Document:

EX-10.14

 Exhibit 10.14 
 Execution Copy 
 FOURTH AMENDMENT TO CREDIT AGREEMENT

 EXECUTED by the parties hereto as of the 12th day of February, 2013. 
  

			
	AMONG:	  	VITRAN CORPORATION INC. and VITRAN EXPRESS CANADA INC., as Canadian Borrowers
		
		  	(the “Canadian Borrowers”)
		
	AND:	  	VITRAN CORPORATION, VITRAN EXPRESS, INC., LAS VEGAS/L.A. EXPRESS, INC., VITRAN LOGISTICS CORP., VITRAN LOGISTICS, INC., SHORTHAUL TRANSPORT CORPORATION and MIDWEST SUPPLY CHAIN,
INC., as U.S. Borrowers
		
		  	(collectively, the “U.S. Borrowers”, and together with the Canadian Borrowers, the “Borrowers”)
		
	AND:	  	THE CANADIAN BORROWERS, THE U.S. BORROWERS, CAN-AM LOGISTICS INC., VITRAN LOGISTICS LIMITED, EXPEDITEUR T.W. LTEE, 1098304 ONTARIO INC., DONEY HOLDINGS INC., ROUT-WAY EXPRESS
LINES LTD./LES SERVICE ROUTIERS EXPRESS ROUT LTEE, 1277050 ALBERTA INC., SOUTHERN EXPRESS LINES OF ONTARIO LIMITED, VITRAN ENVIRONMENTAL SYSTEMS INC., 0772703 B.C. LTD., 1833660 ONTARIO INC. and VITRAN PROPERTIES USA, INC., as
Guarantors
		
		  	(collectively, the “Guarantors”)
		
	AND:	  	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
		  	(the “Agent”)
		
	AND:	  	EACH OF THE FINANCIAL INSTITUTIONS PARTY HERETO, as Lenders
		
		  	(collectively the “Lenders”)

 WHEREAS the Borrowers, the Guarantors, the Agent and the other Persons signatory thereto have
entered into a Credit Agreement dated as of November 30, 2011, as amended by that certain First Amendment to Credit Agreement dated as of December 29, 2011, and by that certain Second Amendment to Credit Agreement dated as of
October 10, 2012, and by that certain Third Amendment to Credit Agreement dated as of December 28, 2012 (including all annexes, exhibits and schedules thereto, as the same has been or may be further amended, modified, restated,
supplemented or replaced from time to time, collectively the “Credit Agreement”); 
 AND WHEREAS the
Borrower Representative has advised the Agent that Vitran Express Canada Inc. and Vitran Corporation intend to enter into a share sale transaction (the “Share Sale”) providing for the disposition of ten Loan Parties, which comprise
Vitran’s supply chain business unit, consisting of the following Canadian Loan Parties, collectively referred to herein as the “Canadian Supply Chain Companies”, namely Vitran Logistics Limited, Can-Am

 
Logistics Inc., 1833660 Ontario Inc. (to be continued as Ace SCO Holdings Ltd. and immediately thereafter converted to a B.C. ULC called Ace SCO Holdings ULC, all prior to the date of such
transaction), 1098304 Ontario Inc., 1277050 Alberta Inc. and 0772703 B.C. Ltd., and the following U.S. Loan Parties, collectively referred to herein as the “U.S. Supply Chain Companies”, namely Las Vegas/L.A. Express Inc., Vitran
Logistics, Inc., Vitran Logistics Corp. and Midwest Supply Chain, Inc., pursuant to a share purchase agreement dated on or about the date hereof between Vitran Express Canada Inc., Vitran Corporation, and Legacy SCO, Inc., on terms and conditions
satisfactory to the Agent, acting reasonably; 
 AND WHEREAS immediately prior to the Share Sale, certain of the Loan
Parties propose to undertaking a corporate reorganization as set out in Schedule “A” hereto (the “Corporate Reorganization”); 
 AND WHEREAS the parties hereto have agreed to amend certain provisions of the Credit Agreement, but, only to the extent and subject to the limitations set forth in this Fourth Amendment to Credit
Agreement (hereinafter this “Amendment Agreement”) and without prejudice to the Agent’s and the Secured Parties’ other rights; 
 NOW THEREFORE for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereby agree as follows: 

ARTICLE I – INTERPRETATION 
  

	1.1	All capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement (including, as the case may
be, as amended by the terms of this Amendment Agreement). 

 ARTICLE II – CONSENTS

  

	2.1	Notwithstanding the requirements or restrictions set forth in the Credit Agreement or any other Loan Document, including without limitation, Sections 5.2, 6.5, 6.8 and
6.9 of the Credit Agreement, the Agent and Lenders hereby consent to steps 1 through 4 of the Corporate Reorganization. 

  

	2.2	Notwithstanding the requirements or restrictions set forth in the Credit Agreement or any other Loan Document, including without limitation, Sections 6.5 and 6.9 of the
Credit Agreement, the Agent and the Lenders hereby consent to the Share Sale, provided that in addition to the conditions set out in Article IV below, any Net Proceeds from the Share Sale that are received by or on behalf of Vitran Express
Canada Inc. or Vitran Corporation shall, immediately after being received, be used to prepay the Obligations as set forth in Sections 2.11(c) and (d) of the Credit Agreement, and any failure to prepay the Obligations with such Net Proceeds
shall constitute an Event of Default pursuant to paragraph (d) of Article VIII of the Credit Agreement, provided however that the Loan Parties shall not be required to use the Net Proceeds to cash collateralize Letters of Credit issued
pursuant to Section 2.6 or the EDC LC Facility. 

  
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 ARTICLE III – AMENDMENTS 

 

	3.1	As of the Amendment Effective Date, Section 1.1 of the Credit Agreement is hereby amended as follows: 

 

	 	(a)	by deleting the definition of “Applicable Rate” in its entirety and substituting the following therefor: 

““Applicable Rate” means, for any day, (i) with respect to any Eurodollar Loan or CDOR Rate Loan, the spread
of 2.75% per annum, and (ii) with respect to any CBFR Loan or Canadian Prime Rate Loan, the spread of 1.25% per annum, as the case may be.”; 
  

	 	(b)	by deleting the definition of “Fixed Charge Coverage Trigger Period” in its entirety. 

 

	 	(c)	by deleting the definition of “Maturity Date” in its entirety and substituting the following therefor: 

““Maturity Date” means the earliest of (i) November 30, 2014, (ii) if EBITDA as of December 31,
2013, determined on a trailing six (6) month basis, is not greater than $2,000,000, then May 31, 2014, and (iii) any date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms
hereof.”; 
  

	 	(d)	by deleting the definition of “Revolving Commitment” in its entirety and substituting the following therefore: 

““Revolving Commitment” means, with respect to each Lender, individually and collectively as the context may
require, the U.S. Commitment and the Canadian Commitment of such Lender. The initial Aggregate Revolving Commitments total $50,000,000.”; 
  

	 	(e)	by adding the following definition thereto in proper alphabetical order: 

 ““Canadian Supply Chain Companies” means Vitran Logistics Limited, Can-Am Logistics Inc., 1833660 Ontario Inc. (to be continued as Ace SCO Holdings Ltd. and immediately thereafter
converted to a B.C. ULC called Ace SCO Holdings ULC, all prior to the date of the Share Sale), 1098304 Ontario Inc., 1277050 Alberta Inc. and 0772703 B.C. Ltd.” 
  

	 	(f)	by adding the following definition thereto in proper alphabetical order: 

 ““Loan Commitment Conditions” has the meaning assigned to such term in Section 4.2.”; 

  
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	 	(g)	by adding the following definition thereto in proper alphabetical order: 

 ““Share Sale” means the Prepayment Event whereby ten Loan Parties which comprise Vitran’s supply chain business unit, consisting of the Canadian Supply Chain Companies and the
U.S. Supply Chain Companies, were disposed of pursuant to a share purchase agreement between Vitran Express Canada Inc., Vitran Corporation, and Legacy SCO, Inc.”; and 

 

	 	(h)	by adding the following definition thereto in proper alphabetical order: 

 ““U.S. Supply Chain Companies” means Las Vegas/LA Express Inc., Vitran Logistics, Inc., Vitran Logistics Corp. and Midwest Supply Chain, Inc.” 

 

	3.2	As of the Amendment Effective Date, Subsection 2.6(c) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 “(c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the
earlier of (i) the date that is one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five Business Days
prior to the Maturity Date; provided that, notwithstanding the foregoing, any Letter of Credit with a one year term that ends later than five Business Days prior to the Maturity Date, shall be permitted to expire at the end of its current term (with
no further rollover, extension, or ‘evergreen’ capability), on the condition that (i) no later than five Business Days prior to the Maturity Date, the applicable Borrower has deposited in an account with the Administrative Agent, for
the benefit of the U.S. Lenders or Canadian Lenders, as applicable, an amount in cash equal to 105% of the LC Exposure under such Letter of Credit, and (ii) the applicable Borrower has provided the Agent with evidence satisfactory to the Agent
that no further rollover, extension, or ‘evergreen’ capability is permitted under such Letter of Credit which could provide for the expiry thereof beyond the end of its current term”. 

 

	3.3	As of the Amendment Effective Date, Subsection 2.9(c)(i) of the Credit Agreement is hereby amended by deleting the reference to $85,000,000 and replacing it with
“$50,000,000”. 

  

	3.4	As of the Amendment Effective Date, Subsection 2.9(e) of the Credit Agreement is hereby amended by adding the following at the beginning thereof:

 “Subject to the approval of the Administrative Agent, in its sole discretion,”. 

 

	3.5	As of the Amendment Effective Date, Subsection 2.9(f) of the Credit Agreement is hereby amended by deleting the reference to “$115,000,000” and replacing it
with “$80,000,000”. 

  

	3.6	As of the Amendment Effective Date, Article IV of the Credit Agreement is hereby amended by adding the following new Section 4.2, and all existing references to
Section 4.2 in the Credit Agreement shall be adjusted accordingly to refer to Section 4.3: 

  
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 “4.2 Additional Loan Conditions. As of the Amendment Effective Date (as such
term is defined in the Fourth Amendment to Credit Agreement dated as of February 12, 2013), and notwithstanding any other provision in this Agreement or in any other Loan Documents, the obligations of the Lenders to make any Loans or Revolving
Loans (including Canadian Revolving Loans and U.S. Revolving Loans) or any other advances or products under this Agreement, other than Letters of Credit (pursuant to Section 2.6), Banking Services, and Protective Advances (made at the
discretion of the Agent) shall not become effective until the date on which the Administrative Agent shall have received evidence satisfactory to the Administrative Agent that: (i) cash on hand for each of the Loan Parties is zero,
(ii) there are no Net Proceeds from the Share Sale remaining to the account of any of the Loan Parties, and (iii) EBITDA on a trailing six (6) month basis is greater than $2,000,000 (together, the “Loan Commitment
Conditions”).”. 
  

	3.7	As of the Amendment Effective Date, Section 5.1 of the Credit Agreement is hereby amended as follows: 

 

	 	(a)	by deleting the words “(or, if a Fixed Charge Coverage Trigger Period exists, under clause (c) above)” from Subsection 5.1(d); 

 

	 	(b)	by deleting the words “and, when a Fixed Charge Coverage Trigger Period Exists, demonstrating compliance with Section 6.13,” from Subsection 5.1(d);

  

	 	(c)	by adding the following new Subsection 5.1(u) to the end thereof as follows: 

 “(u) immediately following the consummation of the Share Sale but prior to payment of the dividend permitted by Section 6.8(a)(iv), with all of the Loan Parties’ indebtedness, liabilities
and obligations current in the ordinary course of business of the Loan Parties (including the prepayment in full of the Obligations (excluding, for greater certainty, prepaying or cash collateralizing Letters of Credit issued pursuant to
Section 2.6 or the EDC LC Facility) owing and outstanding), the Borrowers’ aggregate cash on hand shall not be less than $50,000,000.”. 
  

	3.8	As of the Amendment Effective Date, Section 6.12 of the Credit Agreement is hereby amended by deleting the reference to $20,000,000 and replacing it with
“$9,000,000”. 

  

	3.9	As of the Amendment Effective Date, Subsection 6.8(a) of the Credit Agreement is hereby amended by adding the following new Subsection (iv) to the end thereof:

 “(iv) Vitran is permitted to make a one-time distribution of dividends at the rate of $0.50 per share in
respect of its common shares, provided that (i) the aggregate amount paid out does not exceed $8,300,000, and (ii) such distribution is not made from the proceeds of a Revolving Loan.”. 

 

	3.10	As of the Amendment Effective Date, Article VI of the Credit Agreement is hereby amended by deleting Section 6.13, and the numbering of all remaining sections in
Article VI shall be adjusted accordingly. 

  
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	3.11	As of the Amendment Effective Date, Article VI of the Credit Agreement is hereby amended by adding the following new Section 6.16 to the end thereof:

 “6.16 EBITDA Test. Once the Loan Commitment Conditions have been met, the Loan Parties will maintain
at all times EBITDA, calculated on a rolling six-month basis and tested at the end of each month, of not less than $2,000,000.”. 
  

	3.12	As of the Amendment Effective Date, Exhibit C of the Credit Agreement is hereby amended by deleting paragraph 5 thereof in its entirety, and adjusting the remaining
paragraph numbering accordingly. 

  

	3.13	As of the Amendment Effective Date, the Revolving Commitment Schedule to the Credit Agreement is hereby deleted and replaced, in its entirety, by the Revolving
Commitment Schedule attached hereto as Schedule “B”. 

  

	3.14	As of the Amendment Effective Date, the Credit Agreement is hereby amended and modified in accordance with the provisions set out herein, and shall be read in its
entirety in the form attached hereto as Schedule “C”. 

 ARTICLE IV – CONDITIONS
TO EFFECTIVENESS 
  

	4.1	This Amendment Agreement shall become effective upon satisfaction of the following conditions precedent (the date of satisfaction of all such conditions being referred
to herein as the “Amendment Effective Date”): 

  

	 	(a)	the Borrowers, each other Loan Party and all of the Lenders delivering to the Agent eight (8) originally executed copies of this Amendment Agreement;

  

	 	(b)	the Share Sale shall be consummated concurrently with effectiveness of this Amendment Agreement, on terms and conditions satisfactory to the Administrative Agent,
acting reasonably; 

  

	 	(c)	the Agent has been provided with satisfactory evidence that immediately following the Share Sale and the prepayment of the Obligations contemplated by Section 2.1
hereof (excluding, for greater certainty, prepaying or cash collateralizing Letters of Credit issued pursuant to Section 2.6 or the EDC LC Facility), aggregate cash on hand for all the Borrowers will not be less than $50,000,000;

  

	 	(d)	receipt by the Agent from the Borrower Representative of the following amendment fees, representing ten basis points (0.10%) of the Aggregate Revolving Commitments
divided on a pro rata basis among the Lenders, which fees are paid in consideration for the amendments provided herein and shall be fully earned, due and payable on the date hereof: 

 

	 	(i)	to JPMorgan Chase Bank, N.A. an amendment fee of US$20,000; 

  

	 	(ii)	to Royal Bank of Canada an amendment fee of US$17,500; 

  
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	 	(iii)	to Fifth Third Bank an amendment fee of US$7,500; and 

  

	 	(iv)	to Export Development Canada an amendment fee of US$5,000; 

  

	 	(e)	receipt by the Agent from the Borrower Representative of monthly pro forma financial projections for the 2013 fiscal year end and each quarter of the 2014 fiscal year,
each of which shall include quarterly cash flow projections and Borrowing Base forecasts, and the Agent’s satisfaction with the foregoing; and 

  

	 	(f)	receipt by the Agent from the Borrowers of Borrowing Base Certificates which calculate the Aggregate Borrowing Base, the U.S. Borrowing Base, and the Canadian Borrowing
Base, and supporting information in connection therewith, with all data based on the Borrowing Base Certificates most recently delivered in accordance with the Credit Agreement and updated on a pro forma basis to give effect to the Share Sale.

  

	4.2	Notwithstanding Section 4.1 hereof, the consent to the Corporate Reorganization contained in Section 2.1 shall become effective upon execution of this
Amendment Agreement by the Lenders. 

 ARTICLE V – REPRESENTATIONS AND WARRANTIES

  

	5.1	Each Borrower and each other Loan Party warrants and represents to the Agent and the Secured Parties that the following statements are true, correct and complete:

  

	 	(a)	Authorization, Validity, and Enforceability of this Amendment Agreement. Each Loan Party has the corporate power and authority to execute and deliver this
Amendment Agreement and to perform the Credit Agreement. Each Loan Party has taken all necessary corporate action (including, without limitation, obtaining approval of its shareholders if necessary) to authorize its execution and delivery of this
Amendment Agreement and the performance of the Credit Agreement. This Amendment Agreement has been duly executed and delivered by each Loan Party and this Amendment Agreement and the Credit Agreement constitute the legal, valid and binding
obligations of each Loan Party, enforceable against each of them in accordance with their respective terms without defence, compensation, setoff or counterclaim. Each Loan Party’s execution and delivery of this Amendment Agreement and the
performance by each Loan Party of the Credit Agreement do not and will not conflict with, or constitute a violation or breach of, or constitute a default under, or result in the creation or imposition of any Lien upon the property of any Loan Party
by reason of the terms of (a) any contract, mortgage, hypothec, Lien, lease, agreement, indenture, or instrument to which any Loan Party is a party or which is binding on any of them, (b) any requirement of law applicable to any Loan
Party, or (c) the certificate or articles of incorporation or amalgamation or association or bylaws or memorandum of association or articles of association of any Loan Party. 

  
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	 	(b)	Governmental Authorization. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any governmental authority or other
person is necessary or required in connection with the execution, delivery or performance by, or enforcement against any Loan Party of this Amendment Agreement or the Credit Agreement except for such as have been obtained or made and filings
required in order to perfect and render enforceable the Agent’s Liens. 

  

	 	(c)	Incorporation of Representations and Warranties From Credit Agreement. The representations and warranties contained in the Credit Agreement and the other Loan
Documents are and will be true, correct and complete in all material respects on and as of the Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically
relate to an earlier date (other than in respect of any information contained in the Schedules attached to this Amendment Agreement), in which case they were true, correct and complete in all material respects on and as of such earlier date.

  

	 	(d)	Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment Agreement
that would constitute a Default or an Event of Default. 

  

	 	(e)	Security. All security delivered to or for the benefit of the Agent on behalf of the Secured Parties pursuant to the Credit Agreement and the other Loan
Documents remain in full force and effect and secure all obligations of the Borrowers and the other Loan Parties purported to being secured thereby, including, under the Credit Agreement and the other Loan Documents. 

ARTICLE VI – RELEASE 
  

	6.1	 The Agent is hereby authorized by the Lenders to, and the Agent shall, deliver to the Borrowers (i) written confirmation addressed to the
Borrowers, the Canadian Supply Chain Companies, the U.S. Supply Chain Companies, the purchasers under the Share Sale and, if requested by such purchasers, any providers of financing to such purchasers in connection with the Share Sale that, as of
the date of the consummation of the Share Sale, the Agent (a) releases the Canadian Supply Chain Companies and the U.S. Supply Chain Companies from any Loan Guaranty, Canadian Guarantee or U.S. Guarantee, as applicable, (b) releases the
Canadian Supply Chain Companies and the U.S. Supply Chain Companies from the Canadian Security Agreement, the U.S. Security Agreement and any other security granted by any of them pursuant to or in connection with the Credit Agreement, as
applicable, (c) undertakes to discharge, or authorizes the Borrowers, the purchasers under the Share Sale or their respective counsel to discharge, any registrations under the PPSA or the UCC made against the Canadian Supply Chain Companies and
the U.S. Supply Chain Companies, and (d) undertakes to execute any additional documents or do any additional things as may be reasonably requested by the Borrowers or the purchasers under the Share Sale in furtherance of (a), (b) and
(c) above, and (ii) concurrently with the release of such guarantees and security, all original Pledged Collateral (as defined in the Canadian Security Agreement and the U.S. Security

  
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Agreement) in respect of the Canadian Supply Chain Companies and the U.S. Supply Chain Companies in the possession of the Agent, including without limitation, the original share certificates
representing shares in the capital of the Canadian Supply Chain Companies and the U.S. Supply Chain Companies and the related stock transfer powers of attorney, shall be delivered to the Borrowers or as they may otherwise direct in writing.

 ARTICLE VII – MISCELLANEOUS 

 

	7.1	Each Borrower (i) reaffirms its Obligations under the Credit Agreement and the other Loan Documents to which it is a party, and (ii) agrees that the Credit
Agreement and the other Loan Documents to which it is a party remain in full force and effect, except as amended hereby, and are hereby ratified and confirmed. The other Loan Parties (i) consent to and approve the execution and delivery of this
Amendment Agreement by the parties hereto, (ii) agree that this Amendment Agreement does not and shall not limit or diminish in any manner the obligations of the Loan Parties under their guarantees (collectively, the
“Guarantees”) and that such obligations would not be limited or diminished in any manner even if such Loan Parties had not executed this Amendment Agreement, (iii) agree that this Amendment Agreement shall not be construed as
requiring the consent of such Loan Parties in any other circumstance, (iv) reaffirm each of their obligations under the Guarantees and the other Loan Documents to which they are a party, and (v) agree that the Guarantees and the other Loan
Documents to which they are a party remain in full force and effect and are hereby ratified and confirmed. 

  

	7.2	Nothing contained in this Amendment Agreement or any other communication between the Agent and/or the Secured Parties and the Borrowers (or any other Loan Party) shall
be a waiver of any other present or future violation, Default or Event of Default under the Credit Agreement or any other Loan Document (collectively, “Violations”). Similarly, nothing contained in this Amendment Agreement shall
directly or indirectly in any way whatsoever either: (i) impair, prejudice or otherwise adversely affect the Agent’s or the Secured Parties’ right at any time to exercise any right, privilege or remedy in connection with the Credit
Agreement or any other Loan Document with respect to any Violations (including, without limiting the generality of the foregoing, in respect of the non-conformity to any representation, warranty or covenant contained in any Loan Document),
(ii) except as specifically provided in Article II hereof, amend or alter any provision of the Credit Agreement or any other Loan Document or any other contract or instrument, or (iii) constitute any course of dealing or other basis for
altering any obligation of the Borrowers or any other Loan Party under the Loan Documents or any right, privilege or remedy of the Agent or the Secured Parties under the Credit Agreement or any other Loan Document or any other contract or instrument
with respect to Violations. Nothing in this Amendment Agreement shall be construed to be a consent by the Agent or the other Secured Parties to any Violations. 

 

	7.3	Save as expressly set forth in this Amendment Agreement, (i) no additional waiver, consent or amendment in respect of any other term, condition, covenant,
agreement or any other aspect of the Credit Agreement is intended or implied, and (ii) all other terms and conditions of the Credit Agreement remain in full force and effect. All other Loan Documents remain in full force and effect.

  
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	7.4	All costs incurred by the Agent in preparing this Amendment Agreement (including all external legal fees incurred by the Agent) shall be on the account of the
Borrowers, and shall form part of the Secured Obligations. 

  

	7.5	This Amendment Agreement shall be interpreted and the rights and liabilities of the parties hereto shall be determined in accordance with the laws of the Province of
Ontario and the federal laws of Canada applicable therein. 

  

	7.6	This Amendment Agreement may be executed in original, facsimile and/or other electronic means counterparts and all such counterparts taken together shall be deemed to
constitute one and the same instrument. 

 [the following pages are the signature pages] 

  
 - 10 -

 The parties have executed this Amendment Agreement as of the date first above written. 

 

					
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent
		
	By:	 	 /S/ RANDY ABRAMS

		 	Name:	 	Randy Abrams
		 	Title:	 	Authorized Officer
	
	JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,
	as Canadian Administrative Agent
		
	By:	 	 /S/ AUGGIE MARCHETTI

		 	Name:	 	Auggie Marchetti
		 	Title:	 	Senior Vice President & Region Manager

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 
					
	 JPMORGAN CHASE BANK, N.A., TORONTO
BRANCH,

	as a Canadian Lender
		
	By:	 	 /S/ AUGGIE MARCHETTI

		 	Name:	 	Auggie Marchetti
		 	Title:	 	Senior Vice President & Region Manager
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	ROYAL BANK OF CANADA,
	as a Canadian Lender
		
	By:	 	 /S/ J PATCHELL

		 	Name:	 	J. Patchell
		 	Title:	 	Attorney-in-fact
		
	By:	 	 /S/ MICHAEL PETERSEN

		 	Name:	 	Michael Petersen
		 	Title:	 	Attorney-in-fact
	
	FIFTH THIRD BANK,
	as a Canadian Lender
		
	By:	 	 /S/ MAURO SPAGNOLO

		 	Name:	 	Mauro Spagnolo
		 	Title:	 	Managing Director & Principal Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	EXPORT DEVELOPMENT CANADA,
	as a Canadian Lender
		
	By:	 	 /S/ SHEILA BANNING

		 	Name:	 	Sheila Banning
		 	Title:	 	Asset Manager
		
	By:	 	 /S/ KEVIN SKILLITER

		 	Name:	 	Kevin Skilliter
		 	Title:	 	Sr. Asset Manager

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 
					
	JPMORGAN CHASE BANK, N.A.,
	as a U.S. Lender
		
	By:	 	 /S/ RANDY ABRAMS

		 	Name:	 	Randy Abrams
		 	Title:	 	Authorized Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	ROYAL BANK OF CANADA,
	as a U.S. Lender
		
	By:	 	 /S/ J PATCHELL

		 	Name:	 	J. Patchell
		 	Title:	 	Attorney-in-fact
		
	By:	 	 /S/ MICHAEL PETERSEN

		 	Name:	 	Michael Petersen
		 	Title:	 	Attorney-in-fact
	
	FIFTH THIRD BANK,
	as a U.S. Lender
		
	By:	 	 /S/ WILLIAM J. KRUMMEN

		 	Name:	 	William J. Krummen
		 	Title:	 	Vice President
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	EXPORT DEVELOPMENT OF CANADA,
	as a U.S. Lender
		
	By:	 	 /S/ SHEILA BANNING

		 	Name:	 	Sheila Banning
		 	Title:	 	Asset Manager
		
	By:	 	 /S/ KEVIN SKILLITER

		 	Name:	 	Kevin Skilliter
		 	Title:	 	Sr. Asset Manager

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 
					
	VITRAN CORPORATION INC.,
	as a Canadian Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	President & Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	VITRAN EXPRESS CANADA INC.,
	as a Canadian Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	VITRAN CORPORATION,
	as a U.S. Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	VITRAN EXPRESS, INC.,
	as a U.S. Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 
					
	LAS VEGAS/L.A. EXPRESS, INC.,
	as U.S. Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	VITRAN LOGISTICS CORP.,
	as a U.S. Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	VITRAN LOGISTICS, INC.,
	as a U.S. Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	SHORTHAUL TRANSPORT CORPORATION,
	as a U.S. Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 
					
	MIDWEST SUPPLY CHAIN, INC.,
	as a U.S. Borrower and as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	CAN-AM LOGISTICS INC.,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	President
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	VITRAN LOGISTICS LIMITED,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	EXPEDITEUR T.W. LTEE,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 
					
	1098304 ONTARIO INC.,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	President
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	DONEY HOLDINGS INC.,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	ROUT-WAY EXPRESS LINES LTD./LES SERVICES ROUTIERS EXPRESS ROUT LTEE,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	1277050 ALBERTA INC.,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 
					
	SOUTHERN EXPRESS LINES OF ONTARIO LIMITED,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	 VITRAN ENVIRONMENTAL SYSTEMS INC.,
 as a Guarantor

		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	President
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	0772703 B.C. LTD.,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	1833660 ONTARIO INC.,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	President
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 
					
	VITRAN PROPERTIES USA, INC.,
	as a Guarantor
		
	By:	 	 /S/ RICHARD E. GAETZ

		 	Name:	 	Richard E. Gaetz
		 	Title:	 	Chief Executive Officer
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 SCHEDULE A 
 CORPORATE REORGANIZATION MEMO 

  
 -
Signature Pages to Fourth Amendment to Credit Agreement - 

 SCHEDULE B 
 REVOLVING COMMITMENT SCHEDULE 
  

																	
	 Lender
	  	Canadian
Commitment	 	  	U.S. Commitment	 	  	Revolving
Commitment	 	  	Applicable Percentage of
Aggregate Revolving
Commitments	 
	 JPMorgan Chase Bank, N.A., Toronto Branch1
	  	$	6,000,000	  	  	$	14,000,000	  	  	$	20,000,000	  	  	 	40	% 
	 Royal Bank of Canada2
	  	$	5,250,000	  	  	$	12,250,000	  	  	$	17,500,000	  	  	 	35	% 
	 Fifth Third Bank3
	  	$	2,250,000	  	  	$	5,250,000	  	  	$	7,500,000	  	  	 	15	% 
	 Export Development Canada4
	  	$	1,500,000	  	  	$	3,500,000	  	  	$	5,000,000	  	  	 	10	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
					
	 Total
	  	$	15,000,000	  	  	$	35,000,000	  	  	$	50,000,000	  	  	 	100.00	% 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 The U.S. Commitment and Canadian Commitment are subfacilities of the Revolving Commitment and are not in addition to the
Revolving Commitment. 
  

	1 	 U.S. Loans will be funded through JPMorgan Chase Bank, N.A. 

	2 	 U.S. Loans will be funded through Royal Bank of Canada. 

	3 	 U.S. Loans will be funded through Fifth Third Bank. 

	4 	 U.S. Loans will be funded through Export Development Canada. 

 SCHEDULE C 
 FORM OF AMENDED AND RESTATED CREDIT AGREEMENTEX-10.16

 Exhibit 10.16 
 SECOND AMENDMENT TO AMENDED AND RESTATED COMMITMENT LETTER 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED COMMITMENT LETTER is made as of this 31st day of October, 2012. 

BETWEEN: 
 VITRAN EXPRESS
CANADA INC. (“Express”) 
 - and - 
 VITRAN ENVIRONMENTAL SYSTEMS INC. (“VES” together with Express, the “Borrowers”) 
 - and - 
 VITRAN CORPORATION INC. (“Vitran”) 

- and - 

EXPEDITEUR T.W. LTEE (“ETW” together with Vitran, the “Covenantors”) 

- and - 
 CMLS
FINANCIAL LTD. (the “Lender”) 
 WHEREAS Express, the Covenantors and the Lender entered into an amended
and restated commitment letter dated as of November 30, 2011 (the “Original Commitment Letter”) pursuant to which the Lender agreed to provide a $39,225,000 loan (the “Initial Loan”) to Express secured by,
among others, charges/mortgages over the following real properties owned by Express and municipally known as: (a) 1201 Creditstone Road, Vaughan, Ontario and 2700 Langstaff Road, Vaughan, Ontario (collectively, the “ON
Property”), (b) 10077 Grace Road, Surrey, British Columbia (the “BC Property”), and (c) 18204-111 Avenue NW, Edmonton, Alberta (the “AB Property”); 

AND WHEREAS with the consent of the Lender, Express transferred all of its rights, title and interests in the AB property to VES
pursuant to a general conveyance and assumption agreement dated as of August 30, 2012 at 10:30 a.m. between Express and VES (the “Conveyance and Assumption Agreement”); 

AND WHEREAS the Lender, the Borrowers and the Covenantors entered into an assumption and amendment agreement dated as of
August 30, 2012 (governed by Ontario law) and an assumption and amendment agreement dated as of August 30, 2012 (governed by Alberta law) (collectively, the “First Amendment to Commitment Letter”); and pursuant to the
First Amendment to Commitment Letter and the Conveyance and Assumption Agreement, VES agreed to, among other things, become a borrower under the Original Commitment Letter, assume all of the obligations of Express under the Original Commitment
Letter in respect of the AB Property and the charge/mortgage in favour of the Lender in respect of the AB Property; 
 AND
WHEREAS VES owns the real property municipally known as 2608 Vitran Drive, MacDonald, Manitoba (the “MB Property”) and it wishes to obtain a loan in the principal amount of up to $5,500,000 (the “New Loan”
together with the Initial Loan, the “Loan”) from the Lender and the New Loan shall be secured by a charge/mortgage over the MB Property; 

 AND WHEREAS the Original Commitment Letter, as amended by the First Amendment to
Commitment Letter is referred as, the “Commitment Letter”; 
 AND WHEREAS the Borrowers, the Covenantors
and the Lender desire to amend certain provisions of the Commitment Letter in certain respects as provided in this second amendment to amended and restated commitment letter (the “Second Amendment”); 

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

	1.	Defined Terms. 

 Unless otherwise
defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Commitment Letter. 
 In the
Commitment Letter, terms defined in the singular have the same meaning when used in the plural, and vice-versa. For greater certainty, all references to “Borrower” in the Commitment Letter shall include both of Express and VES, or either
one of them, as the context requires. When used in the context of a general statement followed by a reference to one or more specific items or matters, the term “including” shall mean “including, without limitation”, the term
“include” shall mean “include, without limitation” and the term “includes” shall mean “includes, without limitation”. 
  

	2.	Amendments to Commitment Letter. 

 Subject to the conditions as to effectiveness set forth in Section 6 of this Second Amendment, on the Second Amendment Effective Date (as hereinafter defined) the Commitment Letter is hereby amended
as follows: 
  

	 	(a)	The “Re” line in the Commitment Letter is hereby amended by adding the following underneath the last property listed: 

“2608 Vitran Drive, MacDonald, MB, R3Y 1G5” 
  

	 	(b)	The existing paragraphs in the “Loan Type” section of the Commitment Letter are hereby deleted in their entirety and replaced with the following:

 “Conventional loan on the security of a first freehold mortgage (the “Mortgage”) on the
land and buildings (individually a “Property” and together the “Properties”) located at: 

10077 Grace Road, Surrey, British Columbia V3V-3V6 (the “BC Property”) 

18204 – 111 Avenue NW, Edmonton, Alberta T5S-2H4 (the “AB Property”) 

1201 Creditstone Road, Vaughan, Ontario L4K-0C2 and 2700 Langstaff Road, Vaughan, ON (the “ON Property” together with the
BC Property and the AB Property, the “Initial Properties”) 
 2608 Vitran Drive, MacDonald, Manitoba R3Y 1G5
(the “MB Property”)” 

  
 2. 

	 	(c)	The existing paragraph in the “Borrower(s)” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “Vitran Express Canada Inc. (“Express”) and Vitran Environmental Systems Inc.
(“VES”, together with Express, the “Borrower”). 
  

	 	(d)	The existing paragraph in the “Covenantors” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “A guarantee shall be provided by Vitran Corporation Inc. (“Vitran”), each of the
Borrowers (as to VES, with respect to Loan Nos. 50149 and 50151, and as to Express, with respect to Loan Nos. 50150 and 50171) and Expediteur T.W. Ltee (“ETW’) (collectively, the “Covenantor(s)”) on a joint and
several basis to make payments under the Loan and to perform all other obligations of the Borrowers until the Loan has been satisfactorily repaid in full.” 
  

	 	(e)	The existing paragraph in the “Description of Property” section of the Commitment Letter is hereby deleted in its entirety and replaced with the
following: 

 “A portfolio of four properties containing approximately 238,080 rentable square feet.”

  

	 	(f)	The existing paragraphs in the “Principal Amount” section of the Commitment Letter are hereby deleted in their entirety and replaced with the
following: 

 “The principal amount of the Initial Loan under this Commitment Letter is $39,225,000 (the
“Initial Properties Principal Amount”), the principal amount of the New Loan under this Commitment Letter is $5,500,000 (the “MB Property Principal Amount”, together with the Initial Properties Principal Amount, the
“Principal Amount”) and the amount allocated to each Property below (the “Allocated Amount”) is only for prepayment and partial release purposes under the “Prepayment” and “Partial
Release” sections below and shall not affect the amount to be secured under any security agreement in favour of the Lender or the obligation of the Borrower to pay the Principal Amount to the Lender in full. If a prepayment is made in
accordance with the terms of the “Prepayment” and/or the “Insurance” sections, then each Allocated Amount is subject to reduction as provided therein. 

 

					
			
	 CMLS Loan 50149
	  	 10077 Grace Road, Surrey, BC
	  	$13,325,000
			
	 CMLS Loan 50150
	  	 18204 – 111 Avenue NW, Edmonton, AB
	  	$  4,875,000
			
	 CMLS Loan 50151
	  	 1201 Creditstone Road, Vaughan, ON and 2700 Langstaff Road, Vaughan, ON
	  	$21,025,000
			
	 CMLS Loan 50171
	  	 2608 Vitran Drive, MacDonald, MB
	  	$  5,500,000

  
 3. 

	 	(g)	The existing first paragraph in the “Interest Rate” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “For Loan Nos. 50149, 50150, and 50151, the interest rate for such loans will be 300 basis points and for
Loan No. 50171, the interest rate for such loan will be 275 basis points, in each case over the bid side yield to maturity expressed as a percentage per annum, compounded semi-annually, not in advance, of a publicly traded non-callable
Government of Canada bond selected by the Lender and maturing on a date close to the Maturity Date of the loan as determined by the Lender as at the first Business Day on which the Lender receives the Borrower’s written request to set the
interest rate (the “Interest Rate”). The Interest Rate must be set within 15 days of the anticipated funding date as set out in the written notice from the Borrower (the “Funding Notice”), and no later than 5 days
prior to such funding date. The Funding Notice must be received by the Lender no later than 1:00 PM EST for rate setting that day. Notwithstanding the above, the Interest Rate for Loan Nos. 50149, 50150, and 50151 shall not be less than 4.75% and
the Interest Rate for Loan No. 50171 shall not be less than 4.25%.” 
  

	 	(h)	The existing paragraphs in the “Commitment Expiry” section of the Commitment Letter are hereby deleted in their entirety and replaced with the
following: 

 “The commitment expiry date shall be December 15, 2011 for Loan Nos. 50149, 50150, and
50151 (the “Initial Loan Commitment Expiry Date”), and November 30, 2012 for Loan No. 50171 (the “New Initial Loan Commitment Expiry Date” together with the Initial Loan Commitment Expiry Date, the
“Commitment Expiry Date”). 
 Please also refer to clause entitled “Commitment Expiry”
contained in the Standard Terms and Conditions.” 
  

	 	(i)	The existing paragraph in the “Interest Adjustment Date” section of the Commitment Letter is hereby deleted in its entirety and replaced with the
following: 

 “The first (1st) day of the month next following the date of the advance of funds; being:
(a) December 1, 2011 for Loan Nos. 50149, 50150, and 50151 for the Initial Properties (the “Initial Loan Interest Adjustment Date”), and (b) November 1, 2012 for Loan No. 50171 (the “New Loan
Interest Adjustment Date” together with Initial Loan Interest Adjustment Date, the “Interest Adjustment Date”).” 
  

	 	(j)	The existing paragraph in the “Maturity Date” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “December 1, 2018 (the “Maturity Date”).” 

 

	 	(k)	The existing paragraph in the “Operating Statements” section of the Commitment Letter is hereby deleted in its entirety and replaced with the
following: 

 “Receipt and satisfactory review by the Lender of operating statements on each of the Initial
Properties for the past three years and no operating statement is required for the MB Property.” 

  
 4. 

	 	(l)	The existing paragraph in the “Appraisal” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “For the Initial Properties, receipt and satisfactory review by the Lender of appraisal reports on each of
the Initial Properties from Cushman & Wakefield Ltd., acceptable to the Lender, establishing a minimum total market value for mortgage purposes of $60,350,000. The appraisals shall be accompanied by reliance letters authorizing the Lender
to use and rely upon the appraisals for financing purposes. All costs associated with the Cushman & Wakefield Ltd. appraisals will be to the account of the Borrower. The Lender confirms that the appraisals relating to the Initial Properties
dated October 31, 2011 prepared by Cushman & Wakefield Ltd. are acceptable for the purposes of satisfying the condition in this paragraph. 
 For the MB Property, receipt and satisfactory review by the Lender of appraisal report on the MB Property from Colliers International, acceptable to the Lender, establishing a minimum total market value
for mortgage purposes of $8,500,000. The appraisal shall be accompanied by reliance letters authorizing the Lender to use and rely upon the appraisals for financing purposes. All costs associated with the Colliers International appraisals will be to
the account of the Borrower. The Lender confirms that the Prospective Narrative Appraisal dated September 6, 2012 prepared by Colliers International is acceptable for the purposes of satisfying the condition in this paragraph.” 

 

	 	(m)	The existing first paragraph in the “Environmental Report (“ESA”)” section of the Commitment Letter is hereby deleted in its entirety and
replaced with the following: 

 “Receipt and acceptance by the Lender of Phase I environmental reports or
audits on each of the Properties prepared by an environmental consultant satisfactory to the Lender (the “Consultant”). The report(s) must be dated within 1 year of the date of this Commitment Letter. If further investigative work
is recommended, then the Borrower and the Lender will confer with the Consultant to determine the reasonable scope for the further work and, if practicable, provide the Consultant with express instructions to conduct such investigations as are
required to permit the Consultant to issue the subsequent investigative report. Notwithstanding the foregoing, all ESA reports must conform to the Canadian Standards Association (Z768 for ESA Phase 1 reports and Z769 for ESA Phase 2 reports). The
reports must be directed to or accompanied by a Transmittal Letter authorizing the Lender to use and rely upon the reports for financing purposes. All costs will be to the account of the Borrower. For the Initial Properties, the Lender confirms that
the ESA Phase 1 Reports relating to the Initial Properties dated September 15, 2011 prepared by Pinchin Environmental are acceptable for the purposes of satisfying the condition in this section relating to the Initial Properties. For the MB
Property, the Lender confirms that the Phase I Environmental Site Assessment Update, 2608 Vitran Drive, in the R.M. of MacDonald, Manitoba dated August 20, 2012 prepared by AMEC Earth & Environmental, a division of AMEC Americas
Limited (“AMEC”) in respect of the MB Property relating to the MB Property is acceptable for the purposes of satisfying the condition in this section relating to the MB Property.” 

  
 5. 

	 	(n)	The existing paragraph in the “Engineering Report/Building Condition Report” section of the Commitment Letter is hereby deleted in its entirety and
replaced with the following: 

 “For the Initial Properties, receipt and satisfactory review by the Lender of
an engineering report from an independent engineering firm acceptable to the Lender, confirming on each of the Initial Properties the structural integrity of the building, the roof system therein and of all operating systems. The engineering report
must also verify that each of the Initial Properties complies with the appropriate provincial and municipal regulations. The report must be directed to or accompanied by a Transmittal Letter authorizing the Lender to use and rely upon the reports
for financing purposes. All costs will be to the account of the Borrower. The Lender confirms that the Building Assessment Reports relating to the Initial Properties dated September 15, 2011 prepared by Pinchin Environmental are acceptable for
the purposes of satisfying the condition in this section. For the MB Property, no engineering report is required.” 
  

	 	(o)	The existing paragraph in the “Corporate Structure” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “The Lender’s counsel shall confirm to the Lender that Express is the registered owner of the ON
Property and the BC Property and VES is the registered owners of the AB Property and the MB Property and the ownership structure is as represented by the Borrowers to the Lender.” 

 

	 	(p)	The existing paragraphs in the “Counsel” section of the Commitment Letter are hereby deleted in their entirety and replaced with the following:

 “The solicitor acting for the Lender in this transaction will be: 

Fraser Milner Casgrain LLP – Attention: Charles Rich 
 Suite 400, 77 Kings Street West, The Toronto Dominion Centre 
 Toronto, Ontario M5K
0A1 
 and 
 Thompson Dorfman Sweatman LLP – Attention: Richard Adams 
 Suite 2200-201
Portage Avenue 
 Winnipeg, Manitoba R3B 3L3 
 The solicitor acting for the Borrowers in this transaction will be: 
 McMillan LLP
– Attention: Eric B. Friedman 
 Suite 4400, 181 Bay Street, Brookfield Place, Bay Wellington Tower 

Toronto, Ontario M5J 2T3 
 and 
 Monk Goodwin LLP – Attention: Ernest M. Shewchuk 

800 – 444 St. Mary Avenue 

  
 6. 

 Winnipeg, Manitoba R3C 3T1” 

 

	 	(q)	The existing subhead and paragraph in the “Survey (BC and Ontario Property)” section of the Commitment Letter is hereby deleted in its entirety and
replaced with the following: 

 “SURVEY (BC PROPERTY, ON PROPERTY AND MB PROPERTY) 

Current surveys, reasonably acceptable to the Lender and its counsel, prepared by duly licensed surveyors shall be furnished to the
Lender. These surveys shall show the dimensions of each of the BC Property, ON Property and MB Property, as well as the dimensions and location of all improvements, parking areas and easements (if any). If the survey certificates state they were
prepared for the exclusive use of the Borrowers or any other parties, letters of transmittal will be provided to the Lender by the land surveyors, confirming that the Lender may rely on the survey certificates for financing purposes. Title Insurance
is acceptable in lieu of surveys.” 
  

	 	(r)	The existing paragraph in the “Fees” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “For the Initial Properties, the Lender acknowledges its receipt of a standby deposit in the amount of
$392,250.00 made payable to the Lender from Express (the “Express Standby Deposit”) to be held by the Lender, without interest, to ensure the performance of the Express’s obligations under the Commitment Letter, the Express
Standby Deposit represents liquidated damages which the Lender, without prejudice to and in addition to any other remedy, is entitled to retain if the Loan transaction contemplated by the Commitment Letter is not completed in accordance with its
terms for any reasons other than the default of the Lender. If the losses, costs and damages suffered by the Lender exceed the amount of the Express Standby Deposit, the Lender shall be entitled to seek compensation therefore in addition to
retaining the Express Standby Deposit. If the Loan transaction contemplated by this Commitment Letter is completed in accordance with its terms, upon the first advance of the Loan, the Lender shall immediately pay to Express an amount equal to the
Express Standby Deposit amount without deductions or interest. Express hereby acknowledges its receipt of the refund of $392,250.00 from the Lender on November 30, 2011. 
 For the MB Property, (a) the Lender acknowledges its receipt of a standby deposit in the amount of $55,000.00 made payable to the Lender from VES (the “VES Standby Deposit”) to be
held by the Lender, without interest, to ensure the performance of the VES’ obligations hereunder, the VES Standby Deposit represents liquidated damages which the Lender, without prejudice to and in addition to any other remedy, is entitled to
retain if the Loan transaction contemplated by the Commitment Letter (as amended by this Second Amendment) is not completed in accordance with its terms for any reasons other than the default of the Lender. If the losses, costs and damages suffered
by the Lender exceed the amount of the VES Standby Deposit, the Lender shall be entitled to seek compensation therefore in addition to retaining the VES Standby Deposit. If the Loan transaction contemplated by this Commitment Letter (as amended by
this Second Amendment) is completed in accordance with its terms, upon the 

  
 7. 

 
advance of the New Loan, the Lender shall immediately pay to VES an amount equal to the VES Standby Deposit amount without deductions or interest, and (b) the Lender acknowledges its receipt
of a non-refundable processing fee in the amount of $11,000.00 made payable to the Lender from VES.” 
  

	 	(s)	The following paragraphs will be added as new sections 28 and 29 in the Commitment Letter: 

 

	 	“28.	PRIORITY, ACCESS AND WAIVER AGREEMENT 

 The parties hereto acknowledge that the Loans to be made pursuant to this Commitment Letter shall be subject to the terms and conditions of the priority, access and waiver agreement made as of
November 30, 2011 by among, inter alios, JPMorgan Chase Bank, N.A. and the Lender, as amended by the first amendment to priority, access and waiver agreement dated as of August 20, 2011, as amended by the second amendment to
priority, access and waiver agreement dated as of October 31, 2012 and as it may be further amended, restated, supplemented or otherwise modified from time to time. 

 

	 	29.	ARCHITECT’S CERTIFICATE OF COMPLETION 

 For the MB Property, receipt and satisfactory review by the Lender of an architect’s certificate addressed to the Lender confirming the building and development of the project has been completed as
per the approved plans and specifications, along with a specific acknowledgement addressed to the Lender from the project architect that the MB Property was built in accordance with recommendation of AMEC in accordance with the geo-technical report
dated March 1, 2011 prepared by AMEC.” 
  

	 	(t)	The existing paragraph in the “Commitment Expiry” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “Time is of the essence. 
 The Initial Loan must be advanced by the Initial Loan Commitment Expiry Date, as the same may be extended in accordance with the terms of this Commitment Letter. If the Initial Loan is not advanced by the
Initial Loan Commitment Expiry Date due to a failure on the part of Express to meet a condition precedent to disbursement of funds as set out in this Commitment Letter (unless such failure results from the Lender or its counsel not acting in a
timely and reasonable manner), the Lender at its option may cancel the commitment for the Initial Loan and retain the Express Standby Deposit. If the Lender extends the Initial Loan Commitment Expiry Date, Express will pay, at the option of the
Lender, a late disbursement fee. The late disbursement fee will be based on the amount of the Initial Loan and the difference between the interest rate on the Initial Loan and the interest rate available to the Lender on short-term investments, for
a duration equal to the time beyond the Initial Loan Commitment Expiry Date and the actual funding date. The parties acknowledge that the Initial Loan was advanced prior to the Initial Loan Commitment Expiry Date. 

  
 8. 

 The New Loan must be advanced by the New Loan Commitment Expiry Date, as the same may be
extended in accordance with the terms of this Commitment Letter. If the New Loan is not advanced by the New Loan Commitment Expiry Date due to a failure on the part of VES to meet a condition precedent to disbursement of funds as set out in this
Commitment Letter (unless such failure results from the Lender or its counsel not acting in a timely and reasonable manner), the Lender at its option may cancel its commitment for the New Loan and retain the VES Standby Deposit. If the Lender
extends the New Loan Commitment Expiry Date, VES will pay, at the option of the Lender, a late disbursement fee. The late disbursement fee will be based on the amount of the New Loan and the difference between the interest rate on the New Loan and
the interest rate available to the Lender on short-term investments, for a duration equal to the time beyond the New Loan Commitment Expiry Date and the actual funding date.” 

 

	 	(u)	The existing paragraphs in the “Repayment” section of the Commitment Letter are hereby deleted in their entirety and replaced with the following:

 “1. The Borrowers shall pay the Principal Amount together with interest thereon in
consecutive monthly instalments of principal and interest to be determined at the Interest Rate and in accordance with the amortization criteria set out in the “Amortization” section as follows: 

For the Initial Properties: 
  

	 	(a)	on the Initial Loan Interest Adjustment Date (being December 1, 2011), a payment of $5,104.63 being the interest due on the Initial Properties Principal Amount
advanced computed at the Interest Rate from the date of advance up to but excluding the Initial Loan Interest Adjustment Date; and 

  

	 	(b)	from and including the Initial Loan Interest Adjustment Date, monthly payments of $222,584.46 representing a portion of the Initial Properties Principal Amount and the
total interest accrued and outstanding at the Interest Rate computed from and including the Initial Loan Interest Adjustment Date based on a twenty-five (25) year amortization period shall become due and be paid in consecutive monthly
instalments on the first day of each month, the first payment of which shall be made on January 1, 2012 and the last payment of which shall be made on the first day of the month immediately preceding the Maturity Date; and

  

	 	(c)	the outstanding Initial Properties Principal Amount shall be due in full on the Maturity Date or on such earlier date as the Initial Properties Principal Amount may be
declared to be due and payable by the Lender together with interest accrued and unpaid thereon. 

  
 9. 

 For the MB Property: 

 

	 	(d)	on the New Loan Interest Adjustment Date (being November 1, 2012), a payment of $656.94 being the interest due on the MB Property Principal Amount advanced
computed at the Interest Rate from the date of advance up to but excluding the New Loan Interest Adjustment Date; and 

  

	 	(e)	from and including the New Loan Interest Adjustment Date, monthly payments of $29,832.49 representing a portion of the MB Property Principal Amount and the total
interest accrued and outstanding at the Interest Rate computed from and including the New Loan Interest Adjustment Date based on a twenty-five (25) year amortization period shall become due and be paid in consecutive monthly instalments on the
first day of each month, the first payment of which shall be made on December 1, 2012 and the last payment of which shall be made on the first day of the month immediately preceding the Maturity Date; and 

 

	 	(f)	the outstanding MB Property Principal Amount shall be due in full on the Maturity Date or on such earlier date as the MB Property Principal Amount may be declared to be
due and payable by the Lender together with interest accrued and unpaid thereon. 

 2. All monthly
mortgage payments are to be made by way of automatic debit in accordance with the terms of the Pre-Authorized Debit forms executed by the Borrowers. 
 3. All instalments received by the Lender shall be applied firstly against interest outstanding and secondly against the applicable Principal Amount. 

4. All payments to be made by the Borrowers pursuant to this Commitment Letter are to be “net” to the Lender and
are to be made without set-off, compensation or counterclaim, free and clear of and without deduction for or on account of any tax except for taxes on the overall net income of the Lender; if any tax not presently in existence is deducted or
withheld from any payments made pursuant to this Commitment Letter, the Borrowers shall promptly remit to the Lender the equivalent of the amount of tax so deducted or withheld together with the relevant receipt addressed, if possible to the Lender
provided that all such tax subsequently refunded to the Lender will be remitted, as quickly as possible, by it to the Borrowers; provided that in the event either of the Borrowers is prevented by operation of law or otherwise from paying, causing to
be paid or remitting such tax, the interest payable under this Commitment Letter will be increased, if permitted by law, to such rates as are necessary to yield and remit to the Lender the Principal Amount together with interest at the rate
specified in this Commitment Letter after provision for payment of such tax.” 
  

	 	(v)	The existing paragraph 2 in the “Prepayment Privileges” section of the Commitment Letter is hereby deleted in its entirety and replaced with the
following: 

  
 10.

 “Any such prepayment amount received by the Lender shall be applied firstly against
Yield Maintenance, secondly against the interest outstanding and thirdly against the Principal Amount. The portion of prepayment amount to be applied against the Principal Amount may be recorded as a repayment of any Allocated Amount and in any
proportion as the applicable Borrower may elect in writing; provided that no prepayment amount may be applied against the Allocated Amount of the ON Property until the Allocated Amounts for the BC Property, the AB Property and the MB Property are
$0.00.” 
  

	 	(w)	The existing paragraph 6(a) in the “Insurance” section of the Commitment Letter is hereby deleted in its entirety and replaced with the following:

 “if insurance proceeds in respect of any one occurrence or multiple occurrences with an aggregate
cumulative amount in any consecutive twelve (12) month period is equal to or is less than: $3,331,250 for the BC Property, $1,218,750 for the AB Property, $5,256,250 for the ON Property or $1,375,000 for the MB Property (collectively, the
“Insurance Limits” and each an “Insurance Limit”) and less than 50% of the usable space for the applicable Property is destroyed or damaged, then the insurance proceeds shall be paid to the applicable Borrower and
shall be applied by the applicable Borrower towards the restoration, repairing or rebuilding the applicable Property and the applicable Borrower shall forthwith give notice thereof to the Lender which notice shall set forth its estimate of the date
by which the restoration, reconstruction or replacement can be effected and completed; the applicable Borrower shall also provide such other evidence as the Lender may reasonably require with respect to such restoration, reconstruction or
replacement;” 
  

	 	(x)	The existing paragraph in the “Disbursement” section of the Commitment Letter is hereby deleted in its entirety and replaced by the following:

 “Prior to the disbursement of the Initial Loan, the Mortgage shall be registered against the Initial
Properties, the Initial Properties shall be free and clear of all liens, charges and other encumbrances (save and except (i) any existing charge to be paid out and discharged from the Initial Loan advance and (ii) Permitted Encumbrances)
and all other terms and conditions of this Commitment Letter shall have been satisfied. 
 Prior to the disbursement of the New
Loan, the Mortgage shall be registered against the MB Property, the MB Property shall be free and clear of all liens, charges and other encumbrances (save and except (i) any existing charge to be paid out and discharged from the New Loan
advance and (ii) Permitted Encumbrances) and all other terms and conditions of this Commitment Letter shall have been satisfied.” 
  

	5.	Representations and Warranties. 

 Each of the Borrowers and Covenantors hereby represents and warrants to and for the benefit of the Lender that as of the date hereof (which representations and warranties shall survive the execution and
delivery of this Second Amendment): 

  
 11.

	 	(a)	it has the corporate power and capacity to execute, deliver and perform the terms and provisions of this Second Amendment and the Commitment Letter (as amended by this
Second Amendment); 

  

	 	(b)	this Second Amendment and each new, amended or amended and restated Loan Document delivered to Lender to which it is a party has been duly executed and delivered by it,
do not require the consent or approval of any Person and constitute a legal, valid and binding obligations enforceable against it in accordance with their terms; do not nor does the performance or observance by it of any of the matters and things
herein provided for, contravene or constitute a default under any provision of law or any judgment, injunction, order or decree binding upon it or any provision of its constating documents or any covenant, indenture or agreement of or affecting it
or any or its assets, or result in the creation or imposition of any lien on any such assets; 

  

	 	(c)	each of this Second Amendment, and the Commitment Letter, as amended by this Second Amendment, and each of the other Loan Documents delivered by it constitutes a legal,
valid and binding obligation enforceable against it in accordance with its terms subject to applicable bankruptcy, reorganization, winding-up, insolvency, moratorium or other laws of general application affecting creditors’ rights generally and
general principles of equity; and 

  

	 	(d)	all of the representations and warranties made by it in the Commitment Letter and the other Loan Documents to which it is a party are and continue to be true, complete
and correct in all respects and no Event of Default under the Commitment Letter has occurred or is continuing. 

  

	6.	Amendment to Charge and Security Agreements. 

 Express hereby agrees that all references to “Hazardous Material” shall be replaced with “Hazardous Substances” throughout: (a) the charge and security agreement dated
November 30, 2011 (governed by Ontario law), and (b) the charge and security agreement dated November 30, 2011 (governed by British law) each granted by it in favour of the Lender. 

VES hereby agrees that all references to “Hazardous Material” shall be replaced with “Hazardous Substances”
throughout the charge and security agreement dated November 30, 2011 (governed by Alberta law) granted by Express in favour of the Lender (and assumed by VES pursuant to the First Amendment to Commitment Letter and the Conveyance and Assumption
Agreement). 
  

	7.	Second Amendment Effective Date. 

 Notwithstanding any term or provision of this Second Amendment to the contrary, Sections 2 and 3 hereof shall not become effective until the Lender shall have determined that each of the conditions
precedent in the section entitled “Security Funding/Conditions Precedent” of the Commitment Letter (as amended by this Second Amendment) shall have been satisfied (the date on which such conditions precedent are satisfied, as
confirmed in writing by the Lender to the Borrowers, is hereinafter referred to as the “Second Amendment Effective Date”). 

  
 12.

	8.	References To Commitment Letter; One Agreement; Conflict. 

 The term “Commitment Letter”, “hereof”, “herein” and similar terms as used in the Commitment Letter, and references in the Commitment Letter and the other Loan Documents to
the Commitment Letter and the other Loan Documents, shall mean and refer respectively to, from and after the Second Amendment Effective Date, the Commitment Letter and other Loan Documents as modified or supplemented by this Second Amendment. This
Second Amendment and the Commitment Letter shall be read together and constitute one agreement with the same effect as if the amendments made by this Second Amendment had been contained in the Commitment Letter as of the Second Amendment Effective
Date. If there is a conflict or inconsistency between any provision of this Second Amendment and any provision of the Commitment Letter, the relevant provision of this Second Amendment shall prevail to the extent of such conflict or inconsistency.

 The Commitment Letter as amended by this Second Amendment and the Loan Documents constitute the entire agreement and
understanding among the parties hereto relating to the subject-matter hereof. The Commitment Letter as amended by this Second Amendment supercedes and replaces in its entirety the commitment letter issued by the Lender in favour of Vitran dated
as of August 15, 2012 (the “August Commitment Letter”) and accordingly, upon execution and delivery of this Second Amendment by each of the parties hereto, the August Commitment Letter shall cease to be of any force or effect.

  

	9.	Confirmation of Security, Guarantee and Effectiveness of Commitment Letter 

 

	 	(a)	Each of the Covenantors hereby acknowledges, consents and agrees to the amendments to the Commitment Letter contained herein. The obligations of each of the Covenantors
owing to Lender under any guarantees given by it to the Lender shall not be diminished, released, extinguished or otherwise negatively affected in any way by the amendments contained herein. Each of the Covenantors hereby acknowledges and agrees
that its guarantee constitutes a legal, valid and binding and continuing obligation, enforceable against each of the Covenantors in accordance with its terms, and confirms for greater certainty that all new obligations incurred by each of the
Borrowers pursuant to the Commitment Letter as amended by this Second Amendment are included in obligations guaranteed by each of the Covenantors pursuant to its guarantee, subject to any limits therein. 

 

	 	(b)	Each of the Borrowers and the Covenantors confirms the continued effectiveness of the security documents or agreements delivered by it to the Lender (as described in
the “Security” section of the Commitment Letter), as security for, inter alia, indebtedness, liabilities and obligations under or in respect of the Commitment Letter as amended hereby or under its guarantee thereof, as
applicable. 

  

	 	(c)	Except as expressly set forth herein, nothing herein shall be deemed to be a waiver of any covenant or agreement contained in, or any Event or Default under, the
Commitment Letter, and each of the parties hereto agrees that, as modified or supplemented by this Second Amendment, all of the covenants and agreements and other provisions contained in the Commitment Letter and the other Loan Documents are hereby
ratified and confirmed in all respects and shall continue to be in full force and effect from and after the Second Amendment Effective Date. 

  
 13.

	10.	No Novation. 

 This Second
Amendment will not discharge or constitute novation of any debt, obligation, covenant or agreement contained in the Commitment Letter or any of the other Loan Documents but same shall remain in full force and effect save to the extent same are
amended by the provisions of this Second Amendment. 
  

	11.	Lender’s Expenses. 

The Borrower agrees to pay and directs the Lender to deduct from the New Loan to be advanced such an amount sufficient to fully pay for
the Lender’s reasonable expenses (including legal expenses and disbursements) arising in connection with this Second Amendment. 
  

	12.	Further Assurances. 

 Each
of the parties hereto agrees to execute and deliver or cause to be executed and delivered all such instruments and to take all such action as the other party may reasonably request, in order to effectuate the intent and purposes of and to carry out
the terms of this Second Amendment. 
  

	13.	Governing Law. 

 This
Second Amendment shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 
  

	14.	Counterparts. 

 This
Second Amendment may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same agreement. Counterparts may be executed in original,
facsimile or electronic mail (portable document format) form and the parties may adopt any signatures received by facsimile or electronic mail as original signatures of the parties. 

 

	15.	Captions And Headings. 

The captions and headings preceding the text of the sections of this Second Amendment are inserted for convenience only and shall not
constitute a part of this Second Amendment, nor shall they in any way affect its meaning, construction or effect. 
  

	16.	Time Of The Essence. 

Time shall be of the essence in this Second Amendment in all respects. 

[signature pages follow] 

  
 14.

 IN WITNESS WHEREOF the parties have executed this Second Amendment as of the date
first set out above. 
  

									
	VITRAN EXPRESS CANADA INC.	 		  	VITRAN CORPORATION INC.
					
	Per:	  	 /s/ RICHARD E. GAETZ
	 		  	Per:	  	 /s/ RICHARD E. GAETZ

	Name:	  	Richard E. Gaetz	 		  	Name:	  	Richard E. Gaetz
	Title:	  	Chief Executive Officer	 		  	Title:	  	Chief Executive Officer and President
					
	Per:	  	  
	 		  	Per:	  	  

	Name:	  		 		  	Name:	  	
	Title:	  		 		  	Title:	  	
			
	VITRAN ENVIRONMENTAL SYSTEMS INC.	 		  	EXPEDITEUR T.W. LTEE
					
	Per:	  	 /s/ RICHARD E. GAETZ
	 		  	Per:	  	 /s/ RICHARD E. GAETZ

	Name:	  	Richard E. Gaetz	 		  	Name:	  	Richard E. Gaetz
	Title:	  	President	 		  	Title:	  	Chief Executive Officer
					
	Per:	  	  
	 		  	Per:	  	  

	Name:	  		 		  	Name:	  	
	Title:	  		 		  	Title:	  	

 Signature Page - Second Amendment 

			
	CMLS FINANCIAL LTD.
		
	Per:	 	 /s/ BEVERLY WHITE

	Name:	 	Beverly White
	Title:	 	Vice President
		
	Per:	 	  

	Name:	 	
	Title:	 	

 Signature Page - Second Amendment

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