Document:

Agreement between Wright Express LLC and PHH Vehicle Management Services, LLC

  
 Exhibit 10.10

  
 WRIGHT EXPRESS® CO-BRANDED 
 BUSINESS CHARGE CARD & MARKETING AGREEMENT 
  
 THIS AGREEMENT (“Agreement”) is made and dated as of the last date set forth below and is by and between Wright Express LLC, a Delaware limited
liability company with a principal place of business in South Portland, Maine (“WEX”), and PHH Vehicle Management Services, LLC a Delaware limited liability company with a place of business in Hunt Valley, Maryland (“Customer”).

  
 WHEREAS, WEX is a provider of commercial fleet charge card
programs; and 
  
 WHEREAS, the Customer is in the business of
leasing commercial fleets of motor vehicles and/or providing fleet management and other services to the operators of such fleets (the “Fleets”); and 
  

WHEREAS, WEX and Customer are both owned by Avis Group Holdings, Inc.; and 
  
 WHEREAS, WEX wishes to make its co-branded charge card and its fleet management program (collectively called the
“Program”) available to the Customer and the Customer wishes to promote the Program to the Fleets. 
  
 NOW, THEREFORE, in consideration of these premises and the mutual covenants and agreements herein contained, the parties hereby agree as follows:

  

	 	1.    (a)	WEX agrees to establish co-branded WEX charge cards (the “Cards”) which shall be issued by Customer and approved by WEX for use by certain of the Fleets to purchase goods
and services from vendors accepting WEX charge cards. (All references to Cards in this Agreement shall reflect all the features and functionality of the co-brand WEX charge card, as described in Paragraph 22). Cards shall be produced at the
Customer’s expense, with a design and cost to be mutually agreed upon, and shall be provided to such Fleets as may be designated from time to time by the Customer. 

  

	 	(b)	WEX and Customer shall share the cost (up to a maximum of [*] per card) of embossing, encoding and distributing the Cards either to the Program Fleets or to the Customer, as
designated by the Customer, for those Fleets whose accounts are established by the Customer under the Program (the “Program Fleets”). The Cards will contain the Customer’s name and logo, as well as WEX’s name and/or the Wright
Express® logo, in such size and location as may be
mutually determined by WEX and the Customer. 

  

	 	(c)	WEX will provide personnel and materials for sales training and updating of the Customer’s sales personnel in such a manner and locations as is deemed mutually agreeable. The
parties acknowledge that initial sales representatives’ training by WEX may be appropriate as agreed upon between the parties prior 

  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

  

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to the roll-out of the Program to the Program Fleets. Ongoing field sales support and consultation will be provided by WEX, in such a manner and location as
is deemed mutually agreeable. 

  

	 	(d)	WEX will, if requested by the Customer, modify its WEX sales video to include the Customer’s name, logo and telephone number and make a copy thereof available to the Customer
at a reasonable cost to be determined by WEX and agreed to by the Customer. 

  

	 	(e)	Any marketing or sales material used by the Customer to promote the Cards or the Program that is not supplied by WEX shall be reviewed in advance by WEX. Any marketing or sales
material used by WEX to promote the Cards or the Program that is not supplied by Customer shall be reviewed in advance by Customer. 

  

	 	2.	WEX will establish an account for each Program Fleet designated by the Customer, upon receipt of a written request from the Customer. 

  

	 	3.	Program Fleets will be entitled to use the Cards to purchase motor fuels, motor oil, repairs, tires and other approved merchandise and services designated by WEX from petroleum
marketers and other vendors who have agreed to accept Cards pursuant to the terms of charge card agreements and similar agreements between WEX and such vendors (the “Vendors”). Customer understands and agrees that WEX has not designed Card
terms or administration for use with consumers, and that Cards should be used by Program Fleets primarily for business or commercial use. Customer shall either obtain the agreement of Program Fleets that Card use shall be so limited or shall
indemnify and hold WEX harmless from any claim or damage arising out of the use of a Card primarily for personal, family or household use. Unless otherwise designated by the Customer, all Cards issued to Program Fleets will be for unrestricted usage
and not “fuel only” cards. The parties acknowledge that the “fuel only” designation is not able to be enforced in the event that the electronic point of sale equipment at the Vendor’s site is inoperable or unavailable.

  

	 	4.	 Each Card sale made utilizing the Card will result in a sales draft pursuant to which the cardholder instructs the Card issuer to pay the Vendor. Pursuant to its
agreements with Vendors, WEX shall accept such sales drafts for collection and pay the Vendors the amount thereof. Upon WEX accepting such sales drafts, the face amount of such sales drafts shall be due from the Customer to WEX, and WEX shall be
deemed to have presented such sales drafts to Customer as Card issuer. The Customer’s obligation to pay for such sales drafts is absolute and unconditional except with respect to any Card that is or should have been terminated by WEX in
accordance with Paragraph 5 herein, or with respect to errors kicked out by mutually agreed upon edit checks, provided, however, in the event Customer changes its edit checks without WEX’s consent, Customer’s Obligation for such sales
drafts is absolute and unconditional. Except as otherwise expressly provided herein, all such payments 

  

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are without recourse to WEX for any reason. Customer shall have the right to request investigation of Card transactions that are disputed by a Program Fleet,
provided that such disputes are communicated to WEX within eighty (80) days of the date that WEX billed or otherwise reported such transaction to Customer. All disputed charges must be paid pending dispute resolution, except as otherwise provided
herein. WEX will resolve disputes in accordance with the standard procedure applicable to all WEX direct and co-brand customers. Customer shall be responsible for any losses incurred as a result of failure to: (a) cooperate with fraud prevention
controls, and (b) failure to monitor and act upon daily card velocity reports. WEX shall have the right, without notice, to impose any fraud control restriction on any Card that it reasonably believes is necessary under the circumstances. WEX will
use reasonable business efforts to notify Customer prior to such action, or, in the case of a situation requiring immediate action, as soon as reasonably possible after such fraud control restriction has been imposed. 

 

	 	5.	Customer shall make commercially reasonable efforts to notify WEX promptly in writing, facsimile or approved electronic means of any lost or stolen Cards or Program Fleets who are
no longer authorized to participate in the Program. Twenty-four (24) hours after receipt of notification of a lost or stolen Card or non-participating Program Fleet in accordance with this Agreement, Customer shall not be liable for subsequent
transactions on such Cards. 

  

	 	6.	WEX will provide Customer with electronic transaction sales summaries at an interval to be determined by both parties for all Program Fleet accounts. Customer will be invoiced each
Business Day of each month for the transactions processed during the previous day(s) of that month. Customer will pay WEX on account of such sales on the next Business Day after invoice is sent by WEX. Such payment shall be by an ACH initiated by
Customer to an account designated by WEX. The amount of such payment shall be in the face amount of the total Card sales, except as otherwise provided herein. Payment by Customer does not preclude Customer from disputing any sale or transaction. Any
such dispute will be handled by WEX using standard operating procedures, and when a credit is due a Program Fleet, the credit will appear on the settlement report issued by WEX for that period and will offset charges made during the same period.
Customer understands and agrees that such payment terms are subject to changes based upon WEX’s reasonable assessment of Customer’s credit status and the aggregate credit limit assigned by WEX to purchases made under this Agreement.

  

	 	7.	The Customer understands and agrees that the terms of this Agreement shall be re-negotiated as necessary, should the relationship of the Parties as affiliates be terminated through
a change in common ownership. 

  

	 	8.	An accrued basis point annual rebate (“Rebate”), if earned by Customer, shall be computed in accordance with the table set forth in Exhibit A. Customer must have [*]
“Unique Cards” (as defined herein) used at least once in the months of 

  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

  

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November or December 2000, to earn the Rebate. For purposes of this Agreement, Unique Cards shall mean any Card with at least one transaction. The Rebate
will be paid to Customer within [*] after the end of the calendar year. Each year a new goal will be mutually agreed upon by the parties, before January 31st. The Rebate for 2001, if earned, will be paid pursuant to the Accrued Basis Point Annual
Rebate Payout Table attached hereto as Schedule A. 

  

	 	9.	The fees set forth in this Agreement cannot be changed unless changes are set forth in writing signed by both parties. 

  

	 	10.	Time is of the essence with respect to all payments to be made by the Customer to WEX under this Agreement, and such payments shall not be subject to offset or deduction for any
reason whatsoever, except as otherwise provided herein. 

  

	 	11.	Cards shall be issued to Program Fleets under this Agreement only at the request of the Customer and in renewal or replacement of such Cards. Unless earlier terminated, all Cards
shall be valid through their respective expiration dates. The Customer shall be entitled to request the issuance of additional cards, the termination of Cards or changes in the authorized use thereof. WEX may issue renewal or replacement Cards at
Customer’s request prior to the expiration date of such Cards and all such renewal or replacement Cards shall be subject to the terms of this Agreement. As between WEX and the Customer, this Agreement shall control all purchases made by any
Program Fleet hereunder and the Customer agrees, subject to any limitations imposed by applicable law and this Agreement, to be responsible for all unauthorized use of such Cards. The Customer agrees to promptly notify WEX of the loss, theft or
unauthorized use of any Card and upon receipt of such written notice WEX shall immediately terminate such Card in accordance with Paragraph 5 herein. Any such notice may be by telephonic, electronic or faxed transmission and WEX shall be entitled to
rely upon any such notice. 

  

	 	12.	The Customer shall from time to time designate one or more contact persons who shall be authorized to request the issuance, termination or changes in authorized use of Cards for the
Program Fleets and WEX shall be entitled to rely on the instructions of such persons until otherwise notified in writing by the Customer. As set forth in Paragraph 6, WEX shall provide to the Customer daily electronic files of transaction data for
each Program Fleet. The Customer may make such information available to such Program Fleet in a format determined by the Customer. WEX will use reasonable efforts to assure that such data is accurate, but disclaims all warranties in connection with
such reports and shall not be responsible for the accuracy or completeness of such data received from merchants and WEX shall not be liable to any person for loss, liability or damages as a result of any inaccurate or incomplete reports unless such
loss, liability or damage is caused by WEX’s negligence or willful misconduct. 

  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

  

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	 	13.	WEX MAKES NO REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER WITH RESPECT TO GOODS AND SERVICES PURCHASED WITH THE CARDS AND HEREBY DISCLAIMS ANY AND ALL SUCH WARRANTIES INCLUDING
WITHOUT LIMITATION, THE WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. WEX shall not be responsible for consequential, incidental or special damages, including, without limitation, lost profits arising out of or related to any
claim under or relating to this Agreement, whether that claim is for breach of contract, negligence or any other cause unless such loss is caused by WEX’s gross negligence or willful misconduct. The Customer shall indemnify WEX and hold WEX
harmless from any and all claims and demands made by any third party on account of: (a) any merchandise purchased with the Card, (b) any management report or other data processing service provided by WEX unless such error is caused by WEX’s
gross negligence or willful misconduct, and (c) any credit terms or charges imposed by the Customer on the Program Fleets or the failure of the Customer to conform to any state or federal disclosure or credit regulation or any other applicable law,
in either case in connection with the collection by the Customer of accounts arising from use of the Cards unless such claim or demand is caused by WEX’s gross negligence or willful misconduct. This indemnity shall include any such actual
losses to WEX, including, without limitation, reasonable attorneys’ fees, the cost of complying with any state or federal credit regulatory or licensing scheme imposed on WEX on account of Customer’s credit terms that apply to accounts
arising out of use of the Cards and any fines or penalties imposed on WEX on account of the Customer’s transactions, agreements, acts or omissions with the Program Fleets. 

  

	 	14.	This Agreement shall commence upon the execution hereof and, unless sooner terminated pursuant to the provisions of Paragraph 15, shall remain in effect for sixty (60) months
thereafter. This Agreement shall automatically renew for additional one (1) year terms immediately upon expiration of the term then in effect unless written notice of termination shall have been sent by certified or registered mail by either party
to the other at least four (4) months prior to expiration of the term in effect. The Customer shall be responsible for all purchases made with the Card up to and including the termination or expiration date in accordance with this Agreement. WEX
shall be responsible for processing all Card transactions that occurred up to and including the date of termination or expiration date of this Agreement in accordance with the terms of this Agreement, or any applicable wind-down period.

  

	 	15.    (a)	Any past due balance which is not satisfied within twenty (20) days of receiving written notice from WEX will be cause for immediate termination of this Agreement by WEX.

  

	 	(b)	This Agreement may be terminated immediately and without notice upon the filing by either party of a voluntary bankruptcy petition or if a bankruptcy petition is filed against
either party and not dismissed within sixty (60) days. 

  

 5 

	 	(c)	Except as otherwise expressly provided in this Agreement, neither party shall be entitled to any severance payment or other compensation as a result of the expiration or termination
of this Agreement for any cause whatsoever. 

  

	 	(d)	Either party may terminate this Agreement with thirty (30) days written notice to the other; provided, however, Customer shall have the right to require WEX to continue performance
of the terms of this Agreement for a wind down period not to exceed one hundred twenty (120) days from notice of termination based upon the fees in effect at the time of termination of this Agreement. 

  

	 	16.	Upon notice of termination of this Agreement, all parties will work diligently to arrange for the orderly transfer of data relating to the Cards, to Customer. Such orderly transfer
shall include, but not be limited to, the direct data transfer of Customer information from WEX’s computers to the computers of Customer. In the event that an orderly transfer cannot be made by the termination date, the parties agree to extend
the term of this Agreement for as long as it reasonably takes to effect the orderly transfer. If Customer requests the transfer of such date, prior to the said transfer, and provided that termination occurs at renewal date or for cause, Customer
shall pay to WEX a transfer fee in an amount equal to the cost of said transfer. 

  

	 	17.	WEX and Customer shall be entitled to assign this Agreement if the assignee has the ability to perform the assignor’s obligations hereunder, expressly assumes such obligations
and is a wholly owned subsidiary of the assignor. The assignor shall give notice of any such assignment to the other party. 

  

	 	18.	This Agreement constitutes the entire Agreement between the parties regarding the subject matter hereto and may not be altered or amended except by writing, signed by the parties.
This Agreement supercedes any prior agreements between WEX and the Customer. 

  

	 	19.	This Agreement shall be governed and construed in accordance with the laws of the State of Maine (without reference to choice of law rules). 

  

	 	20.	The parties agree that it is in their mutual best interest to maintain the confidentiality of the provisions of this Agreement and accordingly agree that they will not, without the
written consent of the other, disclose the terms hereof, including without limitation, the price terms, (unless required by court order or other governmental authority) and that all such terms shall be held in confidence and revealed only to
employees, agents, lenders or other persons having a business relationship with such party and having a need to know such terms in the course of such person’s employment or business relationship with such party. 

  

	 	21.	 Customer shall license WEX to use any registered or unregistered trademark or servicemark of Customer that is to be included in the co-branded Card form and other

  

 6 

	 	 
marketing materials to be used in connection with this co-brand Program. The license shall be nonexclusive and without cost to WEX.

  

	 	22.	Authorization Controls. Customer shall be able to request in writing authorization controls (“Controls”) for all the Program Fleets on a form substantially the same form
as Exhibit B attached hereto. Such Controls will be mutually agreed upon by PHH and WEX, and will be applied selectively to each Program Fleet account (“Account”) designated by Customer. Such Controls will enable Customer to restrict the
Accounts as to daily transaction limits per Card at fuel merchants. If any such Controls are exceeded in an Account, subsequent transactions will be declined. 

  
 Customer understands and acknowledges that only transactions submitted to WEX for authorization are subject to Controls and
that any transaction which exceed the limits set forth by Customer will be declined and the driver will have to use another form of payment to complete the transaction. WEX reserves the right to modify Controls upon notice to Customer when such
Controls, in WEX’s reasonable opinion, are set at such a level where they are ineffective and not in accordance with the goals of the authorization control program. WEX will not be liable for any merchant’s refusal to honor the Card,
regardless of the reason. 
  
 If Customer has a specific Program
Fleet customer who requires different Controls for their Account, and wishes to allow that Program Fleet unique Controls, Customer shall make such request to WEX in a format and on a form mutually agreed upon by the parties (“Form”). Such
Form must be signed by Customer and faxed to WEX. WEX and Customer agree that such Form will, if accepted by Customer, be binding to both WEX and Customer and will constitute the “best evidence” for evidentiary purposes. Furthermore,
Customer agrees to communicate any Controls placed upon Accounts to its Program Fleets whether standard or otherwise. Customer agrees that WEX will not be liable to Customer for any loss, liability, or damage Customer or any Program Fleet suffers
which arises from, are related to, or in any way are connected with any Control WEX implements pursuant to this Agreement, except to the proportional extent of WEX’s negligence. 
  
 WEX shall not be responsible for the choice of any particular Control level selected by Customer or a Program Fleet. The
existence and/or use of Controls shall not affect the liability of Customer for unauthorized use of the Card. Customer remains liable for transactions with unreported lost or stolen cards and/or card numbers and driver ID numbers. Customer shall
remain responsible to review fraud control data provided by WEX, such as transaction velocity reports, for the purpose of detecting fraud that occurs within Control parameters for a particular Account. In the event that Customer requests that WEX
monitor said velocity reports, WEX will charge its customary fee. 
  

 7 

	 	23.	Dispute Resolution. 

  
 (a) In the event of a dispute hereunder, upon the written request of either party, each party shall appoint a designated representative who shall meet for
the purpose of resolving such dispute. The designated representatives shall meet as often as the parties reasonably deem necessary to gather and furnish to the other information with respect to the matter in issue which the parties believe to be
appropriate and germane in connection with its resolution. The representatives shall discuss the problem and attempt to resolve the dispute without the necessity of any formal proceeding. Formal proceedings for the resolution of a dispute shall not
be commenced until the earlier of (i) the designated representatives conclude in good faith that amicable resolution through continued negotiation of the matter does not appear likely; or (ii) thirty (30) days after the initial written request to
appoint a designated representative. 
  
 (b) In the event a
dispute is not resolved pursuant to Section 24(a), the parties agree that such dispute shall be submitted to mandatory and binding arbitration pursuant to the following conditions: The party making the demand for arbitration (the “Disputing
Party”) shall notify the American Arbitration Association (“AAA”) and the other party in writing describing in reasonable detail the nature of the dispute (the “Demand for Arbitration”), and shall request the AAA furnish a
list of five (5) possible arbitrators who shall have substantial business experience and shall otherwise be qualified to completely address the issues presented. Each party shall have fifteen (15) days to reject two (2) of the proposed arbitrators.
If only one (1) individual has not been so rejected, he or she shall serve as the arbitrator. If two (2) or more individuals have not been so rejected, then the parties shall promptly mutually select the arbitrator from the remaining pool of
possible arbitrators; provided, however, that if the parties are unable to agree on the selection within ten (10) days after notification by the AAA of the need to make such selection, then the AAA shall select the arbitrator from the remaining pool
of possible arbitrators. The arbitration shall be conducted in accordance with the rules for commercial arbitration of the AAA. The arbitration hearings shall be conducted in a neutral location. Unless the arbitrator rules otherwise, the parties
shall jointly and equally pay the expenses of the arbitrator and the administrative costs assessed by the AAA, as well as their own expenses incurred during the arbitration process. Notwithstanding the foregoing, the parties shall be entitled to
seek immediate injunctive relief in a court of competent jurisdiction in the event of a breach of Section 12 hereof. 
  

	 	24.	Upon reasonable advance notice, and during Company’s regular business hours, Customer shall have the right to verify all records regarding Customer’s Card sales and to
examine and make copies of said records for any purpose directly connected with and relevant to this Agreement. 

  

 8 

 IN WITNESS THEREOF, this Agreement has been executed by duly authorized representatives of the parties
hereto and is made effective as of the last date set forth below. 
  

									
	 	 	 	 	WRIGHT EXPRESS LLC
				
	 /s/ Janet Britton
	 	 	 	By:	 	 /s/ Gary Robbins

	 Witness
	 	 	 	 	 	 Gary Robbins
 Vice President, General Manager
 Cobrand

					
	 	 	 	 	 	 	 Date:
	 	 1/17/01

  

									
	 	 	 	 	 PHH VEHICLE MANAGEMENT
 SERVICES
LLC

				
	 /s/ Illegible
	 	 	 	By:	 	 /s/ George Kilroy

				
	 Witness
	 	 	 	 Name:
	 	 George Kilroy

					
	 	 	 	 	 	 	 Title:
	 	 Senior Vice President

					
	 	 	 	 	 	 	 Date:
	 	 January 12, 2001

  

 9 

  
 WRIGHT EXPRESS® 
 CO-BRANDED AGREEMENT 
 Exhibit A

  
 Customer shall pay WEX the following fees: 
  

	 	•	Account set-up fee: [*] for a Program Fleet. WEX shall not charge Customer the Account set-up fee for any Program Fleet that is converted to the Program prior to December 31, 2001.

  

	 	•	Card fee for each Card issued and outstanding under the Program as of the end of each month will be charged in accordance with the following chart: 

  
 TABLE A-1 
  

					
	 Number of Vehicles in Fleet

	  	Monthly Fee per
card paid to WEX

	 
	 [*]
	  	$	[	*]
	 [*]
	  	$	[	*]
	 [*]
	  	$	[	*]
	 [*]
	  	$	[	*]
	 [*]
	  	$	[	*]
	 [*]
	  	$	[	*]

  
 Rebate paid by WEX to Customer (number
of vehicles in Program Fleet will be determined as of the end of each month): 
  
 TABLE A-2 
  

							
	 Number of Cards per Fleet

	  	Basis Points
paid to PHH
monthly

	 	 	Accrued Basis
Point Annual
Rebate

	 
	 [*]
	  	[	*]	 	[	*]
	 [*]
	  	[	*]	 	[	*]
	 [*]
	  	[	*]	 	[	*]
	 [*]
	  	[	*]	 	[	*]
	 [*]
	  	[	*]	 	[	*]
	 [*]
	  	[	*]	 	[	*]

  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

  

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 The foregoing table shall be used as follows: Monthly rebates accrue from the date of card issuance and are payable
beginning in the month after cards are first issued hereunder. They are computed by applying the basis points shown to the total face amount of Card sales at participating fuel merchants to Program Fleets in a calendar month. For the purposes of
this Agreement, participating fuel merchants are merchants that have designated themselves as fuel merchants in the WEX database, some of these merchants may also offer service. Fees shall be computed and payable as of the [*] of the succeeding month. 
  
 Annual rebates, if earned under Paragraph 8 of the Agreement, are computed as follows: According to the number of Cards per Fleet, Customer shall earn the corresponding
Accrued Basis Point Annual Rebate, pursuant to Table A-2 herein (the “Earned Rebate”). The total Earned Rebate for that Program Fleet shall be equal to [*]. For example: [*]. The Payout Percentage of the Accrued Basis Point Annual Rebate
shall be applied to the sum of Earned Rebates from all of Customer’s Program Fleets at the end of 2001, to determine Customer’s overall Accrued Basis Point Annual Rebate. 
  
 The pricing and rebates set forth in this Exhibit requires that Customer work with WEX to develop and implement a plan to influence the
service and maintenance merchants that currently accept the PHH fleet card to accept any card issued by WEX or Wright Express Financial Services Corporation. 
  
 Customer agrees to provide WEX with necessary “support” (as defined herein) to set up a maintenance network for WEX’s Universal Card users. For purposes of
this Agreement, “support” means that Customer will use commercially reasonable efforts to introduce WEX to its merchants in their existing network, and disclose processing procedures on a confidential basis. WEX agrees that the Card under
this Program may not be accepted at service merchants in the WEX Universal Card network. WEX further agrees that it will use commercially reasonable efforts to ensure that Customer maintains its current commission revenue with respect to service
transactions on the Customer’s program. 
  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

	

  

 11 

  
 EXHIBIT B 

 
 The below limits, if accepted by WEX, will apply to every Program Fleet in Customer’s
co-brand portfolio unless WEX is notified otherwise. The undersigned requests and authorizes WEX to establish Controls in accordance with this Exhibit. 
  
 Limit Options 
  
 Daily Dollar Limit $                     
  
 Daily Number transaction limits
$                     
  
 Transaction Dollar Limit $                    

  
 Authorized
Signature                                      
                                        
                       
  
 Name
(print)                                       
                                        
                                  
  
 Title                                     
                                        
                                        
            
  
 Date                                     
                                        
                                        
            
  

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 SCHEDULE A 

 
 ACCRUED BASIS POINT 
 ANNUAL REBATE PAYOUT TABLE 
  

					
	 Percent of Gallon Goal

	 	 Gallons from Cards issued
01/01/01 – 12/31/01

	 	 Payout Percent of Accrued
Basis Point Annual Rebate

	 <70%
	 	[*]	 	[*]%
	 70%
	 	[*]	 	[*]%
	 71%
	 	[*]	 	[*]%
	 72%
	 	[*]	 	[*]%
	 73%
	 	[*]	 	[*]%
	 74%
	 	[*]	 	[*]%
	 75%
	 	[*]	 	[*]%
	 76%
	 	[*]	 	[*]%
	 77%
	 	[*]	 	[*]%
	 78%
	 	[*]	 	[*]%
	 79%
	 	[*]	 	[*]%
	 80%
	 	[*]	 	[*]%
	 81%
	 	[*]	 	[*]%
	 82%
	 	[*]	 	[*]%
	 83%
	 	[*]	 	[*]%
	 84%
	 	[*]	 	[*]%
	 85%
	 	[*]	 	[*]%
	 86%
	 	[*]	 	[*]%
	 87%
	 	[*]	 	[*]%
	 88%
	 	[*]	 	[*]%
	 89%
	 	[*]	 	[*]%
	 90%
	 	[*]	 	[*]%
	 91%
	 	[*]	 	[*]%
	 92%
	 	[*]	 	[*]%
	 93%
	 	[*]	 	[*]%
	 94%
	 	[*]	 	[*]%
	 95%
	 	[*]	 	[*]%
	 96%
	 	[*]	 	[*]%
	 97%
	 	[*]	 	[*]%
	 98%
	 	[*]	 	[*]%
	 99%
	 	[*]	 	[*]%
	 100%
	 	[*]	 	[*]%
	 >100%
	 	[*]	 	[*]%

  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

  

 13 

 Customer shall be paid a percent of the Accrued Basis Point Annual Rebate pursuant to Exhibit A, provided that the total
number of gallons is equal to or greater than [*] on Cards issued in 2001. The Accrued Basis Point Annual Rebate shall be calculated as follows: 
  
 [*] 
  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

  

 14 

  
 Wright Express® 
 Co-Branded Business Charge Card & Marketing Agreement 
 AMENDMENT 
  
 The Co-Branded
Business Charge Card Agreement (hereinafter the “Agreement”) between Wright Express LLC (“WEX”) and PHH Vehicle Management Services, LLC (hereinafter “Customer”), dated January 17, 2001, is, by the agreement of the
parties hereto, hereby amended as follows: 
  
 WHEREAS, the parties have executed
the Agreement, under which WEX has made its co-branded charge card and fleet management program (the “Program”) available to Customer, and Customer promotes the Program to its Fleets; and 
  
 WHEREAS, Customer has developed a program as part of its own business strategy, called PHH
PartnersPlus, under which it intends to sell various services offered by Customer (hereinafter, “PartnersPlus”); and 
  
 WHEREAS, Customer wishes to offer the WEX co-branded fleet charge card program as part of PartnersPlus (the “FleetExperts Card Program”); and 
  
 WHEREAS, WEX has agreed to support the FleetExperts Card Program subject to the terms of the
Agreement, and the terms stated herein. 
  
 NOW, THEREFORE, in consideration of
these premises and the mutual covenants and agreements contained herein, the parties hereby agree as follows: 
  

	1.	Definitions: All capitalized terms used in this Amendment have the same meaning as those same capitalized terms have in the Agreement. 

  

	2.	WEX hereby permits Customer to market the FleetExperts Card Program subject to the terms of the Agreement, and the terms stated herein. 

  

	3.	For purposes of the Agreement, and unless otherwise indicated herein, all references to Program Fleets shall be deemed to include those fleets who are issued a co-branded Card under
the FleetExperts Card Program (the “FleetExperts Card”). In addition, all references to the Program shall be deemed to include the FleetExperts Card Program. 

  

	4.	The following sentence shall be added at the end of Paragraph 1(b): 

  
 “The accounts established under the FleetExperts Card Program shall be embossed with the FleetExpert name and logo, as well as WEX’s name and/or
the Wright Express logo, in such size and location as may be mutually determined by WEX and the Customer.” 
  

	5.	 Customer hereby acknowledges that WEX may be competing with the FleetExperts Card Program through its own business strategies, and further acknowledges and agrees
that nothing contained in the Agreement or this Amendment, restricts WEX’s 

  

	 	 
right to offer a program similar to the FleetExperts Card Program to other business partners. 

  

	6.	Customer agrees that this Amendment does not confer any additional right to use WEX’s name, brand, or likeness beyond what has been agreed to in the Agreement.

  

	7.	WEX agrees to support the FleetExperts Card Program, subject to the terms of the Agreement, and nothing in this Amendment is intended to create additional obligations of support on
the part of WEX. Customer further agrees that WEX may take any action necessary to measure the support requirements for the FleetExperts Card Program, including, but not limited to, assigning a unique call center number for those fleets issued Cards
under the FleetExperts Card Program. In the event the FleetExperts Card Program requires additional support on the part of WEX, the parties hereby agree that WEX’s continued support of such additional obligations shall be subject to an
increased cost to Customer, which shall be set forth by a written mutual agreement. In the event the parties cannot agree on said increased cost, WEX hereby reserves the right to terminate this Amendment and the related support for the FleetExperts
Card Program. 

  

	8.	This Amendment shall be governed and construed in accordance with the laws of the State of Maine (without reference to choice of law rules). 

  

	9.	Except as expressly amended herein, the Agreement remains in full force and effect in accordance with its terms, which are hereby ratified and confirmed. 

 
 IN WITNESS HEREOF, the parties hereto, each acting under due and proper authority,
have caused this AMENDMENT to be executed and effective as of the last date set forth below. 
  

									
	WITNESS:  	 	 /s/ Michael P. Sawicki
	 	 	 	PHH VEHICLE MANAGEMENT SERVICES, LLC
					
	 	 	 	 	 	 	 By:
	 	 /s/ Anthony Vinciguerra

					
	 	 	 	 	 	 	 Title:
	 	 Vice President

  

									
	WITNESS:  	 	 /s/ Janet Britton
	 	 	 	WRIGHT EXPRESS LLC
					
	 	 	 	 	 	 	 By:
	 	 /s/ Gary Robbins

					
	 	 	 	 	 	 	 Title:
	 	 VP GM

  

  
 Wright Express® 
 Co-Branded Business Charge Card & Marketing Agreement 
 SECOND AMENDMENT 
  
 The Co-Branded
Business Charge Card Agreement (hereinafter the “Agreement”) between Wright Express LLC (“WEX”) and PHH Vehicle Management Services, LLC (hereinafter “Customer”), dated January 17, 2001, is, by the agreement of the
parties hereto, hereby amended as follows: 
  
 WHEREAS, the parties have executed
the Agreement, under which WEX has made its co-branded charge card and fleet management program (the “Program”) available to Customer, and Customer promotes the Program to its Fleets; and 
  
 WHEREAS, Customer desires to make the Program available to designated affiliates of Customer;
and 
  
 WHEREAS, WEX has agreed to support the Program to include both the
Customer and its designated affiliates subject to the terms of the Agreement, and the terms stated herein. 
  
 NOW, THEREFORE, in consideration of these premises and the mutual covenants and agreements contained herein, the parties hereby agree as follows: 
  

	1.	A new Section 25 is hereby added as follows: 

  

	 	25.	Participation of Designated Affiliates of Customer: 

  

	 	A.	It is hereby agreed to by the parties that Customer may elect to designate certain affiliates or subsidiaries (“Designated Affiliate”) to participate in the Program as a
card issuer to Program Fleets of the Designated Affiliate. A Designated Affiliate shall have all the rights and obligations of Customer under this Agreement, including, without limitation, the obligation to establish and maintain agreements with its
Program Fleets relating to the issuance and payment for use of the Card. Notwithstanding the foregoing designation, Customer shall remain responsible to WEX for all obligations of Designated Affiliates, including, without limitation, for payment and
other obligations and responsibilities of Designated Affiliate acting as a Customer under the Agreement. Customer agrees to cause Designated Affiliate to conform to the obligations of a Customer under the Program. WEX and Customer shall agree in
writing to the addition of any affiliates or subsidiaries. 

  

	 	B.	Any cards issued by a Designated Affiliate shall be used in the United States where the Card is accepted. 

  

	 	C.	Initially, the sole Designated Affiliate of Customer to be added as a card issuer for Customer shall be PHH Vehicle Management Services Inc. (“PHH Canada”).

  

	 	D.	It is understood and agreed between the parties that: 

  
 a. Payment shall be made to WEX in U.S. dollars; 
  
 b. This Agreement applies to sales and transactions at U.S. locations only; 
  
 c. Fleets of PHH Canada shall not be eligible to participate in the WEX tax-exempt reporting program; and, 
  
 d. All operational support for PHH Canada including, but not limited to,
card production and delivery, account maintenance, billing, and customer support shall be managed by Customer in accordance with this Agreement. 
  
 IN WITNESS HEREOF, the parties hereto, each acting under due and proper authority, have caused this SECOND AMENDMENT to be executed and effective as of the
last date set forth below. 
  

									
	WITNESS:  	 	 /s/ Michael P. Sawicki
	 	 	 	PHH VEHICLE MANAGEMENT SERVICES, LLC
					
	 	 	 	 	 	 	 By:
	 	 /s/ George Kilroy

					
	 	 	 	 	 	 	 Title:
	 	 Senior Vice President

  

									
	WITNESS:  	 	 /s/ Ann Randall
	 	 	 	WRIGHT EXPRESS LLC
					
	 	 	 	 	 	 	 By:
	 	 /s/ Gary Robbins

					
	 	 	 	 	 	 	 Title:
	 	 VP GM

					
	 	 	 	 	 	 	 1/27/03
	 	 

  

 Wright Express® 
 Co-Branded Business Charge Card & Marketing Agreement 
 AMENDMENT 
  
 This Amendment is made to the Co-Branded Business Charge Card Agreement (hereinafter the
“Agreement”) between Wright Express LLC (“WEX”) and PHH Vehicle Management Services, LLC (hereinafter “Customer”), dated January 17, 2001 as amended, is hereby made as follows: 
  

	1.	Page 5, Paragraph 14, the first two sentences shall be deleted in their entirety and replaced with the following two sentences and the remainder of the paragraph shall remain the
same: 

  
 This Agreement shall be extended for an
additional five (5) year term until January 17, 2010. Thereafter, the Agreement shall renew automatically for one (1) year terms upon the termination of the term then in effect, provided that written notice of either parties’ intent to
terminate is not sent at least six (6) months prior to the term’s expiration date. 
  

	2.	Page 3, Paragraph 8, shall be deleted in its entirety and replaced with the following: 

  

	 	8.	WEX shall pay to Customer a Rebate based upon the total number of cards on the Program in accordance with the specific terms set forth in Exhibit A. 

  

	3.	Page 6, Paragraph 20, shall be deleted in its entirety and replaced with the following: 

  
 The parties agree that it is in their mutual best interest to maintain the confidentiality of the provisions of this
Agreement and accordingly agree that they will not, without the written consent of the other, disclose the terms hereof, including without limitation, the price and rebate terms (except as otherwise permitted herein), to a third party, and that all
such terms shall be held in confidence and revealed only to employees, affiliates, agents, lenders or other persons having a business relationship with such party and having a need to know such terms in the course of such person’s performance
with respect to the parties respective obligations under this Agreement or due to the nature of their business relationship with the receiving party. 
  
 Notwithstanding the foregoing, WEX shall not provide any PHH client information, which shall be deemed confidential information for purposes herein,
received by WEX as a result of performing services under this Agreement to any parent company, affiliate or third party without the prior written consent of PHH. 
  
 In addition, the parties will not use any such information for any purpose other than their performance hereunder any and
all information disclosed to the other in connection with the performance under the terms of this Agreement that is, or 

  

 
should be reasonably understood to be, confidential or proprietary to the disclosing party (collectively “Confidential Information”). 

 
 This obligation of non-disclosure will not apply to Confidential
Information: (i) which is, at the time of disclosure is or thereafter, publicly available through no fault of the receiving party; (ii) which the receiving party can demonstrate was in its possession before receipt; (iii) which is disclosed to the
receiving party by a third party with the legal right to do so; (iv) which is required to be disclosed pursuant to judicial process, stock exchange rules, court order or administrative or regulatory process such as but not limited to disclosures to
regulatory agencies such as the SEC, provided that the receiving party will so notify the disclosing party sufficiently prior to disclosing such Confidential Information so as to permit the disclosing party to seek a protective order; or (v) which
is disclosed to any subcontractors retained to assist the receiving party in the performance of the this Agreement; provided however, that the receiving party shall use commercially reasonable efforts to convey to its subcontractors
the confidentiality of such Confidential Information and shall be liable to the disclosing party for any disclosure by its subcontractors in violation of this paragraph 20. Each party will assure that its employees who have access to Confidential
Information understand the confidential nature. 
  
 WEX and PHH
acknowledge that the breach of the terms and conditions hereof by one party may result in irreparable damage to the other, which may not be adequately compensated by the payment of money damages. Accordingly, PHH and WEX may seek and obtain
injunctive relief against the other party for any breach or threatened breach of this confidentiality provision, in addition to any other legal remedies which may be available. 
  

	4.	Page 10, Exhibit A, Second Section, Schedule A-2 beginning with REBATE, shall be deleted in its entirety and replaced with the following: 

  
 WEX shall pay monthly to Customer a Rebate based on the table set forth
below as follows: 
  

			
	 Total Number of Cards on Program

	  	Rebate Factor

	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)
	 [*]
	  	[*] bps ([*]%)

  

  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission. 

 To qualify for the Rebate, Customer must meet the following minimum criteria: 
  

	 	a)	Customer shall have a minimum of [*] cards on the Program; 

  

	 	b)	Customer shall not be in default of the Agreement. 

  
 The Rebate shall be calculated by multiplying the total number of cards on the Program by the appropriate Rebate Factor. Payment of the Rebate shall be
made no later than the 15th of the following month in which the Rebate was earned. 
  
 This Rebate shall become effective January 1, 2005. 
  

	4.	All other terms and conditions of the Agreement remain in full force and effect. 

  
 IN WITNESS HEREOF, the parties hereto, each acting under due and proper authority, have caused this AMENDMENT to be executed
and effective as of the last date set forth below. 
  

									
	WITNESS: 	 	 /s/ Michael P. Sawicki
	 	 	 	PHH VEHICLE MANAGEMENT SERVICES, LLC
				
	 	 	 	 	 By:
	 	 /s/ Joseph W. Weikel

	 	 	 	 	 	 	 Title:
	 	 SVP & General Counsel

	 	 	 	 	 	 	 Date:
	 	 1/12/05

  

									
	WITNESS: 	 	 /s/ Betty Saucier
	 	 	 	WRIGHT EXPRESS LLC
				
	 	 	 	 	 By:
	 	 /s/ Gary Robbins

	 	 	 	 	 	 	 Title:
	 	 Vice President

	 	 	 	 	 	 	 Date:
	 	 1/13/05

  

  

	[*]	Designates portions of this document that have been omitted pursuant to a request for confidential treatment filed separately with the Commission.<PAGE>

                                                                   Exhibit 10.44

                                   APPENDIX C

                          REGISTRATION RIGHTS AGREEMENT

          REGISTRATION RIGHTS AGREEMENT (this "Agreement"), dated as of   , 2004
                                                                        --
among Velocity Express Corporation, a Delaware corporation (the "Company) and
the persons executing a Series K Purchaser Signature Page attached hereto (each
a "Series K Purchaser"). Capitalized terms used herein but not otherwise defined
have the meaning set forth in Section 1 hereof.

          WHEREAS, the Series K Purchasers and the Company have entered into
certain Stock Purchase Agreements, pursuant to which the Series K Purchasers
purchased from the Company certain of the shares of the Company's Series K
Convertible Preferred Stock, par value $.004 per share (the "Series K Preferred
Stock").

          WHEREAS, the Company hereby desires to, among other things, grant the
Series K Purchasers certain registration rights.

          NOW, THEREFORE, in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

1. Definitions.

          "Business Day" means any day other than a Saturday, a Sunday or a day
on which banks in New York City are authorized or obligated by law or executive
order to close.

          "Commission" means the United States Securities and Exchange
Commission, or any successor Commission or agency having similar powers.

          "Common Stock" means the Common Stock of the Company, $0.004 par value
per share.

          "Person" means any individual, corporation (including any non-profit
corporation), general or limited partnership, limited liability company, joint
venture, estate, trust, association, organization, labor union, or other entity
or governmental entity

          "Registrable Securities" means, the Common Stock issuable or issued
upon conversion of the Series K Preferred Stock (including Common Stock issued
pursuant to stock splits, stock dividends and similar distributions), excluding,
however, any Registrable Securities sold by a person in a transaction in which
its rights under this Agreement are not assigned and any Common Stock which has
previously been registered, which the holder thereof has sold pursuant to an
effective registration statement under the Securities Act or which has sold or
transferred to or through a broker, dealer or underwriter in a public
distribution, a public securities transaction or pursuant to Rule 144 of the
Securities Act.

          "Registration Expenses" has the meaning set forth in Section 6(a)
hereof.

          "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder.

          "Series K Purchasers" means any purchasers of Series K Preferred
Stock.

2. Demand Registrations.

                                        1

<PAGE>

(a)  Requests for Registration. Subject to the limitations and lock-up period
     set forth in the Series K Stock purchase Agreement, the holders of a
     majority of the Series K Registrable Securities may request Short-Form
     Registrations, if available. Each request for a Demand Registration (as
     defined below) shall specify the approximate number of Registrable
     Securities requested to be registered and the anticipated per share price
     range for such offering. Within ten (10) days after receipt of any such
     request, the Company will give written notice of such requested
     registration to all other holders of Registrable Securities and will
     include in such registration all Registrable Securities with respect to
     which the Company has received written requests for inclusion therein
     within twenty (20) days after the receipt of the Company's notice. All
     registrations requested pursuant to this paragraph 2(a) are referred to
     herein as "Demand Registrations".

(b)  Short-Form Registrations. Subject to the limitations and lock-up period set
     forth in the Series K Stock purchase Agreement, the holders of the Series K
     Registrable Securities will be entitled to request up to three (3)
     Short-Form Registrations in which the Company will pay all Registration
     Expenses; provided, that the holders of Registrable Securities shall not be
     entitled to require the Company to effect any Short-Form Registration if
     the aggregate offering price of Registrable Securities (based on the
     mid-point of the price range specified in the request for such Short-Form
     Registration) to be included in such Short-Form Registration is less than
     $1,000,000. Demand Registrations will be Short-Form Registrations whenever
     the Company is permitted to use any applicable short form. The Company will
     use its best efforts to make Short-Form Registrations on FormS-3 available
     for the sale of Registrable Securities.

(c)  Priority on Demand Registrations. If a Demand Registration is an
     underwritten offering and the managing underwriters advise the Company in
     writing that in their opinion the number of Registrable Securities and, if
     permitted hereunder, other securities requested to be included in such
     offering exceeds the number of Registrable Securities and other securities,
     if any, which can be sold therein without adversely affecting the
     marketability of the offering, the Company will include in such
     registration (i) first, securities requested to be registered pursuant to
     that certain Third Amended Registration Rights Agreement, by and among the
     parties thereto (the "Original Registrable Securities") , (ii) second, the
     number of Registrable Securities requested to be included in such Demand
     Registration by the holders initially requesting such Demand Registration
     pro rata, if necessary, among the holders of such Registrable Securities
     based on the number of such Registrable Securities owned by each such
     holder, and (iii) third, the number of other Registrable Securities not
     included pursuant to clause (i) above pro rata, if necessary, among the
     holders of such Registrable Securities based on the number of such
     Registrable Securities owned by each such holder, and (iii) third, any
     other securities of the Company requested to be included in such Demand
     Registration.

(d)  Restrictions on Demand Registrations. The Company will not be obligated to
     effect any Demand Registration within sixty (60) days after the effective
     date of a previous registration of equity securities by the Company. The
     Company may postpone for up to ninety (90) days the filing or the
     effectiveness of a registration statement for a Demand Registration if the
     Company's Board of Directors determines in good faith that such Demand
     Registration would reasonably be expected to be seriously detrimental to
     the Company and its shareholders; provided, that in such event, (i) the
     Company shall give written notice to the holders of Registrable Securities
     as soon after such determination as practicable, but in any event within
     ten (10) days thereafter, (ii) the holders of Registrable Securities
     initially requesting such Demand Registration will be entitled to withdraw
     such request and such Demand Registration will not count as one of the
     permitted Demand Registrations hereunder and the Company will pay all
     Registration Expenses in connection with such registration and (iii) the
     Company may postpone a Demand Registration pursuant hereto only once in any
     365-day period.

                                        2

<PAGE>

(e)  Selection of Underwriters. If any Demand Registration is an underwritten
     offering, the selection of investment banker(s) and manager(s) for the
     offering, which investment banker(s) and manager(s) shall be nationally
     recognized, shall be made by the Company.

3. Piggyback Registrations.

(a)  Right to Piggyback. Subject to the lock-up period set forth in the Series K
     Stock purchase Agreement, whenever the Company proposes to register any of
     its securities under the Securities Act (other than pursuant to a Demand
     Registration) and the registration form to be used may be used for the
     registration of Registrable Securities (a "Piggyback Registration"), the
     Company will give prompt written notice to all holders of Registrable
     Securities of its intention to effect such a registration and will include
     in such registration all Registrable Securities with respect to which the
     Company has received written requests for inclusion therein within twenty
     (20) days after the receipt of the Company's notice.

(b)  Priority on Primary Registrations. If a Piggyback Registration is an
     underwritten primary registration on behalf of the Company, and the
     managing underwriters advise the Company in writing that in their opinion
     the number of securities requested to be included in such registration
     exceeds the number which can be sold in such offering without adversely
     affecting the marketability of the offering, the Company will include in
     such registration (i) first, the securities the Company proposes to sell,
     and (ii) second, the securities requested to be registered pursuant to tha
     certain Third Amended Registration Rights Agreement, and (iii) third, the
     Registrable Securities requested to be included in such Piggyback
     Registration, pro rata, if necessary, among the holders of such Registrable
     Securities on the basis of the number of Registrable Securities owned by
     each such holder and (iv) fourth, other securities requested to be included
     in such Piggyback Registration.

(c)  Priority on Secondary Registrations. If a Piggyback Registration is an
     underwritten secondary registration on behalf of holders of the Company's
     securities, and the managing underwriters advise the Company in writing
     that in their opinion the number of securities requested to be included in
     such registration exceeds the number which can be sold in such offering
     without adversely affecting the marketability of the offering, the Company
     will include in such Piggyback Registration (i) first, the securities
     requested to be included therein by the holders requesting such
     registration, (ii) second, the Original Registrable Securities requested to
     be included in such Piggyback Registration, pro rata among the holders of
     such Original Registrable Securities on the basis of the number of
     Registrable Securities owned by each such holder and (iii) third, the
     holders of the Registrable Securities and other securities requested to be
     included in such Piggyback Registration.

(d)  Selection of Underwriters. If any Piggyback Registration is an underwritten
     offering, the selection by the Company of investment banker(s) and
     manager(s), which investment banker(s) and manager(s) shall be nationally
     recognized, for the offering must be approved by the holders of a majority
     of the Registrable Securities included in such Piggyback Registration,
     which approval shall not be unreasonably withheld.

4. Holdback Agreements.

(a)  Each holder of Registrable Securities agrees not to effect any public sale
     or distribution (including sales pursuant to Rule 144) of equity securities
     of the Company, or any securities convertible into or exchangeable or
     exercisable for such securities, during the seven (7) days prior to and the
     ninety (90)-day period beginning on the effective date of any underwritten
     Demand Registration or any underwritten Piggyback Registration in which
     Registrable Securities are included (except as part of such underwritten
     registration), unless the underwriters managing the registered public
     offering otherwise agree.

                                        3

<PAGE>

(b)  The Company agrees not to effect any public sale or distribution of its
     equity securities, or any securities convertible into or exchangeable or
     exercisable for such securities, during the seven (7) days prior to and
     during the ninety (90)-day period beginning on the effective date of any
     underwritten Demand Registration or any underwritten Piggyback Registration
     (except as part of such underwritten registration or pursuant to
     registrations on Form S-8 or Form S-4 or any successor forms thereto),
     unless the underwriters managing the registered public offering otherwise
     agree.

5. Registration Procedures. Whenever the holders of Registrable Securities have
requested that any Registrable Securities be registered pursuant to this
Agreement, the Company will use its best efforts to effect the registration and
the sale of such Registrable Securities in accordance with the intended method
of disposition thereof including the registration of common stock that may be
obtained upon conversion of Preferred Stock held by a holder of Registrable
Securities requesting registration, and pursuant thereto the Company will as
expeditiously as possible:

(a)  prepare and file (in the case of a Demand Registration not more than ninety
     (90) days after request therefor) with the Commission a registration
     statement with respect to such Registrable Securities and use its best
     efforts to cause such registration statement to become effective (provided
     that as far in advance as practicable before filing a registration
     statement or prospectus or any amendments or supplements thereto, the
     Company will furnish to the counsel selected by the holders of a majority
     of the Registrable Securities covered by such registration statement copies
     of all such documents proposed to be filed, which documents will be subject
     to the review of such counsel);

(b)  prepare and file with the Commission such amendments and supplements to
     such registration statement and the prospectus used in connection therewith
     as may be necessary to keep such registration statement effective for a
     period of not less than one hundred and eighty (180) days and comply with
     the provisions of the Securities Act with respect to the disposition of all
     securities covered by such registration statement during such period in
     accordance with the intended methods of disposition by the sellers thereof
     set forth in such registration statement;

(c)  furnish to each seller of Registrable Securities such number of copies of
     such registration statement, each amendment and supplement thereto, the
     prospectus included in such registration statement (including each
     preliminary prospectus) and such other documents as such seller may
     reasonably request in order to facilitate the disposition of the
     Registrable Securities owned by such seller;

(d)  use its best efforts to register or qualify such Registrable Securities
     under such other securities or blue sky laws of such jurisdictions as any
     seller reasonably requests and do any and all other acts and things which
     may be reasonably necessary or advisable to enable such seller to
     consummate the disposition in such jurisdictions of the Registrable
     Securities owned by such seller (provided that the Company will not be
     required to (i) qualify generally to do business in any jurisdiction where
     it would not otherwise be required to qualify but for this subparagraph,
     (ii) subject itself to taxation in any such jurisdiction or (iii) consent
     to general service of process in any such jurisdiction);

(e)  notify each seller of such Registrable Securities, at any time when a
     prospectus relating thereto is required to be delivered under the
     Securities Act, of the happening of any event as a result of which the
     prospectus included in such registration statement contains an untrue
     statement of a material fact or omits any fact necessary to make the
     statements therein not misleading, and, at the request of any such seller,
     the Company will prepare a supplement or amendment to such prospectus so
     that, as thereafter delivered to the purchasers of such Registrable
     Securities, such prospectus will not contain an untrue statement of a
     material fact or omit to state any fact necessary to make the statements
     therein not misleading;

                                        4

<PAGE>

(f)  cause all such Registrable Securities to be listed on each securities
     exchange on which similar securities issued by the Company are then listed
     and, if not so listed, to be listed on the National Association of
     Securities Dealers automated quotation system;

(g)  provide a transfer agent and registrar for all such Registrable Securities
     not later than the effective date of such registration statement;

(h)  enter into such customary agreements (including underwriting agreements in
     customary form) and take all such other actions as the holders of a
     majority of the Registrable Securities being sold or the underwriters, if
     any, reasonably request in order to expedite or facilitate the disposition
     of such Registrable Securities (including, without limitation, effecting a
     stock split or a combination of shares);

(i)  make available for inspection by any seller of Registrable Securities, any
     underwriter participating in any disposition pursuant to such registration
     statement and any attorney, accountant or other agent retained by any such
     seller or underwriter, all financial and other records, pertinent corporate
     documents and properties of the Company, and cause the Company's officers,
     directors, employees and independent accountants to supply all information
     reasonably requested by any such seller, underwriter, attorney, accountant
     or agent in connection with such registration statement;

(j)  permit any holder of Registrable Securities which holder, in its sole and
     exclusive judgment, might be deemed to be an underwriter or a controlling
     person of the Company, to participate in the preparation of such
     registration or comparable statement and to require the insertion therein
     of material, furnished to the Company in writing, which in the reasonable
     judgment of such holder and its counsel should be included;

(k)  in the event of the issuance of any stop order suspending the effectiveness
     of a registration statement, or of any order suspending or preventing the
     use of any related prospectus or suspending the qualification of any common
     stock included in such registration statement for sale in any jurisdiction,
     the Company will promptly notify the holders of Registrable Securities and
     will use its reasonable best efforts promptly to obtain the withdrawal of
     such order;

(l)  obtain a cold comfort letter from the Company's independent public
     accountants in customary form and covering such matters of the type
     customarily covered by cold comfort letters as the holders of a majority of
     the Registrable Securities being sold reasonably request; and

(m)  in connection with an underwritten public offering, (i) cooperate with the
     selling holders of Registrable Securities, the underwriters participating
     in the offering and their counsel in any due diligence investigation
     reasonably requested by the selling holders or the underwriters in
     connection therewith and (ii) participate, to the extent reasonably
     requested by the managing underwriter for the offering or the selling
     holder, in efforts to sell the Registrable Securities under the offering
     (including, without limitation, participating in "roadshow" meetings with
     prospective investors) that would be customary for underwritten primary
     offerings of a comparable amount of equity securities by the Company.

6. Registration Expenses.

(a)  All expenses incident to the Company's performance of or compliance with
     this Agreement, including without limitation all registration and filing
     fees, fees and expenses of compliance with securities or blue sky laws,
     printing expenses, messenger and delivery expenses, and fees and
     disbursements of counsel for the Company and all independent certified
     public accountants, underwriters (excluding discounts and commissions) and
     other Persons retained by the Company (all such expenses being

                                        5

<PAGE>

     herein called "Registration Expenses"), will be borne as provided in this
     Agreement, except that the Company will, in any event, pay its internal
     expenses (including, without limitation, all salaries and expenses of its
     officers and employees performing legal or accounting duties), the expense
     of any annual audit or quarterly review, the expense of any liability
     insurance and the expenses and fees for listing the securities to be
     registered on each securities exchange on which similar securities issued
     by the Company are then listed or on the National Association of Securities
     Dealers automated quotation system. The Company shall not be required to
     pay an underwriting discount with respect to any shares being sold by any
     party other than the Company in connection with an underwritten public
     offering of any of the Company's securities pursuant to this Agreement.

(b)  In connection with each Demand Registration and each Piggyback
     Registration, the Company will reimburse the holders of Registrable
     Securities covered by such registration for the reasonable fees and
     disbursements of one counsel chosen by the holders of a majority of the
     Registrable Securities initially requesting such registration.

(c)  The Company will reimburse the holders of Registrable Securities for the
     reasonable fees and expenses (including the fees and expenses of counsel
     chosen by the holders of a majority of the Registrable Securities) incurred
     by such holders in enforcing any of their rights under this Agreement.

7. Indemnification.

(a)  Indemnification of Selling Stockholders by the Company. The Company agrees
     to indemnify and hold harmless each holder of Registrable Securities which
     are registered pursuant hereto (each a "Selling Stockholder") and each
     person, if any, who controls any Selling Stockholder within the meaning of
     Section 15 of the Securities Act or Section 20 of the Securities Exchange
     Act of 1934, as amended (the "Exchange Act"), as follows:

(i)  against any and all loss, liability, claim, damage and expense whatsoever,
     as incurred, arising out of any untrue statement or alleged untrue
     statement of a material fact contained in the registration statement (or
     any amendment thereto), or the omission or alleged omission therefrom of a
     material fact required to be stated therein or necessary to make the
     statements therein not misleading or arising out of any untrue statement or
     alleged untrue statement of a material fact contained in any preliminary
     prospectus or the prospectus (or any amendment or supplement thereto), or
     the omission or alleged omission therefrom of a material fact necessary in
     order to make the statements therein, in the light of the circumstances
     under which they were made, not misleading;

(ii) against any and all loss, liability, claim, damage and expense whatsoever,
     as incurred, to the extent of the aggregate amount paid in settlement of
     any litigation, or any investigation or proceeding by any governmental
     agency or body, commenced or threatened, or of any claim whatsoever based
     upon any such untrue statement or omission, or any such alleged untrue
     statement or omission; provided, that subject to Section 7(d) below any
     such settlement is effected with the prior written consent of the Company;
     and

(iii)against any and all expense whatsoever, as incurred (including the fees and
     disbursements of counsel chosen by such Selling Stockholder), reasonably
     incurred in investigating, preparing or defending against any litigation,
     or any investigation or proceeding by any governmental agency or body,
     commenced or threatened, or any claim whatsoever based upon any such untrue
     statement or omission, or any such alleged untrue statement or omission, to
     the extent that any such expense is not paid under (i) or (ii) above;
     Notwithstanding the foregoing, this indemnity agreement shall not apply to
     any loss, liability, claim, damage or expense to the extent arising out of
     any untrue statement or omission or alleged untrue statement or omission
     made in reliance upon and in conformity with written information furnished
     to the Company by the Selling Stockholder expressly for use in the

                                        6

<PAGE>

     registration statement (or any amendment thereto), or any preliminary
     prospectus or the prospectus (or any amendment or supplement thereto) or by
     such Selling Stockholder's failure to deliver a copy of the registration
     statement or prospectus or any amendments or supplements thereto after the
     Company has furnished such Selling Stockholder with a sufficient number of
     copies of the same.

(b)  Indemnification of Company by the Selling Stockholders. Each Selling
     Stockholder, severally and not jointly, agrees to indemnify and hold
     harmless the Company, its directors, each of its officers who signed the
     registration statement and each person, if any, who controls the Company
     within the meaning of Section 15 of the Securities Act or Section 20 of the
     Exchange Act, against any and all loss, liability, claim, damage and
     expense described in the indemnity contained in Section 7(a) above, as
     incurred, but only with respect to untrue or alleged untrue statements or
     omissions made in the registration statement (or any amendment thereto), or
     any preliminary prospectus or any prospectus (or any amendment or
     supplement thereto) in reliance upon and in conformity with written
     information furnished to the Company by or on behalf of such Selling
     Stockholder with respect to such Selling Stockholder expressly for use in
     the registration statement (or any amendment or supplement thereto);
     provided, that such Selling Stockholder's aggregate liability under this
     Section 7 shall be limited to an amount equal to the net proceeds (after
     deducting the underwriting discount, but before deducting expenses)
     received by such Selling Stockholder from the sale of Registrable
     Securities pursuant to a registration statement filed pursuant to this
     Agreement.

(c)  Actions against Parties; Notification. Each indemnified party shall give
     notice as promptly as reasonably practicable to each indemnifying party of
     any action commenced against it in respect of which indemnity may be sought
     hereunder, but failure to so notify an indemnifying party shall not relieve
     such indemnifying party from any liability hereunder to the extent it is
     not materially prejudiced as a result thereof and in any event shall not
     relieve it from any liability which it may have otherwise than on account
     of this indemnity agreement. In the case of parties indemnified pursuant to
     Section 7(a), counsel to the indemnified parties shall be selected by the
     Company, subject to the approval of the holders of a majority of the
     Registrable Securities included in a registration hereunder, which shall
     not be unreasonably withheld and, in the case of parties indemnified
     pursuant to Section 7(b), counsel to the indemnified parties shall be
     selected by the Company. An indemnifying party may participate at its own
     expense in the defense of any such action and counsel to the indemnifying
     party shall also be counsel for the indemnified parties; provided, that if
     under applicable principals of legal ethics, there is a conflict of
     interest that prohibits such counsel from representing the indemnifying
     parties as well as the indemnified parties, the indemnifying parties shall
     be liable for fees and expenses of one additional counsel (in addition to
     any local counsel) separate from their own counsel for all indemnified
     parties in connection with any one action or separate but similar or
     related actions in the same jurisdiction arising out of the same general
     allegations or circumstances. No indemnifying party shall, without the
     prior written consent of the indemnified parties, settle or compromise or
     consent to the entry of any judgment with respect to any litigation, or any
     investigation or proceeding by any governmental agency or body, commenced
     or threatened, or any claim whatsoever in respect of which indemnification
     or contribution could be sought under this Section 7 (whether or not the
     indemnified parties are actual or potential parties thereto), unless such
     settlement, compromise or consent (i) includes an unconditional release of
     each indemnified party from all liability arising out of such litigation,
     investigation, proceeding or claim and (ii) does not include a statement as
     to or an admission of fault, culpability or a failure to act by or on
     behalf of any indemnified party.

(d)  Settlement without Consent. If at any time an indemnified party shall have
     requested an indemnifying party to reimburse the indemnified party for fees
     and expenses of counsel, such indemnifying party agrees that it shall be
     liable for any settlement of the nature contemplated by Section 7(a)(ii)
     effected without its written consent if (i) such settlement is entered into
     more than forty-five (45) days after receipt by such indemnifying party of
     the aforesaid request, (ii) such indemnifying party shall have received
     notice of the terms of such settlement at least thirty (30) days

                                        7

<PAGE>

     prior to such settlement being entered into and (iii) such indemnifying
     party shall not have reimbursed such indemnified party in accordance with
     such request prior to the date of such settlement.

(e)  Contribution.

(i)  If a claim for indemnification under Section 7(a) or 7(b) is unavailable to
     an indemnified party because of a failure or refusal of a governmental
     authority to enforce such indemnification in accordance with its terms (by
     reason of public policy or otherwise), then each indemnifying party, in
     lieu of indemnifying such indemnified party, shall contribute to the amount
     paid or payable by such indemnified party as a result of such losses, in
     such proportion as is appropriate to reflect the relative fault of the
     indemnifying party and the indemnified party in connection with the
     actions, statements or omissions that resulted in such losses as well as
     any other relevant equitable considerations. The relative fault of such
     indemnifying party and indemnified party shall be determined by reference
     to, among other things, whether any action in question, including any
     untrue or alleged untrue statement of a material fact or omission or
     alleged omission of a material fact, has been taken or made by, or relates
     to information supplied by, such indemnifying party or indemnified party,
     and the parties' relative intent, knowledge, access to information and
     opportunity to correct or prevent such action, statement or omission. The
     amount paid or payable by a party as a result of any losses shall be deemed
     to include, subject to the limitations set forth in this Section, any
     reasonable attorneys' or other reasonable fees or expenses incurred by such
     party in connection with any proceeding to the extent such party would have
     been indemnified for such fees or expenses if the indemnification provided
     for in this Section was available to such party in accordance with its
     terms.

(ii) The parties hereto agree that it would not be just and equitable if
     contribution pursuant to this Section 7(e) were determined by pro rata
     allocation or by any other method of allocation that does not take into
     account the equitable considerations referred to in the immediately
     preceding paragraph. Notwithstanding the provisions of this Section 7(e), a
     holder shall not be required to contribute, in the aggregate, any amount in
     excess of the amount by which the proceeds actually received by such holder
     from the sale of the Registrable Securities subject to the proceeding
     exceeds the amount of any damages that the holder has otherwise been
     required to pay by reason of such untrue or alleged untrue statement or
     omission or alleged omission. No Person guilty of fraudulent
     misrepresentation (within the meaning of Section 11(f) of the Securities
     Act) shall be entitled to contribution from any Person who was not guilty
     of such fraudulent misrepresentation.

(iii)The indemnity and contribution agreements contained in this Section are in
     addition to any liability that the indemnifying parties may have to the
     indemnified parties.

8. Participation in Underwritten Registrations. No Person may participate in any
registration hereunder which is underwritten unless such Person (a) agrees to
sell such Person's securities on the basis provided in any underwriting
arrangements approved by the Person or Persons entitled hereunder to approve
such arrangements and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements; provided, that no holder of
Registrable Securities included in any underwritten registration shall be
required to make any representations or warranties to the Company or the
underwriters other than representations and warranties regarding such holder,
such holder's Registrable Securities and such holder's intended method of
distribution or to undertake any indemnification obligations to the Company or
the underwriters with respect thereto, except as otherwise provided in Section 7
hereof.

                                        8

<PAGE>

9. Miscellaneous.

(a)  Remedies. Any Person having rights under any provision of this Agreement
     will be entitled to enforce such rights specifically to recover damages
     caused by reason of any breach of any provision of this Agreement and to
     exercise all other rights granted by law. The parties hereto agree and
     acknowledge that money damages may not be an adequate remedy for any breach
     of the provisions of this Agreement and that any party may in its sole
     discretion apply to any court of law or equity of competent jurisdiction
     (without posting any bond or other security) for specific performance and
     for other injunctive relief in order to enforce or prevent violation of the
     provisions of this Agreement.

(b)  Successors and Assigns. All covenants and agreements in this Agreement by
     or on behalf of any of the parties hereto will bind and inure to the
     benefit of the permitted respective successors and assigns of the parties
     hereto whether so expressed or not. In addition, whether or not any express
     assignment has been made, the provisions of this Agreement which are for
     the benefit of purchasers or holders of Registrable Securities are also for
     the benefit of, and enforceable by, any subsequent holder of Registrable
     Securities.

(c)  Notices. All notices, requests, consents and other communications provided
     for herein shall be in writing and shall be (i) delivered in person, (ii)
     transmitted by telecopy, (iii) sent by first-class, registered or certified
     mail, postage prepaid, or (iv) sent by reputable overnight courier service,
     fees prepaid, to the recipient at the address or telecopy number set forth
     below, or such other address or telecopy number as may hereafter be
     designated in writing by such recipient. Notices shall be deemed given upon
     personal delivery, seven days following deposit in the mail as set forth
     above, upon acknowledgment by the receiving telecopier or one day following
     deposit with an overnight courier service.

          If to the Company:

               Velocity Express Corporation
               7803 Glenroy Road
               Suite 200
               Bloomington, MN 55439
               Telecopy: (612) 492-2499
               Attention: Wesley C. Fredenburg
                          Secretary and General Counsel

          If to any of the Series K Purchasers:

               To the address for such Series K Purchaser indicated on the
               Series K Purchaser Signature Page.

or such other address or to the attention of such other Person as the recipient
party shall have specified by prior written notice to the sending party.

(d)  Interpretation of Agreement; Severability. The provisions of this Agreement
     shall be applied and interpreted in a manner consistent with each other so
     as to carry out the purposes and intent of the parties hereto, but if for
     any reason any provision hereof is determined to be unenforceable or
     invalid, such provision or such part thereof as may be unenforceable or
     invalid shall be deemed severed from

                                        9

<PAGE>

     the Agreement and the remaining provisions carried out with the same force
     and effect as if the severed provision or part thereof had not been a part
     of this Agreement.

(e)  Governing Law. The corporate law of the State of Delaware shall govern all
     issues concerning the relative rights of the Company and its stockholders.
     All other provisions of this Agreement shall be governed by and construed
     in accordance with the internal laws of the State of New York, without
     giving effect to principles of conflicts of laws or choice of law of the
     State of New York or any other jurisdiction which would result in the
     application of the laws of any jurisdiction other than the State of New
     York.

(f)  Counterparts. This Agreement may be executed in one or more counterparts,
     each of which shall be deemed to be an original, but all of which taken
     together shall constitute one and the same Agreement.

(g)  Entire Agreement. This document, the Purchase Agreement and the "Related
     Documents" (as defined in the Purchase Agreement) embodies the complete
     agreement and understanding among the parties hereto with respect to the
     subject matter hereof and supersede and preempt any prior understandings,
     agreements or representations by or among the parties, written or oral,
     which may have related to the subject matter hereof in any way.

(h)  Waiver of Jury Trial. The parties to this Agreement each hereby waives, to
     the fullest extent permitted by law, any right to trial by jury of any
     claim, demand, action, or cause of action (i) arising under this Agreement
     or (ii) in any way connected with or related or incidental to the dealings
     of the parties hereto in respect of this Agreement or any of the
     transactions related hereto, in each case whether now existing or hereafter
     arising, and whether in contract, tort, equity, or otherwise. The parties
     to this Agreement each hereby agrees and consents that any such claim,
     demand, action, or cause of action shall be decided by court trial without
     a jury and that the parties to this Agreement may file an original
     counterpart of a copy of this Agreement with any court as written evidence
     of the consent of the parties hereto to the waiver of their right to trial
     by jury.

                                    * * * * *

                                       10

<PAGE>

               IN WITNESS WHEREOF, the parties hereto have duly executed and
     delivered this Agreement as of the date first written above.

                                        Velocity Express Corporation

                                        By:
                                           -------------------------------------

                                       11

<PAGE>

                                        SERIES K PURCHASERS SIGNATURE PAGE

                                        By
                                           -------------------------------------
                                        Name:
                                        Address for Notices:

                                       12

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