Document:

EX-10.1

 Exhibit 10.1 
 SIC Loan No. B2110725 
 NOTE 

 

			
	 $1,245,000.00
	  	February 21, 2013

 FOR VALUE RECEIVED, the undersigned, VITRAN ILLINOIS, LLC, a Delaware limited liability company
(“Borrower”), promises to pay in lawful money of the United States, to the order of STANDARD INSURANCE COMPANY, an Oregon corporation (together with any assigns, collectively, “Lender”), at its office in Hillsboro, Oregon,
or such other place as Lender may designate, the principal amount of a loan (“Loan”) of One Million Two Hundred Forty-Five Thousand and No/100ths Dollars ($1,245,000.00), together with interest thereon, on the following
agreements, terms and conditions. 
 1. Payments. Borrower shall make monthly payments of principal and interest to
Lender, in amounts sufficient to fully amortize the principal balance of this Note over a fifteen (15) year amortization period in substantially equal monthly payments. Such monthly payments of principal and interest shall be in the initial
amount of Nine Thousand Six Hundred Four and No/100ths Dollars ($9,604.00) payable on the first day of each month, commencing with the first day of April, 2013, together with such other sums as may become
due hereunder or under any instrument securing this Note, until the entire indebtedness is fully paid, except that any remaining indebtedness if not sooner paid shall be finally due and payable on the first day of March, 2028, which is
the maturity date of this Note (“Maturity Date”). The monthly payment amount will change after each Rate Adjustment Date (as defined in Paragraph 2) to an amount sufficient to repay the then unpaid principal balance of this Note in full at
the then current interest rate, in substantially equal monthly payments over the balance of the amortization period specified above. If applicable, until the payment is again changed, Borrower shall pay the new monthly payment each month beginning
on the first day of the first calendar month after the applicable Rate Adjustment Date. Lender will mail or deliver to Borrower a notice of any changes in the interest rate applicable to this Note, and any resulting changes in the monthly payments
required under this Note, prior to the date the first payment is due after the applicable Rate Adjustment Date. Every payment received with respect hereto shall be applied, in any order that may be determined by Lender in its sole discretion, to
sums under this Note, including, without limitation: (a) late charges; (b) expenses paid or funds advanced by Lender with interest thereon at the Default Rate when applicable (as hereinafter defined); (c) any prepayment fees due with
respect to any payment and any other fees which may remain unpaid; (d) accrued interest on the principal balance from time to time remaining unpaid; and (e) subject to the prepayment provisions herein, the principal balance hereunder.

 2. Interest. The interest rate applicable to this Note will change on the applicable Rate Adjustment Dates. Interest
shall be calculated on the basis of a 360-day year consisting of twelve 30-day months, except that interest due and payable for a period of less than a full month and/or any prepayment shall be calculated on an actual accrual method. The initial
interest rate included in the aforesaid payments, unless adjusted as otherwise provided in this Note, shall be calculated at the rate of Four and Five-Eighths percent (4.625%) per annum (“Note Rate”) upon the unpaid
balance of principal of this Note. Borrower, jointly and severally, also promises 

  

					
	Note (OR 1/12)	  	Page 1	  	

 
to pay interest at the Note Rate from the date of disbursement of the Loan proceeds evidenced by this Note (“Disbursement Date”) to the date from which interest is included in the first
payment previously described. As used herein, “Rate Adjustment Date(s)” shall be as follows: 
  

	 	•	 	 35 months from the First Payment Date; 

  

	 	•	 	 71 months from the First Payment Date; 

  

	 	•	 	 107 months from the First Payment Date; 

  

	 	•	 	 143 months from the First Payment Date. 

  

	 	(a)	One hundred and twenty (120) days prior to each Rate Adjustment Date, Lender will notify Borrower in writing of the Adjusted Interest Rate that will become
effective in accordance with this Note. The “Adjusted Interest Rate” will be Lender’s then prevailing annual interest rate for similar loans then being originated by Lender with a similar term (equal to the period between the Rate
Adjustment Date and the earlier of the next Rate Adjustment Date or the Maturity Date) then being originated by Lender on properties comparable to the Property (as herein defined) as determined solely by Lender. 

 

	 	(b)	Borrower shall have thirty (30) days from the date of receipt of such notification from Lender to accept or reject the Adjusted Interest Rate. Failure by Borrower
to notify Lender of the acceptance or rejection of the Adjusted Interest Rate within such thirty (30) day period shall be deemed to be a rejection of the Adjusted Interest Rate. If the Adjusted Interest Rate is rejected by Borrower (or deemed
rejected), the entire unpaid principal balance of this Note, all accrued unpaid interest hereon, and any other amounts payable hereunder or under the other Loan Documents (as hereinafter defined) shall be due and payable in full, without a
Prepayment Fee, no later than the Rate Adjustment Date. 

  

	 	(c)	If Borrower accepts the Adjusted Interest Rate for the offered period, the Adjusted Interest Rate shall become effective on the Rate Adjustment Date and monthly
installments of principal and interest shall then be due and payable in an amount to be determined that will amortize the remaining unpaid principal balance of this Note at the Adjusted Interest Rate over the remaining amortization period. In such
case, Borrower shall also have the option to prepay a portion of the remaining unpaid principal balance of this Note as described in paragraph 3(e) below. 

  

	 	(d)	Thereafter, monthly installments of principal and interest on the unpaid principal balance of this Note, at the Adjusted Interest Rate, in the amount thus calculated,
shall be due and payable in consecutive monthly installments commencing on the first day of the calendar month after the Rate Adjustment Date and continuing on the first day of each calendar month thereafter, to and including the monthly installment
of principal and interest due and payable on the earlier of the next Rate Adjustment Date or the Maturity Date. 

  

					
	Note (OR 1/12)	  	Page 2	  	

 3. Prepayment Restrictions; Fees. Borrower shall have the right to prepay, in
full but not in part, the obligation evidenced by this Note upon giving Lender (i) not less than thirty (30) days’ prior written notice of (a) Borrower’s intention to so prepay this Note, and (b) the date upon which
such prepayment will be received by Lender (“Prepayment Date”), and (ii) payment to Lender of the Prepayment Fee (as hereinafter defined), if any, then due to Lender as hereinafter provided. 

 

	 	(a)	As used herein, the term “Prepayment Fee” shall mean an amount which is the greater of 

 

	 	(i)	one percent (1%) of the outstanding principal balance of this Note at the time of prepayment, or 

 

	 	(ii)	the sum of 

  

	 	(A)	the Present Value (as hereinafter defined) of the scheduled monthly payments due under this Note from the Prepayment Date to the earlier of the next Rate Adjustment
Date or the Maturity Date. 

  

	 	(B)	the Present Value of the amount of principal and interest due under this Note on the earlier of the next Rate Adjustment Date or the Maturity Date (assuming all
scheduled monthly payments due prior to such dates were made when due), minus 

  

	 	(C)	the outstanding principal balance of this Note as of the Prepayment Date. 

 The “Present Values” described in (A) and (B) shall be computed on a monthly basis as of the Prepayment Date discounted at a rate equal to the yield-to-maturity of the U.S. Treasury
Note or Bond closest in maturity to the earlier of the next Rate Adjustment Date or the Maturity Date as reported in The Wall Street Journal (or, if The Wall Street Journal is no longer published, as reported in such other daily financial
publication of national circulation which shall be designated by Lender) on the fifth business day preceding the Prepayment Date. Borrower shall be obligated to prepay this Note on the Prepayment Date set forth in the written notice to Lender
required hereinabove, after such notice has been delivered to Lender. 
  

	 	(b)	Notwithstanding the foregoing or any other provision herein to the contrary, if Lender elects to apply insurance proceeds, condemnation awards, or any escrowed amounts,
if applicable, to the reduction of the outstanding principal balance of this Note in the manner provided in the Deed of Trust, no Prepayment Fee shall be due or payable as a result of such application and the monthly installments due and payable
hereunder shall be reduced accordingly. 

  

					
	Note (OR 1/12)	  	Page 3	  	

	 	(c)	In the event the Maturity Date is accelerated by Lender at any time due to a default by Borrower in the payment of principal and/or interest due under this Note or in
the performance of the terms, covenants or conditions contained in this Note, the Deed of Trust or any of the other Loan Documents (as hereinafter defined), then a tender of payment in an amount necessary to satisfy the entire outstanding principal
balance of this Note together with all accrued unpaid interest hereon made by Borrower, or by anyone on behalf of Borrower, at any time prior to, at, or as a result of, a foreclosure sale or sale pursuant to power of sale, shall constitute a
voluntary prepayment hereunder prior to the contracted Maturity Date of this Note thus requiring the payment to Lender of a Prepayment Fee equal to the applicable Prepayment Fee as set forth in paragraph (a) above; provided, however, that in
the event such Prepayment Fee is construed to be interest under the laws of the State of Oregon in any circumstance, such payment shall not be required to the extent that the amount thereof, together with other interest payable hereunder, exceeds
the maximum rate of interest that may be lawfully charged under applicable law. 

  

	 	(d)	Notwithstanding anything contained herein to the contrary, during the ninety (90) day period immediately preceding the Maturity Date of this Note, the entire
outstanding principal balance and all accrued unpaid interest on this Note may be prepaid in whole, but not in part, at par, without incurring a Prepayment Fee. 

 

	 	(e)	Notwithstanding anything contained herein to the contrary, if Borrower accepts the Adjusted Interest Rate as provided in paragraph 2 above, Borrower shall have the
right to prepay a portion of the unpaid principal balance of this Note prior to the Rate Adjustment Date, without a Prepayment Fee, provided the remaining principal balance of this Note after the prepayment may not be less than $150,000.00. Any
partial prepayment must be received by Lender no less than thirty (30) days prior to the Rate Adjustment Date. Any partial prepayment will be applied to pay down the principal balance of this Note upon Lender’s receipt of such prepayment.
The then remaining principal balance of this Note will then be used to calculate the new monthly payment amount as described in paragraph 2(d) above. 

 4. Waiver. To the extent permitted by law, each and every Borrower, surety, guarantor, endorser or signator to this Note and any other party now or hereafter liable for the payment of this Note, in
whatever capacity, whether in whole or in part hereby (a) waives notice of intent to demand, presentment for payment, notice of demand, demand, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of intent to
accelerate, notice of acceleration, and all other notices, filing of suit, and diligence in collecting this Note and/or enforcing any of the security herefor; (b) agrees that Lender shall not be required first to institute suit or exhaust its
remedies against Borrower or others liable or to become liable hereon or against the Property (as hereinafter defined), it being understood that Lender may exercise its rights hereunder and pursue its remedies in any order and at any time it
desires, and may do so, without notice to or 

  

					
	Note (OR 1/12)	  	Page 4	  	

 
consent of any such person, and without in any way diminishing the obligations of any such person; (c) consents to Lender dealing with any such person with reference to this Note by way of
forbearance, extension, modification, compromise or otherwise; (d) consents and agrees to any and all extensions, releases, renewals, partial payments, surrenders, exchanges, substitutions of security herefor, compromises, discharges or
modifications and any other indulgence with respect to any right or obligation secured by or provided by the Deed of Trust, Mortgage, or Deed to Secure Debt, as the case may be, securing this Note (“Deed of Trust”) or any other instrument
securing this Note, before or after the maturity of this Note, without notice thereof to any of them; or (e) consents and agrees that Lender may take any other action which Lender may deem reasonably appropriate to protect its security interest
in the property securing this Note (“Property”). Any such action(s) taken under the preceding sentence may be taken against one, all, or some of such persons, and Lender may take any such action against one differently than another of such
persons, in Lender’s sole discretion. 
 5. Default; Default Rate. Time is material and of the essence hereof with
respect to the payment of any sums of any nature by and the performance of all duties or obligations of the Borrower. Each of the following shall be an Event of Default under this Note: (a) failure to make any payment of principal and/or
interest or any other payment required by the provisions of this Note or of any instrument securing this Note on the date such payment or payments are due; (b) failure to perform any other provision of this Note or of any instrument securing
this Note; (c) falsity in any material respect of the warranties in the Deed of Trust or of any representation, warranty or information furnished by Borrower or its agents to Lender in connection with the loan evidenced by this Note
(“Loan”); or (d) failure to pay or perform under any Other Loan Documents (as described and defined in the Deed of Trust). Upon the occurrence of any Event of Default, any sum not paid as provided in this Note or in any instrument
securing this Note, shall, at the option of Lender, without notice, bear interest from such due date at a rate of interest (“Default Rate”) equal to four (4) percentage points per annum greater than the Note Rate, or the maximum rate
of interest permitted by law, whichever is the lesser, and, at the option of Lender, the unpaid balance of principal, accrued interest, plus any other sums due under this Note, or under any instrument securing this Note shall at once become due and
payable, without notice except as described in paragraph 12, and shall bear interest at the Default Rate. If an Event of Default occurs during a period of time in which prepayment is permitted only on payment of a prepayment fee, such fee shall be
computed as if the sum declared due on default were a prepayment and shall be added to the sums due and payable hereunder. 
 6.
Late Charges. If any payment is not received by Lender (or by the correspondent if a correspondent has been designated by Lender to receive payments) within five (5) calendar days after its due date, Lender, at its option, may assess a
late charge equal to five cents for each $1.00 of each overdue payment or the maximum late charge permitted by the laws of the state in which the Property is located, whichever is less. Such late charge shall be due and payable on demand, and
Lender, at its option, may (a) refuse to accept any late payment or any subsequent payment unless accompanied by such late charge, (b) add such late charge to the principal balance of this Note or (c) treat the failure to pay such
late charge as demanded as an Event of Default hereunder. If such late charge is added to the principal balance of this Note, it shall bear interest at the Default Rate. The late charge is compensation for damages suffered by Lender and does not
constitute interest. 

  

					
	Note (OR 1/12)	  	Page 5	  	

 7. Acknowledgments Regarding Default Rate, Late Charges and Prepayment Charges.

  

	 	(a)	Borrower acknowledges and agrees that (i) a default in making the payments herein agreed to be paid when due will result in the Lender incurring additional expense
in servicing the Loan, loss to Lender of the use of the money due, and frustration to Lender in meeting its other commitments, (ii) if for any reason it fails to pay any amounts due hereunder, Lender shall be entitled to damages for the
detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages, and (iii) the Default Rate and the late charge described in this Note are a reasonable estimate of such damages.

  

	 	(b)	Borrower acknowledges and agrees that (i) prepayment prior to the maturity date may result in loss to Lender, (ii) the amount of the loss will depend on the
interest rates at the time of prepayment, the amount of principal prepaid and the length of time remaining between the prepayment date and the scheduled maturity date, (iii) prepayment is most likely to occur when interest rates have dropped
below the Note Rate, and (iv) because it is extremely difficult and impractical to ascertain now the amount of loss Lender may suffer in the event of prepayment, (A) Lender shall be entitled to damages for the loss caused by prepayment and
(B) the prepayment fee described in this Note is a reasonable measure of such damages. Borrower agrees that the prepayment fee described in this Note shall be imposed, to the extent permitted by law, whether the prepayment is voluntary,
involuntary or by operation of law, in connection with an Event of Default, or required by Lender in connection with a transfer or contract to transfer the Property, provided that no prepayment fee shall be added to sums prepaid with casualty
insurance proceeds or condemnation awards. 

  

	 	(c)	Borrower expressly (i) waives any right to prepay the Loan without payment of the prepayment fee described above in connection with a transfer or contract to
transfer the Property by Borrower, or a successor in interest of the undersigned, and (ii) agrees to pay such prepayment fee as provided above in connection with such a transfer or contract to transfer. 

 

	 	(d)	Borrower represents that it is a knowledgeable real estate investor and fully understands the effect of the fees, charges, waivers and agreements contained above.
Borrower acknowledges and agrees that the making of the Loan by Lender at the interest rate and with the other terms described herein is sufficient consideration for such fees, charges, waiver and agreement, and that Lender would not make this Loan
on these terms without such fees, charges, waiver and agreement. 

  

					
	Note (OR 1/12)	  	Page 6	  	

 8. Expenses and Attorney Fees. If Lender refers this Note to an attorney for
collection or seeks legal advice following a default alleged in good faith under this Note; if Lender is the prevailing party in any litigation instituted in connection with this Note; or if Lender or any other person initiates any judicial or
nonjudicial action, suit or proceeding, including but not limited to a foreclosure sale, in connection with this Note or the security therefor, and an attorney is employed by Lender to (a) appear in any such action, suit or proceeding,
(b) reclaim, seek relief from a judicial or statutory stay, sequester, protect, preserve or enforce Lender’s interest in this Note, the Deed of Trust, or any other security for this Note (including but not limited to proceedings at
appellate levels, under federal bankruptcy law, in eminent domain, under probate proceedings, or in connection with any state or federal tax lien), or (c) assist Lender in any foreclosure sale, then, in any such event, Borrower shall pay
attorney’s fees and costs and expenses incurred by Lender and/or its attorney in connection with the above-mentioned events and any appeals or discretionary reviews related to such events, including but not limited to costs incurred in
searching records, the cost of title reports, the cost of appraisals, and the cost of surveyors’ reports. If not paid within ten days after such fees, costs and expenses become due and written demand for payment is made upon Borrower, such
amount may, at Lender’s option, be added to the principal of this Note and shall bear interest at the Default Rate. 
 9.
No Usury. In no event shall any payment of interest or any other sum payable hereunder both (a) violate the usury laws of the state in which the Property is located and (b) allow Borrower to bring a claim for usury or raise usury as
a defense in any action on this Note. If it is established that both (a) and (b) have occurred, and any payment exceeding lawful limits has been received, Lender shall refund such excess or, at its option, credit the excess amount to
principal, but such payments shall not affect the obligation to make periodic payments required herein. 
 10. Security.
The indebtedness evidenced by this Note is secured by the Deed of Trust, Mortgage, or Deed to Secure Debt, as applicable (“Deed of Trust”), of even date and may be secured by other security instruments. 

11. Due on Sale or Encumbrance. As provided in the Deed of Trust securing this Note, and subject to any exceptions provided
therein, transfers or encumbrances of the Property, or of ownership interests in Borrower, cause all sums evidenced by this Note and/or secured by the Deed of Trust or by any other Loan Document to become immediately due and payable. By signing this
Note, Borrower acknowledges that Borrower has received and reviewed a copy of the Deed of Trust and is familiar with the provisions restricting the transfer of the Property and the ownership interests therein and assumptions of the Loan. 

12. Notice and Opportunity to Cure. Notwithstanding any other provision of this Note, Lender shall not accelerate the sums
evidenced hereby because of a nonmonetary default (defined below) by Borrower unless Borrower fails to cure the default within fifteen (15) days of the earlier of the date on which Lender mails or delivers written notice of the default to
Borrower. For purposes of this Note, the term “nonmonetary default” means a failure by Borrower or any other person or entity to perform any obligation contained in this Note or any other document or instrument evidencing or securing the
Loan (collectively, “Loan 

  

					
	Note (OR 1/12)	  	Page 7	  	

 
Documents”), other than the obligation to make payments provided for in this Note or any other Loan Document. If a nonmonetary default is capable of being cured and the cure cannot
reasonably be completed within the fifteen (15) day cure period, the cure period shall be extended up to sixty (60) days so long as Borrower has commenced action to cure within the fifteen (15) day cure period, and in Lender’s
opinion, Borrower is proceeding to cure the default with due diligence. No notice of default and no opportunity to cure shall be required if during any 12-month period Lender has already sent a notice to Borrower concerning default in the
performance of the same obligation. None of the foregoing shall be construed to obligate Lender to forebear in any other manner from exercising its remedies and Lender may pursue any other rights or remedies which Lender may have because of a
default. 
 13. Commercial Purpose. The obligation evidenced by this Note is exclusively for commercial or business
purposes. 
 14. Notices. All notices required or permitted under this Note shall be in writing and may be telecopies,
cabled, delivered by hand, or mailed by first class registered or certified mail, return receipt requested, postage prepaid, and addressed as follows: 
 If to Lender: 
 STANDARD INSURANCE COMPANY 

c/o StanCorp Mortgage Investors, LLC 
 Attn: Mortgage Loan Servicing T3A 
 19225 NW Tanasbourne Drive

 Hillsboro, OR 97124 
 If to Borrower: 
 VITRAN ILLINOIS, LLC

 Attn: Chris Keylon 
 P.O. Box 1290 (for U.S.P.S. mail delivery) 
 2850 Kramer Road (for
courier or other delivery) 
 Gibsonia, PA 15044 

Changes in the respective addresses to which such notices shall be directed may be from time to time by either party by notice to the
other party given at least ten (10) days before such change of address is to become effective. Notices given by mail in accordance with this provision shall be deemed to have been given three (3) days after the date of dispatch; notices
given by any other means shall be deemed to have been given when received. 
 15. Choice of Law, Jurisdiction and Venue;
Enforceability; Severability. Except for matters relating to the validity and/or enforcement of the security interest of Lender in the Property, which shall be determined in accordance with the applicable laws of the state in which the affected
Property is situated, the law of the state of Oregon shall govern the validity, interpretation, construction, performance and enforcement of this Note and any and all other 

  

					
	Note (OR 1/12)	  	Page 8	  	

 
Loan Documents. If, for any reason or to any extent any word, term, provision, or clause of this Note or any of the other Loan Documents, or its application to any person or situation, shall be
found by a court or other adjudicating authority to be invalid or unenforceable, the remaining words, terms, provisions, or clauses shall be enforced, and the affected work, term, clause, or provision shall be applied, to the fullest extent
permitted by law. Borrower irrevocably submits to the jurisdiction of Multnomah County state or Portland, Oregon federal court in any action or proceeding brought to enforce or otherwise arising out of or relating to this Note or any of the
other Loan Documents, and waives any claim that such forum is inappropriate and/or an inconvenient forum. 
 16. Successors
and Assigns. Whenever used herein, the words “undersigned”, “Borrower” and “Lender” shall be deemed to include their respective heirs, devisees, executors, administrators, personal representatives, successors and
assigns. 
 NOTICES TO BORROWER 
 DO NOT SIGN THIS NOTE BEFORE YOU READ IT. THIS NOTE PROVIDES FOR THE PAYMENT OF A FEE IF THIS NOTE IS PREPAID PRIOR TO THE DATE PROVIDED FOR REPAYMENT IN THIS NOTE AND OTHER CHARGES IF PAYMENTS ARE
LATE. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTE, YOU SHOULD CONSULT YOUR ATTORNEY. 
 ORS 41.580 Disclosure. UNDER OREGON
LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS BY LENDER, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS
CONSIDERATION AND BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF LENDER TO BE ENFORCEABLE. 
 BORROWER: 

 

			
	 VITRAN ILLINOIS, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Chris Keylon
		 	 CHRIS KEYLON
 Its:
Authorized Manager

  

					
	Note (OR 1/12)	  	Page 9	  	

 SIC Loan No. B2110702 

NOTE 
  

			
	$1,600,000.00	  	February 21, 2013

 FOR VALUE RECEIVED, the undersigned, VITRAN MICHIGAN, LLC, a Delaware limited liability company
(“Borrower”), promises to pay in lawful money of the United States, to the order of STANDARD INSURANCE COMPANY, an Oregon corporation (together with any assigns, collectively, “Lender”), at its office in Hillsboro, Oregon,
or such other place as Lender may designate, the principal amount of a loan (“Loan”) of One Million Six Hundred Thousand and No/100ths Dollars ($1,600,000.00), together with interest thereon, on the following agreements,
terms and conditions. 
 1. Payments. Borrower shall make monthly payments of principal and interest to Lender, in
amounts sufficient to fully amortize the principal balance of this Note over a fifteen (15) year amortization period in substantially equal monthly payments. Such monthly payments of principal and interest shall be in the initial amount of
Twelve Thousand Five Hundred Forty-Nine and No/100ths Dollars ($12,549.00) payable on the first day of each month, commencing with the first day of April, 2013, together with such other sums as may become due
hereunder or under any instrument securing this Note, until the entire indebtedness is fully paid, except that any remaining indebtedness if not sooner paid shall be finally due and payable on the first day of March, 2028, which is the
maturity date of this Note (“Maturity Date”). The monthly payment amount will change after each Rate Adjustment Date (as defined in Paragraph 2) to an amount sufficient to repay the then unpaid principal balance of this Note in full at the
then current interest rate, in substantially equal monthly payments over the balance of the amortization period specified above. If applicable, until the payment is again changed, Borrower shall pay the new monthly payment each month beginning on
the first day of the first calendar month after the applicable Rate Adjustment Date. Lender will mail or deliver to Borrower a notice of any changes in the interest rate applicable to this Note, and any resulting changes in the monthly payments
required under this Note, prior to the date the first payment is due after the applicable Rate Adjustment Date. Every payment received with respect hereto shall be applied, in any order that may be determined by Lender in its sole discretion, to
sums under this Note, including, without limitation: (a) late charges; (b) expenses paid or funds advanced by Lender with interest thereon at the Default Rate when applicable (as hereinafter defined); (c) any prepayment fees due with
respect to any payment and any other fees which may remain unpaid; (d) accrued interest on the principal balance from time to time remaining unpaid; and (e) subject to the prepayment provisions herein, the principal balance hereunder.

 2. Interest. The interest rate applicable to this Note will change on the applicable Rate Adjustment Dates. Interest
shall be calculated on the basis of a 360-day year consisting of twelve 30-day months, except that interest due and payable for a period of less than a full month and/or any prepayment shall be calculated on an actual accrual method. The initial
interest rate included in the aforesaid payments, unless adjusted as otherwise provided in this Note, shall be calculated at the rate of Four and Seven-Eighths percent (4.875%) per annum (“Note Rate”) upon the unpaid
balance of principal of this Note. Borrower, jointly and severally, also promises 

  

					
	Note (OR 1/12)	  	Page 1	  	

 
to pay interest at the Note Rate from the date of disbursement of the Loan proceeds evidenced by this Note (“Disbursement Date”) to the date from which interest is included in the first
payment previously described. As used herein, “Rate Adjustment Date(s)” shall be as follows: 
  

	 	•	 	 59 months from the First Payment Date; 

  

	 	•	 	 119 months from the First Payment Date; 

  

	 	(a)	One hundred and twenty (120) days prior to each Rate Adjustment Date, Lender will notify Borrower in writing of the Adjusted Interest Rate that will become
effective in accordance with this Note. The “Adjusted Interest Rate” will be Lender’s then prevailing annual interest rate for similar loans then being originated by Lender with a similar term (equal to the period between the Rate
Adjustment Date and the earlier of the next Rate Adjustment Date or the Maturity Date) then being originated by Lender on properties comparable to the Property (as herein defined) as determined solely by Lender. 

 

	 	(b)	Borrower shall have thirty (30) days from the date of receipt of such notification from Lender to accept or reject the Adjusted Interest Rate. Failure by Borrower
to notify Lender of the acceptance or rejection of the Adjusted Interest Rate within such thirty (30) day period shall be deemed to be a rejection of the Adjusted Interest Rate. If the Adjusted Interest Rate is rejected by Borrower (or deemed
rejected), the entire unpaid principal balance of this Note, all accrued unpaid interest hereon, and any other amounts payable hereunder or under the other Loan Documents (as hereinafter defined) shall be due and payable in full, without a
Prepayment Fee, no later than the Rate Adjustment Date. 

  

	 	(c)	If Borrower accepts the Adjusted Interest Rate for the offered period, the Adjusted Interest Rate shall become effective on the Rate Adjustment Date and monthly
installments of principal and interest shall then be due and payable in an amount to be determined that will amortize the remaining unpaid principal balance of this Note at the Adjusted Interest Rate over the remaining amortization period. In such
case, Borrower shall also have the option to prepay a portion of the remaining unpaid principal balance of this Note as described in paragraph 3(e) below. 

  

	 	(d)	Thereafter, monthly installments of principal and interest on the unpaid principal balance of this Note, at the Adjusted Interest Rate, in the amount thus calculated,
shall be due and payable in consecutive monthly installments commencing on the first day of the calendar month after the Rate Adjustment Date and continuing on the first day of each calendar month thereafter, to and including the monthly installment
of principal and interest due and payable on the earlier of the next Rate Adjustment Date or the Maturity Date. 

  

					
	Note (OR 1/12)	  	Page 2	  	

 3. Prepayment Restrictions; Fees. Borrower shall have the right to prepay, in
full but not in part, the obligation evidenced by this Note upon giving Lender (i) not less than thirty (30) days’ prior written notice of (a) Borrower’s intention to so prepay this Note, and (b) the date upon which such
prepayment will be received by Lender (“Prepayment Date”), and (ii) payment to Lender of the Prepayment Fee (as hereinafter defined), if any, then due to Lender as hereinafter provided. 

 

	 	(a)	As used herein, the term “Prepayment Fee” shall mean an amount which is the greater of 

 

	 	(i)	one percent (1%) of the outstanding principal balance of this Note at the time of prepayment, or 

 

	 	(ii)	the sum of 

  

	 	(A)	the Present Value (as hereinafter defined) of the scheduled monthly payments due under this Note from the Prepayment Date to the earlier of the next Rate Adjustment
Date or the Maturity Date. 

  

	 	(B)	the Present Value of the amount of principal and interest due under this Note on the earlier of the next Rate Adjustment Date or the Maturity Date (assuming all
scheduled monthly payments due prior to such dates were made when due), minus 

  

	 	(C)	the outstanding principal balance of this Note as of the Prepayment Date. 

 The “Present Values” described in (A) and (B) shall be computed on a monthly basis as of the Prepayment Date discounted at a rate equal to the yield-to-maturity of the U.S. Treasury
Note or Bond closest in maturity to the earlier of the next Rate Adjustment Date or the Maturity Date as reported in The Wall Street Journal (or, if The Wall Street Journal is no longer published, as reported in such other daily financial
publication of national circulation which shall be designated by Lender) on the fifth business day preceding the Prepayment Date. Borrower shall be obligated to prepay this Note on the Prepayment Date set forth in the written notice to Lender
required hereinabove, after such notice has been delivered to Lender. 
  

	 	(b)	Notwithstanding the foregoing or any other provision herein to the contrary, if Lender elects to apply insurance proceeds, condemnation awards, or any escrowed amounts,
if applicable, to the reduction of the outstanding principal balance of this Note in the manner provided in the Deed of Trust, no Prepayment Fee shall be due or payable as a result of such application and the monthly installments due and payable
hereunder shall be reduced accordingly. 

  

					
	Note (OR 1/12)	  	Page 3	  	

	 	(c)	In the event the Maturity Date is accelerated by Lender at any time due to a default by Borrower in the payment of principal and/or interest due under this Note or in
the performance of the terms, covenants or conditions contained in this Note, the Deed of Trust or any of the other Loan Documents (as hereinafter defined), then a tender of payment in an amount necessary to satisfy the entire outstanding principal
balance of this Note together with all accrued unpaid interest hereon made by Borrower, or by anyone on behalf of Borrower, at any time prior to, at, or as a result of, a foreclosure sale or sale pursuant to power of sale, shall constitute a
voluntary prepayment hereunder prior to the contracted Maturity Date of this Note thus requiring the payment to Lender of a Prepayment Fee equal to the applicable Prepayment Fee as set forth in paragraph (a) above; provided, however, that in
the event such Prepayment Fee is construed to be interest under the laws of the State of Oregon in any circumstance, such payment shall not be required to the extent that the amount thereof, together with other interest payable hereunder, exceeds
the maximum rate of interest that may be lawfully charged under applicable law. 

  

	 	(d)	Notwithstanding anything contained herein to the contrary, during the ninety (90) day period immediately preceding the Maturity Date of this Note, the entire
outstanding principal balance and all accrued unpaid interest on this Note may be prepaid in whole, but not in part, at par, without incurring a Prepayment Fee. 

 

	 	(e)	Notwithstanding anything contained herein to the contrary, if Borrower accepts the Adjusted Interest Rate as provided in paragraph 2 above, Borrower shall have the
right to prepay a portion of the unpaid principal balance of this Note prior to the Rate Adjustment Date, without a Prepayment Fee, provided the remaining principal balance of this Note after the prepayment may not be less than $150,000.00. Any
partial prepayment must be received by Lender no less than thirty (30) days prior to the Rate Adjustment Date. Any partial prepayment will be applied to pay down the principal balance of this Note upon Lender’s receipt of such prepayment.
The then remaining principal balance of this Note will then be used to calculate the new monthly payment amount as described in paragraph 2(d) above. 

 4. Waiver. To the extent permitted by law, each and every Borrower, surety, guarantor, endorser or signator to this Note and any other party now or hereafter liable for the payment of this Note, in
whatever capacity, whether in whole or in part hereby (a) waives notice of intent to demand, presentment for payment, notice of demand, demand, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of intent to
accelerate, notice of acceleration, and all other notices, filing of suit, and diligence in collecting this Note and/or enforcing any of the security herefor; (b) agrees that Lender shall not be required first to institute suit or exhaust its
remedies against Borrower or others liable or to become liable hereon or against the Property (as hereinafter defined), it being understood that Lender may exercise its rights hereunder and pursue its remedies in any order and at any time it
desires, and may do so, without notice to or consent of any such person, and without in any way diminishing the obligations of any such 

  

					
	Note (OR 1/12)	  	Page 4	  	

 
person; (c) consents to Lender dealing with any such person with reference to this Note by way of forbearance, extension, modification, compromise or otherwise; (d) consents and agrees
to any and all extensions, releases, renewals, partial payments, surrenders, exchanges, substitutions of security herefor, compromises, discharges or modifications and any other indulgence with respect to any right or obligation secured by or
provided by the Deed of Trust, Mortgage, or Deed to Secure Debt, as the case may be, securing this Note (“Deed of Trust”) or any other instrument securing this Note, before or after the maturity of this Note, without notice thereof to any
of them; or (e) consents and agrees that Lender may take any other action which Lender may deem reasonably appropriate to protect its security interest in the property securing this Note (“Property”). Any such action(s) taken under
the preceding sentence may be taken against one, all, or some of such persons, and Lender may take any such action against one differently than another of such persons, in Lender’s sole discretion. 

5. Default; Default Rate. Time is material and of the essence hereof with respect to the payment of any sums of any nature by and
the performance of all duties or obligations of the Borrower. Each of the following shall be an Event of Default under this Note: (a) failure to make any payment of principal and/or interest or any other payment required by the provisions of
this Note or of any instrument securing this Note on the date such payment or payments are due; (b) failure to perform any other provision of this Note or of any instrument securing this Note; (c) falsity in any material respect of the
warranties in the Deed of Trust or of any representation, warranty or information furnished by Borrower or its agents to Lender in connection with the loan evidenced by this Note (“Loan”); or (d) failure to pay or perform under any
Other Loan Documents (as described and defined in the Deed of Trust). Upon the occurrence of any Event of Default, any sum not paid as provided in this Note or in any instrument securing this Note, shall, at the option of Lender, without notice,
bear interest from such due date at a rate of interest (“Default Rate”) equal to four (4) percentage points per annum greater than the Note Rate, or the maximum rate of interest permitted by law, whichever is the lesser, and, at the
option of Lender, the unpaid balance of principal, accrued interest, plus any other sums due under this Note, or under any instrument securing this Note shall at once become due and payable, without notice except as described in paragraph 12, and
shall bear interest at the Default Rate. If an Event of Default occurs during a period of time in which prepayment is permitted only on payment of a prepayment fee, such fee shall be computed as if the sum declared due on default were a prepayment
and shall be added to the sums due and payable hereunder. 
 6. Late Charges. If any payment is not received by Lender
(or by the correspondent if a correspondent has been designated by Lender to receive payments) within five (5) calendar days after its due date, Lender, at its option, may assess a late charge equal to five cents for each $1.00 of each overdue
payment or the maximum late charge permitted by the laws of the state in which the Property is located, whichever is less. Such late charge shall be due and payable on demand, and Lender, at its option, may (a) refuse to accept any late payment
or any subsequent payment unless accompanied by such late charge, (b) add such late charge to the principal balance of this Note or (c) treat the failure to pay such late charge as demanded as an Event of Default hereunder. If such late
charge is added to the principal balance of this Note, it shall bear interest at the Default Rate. The late charge is compensation for damages suffered by Lender and does not constitute interest. 

  

					
	Note (OR 1/12)	  	Page 5	  	

 7. Acknowledgments Regarding Default Rate, Late Charges and Prepayment Charges.

  

	 	(a)	Borrower acknowledges and agrees that (i) a default in making the payments herein agreed to be paid when due will result in the Lender incurring additional expense
in servicing the Loan, loss to Lender of the use of the money due, and frustration to Lender in meeting its other commitments, (ii) if for any reason it fails to pay any amounts due hereunder, Lender shall be entitled to damages for the
detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages, and (iii) the Default Rate and the late charge described in this Note are a reasonable estimate of such damages.

  

	 	(b)	Borrower acknowledges and agrees that (i) prepayment prior to the maturity date may result in loss to Lender, (ii) the amount of the loss will depend on the
interest rates at the time of prepayment, the amount of principal prepaid and the length of time remaining between the prepayment date and the scheduled maturity date, (iii) prepayment is most likely to occur when interest rates have dropped
below the Note Rate, and (iv) because it is extremely difficult and impractical to ascertain now the amount of loss Lender may suffer in the event of prepayment, (A) Lender shall be entitled to damages for the loss caused by prepayment and
(B) the prepayment fee described in this Note is a reasonable measure of such damages. Borrower agrees that the prepayment fee described in this Note shall be imposed, to the extent permitted by law, whether the prepayment is voluntary,
involuntary or by operation of law, in connection with an Event of Default, or required by Lender in connection with a transfer or contract to transfer the Property, provided that no prepayment fee shall be added to sums prepaid with casualty
insurance proceeds or condemnation awards. 

  

	 	(c)	Borrower expressly (i) waives any right to prepay the Loan without payment of the prepayment fee described above in connection with a transfer or contract to
transfer the Property by Borrower, or a successor in interest of the undersigned, and (ii) agrees to pay such prepayment fee as provided above in connection with such a transfer or contract to transfer. 

 

	 	(d)	Borrower represents that it is a knowledgeable real estate investor and fully understands the effect of the fees, charges, waivers and agreements contained above.
Borrower acknowledges and agrees that the making of the Loan by Lender at the interest rate and with the other terms described herein is sufficient consideration for such fees, charges, waiver and agreement, and that Lender would not make this Loan
on these terms without such fees, charges, waiver and agreement. 

  

					
	Note (OR 1/12)	  	Page 6	  	

 8. Expenses and Attorney Fees. If Lender refers this Note to an attorney for
collection or seeks legal advice following a default alleged in good faith under this Note; if Lender is the prevailing party in any litigation instituted in connection with this Note; or if Lender or any other person initiates any judicial or
nonjudicial action, suit or proceeding, including but not limited to a foreclosure sale, in connection with this Note or the security therefor, and an attorney is employed by Lender to (a) appear in any such action, suit or proceeding,
(b) reclaim, seek relief from a judicial or statutory stay, sequester, protect, preserve or enforce Lender’s interest in this Note, the Deed of Trust, or any other security for this Note (including but not limited to proceedings at
appellate levels, under federal bankruptcy law, in eminent domain, under probate proceedings, or in connection with any state or federal tax lien), or (c) assist Lender in any foreclosure sale, then, in any such event, Borrower shall pay
attorney’s fees and costs and expenses incurred by Lender and/or its attorney in connection with the above-mentioned events and any appeals or discretionary reviews related to such events, including but not limited to costs incurred in
searching records, the cost of title reports, the cost of appraisals, and the cost of surveyors’ reports. If not paid within ten days after such fees, costs and expenses become due and written demand for payment is made upon Borrower, such
amount may, at Lender’s option, be added to the principal of this Note and shall bear interest at the Default Rate. 
 9.
No Usury. In no event shall any payment of interest or any other sum payable hereunder both (a) violate the usury laws of the state in which the Property is located and (b) allow Borrower to bring a claim for usury or raise usury as
a defense in any action on this Note. If it is established that both (a) and (b) have occurred, and any payment exceeding lawful limits has been received, Lender shall refund such excess or, at its option, credit the excess amount to
principal, but such payments shall not affect the obligation to make periodic payments required herein. 
 10. Security.
The indebtedness evidenced by this Note is secured by the Deed of Trust, Mortgage, or Deed to Secure Debt, as applicable (“Deed of Trust”), of even date and may be secured by other security instruments. 

11. Due on Sale or Encumbrance. As provided in the Deed of Trust securing this Note, and subject to any exceptions provided
therein, transfers or encumbrances of the Property, or of ownership interests in Borrower, cause all sums evidenced by this Note and/or secured by the Deed of Trust or by any other Loan Document to become immediately due and payable. By signing this
Note, Borrower acknowledges that Borrower has received and reviewed a copy of the Deed of Trust and is familiar with the provisions restricting the transfer of the Property and the ownership interests therein and assumptions of the Loan. 

12. Notice and Opportunity to Cure. Notwithstanding any other provision of this Note, Lender shall not accelerate the sums
evidenced hereby because of a nonmonetary default (defined below) by Borrower unless Borrower fails to cure the default within fifteen (15) days of the earlier of the date on which Lender mails or delivers written notice of the default to
Borrower. For purposes of this Note, the term “nonmonetary default” means a failure by Borrower or any other person or entity to perform any obligation contained in this Note or any other document or instrument evidencing or securing the
Loan (collectively, “Loan 

  

					
	Note (OR 1/12)	  	Page 7	  	

 
Documents”), other than the obligation to make payments provided for in this Note or any other Loan Document. If a nonmonetary default is capable of being cured and the cure cannot
reasonably be completed within the fifteen (15) day cure period, the cure period shall be extended up to sixty (60) days so long as Borrower has commenced action to cure within the fifteen (15) day cure period, and in Lender’s
opinion, Borrower is proceeding to cure the default with due diligence. No notice of default and no opportunity to cure shall be required if during any 12-month period Lender has already sent a notice to Borrower concerning default in the
performance of the same obligation. None of the foregoing shall be construed to obligate Lender to forebear in any other manner from exercising its remedies and Lender may pursue any other rights or remedies which Lender may have because of a
default. 
 13. Commercial Purpose. The obligation evidenced by this Note is exclusively for commercial or business
purposes. 
 14. Notices. All notices required or permitted under this Note shall be in writing and may be telecopies,
cabled, delivered by hand, or mailed by first class registered or certified mail, return receipt requested, postage prepaid, and addressed as follows: 
 If to Lender: 
 STANDARD INSURANCE COMPANY 

c/o StanCorp Mortgage Investors, LLC 
 Attn: Mortgage Loan Servicing T3A 
 19225 NW Tanasbourne Drive

 Hillsboro, OR 97124 
 If to Borrower: 
 VITRAN MICHIGAN, LLC 

Attn: Chris Keylon 
 P.O. Box 1290 (for U.S.P.S. mail delivery) 
 2850 Kramer Road (for
courier or other delivery) 
 Gibsonia, PA 15044 

Changes in the respective addresses to which such notices shall be directed may be from time to time by either party by notice to the
other party given at least ten (10) days before such change of address is to become effective. Notices given by mail in accordance with this provision shall be deemed to have been given three (3) days after the date of dispatch; notices
given by any other means shall be deemed to have been given when received. 
 15. Choice of Law, Jurisdiction and Venue;
Enforceability; Severability. Except for matters relating to the validity and/or enforcement of the security interest of Lender in the Property, which shall be determined in accordance with the applicable laws of the state in which the affected
Property is situated, the law of the state of Oregon shall govern the validity, interpretation, construction, performance and enforcement of this Note and any and all other 

  

					
	Note (OR 1/12)	  	Page 8	  	

 
Loan Documents. If, for any reason or to any extent any word, term, provision, or clause of this Note or any of the other Loan Documents, or its application to any person or situation, shall be
found by a court or other adjudicating authority to be invalid or unenforceable, the remaining words, terms, provisions, or clauses shall be enforced, and the affected work, term, clause, or provision shall be applied, to the fullest extent
permitted by law. Borrower irrevocably submits to the jurisdiction of Multnomah County state or Portland, Oregon federal court in any action or proceeding brought to enforce or otherwise arising out of or relating to this Note or any of the
other Loan Documents, and waives any claim that such forum is inappropriate and/or an inconvenient forum. 
 16. Successors
and Assigns. Whenever used herein, the words “undersigned”, “Borrower” and “Lender” shall be deemed to include their respective heirs, devisees, executors, administrators, personal representatives, successors and
assigns. 
 NOTICES TO BORROWER 
 DO NOT SIGN THIS NOTE BEFORE YOU READ IT. THIS NOTE PROVIDES FOR THE PAYMENT OF A FEE IF THIS NOTE IS PREPAID PRIOR TO THE DATE PROVIDED FOR REPAYMENT IN THIS NOTE AND OTHER CHARGES IF PAYMENTS ARE
LATE. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTE, YOU SHOULD CONSULT YOUR ATTORNEY. 
 ORS 41.580 Disclosure. UNDER OREGON
LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS BY LENDER, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS
CONSIDERATION AND BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF LENDER TO BE ENFORCEABLE. 
 BORROWER: 

 

			
	 VITRAN MICHIGAN, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Chris Keylon
		 	 CHRIS KEYLON
 Its:
Authorized Manager

  

					
	Note (OR 1/12)	  	Page 9	  	

 SIC Loan No. B2110716 

NOTE 
  

			
	$1,280,000.00	  	February 21, 2013

 FOR VALUE RECEIVED, the undersigned, VITRAN OHIO, LLC, a Delaware limited liability company
(“Borrower”), promises to pay in lawful money of the United States, to the order of STANDARD INSURANCE COMPANY, an Oregon corporation (together with any assigns, collectively, “Lender”), at its office in Hillsboro, Oregon,
or such other place as Lender may designate, the principal amount of a loan (“Loan”) of One Million Two Hundred Eighty Thousand and No/100ths Dollars ($1,280,000.00), together with interest thereon, on the following
agreements, terms and conditions. 
 1. Payments. Borrower shall make monthly payments of principal and interest to
Lender, in amounts sufficient to fully amortize the principal balance of this Note over a fifteen (15) year amortization period in substantially equal monthly payments. Such monthly payments of principal and interest shall be in the initial
amount of Nine Thousand Eight Hundred Seventy-Four and No/100ths Dollars ($9,874.00) payable on the first day of each month, commencing with the first day of April, 2013, together with such other sums as may become
due hereunder or under any instrument securing this Note, until the entire indebtedness is fully paid, except that any remaining indebtedness if not sooner paid shall be finally due and payable on the first day of March, 2028, which is
the maturity date of this Note (“Maturity Date”). The monthly payment amount will change after each Rate Adjustment Date (as defined in Paragraph 2) to an amount sufficient to repay the then unpaid principal balance of this Note in full at
the then current interest rate, in substantially equal monthly payments over the balance of the amortization period specified above. If applicable, until the payment is again changed, Borrower shall pay the new monthly payment each month beginning
on the first day of the first calendar month after the applicable Rate Adjustment Date. Lender will mail or deliver to Borrower a notice of any changes in the interest rate applicable to this Note, and any resulting changes in the monthly payments
required under this Note, prior to the date the first payment is due after the applicable Rate Adjustment Date. Every payment received with respect hereto shall be applied, in any order that may be determined by Lender in its sole discretion, to
sums under this Note, including, without limitation: (a) late charges; (b) expenses paid or funds advanced by Lender with interest thereon at the Default Rate when applicable (as hereinafter defined); (c) any prepayment fees due with
respect to any payment and any other fees which may remain unpaid; (d) accrued interest on the principal balance from time to time remaining unpaid; and (e) subject to the prepayment provisions herein, the principal balance hereunder.

 2. Interest. The interest rate applicable to this Note will change on the applicable Rate Adjustment Dates. Interest
shall be calculated on the basis of a 360-day year consisting of twelve 30-day months, except that interest due and payable for a period of less than a full month and/or any prepayment shall be calculated on an actual accrual method. The initial
interest rate included in the aforesaid payments, unless adjusted as otherwise provided in this Note, shall be calculated at the rate of Four and Five-Eighths percent (4.625%) per annum (“Note Rate”) upon the unpaid
balance of principal of this Note. Borrower, jointly and severally, also promises 

  

					
	Note (OR 1/12)	  	Page 1	  	

 
to pay interest at the Note Rate from the date of disbursement of the Loan proceeds evidenced by this Note (“Disbursement Date”) to the date from which interest is included in the first
payment previously described. As used herein, “Rate Adjustment Date(s)” shall be as follows: 
  

	 	•	 	 35 months from the First Payment Date; 

  

	 	•	 	 71 months from the First Payment Date; 

  

	 	•	 	 107 months from the First Payment Date; 

  

	 	•	 	 143 months from the First Payment Date. 

 

	 	(a)	One hundred and twenty (120) days prior to each Rate Adjustment Date, Lender will notify Borrower in writing of the Adjusted Interest Rate that will become
effective in accordance with this Note. The “Adjusted Interest Rate” will be Lender’s then prevailing annual interest rate for similar loans then being originated by Lender with a similar term (equal to the period between the Rate
Adjustment Date and the earlier of the next Rate Adjustment Date or the Maturity Date) then being originated by Lender on properties comparable to the Property (as herein defined) as determined solely by Lender. 

 

	 	(b)	Borrower shall have thirty (30) days from the date of receipt of such notification from Lender to accept or reject the Adjusted Interest Rate. Failure by Borrower
to notify Lender of the acceptance or rejection of the Adjusted Interest Rate within such thirty (30) day period shall be deemed to be a rejection of the Adjusted Interest Rate. If the Adjusted Interest Rate is rejected by Borrower (or deemed
rejected), the entire unpaid principal balance of this Note, all accrued unpaid interest hereon, and any other amounts payable hereunder or under the other Loan Documents (as hereinafter defined) shall be due and payable in full, without a
Prepayment Fee, no later than the Rate Adjustment Date. 

  

	 	(c)	If Borrower accepts the Adjusted Interest Rate for the offered period, the Adjusted Interest Rate shall become effective on the Rate Adjustment Date and monthly
installments of principal and interest shall then be due and payable in an amount to be determined that will amortize the remaining unpaid principal balance of this Note at the Adjusted Interest Rate over the remaining amortization period. In such
case, Borrower shall also have the option to prepay a portion of the remaining unpaid principal balance of this Note as described in paragraph 3(e) below. 

  

	 	(d)	Thereafter, monthly installments of principal and interest on the unpaid principal balance of this Note, at the Adjusted Interest Rate, in the amount thus calculated,
shall be due and payable in consecutive monthly installments commencing on the first day of the calendar month after the Rate Adjustment Date and continuing on the first day of each calendar month thereafter, to and including the monthly installment
of principal and interest due and payable on the earlier of the next Rate Adjustment Date or the Maturity Date. 

  

					
	Note (OR 1/12)	  	Page 2	  	

 3. Prepayment Restrictions; Fees. Borrower shall have the right to prepay, in
full but not in part, the obligation evidenced by this Note upon giving Lender (i) not less than thirty (30) days’ prior written notice of (a) Borrower’s intention to so prepay this Note, and (b) the date upon which
such prepayment will be received by Lender (“Prepayment Date”), and (ii) payment to Lender of the Prepayment Fee (as hereinafter defined), if any, then due to Lender as hereinafter provided. 

 

	 	(a)	As used herein, the term “Prepayment Fee” shall mean an amount which is the greater of 

 

	 	(i)	one percent (1%) of the outstanding principal balance of this Note at the time of prepayment, or 

 

	 	(ii)	the sum of 

  

	 	(A)	the Present Value (as hereinafter defined) of the scheduled monthly payments due under this Note from the Prepayment Date to the earlier of the next Rate Adjustment
Date or the Maturity Date. 

  

	 	(B)	the Present Value of the amount of principal and interest due under this Note on the earlier of the next Rate Adjustment Date or the Maturity Date (assuming all
scheduled monthly payments due prior to such dates were made when due), minus 

  

	 	(C)	the outstanding principal balance of this Note as of the Prepayment Date. 

 The “Present Values” described in (A) and (B) shall be computed on a monthly basis as of the Prepayment Date discounted at a rate equal to the yield-to-maturity of the U.S. Treasury
Note or Bond closest in maturity to the earlier of the next Rate Adjustment Date or the Maturity Date as reported in The Wall Street Journal (or, if The Wall Street Journal is no longer published, as reported in such other daily financial
publication of national circulation which shall be designated by Lender) on the fifth business day preceding the Prepayment Date. Borrower shall be obligated to prepay this Note on the Prepayment Date set forth in the written notice to Lender
required hereinabove, after such notice has been delivered to Lender. 
  

	 	(b)	Notwithstanding the foregoing or any other provision herein to the contrary, if Lender elects to apply insurance proceeds, condemnation awards, or any escrowed amounts,
if applicable, to the reduction of the outstanding principal balance of this Note in the manner provided in the Deed of Trust, no Prepayment Fee shall be due or payable as a result of such application and the monthly installments due and payable
hereunder shall be reduced accordingly. 

  

					
	Note (OR 1/12)	  	Page 3	  	

	 	(c)	In the event the Maturity Date is accelerated by Lender at any time due to a default by Borrower in the payment of principal and/or interest due under this Note or in
the performance of the terms, covenants or conditions contained in this Note, the Deed of Trust or any of the other Loan Documents (as hereinafter defined), then a tender of payment in an amount necessary to satisfy the entire outstanding principal
balance of this Note together with all accrued unpaid interest hereon made by Borrower, or by anyone on behalf of Borrower, at any time prior to, at, or as a result of, a foreclosure sale or sale pursuant to power of sale, shall constitute a
voluntary prepayment hereunder prior to the contracted Maturity Date of this Note thus requiring the payment to Lender of a Prepayment Fee equal to the applicable Prepayment Fee as set forth in paragraph (a) above; provided, however, that in
the event such Prepayment Fee is construed to be interest under the laws of the State of Oregon in any circumstance, such payment shall not be required to the extent that the amount thereof, together with other interest payable hereunder, exceeds
the maximum rate of interest that may be lawfully charged under applicable law. 

  

	 	(d)	Notwithstanding anything contained herein to the contrary, during the ninety (90) day period immediately preceding the Maturity Date of this Note, the entire
outstanding principal balance and all accrued unpaid interest on this Note may be prepaid in whole, but not in part, at par, without incurring a Prepayment Fee. 

 

	 	(e)	Notwithstanding anything contained herein to the contrary, if Borrower accepts the Adjusted Interest Rate as provided in paragraph 2 above, Borrower shall have the
right to prepay a portion of the unpaid principal balance of this Note prior to the Rate Adjustment Date, without a Prepayment Fee, provided the remaining principal balance of this Note after the prepayment may not be less than $150,000.00. Any
partial prepayment must be received by Lender no less than thirty (30) days prior to the Rate Adjustment Date. Any partial prepayment will be applied to pay down the principal balance of this Note upon Lender’s receipt of such prepayment.
The then remaining principal balance of this Note will then be used to calculate the new monthly payment amount as described in paragraph 2(d) above. 

 4. Waiver. To the extent permitted by law, each and every Borrower, surety, guarantor, endorser or signator to this Note and any other party now or hereafter liable for the payment of this Note, in
whatever capacity, whether in whole or in part hereby (a) waives notice of intent to demand, presentment for payment, notice of demand, demand, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of intent to
accelerate, notice of acceleration, and all other notices, filing of suit, and diligence in collecting this Note and/or enforcing any of the security herefor; (b) agrees that Lender shall not be required first to institute suit or exhaust its
remedies against Borrower or others liable or to become liable hereon or against the Property (as hereinafter defined), it being understood that Lender may exercise its rights hereunder and pursue its remedies in any order and at any time it
desires, and may do so, without notice to or 

  

					
	Note (OR 1/12)	  	Page 4	  	

 
consent of any such person, and without in any way diminishing the obligations of any such person; (c) consents to Lender dealing with any such person with reference to this Note by way of
forbearance, extension, modification, compromise or otherwise; (d) consents and agrees to any and all extensions, releases, renewals, partial payments, surrenders, exchanges, substitutions of security herefor, compromises, discharges or
modifications and any other indulgence with respect to any right or obligation secured by or provided by the Deed of Trust, Mortgage, or Deed to Secure Debt, as the case may be, securing this Note (“Deed of Trust”) or any other instrument
securing this Note, before or after the maturity of this Note, without notice thereof to any of them; or (e) consents and agrees that Lender may take any other action which Lender may deem reasonably appropriate to protect its security interest
in the property securing this Note (“Property”). Any such action(s) taken under the preceding sentence may be taken against one, all, or some of such persons, and Lender may take any such action against one differently than another of such
persons, in Lender’s sole discretion. 
 5. Default; Default Rate. Time is material and of the essence hereof with
respect to the payment of any sums of any nature by and the performance of all duties or obligations of the Borrower. Each of the following shall be an Event of Default under this Note: (a) failure to make any payment of principal and/or
interest or any other payment required by the provisions of this Note or of any instrument securing this Note on the date such payment or payments are due; (b) failure to perform any other provision of this Note or of any instrument securing
this Note; (c) falsity in any material respect of the warranties in the Deed of Trust or of any representation, warranty or information furnished by Borrower or its agents to Lender in connection with the loan evidenced by this Note
(“Loan”); or (d) failure to pay or perform under any Other Loan Documents (as described and defined in the Deed of Trust). Upon the occurrence of any Event of Default, any sum not paid as provided in this Note or in any instrument
securing this Note, shall, at the option of Lender, without notice, bear interest from such due date at a rate of interest (“Default Rate”) equal to four (4) percentage points per annum greater than the Note Rate, or the maximum rate
of interest permitted by law, whichever is the lesser, and, at the option of Lender, the unpaid balance of principal, accrued interest, plus any other sums due under this Note, or under any instrument securing this Note shall at once become due and
payable, without notice except as described in paragraph 12, and shall bear interest at the Default Rate. If an Event of Default occurs during a period of time in which prepayment is permitted only on payment of a prepayment fee, such fee shall be
computed as if the sum declared due on default were a prepayment and shall be added to the sums due and payable hereunder. 
 6.
Late Charges. If any payment is not received by Lender (or by the correspondent if a correspondent has been designated by Lender to receive payments) within five (5) calendar days after its due date, Lender, at its option, may assess a
late charge equal to five cents for each $1.00 of each overdue payment or the maximum late charge permitted by the laws of the state in which the Property is located, whichever is less. Such late charge shall be due and payable on demand, and
Lender, at its option, may (a) refuse to accept any late payment or any subsequent payment unless accompanied by such late charge, (b) add such late charge to the principal balance of this Note or (c) treat the failure to pay such
late charge as demanded as an Event of Default hereunder. If such late charge is added to the principal balance of this Note, it shall bear interest at the Default Rate. The late charge is compensation for damages suffered by Lender and does not
constitute interest. 

  

					
	Note (OR 1/12)	  	Page 5	  	

 7. Acknowledgments Regarding Default Rate, Late Charges and Prepayment Charges.

  

	 	(a)	Borrower acknowledges and agrees that (i) a default in making the payments herein agreed to be paid when due will result in the Lender incurring additional expense
in servicing the Loan, loss to Lender of the use of the money due, and frustration to Lender in meeting its other commitments, (ii) if for any reason it fails to pay any amounts due hereunder, Lender shall be entitled to damages for the
detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages, and (iii) the Default Rate and the late charge described in this Note are a reasonable estimate of such damages.

  

	 	(b)	Borrower acknowledges and agrees that (i) prepayment prior to the maturity date may result in loss to Lender, (ii) the amount of the loss will depend on the
interest rates at the time of prepayment, the amount of principal prepaid and the length of time remaining between the prepayment date and the scheduled maturity date, (iii) prepayment is most likely to occur when interest rates have dropped
below the Note Rate, and (iv) because it is extremely difficult and impractical to ascertain now the amount of loss Lender may suffer in the event of prepayment, (A) Lender shall be entitled to damages for the loss caused by prepayment and
(B) the prepayment fee described in this Note is a reasonable measure of such damages. Borrower agrees that the prepayment fee described in this Note shall be imposed, to the extent permitted by law, whether the prepayment is voluntary,
involuntary or by operation of law, in connection with an Event of Default, or required by Lender in connection with a transfer or contract to transfer the Property, provided that no prepayment fee shall be added to sums prepaid with casualty
insurance proceeds or condemnation awards. 

  

	 	(c)	Borrower expressly (i) waives any right to prepay the Loan without payment of the prepayment fee described above in connection with a transfer or contract to
transfer the Property by Borrower, or a successor in interest of the undersigned, and (ii) agrees to pay such prepayment fee as provided above in connection with such a transfer or contract to transfer. 

 

	 	(d)	Borrower represents that it is a knowledgeable real estate investor and fully understands the effect of the fees, charges, waivers and agreements contained above.
Borrower acknowledges and agrees that the making of the Loan by Lender at the interest rate and with the other terms described herein is sufficient consideration for such fees, charges, waiver and agreement, and that Lender would not make this Loan
on these terms without such fees, charges, waiver and agreement. 

  

					
	Note (OR 1/12)	  	Page 6	  	

 8. Expenses and Attorney Fees. If Lender refers this Note to an attorney for
collection or seeks legal advice following a default alleged in good faith under this Note; if Lender is the prevailing party in any litigation instituted in connection with this Note; or if Lender or any other person initiates any judicial or
nonjudicial action, suit or proceeding, including but not limited to a foreclosure sale, in connection with this Note or the security therefor, and an attorney is employed by Lender to (a) appear in any such action, suit or proceeding,
(b) reclaim, seek relief from a judicial or statutory stay, sequester, protect, preserve or enforce Lender’s interest in this Note, the Deed of Trust, or any other security for this Note (including but not limited to proceedings at
appellate levels, under federal bankruptcy law, in eminent domain, under probate proceedings, or in connection with any state or federal tax lien), or (c) assist Lender in any foreclosure sale, then, in any such event, Borrower shall pay
attorney’s fees and costs and expenses incurred by Lender and/or its attorney in connection with the above-mentioned events and any appeals or discretionary reviews related to such events, including but not limited to costs incurred in
searching records, the cost of title reports, the cost of appraisals, and the cost of surveyors’ reports. If not paid within ten days after such fees, costs and expenses become due and written demand for payment is made upon Borrower, such
amount may, at Lender’s option, be added to the principal of this Note and shall bear interest at the Default Rate. 
 9.
No Usury. In no event shall any payment of interest or any other sum payable hereunder both (a) violate the usury laws of the state in which the Property is located and (b) allow Borrower to bring a claim for usury or raise usury as
a defense in any action on this Note. If it is established that both (a) and (b) have occurred, and any payment exceeding lawful limits has been received, Lender shall refund such excess or, at its option, credit the excess amount to
principal, but such payments shall not affect the obligation to make periodic payments required herein. 
 10. Security.
The indebtedness evidenced by this Note is secured by the Deed of Trust, Mortgage, or Deed to Secure Debt, as applicable (“Deed of Trust”), of even date and may be secured by other security instruments. 

11. Due on Sale or Encumbrance. As provided in the Deed of Trust securing this Note, and subject to any exceptions provided
therein, transfers or encumbrances of the Property, or of ownership interests in Borrower, cause all sums evidenced by this Note and/or secured by the Deed of Trust or by any other Loan Document to become immediately due and payable. By signing this
Note, Borrower acknowledges that Borrower has received and reviewed a copy of the Deed of Trust and is familiar with the provisions restricting the transfer of the Property and the ownership interests therein and assumptions of the Loan. 

12. Notice and Opportunity to Cure. Notwithstanding any other provision of this Note, Lender shall not accelerate the sums
evidenced hereby because of a nonmonetary default (defined below) by Borrower unless Borrower fails to cure the default within fifteen (15) days of the earlier of the date on which Lender mails or delivers written notice of the default to
Borrower. For purposes of this Note, the term “nonmonetary default” means a failure by Borrower or any other person or entity to perform any obligation contained in this Note or any other document or instrument evidencing or securing the
Loan (collectively, “Loan 

  

					
	Note (OR 1/12)	  	Page 7	  	

 
Documents”), other than the obligation to make payments provided for in this Note or any other Loan Document. If a nonmonetary default is capable of being cured and the cure cannot
reasonably be completed within the fifteen (15) day cure period, the cure period shall be extended up to sixty (60) days so long as Borrower has commenced action to cure within the fifteen (15) day cure period, and in Lender’s
opinion, Borrower is proceeding to cure the default with due diligence. No notice of default and no opportunity to cure shall be required if during any 12-month period Lender has already sent a notice to Borrower concerning default in the
performance of the same obligation. None of the foregoing shall be construed to obligate Lender to forebear in any other manner from exercising its remedies and Lender may pursue any other rights or remedies which Lender may have because of a
default. 
 13. Commercial Purpose. The obligation evidenced by this Note is exclusively for commercial or business
purposes. 
 14. Notices. All notices required or permitted under this Note shall be in writing and may be telecopies,
cabled, delivered by hand, or mailed by first class registered or certified mail, return receipt requested, postage prepaid, and addressed as follows: 
 If to Lender: 
 STANDARD INSURANCE COMPANY

 c/o StanCorp Mortgage Investors, LLC 
 Attn: Mortgage Loan Servicing T3A 
 19225 NW Tanasbourne Drive

 Hillsboro, OR 97124 
 If to Borrower: 
 VITRAN OHIO, LLC 

Attn: Chris Keylon 
 P.O. Box 1290 (for U.S.P.S. mail delivery) 
 2850 Kramer Road (for
courier or other delivery) 
 Gibsonia, PA 15044 

Changes in the respective addresses to which such notices shall be directed may be from time to time by either party by notice to the
other party given at least ten (10) days before such change of address is to become effective. Notices given by mail in accordance with this provision shall be deemed to have been given three (3) days after the date of dispatch; notices
given by any other means shall be deemed to have been given when received. 
 15. Choice of Law, Jurisdiction and Venue;
Enforceability; Severability. Except for matters relating to the validity and/or enforcement of the security interest of Lender in the Property, which shall be determined in accordance with the applicable laws of the state in which the affected
Property is situated, the law of the state of Oregon shall govern the validity, interpretation, construction, performance and enforcement of this Note and any and all other 

  

					
	Note (OR 1/12)	  	Page 8	  	

 
Loan Documents. If, for any reason or to any extent any word, term, provision, or clause of this Note or any of the other Loan Documents, or its application to any person or situation, shall be
found by a court or other adjudicating authority to be invalid or unenforceable, the remaining words, terms, provisions, or clauses shall be enforced, and the affected work, term, clause, or provision shall be applied, to the fullest extent
permitted by law. Borrower irrevocably submits to the jurisdiction of Multnomah County state or Portland, Oregon federal court in any action or proceeding brought to enforce or otherwise arising out of or relating to this Note or any of the
other Loan Documents, and waives any claim that such forum is inappropriate and/or an inconvenient forum. 
 16. Successors
and Assigns. Whenever used herein, the words “undersigned”, “Borrower” and “Lender” shall be deemed to include their respective heirs, devisees, executors, administrators, personal representatives, successors and
assigns. 
 NOTICES TO BORROWER 
 DO NOT SIGN THIS NOTE BEFORE YOU READ IT. THIS NOTE PROVIDES FOR THE PAYMENT OF A FEE IF THIS NOTE IS PREPAID PRIOR TO THE DATE PROVIDED FOR REPAYMENT IN THIS NOTE AND OTHER CHARGES IF PAYMENTS ARE
LATE. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTE, YOU SHOULD CONSULT YOUR ATTORNEY. 
 ORS 41.580 Disclosure. UNDER OREGON
LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS BY LENDER, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS
CONSIDERATION AND BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF LENDER TO BE ENFORCEABLE. 
 BORROWER: 

 

			
	 VITRAN OHIO, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Chris Keylon
		 	 CHRIS KEYLON
 Its:
Authorized Manager

  

					
	Note (OR 1/12)	  	Page 9	  	

 SIC Loan No. B2110708 

NOTE 
  

			
	$1,600,000.00	  	February 21, 2013

 FOR VALUE RECEIVED, the undersigned, VITRAN PENNSYLVANIA, LLC, a Delaware limited liability company
(“Borrower”), promises to pay in lawful money of the United States, to the order of STANDARD INSURANCE COMPANY, an Oregon corporation (together with any assigns, collectively, “Lender”), at its office in Hillsboro, Oregon,
or such other place as Lender may designate, the principal amount of a loan (“Loan”) of One Million Six Hundred Thousand and No/100ths Dollars ($1,600,000.00), together with interest thereon, on the following agreements,
terms and conditions. 
 1. Payments. Borrower shall make monthly payments of principal and interest to Lender, in
amounts sufficient to fully amortize the principal balance of this Note over a fifteen (15) year amortization period in substantially equal monthly payments. Such monthly payments of principal and interest shall be in the initial amount of
Twelve Thousand Five Hundred Forty-Nine and No/100ths Dollars ($12,549.00) payable on the first day of each month, commencing with the first day of April, 2013, together with such other sums as may become due
hereunder or under any instrument securing this Note, until the entire indebtedness is fully paid, except that any remaining indebtedness if not sooner paid shall be finally due and payable on the first day of March, 2028, which is the
maturity date of this Note (“Maturity Date”). The monthly payment amount will change after each Rate Adjustment Date (as defined in Paragraph 2) to an amount sufficient to repay the then unpaid principal balance of this Note in full at the
then current interest rate, in substantially equal monthly payments over the balance of the amortization period specified above. If applicable, until the payment is again changed, Borrower shall pay the new monthly payment each month beginning on
the first day of the first calendar month after the applicable Rate Adjustment Date. Lender will mail or deliver to Borrower a notice of any changes in the interest rate applicable to this Note, and any resulting changes in the monthly payments
required under this Note, prior to the date the first payment is due after the applicable Rate Adjustment Date. Every payment received with respect hereto shall be applied, in any order that may be determined by Lender in its sole discretion, to
sums under this Note, including, without limitation: (a) late charges; (b) expenses paid or funds advanced by Lender with interest thereon at the Default Rate when applicable (as hereinafter defined); (c) any prepayment fees due with
respect to any payment and any other fees which may remain unpaid; (d) accrued interest on the principal balance from time to time remaining unpaid; and (e) subject to the prepayment provisions herein, the principal balance hereunder.

 2. Interest. The interest rate applicable to this Note will change on the applicable Rate Adjustment Dates. Interest
shall be calculated on the basis of a 360-day year consisting of twelve 30-day months, except that interest due and payable for a period of less than a full month and/or any prepayment shall be calculated on an actual accrual method. The initial
interest rate included in the aforesaid payments, unless adjusted as otherwise provided in this Note, shall be calculated at the rate of Four and Seven-Eighths percent (4.875%) per annum (“Note Rate”) upon the unpaid
balance of principal of this Note. Borrower, jointly and severally, also promises 

  

					
	Note (OR 1/12)	  	Page 1	  	

 
to pay interest at the Note Rate from the date of disbursement of the Loan proceeds evidenced by this Note (“Disbursement Date”) to the date from which interest is included in the first
payment previously described. As used herein, “Rate Adjustment Date(s)” shall be as follows: 
  

	 	•	 	 59 months from the First Payment Date; 

  

	 	•	 	 119 months from the First Payment Date; 

  

	 	(a)	One hundred and twenty (120) days prior to each Rate Adjustment Date, Lender will notify Borrower in writing of the Adjusted Interest Rate that will become
effective in accordance with this Note. The “Adjusted Interest Rate” will be Lender’s then prevailing annual interest rate for similar loans then being originated by Lender with a similar term (equal to the period between the Rate
Adjustment Date and the earlier of the next Rate Adjustment Date or the Maturity Date) then being originated by Lender on properties comparable to the Property (as herein defined) as determined solely by Lender. 

 

	 	(b)	Borrower shall have thirty (30) days from the date of receipt of such notification from Lender to accept or reject the Adjusted Interest Rate. Failure by Borrower
to notify Lender of the acceptance or rejection of the Adjusted Interest Rate within such thirty (30) day period shall be deemed to be a rejection of the Adjusted Interest Rate. If the Adjusted Interest Rate is rejected by Borrower (or deemed
rejected), the entire unpaid principal balance of this Note, all accrued unpaid interest hereon, and any other amounts payable hereunder or under the other Loan Documents (as hereinafter defined) shall be due and payable in full, without a
Prepayment Fee, no later than the Rate Adjustment Date. 

  

	 	(c)	If Borrower accepts the Adjusted Interest Rate for the offered period, the Adjusted Interest Rate shall become effective on the Rate Adjustment Date and monthly
installments of principal and interest shall then be due and payable in an amount to be determined that will amortize the remaining unpaid principal balance of this Note at the Adjusted Interest Rate over the remaining amortization period. In such
case, Borrower shall also have the option to prepay a portion of the remaining unpaid principal balance of this Note as described in paragraph 3(e) below. 

  

	 	(d)	Thereafter, monthly installments of principal and interest on the unpaid principal balance of this Note, at the Adjusted Interest Rate, in the amount thus calculated,
shall be due and payable in consecutive monthly installments commencing on the first day of the calendar month after the Rate Adjustment Date and continuing on the first day of each calendar month thereafter, to and including the monthly installment
of principal and interest due and payable on the earlier of the next Rate Adjustment Date or the Maturity Date. 

  

					
	Note (OR 1/12)	  	Page 2	  	

 3. Prepayment Restrictions; Fees. Borrower shall have the right to prepay, in
full but not in part, the obligation evidenced by this Note upon giving Lender (i) not less than thirty (30) days’ prior written notice of (a) Borrower’s intention to so prepay this Note, and (b) the date upon which such
prepayment will be received by Lender (“Prepayment Date”), and (ii) payment to Lender of the Prepayment Fee (as hereinafter defined), if any, then due to Lender as hereinafter provided. 

 

	 	(a)	As used herein, the term “Prepayment Fee” shall mean an amount which is the greater of 

 

	 	(i)	one percent (1%) of the outstanding principal balance of this Note at the time of prepayment, or 

 

	 	(ii)	the sum of 

  

	 	(A)	the Present Value (as hereinafter defined) of the scheduled monthly payments due under this Note from the Prepayment Date to the earlier of the next Rate Adjustment
Date or the Maturity Date. 

  

	 	(B)	the Present Value of the amount of principal and interest due under this Note on the earlier of the next Rate Adjustment Date or the Maturity Date (assuming all
scheduled monthly payments due prior to such dates were made when due), minus 

  

	 	(C)	the outstanding principal balance of this Note as of the Prepayment Date. 

 The “Present Values” described in (A) and (B) shall be computed on a monthly basis as of the Prepayment Date discounted at a rate equal to the yield-to-maturity of the U.S. Treasury
Note or Bond closest in maturity to the earlier of the next Rate Adjustment Date or the Maturity Date as reported in The Wall Street Journal (or, if The Wall Street Journal is no longer published, as reported in such other daily financial
publication of national circulation which shall be designated by Lender) on the fifth business day preceding the Prepayment Date. Borrower shall be obligated to prepay this Note on the Prepayment Date set forth in the written notice to Lender
required hereinabove, after such notice has been delivered to Lender. 
  

	 	(b)	Notwithstanding the foregoing or any other provision herein to the contrary, if Lender elects to apply insurance proceeds, condemnation awards, or any escrowed amounts,
if applicable, to the reduction of the outstanding principal balance of this Note in the manner provided in the Deed of Trust, no Prepayment Fee shall be due or payable as a result of such application and the monthly installments due and payable
hereunder shall be reduced accordingly. 

  

					
	Note (OR 1/12)	  	Page 3	  	

	 	(c)	In the event the Maturity Date is accelerated by Lender at any time due to a default by Borrower in the payment of principal and/or interest due under this Note or in
the performance of the terms, covenants or conditions contained in this Note, the Deed of Trust or any of the other Loan Documents (as hereinafter defined), then a tender of payment in an amount necessary to satisfy the entire outstanding principal
balance of this Note together with all accrued unpaid interest hereon made by Borrower, or by anyone on behalf of Borrower, at any time prior to, at, or as a result of, a foreclosure sale or sale pursuant to power of sale, shall constitute a
voluntary prepayment hereunder prior to the contracted Maturity Date of this Note thus requiring the payment to Lender of a Prepayment Fee equal to the applicable Prepayment Fee as set forth in paragraph (a) above; provided, however, that in
the event such Prepayment Fee is construed to be interest under the laws of the State of Oregon in any circumstance, such payment shall not be required to the extent that the amount thereof, together with other interest payable hereunder, exceeds
the maximum rate of interest that may be lawfully charged under applicable law. 

  

	 	(d)	Notwithstanding anything contained herein to the contrary, during the ninety (90) day period immediately preceding the Maturity Date of this Note, the entire
outstanding principal balance and all accrued unpaid interest on this Note may be prepaid in whole, but not in part, at par, without incurring a Prepayment Fee. 

 

	 	(e)	Notwithstanding anything contained herein to the contrary, if Borrower accepts the Adjusted Interest Rate as provided in paragraph 2 above, Borrower shall have the
right to prepay a portion of the unpaid principal balance of this Note prior to the Rate Adjustment Date, without a Prepayment Fee, provided the remaining principal balance of this Note after the prepayment may not be less than $150,000.00. Any
partial prepayment must be received by Lender no less than thirty (30) days prior to the Rate Adjustment Date. Any partial prepayment will be applied to pay down the principal balance of this Note upon Lender’s receipt of such prepayment.
The then remaining principal balance of this Note will then be used to calculate the new monthly payment amount as described in paragraph 2(d) above. 

 4. Waiver. To the extent permitted by law, each and every Borrower, surety, guarantor, endorser or signator to this Note and any other party now or hereafter liable for the payment of this Note, in
whatever capacity, whether in whole or in part hereby (a) waives notice of intent to demand, presentment for payment, notice of demand, demand, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of intent to
accelerate, notice of acceleration, and all other notices, filing of suit, and diligence in collecting this Note and/or enforcing any of the security herefor; (b) agrees that Lender shall not be required first to institute suit or exhaust its
remedies against Borrower or others liable or to become liable hereon or against the Property (as hereinafter defined), it being understood that Lender may exercise its rights hereunder and pursue its remedies in any order and at any time it
desires, and may do so, without notice to or consent of any such person, and without in any way diminishing the obligations of any such 

  

					
	Note (OR 1/12)	  	Page 4	  	

 
person; (c) consents to Lender dealing with any such person with reference to this Note by way of forbearance, extension, modification, compromise or otherwise; (d) consents and agrees
to any and all extensions, releases, renewals, partial payments, surrenders, exchanges, substitutions of security herefor, compromises, discharges or modifications and any other indulgence with respect to any right or obligation secured by or
provided by the Deed of Trust, Mortgage, or Deed to Secure Debt, as the case may be, securing this Note (“Deed of Trust”) or any other instrument securing this Note, before or after the maturity of this Note, without notice thereof to any
of them; or (e) consents and agrees that Lender may take any other action which Lender may deem reasonably appropriate to protect its security interest in the property securing this Note (“Property”). Any such action(s) taken under
the preceding sentence may be taken against one, all, or some of such persons, and Lender may take any such action against one differently than another of such persons, in Lender’s sole discretion. 

5. Default; Default Rate. Time is material and of the essence hereof with respect to the payment of any sums of any nature by and
the performance of all duties or obligations of the Borrower. Each of the following shall be an Event of Default under this Note: (a) failure to make any payment of principal and/or interest or any other payment required by the provisions of
this Note or of any instrument securing this Note on the date such payment or payments are due; (b) failure to perform any other provision of this Note or of any instrument securing this Note; (c) falsity in any material respect of the
warranties in the Deed of Trust or of any representation, warranty or information furnished by Borrower or its agents to Lender in connection with the loan evidenced by this Note (“Loan”); or (d) failure to pay or perform under any
Other Loan Documents (as described and defined in the Deed of Trust). Upon the occurrence of any Event of Default, any sum not paid as provided in this Note or in any instrument securing this Note, shall, at the option of Lender, without notice,
bear interest from such due date at a rate of interest (“Default Rate”) equal to four (4) percentage points per annum greater than the Note Rate, or the maximum rate of interest permitted by law, whichever is the lesser, and, at the
option of Lender, the unpaid balance of principal, accrued interest, plus any other sums due under this Note, or under any instrument securing this Note shall at once become due and payable, without notice except as described in paragraph 12, and
shall bear interest at the Default Rate. If an Event of Default occurs during a period of time in which prepayment is permitted only on payment of a prepayment fee, such fee shall be computed as if the sum declared due on default were a prepayment
and shall be added to the sums due and payable hereunder. 
 6. Late Charges. If any payment is not received by Lender
(or by the correspondent if a correspondent has been designated by Lender to receive payments) within five (5) calendar days after its due date, Lender, at its option, may assess a late charge equal to five cents for each $1.00 of each overdue
payment or the maximum late charge permitted by the laws of the state in which the Property is located, whichever is less. Such late charge shall be due and payable on demand, and Lender, at its option, may (a) refuse to accept any late payment
or any subsequent payment unless accompanied by such late charge, (b) add such late charge to the principal balance of this Note or (c) treat the failure to pay such late charge as demanded as an Event of Default hereunder. If such late
charge is added to the principal balance of this Note, it shall bear interest at the Default Rate. The late charge is compensation for damages suffered by Lender and does not constitute interest. 

  

					
	Note (OR 1/12)	  	Page 5	  	

 7. Acknowledgments Regarding Default Rate, Late Charges and Prepayment Charges.

  

	 	(a)	Borrower acknowledges and agrees that (i) a default in making the payments herein agreed to be paid when due will result in the Lender incurring additional expense
in servicing the Loan, loss to Lender of the use of the money due, and frustration to Lender in meeting its other commitments, (ii) if for any reason it fails to pay any amounts due hereunder, Lender shall be entitled to damages for the
detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages, and (iii) the Default Rate and the late charge described in this Note are a reasonable estimate of such damages.

  

	 	(b)	Borrower acknowledges and agrees that (i) prepayment prior to the maturity date may result in loss to Lender, (ii) the amount of the loss will depend on the
interest rates at the time of prepayment, the amount of principal prepaid and the length of time remaining between the prepayment date and the scheduled maturity date, (iii) prepayment is most likely to occur when interest rates have dropped
below the Note Rate, and (iv) because it is extremely difficult and impractical to ascertain now the amount of loss Lender may suffer in the event of prepayment, (A) Lender shall be entitled to damages for the loss caused by prepayment and
(B) the prepayment fee described in this Note is a reasonable measure of such damages. Borrower agrees that the prepayment fee described in this Note shall be imposed, to the extent permitted by law, whether the prepayment is voluntary,
involuntary or by operation of law, in connection with an Event of Default, or required by Lender in connection with a transfer or contract to transfer the Property, provided that no prepayment fee shall be added to sums prepaid with casualty
insurance proceeds or condemnation awards. 

  

	 	(c)	Borrower expressly (i) waives any right to prepay the Loan without payment of the prepayment fee described above in connection with a transfer or contract to
transfer the Property by Borrower, or a successor in interest of the undersigned, and (ii) agrees to pay such prepayment fee as provided above in connection with such a transfer or contract to transfer. 

 

	 	(d)	Borrower represents that it is a knowledgeable real estate investor and fully understands the effect of the fees, charges, waivers and agreements contained above.
Borrower acknowledges and agrees that the making of the Loan by Lender at the interest rate and with the other terms described herein is sufficient consideration for such fees, charges, waiver and agreement, and that Lender would not make this Loan
on these terms without such fees, charges, waiver and agreement. 

  

					
	Note (OR 1/12)	  	Page 6	  	

 8. Expenses and Attorney Fees. If Lender refers this Note to an attorney for
collection or seeks legal advice following a default alleged in good faith under this Note; if Lender is the prevailing party in any litigation instituted in connection with this Note; or if Lender or any other person initiates any judicial or
nonjudicial action, suit or proceeding, including but not limited to a foreclosure sale, in connection with this Note or the security therefor, and an attorney is employed by Lender to (a) appear in any such action, suit or proceeding,
(b) reclaim, seek relief from a judicial or statutory stay, sequester, protect, preserve or enforce Lender’s interest in this Note, the Deed of Trust, or any other security for this Note (including but not limited to proceedings at
appellate levels, under federal bankruptcy law, in eminent domain, under probate proceedings, or in connection with any state or federal tax lien), or (c) assist Lender in any foreclosure sale, then, in any such event, Borrower shall pay
attorney’s fees and costs and expenses incurred by Lender and/or its attorney in connection with the above-mentioned events and any appeals or discretionary reviews related to such events, including but not limited to costs incurred in
searching records, the cost of title reports, the cost of appraisals, and the cost of surveyors’ reports. If not paid within ten days after such fees, costs and expenses become due and written demand for payment is made upon Borrower, such
amount may, at Lender’s option, be added to the principal of this Note and shall bear interest at the Default Rate. 
 9.
No Usury. In no event shall any payment of interest or any other sum payable hereunder both (a) violate the usury laws of the state in which the Property is located and (b) allow Borrower to bring a claim for usury or raise usury as
a defense in any action on this Note. If it is established that both (a) and (b) have occurred, and any payment exceeding lawful limits has been received, Lender shall refund such excess or, at its option, credit the excess amount to
principal, but such payments shall not affect the obligation to make periodic payments required herein. 
 10. Security.
The indebtedness evidenced by this Note is secured by the Deed of Trust, Mortgage, or Deed to Secure Debt, as applicable (“Deed of Trust”), of even date and may be secured by other security instruments. 

11. Due on Sale or Encumbrance. As provided in the Deed of Trust securing this Note, and subject to any exceptions provided
therein, transfers or encumbrances of the Property, or of ownership interests in Borrower, cause all sums evidenced by this Note and/or secured by the Deed of Trust or by any other Loan Document to become immediately due and payable. By signing this
Note, Borrower acknowledges that Borrower has received and reviewed a copy of the Deed of Trust and is familiar with the provisions restricting the transfer of the Property and the ownership interests therein and assumptions of the Loan. 

12. Notice and Opportunity to Cure. Notwithstanding any other provision of this Note, Lender shall not accelerate the sums
evidenced hereby because of a nonmonetary default (defined below) by Borrower unless Borrower fails to cure the default within fifteen (15) days of the earlier of the date on which Lender mails or delivers written notice of the default to
Borrower. For purposes of this Note, the term “nonmonetary default” means a failure by Borrower or any other person or entity to perform any obligation contained in this Note or any other document or instrument evidencing or securing the
Loan (collectively, “Loan 

  

					
	Note (OR 1/12)	  	Page 7	  	

 
Documents”), other than the obligation to make payments provided for in this Note or any other Loan Document. If a nonmonetary default is capable of being cured and the cure cannot
reasonably be completed within the fifteen (15) day cure period, the cure period shall be extended up to sixty (60) days so long as Borrower has commenced action to cure within the fifteen (15) day cure period, and in Lender’s
opinion, Borrower is proceeding to cure the default with due diligence. No notice of default and no opportunity to cure shall be required if during any 12-month period Lender has already sent a notice to Borrower concerning default in the
performance of the same obligation. None of the foregoing shall be construed to obligate Lender to forebear in any other manner from exercising its remedies and Lender may pursue any other rights or remedies which Lender may have because of a
default. 
 13. Commercial Purpose. The obligation evidenced by this Note is exclusively for commercial or business
purposes. 
 14. Notices. All notices required or permitted under this Note shall be in writing and may be telecopies,
cabled, delivered by hand, or mailed by first class registered or certified mail, return receipt requested, postage prepaid, and addressed as follows: 
 If to Lender: 
 STANDARD INSURANCE COMPANY 

c/o StanCorp Mortgage Investors, LLC 
 Attn: Mortgage Loan Servicing T3A 
 19225 NW Tanasbourne Drive

 Hillsboro, OR 97124 
 If to Borrower: 
 VITRAN PENNSYLVANIA, LLC 

Attn: Chris Keylon 
 P.O. Box 1290 (for U.S.P.S. mail delivery) 
 2850 Kramer Road (for
courier or other delivery) 
 Gibsonia, PA 15044 

Changes in the respective addresses to which such notices shall be directed may be from time to time by either party by notice to the
other party given at least ten (10) days before such change of address is to become effective. Notices given by mail in accordance with this provision shall be deemed to have been given three (3) days after the date of dispatch; notices
given by any other means shall be deemed to have been given when received. 
 15. Choice of Law, Jurisdiction and Venue;
Enforceability; Severability. Except for matters relating to the validity and/or enforcement of the security interest of Lender in the Property, which shall be determined in accordance with the applicable laws of the state in which the affected
Property is situated, the law of the state of Oregon shall govern the validity, interpretation, construction, performance and enforcement of this Note and any and all other 

  

					
	Note (OR 1/12)	  	Page 8	  	

 
Loan Documents. If, for any reason or to any extent any word, term, provision, or clause of this Note or any of the other Loan Documents, or its application to any person or situation, shall be
found by a court or other adjudicating authority to be invalid or unenforceable, the remaining words, terms, provisions, or clauses shall be enforced, and the affected work, term, clause, or provision shall be applied, to the fullest extent
permitted by law. Borrower irrevocably submits to the jurisdiction of Multnomah County state or Portland, Oregon federal court in any action or proceeding brought to enforce or otherwise arising out of or relating to this Note or any of the
other Loan Documents, and waives any claim that such forum is inappropriate and/or an inconvenient forum. 
 16. Successors
and Assigns. Whenever used herein, the words “undersigned”, “Borrower” and “Lender” shall be deemed to include their respective heirs, devisees, executors, administrators, personal representatives, successors and
assigns. 
 NOTICES TO BORROWER 
 DO NOT SIGN THIS NOTE BEFORE YOU READ IT. THIS NOTE PROVIDES FOR THE PAYMENT OF A FEE IF THIS NOTE IS PREPAID PRIOR TO THE DATE PROVIDED FOR REPAYMENT IN THIS NOTE AND OTHER CHARGES IF PAYMENTS ARE
LATE. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTE, YOU SHOULD CONSULT YOUR ATTORNEY. 
 ORS 41.580 Disclosure. UNDER OREGON
LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS BY LENDER, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS
CONSIDERATION AND BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF LENDER TO BE ENFORCEABLE. 
 BORROWER: 

 

			
	 VITRAN PENNSYLVANIA, LLC, 
 a Delaware limited liability company

		
	By:	 	/s/ Chris Keylon
		 	 CHRIS KEYLON
 Its:
Authorized Manager

  

					
	Note (OR 1/12)	  	Page 9	  	

 SIC Loan No. B2110703 

NOTE 
  

			
	$1,306,000.00	  	March 22, 2013

 FOR VALUE RECEIVED, the undersigned, VITRAN NEW JERSEY, LLC, a Delaware limited liability company
(“Borrower”), promises to pay in lawful money of the United States, to the order of STANDARD INSURANCE COMPANY, an Oregon corporation (together with any assigns, collectively, “Lender”), at its office in Hillsboro, Oregon,
or such other place as Lender may designate, the principal amount of a loan (“Loan”) of One Million Three Hundred Six Thousand and No/100ths Dollars ($1,306,000.00), together with interest thereon, on the following
agreements, terms and conditions. 
 1. Payments. Borrower shall make monthly payments of principal and interest to
Lender, in amounts sufficient to fully amortize the principal balance of this Note over a fifteen (15) year amortization period in substantially equal monthly payments. Such monthly payments of principal and interest shall be in the initial
amount of Ten Thousand Two Hundred Forty-Three and No/100ths Dollars ($10,243.00) payable on the first day of each month, commencing with the first day of May, 2013, together with such other sums as may become due
hereunder or under any instrument securing this Note, until the entire indebtedness is fully paid, except that any remaining indebtedness if not sooner paid shall be finally due and payable on the first day of April, 2028, which is the
maturity date of this Note (“Maturity Date”). The monthly payment amount will change after each Rate Adjustment Date (as defined in Paragraph 2) to an amount sufficient to repay the then unpaid principal balance of this Note in full at the
then current interest rate, in substantially equal monthly payments over the balance of the amortization period specified above. If applicable, until the payment is again changed, Borrower shall pay the new monthly payment each month beginning on
the first day of the first calendar month after the applicable Rate Adjustment Date. Lender will mail or deliver to Borrower a notice of any changes in the interest rate applicable to this Note, and any resulting changes in the monthly payments
required under this Note, prior to the date the first payment is due after the applicable Rate Adjustment Date. Every payment received with respect hereto shall be applied, in any order that may be determined by Lender in its sole discretion, to
sums under this Note, including, without limitation: (a) late charges; (b) expenses paid or funds advanced by Lender with interest thereon at the Default Rate when applicable (as hereinafter defined); (c) any prepayment fees due with
respect to any payment and any other fees which may remain unpaid; (d) accrued interest on the principal balance from time to time remaining unpaid; and (e) subject to the prepayment provisions herein, the principal balance hereunder.

 2. Interest. The interest rate applicable to this Note will change on the applicable Rate Adjustment Dates. Interest
shall be calculated on the basis of a 360-day year consisting of twelve 30-day months, except that interest due and payable for a period of less than a full month and/or any prepayment shall be calculated on an actual accrual method. The initial
interest rate included in the aforesaid payments, unless adjusted as otherwise provided in this Note, shall be calculated at the rate of Four and Seven-Eighths percent (4.875%) per annum (“Note Rate”) upon the unpaid
balance of principal of this Note. Borrower, jointly and severally, also promises 

  

					
	Note (OR 1/12)	  	Page 1	  	

 
to pay interest at the Note Rate from the date of disbursement of the Loan proceeds evidenced by this Note (“Disbursement Date”) to the date from which interest is included in the first
payment previously described. As used herein, “Rate Adjustment Date(s)” shall be as follows: 
  

	 	•	 	 59 months from the First Payment Date; 

  

	 	•	 	 119 months from the First Payment Date; 

  

	 	(a)	One hundred and twenty (120) days prior to each Rate Adjustment Date, Lender will notify Borrower in writing of the Adjusted Interest Rate that will become
effective in accordance with this Note. The “Adjusted Interest Rate” will be Lender’s then prevailing annual interest rate for similar loans then being originated by Lender with a similar term (equal to the period between the Rate
Adjustment Date and the earlier of the next Rate Adjustment Date or the Maturity Date) then being originated by Lender on properties comparable to the Property (as herein defined) as determined solely by Lender. 

 

	 	(b)	Borrower shall have thirty (30) days from the date of receipt of such notification from Lender to accept or reject the Adjusted Interest Rate. Failure by Borrower
to notify Lender of the acceptance or rejection of the Adjusted Interest Rate within such thirty (30) day period shall be deemed to be a rejection of the Adjusted Interest Rate. If the Adjusted Interest Rate is rejected by Borrower (or deemed
rejected), the entire unpaid principal balance of this Note, all accrued unpaid interest hereon, and any other amounts payable hereunder or under the other Loan Documents (as hereinafter defined) shall be due and payable in full, without a
Prepayment Fee, no later than the Rate Adjustment Date. 

  

	 	(c)	If Borrower accepts the Adjusted Interest Rate for the offered period, the Adjusted Interest Rate shall become effective on the Rate Adjustment Date and monthly
installments of principal and interest shall then be due and payable in an amount to be determined that will amortize the remaining unpaid principal balance of this Note at the Adjusted Interest Rate over the remaining amortization period. In such
case, Borrower shall also have the option to prepay a portion of the remaining unpaid principal balance of this Note as described in paragraph 3(e) below. 

  

	 	(d)	Thereafter, monthly installments of principal and interest on the unpaid principal balance of this Note, at the Adjusted Interest Rate, in the amount thus calculated,
shall be due and payable in consecutive monthly installments commencing on the first day of the calendar month after the Rate Adjustment Date and continuing on the first day of each calendar month thereafter, to and including the monthly installment
of principal and interest due and payable on the earlier of the next Rate Adjustment Date or the Maturity Date. 

  

					
	Note (OR 1/12)	  	Page 2	  	

 3. Prepayment Restrictions; Fees. Borrower shall have the right to prepay, in
full but not in part, the obligation evidenced by this Note upon giving Lender (i) not less than thirty (30) days’ prior written notice of (a) Borrower’s intention to so prepay this Note, and (b) the date upon which such
prepayment will be received by Lender (“Prepayment Date”), and (ii) payment to Lender of the Prepayment Fee (as hereinafter defined), if any, then due to Lender as hereinafter provided. 

 

	 	(a)	As used herein, the term “Prepayment Fee” shall mean an amount which is the greater of 

 

	 	(i)	one percent (1%) of the outstanding principal balance of this Note at the time of prepayment, or 

 

	 	(ii)	the sum of 

  

	 	(A)	the Present Value (as hereinafter defined) of the scheduled monthly payments due under this Note from the Prepayment Date to the earlier of the next Rate Adjustment
Date or the Maturity Date. 

  

	 	(B)	the Present Value of the amount of principal and interest due under this Note on the earlier of the next Rate Adjustment Date or the Maturity Date (assuming all
scheduled monthly payments due prior to such dates were made when due), minus 

  

	 	(C)	the outstanding principal balance of this Note as of the Prepayment Date. 

 The “Present Values” described in (A) and (B) shall be computed on a monthly basis as of the Prepayment Date discounted at a rate equal to the yield-to-maturity of the U.S. Treasury
Note or Bond closest in maturity to the earlier of the next Rate Adjustment Date or the Maturity Date as reported in The Wall Street Journal (or, if The Wall Street Journal is no longer published, as reported in such other daily financial
publication of national circulation which shall be designated by Lender) on the fifth business day preceding the Prepayment Date. Borrower shall be obligated to prepay this Note on the Prepayment Date set forth in the written notice to Lender
required hereinabove, after such notice has been delivered to Lender. 
  

	 	(b)	Notwithstanding the foregoing or any other provision herein to the contrary, if Lender elects to apply insurance proceeds, condemnation awards, or any escrowed amounts,
if applicable, to the reduction of the outstanding principal balance of this Note in the manner provided in the Deed of Trust, no Prepayment Fee shall be due or payable as a result of such application and the monthly installments due and payable
hereunder shall be reduced accordingly. 

  

					
	Note (OR 1/12)	  	Page 3	  	

	 	(c)	In the event the Maturity Date is accelerated by Lender at any time due to a default by Borrower in the payment of principal and/or interest due under this Note or in
the performance of the terms, covenants or conditions contained in this Note, the Deed of Trust or any of the other Loan Documents (as hereinafter defined), then a tender of payment in an amount necessary to satisfy the entire outstanding principal
balance of this Note together with all accrued unpaid interest hereon made by Borrower, or by anyone on behalf of Borrower, at any time prior to, at, or as a result of, a foreclosure sale or sale pursuant to power of sale, shall constitute a
voluntary prepayment hereunder prior to the contracted Maturity Date of this Note thus requiring the payment to Lender of a Prepayment Fee equal to the applicable Prepayment Fee as set forth in paragraph (a) above; provided, however, that in
the event such Prepayment Fee is construed to be interest under the laws of the State of Oregon in any circumstance, such payment shall not be required to the extent that the amount thereof, together with other interest payable hereunder, exceeds
the maximum rate of interest that may be lawfully charged under applicable law. 

  

	 	(d)	Notwithstanding anything contained herein to the contrary, during the ninety (90) day period immediately preceding the Maturity Date of this Note, the entire
outstanding principal balance and all accrued unpaid interest on this Note may be prepaid in whole, but not in part, at par, without incurring a Prepayment Fee. 

 

	 	(e)	Notwithstanding anything contained herein to the contrary, if Borrower accepts the Adjusted Interest Rate as provided in paragraph 2 above, Borrower shall have the
right to prepay a portion of the unpaid principal balance of this Note prior to the Rate Adjustment Date, without a Prepayment Fee, provided the remaining principal balance of this Note after the prepayment may not be less than $150,000.00. Any
partial prepayment must be received by Lender no less than thirty (30) days prior to the Rate Adjustment Date. Any partial prepayment will be applied to pay down the principal balance of this Note upon Lender’s receipt of such prepayment.
The then remaining principal balance of this Note will then be used to calculate the new monthly payment amount as described in paragraph 2(d) above. 

 4. Waiver. To the extent permitted by law, each and every Borrower, surety, guarantor, endorser or signator to this Note and any other party now or hereafter liable for the payment of this Note, in
whatever capacity, whether in whole or in part hereby (a) waives notice of intent to demand, presentment for payment, notice of demand, demand, notice of nonpayment, protest, notice of protest, notice of dishonor, notice of intent to
accelerate, notice of acceleration, and all other notices, filing of suit, and diligence in collecting this Note and/or enforcing any of the security herefor; (b) agrees that Lender shall not be required first to institute suit or exhaust its
remedies against Borrower or others liable or to become liable hereon or against the Property (as hereinafter defined), it being understood that Lender may exercise its rights hereunder and pursue its remedies in any order and at any time it
desires, and may do so, without notice to or consent of any such person, and without in any way diminishing the obligations of any such 

  

					
	Note (OR 1/12)	  	Page 4	  	

 
person; (c) consents to Lender dealing with any such person with reference to this Note by way of forbearance, extension, modification, compromise or otherwise; (d) consents and agrees
to any and all extensions, releases, renewals, partial payments, surrenders, exchanges, substitutions of security herefor, compromises, discharges or modifications and any other indulgence with respect to any right or obligation secured by or
provided by the Deed of Trust, Mortgage, or Deed to Secure Debt, as the case may be, securing this Note (“Deed of Trust”) or any other instrument securing this Note, before or after the maturity of this Note, without notice thereof to any
of them; or (e) consents and agrees that Lender may take any other action which Lender may deem reasonably appropriate to protect its security interest in the property securing this Note (“Property”). Any such action(s) taken under
the preceding sentence may be taken against one, all, or some of such persons, and Lender may take any such action against one differently than another of such persons, in Lender’s sole discretion. 

5. Default; Default Rate. Time is material and of the essence hereof with respect to the payment of any sums of any nature by and
the performance of all duties or obligations of the Borrower. Each of the following shall be an Event of Default under this Note: (a) failure to make any payment of principal and/or interest or any other payment required by the provisions of
this Note or of any instrument securing this Note on the date such payment or payments are due; (b) failure to perform any other provision of this Note or of any instrument securing this Note; (c) falsity in any material respect of the
warranties in the Deed of Trust or of any representation, warranty or information furnished by Borrower or its agents to Lender in connection with the loan evidenced by this Note (“Loan”); or (d) failure to pay or perform under any
Other Loan Documents (as described and defined in the Deed of Trust). Upon the occurrence of any Event of Default, any sum not paid as provided in this Note or in any instrument securing this Note, shall, at the option of Lender, without notice,
bear interest from such due date at a rate of interest (“Default Rate”) equal to four (4) percentage points per annum greater than the Note Rate, or the maximum rate of interest permitted by law, whichever is the lesser, and, at the
option of Lender, the unpaid balance of principal, accrued interest, plus any other sums due under this Note, or under any instrument securing this Note shall at once become due and payable, without notice except as described in paragraph 12, and
shall bear interest at the Default Rate. If an Event of Default occurs during a period of time in which prepayment is permitted only on payment of a prepayment fee, such fee shall be computed as if the sum declared due on default were a prepayment
and shall be added to the sums due and payable hereunder. 
 6. Late Charges. If any payment is not received by Lender
(or by the correspondent if a correspondent has been designated by Lender to receive payments) within five (5) calendar days after its due date, Lender, at its option, may assess a late charge equal to five cents for each $1.00 of each overdue
payment or the maximum late charge permitted by the laws of the state in which the Property is located, whichever is less. Such late charge shall be due and payable on demand, and Lender, at its option, may (a) refuse to accept any late payment
or any subsequent payment unless accompanied by such late charge, (b) add such late charge to the principal balance of this Note or (c) treat the failure to pay such late charge as demanded as an Event of Default hereunder. If such late
charge is added to the principal balance of this Note, it shall bear interest at the Default Rate. The late charge is compensation for damages suffered by Lender and does not constitute interest. 

  

					
	Note (OR 1/12)	  	Page 5	  	

 7. Acknowledgments Regarding Default Rate, Late Charges and Prepayment Charges.

  

	 	(a)	Borrower acknowledges and agrees that (i) a default in making the payments herein agreed to be paid when due will result in the Lender incurring additional expense
in servicing the Loan, loss to Lender of the use of the money due, and frustration to Lender in meeting its other commitments, (ii) if for any reason it fails to pay any amounts due hereunder, Lender shall be entitled to damages for the
detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages, and (iii) the Default Rate and the late charge described in this Note are a reasonable estimate of such damages.

  

	 	(b)	Borrower acknowledges and agrees that (i) prepayment prior to the maturity date may result in loss to Lender, (ii) the amount of the loss will depend on the
interest rates at the time of prepayment, the amount of principal prepaid and the length of time remaining between the prepayment date and the scheduled maturity date, (iii) prepayment is most likely to occur when interest rates have dropped
below the Note Rate, and (iv) because it is extremely difficult and impractical to ascertain now the amount of loss Lender may suffer in the event of prepayment, (A) Lender shall be entitled to damages for the loss caused by prepayment and
(B) the prepayment fee described in this Note is a reasonable measure of such damages. Borrower agrees that the prepayment fee described in this Note shall be imposed, to the extent permitted by law, whether the prepayment is voluntary,
involuntary or by operation of law, in connection with an Event of Default, or required by Lender in connection with a transfer or contract to transfer the Property, provided that no prepayment fee shall be added to sums prepaid with casualty
insurance proceeds or condemnation awards. 

  

	 	(c)	Borrower expressly (i) waives any right to prepay the Loan without payment of the prepayment fee described above in connection with a transfer or contract to
transfer the Property by Borrower, or a successor in interest of the undersigned, and (ii) agrees to pay such prepayment fee as provided above in connection with such a transfer or contract to transfer. 

 

	 	(d)	Borrower represents that it is a knowledgeable real estate investor and fully understands the effect of the fees, charges, waivers and agreements contained above.
Borrower acknowledges and agrees that the making of the Loan by Lender at the interest rate and with the other terms described herein is sufficient consideration for such fees, charges, waiver and agreement, and that Lender would not make this Loan
on these terms without such fees, charges, waiver and agreement. 

  

					
	Note (OR 1/12)	  	Page 6	  	

 8. Expenses and Attorney Fees. If Lender refers this Note to an attorney for
collection or seeks legal advice following a default alleged in good faith under this Note; if Lender is the prevailing party in any litigation instituted in connection with this Note; or if Lender or any other person initiates any judicial or
nonjudicial action, suit or proceeding, including but not limited to a foreclosure sale, in connection with this Note or the security therefor, and an attorney is employed by Lender to (a) appear in any such action, suit or proceeding,
(b) reclaim, seek relief from a judicial or statutory stay, sequester, protect, preserve or enforce Lender’s interest in this Note, the Deed of Trust, or any other security for this Note (including but not limited to proceedings at
appellate levels, under federal bankruptcy law, in eminent domain, under probate proceedings, or in connection with any state or federal tax lien), or (c) assist Lender in any foreclosure sale, then, in any such event, Borrower shall pay
attorney’s fees and costs and expenses incurred by Lender and/or its attorney in connection with the above-mentioned events and any appeals or discretionary reviews related to such events, including but not limited to costs incurred in
searching records, the cost of title reports, the cost of appraisals, and the cost of surveyors’ reports. If not paid within ten days after such fees, costs and expenses become due and written demand for payment is made upon Borrower, such
amount may, at Lender’s option, be added to the principal of this Note and shall bear interest at the Default Rate. 
 9.
No Usury. In no event shall any payment of interest or any other sum payable hereunder both (a) violate the usury laws of the state in which the Property is located and (b) allow Borrower to bring a claim for usury or raise usury as
a defense in any action on this Note. If it is established that both (a) and (b) have occurred, and any payment exceeding lawful limits has been received, Lender shall refund such excess or, at its option, credit the excess amount to
principal, but such payments shall not affect the obligation to make periodic payments required herein. 
 10. Security.
The indebtedness evidenced by this Note is secured by the Deed of Trust, Mortgage, or Deed to Secure Debt, as applicable (“Deed of Trust”), of even date and may be secured by other security instruments. 

11. Due on Sale or Encumbrance. As provided in the Deed of Trust securing this Note, and subject to any exceptions provided
therein, transfers or encumbrances of the Property, or of ownership interests in Borrower, cause all sums evidenced by this Note and/or secured by the Deed of Trust or by any other Loan Document to become immediately due and payable. By signing this
Note, Borrower acknowledges that Borrower has received and reviewed a copy of the Deed of Trust and is familiar with the provisions restricting the transfer of the Property and the ownership interests therein and assumptions of the Loan. 

12. Notice and Opportunity to Cure. Notwithstanding any other provision of this Note, Lender shall not accelerate the sums
evidenced hereby because of a nonmonetary default (defined below) by Borrower unless Borrower fails to cure the default within fifteen (15) days of the earlier of the date on which Lender mails or delivers written notice of the default to
Borrower. For purposes of this Note, the term “nonmonetary default” means a failure by Borrower or any other person or entity to perform any obligation contained in this Note or any other document or instrument evidencing or securing the
Loan (collectively, “Loan 

  

					
	Note (OR 1/12)	  	Page 7	  	

 
Documents”), other than the obligation to make payments provided for in this Note or any other Loan Document. If a nonmonetary default is capable of being cured and the cure cannot
reasonably be completed within the fifteen (15) day cure period, the cure period shall be extended up to sixty (60) days so long as Borrower has commenced action to cure within the fifteen (15) day cure period, and in Lender’s
opinion, Borrower is proceeding to cure the default with due diligence. No notice of default and no opportunity to cure shall be required if during any 12-month period Lender has already sent a notice to Borrower concerning default in the
performance of the same obligation. None of the foregoing shall be construed to obligate Lender to forebear in any other manner from exercising its remedies and Lender may pursue any other rights or remedies which Lender may have because of a
default. 
 13. Commercial Purpose. The obligation evidenced by this Note is exclusively for commercial or business
purposes. 
 14. Notices. All notices required or permitted under this Note shall be in writing and may be telecopies,
cabled, delivered by hand, or mailed by first class registered or certified mail, return receipt requested, postage prepaid, and addressed as follows: 
 If to Lender: 
 STANDARD INSURANCE COMPANY 

c/o StanCorp Mortgage Investors, LLC 
 Attn: Mortgage Loan Servicing T3A 
 19225 NW Tanasbourne Drive

 Hillsboro, OR 97124 
 If to Borrower: 
 VITRAN NEW JERSEY, LLC 

Attn: Chris Keylon 
 P.O. Box 1290 (for U.S.P.S. mail delivery) 
 2850 Kramer Road (for
courier or other delivery) 
 Gibsonia, PA 15044 

Changes in the respective addresses to which such notices shall be directed may be from time to time by either party by notice to the
other party given at least ten (10) days before such change of address is to become effective. Notices given by mail in accordance with this provision shall be deemed to have been given three (3) days after the date of dispatch; notices
given by any other means shall be deemed to have been given when received. 
 15. Choice of Law, Jurisdiction and Venue;
Enforceability; Severability. Except for matters relating to the validity and/or enforcement of the security interest of Lender in the Property, which shall be determined in accordance with the applicable laws of the state in which the affected
Property is situated, the law of the state of Oregon shall govern the validity, interpretation, construction, performance and enforcement of this Note and any and all other 

  

					
	Note (OR 1/12)	  	Page 8	  	

 
Loan Documents. If, for any reason or to any extent any word, term, provision, or clause of this Note or any of the other Loan Documents, or its application to any person or situation, shall be
found by a court or other adjudicating authority to be invalid or unenforceable, the remaining words, terms, provisions, or clauses shall be enforced, and the affected work, term, clause, or provision shall be applied, to the fullest extent
permitted by law. Borrower irrevocably submits to the jurisdiction of Multnomah County state or Portland, Oregon federal court in any action or proceeding brought to enforce or otherwise arising out of or relating to this Note or any of the
other Loan Documents, and waives any claim that such forum is inappropriate and/or an inconvenient forum. 
 16. Successors
and Assigns. Whenever used herein, the words “undersigned”, “Borrower” and “Lender” shall be deemed to include their respective heirs, devisees, executors, administrators, personal representatives, successors and
assigns. 
 NOTICES TO BORROWER 
 DO NOT SIGN THIS NOTE BEFORE YOU READ IT. THIS NOTE PROVIDES FOR THE PAYMENT OF A FEE IF THIS NOTE IS PREPAID PRIOR TO THE DATE PROVIDED FOR REPAYMENT IN THIS NOTE AND OTHER CHARGES IF PAYMENTS ARE
LATE. IF YOU HAVE ANY QUESTIONS ABOUT THIS NOTE, YOU SHOULD CONSULT YOUR ATTORNEY. 
 ORS 41.580 Disclosure. UNDER OREGON
LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS BY LENDER, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES, OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS
CONSIDERATION AND BE SIGNED BY AN AUTHORIZED REPRESENTATIVE OF LENDER TO BE ENFORCEABLE. 
 BORROWER: 

VITRAN NEW JERSEY, LLC, 
 a Delaware
limited liability company 
  

			
	By:	 	/s/ Chris Keylon
		 	 CHRIS KEYLON
 Its:
Authorized Manager

  

					
	Note (OR 1/12)	  	Page 9EX-10.23

 Exhibit 10.23 
 FOURTH AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT

 THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as
of April 26, 2013, is made by and among KMG CHEMICALS, INC., a Texas corporation, KMG-BERNUTH, INC., a Delaware corporation, and KMG ELECTRONIC CHEMICALS, INC., a Texas corporation (collectively, and as further defined in
the Credit Agreement, the “Borrowers”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, successor by merger to Wachovia Bank, N.A., as Agent and Collateral Agent as defined in the Credit Agreement
(hereinafter defined), those lenders executing this Amendment as Lenders, and such other lenders (collectively, and as further defined in the Credit Agreement, the “Lenders”) as may become a party to the Credit Agreement.

 R E C I T A L S: 

A. Borrowers, Agent, Collateral Agent and Lenders have entered into that certain Amended and Restated Credit Agreement dated as of
December 31, 2007 (as heretofore amended, collectively, the “Credit Agreement”). 
 B. Borrowers have
requested that Agent, Collateral Agent and Lenders (i) increase the amount of the Revolving Loan (as defined in the Credit Agreement) from $60,000,000.00 to $110,000,000.00, including an accordion feature, (ii) extend the Revolving Loan
Maturity Date (and, thereby, the Swing Line Loan Maturity Date), and (iii) modify certain terms of the Credit Agreement, and Lenders have agreed to the same upon the terms and conditions set forth in this Amendment. 

NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Section 1.01 Definitions Above. As used herein, the terms “Amendment,” “Borrowers,” “Credit Agreement” and “Lenders” shall
have the meanings as set forth above. 
 Section 1.02 Definitions in Agreement. Capitalized terms used in this
Amendment, to the extent not otherwise defined herein, shall have the same meanings as set forth in the Credit Agreement; without limiting the foregoing, the following terms are defined in the Credit Agreement: “Agent,”
“Collateral Agent,” “Credit Agreement Obligations,” “Intercreditor Agreement,” “KMG-Bernuth,” “KMG ECI,” “Loan Documents,” and “Revolving
Loan”. 

 ARTICLE II 
 AMENDMENTS TO AGREEMENT 
 Section 2.01 Definitions and General
Provisions. Section 1.2 of the Credit Agreement is amended as follows: 
 (a) Restatement of Existing Defined
Terms. The following terms currently found in the Credit Agreement are amended to read in full as follows: 

“ABR Margin” means a percentage based upon the ratio of Funded Debt to EBITDA of the Borrower
Consolidated Group, to be determined by Agent as of each Quarter-End based upon the financial reporting received from Borrowers in respect of such Quarter, as follows: 
  

			
	 Ratio of Funded Debt to EBITDA
	  	 ABR Margin

	 Equal to or greater than 2.5 to 1.0
	  	+ 0.50%
	 Equal to or greater than 2.0 to 1.0, but less than 2.5 to 1.0
	  	+ 0.25%
	 Equal to or greater than 1.5 to 1.0, but less than 2.0 to 1.0
	  	+ 0.00%
	 Less than 1.5 to 1.0
	  	+ 0.00%

 “ABR Rate” means, at any time, the highest of (a) the Prime Rate and
(b) the Federal Funds Rate plus 0.50%; each change in the ABR Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate or the Federal Funds Rate. 

“Business Day” means any day other than a Saturday, a Sunday, a legal holiday or a day on which banking
institutions are authorized or required by Law or other governmental action to close in Houston, Texas or New York, New York; provided that in the case of LIBOR Rate Borrowings such day is also a day on which dealings between banks are carried on in
U.S. dollar deposits in the London interbank market. 
 “Commitments” means the Revolving Loan
Commitment, the Swing Line Loan Commitment, and the Letter of Credit Commitment. 
 “Defaulting
Lender” means, subject to Section 6.17(B), any Lender that (a) has failed to (i) fund all or any portion of the Revolving Credit Loans, participations in the Available Amount of all Letters of Credit and Letter of
Credit Advances or participations in Swing Line Loans required to be funded by it hereunder within two (2) Business Days of the date such Loans or participations were required to be funded hereunder unless such Lender notifies Agent and the
Borrowers in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in
such writing) has not been satisfied, or (ii) pay to Agent, Issuing Lender, Swing Line Lender or any other Lender any other amount required to be paid by it 

  
 2 

 
hereunder (including in respect of its participation in Letters of Credit or Swing Line Loans) within two (2) Business Days of the date when due, (b) has notified the Borrowers, Agent,
Issuing Lender or Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation
to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such
writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by Agent or the Borrowers, to confirm in writing to Agent and the Borrowers that it will comply with its prospective
funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Agent and the Borrowers), or (d) has, or has a direct or indirect
parent company that has, (i) become the subject of a proceeding under any Bankruptcy Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender
with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be
a Defaulting Lender (subject to Section 6.17(B)) upon delivery of written notice of such determination to the Borrowers, Issuing Lender, Swing Line Lender and each Lender. 

“Fixed Charge Coverage” means the quotient which is obtained by dividing (i) the difference of EBIDA
for the 12-month period preceding the applicable date, less Maintenance Capital Expenditures for the 12-month period preceding the applicable date, less Dividends for the 12-month period preceding the applicable date, by (ii) the sum of Current
Maturities of Long-Term Indebtedness as of the applicable date, plus Interest Expense for the 12-month period preceding the applicable date. 
 “Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as
the European Union or the European Central Bank). 

  
 3 

 “Letter of Credit Commitment” means the lesser of
(i) Twenty Million and 00/100 Dollars ($20,000,000.00); or (ii) the Unused Revolving Loan Commitment. 

“LIBOR Margin” means a percentage based upon the ratio of Funded Debt to EBITDA of the Borrower
Consolidated Group, to be determined by Agent as of each Quarter-End based upon the financial reporting received from Borrowers in respect of such Quarter, as follows: 
  

					
	 Ratio of Funded Debt to EBITDA
	  	LIBOR Margin	 
	 Equal to or greater than 2.5 to 1.0
	  	 	+ 2.25	% 
	 Equal to or greater than 2.0 to 1.0, but less than 2.5 to 1.0
	  	 	+ 2.00	% 
	 Equal to or greater than 1.5 to 1.0, but less than 2.0 to 1.0
	  	 	+ 1.75	% 
	 Less than 1.5 to 1.0
	  	 	+ 1.50	% 

 “Permitted Acquisition” means any Acquisition the total cost of which
does not exceed, on a pro forma basis assuming the closing of the Acquisition, 75% of Borrowers’ combined EBITDA for the four (4) consecutive quarter periods most recently ended, provided, that Borrowers’ combined liquidity (equal to
cash plus the amount of the Unused Revolving Loan Commitment), on a pro forma basis assuming the closing of the Acquisition, is not less than $25,000,000.00. 
 “Revolving Loan Commitment” means One Hundred Ten Million and 00/100 Dollars ($110,000,000.00) as the same may be reduced pursuant to Section 2.8(A). 

“Revolving Loan Maturity Date” means April 30, 2018. 

“Revolving Notes” means (a) the following promissory notes, each executed by Borrowers:
(i) Revolving Note dated April 26, 2013 in the face amount of $65,000,000.00 payable to the order of Wells Fargo Bank, National Association, and (ii) Revolving Note dated April 26, 2013 in the face amount of $45,000,000.00
payable to the order of Bank of America, N.A.; and (b) any amendment to or modification of any such promissory note and any promissory note given in extension or renewal of, or in substitution for, such promissory note. 

“Swing Line Loan Commitment” means the lesser of (i) Eight Million and 00/100 Dollars
($8,000,000.00), or (ii) the Unused Revolving Loan Commitment. 
 “Unused Fee” means the
fee payable by Borrowers to Agent for the account of the Revolving Loan Lenders (based on each such Revolving Loan Lender’s Pro Rata Share of the Revolving Loan Commitment at the applicable time) on each Quarter-End, as determined by Agent as
of such Quarter-End in an amount equal to (i) the daily average of the Unused Revolving Loan Commitment, during such Quarter, multiplied by (ii) a percentage based upon the ratio of Funded Debt to EBITDA of the Borrower Consolidated Group,
as set forth in the chart below, divided by (iii) four (4). 

  
 4 

					
	 Ratio of Funded Debt to EBITDA
	  	Unused Fee
Percentage	 
	 Equal to or greater than 2.5 to 1.0
	  	 	0.35	% 
	 Equal to or greater than 2.0 to 1.0, but less than 2.5 to 1.0
	  	 	0.35	% 
	 Equal to or greater than 1.5 to 1.0, but less than 2.0 to 1.0
	  	 	0.25	% 
	 Less than 1.5 to 1.0
	  	 	0.25	% 

 “Unused Revolving Loan Commitment” means, as determined by Agent at any
time, an amount equal to (i) the Revolving Loan Commitment, minus (ii) the outstanding Revolving Loan Advances, minus (iii) the outstanding Swing Line Loan Advances, minus (iv) the Available Amount of the Letters of Credit, minus
(v) the outstanding Letter of Credit Advances; provided, for purposes of calculating the Unused Fee, the outstanding Swing Line Loan Advances shall not be deducted. 
 (b) Addition of New Defined Terms. The following terms are added to the Credit Agreement in alphabetical order, to read in full as follows: 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following:
(a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Governmental Authority, or (c) the making or issuance of any request, rule,
guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 “Code” means the Internal Revenue Code of 1986, and the rules and regulations promulgated
thereunder, each as amended or modified from time to time. 
 “Excluded Taxes” means, with
respect to Agent, any Lender, Issuing Lender or any other recipient of any payment to be made by or on account of any obligation of Borrowers hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in
which its applicable Lending Office is 

  
 5 

 
located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which Borrowers is located, (c) in the case of a Foreign
Lender (other than an assignee pursuant to a request by Borrowers under Section 6.18(B)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates
a new Lending Office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 6.15(E), except to the extent that such Foreign Lender (or its assignor, if
any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from Borrowers with respect to such withholding tax pursuant to Section 6.15(A) and (d) any Taxes imposed under
FATCA. 
 “FATCA” means Sections 1471 through 1474 of the Code (as of the date hereof) and any
regulations or official interpretations thereof (including any Revenue Ruling, Revenue Procedure, Notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from Taxes under such
provisions); provided that FATCA shall also include any amendments to Sections 1471 through 1474 of the Code if, as amended, FATCA provides a commercially reasonable mechanism to avoid the tax imposed thereunder by satisfying the information
reporting and other requirements of FATCA. 
 “Foreign Lender” means any Lender that is
organized under the laws of a jurisdiction other than that in which Borrowers is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender,
(a) with respect to Issuing Lender, such Defaulting Lender’s Revolving Loan Commitment Percentage of the outstanding Available Amount of all Letters of Credit and Letter of Credit Advances (other than the Available Amount of all Letters of
Credit and Letter of Credit Advances as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof) and (b) with respect to Swing Line Lender,
such Defaulting Lender’s Revolving Loan Commitment Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 

“Increased Amount Date” has the meaning assigned thereto in Section 2.7. 

“Incremental Lender” has the meaning assigned thereto in Section 2.7. 

“Incremental Revolving Loan Commitments” has the meaning assigned thereto in Section 2.7.

 “Incremental Loans” has the meaning assigned thereto in Section 2.7. 

  
 6 

 “Incremental Revolving Loan Commitment” has the meaning
assigned thereto in Section 2.7(A). 
 “Incremental Revolving Loan Increase” has the
meaning assigned thereto in Section 2.7(A). 
 “Indemnified Taxes” means Taxes other
than Excluded Taxes. 
 “Lender Joinder Agreement” means a joinder agreement in form and
substance satisfactory to Agent delivered in connection with Section 2.7. 
 “Lending
Office” means, with respect to any Lender, the office of such Lender maintaining such Lender’s Loans. 
 “Maintenance Capital Expenditures” means, as to any member of the Borrower Consolidated Group, Capital Expenditures incurred to maintain such Person’s fixed or capital assets to the
extent reasonably necessary, consistent with customary industry standards and past practice, to sustain ongoing current operations of the Borrower Consolidated Group. 

“Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 “Other Taxes” means all present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, fines, additions to tax or penalties applicable thereto. 

(c) Amendment to Time. All references to “(Charlotte, North Carolina time)” are amended to read “(Houston, Texas
time)”. 
 Section 2.02 Amendment to Section 2.1. The introduction to Section 2.1 is amended
to read in full as follows: 
 Section 2.1 General Terms. Subject to the terms hereof, Revolving Loan
Lenders will lend Borrowers, from time to time until the Revolving Loan Maturity Date, such amounts which shall not exceed, in the aggregate principal amount at any one time outstanding the Unused Revolving Loan Commitment. 

  
 7 

 Section 2.03 Amendment to Section 2.6. Section 2.6 is amended
to read in full as follows: 
 Section 2.6 Use of Proceeds of Revolving Loan. The proceeds of the
Revolving Loan shall be used to finance Borrowers’ general working capital needs, to pay fees and expenses associated with the closing of the Loans, to finance Permitted Acquisitions, to repay Letter of Credit Advances, and to repay Swing Line
Loan Advances. 
 Section 2.04 Additional Section to Article II. The following sections are added to Article
II of the Credit Agreement, to read in full as follows: 
 Section 2.7 Incremental Loans. 

(A) At any time prior to the Revolving Loan Maturity Date, Borrowers may by written notice to Agent elect to request the
establishment of one or more increases in the Revolving Loan Commitment (an “Incremental Revolving Loan Commitment”) to make incremental revolving credit loans (any such increase, an “Incremental Revolving Loan
Increase” or the “Incremental Loans”); provided that (1) the total aggregate amount for all such Incremental Revolving Loan Commitments shall not (as of any date of incurrence thereof) exceed $25,000,000.00, and
(2) the total aggregate amount for the Incremental Revolving Loan Commitment (and the Incremental Loans made thereunder) shall not be less than a minimum principal amount of $10,000,000.00 or, if less, the remaining amount permitted pursuant to
the foregoing clause (1). Each such notice shall specify the date (each, an “Increased Amount Date”) on which Borrowers propose that any Incremental Revolving Loan Commitment shall be effective, which shall be a date not less than
ten (10) Business Days after the date on which such notice is delivered to Agent. Borrowers may invite any Lender, any Affiliate of any Lender and/or any other Person reasonably satisfactory to Agent, to provide an Incremental Revolving Loan
Commitment (any such Person, an “Incremental Lender”). Any Lender or any Incremental Lender offered or approached to provide all or a portion of any Incremental Revolving Loan Commitment may elect or decline, in its sole discretion,
to provide such Incremental Revolving Loan Commitment. Any Incremental Revolving Loan Commitment shall become effective as of such Increased Amount Date; provided that: 

(1) no Default or Event of Default shall exist on such Increased Amount Date both before and after giving effect to
(i) any Incremental Revolving Loan Commitment, (ii) the making of any Incremental Loans pursuant thereto and (iii) any Permitted Acquisition consummated in connection therewith; 

(2) Agent and Lenders shall have received from each Borrower a Compliance Certificate demonstrating that Borrowers will be
in compliance on a pro forma basis with the financial covenants set forth in Section 10.3 both before and after giving effect to (i) any Incremental Revolving Loan Commitment, (ii) the making of any Incremental Loans pursuant
thereto and (iii) any Permitted Acquisition consummated in connection therewith; 

  
 8 

 (3) the proceeds of any Incremental Loans shall be used as set forth in
Section 2.6; 
 (4) each Incremental Revolving Loan Commitment (and the Incremental Loans made
thereunder) shall constitute Credit Agreement Obligations of Borrowers and shall be secured and guaranteed with the other Loans on a pari passu basis; 
 (5) in the case of each Incremental Revolving Loan Increase (the terms of which shall be set forth in the relevant Lender Joinder Agreement): 

(a) such Incremental Revolving Loan Increase shall mature on the Revolving Loan Maturity Date, shall bear interest at the
rate applicable to the Revolving Loans and shall be subject to the same terms and conditions as the Revolving Credit Loans; 
 (b) the outstanding Revolving Loans and Revolving Loan Commitment Percentages of Swing Line Loans and Letters of Credit will be reallocated by Agent on the applicable Increased Amount Date among the
Revolving Loan Lenders (including the Incremental Lenders providing such Incremental Revolving Loan Increase) in accordance with their revised Revolving Loan Commitment Percentages (and the Revolving Loan Lenders (including the Incremental Lenders
providing such Incremental Revolving Loan Increase) agree to make all payments and adjustments necessary to effect such reallocation and Borrowers shall pay any and all costs required pursuant to Section 6.13 in connection with such
reallocation as if such reallocation were a repayment); and 
 (c) except as provided above, all of the other
terms and conditions applicable to such Incremental Revolving Loan Increase shall, except to the extent otherwise provided in this Section 2.7, be identical to the terms and conditions applicable to the Revolving Loan; 

(6) any Incremental Lender with an Incremental Revolving Loan Increase shall be entitled to the same voting rights as the
existing Revolving Loan Lenders under the Revolving Loans and any Loans made in connection with each Incremental Revolving Loan Increase shall receive proceeds of prepayments on the same basis as the other Revolving Loans made hereunder; 

(7) such Incremental Revolving Loan Commitments shall be effected pursuant to one or more Lender Joinder Agreements
executed and delivered by Borrowers, Agent and the applicable Incremental Lenders 

  
 9 

 
(which Lender Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the
opinion of Agent, to effect the provisions of this Section 2.7); and 
 (8) Borrowers shall deliver
or cause to be delivered any customary legal opinions or other documents (including, without limitation, a resolution duly adopted by the board of directors (or equivalent governing body) of Each Borrower Party authorizing such Incremental Loan)
reasonably requested by Agent in connection with any such transaction. 
 (B) The Incremental Lenders shall be
included in any determination of the Required Lenders or Required Revolving Credit Lenders, as applicable, and the Incremental Lenders will not constitute a separate voting class for any purposes under this Agreement. 

(C) On any Increased Amount Date on which any Incremental Revolving Loan Increase becomes effective, subject to the
foregoing terms and conditions, each Incremental Lender with an Incremental Revolving Loan Commitment shall become a Revolving Credit Lender hereunder with respect to such Incremental Revolving Loan Commitment. 

Section 2.8 Permanent Reduction of the Revolving Loan Commitment. 

(A) Mandatory Reduction. The Revolving Loan Commitment shall be permanently reduced by the following amounts on the
corresponding dates as follows: 
  

									
	 Date
	  	Amount of Reduction	 	  	Revolving Loan Commitment	 
	 09/30/14
	  	$	10,000,000.00	  	  	$	100,000,000.00	  
	 09/30/15
	  	$	10,000,000.00	  	  	$	90,000,000.00	  
	 09/30/16
	  	$	10,000,000.00	  	  	$	80,000,000.00	  
	 09/30/17
	  	$	10,000,000.00	  	  	$	70,000,000.00	  

 (B) Corresponding Payment. Each permanent reduction permitted or required pursuant
to this Agreement shall be accompanied by a payment of principal sufficient to reduce the aggregate outstanding Revolving Credit Loans, Swing Line Loans and the Available Amount of all Letters of Credit and Letter of Credit Advances, as applicable,
after such reduction to the Revolving Loan Commitment as so reduced and if the aggregate amount of all outstanding Letters of Credit exceeds the Revolving Loan Commitment as so reduced, the Borrowers shall be required to deposit Cash Collateral in a
Cash Collateral account opened by Agent in an amount equal to such excess. Such Cash Collateral shall be applied in accordance with Section 4.3. Any reduction of the Revolving Loan Commitment to zero shall be accompanied by payment of
all outstanding Revolving Credit Loans and Swing Line Loans (and furnishing of Cash Collateral 

  
 10 

 
satisfactory to Agent for an amount equal to the Available Amount of all Letters of Credit and Letter of Credit Advances) and shall result in the termination of the Revolving Loan Commitment and
the Swing Line Commitment and the Revolving Credit Facility. If the reduction of the Revolving Loan Commitment requires the repayment of any LIBOR Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant to
Section 6.13 hereof. 
 Section 2.05 Amendments to Article VI. The following sections are amended as set
forth below: 
 (a) Section 6.1 of the Credit Agreement is amended to add paragraph (D), to read in full as follows:

 (D) Notwithstanding anything to the contrary contained in this Section 6.1, if there exists a
Defaulting Lender each payment by the Borrowers to such Defaulting Lender hereunder shall be applied in accordance with Section 6.17. 
 (b) Section 6.11 of the Credit Agreement is amended to add a sentence at the end thereof, to read in full as follows: 
 The provisions of this Section 6.11 shall not be construed to apply to (i) any Defaulting Lender, (ii) the application of Cash Collateral provided for in Section 6.16, or
(iii) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any Loan or participations in any Swing Line Loan or Letter of Credit to any assignee or participant, other than to Borrowers (as to
which the provisions of this Section shall apply). 
 Section 2.06 Additional Sections to Article VI. The following
sections are added to Article VI of the Credit Agreement, to read in full as follows: 
 Section 6.12. Changed
Circumstances. 
 (A) Circumstances Affecting LIBOR Rate Availability. In connection with any request
for a LIBOR Rate Borrowing or a conversion to or continuation thereof, if for any reason (i) Agent shall determine (which determination shall be conclusive and binding absent manifest error) that United States dollar deposits are not being
offered to banks in the London interbank Eurodollar market for the applicable amount and LIBOR Rate Interest Period of such Loan, (ii) Agent shall determine (which determination shall be conclusive and binding absent manifest error) that
reasonable and adequate means do not exist for the ascertaining the LIBOR Rate for such LIBOR Rate Interest Period with respect to a proposed LIBOR Rate Borrowing or (iii) the Required Lenders shall determine (which determination shall be
conclusive and binding absent manifest error) that the LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such LIBOR Rate Interest Period, then Agent shall promptly give notice
thereof to Borrowers. Thereafter, until Agent notifies Borrowers that such circumstances no longer exist, the obligation of Lenders to make LIBOR Rate Borrowings and the right of Borrowers to convert

  
 11 

 
any Loan to or continue any Loan as a LIBOR Rate Borrowing shall be suspended, and (i) in the case of LIBOR Rate Borrowings, Borrowers shall either (a) repay in full (or cause to be
repaid in full) the then outstanding principal amount of each such LIBOR Rate Borrowing together with accrued interest thereon (subject to Sections 2.4 and 2.5), on the last day of the then current LIBOR Rate Interest Period applicable
to such LIBOR Rate Borrowing; or (b) convert the then outstanding principal amount of each such LIBOR Rate Borrowing to a ABR Rate Borrowing as of the last day of such LIBOR Rate Interest Period. 

(B) Laws Affecting LIBOR Rate Availability. If, after the date hereof, the introduction of, or any change in, any
Law or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any of Lenders (or any of their respective
Lending Offices) with any request or directive (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful or impossible for any of Lenders (or any of their respective
Lending Offices) to honor its obligations hereunder to make or maintain any LIBOR Rate Borrowing, such Lender shall promptly give notice thereof to Agent and Agent shall promptly give notice to Borrowers and the other Lenders. Thereafter, until
Agent notifies Borrowers that such circumstances no longer exist, (i) the obligations of Lenders to make LIBOR Rate Borrowings, and the right of Borrowers to convert any Loan to a LIBOR Rate Borrowing or continue any Loan as a LIBOR Rate
Borrowing shall be suspended and thereafter Borrowers may select only ABR Rate Borrowings and (iii) if any of Lenders may not lawfully continue to maintain a LIBOR Rate Borrowing to the end of the then current LIBOR Rate Interest Period
applicable thereto, the applicable Loan shall immediately be converted to a ABR Rate Borrowing for the remainder of such LIBOR Rate Interest Period. 
 Section 6.13. Indemnity. Each Borrower hereby indemnifies each of Lenders against any loss or expense (including any loss or expense arising from the liquidation or reemployment of funds
obtained by it to maintain a LIBOR Rate Borrowing or from fees payable to terminate the deposits from which such funds were obtained) which may arise or be attributable to each Lender’s obtaining, liquidating or employing deposits or other
funds acquired to effect, fund or maintain any Loan (a) as a consequence of any failure by Borrowers to make any payment when due of any amount due hereunder in connection with a LIBOR Rate Borrowing, (b) due to any failure of Borrowers to
borrow, continue or convert on a date specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation or (c) due to any payment, prepayment or conversion of any LIBOR Rate Borrowing on a date other than the last day of the
LIBOR Rate Interest Period therefor. The amount of such loss or expense shall be determined, in the applicable Lender’s sole discretion, based upon the assumption that such Lender funded its Revolving Loan Credit Percentage of the LIBOR Rate
Borrowings in the London interbank market and using any reasonable attribution 

  
 12 

 
or averaging methods which such Lender deems appropriate and practical. A certificate of such Lender setting forth the basis for determining such amount or amounts necessary to compensate such
Lender shall be forwarded to Borrowers through Agent and shall be conclusively presumed to be correct save for manifest error. 

Section 6.14. Increased Costs. 
 (A) Increased Costs Generally. If any Change in Law shall: 

(1) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or advances, loans or other credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or Issuing Lender; 

(2) subject any Lender or Issuing Lender to any tax of any kind whatsoever with respect to this Agreement, any Letter of
Credit, any participation in a Letter of Credit or any LIBOR Rate Borrowing made by it, or change the basis of taxation of payments to such Lender or Issuing Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by
Section 6.15 and the imposition of, or any change in the rate of any Excluded Tax payable by such Lender or Issuing Lender); or 
 (3) impose on any Lender or Issuing Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBOR Rate Borrowings made by such Lender or any Letter of Credit
or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making,
converting to, continuing or maintaining any LIBOR Rate Borrowing (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or Issuing Lender of participating in, issuing or maintaining any Letter of Credit (or
of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or Issuing Lender hereunder (whether of principal, interest or any other amount) then, upon
written request of such Lender or Issuing Lender, Borrowers shall promptly pay to any such Lender or Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Lender, as the case may be, for such
additional costs incurred or reduction suffered. 
 (B) Capital Requirements. If any Lender or Issuing
Lender determines that any Change in Law affecting such Lender or Issuing Lender or any lending office of such Lender or such Lender’s or Issuing Lender’s holding company, if any, regarding capital requirements, has or would have the
effect of reducing the rate of return on such Lender’s or Issuing Lender’s capital or on the capital of 

  
 13 

 
such Lender’s or Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Pro Rata Share of the Revolving Loan Commitment of such Lender or the Loans made by,
or participations in Letters of Credit or Swing Line Loans held by, such Lender, or the Letters of Credit issued by Issuing Lender, to a level below that which such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Lender’s policies and the policies of such Lender’s or Issuing Lender’s holding company with respect to capital adequacy),
then from time to time upon written request of such Lender or such Issuing Lender Borrowers shall promptly pay to such Lender or Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Lender
or such Lender’s or Issuing Lender’s holding company for any such reduction suffered. It is acknowledged that this Agreement is being entered into by Lenders on the understanding that Lenders will not be required to maintain capital
against their Pro Rata Share of the Revolving Loan Commitment or Swing Line Commitment, as applicable, under current Laws, regulations and regulatory guidelines. In the event Lenders shall be advised by any Governmental Authority or shall otherwise
determine on the basis of pronouncements of any Governmental Authority that such understanding is incorrect, it is agreed that Lenders will be entitled to make claims under this Section (each such claim to be made within a reasonable period of time
after the period to which it relates) based upon market requirements prevailing on the date hereof for commitments under comparable credit facilities against which capital is required to be maintained. 

(C) Certificates for Reimbursement. A certificate of a Lender or Issuing Lender setting forth the amount or amounts
necessary to compensate such Lender or Issuing Lender or its holding company, as the case may be, as specified in paragraph (A) or (B) of this Section and delivered to Borrowers, shall be conclusive absent manifest error. Borrowers shall
pay such Lender or Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. 
 (D) Delay in Requests. Failure or delay on the part of any Lender or Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing
Lender’s right to demand such compensation; provided that Borrowers shall not be required to compensate a Lender or Issuing Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine (9) months
prior to the date that such Lender or Issuing Lender, as the case may be, notifies Borrowers of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or Issuing Lender’s intention to claim compensation
therefor (except that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

  
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 Section 6.15. Taxes. 

(A) Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrowers hereunder or under
any other Loan Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if Borrowers shall be required by Law to deduct any Indemnified Taxes (including any Other Taxes)
from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) Agent, the applicable Lender or Issuing
Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrowers shall make such deductions and (iii) Borrowers shall timely pay the full amount deducted to the
relevant Governmental Authority in accordance with Law. 
 (B) Payment of Other Taxes by Borrowers.
Without limiting the provisions of paragraph (a) above, Borrowers shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Law. 

(C) Indemnification by Borrowers. Borrowers shall indemnify Agent, each Lender and Issuing Lender, within ten
(10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by Agent, such Lender or
Issuing Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrowers by a Lender or Issuing Lender (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender or Issuing Lender, shall be
conclusive absent manifest error. Borrowers shall also indemnify Agent, within ten (10) days after demand therefor, for any amount which a Lender or Issuing Lender for any reason fails to pay indefeasibly to Agent as required by
paragraph (G) below; provided that, such Lender or Issuing Lender, as the case may be, shall indemnify Borrowers to the extent of any payment Borrowers makes to Agent pursuant to this sentence. In addition, Borrowers shall indemnify Agent, each
Lender and Issuing Lender, within ten (10) days after demand therefor, for any incremental Taxes that may become payable by such Agent, Lender (or its beneficial owners) or Issuing Lender as a result of any failure of any Borrower Party to pay
any Taxes when due to the appropriate Governmental Authority or to deliver to such Agent, pursuant to clause (D), documentation evidencing the payment of Taxes. 

(D) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by Borrowers
to a Governmental Authority, Borrowers shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to Agent. 

  
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 (E) Status of Lenders. Any Foreign Lender that is entitled to an
exemption from or reduction of withholding tax under the law of the jurisdiction in which Borrowers is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan
Document shall deliver to Borrowers (with a copy to Agent), at the time or times prescribed by Law or reasonably requested by Borrowers or Agent, such properly completed and executed documentation prescribed by Law as will permit such payments to be
made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by Borrowers or Agent, shall deliver such other documentation prescribed by Law or reasonably requested by Borrowers or Agent as will enable
Borrowers or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, in the event that Borrowers is a resident for tax purposes in the
United States, any Foreign Lender shall deliver to Borrowers and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the request of Borrowers or Agent, but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
 (1) duly completed copies of IRS Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States is a party; 

(2) duly completed copies of IRS Form W-8ECI; 

(3) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of
the Code, (x) a certificate to the effect that such Foreign Lender is not (i) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (ii) a “10 percent shareholder” of Borrowers within the meaning of
section 881(c)(3)(B) of the Code, or (iii) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of IRS Form W-8BEN; or 

(4) any other form prescribed by Law as a basis for claiming exemption from or a reduction in United States Federal
withholding tax duly completed together with such supplementary documentation as may be prescribed by Law to permit Borrowers to determine the withholding or deduction required to be made. 

If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if
such Lender fails to comply with any requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall (A) enter into such agreements with the IRS as necessary to establish an
exemption from withholding under FATCA; (B) comply with any certification, documentation, information, reporting or other requirement necessary to establish an exemption from withholding under FATCA; (C) provide any documentation
reasonably 

  
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requested by Borrowers or Agent sufficient for Agent and Borrowers to comply with their respective obligations, if any, under FATCA and to determine that such Lender has complied such applicable
requirements; and (D) provide a certification signed by the chief financial officer, principal accounting officer, treasurer or controller of such Lender certifying that such Lender has complied with any necessary requirements to establish an
exemption from withholding under FATCA. To the extent that the relevant documentation provided pursuant to Section 6.15(E) is rendered obsolete or inaccurate in any material respect as a result of changes in circumstances with respect to
the status of a Lender or Issuing Lender, such Lender or Issuing Lender shall, to the extent permitted by Law, deliver to Borrowers and Agent revised and/or updated documentation sufficient for Borrowers and Agent to confirm such Lender’s or
such Issuing Lender’s compliance with their respective obligations under FATCA. 
 (F) Treatment of
Certain Refunds. If Agent, a Lender or Issuing Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified pursuant to this Section (including additional amounts paid
by Borrowers pursuant to this Section), it shall pay to the applicable indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, under this Section with respect to the Taxes or
Other Taxes giving rise to such refund), net of all out-of-pocket expenses of Agent, such Lender or Issuing Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund); provided that the applicable indemnifying party, upon the request of Agent, such Lender or Issuing Lender, agrees to repay the amount paid over pursuant to this Section (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to Agent, such Lender or Issuing Lender in the event Agent, such Lender or Issuing Lender is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (F), in no
event will Agent, Issuing Lender or any Lender be required to pay any amount to an indemnifying party pursuant to this paragraph (F) the payment of which would place Agent, Issuing Lender or Lender in a less favorable net after-Tax position
than Agent, Issuing Lender or Lender would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require Agent, any Lender or Issuing Lender to
make available its tax returns (or any other information relating to its taxes which it deems confidential) to Borrowers or any other Person. 
 (G) Indemnification of Agent. Each Lender and Issuing Lender shall indemnify Agent within ten (10) days after demand therefor, for the full amount of any Excluded Taxes attributable to such
Lender or Issuing Lender that are payable or paid by Agent, and reasonable expenses arising therefrom or with respect thereto, whether or not such Excluded Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A
certificate as to the amount of such payment or liability delivered to any Lender by Agent shall be conclusive absent manifest error. Each Lender and Issuing Lender hereby 

  
 17 

 
authorizes Agent to set off and apply any and all amounts at any time owing to such Lender or Issuing Lender, as the case may be, under any Loan Document against any amount due to Agent under
this paragraph (G). The agreements in paragraph (G) shall survive the resignation and/or replacement of Agent. 
 (H) Survival. Without prejudice to the survival of any other agreement of Borrowers hereunder, the agreements and obligations of Borrowers contained in this Section shall survive the payment in
full of the Obligations and the termination of the Pro Rata Share of the Revolving Loan Commitment. 

Section 6.16 Cash Collateral. At any time that there shall exist a Defaulting Lender, within one Business Day
following the written request of Agent, Issuing Lender or Swing Line Lender (with a copy to Agent), the Borrowers shall Cash Collateralize the Fronting Exposure of Issuing Lender and/or Swing Line Lender, as applicable, with respect to such
Defaulting Lender (determined after giving effect to Section 6.17(A)(4) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. 

(A) Grant of Security Interest. The Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting
Lender, hereby grants to Agent, for the benefit of Issuing Lender and Swing Line Lender, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lender’s obligation to fund
participations in respect of the Available Amount of all Letters of Credit and Letter of Credit Advances and Swing Line Loans, to be applied pursuant to subsection (b) below. If at any time Agent determines that Cash Collateral is subject to
any right or claim of any Person other than Agent, Issuing Lender and Swing Line Lender as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrowers will, promptly upon demand by
Agent, pay or provide to Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(B) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided
under this Section 6.16 or Section 6.17 in respect of Letters of Credit and Swing Line Loans shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of the Available
Amount of all Letters of Credit and Letter of Credit Advances and Swing Line Loans (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to
any other application of such property as may otherwise be provided for herein. 
 (C) Termination of
Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce the Fronting Exposure of Issuing Lender and/or Swing Line Lender, as applicable, shall no longer be required to be held as

  
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Cash Collateral pursuant to this Section 6.16 following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the
applicable Lender), or (ii) the determination by Agent, Issuing Lender and Swing Line Lender that there exists excess Cash Collateral; provided that, subject to Section 6.17, the Person providing Cash Collateral, Issuing Lender and
Swing Line Lender may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; and provided further that to the extent that such Cash Collateral was provided by the Borrowers, such Cash
Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

Section 6.17 Defaulting Lenders. 

(A) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any
Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (1) Waivers and Amendments. Such Defaulting Lender shall have no right to approve or disapprove any amendment, waiver or consent with respect to this Agreement. 

(2) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Agent for
the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article XI or otherwise) or received by Agent from a Defaulting Lender in connection with any set-off shall be applied at such time or times as
may be determined by Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to Issuing Lender
or Swing Line Lender hereunder; third, to Cash Collateralize the Fronting Exposure of Issuing Lender and Swing Line Lender with respect to such Defaulting Lender in accordance with Section 6.16; fourth, as the Borrowers may
request (so long as no Default or Event of Default exists), to the funding of any Loan or funded participation in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Agent;
fifth, if so determined by Agent and the Borrowers, to be held in a deposit account and released pro rata in order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans and funded
participations under this Agreement and (B) Cash Collateralize Issuing Lender’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit and Swing Line Loans issued under this Agreement, in
accordance with Section 6.16; sixth, to the payment of any amounts owing to Lenders, Issuing Lender or Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, Issuing Lender or
Swing Line Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any

  
 19 

 
amounts owing to the Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (1) such payment is a payment of the principal amount of
any Loans or funded participations in Letters of Credit or Swing Line Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (2) such Loans were made or the related Letters of Credit or Swing Line Loans
were issued at a time when the conditions set forth in Section 7.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and funded participations in Letters of Credit or Swing Line Loans owed to, all
Non-Defaulting Lenders on a Pro Rata basis prior to being applied to the payment of any Loans of, or funded participations in Letters of Credit or Swing Line Loans owed to, such Defaulting Lender until such time as all Loans and funded and unfunded
participations in the Available Amount of all Letters of Credit and Letter of Credit Advances and Swing Line Loans are held by Lenders pro rata in accordance with the Revolving Loan Commitments under the applicable Revolving Credit Facility without
giving effect to Section 6.17(A)(4). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this
Section 6.17(A)(2) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (3) Certain Fees. 
 (a) No Defaulting Lender shall be
entitled to receive any Unused Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

 (b) Each Defaulting Lender shall be entitled to receive a Letter of Credit Facility Fee for any period during
which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Loan Commitment Percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 6.16. 

(c) With respect to any Letter of Credit Facility Fee not required to be paid to any Defaulting Lender pursuant to clause
(a) or (b) above, the Borrowers shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in the Available Amount
of all Letters of Credit and Letter of Credit Advances or Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (4) below, (2) pay to each Issuing Lender and Swing Line Lender, as applicable, the
amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s or Swing Line Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining
amount of any such fee. 

  
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 (4) Reallocation of Participations to Reduce Fronting Exposure. All
or any part of such Defaulting Lender’s participation in the Available Amount of all Letters of Credit and Letter of Credit Advances and Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective
Revolving Loan Commitment Percentages (calculated without regard to such Defaulting Lender’s Revolving Loan Commitment) but only to the extent that (x) the conditions set forth in Section 7.2 are satisfied at the time of such
reallocation (and, unless the Borrowers shall have otherwise notified Agent at such time, the Borrowers shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause
the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a
Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(5) Cash Collateral, Repayment of Swing Line Loans. If the reallocation described in clause (4) above cannot,
or can only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, (x) first, repay Swing Line Loans in an amount equal to Swing Line Lenders’ Fronting Exposure and
(y) second, Cash Collateralize Issuing Lender’s Fronting Exposure in accordance with the procedures set forth in Section 6.16. 
 (B) Defaulting Lender Cure. If the Borrowers, Agent, Issuing Lender and Swing Line Lender agree in writing that a Lender is no longer a Defaulting Lender, Agent will so notify the parties hereto,
whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), such Lender will, to the extent applicable, purchase at par that
portion of outstanding Loans of the other Lenders or take such other actions as Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held Pro Rata by Lenders in
accordance with the Commitments under the applicable Facility (without giving effect to Section 6.17(A)(4), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect
to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting
Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

  
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 (C) New Swing Line Loans/Letters of Credit. So long as any Lender is
a Defaulting Lender, (i) Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no Issuing Lender shall be
required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto. 
 Section 6.18. Mitigation Obligations; Replacement of Lenders. 
 (A) Designation of a Different Lending Office. If any Lender requests compensation under Section 6.14, or requires the Borrower to pay additional amounts to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 6.15, then such Lender shall, at the request of the Borrower, use reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 6.14 or Section 6.15, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Borrowers hereby agree
to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (B) Replacement of Lenders. If any Lender requests compensation under Section 6.14, or if the Borrower is required to pay additional amounts to any Lender or any Governmental Authority
for the account of any Lender pursuant to Section 6.15, and, in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 6.18(A), or if any Lender is a Defaulting
Lender, then Borrower may, at its sole expense and effort, upon notice to such Lender and Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by,
Section 13.15), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that: 
 (1) Borrowers shall have paid to Agent the assignment fee (if any) specified in
Section 13.15; 
 (2) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts due in connection with any indemnities)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrowers (in the case of all other amounts); 

  
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 (3) in the case of any such assignment resulting from a claim for
compensation under Section 6.14 or payments required to be made pursuant to Section 6.15, such assignment will result in a reduction in such compensation or payments thereafter; and 

(4) such assignment does not conflict with Applicable Law. 

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by
such Lender or otherwise, the circumstances entitling Borrowers to require such assignment and delegation cease to apply. 

Section 2.07 Amendment to Financial Covenants. Section 10.3, paragraph (G) of the Credit Agreement is
deleted. 
 Section 2.08 Amendment to Maintaining Bank Accounts. Section 10.14(A) of the Credit
Agreement is amended to read in full as follows: 
 (A) Borrowers shall maintain their principal bank accounts
(collectively, the “Bank Accounts”), including any Deposit Accounts and disbursement accounts (the “Approved Bank Accounts”), and principal United States domestic treasury management services, with Wells Fargo Bank,
National Association. 
 Section 2.09 Amendment to Right of Set-Off. Section 11.6 of the Credit
Agreement is amended to add a sentence at the end thereof, to read in full as follows: 
 In the event that any Defaulting Lender
shall exercise any such right of set-off, (i) all amounts so set off shall be paid over immediately to Agent for further application in accordance with the provisions of Section 6.17 and, pending such payment, shall be segregated by
such Defaulting Lender from its other funds and deemed held in trust for the benefit of Agent, Issuing Lenders, Swing Line Lender and Lenders, and (ii) the Defaulting Lender shall provide promptly to Agent a statement describing in reasonable
detail the Indebtedness owing to such Defaulting Lender as to which it exercised such right of set-off. 
 Section 2.10
Amendment to Section 13.15. Section 13.15 of the Credit Agreement is amended to add paragraph (H), to read in full as follows: 
 (H) Notwithstanding anything to the contrary contained in this Section, no assignment or participation may be made to a Defaulting Lender. 

Section 2.11 Lenders’ Credit Percentages. Exhibit D to the Credit Agreement is amended by substituting Exhibit
D attached hereto for Exhibit D attached to the Credit Agreement. 

  
 23 

 ARTICLE III 
 CONDITIONS PRECEDENT 
 The effectiveness of this Amendment is conditioned
upon the satisfaction of the following further conditions which must be satisfied as of the date of this Amendment or such later date as indicated below: 
 Section 3.01 Representations and Warranties True and Correct. The representations and warranties contained herein and in all other Loan Documents, as amended hereby and by the other documents
given in connection with this Amendment, shall be true and correct as of the date hereof except as previously disclosed to Lender. 
 Section 3.02 No Default. No Default or Event of Default shall exist. 

Section 3.03 Borrowers Documents. Borrowers shall have executed and delivered to Agent, for the benefit of Lenders, the
following documents, in form and substance satisfactory to Agent in its sole discretion; each of such documents shall be a Loan Document: 
 (a) this Amendment; 
 (b) Revolving Note payable to Wells Fargo Bank, National
Association in the face amount of $65,000,000.00; 
 (c) Revolving Note payable to Bank of America, N.A. in the face amount of
$45,000,000.00; 
 (d) Swing Line Note payable to Wells Fargo Bank, National Association in the face amount of $8,000,000.00;

 (e) Second Amendment to Deed of Trust, Assignment of Rents, Security Agreement and Financing Statement relating to real
property owned by KMG ECI in Hollister, California; 
 (f) Third Amendment to Deed of Trust and Security Agreement relating to
real property owned by KMG ECI in Pueblo County, Colorado; 
 (g) Third Amendment to Mortgage and Security Agreement relating to
real property owned by, KMG-Bernuth in Doniphan County, Kansas; 
 (h) CLTA Form 110.6 Endorsement to the Loan Policy of Title
Insurance relating to real property owned by KMG ECI in Hollister, California, to be received within ten (10) Business Days after the date hereof; 
 (i) ALTA Form 11 Endorsement to the Loan Policy of Title Insurance relating to real property owned by KMG ECI in Pueblo County, Colorado, to be received within ten (10) Business Days after the date
hereof; 

  
 24 

 (j) ALTA Form 11 Endorsement to the Loan Policy of Title Insurance relating to real property
owned by, KMG-Bernuth in Doniphan County, Kansas, to be received within ten (10) Business Days after the date hereof; and 

(k) Closing Certificates for Each Borrower. 
 Section 3.04 Opinion of Counsel. Borrowers’ outside legal counsel shall have delivered to Agent a legal opinion in form and substance satisfactory to Agent in its sole discretion.

 Section 3.05 Amendment to Intercreditor Agreement. The parties to the Intercreditor Agreement shall have executed
and delivered to Agent and Collateral Agent an amendment to the Intercreditor Agreement, in form and substance satisfactory to Agent in its sole discretion; such document shall be a Loan Document. 

Section 3.06 Amendment to Note Purchase Agreement. Borrowers and the Purchasers (as defined in the Note Purchase Agreement
dated December 31, 2007 as more particularly described in the Intercreditor Agreement) shall have executed and delivered among themselves an amendment to the Note Purchase Agreement, granting such waivers and consents as may be required to
permit the Transaction. 
 ARTICLE IV 
 RATIFICATIONS, REPRESENTATIONS AND WARRANTIES 
 Section 4.01
Renewal and Extension of Revolving Notes. 
 (a) To the extent of $45,000,000.00, the Revolving Note of even date
herewith payable to the order of Wells Fargo Bank, National Association is given in renewal and extension, and not in extinguishment or novation, of the following Revolving Notes, each executed by Borrowers: (i) dated March 18, 2010,
payable to the order of Wachovia Bank, N.A., in the face amount of $30,000,000.00, (ii) dated December 31, 2007, payable to the order of The Prudential Insurance Company of America, in the face amount of $2,500,000.00, and (iii) dated
December 31, 2007, payable to the order of PRUCO Life Insurance Company, in the face amount of $2,500,000.00, which three (3) notes were in turn renewed and extended by that certain Revolving Note dated November 23, 2011 in the face
amount of $45,000,000.00 executed by Borrowers payable to the order of Wells Fargo Bank, National Association; the Liens securing said prior Revolving Notes are hereby renewed and extended to secure the Credit Agreement Obligations, and said Liens
are hereby ratified and confirmed in every respect by Borrowers and shall continue in full force and effect. 
 (b) To the
extent of $15,000,000.00, the Revolving Note of even date herewith payable to the order of Bank of America, N.A. is given in renewal and extension, and not in extinguishment or novation, of that certain Revolving Note executed by Borrowers dated
March 18, 2010, payable to the order of Bank of America, N.A. in the face amount of $15,000,000.00, which was given in renewal and extension of that certain Revolving Note dated December 31, 2007 executed by Borrowers payable to the
order of Bank of America, N.A. in the face amount of $10,000,000.00; the Liens securing said prior Revolving Notes are hereby renewed and extended to secure the Credit Agreement Obligations, and said Liens are hereby ratified and confirmed in every
respect by Borrowers and shall continue in full force and effect. 

  
 25 

 Section 4.02 Ratifications. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement are ratified and confirmed and
shall continue in full force and effect. Borrowers and Lenders agree that the Credit Agreement as amended hereby shall continue to be legal, valid, binding and enforceable in accordance with its terms. The terms, provisions, and conditions of any
and all of the Loan Documents are hereby ratified and confirmed in every respect by Borrowers and shall continue in full force and effect. 
 Section 4.03 Representations and Warranties. Borrowers hereby represent and warrant to Lenders that: 
 (a) the execution, delivery and performance of this Amendment and any and all other Loan Documents executed and/or delivered in connection herewith have been authorized by all requisite corporate action
on the part of Borrowers and will not violate the articles of incorporation or bylaws of Borrowers; 
 (b) after giving effect
to the modifications contained in this Amendment, and any other Loan Document, the representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date hereof except as previously
disclosed to Lenders; 
 (c) after giving effect to the modifications contained in this Amendment, no Default or Event of
Default has occurred and is continuing and no event or condition has occurred that with the giving of notice or lapse of time or both would be a Default or an Event of Default; 

(d) after giving effect to the modifications contained in this Amendment, Borrowers are in full compliance with all covenants and
agreements contained in the Credit Agreement as amended hereby; and 
 (e) Borrowers are not presently aware of any claim they
have against Lenders, nor are they aware of any claim any of their respective Subsidiaries have against Lenders, for damages arising out of any prior action or inaction on the part of Lenders or their representatives or agents. 

ARTICLE V 

MISCELLANEOUS 
 Section 5.01 Survival of Representations and Warranties. All representations and warranties made in this Amendment or any other Loan Document including any Loan Document furnished in
connection with this Amendment shall survive the execution and delivery of this Amendment and the other Loan Documents executed in connection with this Amendment. 

  
 26 

 Section 5.02 Reference to Agreement. Each of the Loan Documents, including the
Credit Agreement and any and all other agreements, documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement as amended hereby, are hereby amended so that any
reference in such Loan Documents to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby. 

Section 5.03 Expenses of Lender. As provided in the Credit Agreement, Borrowers agree to pay on demand all reasonable costs
and expenses incurred by Lenders in connection with the preparation, negotiation, and execution of this Amendment and the other Loan Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including
without limitation the reasonable costs and fees of Lenders’ legal counsel, and all reasonable costs and expenses incurred by Lenders in connection with the enforcement or preservation of any rights under the Credit Agreement as amended hereby,
or any other Loan Document, including without limitation the reasonable costs and fees of Agent’s legal counsel. 

Section 5.04 Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 
 Section 5.05 LAW. THIS AMENDMENT IS ENTERED INTO AND PERFORMABLE IN HARRIS COUNTY, TEXAS, AND THE SUBSTANTIVE LAWS, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS, OF THE UNITED
STATES AND THE STATE OF TEXAS SHALL GOVERN THE CONSTRUCTION OF THIS AMENDMENT AND THE DOCUMENTS EXECUTED AND DELIVERED PURSUANT HERETO, AND THE RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THERETO. 

Section 5.06 Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of Lenders and Borrowers
and their respective successors and assigns, except Borrowers may not assign or transfer any of their rights or obligations hereunder without the prior written consent of Lenders. 

Section 5.07 Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed
shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument. 

Section 5.08 Effect of Waiver. No consent or waiver, express or implied, by Lenders to or for any breach of or deviation from
any covenant, condition or duty by Borrowers shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty. 

  
 27 

 Section 5.09 Headings. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of this Amendment. 
 Section 5.10 SECTION
26.02 NOTICE. THE CREDIT AGREEMENT, AS AMENDED BY THIS AMENDMENT, AND ALL OTHER INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THE CREDIT AGREEMENT AND THIS AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE CREDIT AGREEMENT AND THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. 
 THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE
PARTIES HERETO. 
 EXECUTED as of the date first written above. 

[Remainder of page is blank. Signatures appear on following pages.] 

  
 28 

 SIGNATURE PAGES – BORROWERS 

 

			
	KMG CHEMICALS, INC.
		
	By:	 	 /s/ J. Neal Butler

		 	    J. Neal Butler
		 	    President and Chief Executive Officer
	
	KMG-BERNUTH, INC.
		
	By:	 	 /s/ J. Neal Butler

		 	    J. Neal Butler
		 	    President and Chief Executive Officer
	
	KMG ELECTRONIC CHEMICALS, INC.
		
	By:	 	 /s/ J. Neal Butler

		 	    J. Neal Butler
		 	    President and Chief Executive Officer

 SIGNATURE PAGE – WELLS FARGO 

 

			
	 WELLS FARGO BANK,
 NATIONAL ASSOCIATION

	as Agent, Collateral Agent, Lender and Issuing Lender
		
	By:	 	 /s/ Geri E. Landa

		 	Geri E. Landa
		 	Senior Vice President

 Instructions for Wire Transfers to Agent: 
 Wells Fargo Bank National Association 
 ABA Number: 121 000 248 

Account Number: 01104331628807 
 Account Name:
Agency Services Clearing A/C 
 Ref: KMG Chemicals 
 Attn: Financial Cash Controls 

 SIGNATURE PAGE – BANK OF AMERICA 

 

			
	BANK OF AMERICA, N.A.,
	as a Lender
		
	By:	 	 /s/ Rebecca L. Hetzer

		 	Rebecca L. Hetzer
		 	Vice President

 EXHIBIT D 

LENDERS’ CREDIT PERCENTAGES 
 Percentages have been rounded up/down to next whole percentage 
  

					
	 Lender
	  	Revolving Loan Commitment
and Revolving Loan Credit
Percentage	 
	 Wells Fargo Bank, N.A.
	  	$
  
	65,000,000
 59.09
	  
 % 

	 Bank of America, N.A.
	  	$
  
	45,000,000
 40.91
	  
 % 

	 Total
	  	$
  
	110,000,000
 100.00
	  
 %

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