Document:

Unassociated Document

    

      Exhibit
10.3

      

      NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE
SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR
THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION
OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
SOLD PURSUANT TO RULE 144 OR RULE
144A UNDER SAID ACT.  NOTWITHSTANDING THE FOREGOING, THE
SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

      

      
        
          	 
      	
                  Right
      to Purchase 618,750
      shares of Common Stock of Clear Skies Solar, Inc. (subject to adjustment
      as provided herein)

                

        

      

      

      COMMON
STOCK PURCHASE WARRANT

      

      
        	
                No.
      2009-A-____

              	
                Issue
      Date: September ___,
      2009                    

              

      

      

      CLEAR
SKIES SOLAR, INC., a corporation organized under the laws of the State of
Delaware (the “Company”), hereby certifies
that, for value received, _________, or its assigns (the “Holder”), is entitled, subject
to the terms set forth below, to purchase from the Company at any time after the
Issue Date until 5:00 p.m., E.S.T on the third anniversary of the Issue Date
(the “Expiration Date”),
up to ______ fully
paid and non-assessable shares of Common Stock at a per share purchase price of
$0.16.  The aforedescribed purchase price per share, as adjusted from
time to time as herein provided, is referred to herein as the “Purchase Price."  In
the event (i) the Note is outstanding after the Maturity Date, or (ii) if the
Additional Funding is not consummated within twenty-eight days after the Issue
Date, then the Purchase Price shall be reduced to $0.07.  If the
Additional Funding is not consummated within fifty-six days after the Issue
Date, then the Purchase Price will be further reduced to $0.04.  The
number and character of such shares of Common Stock and the Purchase Price are
further subject to adjustment as provided herein.  The Company may
reduce the Purchase Price for some or all of the Warrants, temporarily or
permanently, provided such reduction is made as to all outstanding Warrants for
all Holders of such Warrants.  Capitalized terms used and not
otherwise defined herein shall have the meanings set forth in that certain
Subscription Agreement (the “Subscription Agreement”),
dated as of September ___, 2009, entered into by the Company, the Holder and the
other signatories thereto.

      

      As used
herein the following terms, unless the context otherwise requires, have the
following respective meanings:

       

      (a)           The
term “Additional
Funding” shall mean Company’s receipt of net proceeds of $700,000 or more
from the sale of Common Stock.

       

      (b)           The
term “Company” shall
mean Clear Skies Solar, Inc., a Delaware corporation, and any corporation which
shall succeed or assume the obligations of Clear Skies Solar, Inc.
hereunder.

       

      (c)           The
term “Common Stock”
includes (i) the Company's Common Stock, $0.001 par value per share, as
authorized on the date of the Subscription Agreement, and (ii) any other
securities into which or for which any of the securities described in
(i) may be converted or exchanged pursuant to a plan of recapitalization,
reorganization, merger, sale of assets or otherwise.

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      (d)           The
term “Note” shall mean
the secured promissory note acquired by the Holder together with this Warrant
pursuant to the Subscription Agreement.

       

      (e)           The
term “Maturity Date”
shall have the meaning ascribed thereto in the Note.

       

      (f)           The
term “Other Securities”
refers to any stock (other than Common Stock) and other securities of the
Company or any other person (corporate or otherwise) which the holder of the
Warrant at any time shall be entitled to receive, or shall have received, on the
exercise of the Warrant, in lieu of or in addition to Common Stock, or which at
any time shall be issuable or shall have been issued in exchange for or in
replacement of Common Stock or Other Securities pursuant to Section 4 or
otherwise.

       

      (g)           The term “Warrant
Shares” shall mean the Common Stock issuable upon exercise of this
Warrant.

       

      1.       
    Exercise of
Warrant.

       

      1.1.           Number of Shares Issuable
upon Exercise.  From and after the Issue Date through and
including the Expiration Date, the Holder hereof shall be entitled to receive,
upon exercise of this Warrant in whole in accordance with the terms of Section 1.2 or
upon exercise of this Warrant in part in accordance with Section 1.3,
shares of Common Stock of the Company, subject to adjustment pursuant to Section 4 below
and Sections
11.4 and 12(b) of the
Subscription Agreement.

       

      1.2.           Full
Exercise.  This
Warrant may be exercised in full by the Holder hereof by delivery to the Company of an original or facsimile copy of the
form of subscription attached as Exhibit A hereto (the “Subscription
Form”) duly executed by such Holder and delivery
within two days thereafter of payment, in cash, wire transfer or by certified or
official bank check payable to the order of the Company, in the amount obtained
by multiplying the number of shares of Common Stock for which this Warrant is then exercisable
by the Purchase Price then in effect.  The original Warrant is not
required to be surrendered to the Company until it has been fully
exercised.

       

      1.3.           Partial
Exercise.  This
Warrant may be exercised in part (but not for a fractional share) by delivery of
a Subscription Form in the manner and at the place provided in Section 1.2, except that the amount payable by the
Holder on such partial exercise shall be the amount obtained by multiplying
(a) the number of whole shares of Common Stock designated by the
Holder in the Subscription Form by (b) the Purchase Price then in
effect.  On any such partial exercise, provided the Holder has surrendered the
original Warrant, the Company, at its expense, will forthwith issue and
deliver to or upon the
order of the Holder hereof a new Warrant of like tenor, in the name of the
Holder hereof or as such Holder (upon payment by such Holder of any applicable
transfer taxes) may request, the whole number of shares of Common Stock for
which such Warrant may still be
exercised.

       

      1.4.           Fair Market
Value.  For purposes of this Warrant, the Fair Market Value of a share
of Common Stock as of a particular date (the "Determination Date") shall
mean:

       

      (a)           If
the Company's Common Stock is traded on an exchange or is quoted on the NASDAQ
Global Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the New
York Stock Exchange or the American Stock Exchange, LLC, then the average of the closing sale prices of
the Common Stock for the
five (5) Trading Days immediately prior to (but
not including) the Determination Date;

       

      (b)           If
the Company's Common Stock is not traded on an exchange or on the NASDAQ Global
Market, NASDAQ Global Select Market, the NASDAQ Capital Market, the New York
Stock Exchange or the American Stock Exchange, Inc., but is traded on the OTC
Bulletin Board or in the over-the-counter market or Pink Sheets, then the
average of the closing bid and ask prices reported for the five (5) Trading Days immediately prior to (but
not including) the
Determination Date;

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      (c)           Except
as provided in clause (d) below and Section 3.1, if the
Company's Common Stock is not publicly traded, then as the Holder and the
Company agree, or in the absence of such an agreement, by arbitration in
accordance with the rules then standing of the American Arbitration Association,
before a single arbitrator to be chosen from a panel of persons qualified by
education and training to pass on the matter to be decided; or

       

      (d)           If
the Determination Date is the date of a liquidation, dissolution or winding up,
or any event deemed to be a liquidation, dissolution or winding up pursuant to
the Company's charter, then all amounts to be payable per share to holders of
the Common Stock pursuant to the charter in the event of such liquidation,
dissolution or winding up, plus all other amounts to be payable per share in
respect of the Common Stock in liquidation under the charter, assuming for the
purposes of this clause (d) that all of the shares of Common Stock then
issuable upon exercise of all of the Warrants are outstanding at the
Determination Date.

       

      1.5.           Company
Acknowledgment.  The Company will, at the time of the exercise
of the Warrant, upon the request of the Holder hereof, acknowledge in writing
its continuing obligation to afford to such Holder any rights to which such
Holder shall continue to be entitled after such exercise in accordance with the
provisions of this Warrant. If the Holder shall fail to make any such request,
such failure shall not affect the continuing obligation of the Company to afford
to such Holder any such rights.

       

      1.6.           Delivery of
Stock Certificates, etc. on Exercise. The Company agrees that, provided the
full purchase price listed in the Subscription Form is received as specified in
Section
1.2, the shares of Common Stock purchased upon
exercise of this Warrant shall be deemed to be issued to the Holder hereof as
the record owner of such shares as of the close of business on the date on which
delivery of a Subscription Form shall have occurred and payment made for such shares as aforesaid.
As soon as practicable after the exercise of this Warrant in full or in part,
and in any event within three (3) business days thereafter (“Warrant Share
Delivery Date”), the Company at its expense (including
the payment by it of any
applicable issue taxes) will cause to be issued in the name of and delivered to
the Holder hereof, or as such Holder (upon payment by such Holder of any
applicable transfer taxes) may direct in compliance with applicable securities
laws, a certificate or certificates for the
number of duly and validly issued, fully paid and non-assessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such Holder would otherwise be entitled, cash
equal to such fraction multiplied by the then Fair Market Value of one full
share of Common Stock, together with any other stock or other securities and
property (including cash, where applicable) to which such Holder is entitled upon such exercise
pursuant to Section 1 or otherwise.  The Company
understands that a delay in the delivery of the Warrant Shares after the Warrant
Share Delivery Date could result in economic loss to the Holder.  As
compensation to the Holder
for such loss, the Company agrees to pay (as liquidated damages and not as a
penalty) to the Holder for late issuance of Warrant Shares upon exercise of this
Warrant the proportionate amount of $100 per business day after the Warrant
Share Delivery Date for each $10,000 of Purchase Price of
Warrant Shares for which this Warrant is exercised which are not timely
delivered.  The Company shall pay any payments incurred under this
Section in immediately available funds upon demand.  Furthermore, in
addition to any other remedies which may be
available to the Holder, in the event that the Company fails for any reason to
effect delivery of the Warrant Shares by the Warrant Share Delivery Date, the
Holder may revoke all or part of the relevant Warrant exercise by delivery of a notice to such effect
to the Company, whereupon the Company and the Holder shall each be restored to
their respective positions immediately prior to the exercise of the relevant
portion of this Warrant, except that the liquidated damages described above shall be payable through
the date notice of revocation or rescission is given to the
Company.

       

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      1.7.           Buy-In.   In addition to any other rights
available to the Holder, if the Company fails to deliver to a Holder the Warrant
Shares as required pursuant
to this Warrant, within seven (7) business days after the Warrant Share Delivery
Date and the Holder or a broker on the Holder’s behalf, purchases (in an open market
transaction or otherwise) shares of common stock to deliver in satisfaction
of a sale by such Holder of the Warrant
Shares which the Holder was entitled to receive from the Company (a
"Buy-In"), then the Company shall pay in cash
to the Holder (in addition to any remedies available to or elected by the
Holder) the amount by which (A) the Holder's total purchase price
(including brokerage commissions, if any) for the shares of common stock so
purchased exceeds (B) the aggregate Purchase Price of the Warrant Shares
required to have been delivered together with interest thereon at a rate
of 15% per annum, accruing until such amount and any accrued interest thereon is
paid in full (which amount shall be paid as liquidated damages and not as a
penalty).  For example,
if a Holder purchases shares of Common Stock having a total purchase
price of $11,000 to cover a
Buy-In with respect to $10,000 of Purchase Price of Warrant Shares to have been
received upon exercise of this Warrant, the Company shall be required to pay the
Holder $1,000, plus interest. The Holder shall provide the Company
written notice indicating the amounts payable
to the Holder in respect of the Buy-In.

       

      2.            Cashless
Exercise.

       

      (a)       
    Payment upon exercise may be made at the option of the
Holder either in (i) cash, wire transfer or by certified or official bank check
payable to the order of the Company equal to the applicable aggregate Purchase
Price, (ii) by delivery of Common Stock issuable upon exercise of the Warrants
in accordance with Section (b) below or (iii) by a combination of
any of the foregoing methods, for the number of Common Stock specified in such
form (as such exercise number shall be adjusted to reflect any adjustment in the
total number of shares of Common Stock issuable to the holder per the terms of
this Warrant) and the holder shall thereupon be entitled to receive the number
of duly authorized, validly issued, fully-paid and non-assessable shares of
Common Stock (or Other Securities) determined as provided
herein.  Notwithstanding the immediately preceding sentence, payment
upon exercise may be made in the manner described in Section 2(b) below
commencing ninety-one (91) days after the Issue Date, only with respect to
Warrant Shares not included for
unrestricted public resale in an effective Registration Statement on the date
notice of exercise is given by the Holder.

       

      (b)     
      Subject to the provisions herein to the
contrary, if the Fair Market Value of one share of Common Stock is greater than
the Purchase Price (at the date of calculation as set forth below), in lieu of
exercising this Warrant for cash, the holder may elect to receive shares equal
to the value (as determined below) of this Warrant (or the portion thereof being
cancelled) by delivery of a properly endorsed Subscription Form delivered to the
Company by any means described in Section 13, in which
event the Company shall issue to the holder a number of shares of Common Stock
computed using the following formula:

       

       X=Y (A-B)

                A

      

      
        	
              	
                Where X=

              	
                the
      number of shares of Common Stock to be issued to the
  Holder

              

      

      

      
        	
                 
      

              	
                Y=

              	
                the
      number of shares of Common Stock purchasable under the Warrant or, if only
      a portion of the Warrant is being exercised, the portion of the Warrant
      being exercised (at the date of such
  calculation)

              

      

       

      
        	
                 
      

              	
                A=

              	
                Fair Market
      Value

              

      

       

      
        	
                 
      

              	
                B=

              	
                Purchase
      Price (as adjusted to the date of such
  calculation)

              

      

       

      For
purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood
and acknowledged that the Warrant Shares issued in a cashless exercise
transaction in the manner described above shall be deemed to have been acquired
by the Holder, and the holding period for the Warrant Shares shall be deemed to
have commenced, on the date this Warrant was originally issued pursuant to the
Subscription Agreement.

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      3.           Adjustment for
Reorganization, Consolidation, Merger, etc.

       

      3.1.           Fundamental Transaction. 
If, at any time while this Warrant is outstanding, (A) the Company 
effects any merger or  consolidation  of the Company with or into
another entity, (B) the Company effects any sale of all or
substantially all of its assets in one or
a series of related transactions,  (C)
any tender offer or exchange offer (whether by the
Company or another entity) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their
shares for other securities, cash or property, (D) the Company
consummates a stock purchase agreement or other business combination (including,
without limitation, a reorganization, recapitalization, or spin-off) with one or
more persons or entities whereby such other persons or entities acquire more
than the 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by such other persons or entities making or party to, or
associated or affiliated with the other persons or entities making or party to,
such stock purchase agreement or other business combination), (E) any "person"
or "group" (as these terms are used for purposes of Sections 13(d) and 14(d) of
the 1934 Act) is or shall become the "beneficial owner" (as defined in Rule
13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate
Common Stock of the Company, or (F) the Company effects any
reclassification of the Common Stock or any compulsory share exchange
pursuant to which the Common Stock is effectively converted into or
exchanged for other securities, cash or property (in any such
case, a "Fundamental 
Transaction"), then, upon any subsequent exercise of this
Warrant, the Holder shall have the right to receive, for each Warrant Share that
would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder, (a) upon
exercise of this Warrant, the number of shares of Common Stock of the
successor or acquiring corporation or of the Company, if it is the
surviving corporation, and any additional consideration (the "Alternate
Consideration") receivable upon or as a result of
such reorganization, reclassification, merger,
consolidation or disposition of assets by a Holder of the
number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event or (b) if the Company is
acquired in (1) a transaction where the consideration paid to the holders
of the Common Stock consists solely of cash, (2) a “Rule 13e-3 transaction” as
defined in Rule 13e-3 under the 1934 Act, or (3) a transaction involving a
person or entity not traded on a national securities exchange, the Nasdaq Global
Select Market, the Nasdaq Global Market or the Nasdaq Capital
Market, cash equal to the Black-Scholes Value. 
For purposes of any such exercise, the determination of the
Purchase Price shall be appropriately adjusted to apply to such
Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall
apportion the Purchase Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of
the Alternate Consideration.  If holders of Common Stock are given any
choice as to the securities, cash or property to be received in a
Fundamental Transaction, then the Holder shall be given the same choice as to
the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction.  To the extent necessary to
effectuate the foregoing provisions, any successor to the Company or
surviving entity in such Fundamental Transaction shall issue to the Holder a
new warrant consistent with
the foregoing provisions and evidencing the
Holder's right to exercise such warrant into Alternate
Consideration.  The terms of any agreement pursuant to which a
Fundamental Transaction is effected shall include terms requiring any such
successor or surviving entity to comply with the provisions of
this Section
3.1 and insuring that this Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction.  “Black-Scholes Value” shall be
determined in accordance with the Black-Scholes Option Pricing Model obtained
from the “OV” function on Bloomberg L.P. using (i) a price per share of Common
Stock equal to the VWAP of the Common Stock for the Trading Day immediately
preceding the date of consummation of the applicable Fundamental Transaction,
(ii) a risk-free interest rate corresponding to the U.S. Treasury rate for a
period equal to the remaining term of this Warrant as of the date of such
request and (iii) an expected volatility equal to the 100 day volatility
obtained from the HVT function on Bloomberg L.P. determined as of the Trading
Day immediately following the public announcement of the applicable Fundamental
Transaction.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      3.2.           Continuation of
Terms.  Upon any reorganization, consolidation, merger or
transfer (and any dissolution following any transfer) referred to in this Section 3, this
Warrant shall continue in full force and effect and the terms hereof shall be
applicable to the Other Securities and property receivable on the exercise of
this Warrant after the consummation of such reorganization, consolidation or
merger or the effective date of dissolution following any such transfer, as the
case may be, and shall be binding upon the issuer of any Other Securities,
including, in the case of any such transfer, the person acquiring all or
substantially all of the properties or assets of the Company, whether or not
such person shall have expressly assumed the terms of this Warrant as provided
in Section 4.

       

      3.3         
  Share
Issuance.  Until
the Expiration Date, if the Company shall issue any Common Stock except for the
Excepted Issuances (as
defined in the Subscription Agreement), prior to the complete exercise of this
Warrant for a consideration less than the Purchase Price that would be in effect
at the time of such issuance, then, and thereafter successively upon
each such issuance, the Purchase Price shall be reduced to
such other lower price for then outstanding Warrants.  For purposes of
this adjustment, the issuance of any security or debt instrument of the Company
carrying the right to convert such security or debt instrument into Common Stock or of any
warrant, right or option to purchase Common Stock shall result in an adjustment
to the Purchase Price upon the issuance of the above-described security, debt
instrument, warrant, right, or option if such issuance is at a price lower than the Purchase Price in
effect upon such issuance and again at any time upon any actual, permitted, optional, or allowed
issuances of shares of
Common Stock upon any
actual, permitted, optional, or allowed exercise of such conversion or
purchase rights if such
issuance is at a price lower than the Purchase Price in effect upon any actual, permitted, optional, or
allowed such
issuance.  Common Stock issued or issuable by the Company for no
consideration will be deemed issuable or to have been issued for $0.001 per share of Common
Stock.  Upon any
reduction of the Purchase Price, the number of shares of Common Stock
that the Holder of this Warrant shall thereafter, on the exercise hereof, be
entitled to receive shall be adjusted to a number determined by multiplying the
number of shares of Common Stock that would otherwise (but for the provisions of
this Section 3.3) be issuable on such exercise by a fraction of which (a) the
numerator is the Purchase Price that would otherwise (but for the provisions of
this Section 3.3) be in effect, and (b) the denominator is the Purchase Price in
effect on the date of such exercise.

       

      4.           Extraordinary Events
Regarding Common Stock.  In the event that the Company shall
(a) issue additional shares of Common Stock as a dividend or other
distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of Common Stock, then, in each such event,
the Purchase Price shall, simultaneously with the happening of such event, be
adjusted by multiplying the then Purchase Price by a fraction, the numerator of
which shall be the number of shares of Common Stock outstanding immediately
prior to such event and the denominator of which shall be the number of shares
of Common Stock outstanding immediately after such event, and the product so
obtained shall thereafter be the Purchase Price then in effect. The Purchase
Price, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described herein in this Section 4. The
number of shares of Common Stock that the Holder of this Warrant shall
thereafter, on the exercise hereof, be entitled to receive shall be adjusted to
a number determined by multiplying the number of shares of Common Stock that
would otherwise (but for the provisions of this Section 4) be
issuable on such exercise by a fraction of which (a) the numerator is the
Purchase Price that would otherwise (but for the provisions of this Section 4) be in
effect, and (b) the denominator is the Purchase Price in effect on the date of
such exercise.

       

      5.           Certificate as to
Adjustments.  In each case of any adjustment or readjustment in
the shares of Common Stock (or Other Securities) issuable on the exercise of the
Warrants, the Company at its expense will promptly cause its Chief Financial
Officer or other appropriate designee to compute such adjustment or readjustment
in accordance with the terms of the Warrant and prepare a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which
such adjustment or readjustment is based, including a statement of (a) the
consideration received or receivable by the Company for any additional shares of
Common Stock (or Other Securities) issued or sold or deemed to have been issued
or sold, (b) the number of shares of Common Stock (or Other Securities)
outstanding or deemed to be outstanding, and (c) the Purchase Price and the
number of shares of Common Stock to be received upon exercise of this Warrant,
in effect immediately prior to such adjustment or readjustment and as adjusted
or readjusted as provided in this Warrant. The Company will forthwith mail a
copy of each such certificate to the Holder of the Warrant and any Warrant Agent
of the Company (appointed pursuant to Section 11
hereof).

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

       

      6.           Reservation of Stock, etc.
Issuable on Exercise of Warrant; Financial
Statements.   The Company will at all times reserve and
keep available, solely for issuance and delivery on the exercise of the
Warrants, all shares of Common Stock (or Other Securities) from time to time
issuable on the exercise of the Warrant.  This Warrant entitles the
Holder hereof, upon written request, to receive copies of all financial and
other information distributed or required to be distributed to the holders of
the Company's Common Stock.

       

      7.           Assignment; Exchange of
Warrant.  Subject to compliance with applicable securities
laws, this Warrant, and the rights evidenced hereby, may be transferred by any
registered holder hereof (a "Transferor"). On the surrender
for exchange of this Warrant, with the Transferor's endorsement in the form of
Exhibit B attached hereto (the “Transferor Endorsement Form")
and together with an opinion of counsel reasonably satisfactory to the Company
that the transfer of this Warrant will be in compliance with applicable
securities laws, the Company will issue and deliver to or on the order of the
Transferor thereof a new Warrant or Warrants of like tenor, in the name of the
Transferor and/or the transferee(s) specified in such Transferor Endorsement
Form (each a "Transferee"), calling in the
aggregate on the face or faces thereof for the number of shares of Common Stock
called for on the face or faces of the Warrant so surrendered by the
Transferor.

       

      8.           Replacement of
Warrant.  On receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in
the case of any such loss, theft or destruction of this Warrant, on delivery of
an indemnity agreement or security reasonably satisfactory in form and amount to
the Company or, in the case of any such mutilation, on surrender and
cancellation of this Warrant, the Company at its expense, twice only, will
execute and deliver, in lieu thereof, a new Warrant of like tenor.

       

      9.           Registration
Rights.  The Holder of this Warrant has been granted certain
registration rights by the Company.  These registration rights are set
forth in the Subscription Agreement.  The terms of the Subscription
Agreement are incorporated herein by this reference.

       

      10.           Maximum
Exercise.  The
Holder shall not be entitled to exercise this Warrant on an exercise
date, in connection with
that number of shares of Common Stock which would be in excess of the sum of (i) the
number of shares of Common Stock beneficially owned by the Holder and its
affiliates on an exercise date, and (ii) the number of shares of Common
Stock issuable upon the exercise of this Warrant with respect to which the
determination of this limitation is being
made on an exercise date, which would result in beneficial ownership by the
Holder and its affiliates of more than 4.99% of the outstanding shares of Common
Stock on such date.  For the purposes of the immediately preceding sentence, beneficial ownership
shall be determined in accordance with Section 13(d) of the 1934 Act
and Rule 13d-3 thereunder.  Subject to the foregoing, the Holder shall
not be limited to aggregate exercises which would result in the issuance
of more than 4.99%.  The
restriction described in this paragraph may be waived, in whole or in part,
upon sixty-one (61) days prior notice from the Holder to the Company to increase
such percentage to up to 9.99%, but not in excess of 9.99%.  The
Holder may decide whether to convert a Convertible Note or exercise this Warrant
to achieve an actual 4.99% or up to 9.99% ownership position as described above,
but not in excess of 9.99%.

       

      11.           Warrant
Agent.  The Company may, by written notice to the Holder of the
Warrant, appoint an agent (a “Warrant Agent”) for the
purpose of issuing Common Stock (or Other Securities) on the exercise of this
Warrant pursuant to Section 1,
exchanging this Warrant pursuant to Section 7, and
replacing this Warrant pursuant to Section 8, or
any of the foregoing, and thereafter any such issuance, exchange or replacement,
as the case may be, shall be made at such office by such Warrant
Agent.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

       

      12.           Transfer on the Company's
Books.  Until this Warrant is transferred on the books of the
Company, the Company may treat the registered holder hereof as the absolute
owner hereof for all purposes, notwithstanding any notice to the
contrary.

       

      13.           Notices.   All
notices, demands, requests, consents, approvals, and other communications
required or permitted hereunder shall be in writing and, unless otherwise
specified herein, shall be (i) personally served, (ii) deposited in the mail,
registered or certified, return receipt requested, postage prepaid, (iii)
delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, or facsimile, addressed as set forth
below or to such other address as such party shall have specified most recently
by written notice.  Any notice or other communication required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or delivery by facsimile, with accurate confirmation generated by the
transmitting facsimile machine, at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is
to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur.  The
addresses for such communications shall be:  if to the Company, to:
Clear Skies Solar, Inc., 200 Old Country Road, Suite 610,
Mineola, New York 11501,
Attn: Ezra
Green, CEO, facsimile: (516) 281-7150, with
a copy by fax only to:  Harvey Kesner, Sichenzia Ross Friedman Ference
LLP, 61 Broadway, 32nd Floor, New York, NY 10006, facsimile: (212) 930-9725, and
(ii) if to the Holder, to the address and facsimile number listed on the first
paragraph of this Warrant, with a copy by fax only to: Grushko & Mittman,
P.C., 551 Fifth Avenue, Suite 1601, New York, New York 10176, facsimile: (212)
697-3575.

       

      14.           Law Governing This
Warrant.  This Warrant shall be governed by and construed in
accordance with the laws of the State of New York without regard to principles
of conflicts of laws.  Any action brought by either party against the
other concerning the transactions contemplated by this Warrant shall be brought
only in the state courts of New York or in the federal courts located in the
state and county of New York.  The parties to this Warrant hereby
irrevocably waive any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of
jurisdiction or venue or based upon forum non
conveniens.  The Company and Holder waive trial by
jury.  The prevailing party shall be entitled to recover from the
other party its reasonable attorney's fees and costs.  In the event
that any provision of this Warrant or any other agreement delivered in
connection herewith is invalid or unenforceable under any applicable statute or
rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such
statute or rule of law.  Any such provision which may prove invalid or
unenforceable under any law shall not affect the validity or enforceability of
any other provision of any agreement.   Each party hereby
irrevocably waives personal service of process and consents to process being
served in any suit, action or proceeding in connection with this Agreement or
any other Transaction Document by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof.  Nothing contained herein shall be deemed to limit in any way
any right to serve process in any other manner permitted by law.

       

      [SIGNATURE
PAGE FOLLOWS]

       

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, the Company has executed this Warrant as of the date first
written above.

       

      
        
          
            	
                    CLEAR
      SKIES SOLAR, INC.

                  
	 
      	 
      
	
                    By:

                  	 
      
	 
      	
                    Name:  Ezra
      Green

                  
	 
      	
                    Title:  Chief
      Executive Officer

                  

          

        

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      Exhibit A

      

      FORM OF
SUBSCRIPTION

      (to be
signed only on exercise of Warrant)

       

      TO:  CLEAR
SKIES SOLAR, INC.

       

      The
undersigned, pursuant to the provisions set forth in the attached Warrant
(No.____), hereby irrevocably elects to purchase (check applicable
box):

      

      ___         ________
shares of the Common Stock covered by such Warrant; or

       

      
        	
                ___

              	
                the
      maximum number of shares of Common Stock covered by such Warrant pursuant
      to the cashless exercise procedure set forth in Section 2 of the
      Warrant.

              

      

      

      The
undersigned herewith makes payment of the full purchase price for such shares at
the price per share provided for in such Warrant, which is
$___________.  Such payment takes the form of (check applicable box or
boxes):

      

      ___         $__________
in lawful money of the United States; and/or

       

      
        	
                ___

              	
                the
      cancellation of such portion of the attached Warrant as is exercisable for
      a total of _______ shares of Common Stock (using a Fair Market Value of
      $_______ per share for purposes of this calculation);
    and/or

              

      

      

      
        	
                ___

              	
                the
      cancellation of such number of shares of Common Stock as is necessary, in
      accordance with the formula set forth in Section 2 of the Warrant, to
      exercise this Warrant with respect to the maximum number of shares of
      Common Stock purchasable pursuant to the cashless exercise procedure set
      forth in Section 2.

              

      

      

      The
undersigned requests that the certificates for such shares be issued in the name
of, and delivered to
_________________________________________________________________ whose address
is
______________________________________________________________________________________________________

      ______________________________________________________________________________________________________ .

      

      The
undersigned represents and warrants that all offers and sales by the undersigned
of the securities issuable upon exercise of the within Warrant shall be made
pursuant to registration of the Common Stock under the Securities Act of 1933,
as amended (the "Securities Act"), or pursuant to an exemption from registration
under the Securities Act.

      

      
        
          
            
              
                	
                        Dated:___________________

                      	 
      	 
      
	 
      	 
      	
                        (Signature
      must conform to name of holder as specified on the face of the
      Warrant)

                      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
                         (Address)

                      

              

            

          

        

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      Exhibit B

      

      FORM OF
TRANSFEROR ENDORSEMENT

      (To be
signed only on transfer of Warrant)

       

      For value
received, the undersigned hereby sells, assigns, and transfers unto the
person(s) named below under the heading "Transferees" the right represented by
the within Warrant to purchase the percentage and number of shares of Common
Stock of CLEAR SKIES SOLAR, INC. to which the within Warrant relates specified
under the headings "Percentage Transferred" and "Number Transferred,"
respectively, opposite the name(s) of such person(s) and appoints each such
person Attorney to transfer its respective right on the books of CLEAR SKIES
SOLAR, INC. with full power of substitution in the premises.

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	
                                      Transferees

                                    	 
      	
                                      Percentage Transferred

                                    	 
      	
                                      Number Transferred

                                    
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	 
      	
                                        

                                    	 
      	
                                        

                                    	 
      

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        	
                                                Dated:  __________________,
      _______

                                              	 
      	 
      
	 
      	 
      	
                                                (Signature
      must conform to name of holder as specified on the face of the
      warrant)

                                              
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                                                Signed
      in the presence of:

                                              	 
      	 
      
	 	 	 
	 
      	 
      	 
      
	
                                                (Name)

                                              	 
      	 
      
	
                                                 

                                              	 
      	
                                                (address)

                                              
	 
      	 
      	 
      
	
                                                ACCEPTED
      AND AGREED:

                                              	 
      	 
      
	
                                                [TRANSFEREE]

                                              	 
      	
                                                 

                                              
	 
      	 
      	
                                                (address)

                                              
	 
      	 
      	 
      
	
                                                (Name)

                                              	
                                                  

                                              	 
      

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      
        
           

        

        
          1Unassociated Document

    AMENDMENT
AND FORBEARANCE AGREEMENT

     

    AMENDMENT
AND FORBEARANCE AGREEMENT (as amended or otherwise modified from time to time in
accordance with the terms here, the "Agreement") dated as
of September 15, 2009, among Clark Holdings, Inc. (f/k/a Global Logistics
Acquisition Corporation), a Delaware corporation ("Holdings"), The Clark
Group, Inc., a Delaware corporation ("Clark Holdings"),
Clark Distribution Systems, Inc., a Delaware corporation ("CDS"), Clark
Worldwide Transportation, Inc., a Pennsylvania corporation ("CWT"), Highway
Distribution Systems, Inc., a Delaware corporation ("HDS"), and Evergreen
Express Lines, Inc., a Pennsylvania corporation (together with Holdings, Clark
Holdings, CDS, CWT and HDS, the "Borrowers") and Bank of America, N.A.,
(successor-in-interest to LaSalle Bank National Association), individually as a
Lender and as Administrative Agent for the Lenders (as such terms are each
defined in the Credit Agreement defined below).

     

    R
E C I T A L S:

     

    WHEREAS,
Agent and Borrowers have entered into certain financing arrangements pursuant to
the Credit Agreement  dated as of February 12, 2008 among Agent,
Borrowers and the Lenders from time to time party thereto (as amended hereby,
and as the same may have heretofore been or may hereafter be further amended,
modified, supplemented, extended, renewed, restated or replaced (the "Credit
Agreement"));

     

    WHEREAS,
as of the date hereof, Borrowers are in default under the Credit Agreement as
more particularly described below;

     

    WHEREAS,
the circumstances described herein constitute multiple Events of Default under
the Credit Agreement and the Loan Documents;

     

    WHEREAS,
Borrowers have requested that Agent and Lenders forbear from exercising their
rights as a result of such Events of Default, which are continuing, and that
Lenders provide further Revolving Loans and other financial accommodations to
Borrowers notwithstanding such Events of Default; and

     

    WHEREAS,
Agent and Lenders are willing to agree to forbear from exercising certain of
their rights and remedies and provide certain further Revolving Loans and other
financial accommodations to Borrowers solely for the period and on the terms and
conditions specified herein.

     

    NOW,
THEREFORE, in consideration of the foregoing, and the respective agreements,
warranties and covenants contained herein, the parties hereto agree as
follows:

     

    
      	
              SECTION
      1.

            	
              DEFINITIONS

            

    

     

    1.1.           Interpretation.  All
capitalized terms used herein (including the recitals hereto) shall have the
respective meanings ascribed thereto in the Credit Agreement unless otherwise
defined herein.

     

    1.2.           Additional
Definitions.  As used herein, the following terms shall have
the respective meanings given to them below, and the Credit Agreement is hereby
amended to include, in addition and not in limitation, each of the following
definitions:

     

    (a)           "Agent"
shall mean Bank of America, N.A., in its capacity as Administrative Agent under
the Loan Documents.

     

    (b)           "Anticipated
Defaults" shall mean any Events of Default that arise due to the circumstances
more particularly identified on Exhibit A hereto,
under the heading "Anticipated Defaults".

     

    (c)           "Existing
Defaults" shall mean the Events of Default more particularly identified on Exhibit A hereto, under the
heading "Existing Defaults".

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (d)           "Forbearance
Period" means the period commencing on the date hereof and ending on the date
which is the earliest of (i) February 28, 2010; (ii) the occurrence or existence
of any Event of Default, other than the Existing Defaults and the Anticipated
Defaults; or (iii) the occurrence of any Termination Event.

     

    (e)           "Termination
Event" means the initiation of any action by any Loan Party or any Releasing
Party (as defined herein) to invalidate or limit the enforceability of any of
the acknowledgments set forth in Section 2.1, the release set forth in
Section 8.6 or the covenant not to sue set forth in
Section 8.7.

     

    
      	
              SECTION
      2.

            	
              ACKNOWLEDGMENTS

            

    

     

    2.1.           Acknowledgment of
Obligations.  Each Borrower hereby acknowledges, confirms and
agrees that as of the close of business on September 15, 2009,
(a) Borrowers are indebted to Lenders in respect of the Revolving Loan in
the principal amount of $0, (b) Borrowers are indebted to Lenders in
respect of the Term Loan in the aggregate principal amount of $3,549,942.04, and
(c) Borrowers are indebted to Lenders in respect of Letters of Credit in
the face amount of $718,031.00.  Each Borrower hereby acknowledges,
confirms and agrees that all such Loans and other Obligations, together with
interest accrued and accruing thereon, and all fees, costs, expenses and other
charges now or hereafter payable by any Borrower to Lenders, are unconditionally
owing by Borrowers to Lenders, without offset, defense or counterclaim of any
kind, nature or description whatsoever.

     

    2.2.           Acknowledgment of Security
Interests.  Each Borrower hereby acknowledges, confirms and
agrees that Agent has and shall continue to have valid, enforceable and
perfected first-priority liens upon and security interests in the Collateral
heretofore granted to Agent, for the benefit of Agent and Lenders, pursuant to
the Credit Agreement, the Guaranty and Collateral Agreement and the other Loan
Documents or otherwise granted to or held by Agent, for the benefit of Agent and
Lenders, subject only to Permitted Liens.

     

    2.3.           Binding Effect of
Documents.  Each Borrower hereby acknowledges, confirms and
agrees that: (a) each of the Credit Agreement and the other Loan Documents
to which it is a party has been duly executed and delivered to Agent by such
Borrower, and each is and shall remain in full force and effect as of the date
hereof except as modified pursuant hereto, (b) the agreements and
obligations of such Borrower contained in such documents and in this Agreement
constitute the legal, valid and binding Obligations of such Borrower,
enforceable against it in accordance with their respective terms, and such
Borrower has no valid defense to the enforcement of such Obligations, and
(c) Agent and Lenders are and shall be entitled to the rights, remedies and
benefits provided for under the Credit Agreement and the Loan Documents and
applicable law.

     

    
      	
              SECTION
      3.

            	
              FORBEARANCE
      IN RESPECT OF ANTICIPATED DEFAULTS AND EXISTING
  DEFAULTS

            

    

     

    3.1.           Acknowledgment of
Default.  Each Borrower hereby acknowledges and agrees that the
Existing Defaults have occurred and are continuing, each of which constitutes an
Event of Default and entitles Agent and Lenders to exercise their rights and
remedies under the Credit Agreement and the other Loan Documents, applicable law
or otherwise.  Each Borrower represents and warrants that as of the
date hereof, no Events of Default exist other than the Existing
Defaults.  Each Borrower hereby acknowledges and agrees that Agent and
Lenders have the exercisable right to declare the Obligations to be immediately
due and payable under the terms of the Credit Agreement and the other Loan
Documents.  Each Borrower acknowledges that Lenders are no longer
obligated to make any disbursements of the Revolving Loan, or to issue Letters
of Credit.

     

    3.2.           Forbearance.

     

    (a)           In
reliance upon the representations, warranties and covenants of Borrowers
contained in this Agreement, and subject to the terms and conditions of this
Agreement and any documents or instruments executed in connection herewith,
Agent and Lenders agree to forbear during the Forbearance Period from exercising
their rights and remedies under the Credit Agreement and the other Loan
Documents or applicable law in respect of or arising out of the Existing
Defaults and the Anticipated Defaults.

     

    
      
        
        

      

      
        - 2
-

        
          

        

      

      
        
        

      

       

    

    (b)           Upon
the expiration or termination of the Forbearance Period, the agreement of Agent
and Lenders to forbear shall automatically and without further action terminate
and be of no force and effect, it being expressly agreed that the effect of such
termination will be to permit Agent and Lenders to exercise immediately all
rights and remedies under the Credit Agreement and the other Loan Documents, and
under applicable law, with respect to any and all Anticipated Defaults (to the
extent then constituting Events of Default) and the Existing Defaults,
including, but not limited to, (i) ceasing to make any further Loans or
issuing any further Letters of Credit and (ii) accelerating all of the
Obligations under the Credit Agreement and the other Loan Documents; in each
case without any further notice to any Borrower, passage of time or forbearance
of any kind.

     

    3.3.           No Waivers; Reservation of
Rights.

     

    (a)           Agent
and Lenders have not waived, are not by this Agreement waiving, and have no
intention of waiving, any Events of Default which may be continuing on the date
hereof or any Events of Default which may occur after the date hereof (whether
the same or similar to the Anticipated Defaults, the Existing Defaults or
otherwise), and Agent and Lenders have not agreed to forbear with respect to any
of their rights or remedies concerning any Events of Default (other than, during
the Forbearance Period, the Existing Defaults and the Anticipated Defaults to
the extent expressly set forth herein) occurring at any time.

     

    (b)           Subject
to Section 3.2 above (solely with respect to the Anticipated Defaults and the
Existing Defaults), Agent and Lenders reserve the right, in their discretion, to
exercise any or all of their rights and remedies under the Credit Agreement and
the other Loan Documents as a result of any other Events of Default occurring at
any time.  Agent and Lenders have not waived any of such rights or
remedies, and nothing in this Agreement, and no delay on their part in
exercising any such rights or remedies, shall be construed as a waiver of any
such rights or remedies.

     

    3.4.           Additional Events of
Default.  The parties hereto acknowledge, confirm and agree
that any misrepresentation by any Borrower, or any failure of any Borrower to
comply with the covenants, conditions and agreements contained in this
Agreement, the Credit Agreement and the other Loan Documents or in any other
agreement, document or instrument at any time executed and/or delivered by any
Borrower with, to or in favor of Agent or any Lenders shall constitute an Event
of Default under the Credit Agreement and the other Loan
Documents.  In the event any Person, other than Agent or Lenders,
shall at any time exercise for any reason (including, without limitation, by
reason of any Anticipated Defaults, any Existing Defaults, any other present or
future Event of Default, or otherwise) any of its rights or remedies against any
Borrower or any obligor providing credit support for any Borrower's obligations
to such other Person, or against any Borrower's or such obligor's properties or
assets, such event shall constitute an Event of Default hereunder and an Event
of Default under the Credit Agreement.

     

    
      	
              SECTION
      4.

            	
              AMENDMENTS

            

    

     

    4.1.           The
defined term "Borrowing Base" set forth in Section 1.1 of the Credit Agreement
is hereby amended and restated as follows:

     

    Borrowing Base means
an amount equal to the sum of (i) 80% of the unpaid amount of all Eligible
Accounts plus (ii) 50% of the appraised fair market value of Eligible Real
Estate, plus (iii) 100% of the value, as of any applicable date of
determination, of Cash Equivalent Investments in any deposit accounts and/or
securities accounts subject to a control agreement in form and substance
acceptable to Administrative Agent, excluding any such Cash Equivalent
Investments pledged to the Agent to secure, in full or in part, the Stated
Amount of Letters of Credit minus (iv) such reserves and allowances as the
Administrative Agent deems necessary or appropriate in its reasonable
discretion, including as necessary or appropriate to reflect any events,
conditions, contingencies, risks or other circumstances which may arise from
time to time with respect to any Loan Party.

     

    
      
        
        

      

      
        - 3
-

        
          

        

      

      
        
        

      

       

    

    4.2.           The
defined term "Consolidated Net Income" set forth in Section 1.1 of the Credit
Agreement is hereby amended and restated as follows

     

    Consolidated Net
Income means, with respect to any Person for any period, the net income
(or loss) of such Person and its Subsidiaries for such period, excluding any
gains from Asset Dispositions, any extraordinary gains and any gains or losses
from discontinued operations.

     

    4.3.           The
defined term "EBITDA" set forth in Section 1.1 of the Credit Agreement is hereby
amended and restated as follows:

     

    EBITDA means, for any
period, Consolidated Net Income for such period plus, in each case to the extent
deducted in determining such Consolidated Net Income for such period, Interest
Expense, income tax expense, depreciation and amortization, non-cash severance
and/or non-cash restructuring expenses and costs and expenses in connection with
the arbitration entitled Charles C. Anderson, Jr. et
al. and Clark Holdings, Inc. No 148 Y 00499 09, pending before the
American Arbitration Association.

     

    4.4.           The
defined term "Fixed Charge Coverage Ratio" set forth in Section 1.1 of the
Credit Agreement is hereby amended by deleting the clause "for any Computation
Period" set forth therein, and by inserting in lieu thereof the clause "for any
applicable period of measurement".

     

    4.5.           The
defined term "Term Loan Maturity Date" set forth in Section 1.1 of the Credit
Agreement is hereby amended and restated as follows:

     

    "Term Loan Maturity
Date" means the earlier of (a) February 28, 2010 or (b) the Termination
Date.

     

    4.6.           The
defined term "Termination Date" set forth in Section 1.1 of the Credit Agreement
is hereby amended and restated as follows:

     

    "Termination Date"
means the earlier of (a) February 28, 2010 or (b) such other date on which the
Commitments terminate pursuant to Section 6 or Section
13.

     

    4.7.           Section
11.11(e) of the Credit Agreement is hereby amended and restated in its entirety
as follows:

     

    (e)           bank
deposits in the ordinary course of business, provided that all
such deposits, other than deposits in an aggregate amount not to exceed $350,000
at any time, shall be maintained with the Administrative Agent; provided, further,
that notwithstanding anything to the contrary herein or in the Guaranty and
Collateral Agreement, any such deposits, not exceeding $350,000 in the
aggregate, that are not maintained with the Administrative Agent shall not be
required to be subject to a bank agency or other similar agreement with the
Administrative Agent and the applicable Borrower;

     

    4.8.           Section
11.14.4 of the Credit Agreement is hereby amended by inserting the clause
"(increased to $1,075,000 with respect to Fiscal Year 2009)" immediately
following the first reference to "$1,000,000" set forth in such
Section.

     

    4.9.           Annex
A to the Credit Agreement is hereby amended and restated as set forth on Exhibit
C hereto.

     

    
      	
              SECTION
      5.

            	
              Covenants
      and Agreements

            

    

     

    5.1.           Maximum
Facility.  Borrowers hereby acknowledge and agree that,
notwithstanding anything to the contrary set forth in the Credit Agreement, at
no time from and following the date hereof shall Agent or the Lenders have any
obligations to make Revolving Loans and/or issue Letters of Credit in each case,
after giving effect thereto, the Revolving Outstandings would exceed
$2,218,000.

     

    
      
        
        

      

      
        - 4
-

        
          

        

      

      
        
        

      

       

    

    5.2.           Financial
Covenants.  During the Forbearance Period, the following
financial covenants shall apply in lieu of the covenants set forth in Section
11.14.1, 11.14.2, 11.14.3 and 11.14.5 (which such Sections continuing in effect
from and following the Forbearance Period:

     

    (a)           Minimum Cumulative
EBITDA.  Borrowers shall not permit cumulative EBITDA for the
period commencing on the first day of the Fiscal Month commencing closest to
July 1, 2009 and ending on the last day of any Fiscal Month set forth below to
be less than the amount set forth below for opposite month:

     

    
      	
              Fiscal
      Month

            	
              Amount

            
	
              July,
      2009

            	
              $167,000

            
	
              August,
      2009

            	
              $363,000

            
	
              September,
      2009

            	
              $634,000

            
	
              October,
      2009

            	
              $903,000

            
	
              November,
      2009

            	
              $1,215,000

            
	
              December,
      2009

            	
              $1,521,000

            
	
              January,
      2010

            	
              $1,844,000

            

    

    

    (b)           Minimum Fixed Charge
Coverage.  Borrowers shall not permit the Fixed Charge Coverage
Ratio for (i) the Fiscal Quarter ending on the last day of the Fiscal Month
ending closest to September 30, 2009 to be less than 1.25 and/or (ii) the Fiscal
Quarter ending the last day of the Fiscal Quarter immediately following to be
less than 2.50.

     

    5.3.           Excess EBITDA
Recapture.  During the Forbearance Period, the Borrowers agree,
within thirty (30) days following the end
of each month set forth in Section 5.2(a) above, to repay the Term Loan by an
amount equal to fifteen percent of cumulative EBITDA, for the period commencing
on the first day of the Fiscal Month commencing closest to July 1, 2009 and
ending on the last day of each Fiscal Month set forth in Section 5.2(a) above
and excluding any negative monthly EBITDA, in excess of the amount set forth in
Section 5.2(a) for such period.

     

    5.4.           Forbearance Period Compliance
Certificate.  Borrowers hereby that, during the Forbearance
Period, the compliance certificate required pursuant to Section 10.1.3 of the
Credit Agreement shall be in the form set forth as Exhibit B
hereto.

     

    5.5.           Pledged Collateral. 
Borrowers hereby acknowledge and agree that, notwithstanding anything to
the contrary set forth in the Credit Agreement, at no time from and following
the date hereof shall Issuing Lender have any obligation to issue, extend, renew
or otherwise modify any Letter of Credit in accordance with the provisions of
the Credit Agreement unless, in each instance and after giving effect thereto,
Borrowers shall have pledged with Agent, pursuant to documentation in form and
substance satisfactory to Agent and Lenders, a certificate of deposit or other
Collateral acceptable to Agent in an amount equal to (or in excess of) the
Stated Amount of all Letters of Credit.

     

    
      	
              SECTION
      6.

            	
              REPRESENTATIONS
      AND WARRANTIES

            

    

     

    Each
Borrower hereby represents, warrants and covenants as follows:

     

    6.1.           Representations in the Credit
Agreement and the other Loan Documents.  Each of the
representations and warranties made by or on behalf of each Borrower to Agent or
any Lender in the Credit Agreement or any of the other Loan Documents was true
and correct when made, and is, except for the Existing Defaults, true and
correct on and as of the date of this Agreement with the same full force and
effect as if each of such representations and warranties had been made by each
Borrower on the date hereof and in this Agreement.

     

    
      
        
        

      

      
        - 5
-

        
          

        

      

      
        
        

      

       

    

    6.2.           Binding Effect of
Documents.  This Agreement has been duly authorized, executed
and delivered to Agent and Lenders by each Borrower, is enforceable in
accordance with its terms and is in full force and effect.

     

    6.3.           No Conflict.  The
execution, delivery and performance of this Agreement by each Borrower will not
violate any requirement of law or contractual obligation of any Borrower and
will not result in, or require, the creation or imposition of any Lien on any of
their respective properties or revenues.

     

    
      	
              SECTION
      7.

            	
              CONDITIONS
      TO EFFECTIVENESS OF CERTAIN PROVISIONS OF THIS
  AGREEMENT

            

    

     

    The
effectiveness of the terms and provisions of Section 3.2 of this Agreement shall
be subject to the receipt by Agent of each of the following, in form and
substance satisfactory to Agent and Lenders:

     

    (a)           an
original of this Agreement, duly authorized, executed and delivered by each
Borrower;

     

    (b)           cash
in the amount of $25,000, which amount constitutes a fee due and owing to Agent
on the date hereof in respect of this Agreement and the transactions
contemplated hereby, which amount is non-refundable;

     

    (c)           a
bank agency or other similar agreement with the Agent and the applicable
Borrowers, in form and substance satisfactory to the Agent, in order to give the
Agent "control" (as defined in the Uniform Commercial Code) of each depositary
or other deposit account maintained by each Borrower at each financial
institution at which any Borrower maintains any such account, excepting any such
accounts for which such agreements are not required pursuant to the provisions
of Section 11.11(e) of the Credit Agreement, as amended hereby; and

     

    (d)           the
pledge with Agent, pursuant to documentation in form and substance satisfactory
to Agent and Lenders, of (i) a certificate of deposit or other Collateral
acceptable to Agent in an amount equal to (or in excess of) the Stated Amount of
all Letters of Credit and (ii) any and all Investments held by any Borrower, and
maintained by Agent or any Affiliate of Agent.

     

    
      	
              SECTION
      8.

            	
              MISCELLANEOUS

            

    

     

    8.1.           Inspection
Rights.  Borrowers hereby acknowledge and agree that, pursuant
to Section 10.2 of the Credit Agreement, so long as any Event of Default
(including, without limitation, the Existing Defaults) or Unmatured Event of
Default exists, all inspections or audits of the Collateral shall be at the
Borrowers' expense.  Borrowers further acknowledge that Agent intends
to conduct a field examination inspection of the Collateral shortly following
the date hereof, and Borrowers shall cooperate fully with any such
inspection.

     

    8.2.           Continuing Effect of Credit
Agreement.  Except as modified pursuant hereto, no other
changes or modifications to the Credit Agreement and the other Loan Documents
are intended or implied by this Agreement and in all other respects the Credit
Agreement and the Loan Documents hereby are ratified, restated and confirmed by
all parties hereto as of the effective date hereof.  To the extent of
conflict between the terms of this Agreement, the Credit Agreement and the Loan
Documents, the terms of this Agreement shall govern and control.  The
Credit Agreement and this Agreement shall be read and construed as one
agreement.

     

    8.3.           Costs and
Expenses.  Each Borrower absolutely and unconditionally agrees
to pay to Agent, on demand by Agent at any time, whether or not all or any of
the transactions contemplated by this Agreement are consummated:  all
fees and disbursements of any counsel to Agent in connection with the
preparation, negotiation, execution or delivery of this Agreement and any
agreements contemplated hereby and expenses which shall at any time be incurred
or sustained by Agent, any Lender, any participant of any Lender or any of their
respective directors, officers, employees or agents as a consequence of or in
any way in connection with the preparation, negotiation, execution, or delivery
of this Agreement and any agreements contemplated hereby.

     

    
      
        
        

      

      
        - 6
-

        
          

        

      

      
        
        

      

       

    

    8.4.           Further
Assurances.  At Borrowers' expense, the parties hereto shall
execute and deliver such additional documents and take such further action as
may be necessary or desirable to effectuate the provisions and purposes of this
Agreement.

     

    8.5.           Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and
assigns.

     

    8.6.           Survival of Representations,
Warranties and Covenants.  All representations, warranties,
covenants and releases of each Borrower made in this Agreement or any other
document furnished in connection with this Agreement shall survive the execution
and delivery of this Agreement and the Forbearance Period, and no investigation
by Agent or any Lender, or any closing, shall affect the representations and
warranties or the right of Agent and Lenders to rely upon them.

     

    8.7.           Release.

     

    (a)           In
consideration of the agreements of Agent and Lenders contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Borrower, on behalf of itself and its successors and
assigns, and its present and former members, shareholders, affiliates,
subsidiaries, divisions, predecessors, directors, officers, attorneys,
employees, agents, legal representatives and other representatives (each
Borrower and all such other Persons being hereinafter referred to collectively
as the "Releasing
Parties" and individually as a "Releasing Party",
hereby absolutely, unconditionally and irrevocably releases, remises and forever
discharges Agent, each Lender, and each of their respective successors and
assigns, and their respective present and former shareholders, affiliates,
subsidiaries, divisions, predecessors, directors, officers, attorneys,
employees, agents, legal representatives and other representatives (Agent,
Lenders and all such other Persons being hereinafter referred to collectively as
the "Releasees"
and individually as a "Releasee"), of and
from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings,
damages and any and all other claims, counterclaims, defenses, rights of
set-off, demands and liabilities whatsoever (individually, a "Claim" and
collectively, "Claims") of every
kind and nature, known or unknown, suspected or unsuspected, at law or in
equity, which any Borrower or any of its successors, assigns, or other legal
representatives may now or hereafter own, hold, have or claim to have against
the Releasees or any of them for, upon, or by reason of any circumstance,
action, cause or thing whatsoever which arises at any time on or prior to the
date of this Agreement, including, without limitation, for or on account of, or
in relation to, or in any way in connection with this Agreement, the Credit
Agreement, any of the other Loan Documents or any of the transactions hereunder
or thereunder.

     

    (b)           Each
Borrower understands, acknowledges and agrees that the release set forth above
may be pleaded as a full and complete defense to any Claim and may be used as a
basis for an injunction against any action, suit or other proceeding which may
be instituted, prosecuted or attempted in breach of the provisions of such
release.

     

    (c)           Each
Borrower agrees that no fact, event, circumstance, evidence or transaction which
could now be asserted or which may hereafter be discovered shall affect in any
manner the final, absolute and unconditional nature of the release set forth
above.

     

    8.8.           Covenant Not to
Sue.  Each of the Releasing Parties hereby absolutely,
unconditionally and irrevocably, covenants and agrees with and in favor of each
Releasee that it will not sue (at law, in equity, in any regulatory proceeding
or otherwise) any Releasee on the basis of any Claim released, remised and
discharged by any Releasing Party pursuant to Section 8.6 above.  If
any Releasing Party violates the foregoing covenant, each Borrower, for itself
and its successors and assigns, and its present and former members,
shareholders, affiliates, subsidiaries, divisions, predecessors, directors,
officers, attorneys, employees, agents, legal representatives and other
representatives, agrees to pay, in addition to such other damages as any
Releasee may sustain as a result of such violation, all attorneys' fees and
costs incurred by any Releasee as a result of such violation.

     

    
      
        
        

      

      
        - 7
-

        
          

        

      

      
        
        

      

       

    

    8.9.           Severability.  Any
provision of this Agreement held by a court of competent jurisdiction to be
invalid or unenforceable shall not impair or invalidate the remainder of this
Agreement.

     

    8.10.           Reviewed by
Attorneys.  Each Borrower represents and warrants to Agent and
Lenders that it (a) understands fully the terms of this Agreement and the
consequences of the execution and delivery of this Agreement, (b) has been
afforded an opportunity to discuss this Agreement with, and have this Agreement
reviewed by, such attorneys and other persons as such Borrower may wish, and
(c) has entered into this Agreement and executed and delivered all
documents in connection herewith of its own free will and accord and without
threat, duress or other coercion of any kind by any Person.  The
parties hereto acknowledge and agree that neither this Agreement nor the other
documents executed pursuant hereto shall be construed more favorably in favor of
one than the other based upon which party drafted the same, it being
acknowledged that all parties hereto contributed substantially to the
negotiation and preparation of this Agreement and the other documents executed
pursuant hereto or in connection herewith.

     

    8.11.           Disgorgement.  If
Agent or any Lender is, for any reason, compelled by a court or other tribunal
of competent jurisdiction to surrender or disgorge any payment, interest or
other consideration described hereunder to any person because the same is
determined to be void or voidable as a preference, fraudulent conveyance,
impermissible set-off or for any other reason, such indebtedness or part thereof
intended to be satisfied by virtue of such payment, interest or other
consideration shall be revived and continue as if such payment, interest or
other consideration had not been received by Agent or such Lender, and the
Borrowers shall be liable to, and shall indemnify, defend and hold Agent or such
Lender harmless for, the amount of such payment or interest surrendered or
disgorged.  The provisions of this Section 8.10 shall survive
execution and delivery of this Agreement and the documents, agreements and
instruments to be executed or delivered herewith.

     

    8.12.           Relationship.  Each
Borrower agrees that the relationship between Agent and such Borrower and
between each Lender and Borrower is that of creditor and debtor and not that of
partners or joint venturers.  This Agreement does not constitute a
partnership agreement, or any other association between Agent and any Borrower
or between any Lender and any Borrower.  Each Borrower acknowledges
that Agent and each Lender has acted at all times only as a creditor to such
Borrower within the normal and usual scope of the activities normally undertaken
by a creditor and in no event has Agent or any Lender attempted to exercise any
control over such Borrower or its business or affairs.  Each Borrower
further acknowledges that Agent and each Lender has not taken or failed to take
any action under or in connection with its respective rights under the Credit
Agreement and the other Loan Documents that in any way or to any extent has
interfered with or adversely affects such Borrower's ownership of
Collateral.

     

    8.13.           Governing Law: Consent to
Jurisdiction and Venue.  THIS AGREEMENT SHALL BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE,
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.  ANY LITIGATION BASED HEREON, OR
ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT SHALL BE BROUGHT AND
MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF ILLINOIS OR IN THE UNITED
STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL
BE DEEMED OR OPERATE TO PRECLUDE THE AGENT FROM BRINGING SUIT OR TAKING OTHER
LEGAL ACTION IN ANY OTHER JURISDICTION.  THE BORROWERS HEREBY
EXPRESSLY AND IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE
OF ILLINOIS AND OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF
ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH
ABOVE.  THE BORROWERS FURTHER IRREVOCABLY CONSENT TO THE SERVICE OF
PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR
WITHOUT THE STATE OF ILLINOIS.  THE BORROWERS HEREBY EXPRESSLY AND
IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH
THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM

     

    
      
        
        

      

      
        - 8
-

        
          

        

      

      
        
        

      

       

    

    8.14.           Mutual
Waiver of Jury Trial.  EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER
THIS AGREEMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR
WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR
ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE
FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY.

     

    8.15.           Counterparts.  This
Agreement may be executed in any number of counterparts, but all of such
counterparts shall together constitute but one and the same
agreement.

     

    [signatures on following
page]

     

    
      
        
        

      

      
        - 9
-

        
          

        

      

      
        
        

      

    

    

    IN
WITNESS WHEREOF, this Agreement is executed and delivered as of the day and year
first above written.

     

    
      	 	
              CLARK
      HOLDINGS, INC. (f/k/a Global Logistics Acquisition Corporation), as a
      Borrower

               

              By:
      /s/ Stephen
      Spritzer

              Title:
      Vice President & Treasurer

            
	 	 
      

    

    

    
      	 	
              THE
      CLARK GROUP, INC.,

              as
      a Borrower

               

              By:
      /s/ Stephen
      Spritzer

              Title:
      Vice President & Treasurer

            

    

    

    

    
      	 	
              CLARK
      DISTRIBUTION SYSTEMS, INC.,

              as
      a Borrower

               

              By:
      /s/ Stephen
      Spritzer

              Title:
      Vice President & Treasurer

            

    

    

    

    
      	 	
              CLARK
      WORLDWIDE TRANSPORTATION, INC.,

              as
      a Borrower

               

              By:
      /s/ Stephen
      Spritzer

              Title:
      Vice President & Treasurer

            

    

    

    

    
      	 	
              HIGHWAY
      DISTRIBUTION SYSTEMS, INC.,

              as
      a Borrower

               

              By:
      /s/ Stephen
      Spritzer

              Title:
      Vice President & Treasurer

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              EVERGREEN
      EXPRESS LINES, INC.,

              as
      a Borrower

               

              By:
      /s/ Stephen
      Spritzer

              Title:
      Vice President & Treasurer

            

    

    

    
      	 	
              BANK
      OF AMERICA, N.A.,

              as
      Administrative Agent and as a Lender

               

              By: /s/
      Barbara Rajchel

              Title:
      Assistant Vice President

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
A

    to

    AMENDMENT
AND FORBEARANCE AGREEMENT

    

    Anticipated
Defaults

    

    1.  Any
failure of Borrowers to permit (i) the Senior Debt to EBITDA Ratio to exceed 2.0
to 1.0, (ii) the Fixed Charge Coverage Ratio to be less than 1.25 to 1.0 and/or
(iii) the Total Debt to EBITDA Ratio to exceed 2.5 to 1.0, in each case as of
the last day of the Computation Periods ended July 31, 2009 and August 31,
2009.

    

    Existing
Defaults

     

    1.  Permitted
Senior Debt to EBITDA Ratio as of the last day of each of the Computation
Periods ended April 30, 2009, May 30, 2009 and June 30, 2009 to exceed 2.0 to
1.0, constituting a breach of Section 11.14.1 of the Credit Agreement and an
Event of Default pursuant to Section 13.1.5 of the Credit
Agreement.

    

    2.  Permitted
the Fixed Charge Coverage Ratio as of the last day of each of the Computation
Periods ended April 30, 2009, May 30, 2009 and June 30, 2009 to be less than
1.25 to 1.0, constituting a breach of Section 11.14.2 of the Credit Agreement
and an Event of Default pursuant to Section 13.1.5 of the Credit
Agreement.

    

    3.
Permitted Total Debt to EBITDA Ratio as of the last day of each of the
Computation Periods ended April 30, 2009, May 30, 2009 and June 30, 2009 to
exceed 2.5 to 1.0, constituting a breach of Section 11.14.3 of the Credit
Agreement and an Event of Default pursuant to Section 13.1.5 of the Credit
Agreement.

    

    4.  For
any date on or prior to the date hereof, permitted bank deposits in an aggregate
amount in excess of $350,000 to be maintained with Persons other than the Agent,
constituting a breach of Section 11.11(e) of the Credit Agreement and an Event
of Default pursuant to Section 13.1.5 of the Credit Agreement.

     

    Exhibit
A

      Page
1

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
B

    to

    AMENDMENT
AND FORBEARANCE AGREEMENT

    

    FORM OF COMPLIANCE
CERTIFICATE

     

    To:           Bank
of America, N.A., as Administrative Agent

     

    Please
refer to the Credit Agreement dated as of February 12, 2008 (as amended,
restated, supplemented or otherwise modified from time to time, the "Credit Agreement")
among Clark Holdings, Inc. (f/k/a Global Logistics Acquisition Corporation), The
Clark Group, Inc., Clark Distribution Systems, Inc., Clark Worldwide
Transportation, Inc., Highway Distribution Systems, Inc., Evergreen Express
Lines, Inc., various financial institutions and Bank of America, N.A., as
Administrative Agent.  Terms used but not otherwise defined herein are
used herein as defined in the Credit Agreement.  Please also refer to
the Amendment and Forbearance Agreement dated as of September 15, 2009 (as
amended, restated, supplemented or otherwise modified from time to time, the
"Forbearance
Agreement") among the Borrowers, the Lenders and Administrative
Agent.

     

    
      	
              I.

            	
              Reports.  Enclosed
      herewith is a copy of the [annual
      audited/quarterly/monthly] report of Holdings as at _____________,
      ____ (the "Computation
      Date"), which report fairly presents in all material respects the
      financial condition and results of operations [(subject to the absence of
      footnotes and to normal year-end adjustments)] of Holdings and its
      Subsidiaries as of the Computation Date and has been prepared in
      accordance with GAAP consistently
applied.

            

    

     

    
      	
              II.

            	
              Financial
      Tests.  The Borrowers hereby certify and warrant to you
      that the following is a true and correct computation as at the Computation
      Date of the following ratios and/or financial restrictions contained in
      the Credit Agreement and Forbearance
Agreement:

            

    

     

    
      	
              A.

            	
              Section 5.2(a)
      of Forbearance Agreement – Minimum Cumulative
  EBITDA

            

    

     

    
      	 	1.           Cumulative
      EBITDA	
               $________
      

            
	 	(Fiscal Month
      starting closest to July 1 through date of determination)	 
	 	 	 
	 	2.           Pro
      Forma Target EBITDA for such period	 $________
      
	 	 	 
	 	3.           Sum
      of (1) and (2) (Adjusted EBITDA)	 $________  
	 	 	  
	 	4.           Minimum
      Required EBITDA for such period	 $________
      
	 	 	 
	 	5.           In
      compliance  	 Yes/No

    

     

    
      	
              B.

            	
              Section 5.2(b)
      of Forbearance Agreement - Minimum Fixed Charge Coverage
    Ratio

            

    

     

    
      	 	1.           EBITDA
      for Fiscal Quarter  	
               $________
      

            
	 	 	 
	 	2.           Income
      taxes paid    	 $________
      
	 	 	 
	 	3.           Unfinanced
      Capital Expenditures 	 $________  
	 	 	  
	 	4.           Sum
      of (2) and (3)  	 $________
      

    

     

    Exhibit B

      Page 1

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	5.           Remainder
      of (1) minus (4)   	
               $________
      

            
	 	 	 
	 	6.           Interest
      Expense  	 $________
      
	 	 	 
	 	

              7.           Required
      payments of principal
      of Funded Debt (including
      the Term Loans but excluding Revolving Loans)

            	 $________  
	 	 	  
	 	8.           Distributions
      made to holders of Holdings'
      Capital Securities, and amounts paid
      to purchase or redeem such Capital Securities	 $________
      
	 	 	 
	 	9.           Sum
      of (6), (7) and (8)    	 ____ to
      1.00
	 	 	 
	 	11.         Minimum
      Required	 2.50 to
      1.00
	 	 	 
	 	12.         In
      Compliance 	 Yes/No

    

     

    C.           Section
5.3 of Forbearance Agreement – EBITDA Recapture

     

    
      	 	1.           Cumulative
      EBITDA   	
               $________
      

            
	 	(A.1 above, but
      disregarding any negative EBITDA)	 
	 	 	 
	 	2.           Minimum
      Required EBITDA (A.4 above)	 $________
      
	 	 	 
	 	

              3.           Difference
      between (1) minus (2)

            	 $________  
	 	 	  
	 	4.           15%
      of (3) (Required Prepayment Amount) 	 $________
      

    

     

    D.           Section 11.14.5
of Credit Agreement - Capital Expenditures

     

    
      	 	1.           Capital
      Expenditures for the Fiscal Year
      (other than in respect of Specified Systems
      CapEx)	
               $________
      

            
	 	 	 
	 	2.           Maximum
      Permitted Capital Expenditures
      (other than in respect of
      Specified Systems CapEx)	 $________
      
	 	 	 
	 	

              3.           In
      Compliance

            	 Yes/No
	 	 	  
	 	4.           Aggregate
      Specified Systems CapEx	 $________
      
	 	 	 
	 	5.           Maximum
      Permitted Specified Systems CapEx	 $________
      
	 	 	 
	 	6.           In
      Compliance 	 Yes/No

    

     

    Exhibit B

      Page 2

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

                                                                            

    The
Borrowers further certify to you that (i) no Event of Default has occurred and
is continuing and (ii) no Termination Event has occurred.

     

    Exhibit B

      Page 3

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    The
Borrowers have caused this Certificate to be executed and delivered by their
duly authorized officer on _________, ____.

     

    
      
        	 	CLARK
      HOLDINGS, INC., as a Borrower	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	Title:	 	 

      

    

     

    
      	 	THE
      CLARK GROUP, INC., as a Borrower	 
	 	 	 	 
	
               

            	
              By:
      

            	 	 
	 	Title:	 	 

    

     

    
      	 	

              CLARK
      DISTRIBUTION SYSTEMS, INC.,

              as
      a Borrower

            	 
	 	 	 	 
	
               

            	
              By:
      

            	 	 
	 	Title:	 	 

    

     

    
      	 	CLARK
      WORLDWIDE TRANSPORTATION, INC., as a Borrower	 
	 	 	 	 
	
               

            	
              By:
      

            	 	 
	 	Title:	 	 

    

     

    
      	 	

              HIGHWAY
      DISTRIBUTION SYSTEMS, INC.,

              as
      a Borrower

            	 
	 	 	 	 
	
               

            	
              By:
      

            	 	 
	 	Title:	 	 

    

     

    
      	 	

              EVERGREEN
      EXPRESS LINES, INC.,

              as
      a Borrower

            	 
	 	 	 	 
	
               

            	
              By:
      

            	 	 
	 	Title:	 	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Exhibit
C

    

    ANNEX
A

     

    LENDERS
AND PRO RATA SHARES

    

    
      	
              Lender

            	
              Revolving
      Commitment Amount

            	
              Pro
      Rata Share

            	
              Term
      Loan Commitment
Amount

            	
              Pro
      Rata Share

            
	
               

              Bank
      of America, N.A.

               

            	
               

              $2,218,000

            	
               

              100%

            	
               

              $4,700,000*

            	
               

              100%

            
	
               

              TOTALS

            	
               

              $2,218,000

            	
               

              100%

            	
               

              $4,700,000*

            	
               

              100%

               

            

    

    

    *  In
accordance with the provisions of Section 2.1.2 of the Credit Agreement, the
Term Loan Commitments expired on the earlier of (i) the date on which all Term
Loans were made and (ii) the date that is 60 days following the Closing
Date.  As of September 15, 2009, the outstanding principal amount of
the Term Loans is $3,549,942.04.

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