Document:

exv10w2

 

Exhibit 10.2

ESCROW AGREEMENT

     This
ESCROW AGREEMENT (“Agreement”) is dated
                      , 2007, by and among GLOBAL
LOGISTICS ACQUISITION CORPORATION., a Delaware corporation (“Purchaser”), those Persons
listed as “Sellers” on the signature page to this Agreement (the “Sellers”), CHARLES C.
ANDERSON, JR., or, in his absence, JAY MAIER, as representative of the Sellers (the
“Representative”), and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as escrow agent (the
“Escrow Agent”).

     WHEREAS, Purchaser, Sellers and The Clark Group, Inc. (the “Company”) are the parties
to a Stock Purchase Agreement dated as of May 18, 2007 (the “Purchase Agreement”);

     WHEREAS, pursuant to the terms of the Purchase Agreement, Purchaser has the right to be
indemnified by the Sellers in certain instances; and

     WHEREAS, pursuant to the Purchase Agreement, Purchaser and the Sellers agreed to enter into
this Agreement, pursuant to which Purchaser shall deposit, at the Closing, an amount equal to Seven
Million Five Hundred Thousand Dollars ($7,500,000.00) (the “Indemnity Escrow Principal”)
plus an amount equal to Five Hundred Thousand Dollars (the “Working Capital Escrow
Principal”) plus an amount equal to One Million Dollars ($1,000,000) (the “Discontinued
Operations Principal” and, together with the Indemnity Escrow Principal and the Working Capital
Escrow Principal, sometimes referred to herein as the “Escrow Principal”) in escrow with
the Escrow Agent in order to secure the payment of the Sellers’ obligation to satisfy certain of
their obligations under the Purchase Agreement, as provided therein.

     NOW THEREFORE, the parties agree as follows:

     1. Appointment of Escrow Agent. (a) Upon the terms and subject to the conditions set
forth in this Agreement, Purchaser and the Sellers hereby appoint Escrow Agent as their agent and
custodian to hold, invest and distribute the Escrow Principal and interest and earnings thereon
(the “Escrow Interest,” and with the Escrow Principal, collectively, the “Escrow
Funds”) in accordance with this Agreement, and Escrow Agent hereby accepts such appointment and
agrees to perform all duties expressly set forth in this Agreement. Notwithstanding anything to the
contrary contained herein, all Escrow Interest shall be held in escrow by Escrow Agent in
accordance with the terms of this Agreement and distributed as follows: contemporaneously with the
distribution by Escrow Agent to or for the account of Purchaser or the Sellers, acting through the
Representative, of any portion of the Escrow Principal, Escrow Agent shall include in such
distribution the accrued Escrow Interest, if any, attributable to the portion of the Escrow
Principal so distributed.

     (b) Escrow Agent agrees to (i) accept delivery of the Escrow Principal and hold the Escrow
Funds in escrow as funds available to secure the indemnification obligations owed by the Sellers to
Purchaser pursuant to the Purchase Agreement and

 

 

(ii) hold and disburse the Escrow Funds in accordance with the terms and conditions of this
Agreement including for the uses and purposes stated in clause (i) above. Upon receipt of the
Escrow Principal, Escrow Agent shall acknowledge receipt thereof by written notice to Purchaser and
the Representative.

     2. Termination of Agreement. The Escrow Fund shall continue in existence during the
period from the Closing Date to earliest to occur of (a) the disbursement or release of the entire
amounts of the Escrow Funds by Escrow Agent in accordance with the terms hereof and (b) payment of
the entire amount of the Escrow Funds into a court of competent jurisdiction in accordance with
Sections 6(e) or (f).

     3. Distributions to Purchaser From the Indemnity Escrow Principal.

          (a) Purchaser Claim. At any time on or prior to [date that is eighteen months after
Closing Date] (the “Indemnity Escrow Period”), Purchaser may make a claim for
indemnification pursuant to Article VII of the Purchase Agreement (“Indemnity Claim”)
against the Indemnity Escrow Principal and interest earned thereon by giving notice (a “Claim
Notice”), substantially in the form attached hereto as Exhibit A, to Escrow Agent (with
a copy to the Representative) specifying (i) the covenant, representation, warranty, agreement,
undertaking or obligation contained in the Purchase Agreement which it asserts has been breached or
otherwise entitles Purchaser to indemnification, (ii) in reasonable detail, the nature and dollar
amount of any Indemnity Claim, and (iii) whether the Indemnity Claim results from a Third Party
Claim against Purchaser. Purchaser also shall deliver to the Escrow Agent (with a copy to the
Representative), concurrently with its delivery to the Escrow Agent of the Claim Notice, a
certification as to the date on which the Claim Notice was delivered to the Representative.

          (b) Sellers Dispute. If the Representative shall give a notice to Escrow Agent (with a
copy to the Purchaser), substantially in the form attached hereto as Exhibit B (a
“Counter Notice”), within 30 days following the date of receipt (as specified in
Purchaser’s certification) by the Representative of a copy of the Claim Notice, disputing whether
the Indemnity Claim is indemnifiable under the Purchase Agreement, Purchaser and the Representative
shall attempt to resolve such dispute. If no Counter Notice with respect to an Indemnity Claim is
received by the Escrow Agent from the Representative within such 30-day period, the Indemnity Claim
shall be deemed to be accepted by the Representative on behalf of the Sellers for purposes of this
Agreement and the amount of the Indemnity Claim shall be paid as set forth in the Claim Notice from
Indemnity Escrow Principal together with Escrow Interest thereon.

          (c) Arbitration.  If Purchaser and Representative are unable to resolve the disputed
Indemnity Claim, such dispute shall be submitted to arbitration in accordance with the terms and
provisions of Section 10.12 of the Purchase Agreement. Either Purchaser or Representative may
deliver an Arbitration Notice in the form attached hereto as Exhibit C, together with a
copy of the arbitration award, to the Escrow Agent,

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who shall make distribution of the amount set forth in such award from the Indemnity Escrow
Principal together with Escrow Interest thereon.

          (d) Resolution by Mutual Agreement. If Purchaser and the Representative mutually
agree to settle an Indemnity Claim, then Purchaser and the Representative shall deliver to Escrow
Agent a written certificate in substantially the form of Exhibit D attached hereto,
instructing Escrow Agent to deliver to the specified party or parties, the amount of Indemnity
Escrow Principal as mutually agreed upon by Purchaser and the Representative. Such certificate
shall state the amount of Indemnity Escrow Principal that Escrow Agent shall deliver to each
specified party and the date upon which such delivery shall be made. Escrow Agent shall deliver
the stated amount of Indemnity Escrow Principal together with Escrow Interest thereon to the
specified party or parties, in accordance with such certificate.

     4. Distributions to the Sellers from the Indemnity Escrow Principal. (a) On the first
business day after the expiration of the Indemnity Escrow Period, on notice from the Representative
(with a copy to the Purchaser), the Escrow Agent shall distribute and deliver to the Representative
the remaining Indemnity Escrow Principal, less the total amount of any Indemnity Claims (or amended
Indemnity Claims) that Escrow Agent shall have received from Purchaser, on or before such date,
that have not been withdrawn in writing by Purchaser or finally resolved as contemplated by Section
3(c) or Section 3(d) of this Agreement (collectively, “Pending Indemnity Claims”), and less
any amounts previously delivered to the Representative pursuant to Sections 4(b) and 4(c) hereof,
together with Escrow Interest on the amount distributed and delivered, without any further action
by Purchaser or the Representative. If any Pending Indemnity Claim is resolved, Purchaser and the
Representative shall deliver to the Escrow Agent a Joint Notice in the form of Exhibit D
directing the Escrow Agent to pay the Pending Indemnity Claim as specified therein.

          (b) On the first business day after the date that is six (6) months after the date of this
Agreement, on notice from the Representative (with a copy to the Purchaser), the Escrow Agent shall
distribute and deliver to the Representative one-third of (i) the remaining Indemnity Escrow
Principal less (ii) the total amount of Pending Indemnity Claims, together with Escrow Interest on
the amount so distributed and delivered.

          (c) On the first business day after the date that is twelve (12) months after the date of this
Agreement, on notice from the Representative (with a copy to the Purchaser), the Escrow Agent shall
distribute and deliver to the Representative one-half of (i) the remaining Indemnity Escrow
Principal less (ii) the total amount of Pending Claims, together with Escrow Interest on the amount
so distributed and delivered.

     5. Distributions to Purchaser From the Working Capital Escrow Principal.

(a)
Purchaser Claim. At any time after the period ending March 31,
2008 (the “Measurement Period”), but in no event later than
twenty (20) business days thereafter, Purchaser may make a claim

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pursuant to Section 1.9 of the Purchase Agreement (“Working Capital Claim”) against the
Working Capital Escrow Principal and interest earned thereon by giving a Claim Notice to Escrow
Agent (with a copy to the Representative) specifying in reasonable detail, the dollar amount of the
Working Capital Claim. Purchaser also shall deliver to the Escrow Agent (with a copy to the
Representative), concurrently with its delivery to the Escrow Agent of the Claim Notice, a
certification as to the date on which the Claim Notice was delivered to the Representative.

          (b) Sellers Dispute. If the Representative shall give a Counter Notice to Escrow Agent
(with a copy to the Purchaser) within 30 days following the date of receipt (as specified in
Purchaser’s certification) by the Representative of a copy of the Claim Notice, disputing the
Working Capital Claim, Purchaser and the Representative shall attempt to resolve such dispute. If
no Counter Notice with respect to a Working Capital Claim is received by the Escrow Agent from the
Representative within such 30-day period, the Working Capital Claim shall be deemed to be accepted
by the Representative on behalf of the Sellers for purposes of this Agreement and the amount of the
Working Capital Claim shall be paid as set forth in the Claim Notice from the Working Capital
Escrow Principal together with Escrow Interest thereon.

          (c) Arbitration.  If Purchaser and Representative are unable to resolve the disputed
Working Capital Claim, such dispute shall be submitted to arbitration in accordance with the terms
and provisions of Section 10.12 of the Purchase Agreement. Either Purchaser or Representative may
deliver an Arbitration Notice in the form attached hereto as Exhibit C, together with a
copy of the arbitration award, to the Escrow Agent, who shall make distribution of the amount set
forth in such award from the Indemnity Escrow Principal together with Escrow Interest thereon.

          (d) Resolution by Mutual Agreement. If Purchaser and the Representative mutually
agree to settle a Working Capital Claim, then Purchaser and the Representative shall deliver to
Escrow Agent a written certificate in substantially the form of Exhibit D attached hereto,
instructing Escrow Agent to deliver to the specified party or parties, the amount of Working
Capital Escrow Principal as mutually agreed upon by Purchaser and the Representative. Such
certificate shall state the amount of Working Capital Escrow Principal that Escrow Agent shall
deliver to each specified party and the date upon which such delivery shall be made. Escrow Agent
shall deliver the stated amount of Working Capital Escrow Principal together with Escrow Interest
thereon to the specified party or parties, in accordance with such certificate.

     6. Distributions to the Sellers from the Working Capital Escrow Principal. On the
twenty-first (21st) business day after the expiration of
the Measurement Period, on notice from the
Representative (with a copy to the Purchaser), the Escrow Agent shall distribute and deliver to the
Representative the remaining Working Capital Escrow Principal, less the total amount of any Working
Capital Claims (or amended Working Capital Claims) that Escrow Agent shall have received from
Purchaser, on or before such date, that have not been withdrawn in writing by Purchaser or finally
resolved as contemplated by Section 5(c) or Section 5(d) of this Agreement (collectively,
“Pending 

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Working Capital Claims”), together with Escrow Interest on the amount distributed and
delivered, without any further action by Purchaser or the Representative. If any Pending Working
Capital Claim is resolved, Purchaser and the Representative shall deliver to the Escrow Agent a
Joint Notice in the form of Exhibit D directing the Escrow Agent to pay the Pending Working
Capital Claim as specified therein.

     7. Distributions to Purchaser From the Discontinued Operations Escrow Principal.

          (a) Purchaser Claim. At any time on or prior to [date that is one year after Closing
Date] (the “Discontinued Operations Escrow Period”), Purchaser may make a claim for
indemnification pursuant to Section 5.25 of the Purchase Agreement (a “Discontinued Operations
Claim”) against the Discontinued Operations Escrow Principal and interest thereon by giving a
Claim Notice to Escrow Agent (with a copy to the Representative) specifying the Discontinued
Operations expense for which Purchaser seeks reimbursement. Purchaser also shall deliver to the
Escrow Agent (with a copy to the Representative), concurrently with its delivery to the Escrow
Agent of the Claim Notice, a certification as to the date on which the Claim Notice was delivered
to the Representative.

          (b) Sellers Dispute. If the Representative shall give a Counter Notice to Escrow Agent
(with a copy to the Purchaser) within 30 days following the date of receipt (as specified in
Purchaser’s certification) by the Representative of a copy of the Claim Notice, disputing whether
the Discontinued Operations Claim is reimbursable under the Purchase Agreement, Purchaser and the
Representative shall attempt to resolve such dispute. If no Counter Notice with respect to a
Discontinued Operations Claim is received by the Escrow Agent from the Representative within such
30-day period, the Discontinued Operations Claim shall be deemed to be accepted by the
Representative on behalf of the Sellers for purposes of this Agreement and the amount of the
Discontinued Operations Claim shall be paid as set forth in the Claim Notice from Discontinued
Operations Escrow Principal together with Escrow Interest thereon.

          (c) Arbitration.  If Purchaser and Representative are unable to resolve the disputed
Discontinued Operations Claim, such dispute shall be submitted to arbitration in accordance with
the terms and provisions of Section 10.12 of the Purchase Agreement. Either Purchaser or
Representative may deliver an Arbitration Notice in the form attached hereto as Exhibit C,
together with a copy of the arbitration award, to the Escrow Agent, who shall make distribution of
the amount set forth in such award from the Indemnity Escrow Principal together with Escrow
Interest thereon.

          (d) Resolution by Mutual Agreement. If Purchaser and the Representative mutually
agree to settle a Discontinued Operations Claim, then Purchaser and the Representative shall
deliver to Escrow Agent a written certificate in substantially the form of Exhibit D
attached hereto, instructing Escrow Agent to deliver to the specified party or parties, the amount
of Discontinued Operations Escrow Principal as mutually agreed upon by Purchaser and the
Representative. Such certificate shall state

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the amount of Discontinued Operations Escrow Principal that Escrow Agent shall deliver to each
specified party and the date upon which such delivery shall be made. Escrow Agent shall deliver
the stated amount of Discontinued Operations Escrow Principal together with Escrow Interest thereon
to the specified party or parties, in accordance with such certificate.

     8. Distributions to the Sellers from the Discontinued Operations Escrow Principal. On
the first business day after the expiration of the Discontinued Operations Escrow Period, on notice
from the Representative (with a copy to the Purchaser), the Escrow Agent shall distribute and
deliver to the Representative the remaining Discontinued Operations Escrow Principal, less the
total amount of any Discontinued Operations Claims (or amended Discontinued Claims) that Escrow
Agent shall have received from Purchaser, on or before such date, that have not been withdrawn in
writing by Purchaser or finally resolved as contemplated by Section 7(c) or Section 7(d) of this
Agreement (collectively, “Pending Discontinued Operations Claims”), together with Escrow
Interest on the amount distributed and delivered, without any further action by Purchaser or the
Representative. If any Pending Discontinued Operations Claim is resolved, Purchaser and the
Representative shall deliver to the Escrow Agent a Joint Notice in the form of Exhibit D
directing the Escrow Agent to pay the Pending Discontinued Operations Claim as specified therein.

     9. Cooperation. The Escrow Agent, Purchaser and the Representative shall cooperate in
all respects with one another in the calculation of any amounts determined to be payable to
Purchaser and the Representative in accordance with this Agreement and in implementing the
procedures necessary to effect such payments.

     10. Duties; Liabilities. (a) Escrow Agent hereby accepts its obligations under this
Agreement, and represents that it has the legal power and authority to enter into this Agreement
and to perform its obligations hereunder. Escrow Agent agrees that all Escrow Funds held by Escrow
Agent under this Agreement shall be segregated from all other property held by Escrow Agent, shall
be designated under the account name “Clark Escrow Account” and otherwise be identified as being
held in connection with this Agreement. Segregation may be accomplished by appropriate
identification on the books and records of Escrow Agent. Escrow Agent agrees that its documents
and records with respect to the transactions contemplated by this Agreement shall be available for
examination by authorized representatives of Purchaser and the Sellers. Escrow Agent agrees to
deliver to Purchaser and the Representative written statements not less than monthly summarizing
any activity with respect to the Escrow Funds (including all Escrow Interest) and detailing the
balance thereof. The Escrow Agent undertakes to perform only such duties as are expressly set forth
herein. It is understood that the Escrow Agent is not a trustee or fiduciary and is acting
hereunder merely in a ministerial capacity.

          (b) Escrow Agent shall invest and reinvest the Escrow Funds in accounts of the types specified
in Exhibit E annexed hereto, or in such other investments as Purchaser and the
Representative may from time to time mutually agree upon in

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writing executed by Purchaser and the Representative and delivered to Escrow Agent. All
investments of the Escrow Funds shall be held by, or registered in the name of, Escrow Agent or its
nominee.

          (c) The Escrow Agent shall not be liable for any action taken or omitted by it in good faith
and in the exercise of its own best judgment, and may rely conclusively and shall be protected in
acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel
chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as
to its due execution and the validity and effectiveness of its provisions, but also as to the truth
and acceptability of any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not
be bound by any notice or demand, or any waiver, modification, termination or rescission of this
Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or
parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given
its prior written consent thereto.

          (d) The Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment
pursuant to the terms of this Agreement, whether by virtue of joint resolution, arbitration or
determination of a court of competent jurisdiction, is to pay the amounts specified in such notice,
and the Escrow Agent shall have no duty to determine the validity, authenticity or enforceability
of any specification or certification made in such notice. In the event fund transfer instructions
are given (other than in writing at the time of the execution of this Agreement), whether in
writing, by telecopier or otherwise, Escrow Agent is authorized to seek confirmation of such
instructions by telephone call-back to the person or persons designated on Schedule 1
attached hereto, and Escrow Agent may rely upon the confirmations of anyone purporting to be the
person or persons so designated. The persons and telephone numbers for call-backs may be changed
only in writing actually received and acknowledged by Escrow Agent.

          (e) The Escrow Agent may consult with counsel of its own choice and shall have full and
complete authorization and indemnification under Section 10(h), below, for any action taken or
suffered by it hereunder in good faith and in accordance with the opinion of such counsel.

          (f) The Escrow Agent may resign at any time and be discharged from its duties as escrow agent
hereunder by its giving the other parties hereto written notice and such resignation shall become
effective as hereinafter provided. Such resignation shall become effective at such time that the
Escrow Agent shall turn over the Escrow Fund to a successor escrow agent appointed jointly by
Purchaser and the Representative. If no new escrow agent is so appointed within the 60 day period
following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Fund
with any court in the Southern District of New York it deems reasonably appropriate.

          (g) In the event of a dispute between the parties as to the proper disposition of the Escrow
Fund, the Escrow Agent shall be entitled (but not required) to

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deliver the Escrow Fund into the United States District Court for the Southern District of New
York and, upon giving notice to Purchaser and the Representative of such action, shall thereupon be
relieved of all further responsibility and liability; provided, however, that any such action of
interpleader shall not be deemed to modify the manner in which Escrow Agent is entitled to make
disbursements of the Escrow Funds as set forth in this Agreement other than to tender the Escrow
Funds into the registry of such court.

          (h) The Escrow Agent shall be indemnified and held harmless by Purchaser from and against any
expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in
connection with any action, suit or other proceeding involving any claim which in any way, directly
or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent
hereunder, or the Escrow Fund held by it hereunder, other than expenses or losses arising from the
gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the
Escrow Agent of notice of any demand or claim or the commencement of any action, suit or
proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the
receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the
nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow
Fund or it may deposit the Escrow Fund with the clerk of any appropriate court and be relieved of
any liability with respect thereto or it may retain the Escrow Fund pending receipt of a final,
non-appealable order of a court having jurisdiction over all of the parties hereto directing to
whom and under what circumstances the Escrow Fund are to be disbursed and delivered.

          (i) The Escrow Agent shall be entitled to reasonable compensation from Purchaser for all
services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from
Purchaser for all expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all
taxes or other governmental charges.

          (j) From time to time on and after the date hereof, Purchaser and the Representative shall
deliver or cause to be delivered to the Escrow Agent such further documents and instruments and
shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to
carry out more effectively the provisions and purposes of this Agreement, to evidence compliance
herewith or to assure itself that it is protected in acting hereunder.

          (k) Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved
from liability hereunder for its own gross negligence or its own willful misconduct.

     11. No Implied Duties. This Agreement expressly sets forth all the duties of the
Escrow Agent with respect to any and all matters pertinent hereto. No implied duties or obligations
shall be read into this Agreement against the Escrow Agent. The Escrow Agent shall not be bound by
the provisions of any agreement among the parties hereto except this Agreement and shall have no
duty to inquire into the terms and conditions of

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any agreement made or entered into in connection with this Agreement, including, without
limitation, the Purchase Agreement.

     12. Successors; Amendments. This Agreement shall inure to the benefit of and be
binding upon the parties and their respective heirs, successors, assigns and legal representatives
and shall be governed by and construed in accordance with the law of New York applicable to
contracts made and to be performed therein. This Agreement cannot be changed or terminated except
by a writing signed by Purchaser, the Representative and the Escrow Agent.

     13. Jurisdiction. Purchaser, each of the Sellers and the Representative each hereby
consents to the exclusive jurisdiction of the New York state courts sitting in New York County and
federal courts sitting in the Southern District of New York with respect to any claim or
controversy arising out of this Agreement. Service of process in any action or proceeding brought
against Purchaser, any of the Sellers or the Representative in respect of any such claim or
controversy may be made upon it by registered mail, postage prepaid, return receipt requested, at
the address specified in Section 10, with a copy delivered by nationally recognized overnight
carrier to Graubard Miller, The Chrysler Building, 405 Lexington Avenue, New York, N.Y. 10174-1901,
Attention: David Alan Miller, Esq.

     14. Notices. All notices and other communications under this Agreement shall be in
writing and shall be deemed given if given by hand or delivered by nationally recognized overnight
carrier, or if given by telecopier and confirmed by mail (registered or certified mail, postage
prepaid, return receipt requested), to the respective parties as follows:

	 	A.	 	If to Purchaser, to it at:

c/o Global Logistics Acquisition Corporation

330 Madison Avenue, Sixth Floor

New York, New York 10017

Telecopier No.: 646-495-5164

with a copy to:

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174-1901

Attention: David Alan Miller, Esq.

Telecopier No.: 212-818-8881

	 	B.	 	If to the Representative, to him at:

6016 Brookvale Lane, Suite 151

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Knoxville, TN 37919

Telecopier No.: 865-584-3498

with a copy to:

Timothy K. Corley, Esq.

2815 Darby Drive

Florence, AL 35630

Telecopier No.: 256-760-0083

	 	C.	 	If to the Escrow Agent, to it at:

Continental Stock Transfer & Trust Company

2 Broadway

New York, New York 10004

Attention: Steven G. Nelson

Telecopier No.: 212-509-5150

     or to such other person or address as any of the parties hereto shall specify by notice in
writing to all the other parties hereto.

     15. Miscellaneous.

          (a) None of the parties may assign this Agreement or its rights or obligations hereunder, in
whole or in part, voluntarily or by operation of law, without the written consent of the other
parties, and any attempted assignment without such consent shall be void and without legal effect.

          (b) There are no third-party beneficiaries of this Agreement. Nothing contained in this
Agreement shall be deemed to confer upon any other person or entity other than the parties hereto
any right or remedy under or by reason of this Agreement.

          (c) No waiver by any party of any of the provisions hereof shall be effective unless expressly
set forth in writing and executed by the party so waiving. The waiver by any party of a breach of
any provision of this Agreement shall not operate or be construed as a waiver of any subsequent
breach.

          (d) This Agreement (including the exhibits and schedules attached hereto), together with the
Purchase Agreement, supersedes all prior agreements among the parties with respect to its subject
matter and constitutes a complete and exclusive statement of the terms of the agreement among the
parties with respect to its subject matter. There have been and are no agreements, representations
or warranties among the parties other than those set forth or provided for in this Agreement, the
Purchase Agreement and the other agreements and documents contemplated thereby. This Agreement is
not intended to modify, and shall not be construed as modifying the Purchase Agreement.

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          (e) If any provision of this Agreement or the application thereof to any person or
circumstance shall be determined by a court of competent jurisdiction to be invalid or
unenforceable, the remaining provisions hereof, or the application thereof to persons or
circumstances other than those to which it is held invalid or unenforceable, shall not be affected
thereby and shall be valid and enforceable to the fullest extent permitted by applicable law.

          (f) The headings of the sections and subsections of this Agreement are for ease of reference
only and do not evidence the intentions of the parties.

          (g) This Agreement may be executed by facsimile signature pages and in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

          (h) Capitalized terms used herein that are not otherwise defined herein shall have the
meanings ascribed to them in the Purchase Agreement.

[Signatures Continued on Following Page]

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     IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement on the date
first above written.

	 	 	 	 	 	 	 
	 	 	GLOBAL LOGISTICS ACQUISITION CORPORATION  
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	THE SELLERS	 	 
	 
	 	 	 	 	 	 
	 	 	[Signatures on separate page]	 	 
	 
	 	 	 	 	 	 
	 	 	THE REPRESENTATIVE	 	 
	 
	 	 	 	 	 
	 	 	Charles R. Anderson, Jr.	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	Jay Maier	 	 
	 
	 	 	 	 	 	 
	 	 	ESCROW AGENT	 	 
	 
	 	 	 	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Steven G. Nelson	 	 
	 	 	Title: Chairman	 	 

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SELLERS SIGNATURE PAGE

	 	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	JOEL R. ANDERSON	 	 
	 
	 	 	 	 	 
	 	 	CHARLES C. ANDERSON, JR.	 	 
	 
	 	 	DELAWARE ESBT FOR CHARLES ANDERSON JR.	 	 
	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Trustee*	 	 
	 
	 	 	 	 	 
	 	 	TERRY C. ANDERSON	 	 
	 
	 	 	 	 	 
	 	 	CLYDE B. ANDERSON	 	 
	 
	 	 	 	 	 
	 	 	HAROLD M. ANDERSON	 	 
	 
	 	 	 	 	 
	 	 	CHARLES C. ANDERSON III	 	 
	 
	 	 	 	 	 
	 	 	FRANK STOCKARD	 	 
	 
	 	 	 	 	 
	 	 	BILL LARDIE	 	 
	 
	 	 	 	 	 
	 	 	JAY MAIER	 	 

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	 	 	DELAWARE ESBT FOR JAY MAIER	 	 
	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Trustee*	 	 
	 
	 	 	 	 	 
	 	 	DAVID GILLIS	 	 
	 
	 	 	 	 	 
	 	 	JOHN BARRY	 	 
	 
	 	 	 	 	 
	 	 	TIMOTHY TEAGAN	 	 

 

* Each Trustee is a signatory hereto solely in his or her capacity as a trustee and shall have no
personal liability or obligation hereunder.

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SCHEDULE 1

AUTHORIZED SIGNATORIES

For Purchaser, the following persons, with the titles and specimen signatures shown below:

	 	 	 	 	 	 	 
	Name	 	Title	 	Specimen Signature	 	Telephone Number
	 

	 	Authorized Signatory	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Authorized Signatory	 	 	 	 
	 

	 	 	 	 	 	 

For the Sellers, the following persons, as Representative, with the titles and specimen
signatures shown below:

	 	 	 	 	 	 	 
	Name	 	Title	 	Specimen Signature	 	Telephone Number
	Charles C. Anderson

	 	Representative	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Jay Maier

	 	Representative	 	 	 	 
	 

	 	 	 	 	 	 

15

 

EXHIBIT A

NOTICE CERTIFICATE

TO:                     

     This Certificate is issued pursuant to that certain Escrow Agreement, dated as of                      ___, 2007, among Global Logistics Acquisition Corporation, a Delaware corporation
(“Purchaser”), the Sellers listed on the signature page thereto (“Sellers”),
Charles C. Anderson, Jr. or, in his absence, Jay Maier, as Representative of the Sellers (the
“Representative”) and you, as Escrow Agent (the “Escrow Agreement”). Capitalized
terms used but not otherwise defined in this Certificate shall have the meanings ascribed to them
in the Escrow Agreement.

     The undersigned hereby certifies that it has a good faith belief that it is entitled to
receive Escrow Principal in the amount of $                     under the Escrow Agreement by virtue of
a(n)                      Claim under the Purchase Agreement. The material facts and
circumstances of such                      Claim (to the extent known to Purchaser as of the date
hereof) are summarized on Schedule I attached hereto.

     Accordingly, you are hereby instructed to distribute, on the thirtieth (30th) day
after your receipt of this Certificate, the sum of $                     from the
                     Escrow Principal (plus all Escrow Interest accrued on such portion of the
                     Escrow Principal) to the undersigned by wire transfer to the following account:

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Bank:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Account:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	Routing Number:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

     A copy of this Certificate has been given to the Sellers in accordance with the provisions of
Section 14 of the Escrow Agreement.

Dated:                      ___, 200_.

	 	 	 	 	 	 	 
	 	 	PURCHASER:	 	 
	 
	 	 	 	 	 	 
	 	 	GLOBAL LOGISTICS ACQUISITION CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title: Authorized Signatory	 	 

16

 

EXHIBIT B

COUNTER NOTICE CERTIFICATE

TO:                     

     This Certificate is issued pursuant to that certain Escrow Agreement, dated as of                     
___, 2007, among Global Logistics Acquisition Corporation, a Delaware corporation
(“Purchaser”), the Sellers listed on the signature page thereto (“Sellers”),
Charles C. Anderson, Jr. or, in his absence, Jay Maier, as Representative of the Sellers (the
“Representative”) and you, as Escrow Agent (the “Escrow Agreement”). Capitalized
terms used but not otherwise defined in this Certificate shall have the meanings ascribed to them
in the Escrow Agreement.

     The undersigned hereby object to the claim for                      Escrow Principal that
Purchaser asserted in the amount of $                     under that certain Notice Certificate, dated
                     ___, 200_, delivered by Purchaser to you.

     The Representative disputes such claim in [whole][part]. The material facts and circumstances
of such dispute are summarized on Schedule I attached hereto. Accordingly, you are hereby
instructed [to deliver $                     of such amount to Purchaser, together with accrued Escrow
Interest thereon (the “Agreed Portion”) and not to deliver $                     of such amount or
any Escrow Interest accrued thereon (the “Disputed Portion”)][not to deliver any of such
amount to Purchaser].

     A copy of this Certificate has been given to Purchaser in accordance with the provisions of
Section 14 of the Escrow Agreement.

Dated:                     ___, 200_.

	 	 	 	 	 	 	 
	 	 	THE REPRESENTATIVE:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title: Representative	 	 

17

 

EXHIBIT C

ARBITRATION CERTIFICATE

TO:                     

     This Certificate is issued pursuant to that certain Escrow Agreement, dated as of                     
___, 2007, among Global Logistics Acquisition Corporation, a Delaware corporation
(“Purchaser”), the Sellers listed on the signature page thereto (“Sellers”),
Charles C. Anderson, Jr. or, in his absence, Jay Maier, as Representative of the Sellers (the
“Representative”) and you, as Escrow Agent (the “Escrow Agreement”). Capitalized
terms used but not otherwise defined in this Certificate shall have the meanings ascribed to them
in the Escrow Agreement.

     The undersigned hereby certifies that (a) it has received an arbitration award
(“Award”) that includes an award to the undersigned; (b) a true, correct and complete copy
of the Award accompanies this Certificate; and (c) pursuant to the Award, it is entitled to receive
Escrow Principal in the amount of $                     under the Escrow Agreement.

     Accordingly, you are hereby instructed to distribute [immediately] [on                      ___, 200___]
$                     of                      Escrow Principal (plus all Escrow Interest accrued in respect
thereof) to the undersigned by wire transfer of immediately available funds to the following
account:

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Bank:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Account:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	Routing Number:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

     A copy of this Certificate has been given to the other parties to the Escrow Agreement in
accordance with the provisions of Section 14 of the Escrow Agreement.

Dated:                     ___, 200_.

	 	 	 	 	 	 	 
	 	 	PURCHASER:	 	 
	 
	 	 	 	 	 	 
	 	 	GLOBAL LOGISTICS ACQUISITION CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 

	 	-or-	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	THE REPRESENTATIVE:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title: Representative	 	 

18

 

EXHIBIT D

MUTUALLY AGREED DISTRIBUTION OF ESCROW FUNDS CERTIFICATE

TO:                     

     This Certificate is issued pursuant to that certain Escrow Agreement, dated as of                     
___, 2007, among Global Logistics Acquisition Corporation, a Delaware corporation
(“Purchaser”), the Sellers listed on the signature page thereto (“Sellers”),
Charles C. Anderson, Jr. or, in his absence, Jay Maier, as Representative of the Sellers (the
“Representative”) and you, as Escrow Agent (the “Escrow Agreement”). Capitalized
terms used but not otherwise defined in this Certificate shall have the meanings ascribed to them
in the Escrow Agreement.

     Purchaser has previously issued to you a(n)                      Claim Certificate, dated                      ___,
200_, pursuant to which it claimed that it had a good faith belief that it was entitled to
                     Escrow Principal pursuant to the terms of the Escrow Agreement by virtue of an
                     Claim arising under the Purchase Agreement. The matters giving rise to such Claim
Certificate have been the subject of settlement negotiations between Purchaser and the Sellers, and
such parties have now settled such matters pursuant to a mutually satisfactory settlement
agreement.

     Accordingly, you are hereby instructed to distribute [immediately] [on                      ___, 200___]
$                     from the                      Escrow Principal to [Purchaser/the Representative, as
applicable] by wire transfer of immediately available funds to the following account:

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Bank:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	Account:	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	Routing Number:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

Dated:                      ___, 200_.

	 	 	 	 	 	 	 
	 	 	PURCHASER:	 	 
	 
	 	 	 	 	 	 
	 	 	GLOBAL LOGISTICS ACQUISITION CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	THE REPRESENTATIVE:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name:	 	 
	 	 	Title: Representative	 	 

19

 

EXHIBIT E

PERMITTED INVESTMENTS

Money Market Funds — Any open end money market fund regulated by the U.S. government under
Investment Company Act rule 2a-7. Any investment fund regulated advised by a Registered Investment
Advisor under rule 3c7. Such fund investment guidelines must state that “the fund will seek to
maintain a $1 per share net asset value.” The investment in any one fund may not exceed 10% of the
assets of the fund into which it is invested.

Other permitted securities include: Taxable variable rate demand notes
(VRDN’s) and 28 — 35 day taxable auction rate securities. All securities must be AAA rated or an
equivalent rating by two or more national recognized rating agencies.

20exv10w3

 

Exhibit 10.3

EMPLOYMENT AGREEMENT

     This Employment Agreement (“Agreement”) is entered into on May 18, 2007 by and between Timothy
Teagan, a natural person (“Executive”), and The Clark Group, Inc., a Delaware corporation (the
“Company”).

RECITALS

     Global Logistics Acquisition Corporation (“GLAC”) has agreed to acquire all the outstanding
capital stock of the Company pursuant to an agreement (the “Purchase Agreement”) dated the date
hereof among GLAC, the Company and the stockholders of the Company.

     Executive has served as an executive of The Clark Group, Inc. or one or more of its
subsidiaries and the Company desires to continue the employment of Executive effective upon the
closing of the transactions contemplated by the Purchase Agreement.

AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set
forth below, the parties hereto agree as follows:

1. Employment and Term

          (a) Full Time and Best Efforts. Subject to the terms set forth herein, the Company
agrees to employ Executive and Executive hereby accepts such employment. During the term of his
employment, Executive will devote his full time, best efforts and attention to the performance of
his duties hereunder and to the business and affairs of the Company.

          (b) Duties. Executive shall serve in the executive capacity set forth on Exhibit A
hereto and shall perform such duties as are customarily associated with such position, consistent
with the Bylaws of the Company and as required by the Company’s Board of Directors (the “Board”).
Such duties shall include, without limitation, implementing strategic and operating plans,
directing the day-to-day management of the Company, maintaining and solidifying relationships with
the Company’s key employees and customers, and supporting the growth and efficiency of the Company.

          (c) Company Policies. The employment relationship between the parties shall be
governed by the general employment policies and practices of the Company, including but not limited
to those relating to protection of confidential information and assignment of inventions, except
that when the terms of this Agreement differ from or are in conflict with such employment policies
and practices, this Agreement shall control.

1

 

          (d) Term. The initial term of employment of Executive under this Agreement shall begin
on the date of the closing of the transactions contemplated by the Purchase Agreement (the “Closing
Date”) and end three (3) years thereafter, subject to the provisions for termination contained in
Section 5. Prior to the Closing Date, the terms of Executive’s employment with the Company shall
be governed by the terms and conditions of the employment agreement between the Executive and the
Company dated January 1, 1998, as the same may be amended. If the Purchase Agreement is terminated
prior to the closing of the transactions contemplated thereby, this Agreement shall thereupon be
null, void and of no further effect.

     2. Compensation and Benefits

          (a) Salary. Executive shall receive for services to be rendered hereunder the annual
base salary shown on Exhibit B, payable on the Company’s regular payroll dates, subject to increase
at the sole discretion of the Board, and subject to standard withholdings for taxes and social
security and the like. The Board shall review Executive’s salary on an annual basis and may, in its
sole discretion, increase Executive’s salary.

          (b) Participation in Benefit Plans. During the term hereof, Executive shall be
entitled to participate in any group insurance, hospitalization, medical, dental, health and
disability benefit plans sponsored by the Company for which, and to the extent, he is eligible
under the general provisions thereof. The Company, may, in its sole discretion and from time to
time, establish additional senior management benefit programs as it deems appropriate. Executive
understands that any such plans may be modified or eliminated in the Company’s discretion in
accordance with applicable law; provided however, the Company shall strive to maintain for
Executive, to the extent permitted by law, the existing benefits and, in any event, no less
favorable to Executive than benefits provided to similarly situated executives of other entities
under common control with the Company. A listing of Executive’s current benefits provided by the
Company not otherwise described in the Company’s employee handbook is shown on Exhibit B attached
hereto.

     3. Incentive Compensation.

     (a) Cash Bonus

     The Executive shall be eligible to participate in the executive incentive bonus plan. The
incentive bonus pool will be established by the compensation committee and will be distributed
based on achieving agreed performance metrics. Bonus opportunity to be consistent with historic
level and with the parameters outlined in Exhibit B.

     (b) Equity Award Plan

     The Executive shall be eligible to participate in the Company’s stock compensation plan. The
stock compensation plan will be established and administered by the compensation
committee. Awards will be distributed based on achieving agreed performance metrics. Equity
award will be in line with the parameters outlined in Exhibit B.

2

 

     4. Reasonable Business Expenses and Support. Executive shall be reimbursed for
documented and reasonable business expenses incurred in connection with the performance of his
duties hereunder subject to company policies and procedures.

     5. Termination of Employment. The date on which Executive’s employment by the Company
ceases, under any of the following circumstances, shall be defined herein as the “Termination
Date.”

          (a) Termination for Cause.

               (i) Termination: Payment of Accrued Salary and Vacation. The Board may terminate Executive’s
employment with the Company at any time for cause, immediately upon written notice to Executive of
the circumstances leading to such termination for cause. If Executive’s employment is terminated
for cause, Executive shall receive payment for all accrued salary and vacation time through the
Termination Date, which in this event shall be the date upon which notice of termination is given.
The Company shall have no obligation to pay severance of any kind nor to make any payment in lieu
of notice if Executive is terminated for cause.

               (ii) Definition of Cause. “Cause” means the occurrence or existence of any of the following
with respect to Executive, as reasonably determined by the Board: (A) the repeated failure to obey
a lawful directive of the Board relating to the business of the Company after at least one written
notice of such failure has been given; (B) a material breach by Executive of his duty not to engage
in any transaction that represents, directly or indirectly, self-dealing with the Company which has
not been approved by the Board, or a material breach by Executive of the terms of his employment,
if in any such case such material breach remains uncured after the lapse of 30 days following the
date that the Company has given Executive written notice thereof; (C) any act of dishonesty,
misappropriation, embezzlement, intentional fraud or similar conduct involving the Company; (D) the
conviction or the plea of nolo contendere or the equivalent in respect of a felony involving moral
turpitude (but in no event relating to any violation of any obscenity laws with respect to
publications carried by the Company); (E) any intentional damage of a material nature to any
property of the Company; or (F) the repeated non-prescription use of any controlled substance or
the repeated use of alcohol or any other non-controlled substance which, in the reasonable
determination of the Board renders Executive unfit to serve in his capacity as an officer or
employee of the Company.

          (b) Voluntary Termination. Executive may voluntarily terminate his employment with the
Company at any time upon 180 days’ prior written notice. On the Termination Date, Executive shall
receive payment for all accrued salary through the Termination Date, after which no further
compensation of any kind or severance payment will be payable under this Agreement.

          (c) Termination upon Disability. The Company may terminate Executive’s employment in
the event Executive suffers a disability that renders Executive unable to perform the essential
functions of his position, even with reasonable accommodation in compliance with

3

 

the Americans with
Disabilities Act, for six consecutive months within any twelve month period. After the Termination
Date, which in this event shall be the date upon which notice of termination is given, no further
compensation will be payable under this Agreement.

          (d) Termination Without Cause. The Company may terminate Executive’s employment
without “cause” (as defined above) at any time upon 30 days’ prior written notice. On the
Termination Date, Executive shall receive payment for all accrued salary through the Termination
Date and thereafter the Company shall pay Executive severance for twelve months or through the term
of this Agreement, whichever is longer, at the rate Executive is then being compensated. Standard
withholdings for taxes and social security and the like shall be deducted from the severance
payment. The severance shall be payable in equal installments on each of the Company’s regular
payroll dates during the severance period commencing on the first such payroll date following the
Termination Date. In addition, medical, dental, prescription and life insurance benefits shall
continue to be provided, at the cost of the Company, during the period of severance payments or
though the remaining term of this Agreement, whichever is greater. Any cash bonuses or other
payments that would have been earned in the fiscal year in which Executive is terminated will be
paid to Executive on a pro rata basis at the same time as other executives receive such bonuses or
payments.

          (e) Fundamental Changes.  If the Company (i) materially diminishes Executive’s duties,
authority, or responsibility, (ii) reduces Executive’s compensation, or (iii) breaches this
Agreement in any material respect, Executive may terminate his employment provided that the
Executive has given the Company 15 days’ written notice prior to such termination and the Company
has not cured such diminution or breach, as the case may be, by the end of such 15-day period. If
the Company relocates its corporate offices outside a triangular area formed by Princeton, New
Jersey, Doylestown, Pennsylvania, and Langhorne, Pennsylvania, then after one year Executive may
terminate his employment provided that the Executive has given the Company 90 days’ written notice
prior to such termination. A termination under the circumstances set forth in this subsection (e)
shall be treated as a Company termination without cause, and Executive shall be entitled to the
severance payments provided in Section 5(d).

     6. Proprietary Information Obligations. Executive will execute, or has executed and
hereby ratifies and affirms his obligations under, the Company’s standard form non-disclosure
agreement in the form attached hereto as Exhibit C.

     7. Noninterference. While employed by the Company and for the period of two years
thereafter, Executive agrees not to interfere with the business of the Company by directly or
indirectly soliciting, attempting to solicit, inducing, or otherwise causing any employee who is an
employee of the Company at the time of such solicitation to terminate his or her employment in
order to become an employee, consultant or independent contractor to or for any other employer.

     8. Noncompetition. Executive acknowledges that his employment pursuant to this
Agreement will give him the opportunity to maintain the business relationships with book and
magazine printers and publishers located in the United States and Canada that he developed prior to
the sale of The Clark Group, Inc., as a result of which Executive will be able to adversely

4

 

affect
the goodwill of the Company’s business if he competes against it after the end of his employment,
even though such competition may not occur for several years after the date hereof. Accordingly,
Executive covenants and agrees that, during the term of this Agreement (including any renewals
thereof) and for a period of two (2) years after the last payment that Executive receives hereunder
as a result of termination for cause as defined in Section 5(a) or the voluntary termination of his
employment by Executive pursuant to Section 5(b) and for a period of one (1) year after the last
payment that Executive receives hereunder as a result of termination without cause pursuant to
Section 5(d) or a fundamental change pursuant to Section 5(e), Executive will not, in the United
States and Canada, either directly or indirectly, on his own behalf or as a proprietor, partner,
agent, broker, consultant, lender, guarantor, shareholder (other than ownership of less than one
percent (1%) of the stock of a publicly-owned corporation whose shares are listed and traded on a
national securities exchange), director, officer or in any other capacity or manner whatsoever,
without the prior written consent of the Company, engage in any activity in which the Company is
engaged prior to or at the time of, as applicable, the termination of Executive’s employment with
the Company.

     9. Remedies. Executive acknowledges that a breach or threatened breach by Executive of
any of the provisions of Sections 6, 7, or 8 will result in the Company suffering irreparable harm
that cannot be calculated or fully or adequately compensated by recovery of damages alone.
Accordingly, Executive agrees that the Company shall be entitled to interim, interlocutory and
permanent injunctive relief, specific performance and other equitable remedies, in addition to any
other relief to which the Company may become entitled should there be such a breach or threatened
breach.

     10. Miscellaneous.

          (a) Notices. Any notices provided hereunder must be in writing, shall be effective
when delivered, and may be delivered by hand or by overnight courier (such as Express Mail, Federal
Express, etc.) or other means which provides written evidence of delivery, and addressed as
follows:

To the Company:

James Martell, Chairman of the Board

Global Logistics Acquisition Corporation

330 Madison Avenue

New York, NY 10017

To Executive:

Timothy R. Teagan

5938 Stovers Mill Road

Doylestown, PA 18902

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

5

 

          (b) Severability. If any term or provision (or any portion thereof) of this Agreement
is determined by a court to be invalid, illegal or incapable of being enforced by any rule of law
or public policy, all other terms and provisions (or other portions thereof) of this Agreement
shall nevertheless remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such determination that any term or provision (or any portion thereof), is invalid, illegal or
incapable of being enforced, this Agreement shall be deemed to be modified so as to effect the
original intent of the parties as closely as possible to the end that the transactions contemplated
hereby and the terms and provisions hereof are fulfilled to the greatest extent possible.

          (c) Entire Agreement. This document constitutes the final, complete, and exclusive
embodiment of the entire agreement and understanding between the parties related to the subject
matter hereof and supersedes all prior or contemporaneous understandings, agreements, or
representations by or between the parties, written or oral. Without limiting the generality of the
foregoing, except as provided in this Agreement, all understandings and agreements, written or
oral, relating to the employment of Executive by the Company or the payment of nay compensation or
the provision of any benefit in connection therewith or otherwise, are hereby terminated and shall
be of no further force and effect.

          (d) Counterparts. This Agreement may be executed on separate counterparts, any one of
which need not contain signatures of more than one party, but all of which taken together will
constitute one and the same agreement.

          (e) Successors and Assigns. This Agreement is intended to bind and inure to the
benefit of and be enforceable by Executive and the Company, and their respective successors and
assigns, except that Executive may not assign any of his duties hereunder and he may not assign any
of his rights hereunder without the prior written consent of the Company.

          (f) Attorneys’ Fees.  If any legal proceeding is necessary to enforce or interpret the
terms of this Agreement, or to recover damages for breach therefore, the prevailing party shall be
entitled to reasonable attorney’s fees, as well as costs and disbursements, in addition to any
other relief to which he or it may be entitled.

          (g) Amendments: No Waivers. Any provisions of this Agreement may be amended or waived
if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by
all parties hereto, or in the case of a waiver, by the party against whom the waiver is to be
effective. No waiver by a party of any default, misrepresentation or breach of warranty or covenant
hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent
default, misrepresentation or breach of warranty or covenant hereunder or affect in any way any
rights arising by virtue of any prior or subsequent occurrence. No failure or
delay by a party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies provided by law.

6

 

          (h) Governing Law. This Agreement shall be construed in accordance with and governed
by the internal laws (without reference to choice or conflict of laws) of the State in which the
Company is incorporated.

          (i) Construction. The captions herein are included for convenience of reference only
and shall be ignored in the construction or interpretation hereof. Neither party hereto, nor its
respective counsel, shall be deemed the drafter of this Agreement, and all provisions of this
Agreement shall be construed in accordance with their fair meaning, and not strictly for or against
either party hereto.

          (j) Arbitration. All disputes between the Company and Executive hereunder shall be
settled exclusively by arbitration before one arbitrator pursuant to the rules of the American
Arbitration Association. The arbitration will be held in Trenton, New Jersey. The arbitrator shall
be selected by agreement of the Company and Executive, but if they do not so agree within 20 days
after the date of request for arbitration, the selection shall be made pursuant to the rules of
such Association. The award rendered by the arbitrator must follow applicable law and shall be
conclusive and binding upon the parties hereto and judgment on any such award may be entered in any
court having jurisdiction over the parties to and the subject matter of the controversy. Each party
shall pay his or its own expenses of arbitration and the expenses of the arbitrator shall be
equally shared; provided, however, that the arbitrator may assess, as part of the award, all or any
part of the arbitration expenses (including reasonable attorneys’ fees and other legal expenses) of
the prevailing party or parties against the losing party or parties. Nothing herein set forth shall
prevent the parties hereto from settling any dispute by mutual agreement at any time. In any
arbitration proceeding, the parties shall have the right to depose officers, directors, employees
and agents of each other by subpoena or subpoena duces tecum issued by the attorney for the
deposing party, subject to any restriction placed on such deposition discovery by the arbitrator a
the request of any other party. The fact of and the content of any arbitration proceeding shall be
confidential, and neither party shall disclose the same to anyone without the consent of all
parties to the arbitration, except that a judgment on the arbitrator’s award may be filed as
otherwise provided herein.

     IN WITNESS WHEREOF, the parties have executed this Agreement effectives as of the date first
written above.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	EXECUTIVE:	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	THE CLARK GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

Timothy R. Teagan

	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

7

 

EXHIBIT “A”

	 	 	 
	Timothy Teagan:

	 	President & CEO
	 

	 	The Clark Group, Inc.

     DUTIES & RESPONSIBILITES:

	 	§	 	Ensure service and profit levels of all operating subsidiaries;
	 
	 	§	 	Be responsive to and implement directives of the Board of Directors of The Clark
Group, Inc.
	 
	 	§	 	Prepare and initial, and communicate and implement the final Business Plan and
Operating Budget for the above companies;
	 
	 	§	 	Assist in the creation and direction of sales and marketing efforts by the CDS Vice
President of Sales;
	 
	 	§	 	Oversee the CDS Vice President of Operations for all terminal and weekly pool
shipping functions;
	 
	 	§	 	Handle primary sales functions for several key accounts;
	 
	 	§	 	Maintain visibility in the printing and domestic distribution industries and
participate in industry functions;
	 
	 	§	 	Create and maintain credit policies for CDS and HDS; and
	 
	 	§	 	Ensure proper programs are in place to maintain compliance with DOT regulations;
	 
	 	§	 	Endeavor to maximize intra-company relationships and transactions;
	 
	 	§	 	Manage the Director of Human Resources, creating Hr and Workers Compensation Policy;
*
	 
	 	§	 	Oversee medical benefits plans; *
	 
	 	§	 	Determine acceptable self-insurance risk levels; *
	 
	 	§	 	Handle Trustee duties of the company retirement trust. *

 

			
	*	 	These duties may be reassigned, in whole or in part, to others.

8

 

EXHIBIT “B”

Timothy Teagan

Base Compensation

$283,109 Annually

$9,330, annual automobile allowance. The executive may choose to have the company directly pay an
automobile lease payment and/or other operating expenses in lieu of receiving the above. The total
monthly payments shall not exceed $777.50

Bonuses

	 	 	 
	Incentive Cash Bonus:

	 	Each year, the executive bonus pool will equal 8% of consolidated annual EBIT
before executive bonuses. This pool may consist of a single pool of consolidated EBIT (before
bonuses) or a series of smaller pools derived from operating subsidiaries, with total
executive bonuses in aggregate not to exceed 8% of consolidated pre-bonus EBIT. For purposes
of this contract “bonus pool” is to mean either a single consolidated pool, or two or more
smaller pools at the subsidiary level. Each individual participant will have a pre-determined
share of this pool. 75% of this pool (6% of pre-bonus EBIT) will be distributed to
participants based on their share of the pool. Up to 25% of the pool (2% of pre-bonus EBIT)
will be distributed to participants based on the extent to which each participant achieves
specific pre-determined objectives as communicated by the compensation committee. If all
individual objectives are met, the individual will receive 25% of his/her share.
	 
	 	 
	 

	 	For the 2007 calendar year, your share will be 30%. Future
share of the bonus pool will be determined by the executive
committee and compensation committee.

	 	 	 
	Initial equity grant:

	 	Upon the completion of audited 2007 results, the
company shall grant 56,250 10-year options at
fair market value. Options shall vest in
increments of 1/3 following each anniversary of
the grant
	 
	 	 
	Annual Equity Award Plan:

	 	Executive shall be eligible for annual equity
incentives up to 40% of base salary as
determined by the compensation committee based
on the achievement of individual objectives and
corporate benchmarks.

9

 

     Benefits:

	 	 	 
	Type           	 	Company Plan:
	 
	 	 
	Life & AD&D Insurance

	 	One time annual salary up to $50,000, coverage provided by UNUM.
	 
	 	 
	Health Care Insurance 

Including Major Medical

	 	Coverage provided by Capital Blue Cross/Pennsylvania Blue Shield
	 
	 	 
	Dental Insurance

	 	Coverage self-insured by company, managed through Benefit Concepts
	 
	 	 
	Prescription Coverage

	 	$6.00 co-pay — Coverage self-insured by company, managed through Benefit Concepts
	 
	 	 
	Short Term Disability

	 	Up to 26 weeks in accordance with company policies and procedures
	 
	 	 
	Vacation Holiday & Illness Benefits

	 	In accordance with company policies and procedures
	 
	 	 
	Long Term Disability

	 	The company maintains one (1) long term disability policy that provides
$5,000/month disability income (subject to an inflation based escalator)
to T. Teagan after a 180 day exclusion period.

10

 

THE CLARK GROUP, INC.

CONFIDENTIALITY AGREEMENT

     As an officer and/or management employee of The Clark Group, Inc. or any of its subsidiaries
or affiliates (the “Company”), I recognize and acknowledge that the Company engages in highly
competitive businesses and the protection of confidential business information and trade secrets is
vital to the interest and success of this organization. I, Timothy R. Teagan, intending to be
legally bound hereby, agree to the following:

     1. Confidential Information. Except as required in the conduct of the Company’s
business or as authorized in writing by the Company, during my employment with the Company or at
any time thereafter, I will not use, publish, disclose, appropriate or communicate, directly or
indirectly, any of the following information which I have acquired or may acquire during, or by
reason of, my employment with the Company:

          (A) Customer lists; internal rate schedules; rate quotations to customers and from vendors;
the names, addresses, credit terms and nature of services provided to customers of the company; the
identity of suppliers, distributors and shippers; pricing information; pricing strategies; business
plans and methods; proprietary computer software programs; pending projects; operating and
financial data; and any other information or materials which might adversely affect the Company’s
operations and competitive position if disclosed or revealed.

          (B) Trade secrets used in the Company’s business which enable it to obtain a competitive
advantage over competitors or others with whom it does business.

     2. Company Property & Written Materials. At any time upon the Company’s request and,
in any event, upon termination of my employment with the Company, I will immediately return all
property and deliver all manuals, lists, notes, writings, computer software programs and all other
documents or tangible materials whatsoever, including all copies or duplicates, concerning any part
of the Company’s activities or any part of my activities as a Company employee. All such documents
and tangible materials, and copies or duplicates thereof, including my own working papers, files
and notes, are acknowledged by me to be the Company’s property and entrusted to me on a temporary
basis. Schedule “A” attached to this Agreement sets forth a complete and accurate list of equipment
and other property belonging to the Company which it had furnished for my use while I am employed
with the Company. Schedule “B: attached to this Agreement is a comprehensive list of the computer
files I currently maintain, use or am able to access. I will update the list of computer filed from
time-to-time when requested to do so by the Company.

     3. Work Product. All ideas, designs, inventions, computer programs and other creative
works, whether or not patentable or copyrightable, conceived, developed or made by me, either
solely or jointly with others, which are capable of being used or adapted for use in the business
of the Company, or which are developed with the use of the Company’s time, material or facilities
(“work product”) are and shall be the sole property of the Company. I will promptly disclose to the
Company my conception or development of any such work product.

11

 

     4. Legal Remedies/Employee Reimbursement. I recognize that the restrictive covenants
contained in this document are essential to protect the business interests and goals of the
Company, and that violation of the restrictions will cause serious and irreparable harm to the
Company. Accordingly, I understand that in the event of a violation or threatened violation by me
of any provision of this Agreement, the Company shall be entitled to seek any and all legal
remedies available to protect its interests and business. I further acknowledge and agree that the
Company shall be entitled to seek and obtain reimbursement from me for all costs, expenses or
damages which it incurs as a result of any violation by me of any provision of this Agreement as
determined by a court of competent jurisdiction. This obligation shall include court costs,
litigation expenses and actual, reasonable attorney’s fees.

     5. Entire Agreement. This agreement may not be waived, changed, modified, abandoned or
terminated, in whole or in part, except in a writing signed by me and an officer of the Company.
This Agreement applies regardless of whether there are any changes in my job duties, job title, the
location of my place of work, or division assignment. Nothing in this Agreement gives, or shall be
deemed to give, me any right to continued employment for any length of time.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Date:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	Employee’s Signature	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Employee Name	 	 

STATE OF                                         

COUNTY OF                                         

     On                     , 2007 before me personally came                                          known
 to me or
satisfactorily proven to be the person whose name is subscribed to the within Confidentiality
Agreement, and acknowledged that he/she executed the same.

     IN WITNESS WHEREOF, I have hereunto set my hand and official seal.

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	NOTARY PUBLIC	 	 

12

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