Document:

Subsidiary Loan Party Acknowledgement

 EXHIBIT 10.2 

SUBSIDIARY LOAN PARTY ACKNOWLEDGEMENT 

This SUBSIDIARY LOAN PARTY ACKNOWLEDGEMENT (this “Acknowledgement”), dated as of November 3, 2014, is made by and among
each of the subsidiaries of Quality Distribution LLC, a Delaware limited liability company (the “Borrower”) listed on the signature pages hereto (collectively, the “Subsidiary Loan Parties”), and for the benefit of the
Lenders (as defined below), Bank of America, N.A. (“Bank of America”), as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders under the Credit Agreement (as defined below) and as
collateral agent (in such capacity, the “Collateral Agent”) for the Lenders. All capitalized terms not otherwise defined in this Acknowledgement have the same meanings as specified in the Credit Agreement (as defined below). 

A. The Borrower is party to that certain credit agreement, originally dated as of August 19, 2011 (as amended, restated or otherwise
modified prior to the date hereof, the “Existing Loan Agreement”), among Quality Distribution, Inc., a Florida Corporation (“Holdings”), the Borrower, Bank of America, as administrative agent and as collateral agent
for the lenders, and the lenders from time to time party thereto, pursuant to which the lenders and the issuing banks thereunder have made available certain extensions of credit. 

B. The Borrower has requested that the lenders under the Existing Loan Agreement agree to amend and restate the Existing Loan Agreement and to
make certain modifications as set forth in the Amended and Restated Credit Agreement (the “Credit Agreement”), dated on or around the date of this Acknowledgement, among Holdings, the Borrower, the lenders party thereto (the
“Lenders”), the Administrative Agent and the Collateral Agent for the Lenders, Suntrust Bank and JPMorgan Chase Bank, N.A. as Co-Syndication Agents and Regions Bank as Documentation Agent. 

C. The Lenders have agreed to make such amendment and restatement upon the terms and conditions set forth in the Credit Agreement. 

Accordingly, in consideration of the mutual conditions and agreements set forth in the Credit Agreement, and for good and valuable
consideration, the receipt of which is hereby acknowledged, each Subsidiary Loan Party hereby states the following: 
 (a) The parties
hereto acknowledge and agree that (i) this Acknowledgement and the other Loan Documents, whether executed and delivered in connection herewith or otherwise, do not constitute a novation, payment or reborrowing, or termination of the
“Obligations” (as defined in the Existing Loan Agreement) as in effect prior to the Closing Date and (ii) such “Obligations” are in all respects continuing (as amended and restated by the Credit Agreement) with only the
terms thereof being modified as provided in the Credit Agreement. Each Subsidiary Loan Party hereby reaffirms its duties and obligations under each Loan Document to which it is a party. Each reference to the “Loan Agreement” or
“Credit Agreement” in any Loan Document shall be deemed to be a reference to the Existing Loan Agreement as amended and restated by the Credit Agreement. 

(b) Each Subsidiary Loan Party hereby acknowledges that it has reviewed the terms and provisions of the Credit Agreement and consents to the
amendments to the Existing 

 
Loan Agreement effected pursuant to the Credit Agreement. Each Subsidiary Loan Party hereby confirms that each Loan Document to which it is a party or otherwise bound and all Collateral
encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent possible in accordance with the Loan Documents, the payment and performance of all “Obligations” under each of the Loan Documents to which
it is a party (in each case as such terms are defined in the applicable Loan Document). 
 (c) Each Subsidiary Loan Party acknowledges and
agrees that (i) any of the Loan Documents to which it is a party or is otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid, enforceable, ratified and confirmed in all respects and
shall not be impaired or limited by the execution or effectiveness of this Acknowledgement or the Credit Agreement, and (ii) all security interests created under any of the Security Documents shall continue in full force and effect pursuant to
the terms of such Security Document. Each Subsidiary Loan Party represents and warrants that all representations and warranties contained in the Loan Documents to which it is a party are true and correct in all material respects on and as of the
Closing Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of
such earlier date. 
 (d) Each Subsidiary Loan Party acknowledges and agrees that (i) notwithstanding the conditions to effectiveness
set forth in the Credit Agreement, such Subsidiary Loan Party is not required by the terms of the Existing Loan Agreement or any other Loan Document to consent to the amendments to the Existing Loan Agreement effected pursuant to the Credit
Agreement and (ii) nothing in this Acknowledgement, the Credit Agreement or any other Loan Document shall be deemed to require the consent of such Subsidiary Loan Party to any future amendments to the Credit Agreement. 

(e) Each Subsidiary Loan Party acknowledges and agrees that Sections 9.07 (Applicable Law), 9.12 (Waiver of Jury Trial), and 9.16
(Jurisdiction; Consent to Service of Process) of the Credit Agreement shall apply to this Acknowledgement as if such sections of the Credit Agreement were set out in full herein. 

[SIGNATURE PAGES FOLLOW] 

 IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgement to be duly executed by
their respective authorized officers as of the day and year first written above. 
  

			
	AMERICAN TRANSINSURANCE GROUP, INC.
	CHEMICAL LEAMAN CORPORATION
	MEXICO INVESTMENTS, INC.
	POWER PURCHASING, INC.
	QC DRY BULK, LLC
	QC ENERGY RESOURCES, INC.
	QC ENERGY RESOURCES, LLC
	QD CAPITAL CORPORATION
	QD RISK SERVICES, INC.
	QUALA SYSTEMS, INC.
	QUALITY CARRIERS, INC.
	QC ENERGY RESOURCES NORTHWEST, LLC
	QC ENERGY RESOURCES TEXAS, LLC
	QC ENERGY LOGISTICS, LLC
	QC ENVIRONMENTAL SERVICES, INC.
	QUALITY BULK LOGISTICS, LLC
		
	By:	 	 /s/ Joseph J. Troy

	Name:	 	Joseph J. Troy
	Title:	 	Chief Financial Officer
	
	BOASSO AMERICA CORPORATION
		
	By:	 	 /s/ Joseph J. Troy

	Name:	 	Joseph J. Troy
	Title:	 	Executive Vice President

  
  

[Signature Page to Loan Party Acknowledgement] 

 
			
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent and Collateral Agent

		
	By:	 	 /s/ Monirah J. Masud

	Name:	 	Monirah J. Masud
	Title:	 	Senior Vice President

  
  
  

 
  
  

 
 [Signature Page to Loan Party Acknowledgement]July 25, 2014
    

    

    

    
      Mr. Quentin Thompson 

    

    

    

    
      Dear Quentin: 
    

    
      We are pleased to offer you employment as
      Chief Accounting Officer for American Spectrum Realty, Inc. (“the
      Company”). The terms of your employment are listed below: 
    

    
      Title: Initially your title will be Chief
      Accounting Officer ; however, upon  the filing of the company’s annual
      report on form 10-K your title shall be changed to Chief Financial
      Officer.  The Company anticipates that your title for purposes of filing
      the Company’s annual report on form 10-K will be as Chief Financial
      Officer. 
    

    
      Duties: This position will be responsible
      for the financial reporting, accounting policies and you will play a
      major role in shaping the direction of the Company together with the CEO
      and the Company’s Board of Directors. 
    

    
      Travel: It is anticipated that you will be
      required to travel as part of your duties. 
    

    
      Schedule: This is a full-time exempt
      position. Office hours are Monday-Friday, 8:00a.m. to 5:00p.m. However,
      you will be expected to routinely work extended hours and/or weekends to
      meet deadlines, or address the special needs of the Company. 
    

    
      Reporting Structure: This position will
      report to William J. Carden, Chief
      Executive Officer 
    

    
      Base Salary: Your initial starting salary
      will be $200,000 per year, paid semi-monthly; however, upon the filing
      of the company’s annual report on form 10-K and the departure of all
      consultants currently employed by the Company through Resources
      Connection, Inc. (aka Resources Global Professionals), your initial
      starting salary shall be increased to a Base Salary equal to $265,000
      per year and you shall receive a one-time salary adjustment to
      increase your annualized first year Base Salary to $265,000 retroactive
      to your actual start date. 
    

    
      Signing Bonus: You will be eligible for a
      $50,000 Signing Bonus which will be payable 50% following the filing of
      the company’s annual report on form 10-K for 2013 provided however that
      such annual report is filed on or before August 22, 2014 and 50% when
      all consultants currently employed by the Company through Resources
      Connection, Inc. (aka Resources Global Professionals) are terminated
      provided however that such consultants must have been terminated on or
      before October 7, 2014.  The Signing Bonus, if any, shall be in addition
      to any retroactive increase in your Base Salary referred to above. 
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      Annual Bonus Opportunity: The Company does
      not currently have an annual bonus program and you have been advised
      that no such program is currently anticipated. In the event that the
      Company subsequently establishes a short term bonus incentive program,
      the bonus available to you shall be similar in structure to the overall
      compensation package for all C-level executives (the “Executive Team”)
      of the company. The terms of any such annual bonus opportunity shall be
      at least as remunerative as the most advantageous terms offered to any
      member of the Executive Team. 
    

    
      Participation in the Company’s Equity
      Incentive Plan:  In conjunction with your employment you shall receive
      equity options for the right to purchase not less than 200,000 shares of
      the company’s common stock pursuant to the Company’s stock incentive
      program.  The option exercise price for all 200,000 stock options will
      be equal to the closing bid price for the company’s stock on the fifth
      trading day following the resumption of trading in the Company’s common
      stock.  Such options shall vest 50,000 on the close of business on the
      fifth trading day following the resumption of trading in the Company’s
      common stock and not less than 30,000 each year on the anniversary of
      your employment until such time as all 200,000 options are fully vested.
       
    

    
      Benefits Package: Company shall provide
      the following benefits to you at no cost to you: Company-paid medical,
      vision, and dental insurance for you and your qualified family members;
      Company recognized US national holidays and paid time off (PTO); four
      (4) weeks annual vacation paid at your base salary; Company furnished
      computer, cell phone, and other approved business related equipment;
      participation in the Company’s retirement savings program and other
      Company approved benefits. The Company will also pay for all
      professional association memberships related to your work including
      continuing education necessary for you to maintain your professional
      licenses and certifications, including any related travel, lodging and
      meals necessary or incidental to such education. 
    

    
      Start Date: On or about Monday, July 28,
      2014. 
    

    
      Termination: Not withstanding any other
      understanding to the contrary, your employment may only be terminated in
      the following ways: 
    

    
      1. For-Cause Termination: Your engagement
      is terminable by the Company for good and sufficient cause which shall
      consist only of your habitual neglect of your duties, willful refusal to
      follow reasonable directions from the Chief Executive Officer,
      commission of a material act of dishonesty relating to the Company,
      commission of a material breach by you of your duty of loyalty to the
      Company, conviction of a felony which likely will have a material
      adverse effect on the reputation of the Company, the commission on more
      than one occasion of a willful or grossly negligent act or omission
      which has a material adverse effect on the Company, or the commission of
      a material breach by you of this Agreement. 
    

    
      The Company will provide you with written
      notice describing with reasonable particularity any deficiency or
      conduct that could support for-cause termination at least 30 days prior
      to making any decision to terminate your employment.  You shall have a
      reasonable opportunity to cure or abate any deficiency or conduct
      identified in the notice and will not be terminated unless you fail to
      cure or abate the deficiency or conduct identified in the notice. 
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      2. Resignation, Death or Incapacity: Your
      engagement shall terminate upon your resignation, death or permanent
      mental or physical incapacity. Permanent incapacity shall be deemed to
      have occurred if you have been unable to perform substantially all of
      your duties as described above under “Duties” on a substantially full
      time basis by reason of a mental or physical condition for a period of
      ninety (90) days despite reasonable accommodation by the Company for any
      disability. 
    

    
      Nothing in this paragraph shall waive any
      of your rights or any of the Company’s responsibilities under applicable
      state or federal laws. 
    

    
      3. Termination Without Cause: Your
      engagement shall terminate at the election of the Chief Executive
      Officer at any time without cause. 
    

    
      Payments Upon Termination: The following
      amounts are payable upon termination of your engagement, as applicable: 
    

    
      1. In the event of termination for any
      reason, base compensation at the then existing rate shall be prorated
      and paid through the effective termination date along with any accrued
      and untaken vacation (subject to the Company’s “use it or lose it”
      provisions.  In addition, if the Company awards a bonus to Executive
      Team Members for any period during which you were employed, you shall be
      entitled to a pro-rated share of the bonuses that you would have
      received had you been employed for the entire period.  For example, if
      you would have received a bonus equal to 50% of your base compensation
      for a given year and you are terminated after working half of that year,
      you will be entitled to payment of 25% of your annual base
      compensation.  Bonus payments will be due at the earliest date that a
      bonus payment is made to any member of the Executive Team for that
      period. 
    

    
      2. If termination occurs without good and
      sufficient cause or if you resign for “good reason,” as defined below,
      you will continue to receive for a period of three (3) months after the
      effective termination date the base compensation under this Agreement at
      the rate applicable at the time of termination including all benefits
      identified above.  In addition to the benefits and base salary, you will
      be entitled to retain all vested options plus the options that would
      have vested on your next employment anniversary with the Company
      assuming that your employment had not been terminated.  Said
      compensation, benefits and options shall be in addition to the payments
      described in subsection (1) above.  As used herein, the term “good
      reason” means that the Company is in breach of its obligations under
      this Agreement and such breach remains uncured for a period of ten (10)
      days after receipt of written notice of breach from you. 
    

    
      As a condition to receiving the applicable
      payments under subsection (2) above, you must execute and deliver to the
      Company a general release of claims against the Company other than
      claims to the payments called for by this Agreement and any worker’s
      compensation claims. Such release shall be in form and content
      reasonably satisfactory to you and the Company. 
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
      Dispute Resolution.  Any dispute regarding
      this agreement will be resolved by binding arbitration with the American
      Arbitration Association (“AAA”) pursuant to the AAA employment
      arbitration rules. Interpretation and enforcement of this agreement will
      be based on the laws of the state in which it is executed by you. The
      venue for arbitration will be Houston, Texas. You shall bear costs of
      arbitration up to the cost of filing for a civil complaint in Houston,
      Texas. All other costs of arbitration will be paid by the Company. 
    

    
      Quentin, please indicate your approval of
      this offer by signing below and returning a copy of this letter to me no
      later than July __, 2014. We are extremely confident that you will find
      your time with American Spectrum Realty to be rewarding both
      professionally and personally.
    

    
      Sincerely, 
American
      Spectrum Realty, Inc.
    

    
      William J. Carden, CEO & President 
    

    
      Accepted:
    

    
      __________________________________             _________________________
      
    

    
      Quentin
      Thompson                                                                        Date

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