Document:

Support Agreement

 Exhibit 10.5 
 SUPPORT AGREEMENT 
 This SUPPORT AGREEMENT (this
“Agreement”) is made as of October 17, 2006, by and between QUEPASA CORPORATION, a Nevada corporation (together with its subsidiaries, the
“Provider”) and MEXICANS & AMERICANS TRADING TOGETHER, INC., a Delaware corporation (the “Investor”).

 WHEREAS, the Provider operates a bicultural (Spanish/English) Internet portal and online community primarily aimed at the United
States Hispanic market (the “Business”); 
 WHEREAS, pursuant to a certain Securities Purchase
Agreement, dated as of the date hereof (the “Purchase Agreement”), the Investor is acquiring shares of common stock and warrants (the “Warrants”) to purchase shares of common stock of the Provider;

 WHEREAS, as a material inducement to the Provider’s and the Investor’s agreement to enter into the Purchase Agreement,
the parties have agreed to enter into this Agreement, pursuant to which the Provider and the Investor will support each other with the services and payments described herein; and 
 WHEREAS, capitalized terms used but not defined in this Agreement have the meanings assigned to such terms in the Purchase Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. Representations and Warranties of the Parties.
Each party hereto represents and warrants to the other party hereto as follows: 
 1.1 Such party is duly organized, validly existing
and in good standing under the laws of its jurisdiction of organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted. 
 1.2 Such party has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and
otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement by such party and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary action on the part of such
party and no further action is required by such party in connection herewith. This Agreement has been duly executed and delivered by such party and constitutes a valid and binding obligation of such party enforceable against it in accordance with
its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by laws relating to the
availability of specific performance, injunctive relief or other equitable remedies. 

 1.3 The execution, delivery and performance of this Agreement by such party and the consummation
by such party of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of such party’s certificate or articles of incorporation, bylaws or other organizational or charter documents,
(ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other instrument or other understanding to which such party is a party or by which any property or asset of such party is bound or affected, or (iii) result in a violation of
any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which such party is subject (including federal and state securities laws and regulations), or by which any property or
asset of such party is bound or affected. 
 1.4 No consent, approval, authorization or order of, or any filing (other than by such
party with the Securities and Exchange Commission) by such party or declaration with, any court or governmental agency or body is required in connection with the execution and delivery by such party of this Agreement, the consummation by such party
of the transactions contemplated hereby, or the performance by such party of its obligations hereunder. 
 2. Advertising Revenue and Commission
Payments. 
 2.1 During the Term (as defined below), the Investor shall use its commercially reasonable efforts to generate
revenue for the Business, through advertising or other sources. Such revenue, which shall be calculated in accordance with United States generally accepted accounting principles consistently applied (“GAAP”), may be generated
through direct payments by the Investor to the Business in respect of advertising or other services provided or to be provided by the Business (the “Direct Revenue”), or through payments by third parties to the Business in
respect of such advertising or other services to be provided by the Business, which payments by such third parties originally arose as a result of actions or activities undertaken by (including introductions made by) the Investor for the purpose of
generating revenue for the Business (the “Indirect Revenue” and, together with the direct revenue, the “Investor-Related Revenue”). The parties acknowledge and agree that, upon and following the
initial generation of Indirect Revenue from a particular source, the Investor shall have no further obligation to assist the Provider with respect to the generation of additional revenue from such source. 
 2.2 For purposes of tracking and calculating Indirect Revenue, from time to time, the Investor may provide to the Provider a list of all third
parties with whom the Investor has made contact or otherwise engaged with during the prior month for the purpose of generating Indirect Revenue, together with a brief description of the nature of such contact or other activities. The parties hereby
agree that, unless the Provider has documented material contact which was reasonably expected to result in revenue without Investor’s assistance with a third party appearing on such list prior to the date of the Investor’s contact with
such party, then all revenue received by the Provider from such third party during the Term shall be classified as Indirect Revenue. 
 2.3 Until the later of (x) October 31, 2009 (the period ending on such date being referred to herein as the “Initial Period”), or (y) such time as there has been the maximum 
  

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 permitted downward adjustment in the Exercise Price of the Warrants as provided therein based on the calculation of the
Investor-Related Revenue or such time as the Warrants have been fully exercised if earlier (the “Reporting Period”), as soon as practicable following each fiscal quarter of the Provider, and in no event later than 45 days
thereafter, the Provider shall provide to the Investor a report signed and certified as accurate by Provider’s chief financial officer (the “Revenue Report”) detailing: (i) the total amount of Direct Revenue
generated by the Business during the preceding fiscal quarter, and (ii) the total amount of Indirect Revenue generated by the Business during the preceding fiscal quarter, including, with respect to such Indirect Revenue, (A) identifying
the source of the Indirect Revenue, (B) itemizing the amount of Indirect Revenue generated from each such source, and (C) identifying the date(s) and a general description of each transaction through which the Indirect Revenue was
generated, and (iii) the adjustment, if any, of the Exercise Price of the Warrants, pursuant to the terms thereof, as a result of the Investor-Related Revenue generated in such preceding fiscal quarter, as set forth in such Revenue Report.

 2.4 During the Initial Period, concurrent with the delivery of the Revenue Report, the Provider shall deliver a certificate
certifying that the Investor has “earned” commissions in an amount equal to 20% of the Investor-Related Revenue for the fiscal quarter covered by the Revenue Report (the “Commission”). 
 2.5 If this Agreement is amended and restated pursuant to the terms of that certain letter agreement dated as of the date hereof between the
Provider and the Investor, then such Commissions shall constitute “Commissions” earned pursuant to the amended and restated agreement and shall be subject to the payment provisions and limitation provisions set forth therein. If this
Agreement is not so amended and restated, no payments shall be due with respect to such Commissions. 
 3. Intentionally Omitted. 

4. Term and Termination. 
 4.1 Except
as otherwise expressly provided herein, this Agreement shall commence as of the date hereof and shall continue until the conclusion of the Reporting Period (the “Term”). 
 4.2 This Agreement may be terminated prior to the end of the Term as follows: 
 (a) If the Investor, on the one hand, or the Provider, on the other hand, shall cause or suffer to exist any material breach of any of its
respective obligations under this Agreement, including any failure to make payments when due or to use commercially reasonable efforts to satisfy any obligation hereunder, and the breaching party does not cure such default in all material respects
within 30 days after receiving written notice thereof from the non-breaching party, the non-breaching party may terminate this Agreement immediately by providing written notice of termination to the breaching party. 
 4.3 In the event of a termination (including any termination pursuant to Section 4.2) or expiration of this Agreement: 
 (a) The Investor shall be entitled to payment of all Commissions payable pursuant to Section 2.4 of this Agreement through the date of such
termination. 
  

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 (b) Termination of this Agreement shall not relieve any party from liability for a breach of this
Agreement occurring prior to such termination. 
 (c) Sections 4-9 shall survive any termination of this Agreement. 
 5. Independent Contractor. In performing under this Agreement, the parties shall operate as and have the status of independent contractors. No employees of
any party hereto shall be considered employees or agents of the other party hereto, nor shall the employees of any party hereto be eligible or entitled to any benefits, perquisites or privileges given or extended to the employees of the other party
hereto. Nothing contained in this Agreement shall be deemed or construed to create a joint venture or partnership between the parties hereto. No party hereto shall have any power to control the activities and/or operations of the other party hereto,
nor shall any party hereto have any power or authority to bind or commit the other party hereto. 
 6. LIMITATION OF LIABILITY. 
 (a) NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, EXCEPT FOR CLAIMS ARISING UNDER SECTIONS 1 AND 7, IN NO EVENT SHALL ANY PARTY BE
LIABLE FOR ANY INCIDENTAL, SPECULATIVE, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR LOST PROFITS, WHETHER FORESEEABLE OR NOT (INCLUDING, BUT NOT LIMITED TO, THOSE ARISING FROM NEGLIGENCE), OCCASIONED BY ANY FAILURE TO PERFORM, OR THE BREACH OF ANY
OBLIGATION UNDER THIS AGREEMENT FOR ANY CAUSE WHATSOEVER. 
 (b) EXCEPT AS EXPRESSLY SPECIFIED HEREIN, ANY AND ALL EXPRESS AND IMPLIED
WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR USE, TITLE, OR NON-INFRINGEMENT, ARE EXPRESSLY EXCLUDED AND DISCLAIMED BY BOTH PARTIES. 
 7. Confidentiality. 
 7.1 The Investor
acknowledges that: (a) the Investor will receive information of the Provider that is not available to the general public, and (b) that such information may constitute, contain or include material non-public information of the Provider (the
“Confidential Information”). Subject to this Section 7, the Investor agrees to hold, and to cause its directors, officers, employees, agents, third party contractors, vendors, service providers, accountants, counsel and
other advisors and representatives (collectively, “Representatives”) to hold, in strict confidence, with at least the same degree of care that such party applies to its own confidential and proprietary information pursuant to
its applicable policies and procedures in effect as of the date hereof, all Confidential Information that is either in its possession (including Confidential Information in its possession prior to the date hereof) or furnished by the Provider or its
Representatives at any time pursuant to this Agreement, and will not use such Confidential Information other than for performing its obligations hereunder, enforcing its rights hereunder or such other purposes as may be expressly permitted
hereunder; provided that nothing contained 
  

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 herein shall restrict the Investor or its Representatives from engaging in purchases and sales of securities of the
Provider in compliance with applicable law. Investor understands and acknowledges that applicable law restricts the ability of the Investor to engage in transactions involving the securities of the Provider while in the possession of material
non-public information. Confidential Information shall not include information that: (i) is or becomes available to the general public; (ii) was available to Investor or its Representatives on a non-confidential basis from a source other
than the Provider; provided, that, the source of such information was not to the knowledge of the Investor bound by a confidentiality obligation with respect to such information, or otherwise prohibited from transmitting the information to
such party or its affiliates by a contractual, legal or fiduciary obligation; or (iii) is independently generated by the Investor without use of or reference to any Confidential Information. 
 7.2 The Investor agrees not to release or disclose, or permit to be released or disclosed, any Confidential Information to any other person,
except (a) to its Representatives who need to know such information and who have been informed of the Investor’s confidentiality obligations hereunder and that such Confidential Information may constitute, contain or include material
non-public information of the Provider, or (b) as permitted by Section 7.1 or 7.3. After the conclusion of the Reporting Period, the Investor shall promptly, after receiving a written request from the Provider, return to the Provider all
Confidential Information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or certify to the Provider that it has destroyed such information (and such copies thereof and such notes, extracts or
summaries based thereon), as directed by the Provider. 
 7.3 Notwithstanding anything herein to the contrary, in the event that the
Investor or any of its Representatives determines on the advice of its counsel that it is required to disclose any Confidential Information pursuant to applicable law or the rules or regulations of a governmental authority or receives any demand
under lawful process or from any governmental authority to disclose Confidential Information, the Investor or its Representative, as applicable, shall, if reasonably practical, notify the Provider prior to disclosing or providing such Confidential
Information and shall cooperate at the expense of the Provider in seeking any reasonable protective arrangements requested by Provider. In the event that a protective arrangement is not timely obtained, the party that received such request
(a) may thereafter disclose or provide such Confidential Information to the extent required by such law (as so advised by counsel) or by lawful process or such governmental authority, without liability therefor, and (b) shall exercise its
reasonable best efforts to have confidential treatment accorded any such Confidential Information so furnished. 
 8. Right of Audit.

 8.1 Provider Maintenance of Books and Records. The Provider shall prepare and maintain complete and accurate books of
account and records prepared in accordance with GAAP (including the originals or copies of documents supporting entries in the books of account) covering all transactions relating to the Investor-Related Revenue. The Provider shall maintain such
books of account, records and documents, including computer records, until the later of (a) one hundred and twenty days following the delivery of the last Revenue Report required to be delivered pursuant to Section 2 (the
“Objection Deadline”), or (b) the final resolution of all Objection Notices (as defined below) which Objection Notices were delivered prior to the Objection Deadline. 
  

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 8.2 Right of Inspection. Prior to the Objection Deadline, the Investor’s
representatives may, from time to time during regular business hours on reasonable advance notice, but no more than three (3) times per year, review and audit the books of account and records and examine and copy all documents and materials, in
each case relating to the Revenue Reports, including electronically or otherwise stored data and all equipment necessary or appropriate to access, read and print all data, books of account and records, invoices, credits and receipts for purposes of
verifying the accuracy of the calculations related to the Investor-Related Revenues and the Commissions. 
 8.3 Objection
Notice. The Investor shall have until the Objection Deadline to provide written notice to the Provider (the “Objection Notice”) of any good faith objection to any portion of any Revenue Report, which objection shall be
set forth with reasonable detail in such Objection Notice. Unless the Investor timely delivers an Objection Notice with respect to a Revenue Report, such Revenue Report shall be deemed to have been accepted and approved by the Investor and shall
thereafter be final and binding upon all parties hereto for the purposes hereof. If the Investor timely delivers an Objection Notice before the Objection Deadline, then those aspects of such Revenue Report objected to in the Objection Notice shall
not thereafter be final and binding until resolved in accordance with the remaining provisions of this Section 8; provided, that those aspects of such Revenue Report not objected to in such Objection Notice shall be deemed to have been
accepted and approved by the Investor and shall be final and binding upon all parties hereto for the purposes hereof. 
 8.4 Thirty
Day Negotiation Period. Following receipt of any Objection Notice, the Provider and the Investor shall discuss in good faith the applicable objections set forth therein for a period of thirty (30) days from such receipt and shall, during
such period, attempt to resolve the matter or matters in dispute by mutual written agreement. If the parties reach such an agreement, (i) such agreement shall be confirmed in writing, (ii) such Revenue Report shall be revised to reflect
such agreement, (iii) such Revenue Report, as so revised, shall thereafter be final and binding upon all parties hereto for the purposes hereof, and (iv) any calculations made or actions taken under Section 2 or the Warrants pursuant
to such Revenue Report shall be recalculated and/or retaken pursuant to such Revenue Report, as so revised. 
 8.5 Accounting
Arbitration. If the parties are unable to reach a mutual agreement in whole or in part in accordance with Section 8.4 during the thirty (30) day period referred to therein, then the New York City office of a mutually agreeable
registered public accounting firm not affiliated with any party hereto (the “Accounting Firm”) shall be engaged to resolve those matters still in dispute with respect to such Revenue Report. In connection with engaging the
Accounting Firm, each party agrees, if requested by the Accounting Firm, to execute an engagement letter on terms reasonably satisfactory to the Provider and the Investor. The Accounting Firm shall make a final and binding resolution of the disputes
or disagreements between the Provider and the Investor with respect to such Revenue Report. The Accounting Firm shall be instructed that, in making its final and binding resolution, it must select a position with respect to such Revenue Report that
is (A) exactly the final position of the Provider (as set forth in such Revenue Report), (B) exactly the final position of the Investor (as set forth in the 
  

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 Objection Notice), or (C) between the final position of the Provider and the final position of the Investor, and
that it must make its final and binding resolution within thirty (30) days of its selection. In any event, the Accounting Firm shall select such a position by applying the principles and methods applied in preparing such Revenue Report in
accordance with this Agreement. No appeal from such determination shall be permitted. 
 (a) Upon the final and binding resolution by
the Accounting Firm of the matters set forth in the Objection Notice, (i) such resolution shall be confirmed in writing, (ii) such Revenue Report shall be revised to reflect such resolution, (iii) such Revenue Report, as so revised,
shall thereafter be final and binding upon all parties hereto for the purposes hereof, and (iv) any calculations made or actions taken under Section 2 or the Warrants pursuant to such Revenue Report shall be recalculated and/or retaken in
pursuant to such Revenue Report, as so revised. To the extent that, as a result of any adjustment to such Revenue Report pursuant to Section 8.4 or this Section 8.5, the Commission paid pursuant to the original Revenue Report is adjusted,
the applicable party shall pay the adjusted amount (after giving effect to any such amount originally paid or received pursuant to the original Revenue Report) to the other party by wire transfer of immediately available funds, together with
interest from the date of the delivery of the original Revenue Report to the date of payment at a rate per annum equal to the “prime rate” published in the “Money Rates” section of The Wall Street Journal plus 2% per
annum. 
 (b) The costs and expenses for the services of the Accounting Firm (the “Accounting Firm Expenses”)
shall be borne as follows: if the position selected by the Accounting Firm is exactly the final position of either the Provider or the Investor, the party whose position was not selected shall pay the Accounting Firm Expenses; if the position
selected by the Accounting Firm is between the final position of the Provider and the Investor, the party whose position is closest to the position selected by the Accounting Firm (the “Prevailing Party”) shall pay a
percentage of the Accounting Firm Expenses calculated by dividing the positive difference between the position of the Prevailing Party and the position of the Accounting Firm by the total positive difference between the position of the Prevailing
Party and the position of the non-Prevailing Party. The non-Prevailing Party shall pay the remainder of the Accounting Firm Expenses. Subject to the foregoing sentences regarding the allocation of the Accounting Firm Expenses, all other fees and
expenses of the Provider relating exclusively to matters described in this Section 8 shall be borne by the Provider, and all other fees and expenses of the Investor relating exclusively to matters described in this Section 8 shall be borne
by the Investor. The Provider and the Investor shall fully cooperate with each other and with the Accounting Firm to resolve any dispute. 
 9.
Miscellaneous. 
 9.1 This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of New York, without giving effect to conflict of laws or any other rules or principles which may require the application of the laws of any other jurisdiction. 
 9.2 This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such
matters, which the parties acknowledge have been merged into this Agreement and its exhibits. 
  

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 9.3 Neither party may assign any of its rights or delegate or cause to be assumed any of its
obligations under this Agreement without the prior written consent of the other party. Subject to the foregoing, all of the terms, provisions and conditions hereof shall be binding upon and shall inure to the benefit of and be enforceable by the
parties hereto, and their respective heirs, personal representatives, successors and assigns 
 9.4 The headings contained herein are
for the purposes of convenience only, and will not be deemed to constitute a part of this Agreement or to affect the meaning or interpretation of this Agreement in any way. Unless the context clearly states otherwise, the use of the singular or
plural in this Agreement shall include the other and the use of any gender shall include all others. The parties have participated jointly in the negotiation and drafting of this Agreement. If any ambiguity or question of intent or interpretation
arises, no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. All references herein to Sections shall refer to this Agreement unless the context
clearly otherwise requires 
 9.5 All notices and other communications hereunder shall be in writing and shall be deemed given upon
(a) transmitter’s confirmation of receipt of a facsimile transmission, if during normal business hours of a business day, otherwise on the next business day, (b) confirmed delivery by a standard overnight carrier or when delivered by
hand or (c) the expiration of five (5) business days (or seven (7) business days where the addressee is not in the United States) after the day when mailed by certified or registered mail, postage prepaid, to the addresses set forth
in on the signature pages hereto or to such other address as any party may, from time to time, designate in a written notice given in a like manner. 
 9.6 If a court in any proceeding holds any provision of this Agreement or its application to any person or circumstance invalid, illegal or unenforceable, the remainder of this Agreement, or the application of
such provision to persons or circumstances other than those to which it was held to be invalid, illegal or unenforceable, shall not be affected, and shall be valid, legal and enforceable to the fullest extent permitted by law, but only if and to the
extent such enforcement would not materially and adversely frustrate the parties’ essential objectives as expressed in this Agreement. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties intend that the
court add to this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be valid and enforceable, so as to effect the original intent of the parties to the greatest extent possible 
 9.7 This Agreement does not create, and will not be construed as creating, any rights enforceable by any person not a party to this Agreement.

 9.8 Each party hereby agrees to the exclusive jurisdiction of the federal district courts for the districts including either San
Antonio, Texas or Scottsdale, Arizona (or if such federal courts do not have subject matter jurisdiction, the state courts in such cities) with respect to any claim or cause of action arising under or relating to this Agreement, and waives personal
service of any and all process upon it, and consents that all services of process be made by registered or certified mail, return receipt requested, directed to it at its address pursuant to Section 9 hereof, and service so made shall be deemed
to be completed when received. Each party hereby waives any objection based on forum non conveniens and waives any objection to venue of any action 
  

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 instituted hereunder. Nothing in this Section 9 shall affect the right of either party to serve legal process in any
other manner permitted by applicable law. THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS SECTION 9.8 WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE
TRIAL BY JURY AND THAT ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 9.9 This Agreement may be amended, modified, superseded, or canceled only by a written instrument signed by all of the parties hereto and any of
the terms, provisions and conditions hereof may be waived, only by a written instrument signed by the waiving party 
 9.10 This
Agreement may be executed in any number of counterparts and each such counterpart shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. Facsimile signatures on this
Agreement shall be deemed to be original signatures for all purposes. 
 [Signatures on following page] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized signatories as of the date first indicated above. 
  

			
	PROVIDER:
	
	 QUEPASA CORPORATION
 7550 E. Redfield
Road, Suite A
 Scottsdale, AZ 85260

	Fax:	 	  

	Attn:	 	Robert B. Stearns
		
	By:	 	 /s/ Robert B. Stearns

	Name:	 	Robert B. Stearns
	Title:	 	Chairman and Chief Executive Officer
	
	INVESTOR:
	
	 MEXICANS & AMERICANS TRADING
 TOGETHER, INC.
 7550 IH 10 West, Suite 630
 San
Antonio, TX 78229

	Fax:	 	  

	Attn:	 	Andres Gonzalez Saravia
		
	By:	 	 /s/ Andres Gonzalez Sarvia

	Name:	 	Andres Gonzalez Saravia
	Title:	 	PresidentRand Logistics, Inc.
                           450 Park Avenue, 10th Floor
                               New York, NY 10022

                                                                October 11, 2006

Mr. Edward Levy
c/o Rand Logistics, Inc.
450 Park Avenue, 10th Floor
New York, NY 10022

Dear Mr. Levy:

      As your base compensation for your services as President of Rand
Logistics, Inc. (the "Company") from the date of your employment until February
28, 2007, the Company has determined to pay you $200,000 (the "Compensation
Amount") on or shortly after the date hereof. As consideration for the amount
payable to you hereunder, you hereby agree to remain in the employ of the
Company through February 28, 2007. In the event that your employment terminates
for any reason (other than death or Permanent Disability (as determined by the
Company's Compensation Committee in its sole discretion) or by the Company
without Cause (as described below)) -

      (i) on and after the date hereof and prior to November 30, 2006, you shall
thereupon become obligated to pay to the Company an amount equal to 50% of the
Compensation Amount; and

      (ii) on and after November 30, 2006 and prior to February 28, 2007, you
shall thereupon become obligated to pay to the Company an amount equal to 25% of
the Compensation Amount.

      Any amounts payable by you upon your termination as provided above shall
be payable in cash or, at your option, securities of the Company having a fair
market value equal to the amount payable.

      For purposes of this Agreement, "Cause" shall mean (i) your conviction of
a criminal offence involving fraud, larceny, misappropriation of funds,
embezzlement or dishonesty; (ii) receipt by or on behalf of you or any member of
your immediate family of any personal profit arising out of or in connection
with a transaction to which the Company or any affiliate of the Company is party
without making full prior disclosure to the Company or such affiliate; (iii) any
misfeasance, nonfeasance or malfeasance by you which causes material harm to the
Company or an affiliate; (iv) your failure to follow and carry out the lawful
instructions of your superior; (v) your having been under the influence of drugs
(other than prescription medicine or other medically-related drugs to the extent
that they are taken in accordance with their directions) or alcohol during the
performance of your duties (it being understood that you may attend industry

<PAGE>

functions at which alcohol will be consumed), or while otherwise under the
influence of drugs or alcohol and while under such influence your having engaged
in inappropriate conduct; or (vi) your having engaged in behavior that would
constitute grounds for liability for sexual harassment or discrimination.

      No provision of this Agreement shall in any way restrict or limit the
Company's ability to terminate your employment at any time, for any reason or
for no reason.

      In order to further align your interests with those of the Company's
stockholders, you agree to seek, until March 31, 2007, to use not less than the
after-tax proceeds of the amount payable hereunder to purchase warrants of
Company pursuant to, and in accordance with the terms of, the agreement between
you and EarlyBirdCapital, Inc. attached hereto as Exhibit A.

      This Agreement shall be construed and interpreted in accordance with the
laws of the State of New York, without reference to rules relating to conflicts
of law, and the parties hereto submit to the exclusive jurisdiction of the
courts of the State of New York for the purpose of any actions or proceedings
that may be required to enforce any provision of this Agreement.

      This Agreement contains the entire understanding between the parties
hereto and supersedes in all respects any prior or other agreements or
understandings between the Company or any of its affiliates, and yourself,
regarding any award of warrants to you. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original, but all of
which shall constitute one and the same instrument.

      This Agreement may only be amended by written agreement of the parties
hereto. The Company shall have the right to deduct from any payment under this
Agreement any federal, state, local, foreign or other taxes of any kind which
the Company's Compensation Committee, in its sole discretion, deems necessary to
be withheld to comply with any applicable law, rule or regulation.

      Two signed copies of this Agreement have been enclosed, please sign them
and return one to us as soon as possible for our records.

RAND LOGISTICS, INC.

By: /s/                                            By: /s/
    ------------------------                           -------------------------
Name:                                                  Edward Levy
Title:

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