. 

5.4 Maintain Listing. The Company will use best efforts to maintain the listing of its common stock on the Nasdaq Capital Market or a
recognized securities exchange registered with the Securities and Exchange Commission. 
 5.5 Regulation D Notice. The Company agrees
to file a Notice of Sale of Securities pursuant to Regulation D, Section 4(6), and/or Uniform Limited Offering Exemption 
  

 20 

 on Form D with respect to the Shares as required under Regulation D and to provide a copy thereof to the Purchasers
promptly after such filing. 
 5.6 Restriction on Integrated Offering. The Company shall not, and it shall use best efforts to ensure
that no Affiliate of the Company will, “offer,” “sell” or solicit offers to buy or otherwise negotiate in respect of any “security” (as each of such terms are defined in the Securities Act) which could be integrated
with the sale of the Shares in a manner that would require the registration of the Shares under the Securities Act 
 5.7 Maintain
Corporate Existence. The Company will keep in full force and effect its corporate existence and take all reasonable action to maintain all rights and privileges necessary or desirable in the normal conduct of its business. 
 5.8 SEC Information. During the five-year period following the Closing Date, the Company shall furnish to the Purchasers holding Shares all
reports, documents, information and financial statements filed by the Company with the Commission pursuant to the Exchange Act or the rules and regulations thereunder. 
 5.9 Rule 144A Information. During the two-year period following the date of this Agreement, for so long as and at any time that the Company is not subject to Section 13 or 15(d) of the Exchange Act, upon
request of any holder of the Shares, the Company shall furnish to such holder, and to any prospective purchaser or purchasers of the Shares designated by such holder, information satisfying the requirements of subsection (d)(4) of Rule 144(A) under
the Securities Act. This covenant is intended to be for the benefit of the holders from time to time of the Shares, and prospective purchasers of the Shares designated by such holders. 
 5.10 Reservation of Shares. The Company shall take all action necessary to at all times have authorized, and reserved for the purpose of issuance,
no less than 150% of the amount of shares of Common Stock issuable upon conversion of the Shares issued at the Closing (without taking into account any limitations on the conversion of the Shares set forth in the Certificate of Designations).

 6. Disclosure of Transactions and Other Material Information. The Company shall, on or before 9:00 a.m., New York City Time, on the
first business day following the date of this Agreement, issue a press release (the “Press Release”) disclosing all material terms of the transactions contemplated by this Agreement, but not disclosing the identity of any of the
Purchasers, and announcing the acquisition of the Company’s interest in CD&L, Inc. and the execution of the CD&L Merger Agreement and, to the extent permitted by applicable law, disclosing the material terms of such acquisition and
merger. On or before 5:00 p.m., New York City Time, on the fourth business day following the date of this Agreement, the Company shall file a Current Report on Form 8-K describing the terms of the transactions contemplated by the Transaction
Documents in the form required by the Exchange Act, and attaching the material Transaction Documents (including, without limitation, this Agreement and all schedules and exhibits to this Agreement), as exhibits to such filing. From and after the
issuance of the Press Release, no Purchaser shall be in possession of any material, nonpublic information received from the Company, any of its Subsidiaries or any of its respective officers, directors, employees or agents, that is not disclosed in
the Press Release. Except as expressly 
  

 21 

 provided in the foregoing sentence, the Company shall not, and shall cause each of its Subsidiaries and each of their
respective officers, directors, employees and agents, not to, provide any Purchaser with any material, nonpublic information regarding the Company or any of its Subsidiaries from and after the filing of the Press Release without the express written
consent of such Purchaser. In the event of a breach of the foregoing covenant by the Company, any Subsidiary, or each of its respective officers, directors, employees and agents, in addition to any other remedy available to the Purchasers, a
Purchaser shall have the right to make a public disclosure, in the form of a press release, public advertisement or otherwise, of such material, nonpublic information without the prior approval by the Company, its Subsidiaries, or any of its or
their respective officers, directors, employees or agents; provided, that the Purchaser shall give to the Company notice at least twenty four (24) hours prior to making any such disclosure and allow the Company the option of making such public
disclosure during such twenty four (24) hour period. No Purchaser shall have any liability to the Company, its Subsidiaries, or any of its or their respective officers, directors, employees, shareholders or agents for any such disclosure.

 7. Indemnification 
 7.1 The Company agrees to indemnify and hold harmless each Purchaser and its Affiliates and the officers, directors, managers, members, partners, employees and agents of such Purchaser and its Affiliates, and any other persons or entities
controlling such Purchaser or any of its Affiliates within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (the Purchasers and such other persons and entities each an “Indemnified
Person”), to the fullest extent lawful, from and against any and all claims, liabilities, losses, damages and expenses (or actions in respect thereof), as incurred (“Losses”), to which such Indemnified Person may become subject under
the Securities Act, the Exchange Act or other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where the Shares have been offered, or at common law or otherwise (including settlement of any
litigation), insofar as such Losses (or actions in respect thereof as contemplated below) arises out of or is based: 
 (a) upon any untrue
statement or alleged untrue statement of a material fact contained in any materials or information provided to the Purchasers by, or with the approval in writing of, the Company in connection with the marketing of the Shares, including any investor
presentations made to investors by the Company (whether in person, in writing or electronically), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; or 
 (b) any breach by the Company of any representation or warranty or failure to comply with
any of the covenants and agreements contained in this Agreement. 
 7.2 With respect to expenses, the indemnification provided in
Section 7.1 shall include, but not be limited to, reimbursement of each Indemnified Person for all expenses (including, without limitation, reasonable fees and expenses of counsel), as such expenses are incurred, in connection with
investigating, preparing, defending or settling any action or claim for which indemnification has or is reasonably likely to be sought by such Indemnified Person, 
  

 22 

 whether or not in connection with litigation in which such Indemnified Person is a named party. For this purpose, the
Company will only be responsible for the expense of one legal counsel (in addition to local counsel) for all Indemnified Persons who suffered Losses in connection with such action or claim, which counsel will be selected by the Indemnified Persons
who hold a majority of the outstanding Shares held by all such Indemnified Persons. 
 7.3 The indemnity agreement set forth in this
Section 7 shall be in addition to any liabilities that the Company may otherwise have. 
 7.4 Notwithstanding the foregoing provisions
of this Section 7, no Indemnified Person shall be entitled to indemnification under this Section 7 for any Loss caused by the gross negligence or willful misconduct of such Indemnified Person. 
 8. Survival of Representations, Warranties and Agreements. Notwithstanding any investigation made by any party to this Agreement or by the
Placement Agent, all covenants, agreements, representations and warranties made by the Company and each Purchaser herein shall survive the execution of this Agreement, the delivery to each Purchaser of the Shares being purchased and the payment
therefore. 
 9. Closing Agent Matters. 
 9.1 The Closing Agent shall have no duties or obligations other than those specifically set forth herein. 
 9.2 The Closing Agent shall not be required to make any representations or have any responsibilities as to the validity, accuracy, value or genuineness of any certificates or documentation delivered pursuant to this Agreement. 

9.3 The Closing Agent shall be able to rely on, and shall be protected in acting upon, any certificate, instrument, opinion, notice, letter or any
other document or security delivered to it by the Company or any Purchaser. 
 9.4 The Closing Agent shall not be liable for any action
taken, suffered or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement and shall not be liable for anything that it may do or refrain from doing
in connection with this Agreement except for its own gross negligence, willful misconduct or bad faith. 
 9.5 The Company agrees to
indemnify and hold harmless Jefferies & Company, Inc. for acting as Closing Agent hereunder from any and all reasonable costs and expenses (including reasonable fees and expenses of counsel and other professionals) that may be paid or
incurred or suffered by it or to which it may become subject without gross negligence, willful misconduct or bad faith on its part by reason of or as a result of its compliance with the instructions set forth herein or which may arise out of or in
connection with the administration and performance of its duties under this Agreement. 
 10. Notices. All notices, requests, consents
and other communications hereunder shall be in writing, shall be mailed (A) if within domestic United States by first-class registered 
  

 23 

 or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by facsimile or electronic
mail, or (B) if delivered from outside the United States, by International Federal Express (or comparable service) or facsimile or electronic mail, and shall be deemed given (i) if delivered by first-class registered or certified mail
domestic, three business days after so mailed, (ii) if delivered by nationally recognized overnight carrier, one (1) business day after so mailed, (iii) if delivered by International Federal Express (or comparable service), two
(2) business days after so mailed, (iv) if delivered by facsimile or electronic mail, upon electric confirmation of receipt and shall be delivered as addressed as follows: 
 (a) if to the Company, to: 
 Velocity
Express Corporation 
 One Morningside Drive North 
 Building B – Suite 300 
 Westport, CT 06880 
 Attention: Chief Financial Officer 
 Telephone: (203) 349-4199 
 Telecopy: (203) 349-4198 
 With a copy to:     Briggs and Morgan, P.A. 
 2200 IDS Center 
 80 South Eighth Street 
 Minneapolis, MN 55402 
 Attn: Avron L.
Gordon 
 Telephone: (612) 977-8400 
 Telecopy: (612) 977-8650 
 Email: agordon@briggs.com 
 (b) if to any Purchaser, at such Purchaser’s address on Exhibit A hereto, or at such other address or addresses as may have been furnished
to the Company in writing. 
 11. Changes. This Agreement may not be modified or amended except pursuant to an instrument in writing
signed by the Company and each of the Purchasers. 
 12. Independent Nature of Purchasers’ Obligations and Rights. The
obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any other Purchaser under
any Transaction Document. Nothing contained herein or in any Transaction Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other
kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to
independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for 
  

 24 

 any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been
represented by its own separate legal counsel in their review and negotiation of the Transaction Documents. The Company has elected to provide all Purchasers 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 the Purchasers. 
 13. Headings. The headings of the various sections of this
Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement. 
 14.
Severability. In case any provision contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be
affected or impaired thereby. 
 15. Governing Law. This Agreement shall be governed by, and construed in accordance with, the
internal laws of the State of New York. Service of process in connection with any suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this
Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of the courts of the State of New York in any such suit, action or proceeding and to the laying of venue exclusively in New York. Each party hereto irrevocably waives any
objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

16. Amendment and Waiver. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and
Purchasers holding a majority of the then outstanding Shares purchased hereunder. 
 17. Counterparts and Facsimiles. This Agreement
may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each
party hereto and delivered to the other parties. This Agreement may also be executed and delivered via facsimile, which shall be deemed an original. 
 18. Confidential Disclosure Agreement. Notwithstanding any provision of this Agreement to the contrary, any confidential disclosure agreement previously executed by the Company and any Purchaser in connection
with the transactions contemplated by this Agreement shall remain in full force and effect in accordance with its terms following the execution of this Agreement and the consummation of the transactions contemplated hereby. 
 19. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of Purchasers holding a majority of the then outstanding Shares purchased hereunder. Each Purchaser may assign any or all of
its rights under this Agreement to any Person to whom such Purchaser assigns and transfers the Shares, provided that such transferee (i) makes the 
  

 25 

 representations of such Purchaser under this Agreement, and (ii) agrees in writing to be bound with respect to the
transferred Shares, by the provisions hereof that apply to such Purchaser. 
 20. Further Assurances. Each party shall do and perform,
or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
 21. No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. 
  

 26 

 EXHIBIT A 
 PURCHASER LIST 
  

			
	 Purchaser
	  	Shares
	 Bernard Selz
	  	200,200
	 Selz Family Trust
	  	200,200
	 Scorpion Capital Partners LP
	  	300,000
	 Scorpion Acquisition LLC
	  	20,000
	 Vincal Holdings, Ltd.
	  	10,000
	 George Furla
	  	44,400
	 Marshall & Ilsley Trust Company NA, trustee of Lapp Libra 401(k) Daily Plan, f/b/o William Lapp
	  	22,000
	 William S. Lapp
	  	13,200
	 Third Point Partners Qualified LP
	  	40,674
	 Third Point Partners LP
	  	61,959
	 Third Point Offshore Fund, Ltd.
	  	355,834
	 Third Point Ultra Ltd
	  	41,533
	 TPR Investment Associates, Inc.
	  	10,000
	 Richard Neslund
	  	100,000
	 Crestview Capital Master LLC
	  	75,000
	 Linden Capital, LP
	  	600,000
	 Pequot Scout Fund, LP
	  	134,630
	 Pequot Mariner Master Fund, LP
	  	110,817
	 Pequot Navigator Offshore Fund, Inc
	  	43,895
	 Pequot Diversified Master Fund, Ltd
	  	5,133
	 Premium Series PCC Limited
	  	5,525
	 Longview Fund LP
	  	300,000
	 Libertyview Funds, LP
	  	60,000
	 Libertyview Special Opportunities Fund, LP
	  	10,000
	 Trust “D” for a Portion of the Assets of the Kodak Retirement Income Plan
	  	30,000
		
	 TH Lee Putnam Ventures, L.P.
	  	664,741
		
	 TH Lee Putnam Parallel Ventures, L.P.
	  	486,272
		
	 THLi Coinvestment Partners, LLC
	  	38,925
		
	 Thomas H. Lee
	  	15,062

 EXHIBIT B 
 Registration Rights Agreement 

 EXHIBIT C 
 Certificate of Designations 

 EXHIBIT D 
 Legal Opinion 

 Schedule 3.7 
 Subsidiaries 
 Velocity Express, Inc. 
 Corporate Express Distribution Services, Inc. 
 Velocity Express Leasing, Inc. 
 VXP Leasing Mid-West, Inc. 
 VXP Mid-West, Inc. 

 Schedule 3.12 
 Labor Matters 
 The California EDD is conducting an investigation of the classification of the
Company’s independent contractors. 

 Schedule 3.13 
 Intellectual Property 
 On November 30, 2000, Velocity Express, Inc. entered into a Settlement
Agreement with Velocity Courier, Inc. in connection with the parties’ use of certain “Velocity” trademarks. Pursuant to the terms of the settlement, Velocity Express, Inc. is permitted to use the Velocity trademarks anywhere in the
United States except for the City of Chicago and the territory that extends 50 miles from the Chicago city limits, but within the State of Illinois. The Settlement Agreement required Velocity Express, Inc. to amend its trademark applications to
reflect this exclusion. The Company anticipates that it will initiate concurrent use proceedings in order to clarify territorial rights with respect to two “Velocity” trademark registrations (Velocity and Velocity Express).

 Schedule 3.27 
 Lock-up Agreements 
 Vincent A. Wasik 
 Edward W. Stone 
 Andrew B. Kronik 
 Kay Perry Durbin 
 Jeffrey Hendrickson 

 Schedule 3.33 
 Non-Contravention 
  

	A.	Contraventions: 

 See below. 
  

	B.	Consents: 

 The proposed transaction with CD&L,
Inc. is restricted under the terms of a credit facility of DC&L with Bank of America N.A. (“BOA”). BOA’s consent or waiver of the proposed merger with the Company will be required to avoid a default under such facilities.Registration Rights Agreement

 EXHIBIT 10.5 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (the “Agreement”)
is made and entered into as of this 3rd day of July, 2006, by and among Velocity Express Corporation, a Delaware corporation (the “Company”), and each of the persons party hereto as named on the signature page of this Agreement
(collectively, the “Investors”). 
 The parties hereby agree as follows: 
 1. Certain Definitions. 
 As used in
this Agreement, the following terms shall have the following meanings: 
 “Affiliate” means, with respect to any person, any
other person which directly or indirectly controls, is controlled by, or is under common control with, such person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”), as applied to any person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of that person, whether
through the ownership of voting securities or by contract or otherwise. 
 “Business Day” means a day, other than a Saturday
or Sunday, on which banks in New York City are open for the general transaction of business. 
 “Closing Date” means the
closing date for the Company’s issuance and sale of the Preferred Stock (as defined below) pursuant to the Stock Purchase Agreement (as defined below), and for the Company’s issuance and sale of the Senior Notes (as defined below) and the
Unit Warrants (as defined below) pursuant to the Note Purchase Agreements (as defined below). 
 “Common Stock” means
(a) the Company’s common stock, par value $0.004 per share, and (b) any securities into which or for which the securities described in (a) above may be converted, exchanged or reclassified pursuant to a plan of recapitalization,
reorganization, merger, sale of assets or otherwise. 
 “Conversion Shares” means the shares of Common Stock issued or
issuable upon conversion of any shares of Preferred Stock. 
 “Existing Conversion Shares” means the shares of Common Stock
issued or issuable upon conversion of any shares of Existing Preferred Stock, including shares issuable pursuant to the antidilution adjustment provisions of the Existing Preferred Stock or otherwise by agreement with the Company, to the extent such
shares have not been included in a Registration Statement previously. 
 “Existing PIK Shares” means all shares of Existing
Preferred Stock issued as pay-in-kind dividends on the Existing Preferred Stock. 
 “Existing Preferred Stock” means,
collectively, the Company’s Series M Convertible Preferred Stock, par value $.004 per share, Series N Convertible Preferred Stock, par value $.004 per share, Series O Convertible Preferred Stock, par value $.004 per share, and Series P
Convertible Preferred Stock, par value $.004 per share. 

 “Holders” means (a) the Investors and (b) any Permitted Transferee of an
Investor and (c) any subsequent Permitted Transferee of a Holder referred to in (b) above. 
 “1933 Act” means the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “1934 Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Note Purchase Agreements” means,
collectively, (i) the Purchase Agreement dated as of the date hereof by and among the Company and the Investors party thereto with respect to the issuance and sale of Senior Notes and Unit Warrants and (ii) the Unit Purchase Agreement
dated as of the date hereof by and between the Company and Exeter Capital Partners IV, L.P. with respect to the issuance and sale of Senior Notes and Unit Warrants. 
 “Permitted Transferee” means a transferee of Registrable Securities (a) who acquires the Registrable Securities in a transaction that meets the requirements set forth in the proviso of the second
sentence of Section 7(c) hereof and (b) who agrees in writing to be bound by the restrictions applicable to Holders contained in this Agreement. 
 “PIK Shares” means all shares of Preferred Stock issued as pay-in-kind dividends on the Preferred Stock. 
 “Preferred Stock” means (a) the Company’s Series Q Convertible Preferred Stock, par value $.004 per share and (b) any securities into which or for which the securities described in
(a) above may be converted, exchanged or reclassified pursuant to a plan of recapitalization, reorganization, merger, sale of assets or otherwise, other than Conversion Shares. 
 “Prospectus” shall mean the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement,
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material
incorporated by reference in such prospectus. 
 “Register,” “registered” and
“registration” refer to a registration made by preparing and filing a Registration Statement or similar document in compliance with the 1933 Act, and the declaration or ordering of effectiveness of such Registration Statement or
document. 
 “Registrable Securities” shall mean (i) the Conversion Shares, (ii) the Unit Warrant Shares (as
defined below), (iii) the Service Warrant Shares, (iv) PIK Shares, (v) Existing Conversion Shares, (vi) Existing PIK Shares, (vii) approximately 462,000 shares of Common Stock issuable to two advisors to CD&L, Inc.,
(viii) approximately 2,465,418 shares of Common Stock issuable to Exeter Capital Partners IV, L.P. and (ix) any other securities issued or issuable in respect of or in exchange for Registrable Securities; provided, however,
that, a security shall cease to be a Registrable Security upon (A) the sale of such security pursuant to a Registration Statement or pursuant to Rule 144 under the 1933 Act, or (B) such security becoming eligible for sale without
restriction pursuant to Rule 144(k) under the 1933 Act. 
 “Registration Statement” shall mean any registration statement
filed by the Company with the SEC for a public offering and sale of securities of the Company (other than a registration statement on Form S-8, Form S-4 or successor forms, or any registration statement relating solely to transactions under Rule 145
of the 1933 Act). 
  

 2 

 “Required Holders” means (i) Holders holding a majority of the Registrable
Securities in respect of the Conversion Shares and the PIK Shares, (ii) Holders holding a majority of the Registrable Securities in respect of the Unit Warrant Shares, (iii) Holders holding a majority of the Registrable Securities in
respect of the Service Warrant Shares, (iv) Holders holding a majority of the Registrable Securities in respect of the Existing Preferred Stock (the “Existing Holders”) and (v) Holders holding a majority of the Registrable
Securities consisting of Common Stock, in each case voting separately as a class. 
 “SEC” means the U.S. Securities and
Exchange Commission or any other federal agency at the time administering the 1933 Act. 
 “Senior Notes” means the
Company’s 12% Senior Secured Notes due 2010. 
 “Service Warrant Shares” means the shares of Common Stock issued or
issuable upon exercise of the Service Warrants. 
 “Service Warrants” means the Common Stock purchase warrants issued to
placement agents, affiliates, financial advisors in exchange for services rendered, including, without limitation, TH Lee Putnam Ventures and Scura Rise & Partners, LLC. 
 “Stock Purchase Agreement” means that certain Stock Purchase Agreement dated as of the date hereof by and among the Company and the
Investors party thereto with respect to the issuance and sale of 4,000,000 shares of the Preferred Stock. 
 “Unit Warrant
Shares” means the shares of Common Stock issued or issuable upon exercise of the Unit Warrants. 
 “Unit Warrants”
means the Common Stock purchase warrants issued to purchasers of the Company’s Senior Notes pursuant to the Note Purchase Agreements. 
 “Warrants” means, collectively, the Unit Warrants and the Service Warrants. 
 2. Registration. 

(a) Shelf Registration. 
 (i)
Initial Registrable Securities. Promptly following the Closing Date, but no later than one hundred twenty (120) days thereafter (the “Filing Deadline”), the Company shall prepare and file with the SEC one Registration Statement
on Form S-1 or, if available, Form S-3, covering the resale of the Registrable Securities in an amount at least equal to (1) the number of Conversion Shares initially issuable upon conversion of the outstanding Preferred Stock, (2) the
number of Unit Warrant Shares initially issuable upon exercise of the outstanding Unit Warrants, (3) the number of Service Warrant Shares initially issuable upon exercise of the outstanding Service Warrants and (4) the number of shares
initially issuable in respect of paragraphs (iv) through (viii) in the definition of Registrable Securities above. Such Registration Statement shall not be an underwritten offering and shall include the plan of distribution in
substantially the form attached hereto as Exhibit A. Such Registration Statement also shall cover, to the extent allowable under the 1933 Act and the rules promulgated thereunder (including Rule 416), such indeterminate number of additional
shares of Common Stock resulting from stock splits, stock dividends or similar transactions with respect to the Registrable Securities. 
  

 3 

 (ii) Additional Registrable Securities. Upon any change in (a) the Conversion Price with
respect to the Preferred Stock (as defined in the Certificate of Designations, Preferences and Rights of the Preferred Stock filed with the Secretary of State of Delaware (the “Certificate”)) or upon the issuance of any PIK Shares such
that additional shares of Common Stock become issuable upon the conversion of the outstanding Preferred Stock or (b) the Exercise Price of the Warrants (as defined in the Warrants) such that additional shares of Common Stock become issuable
upon the exercise of the outstanding Warrants (such additional shares of Common Stock referenced in (a) and (b) above shall be referred to herein as “Additional Shares”), prior to the issuance of any PIK Shares or any other
Additional Shares, the Company shall prepare and file, as soon as practicable but in any event within 90 days of such change, with the SEC one or more Registration Statements on Form S-1, or, if available, Form S-3, or amend the Registration
Statement filed pursuant to clause (i) above, if such Registration Statement has not previously been declared effective, covering the resale of the Additional Shares, but only to the extent the Additional Shares are not at the time covered by
an effective Registration Statement; provided, however, that the Company may, pursuant to Regulation D under the 1933 Act, issue (i) PIK Shares prior to filing a Registration Statement covering the related Conversion Shares in accordance with
Section 2(b) of the Certificate and (ii) Common Stock in payment of the Redemption Premium (as defined in the Certificate) prior to filing a Registration Statement covering such Common Stock in accordance with Section 4B; provided,
that the Company shall in such event prepare and file, as soon as practicable but in any event within 90 days of the issuance of such PIK Shares or Common Stock, as the case may be, with the SEC one or more Registration Statements on Form S-1, or,
if available, Form S-3, or amend the Registration Statement filed pursuant to clause (i) above, if such Registration Statement has not previously been declared effective, covering the resale of the Additional Shares related to such PIK Shares
or Common Stock, as the case may be. Such Registration Statement also shall cover, to the extent allowable under the 1933 Act and the rules promulgated thereunder (including Rule 416), such indeterminate number of additional shares of Common Stock
resulting from stock splits, stock dividends or similar transactions with respect to the Additional Shares. The Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall be
provided in accordance with Section 3(c) to the Holders prior to its filing or other submission. 
 (b) Piggyback Registration. 

 (i) Whenever the Company proposes to file a Registration Statement with respect to an offering for its own securities or for the account
of others of any class of securities of the Company (a “Piggyback Registration”), the Company will give written notice to all holders of Registrable Securities of its intention to effect such a registration at least thirty (30) days
before the anticipated filing date (a “Piggyback Notice”). The Piggyback Notice shall describe the intended method of distribution and offer each Holder the opportunity to register pursuant to such Registration Statement, such Registrable
Securities as the Holder may request in writing to the Company within twenty (20) days after the date the Holder first received the Piggyback Notice; provided, that if, at any time after giving written notice of its intention to register any
securities and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any reason not to register such securities, the Company may, at its election, give written notice of
such determination to each Holder and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration. 
  

 4 

 (ii) If the Piggyback Registration involves an underwritten offering and, in the opinion of the managing
underwriter the registration of all, or part of, the Registrable Securities that the holders thereof have requested to be included in a Piggyback Registration would materially and adversely affect such public offering, then the Company shall be
required to include in the underwriting only that number of Registrable Securities, if any, that the managing underwriter believes may be sold without causing such adverse effect, the Registrable Securities so included to include first the
Registrable Securities apportioned pro rata in accordance with the total ownership of such Registrable Securities held by those Holders who have requested registration, if necessary, and then any remaining availability shall be allocated among such
other requesting stockholders of the Company pro rata based on their proportionate ownership of registerable securities. 
 (iii) If such
Piggyback Registration includes a primary offering of the Company’s securities and involves an underwritten offering, the managing underwriter shall be selected for such underwriting by the Company. If such Piggyback Registration is a secondary
offering of the Company’s securities held by others and involves an underwritten offering, the managing underwriter(s) for such offering and the terms thereof shall be determined by the Company, subject to the approval, which shall not be
unreasonably withheld, by the holders of a majority of the Registrable Securities held by holders that have requested to be included in such Piggyback Registration. 
 (c) Expenses. The Company will pay all expenses associated with each registration, including filing and printing fees, the Company’s counsel and accounting fees and expenses, costs associated with clearing
the Registrable Securities for sale under applicable state securities laws, listing fees, and the fees and expenses of one counsel for the Holders who were former holders of Warrant Shares and one counsel for the Holders who were former holders of
shares of Preferred Stock, but excluding all other expenses of the Holders, including discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry professionals with respect to the Registrable
Securities being sold. 
 (d) Effectiveness. 
 (i) The Company shall use commercially reasonable efforts to have each Registration Statement declared effective as soon as practicable, and in any event, (A) within ten (10) business days of being advised
by the SEC that the Registration Statement will not be reviewed or is not subject to further review and (B) at 5:00 p.m. (New York City time) on the effective date. The Company shall notify the Holders by facsimile or e-mail as promptly as
practicable, and in any event, by 9:30 a.m. (New York City time) on the date immediately following the effective date, after any Registration Statement is declared effective and shall by 9:30 a.m. (New York City time) on the date immediately
following the effective date provide the Holders with an electronic copy of any related Prospectus to be used in connection with the sale or other disposition of the securities covered thereby. If (A) a Registration Statement covering the
Registrable Securities is not filed by the Filing Deadline, or declared effective by the SEC within 180 days following the Closing Date, or (B) after a Registration Statement has been 

  

 5 

 
declared effective by the SEC, sales cannot be made pursuant to such Registration Statement for any reason other than an Allowed Delay (as defined below)
(including without limitation by reason of a stop order, or the Company’s failure to update the Registration Statement), but excluding the inability of any Holder to sell the Registrable Securities covered thereby due to market conditions and
except as excused pursuant to subparagraph (ii) below, then the Company will make pro rata payments to each Holder of Registrable Securities not so registered, or a Holder of Registrable Securities who was unable to use such Registration
Statement for a reason other than an Allowed Delay, as liquidated damages and not as a penalty, in an amount equal to (i) for any Registrable Securities other than Unit Warrant Shares, one percent (1%) of the aggregate purchase price paid
for such Registrable Securities then held by such Holder (which amount shall include, with respect to Registrable Securities issued or issuable upon the conversion of the Preferred Stock, the original purchase price paid pursuant to the Stock
Purchase Agreement for the shares of Preferred Stock) or (ii) for any Registrable Securities that are Unit Warrant Shares, one half of one percent (0.5%) of the aggregate purchase price paid for such Registrable Securities (which shall equal
$2.898551 per Warrant Share, which amount will be adjusted from time to time after the date of this Agreement in proportion to any adjustment to the ‘Exercise Price’ pursuant to Section 12 of the Unit Warrants), for each 30-day period
or pro rata for any portion thereof following the date by which such Registration Statement should have been effective (the “Blackout Period”). Such payments shall be in partial compensation to the Holders, and shall not constitute the
Holders’ exclusive remedy for such events. The amounts payable as liquidated damages pursuant to this paragraph shall be paid monthly within three (3) Business Days of the last day of each month following the commencement of the Blackout
Period until the termination of the Blackout Period. Such payments shall be made to each Holder in cash. 
 (ii) For not more than twenty
(20) consecutive trading days, or for a total of not more than forty-five (45) trading days, in any twelve (12) month period, the Company may suspend the use of any Prospectus included in any registration contemplated by this
Section 2 (an “Allowed Delay”); provided, however, that the Company shall (a) promptly notify the Holders in writing of the existence of the Allowed Delay (but in no event, without the prior written consent of a Holder, shall the
Company disclose to such Holder any of the facts or circumstances regarding any material non-public information giving rise to an Allowed Delay), (b) promptly advise the Holders in writing to cease all sales under the Registration Statement
until the end of the Allowed Delay, (c) use commercially reasonable efforts to terminate an Allowed Delay as promptly as practicable and (d) keep the Registration Statement effective for an additional period of time equal to the period of
time of the Allowed Delay. 
 3. Company Obligations. The Company will use commercially reasonable efforts to effect the registration
of the Registrable Securities in accordance with the terms hereof, and pursuant thereto the Company will, as expeditiously as possible: 
 (a)
use commercially reasonable efforts to cause such Registration Statement to become effective and to remain continuously effective for a period that will terminate upon the earlier of (i) the date on which all Registrable Securities covered by
such Registration Statement as amended from time to time, have been sold thereunder, pursuant to any other Registration Statement or pursuant to 

  

 6 

 
Rule 144 under the 1933 Act and (ii) the date on which all Registrable Securities covered by such Registration Statement may be sold without restriction
pursuant to Rule 144(k) of the 1933 Act as determined by counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders (assuming for this purpose
each Warrant will be exercised for cash) (the “Effectiveness Period”); 
 (b) promptly following the date the Registration
Statement is declared effective by the SEC, prepare and file with the SEC a prospectus pursuant to Rule 424 under the 1933 Act; 
 (c)
prepare and file with the SEC as soon as practicable such amendments and post-effective amendments to the Registration Statement and the Prospectus as may be necessary to keep the Registration Statement effective for the period specified in
Section 3(a) and to comply with the provisions of the 1933 Act, the 1934 Act, any applicable state securities or blue sky laws and the rules and regulations of any securities exchange on which the Registrable Securities may be traded or
included for quotation, with respect to the distribution of all of the Registrable Securities covered thereby; 
 (d) provide (via email or
facsimile) copies to and permit the Holders to review each Registration Statement and all amendments and supplements thereto no fewer than two (2) business days prior to their filing with the SEC and not file any document to which a
Holder’s counsel reasonably objects; 
 (e) furnish to the Holders (via email or facsimile) (i) promptly after the same is prepared
and publicly distributed, filed with the SEC, or received by the Company one (1) copy of any Registration Statement and any amendment thereto, each preliminary prospectus and Prospectus and each amendment or supplement thereto, and each letter
written by or on behalf of the Company to the SEC or the staff of the SEC, and each item of correspondence from the SEC or the staff of the SEC, in each case relating to such Registration Statement (other than any portion of any thereof which
contains information for which the Company has sought confidential treatment), and (ii) such number of copies of a Prospectus, including a preliminary prospectus, and all amendments and supplements thereto and such other documents as each
Holder may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Holder that are covered by the related Registration Statement; 
 (f) use (i) commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness and (ii) best
efforts to, if such order is issued, obtain the withdrawal of any such order at the earliest possible moment; 
 (g) prior to any public
offering of Registrable Securities, use commercially reasonable efforts to register or qualify or cooperate with the Holders in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities
or blue sky laws of such jurisdictions requested by the Holders and do any and all other commercially reasonable acts or things necessary or advisable to enable the distribution in such jurisdictions of the Registrable Securities covered by the
Registration Statement; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for
this Section 3(f), (ii) subject itself to general taxation in any jurisdiction where it would not otherwise be so subject but for this Section 3(f), or (iii) file a general consent to service of process in any such jurisdiction;

  

 7 

 (h) use commercially reasonable efforts to cause all Registrable Securities covered by a Registration
Statement to be listed on each securities exchange, interdealer quotation system or other market on which similar securities issued by the Company are then listed; 
 (i) notify the Holders (via email or facsimile), at any time when a Prospectus relating to Registrable Securities is required to be delivered under the 1933 Act, upon discovery that, or upon the happening of any event
as a result of which, the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing, and promptly prepare and furnish to such holders a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such
Registrable Securities, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing; 
 (j) cooperate with the Holders who hold Registrable Securities being offered to facilitate the timely preparation and
delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities sold pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Holders
may reasonably request and registered in such names as the Holders may request; 
 (k) otherwise use commercially reasonable efforts to
comply with all applicable rules and regulations of the SEC under the 1933 Act and the 1934 Act, take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder; and 
 (l) with a view to making available to the Holders the benefits of Rule 144 (or its successor rule) and any other rule or regulation of the SEC that may
at any time permit the Holders to sell shares of Common Stock to the public without registration: (i) make and keep current public information available, as that term is understood and defined in Rule 144, until the expiration of the
Effectiveness Period; (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the 1934 Act; and (iii) furnish to each Holder upon request, as long as such Holder owns any Registrable
Securities, (A) a written statement by the Company that it has complied with the reporting requirements of the 1934 Act, (B) copies of the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K and (C) such other information as may be reasonably requested in order to avail such Holder of any rule or regulation of the SEC that permits the selling of any such Registrable Securities without registration. 

4. Due Diligence Review; Information. The Company shall make available, during normal business hours, for inspection and review by the Holders,
advisors to and representatives of the Holders (who may or may not be affiliated with the Holders and who are reasonably acceptable to the Company), all financial and other records, all SEC filings, and all other corporate documents and properties
of the Company as may be reasonably necessary for the purpose of such review, and subject to the Company’s obligations pursuant to SEC Regulation FD, cause the Company’s officers and employees, within a reasonable time period, to supply
all such information reasonably requested by the Holders or any such representative, advisor or underwriter in connection with such Registration Statement (including, without limitation, in response to all questions and other inquiries reasonably
made or submitted by any 

  

 8 

 
of them), prior to and from time to time after the filing and effectiveness of the Registration Statement for the sole purpose of enabling the Holders and
such representatives, advisors and underwriters and their respective accountants and attorneys to conduct initial and ongoing due diligence with respect to the Company and the accuracy of such Registration Statement. 
 Notwithstanding the foregoing, the Company shall not disclose material nonpublic information to the Holders, or to advisors to or representatives of the
Holders, unless prior to disclosure of such information the Company identifies such information as being material nonpublic information and provides the Holders, such advisors and representatives with the opportunity to accept or refuse to accept
such material nonpublic information for review and any Holder wishing to obtain such information enters into an appropriate confidentiality agreement with the Company with respect thereto. 
 5. Obligations of the Holders. 
 (a)
Each Holder shall furnish in writing to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect
the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request. At least ten (10) days prior to the first anticipated filing date of any Registration
Statement, the Company shall notify each Holder of the information the Company requires from such Holder if such Holder elects to have any of the Registrable Securities held by such Holder included in the Registration Statement. A Holder shall
provide such information to the Company at least two (2) Business Days prior to the first anticipated filing date of such Registration Statement if such Holder elects to have any of the Registrable Securities included in the Registration
Statement. 
 (b) Each Holder, by its acceptance of the Registrable Securities agrees to cooperate with the Company as reasonably requested
by the Company in connection with the preparation and filing of a Registration Statement hereunder, unless such Holder has notified the Company in writing of its election to exclude all of its Registrable Securities from such Registration Statement.

 (c) Each Holder agrees that, upon receipt of any notice from the Company of either (i) the commencement of an Allowed Delay pursuant
to Section 2(e)(ii) or (ii) the happening of an event pursuant to Section 3(h) hereof, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable
Securities, until the Holder’s receipt of the supplemented or amended prospectus filed with the SEC and until any related post-effective amendment is declared effective and, if so directed by the Company, the Holder shall deliver to the Company
(at the expense of the Company) or destroy (and deliver to the Company a certificate of destruction) all copies in the Holder’s possession of the Prospectus covering the Registrable Securities current at the time of receipt of such notice.

 6. Indemnification. 
 (a) Indemnification by the Company. The Company will indemnify and hold harmless, to the fullest extent permitted by law, each Holder and its officers, directors, members, 

  

 9 

 
employees and agents, successors and assigns, and each other person, if any, who controls such Holder within the meaning of the 1933 Act, against any losses,
claims, damages or liabilities, joint or several, to which they may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (i) any
untrue statement or alleged untrue statement of any material fact contained in any Registration Statement, any preliminary prospectus or final prospectus contained therein, any amendment or supplement thereof or any “free writing
prospectus” as defined in Rule 405 under the 1933 Act; (ii) any blue sky application or other document executed by the Company specifically for that purpose or based upon written information furnished by the Company filed in any state or
other jurisdiction in order to qualify any or all of the Registrable Securities under the securities laws thereof (any such application, document or information herein called a “Blue Sky Application”); (iii) the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; (iv) any violation or alleged violation by the Company or its agents of any rule or regulation promulgated under
the 1933 Act, the 1934 Act, or any other law, including any state, provincial or foreign securities law, or any rule or regulation thereunder, applicable to the Company or its agents and relating to action or inaction required of the Company in
connection with such registration; (v) any material violation of this Agreement by the Company; or (vi) any failure to register or qualify the Registrable Securities included in any such Registration in any state where the Company or its
agents has affirmatively undertaken or agreed in writing that the Company will undertake such registration or qualification on an Holder’s behalf and will reimburse such Holder, and each such officer, director or member and each such
controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in
any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon a material untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished
by such Holder or any such controlling person in writing specifically for use in such Registration Statement or Prospectus. 
 (b)
Indemnification by the Holders. Each Holder agrees, severally but not jointly, to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors, officers, employees, stockholders and each person who controls
the Company (within the meaning of the 1933 Act) against any losses, claims, damages, liabilities and expense (including reasonable attorney fees) resulting from any untrue statement of a material fact or any omission of a material fact required to
be stated in the Registration Statement or Prospectus or preliminary prospectus or amendment or supplement thereto or any “free writing prospectus” as defined in Rule 405 under the 1933 Act or necessary to make the statements therein not
misleading, to the extent, but only to the extent that such untrue statement or omission is contained in any information furnished in writing by such Holder to the Company specifically for inclusion in such Registration Statement or Prospectus or
amendment or supplement thereto. In no event shall the liability of an Holder be greater in amount than the dollar amount of the proceeds (net of all expense paid by such Holder in connection with any claim relating to this Section 6 and the
amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission) received by such Holder upon the sale of the Registrable Securities included in the Registration Statement giving rise to such
indemnification obligation. 
  

 10 

 (c) Conduct of Indemnification Proceedings. Any person entitled to indemnification hereunder shall
(i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party; provided, however, that any person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel
shall be at the expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses, or (b) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably
satisfactory to such person or (c) in the reasonable judgment of any such person, based upon written advice of its counsel, a conflict of interest exists between such person and the indemnifying party with respect to such claims (in which case,
if the person notifies the indemnifying party in writing that such person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of
such person); and provided, further, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations hereunder, except to the extent that such failure to give
notice shall materially adversely affect the indemnifying party in the defense of any such claim or litigation. It is understood that the indemnifying party shall not, in connection with any proceeding in the same jurisdiction, be liable for fees or
expenses of more than one separate firm of attorneys at any time for all such indemnified parties. No indemnifying party will, except with the consent of the indemnified party, consent to entry of any judgment or enter into any settlement that does
not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation. 
 (d) Contribution. If for any reason the indemnification provided for in the preceding paragraphs (a) and (b) is unavailable to an
indemnified party or insufficient to hold it harmless, other than as expressly specified therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of the indemnified party and the indemnifying party, as well as any other relevant equitable considerations. No person guilty of fraudulent misrepresentation within the
meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any person not guilty of such fraudulent misrepresentation. In no event shall the contribution obligation of a Holder of Registrable Securities be greater in amount
than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 6 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission) received by such Holder upon the sale of the Registrable Securities giving rise to such contribution obligation. 
 7. Miscellaneous. 
 (a) Amendments and Waivers. This Agreement may be amended only by a writing
signed by the Company and the Required Holders. The Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the written consent to such amendment,
action or omission to act, of the Required Holders. 
  

 11 

 (b) Notices. All notices and other communications provided for or permitted hereunder shall be
made as set forth in the Note Purchase Agreements and Stock Purchase Agreement. 
 (c) Assignments and Transfers by Holders. The
provisions of this Agreement shall be binding upon and inure to the benefit of the Holders and their respective successors and assigns. A Holder may transfer or assign, in whole or from time to time in part, to one or more persons its rights
hereunder in connection with the transfer of Registrable Securities by such Holder to such person; provided, however, that such Holder complies with all laws applicable thereto and provides written notice of assignment to the Company
promptly after such assignment is effected. 
 (d) Assignments and Transfers by the Company. This Agreement may not be assigned by the
Company (whether by operation of law or otherwise) without the prior written consent of the Required Holders, provided, however, that the Company may assign its rights and delegate its duties hereunder to any surviving or successor
corporation in connection with a reorganization of the Company, a merger or consolidation of the Company with another corporation, or a sale, transfer or other disposition of all or substantially all of the Company’s assets to another
corporation, without the prior written consent of the Required Holders, after notice duly given by the Company to each Holder. 
 (e)
Benefits of the Agreement. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended
to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 (f) Counterparts; Faxes. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument. This Agreement may also be executed and delivered via facsimile, or Adobe PDF, either of which shall be deemed an original. 
 (g) Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement. 
 (h) Severability. Any provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the
maximum extent permitted by applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the
parties hereby waive any provision of law which renders any provisions hereof prohibited or unenforceable in any respect. 
  

 12 

 (i) Further Assurances. The parties shall execute and deliver all such further instruments and
documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 
 (j) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject
matter. 
 (k) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by, and construed in
accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof. Service of process in connection with any suit, action or proceeding may be served on each party hereto anywhere in the world by the
same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably consents to the jurisdiction of the courts of the State of New York in any such suit, action or proceeding and to the laying of
venue exclusively in New York. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought
in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO
THIS WAIVER. 
 (l) Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are
several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or
document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that
the Holders are in any way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to protect and enforce its rights, including without limitation the rights arising out of
this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a
deposition), whether commenced or threatened, for such purpose. 
  

 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

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

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer

  

 14 

					
	 INVESTOR:

	
	Portside Growth & Opportunity Fund
		
	By:	 	/s/ Jeff Smith
		 	 Name:
	 	Jeff Smith
		 	 Title:
	 	Authorized Signatory
	
	 Address:

	
	 c/o Ramius Capital Group LLC
 Attn: Jeff Smith
 666 Third Avenue, 26th Floor
 New York, NY 10016
 USA

	
	 Email Address: jsmith@ramius.com and
                          olittman@ramius.com

	
	 Telephone Number: 212-845-7955
 Facsimile
Number:  212-201-4802

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Scorpion Capital Partners LP
		
	By:	 	/s/ Kevin R. McCarthy
		 	 Name:
	 	Kevin R. McCarthy
		 	 Title:
	 	Manager
	
	 Address:

	
	 Attn: Kevin McCarthy
 245 Fifth Avenue, 25th Floor
 New York, NY 10016
 USA

	
	Email Address: kmccarthy@scorpioncap.com
	
	 Telephone Number: 212-213-8916
 Facsimile
Number:  212-213-9167

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Scorpion Acquisition LLC
		
	By:	 	/s/ Kevin R. McCarthy
		 	 Name:
	 	Kevin R. McCarthy
		 	 Title:
	 	Manager
	
	 Address:

	
	 Attn: Kevin McCarthy
 245 Fifth Avenue, 25th Floor
 New York, NY 10016
 USA

	
	Email Address: kmccarthy@scorpioncap.com
	
	 Telephone Number: 212-213-8916
 Facsimile
Number:  212-213-9167

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	 Marshall & Ilsley Trust Company NA,
 trustee of Lapp Libra 401(k) Daily Plan, f/b/o
 William Lapp, 93-5008-12-3

		
	By:	 	/s/ Stephanie L. Napier
		 	 Name:
	 	Stephanie L. Napier
		 	 Title:
	 	Vice President
		
	By:	 	/s/ Lori Harding
		 	 Name:
	 	Lori Harding
		 	 Title:
	 	Officer
	
	 Address:

	
	 Attn: Melissa Hisek
 651 Nicollet Mall, 3rd Floor
 Minneapolis, MN 55402
 USA

	
	Email Address: melissa.hisek@micorp.com
	
	 Telephone Number: 612-904-8157
 Facsimile
Number:  612-904-8008

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	William S. Lapp
		
	By:	 	/s/ William S. Lapp
		 	 Name:
	 	William S. Lapp
	
	 Address:

	
	 Attn: William Lapp
 One Financial Plaza
 Suite 2500
 Minneapolis, MN 55402
 USA

	
	Email Address: wlapp@lapplibra.com
	
	 Telephone Number: 612-338-5815
 Facsimile
Number:  612-338-6651

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Silver Oak Capital, L.L.C.
		
	By:	 	/s/ Joseph R. Wekelblatt
		 	 Name:
	 	Joseph R. Wekelblatt
		 	 Title:
	 	Manager
	
	 Address:

	
	 Attn: Gary Wolf
 245 Park Avenue, 26th Floor
 New York, NY 10167
 USA

	
	Email Address: gwolf@angelogordon.com
	
	 Telephone Number: 212-692-2058
 Facsimile
Number:  212-867-6395

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Third Point Partners L.P.
		
	By:	 	/s/ Justin Nadler
		 	 Name:
	 	Justin Nadler
		 	 Title:
	 	Chief Financial Officer, Third Point LLC
	
	 Address:

	
	 Attn: Justin Nadler
 390 Park Avenue, 18th Floor
 New York, NY 10022
 USA

	
	Email Address: jnadler@thirdpoint.com
	
	 Telephone Number: 201-925-4770
 Facsimile
Number:  212-224-7401

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Third Point Partners Qualified L.P.
		
	By:	 	/s/ Justin Nadler
		 	 Name:
	 	Justin Nadler
		 	 Title:
	 	Chief Financial Officer, Third Point LLC
	
	 Address:

	
	 Attn: Justin Nadler
 390 Park Avenue, 18th Floor
 New York, NY 10022
 USA

	
	Email Address: jnadler@thirdpoint.com
	
	 Telephone Number: 201-925-4770
 Facsimile
Number:  212-224-7401

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Third Point Offshore Fund, Ltd.
		
	By:	 	/s/ Justin Nadler
		 	 Name:
	 	Justin Nadler
		 	 Title:
	 	Chief Financial Officer, Third Point LLC
	
	 Address:

	
	 Attn: Justin Nadler

	
	 390 Park Avenue, 18th Floor
 New York, NY 10022
 USA

	Email Address: jnadler@thirdpoint.com
	
	 Telephone Number: 201-925-4770
 Facsimile
Number:  212-224-7401

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Third Point Ultra Ltd.
		
	By:	 	 /s/ Justin Nadler

		 	 Name:
	 	 Justin Nadler

		 	 Title:
	 	 Chief Financial Officer, Third Point LLC

  

	
	 Address:

	
	 Attn: Justin Nadler

	
	 390 Park Avenue, 18th Floor
 New York, NY 10022
 USA

	 Email Address: jnadler@thirdpoint.com

	
	 Telephone Number: 201-925-4770

	 Facsimile Number:  212-224-7401

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	LibertyView Funds, L.P.
		
	By:	 	 /s/ Steven S. Rogers

		 	 Name:
	 	 Steven S. Rogers

		 	 Title:
	 	 Authorized Signatory

  

	
	 Address:

	
	 c/o LibertyView Capital Management
 Attn: George Hartigan
 111 River Street, Suite 1000
 Hoboken, NJ 07030
 USA

	
	 Email Address: ghartigan@libertyview.com

	
	 Telephone Number: 201-216-8606

	 Facsimile Number:  201-216-8625

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	LibertyView Special Opportunities Fund, L.P.
		
	By:	 	 /s/ Steven S. Rogers

		 	 Name:
	 	 Steven S. Rogers

		 	 Title:
	 	 Authorized Signatory

  

	
	 Address:

	
	 c/o LibertyView Capital Management
 Attn: George Hartigan
 111 River Street, Suite 1000
 Hoboken, NJ 07030
 USA

	
	 Email Address: ghartigan@libertyview.com

	
	 Telephone Number: 201-216-8606

	 Facsimile Number:  201-216-8625

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Trust “D” for a Portion of the Assets of the Kodak Retirement Income Plan
		
	By:	 	 /s/ Steven S. Rogers

		 	 Name:
	 	 Steven S. Rogers

		 	 Title:
	 	 Authorized Signatory

  

	
	 Address:

	
	 c/o LibertyView Capital Management
 Attn: George Hartigan
 111 River Street, Suite 1000
 Hoboken, NJ 07030
 USA

	
	 Email Address: ghartigan@libertyview.com

	
	 Telephone Number: 201-216-8606

	 Facsimile Number:  201-216-8625

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Radcliffe SPC, Ltd. for and on behalf of the Class A Convertible Crossover Segregated Portfolio
		
	By:	 	 RG Capital Management, L.P.

	By:	 	 RGC Management Company, LLC

		
	By:	 	 /s/ Gerald F. Stahlecker

		 	 Name:
	 	 Gerald F. Stahlecker

		 	 Title:
	 	 Managing Director

  

	
	 Address:

	
	 c/o RG Capital Management, LP
 Attn: Gerald Stahlecker
 3 Bala Plaza, Suite 501
 Bala Cynwyd, PA 19004
 USA

	
	 Email Address: ops@radcliffefunds.com

	
	 Telephone Number: 601-617-5900

	 Facsimile Number:

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Longview Fund, LP
		
	By:	 	 /s/ S. Michael Rudolph

		 	 Name:
	 	 S. Michael Rudolph

		 	 Title:
	 	 Chief Financial Officer, Investment Advisor

  

	
	 Address:

	
	 Attn: S. Michael Rudolph
 600 Montgomery Street, 44th Floor
 San Francisco, CA 94111
 USA

	
	 Email Address: smrudolph@rwgcm.com

	
	 Telephone Number: 415-981-5300

	 Facsimile Number:  415-981-5301

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	ADAR Investment Fund Ltd
		
	By:	 	ADAR Investment Management LLC,
its Investment Manager
		
	By:	 	 /s/ Aaron Morse

		 	 Name:
	 	 Aaron Morse

		 	 Title:
	 	 COO

  

	
	 Address:

	
	 Attn: Aaron Morse
 156 W. 56th Street, Suite 801
 New York, NY 10019
 USA

	
	 Email Address: operations@adarinvest.com

	
	 Telephone Number: 212-373-8930

	 Facsimile Number:  212-373-8901

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	TH Lee Putnam Ventures, LP
		
	By:	 	 /s/ Jim Brown

		 	 Name:
	 	 Jim Brown

		 	 Title:
	 	 Managing Director

  

	
	 Address:

	
	 Attn: Fred Coulson
 200 Madison Avenue, Suite 1900
 New York, NY 10016
 USA

	
	 Email Address: fred.coulson@thlpv.com

	
	 Telephone Number: 212-951-8600

	 Facsimile Number:  212-951-8655

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	TH Lee Putnam Parallel Ventures, LP
		
	By:	 	 /s/ Jim Brown

		 	 Name:
	 	 Jim Brown

		 	 Title:
	 	 Managing Director

  

	
	 Address:

	
	 Attn: Fred Coulson
 200 Madison Avenue, Suite 1900
 New York, NY 10016
 USA

	
	 Email Address: fred.coulson@thlpv.com

	
	 Telephone Number: 212-951-8600

	 Facsimile Number:  212-951-8655

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	THLi Coinvestment Partners LLC
		
	By:	 	 /s/ Jim Brown

		 	 Name:
	 	 Jim Brown

		 	 Title:
	 	 Managing Director

  

	
	 Address:

	
	 Attn: Fred Coulson
 200 Madison Avenue, Suite 1900
 New York, NY 10016
 USA

	
	 Email Address: fred.coulson@thlpv.com

	
	 Telephone Number: 212-951-8600

	 Facsimile Number:  212-951-8655

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Thomas H. Lee
		
	By:	 	 /s/ Thomas H. Lee

		 	 Name:
	 	 Thomas H. Lee

  

	
	 Address:

	
	 Attn: Fred Coulson
 200 Madison Avenue, Suite 1900
 New York, NY 10016
 USA

	
	 Email Address: fred.coulson@thlpv.com

	
	 Telephone Number: 212-951-8600

	 Facsimile Number:  212-951-8655

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	Crestview Capital Master, LLC
		
	By:	 	Crestview Capital Partners, LLC
	Its:	 	Sole Manager
		
	By:	 	/s/ Ted Wachtell
		 	Name:	 	Ted Wachtell
		 	Title: Manager
	
	Address:
	
	Attn: John Schmit
	95 Revere Drive, Suite A
	Northbrook, IL 60062
	USA
	
	Email Address: john@crestviewcap.com
	
	 Telephone Number: 847-559-0060
 Facsimile
Number:  847-559-5807

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	LB I Group, Inc.
		
	By:	 	/s/ Eric C. Salzman
		 	Name:	 	Eric C. Salzman
		 	Title:	 	Senior Vice President
	
	Address:
	
	 Attn: Will Yelsits
 399 Park Avenue, 9th
Floor
 New York, NY 10022
 USA

	
	Email Address: wyelsits@lehman.com
	
	 Telephone Number: 212-526-2431
 Facsimile
Number:  646-758-1630

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	CAMOFI Master LDC
		
	By:	 	/s/ Jeffrey M. Haas
		 	Name:	 	Jeffrey M. Haas
		 	Title:	 	Authorized Signatory
	
	Address:
	
	 c/o Centrecourt Asset Management
 Attn:
Jeffrey Haas
 350 Madison Avenue, 8th Floor
 New York, NY
10017
 USA

	
	Email Address: jhaas@centrecourtam.com
	
	 Telephone Number: 646-758-6754
 Facsimile
Number:  646-758-6751

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	Context Advantage Fund, LP
		
	By:	 	/s/ Michael S. Rosen
		 	Name:	 	Michael S. Rosen
		 	Title:	 	CEO & Co-Chairman
	
	Address:
	
	 Attn: Michael S. Rosen
 12626 High Bluff
Drive, Suite 440
 San Diego, CA 92130
 USA

	
	Email Address: mrosen@contextfunds.com
	
	 Telephone Number: 858-481-3666
 Facsimile
Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	Context Offshore Advantage Fund, Ltd.
		
	By:	 	/s/ Michael S. Rosen
		 	Name:	 	Michael S. Rosen
		 	Title:	 	CEO & Co-Chairman
	
	Address:
	
	 Attn: Michael S. Rosen
 Walkers (SPV)
Limited, Walker House
 P.O. Box 908GT
 George Town
 Cayman Islands

	
	Email Address: mrosen@contextfunds.com
	
	 Telephone Number: 858-481-3666
 Facsimile
Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	AHFP Context
		
	By:	 	/s/ Michael S. Rosen
		 	Name:	 	Michael S. Rosen
		 	Title:	 	
	
	Address:
	
	 M&C Corporate Services Limited
 Attn:
Michael S. Rosen
 Ugland House, South Church Street
 Grand
Cayman
 Cayman Islands

	
	Email Address: mrosen@contextfunds.com
	
	 Telephone Number: 858-481-3666
 Facsimile
Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	Finch Tactical Plus Class B
		
	By:	 	/s/ Michael S. Rosen
		 	Name:	 	Michael S. Rosen
		 	Title:	 	CEO & Co-Chairman
	
	Address:
	
	 Attn: Michael S. Rosen
 P.O. Box
1350
 75 Fort Street, George Town
 Grand Cayman
 Cayman Islands

	
	Email Address: mrosen@contextfunds.com
	
	 Telephone Number: 858-481-3666
 Facsimile
Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	Lyxor/Context Fund Ltd.
		
	By:	 	/s/ Michael S. Rosen
		 	Name:	 	Michael S. Rosen
		 	Title:	 	CEO & Co-Chairman
	
	Address:
	
	 Attn: Michael S. Rosen
 18 The
Explanade
 St. Helier, Jersey JE48RT
 Channel
Islands

	
	Email Address: mrosen@contextfunds.com
	
	 Telephone Number: 858-481-3666
 Facsimile
Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	ALTMA Fund SICAV PLC in Respect of the Grafton Sub Fund
		
	By:	 	/s/ Michael S. Rosen
		 	Name:	 	Michael S. Rosen
		 	Title:	 	CEO & Co-Chairman
	
	Address:
	
	 Attn: Michael S. Rosen
 171 Old Bakery
Street
 Valletta
 Malta

	
	Email Address: mrosen@contextfunds.com
	
	 Telephone Number: 858-481-3666
 Facsimile
Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	Institutional Benchmarks
		
	By:	 	/s/ Michael S. Rosen
		 	Name:	 	Michael S. Rosen
		 	Title:	 	CEO & Co-Chairman
	
	Address:
	
	 Olympia Capital Bermuda Limited
 Attn:
Michael S. Rosen
 20 Reid Street, Williams House
 Hamilton
 Bermuda

	
	Email Address: mrosen@contextfunds.com
	
	 Telephone Number: 858-481-3666
 Facsimile
Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	INVESTOR:
	
	Worldwide Transactions Limited
		
	 By:   
	 	 /s/ Michael S. Rosen

		 	 Name:
	 	 Michael S. Rosen

		 	 Title:
	 	 CEO & Co-Chairman

	
	 Address:

	
	 Attn: Michael S. Rosen

	 Washington Mall-Phase I
 Church Street, 4th Floor
 Hamilton
 Bermuda

	
	 Email Address: mrosen@contextfunds.com

	
	 Telephone Number: 858-481-3666
 Facsimile Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Context Opportunistic Master Fund, L.P.
		
	 By:   
	 	 /s/ Michael S. Rosen

		 	 Name:
	 	 Michael S. Rosen

		 	 Title:
	 	 CEO & Co-Chairman

	
	 Address:

	
	 Attn: Michael S. Rosen
 12626 High Bluff Drive, Suite 440
 San Diego, CA 92026
 USA

	
	 Email Address: mrosen@contextfunds.com

	
	 Telephone Number: 858-481-3666
 Facsimile Number:  858-481-3667

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Whitebox Hedged High Yield Partners LP
		
	By:	 	/s/ Jonathan Wood
		 	 Name:
	 	Jonathan Wood
		 	 Title:
	 	Chief Financial Officer/ Director
	
	 Address:

	
	 Attn: Jonathan Wood
 3033 Excelsior Blvd.
 Minneapolis, MN 55416
 USA

	
	Email Address: jwood@whiteboxadvisors.com
	
	 Telephone Number: 612-253-6012
 Facsimile
Number:  612-253-6100

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Whitebox Convertible Arbitrage Partners LP
		
	By:	 	/s/ Jonathan Wood
		 	 Name:
	 	Jonathan Wood
		 	 Title:
	 	Chief Financial Officer/ Director
	
	 Address:

	
	 Attn: Jonathan Wood
 3033 Excelsior Blvd.
 Minneapolis, MN 55416
 USA

	
	Email Address: jwood@whiteboxadvisors.com
	
	 Telephone Number: 612-253-6012
 Facsimile
Number:  612-253-6100

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Whitebox Intermarket Partners LP
		
	By:	 	/s/ Jonathan Wood
		 	 Name:
	 	Jonathan Wood
		 	 Title:
	 	Chief Financial Officer/ Director
	
	 Address:

	
	 Attn: Jonathan Wood
 3033 Excelsior Blvd.
 Minneapolis, MN 55416
 USA

	
	Email Address: jwood@whiteboxadvisors.com
	
	 Telephone Number: 612-253-6012
 Facsimile
Number:  612-253-6100

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Guggenheim Portfolio Company XXXI, LLC
		
	By:	 	/s/ Jonathan Wood
		 	 Name:
	 	Jonathan Wood
		 	 Title:
	 	Chief Financial Officer/ Director
	
	 Address:

	
	 Attn: Jonathan Wood
 3033 Excelsior Blvd.
 Minneapolis, MN 55416
 USA

	
	Email Address: jwood@whiteboxadvisors.com
	
	 Telephone Number: 612-253-6012
 Facsimile
Number:  612-253-6100

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Selz Family Trust
		
	By:	 	/s/ Lisa P. Selz
		 	 Name:
	 	Lisa P. Selz
	
	 Address:

	
	 Attn: Bernard Selz
 600 5th Avenue, 25th Floor
 New York, NY 10020
 USA

	
	Email Address: bselz@selzcapital.com
	
	 Telephone Number: 212-218-8280
 Facsimile Number:   212-218-8270

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Bernard Selz
		
	By:	 	/s/ Bernard Selz
		 	 Name:
	 	Bernard Selz
	
	 Address:

	
	 Attn: Bernard Selz
 600 5th Avenue, 25th Floor
 New York, NY 10020
 USA

	
	Email Address: bselz@selzcapital.com
	
	 Telephone Number: 212-218-8280
 Facsimile Number:   212-218-8270

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	George Furla
		
	By:	 	/s/ George Furla
		 	 Name:
	 	George Furla
	
	 Address:

	
	 8530 Wilshire, #420
 Beverly Hills, CA 90211

	
	Email Address: georgefurla@aol.com
	
	 Telephone Number: 213-923-9338
 Facsimile Number:   310-659-9412

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	Richard Neslund
		
	By:	 	/s/ Richard Neslund
		 	 Name:
	 	Richard Neslund
	
	 Address:

	
	 11370 Longwater Chase Court
 Fort Myers, FL 33901

	
	Email Address:
                                       
 
	
	 Telephone Number: 239-466-8900
 Facsimile Number:   952-646-3517

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

					
	 INVESTOR:

	
	GPC LIX, LLC
		
	By:	 	/s/ Jonathan Wood
		 	 Name:
	 	Jonathan Wood
		 	 Title:
	 	Chief Financial Officer/ Director
	
	 Address:

	
	 Attn: Jonathan Wood
 3033 Excelsior Blvd.
 Minneapolis, MN 55416
 USA

	
	Email Address: jwood@whiteboxadvisors.com
	
	 Telephone Number: 612-253-6012
 Facsimile Number:   612-253-6100

 SIGNATURE PAGE TO THE REGISTRATION RIGHTS AGREEMENT 

 Exhibit A 
 Plan of Distribution 
 The selling stockholders, which as used herein includes donees, pledgees,
transferees or other successors-in-interest selling shares of common stock or interests in shares of common stock received after the date of this prospectus from a selling stockholder as a gift, pledge, partnership distribution or other transfer,
may, from time to time, sell, transfer or otherwise dispose of any or all of their shares of common stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are traded or in private
transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices. 
 The selling stockholders may use any one or more of the following methods when disposing of shares or interests therein: 
  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as principal to facilitate the transaction;

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	short sales effected after the date the registration statement of which this prospectus is a part is declared effective by the SEC; 

  

	 	•	 	through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; 

  

	 	•	 	broker-dealers may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 The selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of common stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured
parties may offer and sell the shares of common stock, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of selling
stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer the shares of common stock in other circumstances, in which case the
transferees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

 In connection with the sale of our common stock or interests therein, the selling stockholders may enter
into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging the positions they assume. The selling stockholders may also sell shares of our
common stock short and deliver these securities to close out their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders may also enter into option or other
transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which shares
such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). 
 The aggregate proceeds to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common stock less discounts or commissions, if any. Each of the selling stockholders reserves the right
to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents. We will not receive any of the proceeds from this offering. Upon any exercise
of the warrants by payment of cash, however, we will receive the exercise price of the warrants. The warrants may also be exercised by delivery of our 12% Senior Secured Notes due 2010, having a deemed value equal to 100% of the principal amount of
such notes. 
 The selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144
under the Securities Act of 1933, provided that they meet the criteria and conform to the requirements of that rule. 
 The selling
stockholders and any underwriters, broker-dealers or agents that participate in the sale of the common stock or interests therein may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts,
commissions, concessions or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders will be subject to the prospectus delivery requirements of the Securities Act.

 To the extent required, the shares of our common stock to be sold, the names of the selling stockholders, the respective purchase prices
and public offering prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective
amendment to the registration statement that includes this prospectus. 
 In order to comply with the securities laws of some states, if
applicable, the common stock may be sold in these jurisdictions only through registered or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless it has been registered or qualified for sale or an exemption
from registration or qualification requirements is available and is complied with. 
 We have advised the selling stockholders that the
anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares in the market and to the activities of the selling stockholders and their affiliates. In addition, we will make this prospectus (as it may be supplemented or
amended from time to time) available to the selling stockholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that participates in transactions
involving the sale of the shares against certain liabilities, including liabilities arising under the Securities Act. 
  

 2 

 We have agreed to indemnify the selling stockholders against liabilities, including liabilities under the
Securities Act and state securities laws, relating to the registration of the shares offered by this prospectus. 
 We have agreed with the
selling stockholders to keep the registration statement of which this prospectus constitutes a part effective until the earlier of (1) such time as all of the shares covered by this prospectus have been disposed of pursuant to and in accordance
with the registration statement or (2) the date on which the shares may be sold pursuant to Rule 144(k) of the Securities Act (assuming for this purpose each Warrant will be exercised for cash). 
  

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]