Document:

Form of Warrant issued in connection with services

 EXHIBIT 10.6 
 THIS SECURITY AND THE WARRANT SHARES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY, THE WARRANT SHARES TO BE ISSUED UPON ITS
EXERCISE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION. 
 THE TRANSFER OF THIS WARRANT IS RESTRICTED AS DESCRIBED HEREIN. 
 VELOCITY EXPRESS CORPORATION 
 Warrant for the Purchase of Shares of Common Stock,

 par value $0.004 per Share 
  

			
	No.             	 	             Shares

 THIS CERTIFIES that, for value received,
                                        ,
whose address is
                                        
(the “Holder”), is entitled to purchase from Velocity Express Corporation, a Delaware corporation (the “Company”), upon the terms and conditions set forth herein,
                                        
(            ) shares of the Company’s Common Stock, par value $0.004 per share (“Common Stock”), at an initial exercise price of $.01 per share, subject to
adjustment as provided in Section 10 (the “Exercise Price”). 
 The number of shares of Common Stock issuable upon
exercise of this Warrant (the “Warrant Shares”) and the Exercise Price may be adjusted from time to time as provided in Section 10. The Warrant Shares are entitled to the benefits, and subject to the obligations, set forth in
the Registration Rights Agreement dated concurrently herewith by and among the Company, the initial Holder and the other parties named therein (the “Registration Rights Agreement”). 
 1. Exercise Rights and Exercise Period. 
 (a) Exercise Rights. This Warrant may be exercised at the option of the Holder at the Exercise Price at any time or from time to time during the period commencing on approval by the stockholders of the Company of the issue of the
Warrant Shares in accordance with the requirements of the Nasdaq Stock Market and Regulation 14C promulgated under the Securities Exchange Act of 1934, as amended, and (ii) ending at 5:00 P.M. Eastern time on July 3, 2010 (the
“Exercise Period”). The Company will deliver a notice to the Holder promptly, and any event within three (3) Business Days (as defined below) after this Warrant first becomes exercisable. An exercise of this Warrant at the
option of the Holder shall be made in accordance with the procedures set forth in Section 2. 

 (b) Delay in Exercise Period. If the stockholder approval referred to in Section 1(a) is not
effective on or before October 27, 2006 (the “Approval Deadline”), then the Company will pay to the Holder, as liquidated damages and not as a penalty, an amount equal to one percent (1%) of the aggregate Exercise Price
for the Warrant Shares subject to this Warrant for each thirty (30) day period (and prorated for any portion thereof) after the Approval Deadline. Such payment shall be in partial compensation to the Holders, and shall not constitute the
Holders’ exclusive remedy for such events. The amounts payable as liquidated damages pursuant to this Section 1(b) shall be paid monthly within three (3) Business Days after the last day of each calendar month following the Approval
Deadline until such stockholder approval is effective. Such payments shall be made to the Holder in cash. 
 2. Procedure for Exercise by
the Holder; Effect of Exercise. This Warrant may be exercised, in whole or in part, by the Holder during normal business hours on any Business Day (as defined below) during the Exercise Period by (i) the presentation and surrender of this
Warrant to the Company at its principal office along with a duly executed notice of exercise, in the form attached to this Warrant (the “Notice of Exercise”), specifying the number of Warrant Shares to be purchased and
(ii) delivery of payment to the Company of the Exercise Price for the number of Warrant Shares specified in the Notice of Exercise. 
 (a) For purposes of this Warrant, “Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions in the city of New York, New York are required or authorized by law or other
governmental action to be closed. 
 3. Payment of the Exercise Price. The Exercise Price shall be paid by the Holder by delivery to
the Company of cash, paid by wire transfer of immediately available funds to a bank account specified by the Company, or by certified or bank cashier’s check payable to the Company. 
 4. Cashless Exercise. Notwithstanding any provision in this Warrant to the contrary, if, at any time following the Filing Deadline (as defined in
the Registration Rights Agreement) but during the Exercise Period, the Warrant Shares are not available for immediate resale without restriction by the Holder without registration (or pursuant to an effective registration statement) under the
Securities Act, the Holder may exercise this Warrant, in whole or in part, by a cashless exercise by the presentation and surrender of this Warrant to the Company at its principal office along with a duly executed Notice of Exercise specifying the
number of Warrant Shares to be applied to such exercise. The number of Warrant Shares to be delivered upon exercise of this Warrant pursuant to this Section 4 shall be computed using the following formula: 
  

					
		  	X =	  	Y (B-A)
			
		  		  	      B
			
	Where:	  	X =	  	the number of shares of Common Stock to be issued to the Holder.
			
		  	Y =	  	the number of Warrant Shares identified in the Notice of Exercise as being applied to the subject exercise.
			
		  	A =	  	the Exercise Price on the date this Warrant and the properly executed Notice of Exercise are delivered to the Company for such exercise.
			
		  	B =	  	the volume weighted average price of one share of Common Stock on the date the on the date this Warrant and the properly executed Notice of Exercise are delivered to the Company for such
exercise.

  

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 5. Effect of Exercise. 
 (a) Upon receipt by the Company of this Warrant, a Notice of Exercise and proper payment of the Exercise Price as provided in Section 2 and
Section 3 (or a Notice of Exercise designating a cashless exercise as provided in Section 4), the Company agrees that such Warrant Shares shall be deemed to be issued to the Holder as the record holder of such Warrant Shares as of the
close of business on the date on which such receipt occurs, and the Holder shall be deemed to be the holder of record of the Warrant Shares, notwithstanding that the stock transfer books of the Company may then be closed or that certificates
representing such Warrant Shares shall not then be actually delivered to the Holder. A stock certificate or certificates for the Warrant Shares issuable upon such exercise of this Warrant shall be delivered to the Holder as promptly as practicable,
and in any event within three (3) Business Days, thereafter. The stock certificate(s) so delivered shall be in any such denominations as may be reasonably specified by the Holder in the Notice of Exercise. 
 (b) The Company understands that a delay in the delivery of the certificates representing the Warrant Shares upon exercise of this Warrant could result
in economic loss to the Holder. As compensation to the Holder for such loss, the Company agrees to pay (as liquidated damages and not as a penalty) to the Holder for such late delivery of Warrant Shares upon exercise of this Warrant the amount of
$100 per Business Day after the third Business Day after the Holder has properly exercised this Warrant for each $10,000 of Common Stock (measured by the Current Market Price as of the date the Holder has properly exercised this Warrant and pro
rated for amounts other than $10,000), and continuing until the date on which the certificate representing such Warrant Shares are delivered to the Holder (or its designee). The Company shall pay any payments incurred under this Section 5(b) in
immediately available funds upon demand. Furthermore, in addition to any other remedies which may be available to the Holder, in the event that the Company fails for any reason to effect delivery as stated in Section 5(a), the Holder will be
entitled to revoke all or part of the relevant notice of exercise by delivery of a notice to such effect to the Company, whereupon the Company and the Holder shall each be restored to their respective positions immediately prior to the delivery of
such notice, except that the liquidated damages described above shall be payable through the date notice of revocation is given to the Company. 
 (c) In addition to any other rights available to the Holder, if the Company fails to make timely delivery in accordance with the provisions of Section 5(b) to the Holder of a certificate or certificates representing the Warrant Shares
for which this Warrant has been exercised, and if within seven (7) Business Days thereafter the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by 

  

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the Holder of the Common Stock which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall pay in cash to
the Holder (in addition to any remedies available to or elected by the Holder) within five (5) Business Days after written notice from the Holder, the amount by which (i) the Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Common Stock so purchased exceeds (ii) the aggregate Exercise Price of the Common Stock for which such exercise was not timely honored (as in effect on the date the Warrant Shares are deemed issued in
accordance with Section 5(a)) together with interest thereon at a rate of fifteen percent (15%) per annum, accruing from such dated of deemed issue until such amount and any accrued interest thereon is paid in full (which amount shall be
paid as liquidated damages and not as a penalty). For example, if the Holder purchases shares of Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of Warrant Shares having an aggregate
Exercise Price of $10,000 on the date of exercise, the Company shall be required to pay the Holder $1,000, plus interest. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In.

 6. Partial Exercise. If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for
cancellation, execute and deliver a new Warrant evidencing the right of the Holder to purchase the balance of the Warrant Shares subject to purchase hereunder. 
 7. Registration of Warrants; Transfer of Warrants. Any Warrants issued upon the transfer or exercise in part of this Warrant shall be numbered and shall be registered in a Warrant Register maintained by the
Company or its designee as they are issued. The Company shall be entitled to treat the registered holder of any Warrant on the Warrant Register as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other
claim to or interest in such Warrant on the part of any other person or entity, and shall not be liable for any registration or transfer of Warrants which are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary
unless made with the actual knowledge that a fiduciary or nominee is committing a breach of trust in requesting such registration or transfer, or with the knowledge of such facts that its participation therein amounts to bad faith. This Warrant
shall be transferable only on the books of the Company upon delivery thereof duly endorsed by the Holder or by such Holder’s duly authorized attorney or representative, or accompanied by proper evidence of succession, assignment, or authority
to transfer. In all cases of transfer by an attorney, executor, administrator, guardian or other legal representative, duly authenticated evidence of his or its authority shall be produced. Upon any registration of transfer, the Company shall
deliver a new Warrant or Warrants to the person or entity entitled thereto. Subject to Section 6, this Warrant may be exchanged, at the option of the Holder, for another Warrant or other Warrants of different denominations, of like tenor and
representing in the aggregate the right to purchase a like number of Warrant Shares, upon surrender to the Company. 
 8.
(a) Transfer Restricted Security. The Holder, as of the date of issuance of this Warrant, represents to the Company that such Holder is acquiring this Warrant for the Holder’s own account, for investment purposes and not with a
present view to the distribution thereof or of the Warrant Shares. 
  

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 (b) Notice of Intention to Transfer; Conditions to Transfer. The Holder may not transfer this
Warrant or any of the Warrant Shares prior to the date which is two (2) years (or such shorter period as may be prescribed by Rule 144(k) under the Securities Act (or any successor provision) after the later of the original issue date of this
Warrant (or any predecessor of this Warrant) or such Warrant Share (or any predecessor of such Warrant Share, including this Warrant to the extent the holding period of this Warrant may be tacked thereto under the Securities Act) and the last date
on which the Company or any of its Affiliates was the owner of this Warrant or such Warrant Share (such period being the “Restriction Period”), except to: 
 (i) the Company or any of its subsidiaries; 
 (ii) pursuant to a registration statement which has been declared effective under the Securities Act; 
 (iii) for so long as this Warrant is eligible for resale under Rule 144A under the Securities Act, to a person or entity the Holder reasonably believes is a “Qualified Institutional Buyer” as defined in Rule
144A that purchases for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the transfer is being made in reliance on Rule 144A; 
 (iv) pursuant to offers and sales to non-U.S. Purchasers that occur outside the United States within the meaning of Regulation S under the
Securities Act, pursuant to Rule 904 of Regulation S; 
 (v) to an institutional “accredited investor” within the
meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501 under the Securities Act that is acquiring the Warrant for its own account, or for the account of such an institutional accredited investor, for investment purposes and not with a
view to, or for offer or sale in connection with, any distribution in violation of the Securities Act; or 
 (vi) pursuant to
another available exemption from the registration requirements of the Securities Act and the securities laws of any other jurisdiction, including any state of the United States, 
 subject to the Company’s right, prior to any such transfer pursuant to the foregoing clauses (iv), (v) or (vi) to require the delivery of an opinion of counsel, certification or other information
reasonably satisfactory to the Company. 
 (c) Legend. During the applicable Restriction Period, this Warrant and each certificate
representing any Warrant Share issued upon exercise or exchange of this Warrant shall bear the following legend or an equivalent to such legend: 
 “THIS SECURITY HAS AND THE WARRANT SHARES TO BE ISSUED UPON ITS EXERCISE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY, THE WARRANT SHARES TO BE ISSUED UPON
ITS EXERCISE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, 

  

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PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION.” 
 The Holder understands that the Company may place, and may instruct any transfer agent or depository for the Warrant Shares to place,
a stop transfer notation in the securities records in respect of the Warrant Shares. 
 (d) Legend Removal. At the expiration of the
Restriction Period, or upon the sooner effectiveness of a registration statement covering all of the Warrant Shares, the Company shall remove the restrictive legend promptly upon the request of the holder of the Warrant Shares. 
 9. Reservation of Shares. The Company shall at all times during the Exercise Period reserve and keep available out of its authorized and unissued
Common Stock, solely for the purpose of providing for the exercise of the rights to purchase all Warrant Shares granted pursuant to this Warrant, such number of shares of Common Stock as shall, from time to time, be sufficient to satisfy the
Company’s obligation to issue Warrant Shares upon the exercise of this Warrant. The Company covenants that any and all Warrant Shares, as and when issuable in accordance with this Warrant against the Company’s receipt of the Exercise Price
or other specified consideration therefor, shall be validly issued, fully paid, non-assessable, and free of preemptive rights. 
 10.
Adjustments. The Exercise Price, the number of shares purchasable hereunder is subject to adjustment from time to time as provided in this Section 11. 
 (a) Exempt Issues. No adjustment shall be made pursuant to this Section 11 with respect to any issue of Common Stock: 
 (i) upon conversion of shares of the Company’s Series M Convertible Preferred Stock, Series N Convertible Preferred Stock, Series O
Convertible Preferred Stock, Series P Convertible Preferred Stock or Series Q Convertible Preferred Stock, in each case at the exercise price in effect on July 3, 2006 (without giving any effect to the antidilution provisions thereof except to
the extent the same may be adjusted in a manner consistent with Section 11(c) of this Warrant regarding stock splits and dividends); 
 (ii) as payment of dividends in lieu of cash with respect to the Company’s Series M Convertible Preferred Stock, Series N Convertible Preferred Stock, Series O Convertible Preferred Stock, Series P Convertible
Preferred Stock or Series Q Convertible Preferred Stock, in each case to the extent specifically provided for under and strictly in accordance with the express terms existing, effective and applicable to the foregoing on and as of July 3, 2006;

 (iii) (A) upon the exercise of warrants outstanding as of July 3, 2006 to purchase up to 30,630,538 shares of
Common Stock (as the same may be adjusted in accordance with the antidilution provisions thereof, if any; provided, however, if any such antidilution provisions are based on the exercise price of such warrants instead of fair market value of
the securities or other property sold or distributed, then no such 

  

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adjustment will be taken into account except to the extent the same may be adjusted in a manner consistent with Section 11(c) of this Warrant), in each
case to the extent specifically provided for under and strictly in accordance with the express terms existing, effective and applicable to the foregoing on and as of July 3, 2006; or 
 (iv) upon the exercise of options or other rights to purchase up to 3,361,365 shares of Common Stock outstanding as of July 3, 2006
under the Company’s 1995 Stock Option Plan, 2000 Stock Option Plan, 1996 Director Stock Option Plan, and 2004 Stock Option Plan, in each case to the extent specifically provided for under and strictly in accordance with the express terms
existing, effective and applicable to the foregoing on and as of July 3, 2006. 
 (b) Adjustment of Exercise Price. If the
Company shall issue or sell, or is, in accordance with Sections 11(b)(1) through 11(b)(6), deemed to have issued or sold, any shares of capital stock of the Company (“Capital Stock”) without consideration (which shall include any
issuance of Capital Stock that triggers the antidilution adjustments of the securities listed in Section 11(a)(i) except as set forth in that Section) or for a consideration per share less than the Current Market Price of such Capital Stock in
effect immediately prior to the time of such issue or sale, then and in each such case (a “Trigger Issuance”) the then-existing Exercise Price shall be reduced by multiplying the Exercise Price in effect immediately prior to such
Trigger Issuance by: 
 (i) a fraction the numerator of which is the number of shares of Common Stock outstanding immediately
prior to such Trigger Issuance plus the number of shares of Common Stock which could be purchased at the Current Market Price on the date of such Trigger Issuance with the aggregate consideration (based on the fair market value thereof as determined
by the Board of Directors, whose determination shall be conclusive and described in a certificate delivered to each Holder) received or receivable by the Company in connection with such Trigger Issuance (the “Aggregate
Consideration”), and the denominator of which is the number of shares of Common Stock outstanding immediately prior to such Trigger Issuance plus the number of shares of Common Stock to be so issued or sold. 
 (ii) if such Capital Stock is other than Common Stock, a fraction the numerator of which is the Current Market Price per share of Common
Stock immediately prior to such Trigger Issuance minus an amount equal to (A) the sum of (1) the Current Market Price per share of such Capital Stock multiplied by the number of shares of such Capital Stock to be so issued minus
(2) the Aggregate Consideration, divided by (B) the number of shares of Common Stock outstanding immediately prior to such Trigger Issuance, and the denominator of which is the Current Market Price per share of Common Stock immediately
prior to such Trigger Issue. 
 For purposes of this Section 10 and for the avoidance of doubt, if the Company issues any shares of Capital Stock that
trigger the antidilution protection provisions of the securities listed in Section 10(a)(i), then such issuance will be deemed to have been done without consideration (as that term is used in the first sentence of Section 10(b)) such that
the Aggregate Consideration attributable to that issuance will be zero ($0) and the Exercise Price of the Warrants will be adjusted as contemplated by this Section 10(b). 
  

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 For purposes of this Section 10, a Trigger Issue shall be deemed to occur upon the earliest of (A) the date the
Company enters into a firm contract for the issuance or sale of the Capital Stock, (B) the record date for the determination of stockholders entitled to receive any such Capital Stock or (C) the date of actual issuance or sale of such
Capital Stock. Any references to a different date or dates in Sections 11(b)(1) to (6) below are for convenience only and this provision shall control over any such other reference. 
 For purposes of this Warrant, “Current Market Price” means, when used with respect to any security as of any date, the last sale price, regular way, or, in case no such sale takes place on such date,
the average of the closing bid and asked prices, regular way, in either case as reported for consolidated transactions on the Nasdaq Stock Market or, if the security is not listed or admitted to trading on the Nasdaq Stock Market, as reported for
consolidated transactions with respect to such security listed on the principal national securities exchange on which such security is listed or admitted to trading or, if the security is not listed or admitted to trading on any national securities
exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations System or such other
system then in use or, if the security is not quoted by any such organization, the average of the closing bid and asked prices furnished by a New York Stock Exchange member firm selected by the Company. “Current Market Price” means,
when used with respect to a security as to which none of the above-mentioned prices are available and with respect to any property other than a security, as of any date, the market value of such security or property on such date as determined by the
Board of Directors of the Company in good faith, which shall be entitled to rely for such purposes on the advice of any firm of investment bankers or appraisers having familiarity with such property; provided, however, that if the Holder
objects to a determination of Current Market Price by the Board of Directors of the Company, the Company and the Holder shall engage an investment banking firm or appraisal firm of recognized national standing selected by the Company and acceptable
to the Holder to make such determination (the fees and expenses of such investment banking firm or appraisal firm to be shared equally by the Company and the Holder). 
 For purposes of this 10(b), the following Sections 10(b)(1) to 10(b)(6) shall be applicable. 
 (1) Issue
of Rights or Options. If the Company at any time grants or issues in any manner any warrants or other rights to subscribe for or to purchase, or any options for the purchase of, Capital Stock or for any stock or security convertible into or
exchangeable for Capital Stock (such warrants, rights or options being called “Options”, and such convertible or exchangeable stock or securities being called “Convertible Securities”), whether or not such Options
or the right to convert or exchange any such Convertible Securities are immediately exercisable, and the price per share for which Capital Stock is issuable upon the exercise of such Options or upon the additional conversion or exchange of such
Convertible Securities (in each case as calculated in accordance with Section 10(b)(5)) is less than the Current Market Price per share of such Capital Stock in effect immediately prior to the time of the grant or issue of such Options, then
the total number of shares of Common Stock issuable upon the exercise of such 

  

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Options or upon conversion or exchange of the total amount of such Convertible Securities issuable upon the exercise of such Options shall be deemed to have
been issued for such price per share as of the date of granting of such Options and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise Price. Except as otherwise provided in Section 10(b)(3 ), no adjustment of
the Exercise Price shall be made upon the actual issue of such Common Stock or of such Convertible Securities upon exercise of such Options or upon the actual issue of such Common Stock upon conversion or exchange of such Convertible Securities.

 (2) Issue of Convertible Securities. If the Company at any time issues or sells in any manner or sell any Convertible Securities,
whether or not the rights to exchange or convert any such Convertible Securities are immediately exercisable, and the price per share for which Capital Stock is issuable upon such conversion or exchange (in each case as calculated in accordance with
Section 10(b)(5)) is less than the Current Market Price per share of such Capital Stock in effect immediately prior to the time of the issue or sale, then the total maximum number of shares of Common Stock issuable upon conversion or exchange
of such Convertible Securities shall be deemed to have been issued for such price per share as of the date of the issue or sale of such Convertible Securities and thereafter shall be deemed to be outstanding for purposes of adjusting the Exercise
Price. Except as otherwise provided in Section 10(b)(3), no adjustment of the Exercise Price shall be made upon the actual issuance of such Capital Stock upon conversion or exchange of such Convertible Security. No further adjustment of the
Exercise Price shall be made by reason of the issue or sale of Convertible Securities upon exercise of any Options to purchase any such Convertible Securities for which adjustments of the Exercise Price have been made pursuant to the other
provisions of Section 10(b)(1). 
 (3) Change in Option Price or Conversion Rate. If the purchase price provided for in any Right
or Option referred to in Section 10(a)(l), the additional consideration, if any, payable upon the conversion or exchange of any Convertible Securities referred to in Sections 10(a)(l) or 10(a)(2), or the rate at which Convertible Securities
referred to in Sections 10(a)(l) or 10(a)(2) are convertible into Capital Stock shall change at any time (including, but not limited to, changes under or by reason of provisions designed to protect against dilution), the Exercise Price in effect at
the time of such event shall forthwith be readjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities still outstanding provided for such changed purchase price, additional consideration
or conversion rate, as the case may be, at the time initially granted, issued or sold. On the termination of any Option for which any adjustment was made pursuant to this Section 10(b) or any right to convert Convertible Securities for which
any adjustment was made pursuant to this Section 10(b) (including without limitation upon the redemption or purchase for consideration of such Convertible Securities by the Company), and after five (5) calendar days notice to the Holder,
the Exercise Price then in effect hereunder shall forthwith be changed to the Exercise Price which would have been in effect at the time of such termination had such Option or Convertible Securities, to the extent outstanding immediately prior to
such termination, never been issued. 
 (4) Stock Dividends. Subject to the provisions of this Section 10(b), if the Company
declares a dividend or makes any other distribution upon any Capital Stock of the Company (other than the Common Stock) payable in Capital Stock, Options or Convertible Securities, then any Capital Stock, Options or Convertible Securities, as the
case may be, issuable in payment of such dividend or distribution shall be deemed to have been issued or sold without consideration. 
  

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 (5) Consideration for Stock. 
 (i) Options. For purposes of Section 10(b)(1), the price per share for which an Option is exercisable or for which a
Convertible Security is convertible or exchangeable is equal to (A) the sum (which sum shall constitute the Aggregate Consideration for purposes of the first sentence of this Section 10(b)) of (I) the total amount, if any, received or
receivable by the Company as consideration for the granting of such Options, plus (II) the aggregate amount of additional consideration payable to the Company upon the exercise of all such Options, plus (III), in the case of such Options which
relate to Convertible Securities, the aggregate amount of additional consideration, if any, payable upon the issue or sale of such Convertible Securities and upon the conversion or exchange thereof, divided by (B) the total maximum number of
shares of Capital Stock issuable upon the exercise of such Options or upon the conversion or exchange of all such Convertible Securities issuable upon the exercise of such Options). 
 (ii) Convertible Securities. For purposes of Section 10(b)(2), the price per share for which a Convertible Security is
convertible or exchangeable is equal to (A) the sum (which sum shall constitute the Aggregate Consideration for purposes of the first sentence of this Section 10(b)) of (I) the total amount received or receivable by the Company as
consideration for the issue or sale of such Convertible Security, plus (II) the aggregate amount of additional consideration, if any, payable to the Company upon the conversion or exchange thereof, divided by (B) the total number of shares of
Capital Stock issuable upon the conversion or exchange of such Convertible Security. 
 (iii) Generally. In case any
shares of Common Stock, Options or Convertible Securities shall be issued or sold for cash, the consideration received therefor shall be deemed to be the net amount received by the Company therefor, after deduction therefrom of any expenses incurred
or any underwriting commissions or concessions paid or allowed by the Company in connection therewith. In case any shares of Common Stock, Options or Convertible Securities shall be issued or sold for a consideration other than cash, the amount of
the consideration other than cash received by the Company shall be deemed to be the fair value of such consideration as determined in good faith by the Board of Directors of the Company, after deduction of any expenses incurred or any underwriting
commissions or concessions paid or allowed by the Company in connection therewith. In case any Options shall be issued in connection with the issue and sale of other securities of the Company, together comprising one integral transaction in which no
specific consideration is allocated to such Options by the parties thereto, such Options shall be deemed to have been issued for such consideration as determined in good faith by the Board of Directors of the Company. If Common Stock, Options or
Convertible Securities shall be issued or sold by the Company and, in connection therewith, other Options or Convertible Securities (the “Additional Rights”) are issued, then the consideration received or deemed to be received by
the Company shall be reduced by the fair market value of the Additional Rights (as determined using the Black-Scholes option pricing model or another method mutually agreed to by the Company and the Holder). 

  

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The Company shall respond promptly, in writing, to an inquiry by the Holder as to the fair market value of the Additional Rights. In the event that the
Company and the Holder are unable to agree upon the fair market value of the Additional Rights, the Company and the Holder shall jointly select an appraiser, who is experienced in such matters. The decision of such appraiser shall be final and
conclusive, and the cost of such appraiser shall be borne by the Company. 
 (6) Treasury Shares. The number of shares of Common Stock
outstanding at any given time shall not include shares owned or held by or for the account of the Company or any of its wholly-owned subsidiaries, and the disposition of any such shares (other than the cancellation or retirement thereof) shall be
considered an issue or sale of Common Stock for the purpose of this Section 10(b). 
 (c) Stock Splits and Dividends. In the
event that the Company shall subdivide its outstanding shares of Common Stock into a greater number of shares, pay a dividend or make a distribution on its Common Stock in shares of Common Stock or combine its outstanding shares of Common Stock into
a smaller number of shares, the Exercise Price in effect immediately prior thereto each shall be proportionately decreased in the case of a subdivision or increased in the case of a combination. An adjustment made pursuant to this Section 10(c)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the date of such subdivision or combination, as the case
may be. Such adjustments shall be made successively whenever any event listed above in this Section 10(c) shall occur. 
 (d)
Distributions. In case the Company shall fix a payment date for the making of a distribution to all Holders of Capital Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the
continuing corporation) of evidences of indebtedness or assets (other than dividends or distributions referred to in Section 10(c)), the Exercise Price to be in effect after such payment date shall be determined by multiplying the Exercise
Price in effect immediately prior to such payment date by a fraction, the numerator of which shall be the total number of shares of Common Stock outstanding multiplied by the Current Market Price per share of Common Stock immediately prior to such
payment date, less the Current Market Price of such assets or evidences of indebtedness so distributed, and the denominator of which shall be the total number of shares of Common Stock outstanding multiplied by such Market Price per share of Common
Stock immediately prior to such payment date. Such adjustment shall be made successively whenever such a payment date is fixed. 
 (e)
Reorganization or Reclassification. In the event of (i) any reclassification (including, without limitation, a reclassification effected by means of an exchange or tender offer by the Company or any subsidiary) or change of outstanding
Common Stock (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii) any consolidation, merger or combination of the Company with another
corporation as a result of which holders of Common Stock shall be entitled to receive securities or other assets (including cash) with respect to or in exchange for 

  

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Common Stock or (iii) any sale or conveyance of the assets of the Company as, or substantially as, an entirety to any other corporation as a result of
which holders of Common Stock shall be entitled to receive securities or other assets (including cash) with respect to or in exchange for Common Stock, then the Company or the successor or purchasing corporation, as the case may be, shall execute
and deliver to the Holder upon surrender of this Warrant a supplemental warrant providing that the Holder shall have the right thereafter (until the expiration of this Warrant) to receive, upon full exercise of this Warrant, the kind and amount of
shares of stock and/or other securities and/or property receivable upon such reclassification, consolidation, merger, combination, sale or conveyance by a holder of the number of shares of Common Stock for which this Warrant might have been
exercised immediately prior to such reclassification, consolidation, merger, combination, sale or conveyance. The supplemental warrant referred to in the preceding sentence shall provide for adjustments (without regard to limitations on the
exercisability of this Warrant) which shall be as nearly equivalent as practicable to the adjustments provided for in this Section 10. The above provision of this Section 10(e) shall similarly apply to successive consolidations or mergers.

 (f) Reductions by the Company. Anything in this Section 10 to the contrary notwithstanding, the Company shall be entitled to
make such reductions in the Exercise Price, in addition to those required by this Section 10, as it in its discretion shall determine to be advisable. 
 (g) Other Adjustments. In case any event shall occur as to which the other provisions of Section 10(b) to (f) are not strictly applicable but as to which the failure to make any adjustment would not
fairly protect the exercise rights represented by this Section 10 in accordance with the essential intent and principles hereof then, in each such case, the Holder and the Company shall cooperate to agree upon an appropriate adjustment under
this Section 10. If the Holder and the Company are unable to agree upon such an adjustment, the Company and the Holder shall jointly select an appraiser, who is experienced in such matters. Upon receipt of such opinion, the Company will
promptly mail a copy thereof to the Holder and shall make the adjustments described therein. The decision of such appraiser shall be final and conclusive, and the cost of such appraiser shall be borne by the Company. 
 (h) Subsequent Adjustments. In the event that, as a result of an adjustment made pursuant to this Section 10, Holders become entitled to
receive any shares of Capital Stock of the Company other than shares of Common Stock, the number of such other shares so receivable upon the exercise of the Warrants shall be subject thereafter to adjustment from time to time in a manner and on
terms as nearly equivalent as practicable to the provisions with respect to the Warrant Shares contained herein. 
 (i) Calculations.
All calculations under this Section 10 shall be made to the nearest four decimal points. 
 (j) Adjustment in Number of
Securities. Upon each adjustment of the Exercise Price pursuant to the provisions of Section 10(b), (c), (d) or (e), the number of shares of Common Stock issuable upon exercise at the adjusted Exercise Price of each Warrant shall be
adjusted to the nearest full amount by multiplying a number equal to the Exercise Price in effect immediately prior to such adjustment by the number of shares of Common Stock issuable upon exercise of Warrants immediately prior to such adjustment
(without regard to limitations on the exercisability of this Warrant) and dividing the product so obtained by the adjusted Exercise Price. 
  

 12 

 (k) Minimum Adjustment. No adjustment of the Exercise Price shall be made unless such adjustment
would require an increase or decrease of at least $0.01 in such price; provided that any adjustments which by reason of this Section 10(k) are not required to be made shall be carried forward and shall be made at the time of and together
with the next subsequent adjustment which, together with adjustments so carried forward, shall require an increase or decrease of at least $0.01 in the Exercise Price then in effect hereunder. If, after one or more adjustments to the Exercise Price
pursuant to this Section 10, the Exercise Price cannot be reduced further without falling below $.01 per share, the Company will make such further adjustments in the number of Warrant Shares issuable upon exercise of the Warrant to compensate
the Holders. 
 (l) No Impairment. The Company shall not, by amendment of its Certificate of Incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this
Section 10 by the Company but will at all times in good faith assist in the carrying out of all the provisions of this Section 10 and in the taking of all such action as may be necessary or appropriate in order to protect the exercise
rights of the Holder against dilution or other impairment, including without limitation taking all such action from time to time as may be necessary or appropriate to ensure that the par value per share of the Common Stock is at all times equal to
or less than the Exercise Price in effect at such time. 
 (m) Validity of Warrant Certificate. Irrespective of any adjustments or
changes in the Exercise Price or the amount of Warrant Securities purchasable upon exercise of Warrants, Warrant Certificates theretofore and thereafter issued shall continue to express the Exercise Price per share and the amount of Warrant
Securities purchasable thereunder as of the date such Warrant Certificates were originally issued; provided, the Holder shall be entitled to exercise Warrants represented by such Warrant Certificates after giving effect to each such
adjustment and change, and such Warrant Certificate shall be deemed to incorporate each such adjustment and change as if new Warrant Certificates reflecting each such adjustment and change had been issued to the Holders. 
 11. Notices to Holders. 
 (a) After
each adjustment of the Exercise Price or the amount of Warrant Shares purchasable upon exercise of Warrants pursuant to Section 10, the Company will promptly prepare a certificate signed by the Chairman or President, and by the Treasurer or an
Assistant Treasurer or the Secretary or an Assistant Secretary, of the Company setting forth: (i) the Exercise Price, as so adjusted; (ii) the amount of Warrant Shares purchasable upon exercise of this Warrant after such adjustment; and
(iii) a brief statement of the facts accounting for such adjustment. The Company will promptly file such certificate with its records and cause a brief summary thereof to be delivered to each Holder. 
  

 13 

 (b) In the event: 
 (i) that the Company shall authorize the issuance to holders of shares of Common Stock of rights, options or warrants to subscribe for or
purchase shares of Common Stock or of any other subscription rights or warrants; 
 (ii) that the Company shall authorize the
distribution to holders of shares of Common Stock of cash, evidences of its indebtedness or assets; 
 (iii) of any
consolidation or merger to which the Company is a party and for which approval of any stockholders of the Company is required, or of the conveyance or transfer of the properties and assets of the Company substantially as an entirety, or of any
reclassification or change of Common Stock issuable upon exercise of the Warrants (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or a tender
offer or exchange offer by the Company for shares of Common Stock; 
 (iv) of the voluntary or involuntary dissolution,
liquidation or winding up of the Company; or 
 (v) that the Company proposes to take any action which would require an
adjustment of the Exercise Price pursuant to Section 10; 
 then the Company shall cause to be delivered to the Holder, at least fifteen (15) days
prior to the applicable record date hereinafter specified, or promptly in the case of events for which there is no record date, a notice stating (x) the date as of which the holders of record of shares of Common Stock to be entitled to receive
any such rights, options, warrants or distribution are to be determined, (y) the initial expiration date set forth in any tender offer or exchange offer for shares of Common Stock, or (z) the date on which any such consolidation, merger,
conveyance, transfer, dissolution, liquidation or winding up is expected to become effective or consummated, and the date as of which it is expected that holders of record of shares of Common Stock shall be entitled to exchange such shares for
securities or other property, if any, deliverable upon such reclassification, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up. The failure to give the notice required by this Section 11 or any defect therein
shall not affect the legality or validity of any distribution, right, option, warrant, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up, or the vote upon any action. 
 12. Transfer Taxes. The issuance of any shares or other securities upon the exercise of this Warrant, and the delivery of certificates or other
instruments representing such shares or other securities, shall be made without charge to the Holder for any tax or other charge in respect of such issuance. The Company shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issue and delivery of any certificate in a name other than that of the Holder and the Company shall not be required to issue or deliver any such certificate unless and until the person(s) or entity(ies) requesting the
issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
 13. Loss or Mutilation of Warrant. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant (and upon surrender of this 

  

 14 

 
Warrant if mutilated), and upon reimbursement of the Company’s reasonable incidental expenses, the Company shall execute and deliver to the Holder a new
Warrant of like date, tenor, and denomination. 
 14. Obtaining Stock Exchange Listings. The Company shall from time to time take all
action which may be reasonably necessary so that the Warrant Shares, immediately upon their issuance upon the exercise of Warrants, will be listed on a principal securities exchange, automated quotation system or other market within the United
States of America, if any, on which other shares of Common Stock are then listed, if any. 
 15. No Rights as a Stockholder. The
Holder shall not have, solely on account of the Holder’s status as a holder of a Warrant, any rights of a stockholder of the Company, either at law or in equity, or to any notice of meetings of stockholders or of any other proceedings of the
Company, except as provided in this Warrant. 
 16. Miscellaneous 
 (a) Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be mailed (i) if within domestic
United States by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or by facsimile, or (ii) if delivered from outside the United States, by International Federal Express (or
comparable service) or facsimile, and shall be deemed given (A) if delivered by first-class registered or certified mail domestic, three Business Days after so mailed, (B) if delivered by nationally recognized overnight carrier, one
(1) Business Day after so mailed, (C) if delivered by International Federal Express (or comparable service), two (2) Business Days after so mailed, (D) if delivered by facsimile, upon electric confirmation of receipt on the first
Business Day after the transaction and shall be delivered as addressed as follows: 
  

	 	(i)	if to the Company, to: 

 Velocity Express
Corporation 
 One Morningside Drive North 
 Building B – Suite 300 
 Westport, CT 06880 
 Attention: Chief Financial Officer 
 Telephone: (203) 349-4160 
 Telecopy: (203) 349-4198 
  

	 	(ii)	if to the Holder, at such Holder’s address on the Warrant Register, or at such other address or addresses as may have been furnished to the Company in writing.

 (b) Successors. All the covenants and provisions of this Warrant by or for the benefit of the Company or the Holder
shall bind and inure to the benefit of their respective successors and assigns hereunder. No other person or entity shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Warrant
or any provisions contained in this Warrant. 
  

 15 

 (c) Entire Agreement. This Warrant constitutes the entire agreement of the parties hereto and
supersedes all prior written or oral agreements, understandings and negotiations with respect to the subject matter hereof. 
 (d)
Headings. The headings of the various sections of this Warrant have been inserted for convenience of reference only and shall not be deemed to be part of this Warrant. 
 (e) Severability. In case any provision contained in this Warrant should be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained in this Warrant shall not in any way be affected or impaired thereby. 
 (f) Amendments; Waivers; No Additional Consideration. No provision of this Warrant may be waived or amended except in a written instrument signed by the Company and the Holder. No waiver of any default with respect to any provision,
condition or requirement of this Warrant shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either
party to exercise any right hereunder in any manner impair the exercise of any such right. 
 (g) Governing Law. This Warrant shall be
deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be construed in accordance with the internal laws of said State. 
 (h) Consent to Jurisdiction, etc. 
 (i) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE NEW YORK SUPREME COURT IN THE CITY AND STATE OF NEW YORK AND ANY APPELLATE COURT THEREFROM OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT
OF NEW YORK AND ANY APPELLATE COURT THEREFROM (COLLECTIVELY, THE “NEW YORK COURTS”), IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT RELATING THERETO, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH PROCEEDING MAY BE HEARD AND DETERMINED IN THE NEW YORK COURTS. EACH OF THE PARTIES HERETO AGREES THAT A
FINAL JUDGMENT IN ANY SUCH PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 (ii) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO,
ANY OBJECTION WHICH IT MAY NOW 

  

 16 

 
OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY OF THE
NEW YORK COURTS. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH PROCEEDING IN ANY OF THE NEW YORK COURTS. 
 (iii) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 17(a). NOTHING IN THIS WARRANT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS WARRANT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 
 (i) Interpretation. The language used in this Warrant shall be deemed to be the language chosen by the parties to express their mutual intent and no rule of strict construction shall be applied against any party. 
 (j) Counterparts and Facsimiles. This Warrant may be executed in two or more counterparts, each of which shall constitute an original, but all of
which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties. This Warrant may also be executed and delivered via
facsimile, which shall be deemed an original. 
  

					
	Dated: July 3, 2006	  	VELOCITY EXPRESS CORPORATION
			
		  	By:	 	  

		  		 	Edward W. Stone
		  		 	Chief Financial Officer

  

 17 

 FORM OF ASSIGNMENT 
 (To be executed by the registered holder if such holder desires to transfer the attached Warrant.) 
 FOR
VALUE RECEIVED,
                                        
hereby sells, assigns, and transfers unto
                                         a
Warrant to purchase              shares of Common Stock, par value $0.004 per share, of Velocity Express Corporation (the “Company”), together with all right, title,
and interest therein, and does hereby irrevocably constitute and appoint
                                        
attorney to transfer such Warrant on the books of the Company, with full power of substitution. 
  

			
	Dated:	 	  

		
	By:	 	  

		 	Signature

 The signature on the foregoing Assignment must correspond to the name as written upon the
face of this Warrant in every particular, without alteration or enlargement or any change whatsoever. 

 NOTICE OF EXERCISE 
  

	To:	Velocity Express Corporation 

	  	One Morningside Drive North, 

	  	Bldg. B, Suite 300 

	  	Westport, Connecticut 06880 

	  	Attention: President 

 The undersigned hereby exercises the accompanying
Warrant to either (you must check a box): 
  

	 	 ̈	Purchase              Warrant Shares covered by the accompanying Warrant and tenders payment herewith pursuant to
Section 3 of the Warrant in the amount of $            ; or 

  

	 	 ̈	Effect a non-cash exercise pursuant to Section 4 of the Warrant, and the undersigned elects to apply
             Warrant Shares to such exercise; 

 and, in each case, requests
that certificates for such securities be issued in the name of, and delivered to: 
  

	
	  

	  

	  

	(Print Name, Address and Social Security or Tax Identification Number)

 and, if such number of Warrant Shares shall not be all the Warrant Shares covered by the within Warrant, that a
new Warrant for the balance of the Warrant Shares covered by the within Warrant be registered in the name of, and delivered to, the undersigned at the address stated below. 
  

			
	Dated:	 	  

		
	By:	 	  

		 	Print Name
		
	Signature	 	  

  

	
	Address:Voting Agreement, dated July 3, 2006

 EXHIBIT 10.7 
 VOTING AGREEMENT 
 VOTING AGREEMENT dated July 3, 2006 (as amended, this “Voting
Agreement”) is by and between VELOCITY EXPRESS CORPORATION, a Delaware corporation (“Parent”) and the individuals listed on Schedule A annexed hereto (collectively, the “Stockholders” and each
individually is a “Stockholder”). 
 RECITALS 
 WHEREAS, the Stockholders are the record and beneficial owners of shares of common stock, par value $0.001 per share the
(“Shares”), of CD&L, Inc., a Delaware corporation (the “Company”) in the amounts set forth opposite the Stockholder’s name on Schedule A hereto; and 
 WHEREAS, prior to the execution and delivery of this Voting Agreement, the Board of Directors of the Company has taken all actions required
to: (a) approve the execution and delivery of that certain Agreement and Plan of Merger of even date herewith, by and between the Company, Buyer and CD&L Acquisition Corp., a Delaware corporation (“Merger Sub”) (the
“Merger Agreement”), pursuant to which Merger Sub will be merged with and into the Company, with the Company continuing as the surviving corporation and as a direct wholly owned subsidiary of Parent (the “Merger”);
(b) prevent any right issued pursuant to that certain Stockholder Protection Rights Agreement, dated as of December 27, 1999 between the Company and American Stock Transfer & Trust Company, as Rights Agent, and amended as of
April 14, 2004 (the “Stockholder Protection Rights Agreement”) from being exercisable pursuant to the Stockholder Protection Rights Agreement as a result of the transactions contemplated herein and under the Merger Agreement or
Purchase Agreement (as defined below); (c) prevent any Flip-in Date, Flip-over Transaction or Event, Stock Acquisition Date or Separation Time (as each such term is defined in the Stockholder Protection Rights Agreement) from occurring as a
result of the transactions contemplated herein or under the Merger Agreement or Purchase Agreement (as defined below); and (d) waive the applicability of Section 203 of the Delaware General Corporation Law with respect to the acquisition
by the Company, Newco and their affiliates and associates of 15% or more of the Company’s outstanding voting stock; 
 WHEREAS,
concurrent with the execution of this Voting Agreement, Parent and the Stockholders have entered into a Series A Convertible Subordinated Debenture Purchase Agreement dated of even date herewith (as amended from time to time, the “Purchase
Agreement”) pursuant to which Parent is acquiring from Stockholders all of their Series A Convertible Subordinated Debentures; 
 WHEREAS, as an inducement and a condition to entering into the Merger Agreement and the Purchase Agreement, Parent requires that each of the Stockholders agree, and each of the Stockholders is willing to agree, to enter into this Voting
Agreement. 

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Parent and each of the Stockholders, intending to be legally bound, hereby agree as follows: 
 1. Certain Definitions. In addition to the terms defined elsewhere herein, capitalized terms used and not defined herein have the respective meanings ascribed to them in the Merger Agreement. For purposes of
this Voting Agreement: 
  

	 	(a)	“Beneficially Own” or “Beneficial Ownership” with respect to any securities means having “beneficial ownership” of such securities as
determined pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including pursuant to any agreement, arrangement or understanding, whether or not in writing. Without duplicative counting
of the same securities by the same holder, securities Beneficially Owned by a Person shall include securities Beneficially Owned by all other Persons with whom such Person would constitute a “group” within the meaning of
Section 13(d)(3) of the Exchange Act. 

  

	 	(b)	“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust (including any
beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 

 2.
Disclosure. Each of the Stockholders hereby agrees to permit the Company and Parent to publish and disclose in the Company’s Proxy Statement, and any press release or other disclosure document which Parent and the Company reasonably
determine to be necessary or desirable in connection with the Merger and any transactions related thereto, each Stockholder’s identity and ownership of the Shares and the nature of each Stockholder’s commitments, arrangements and
understandings under this Voting Agreement. 
 3. Voting of Company Stock. 
 (a) Each of the Stockholders hereby agrees that, during the period commencing on the Closing of the Purchase Agreement and continuing until the first to
occur of (x) the Effective Time of the Merger, (y) the date of a Company Adverse Recommendation Change by the Board of Directors of the Company (the “Board”) in connection with a Superior Competing Transaction and a
termination of the Merger Agreement as a result thereof in accordance with the terms of the Merger Agreement, or (z) the date of termination of the Merger Agreement for any reason in accordance with its terms (whichever date is first, the
“Termination Date”), at any meeting of the holders of the Shares, however called, or in connection with any written consent of the holders of the Shares, he shall vote (or cause to be voted) the Shares held of record or Beneficially
Owned by the Stockholder, whether now owned or hereafter acquired: 
 (i) in favor of approval of the Merger, adoption of the
Merger Agreement and any actions required in furtherance thereof and hereof, 
 (ii) against any action or agreement that
would result in a breach in any respect of any covenant, representation or warranty, or any other obligation or agreement, of the Company under the Merger Agreement or any Stockholder under this Voting Agreement, and 
  

 2 

 (iii) except as otherwise agreed to in writing in advance by Parent, against the
following actions (other than the Merger and the transactions contemplated by this Voting Agreement and the Merger Agreement): 
  

	 	(A)	any extraordinary corporate transaction, such as a merger, consolidation or other business combination involving the Company; 

  

	 	(B)	a sale, lease or transfer of a material amount of assets of the Company, or a reorganization, recapitalization, dissolution or liquidation of the Company; or

  

	 	(C)	(1) any change in a majority of the individuals who constitute the Company’s board of directors; 

  

	 	    	(2) any change in the present capitalization of the Company or any amendment of the Company’s Certificate of Incorporation or By-Laws; 

  

	 	    	(3) any material change in the Company’s corporate structure or business; or 

  

	 	    	(4) any other action which, in the case of each of the matters referred to in clauses (C)(1), (2) or (3), is intended, or could reasonably be expected, to impede, interfere
with, delay, postpone, or materially and adversely affect the Merger and the transactions contemplated by this Voting Agreement and the Merger Agreement; 

 provided, however, that the restrictions in this clause (iii) shall not apply to a vote in connection with a Superior Competing Offer if such vote is made subsequent to a Company Adverse
Recommendation Change by the Board attributable to such Superior Competing Transaction. 
 (b) Each of the Stockholders agrees that the
Stockholder’s obligations under this Voting Agreement are unconditional and will remain in full force and effect notwithstanding that the Company may have received a proposal for a Competing Transaction unless there is a termination of the
Merger Agreement for any reason in accordance with its terms, in which case this Voting Agreement shall terminate, or unless the offer constitutes a Superior Competing Transaction and there has been a Company Adverse Recommendation Change. Further,
none of the Stockholders will enter into any agreement or understanding with any Person the effect of which would be inconsistent with or violative of any provision contained in this Section 3. Nothing in this Section 3 shall require any
Stockholder to exercise any options or warrants with respect to the Shares or to convert any convertible notes or other convertible securities. 
 (c) Contemporaneously with the execution of this Agreement, each Stockholder, severally and not jointly, agrees to deliver to Purchaser a proxy in the form attached hereto as Exhibit A, which shall be irrevocable, with respect to the
Shares, subject to the other terms of this Agreement. 
  

 3 

 4. Covenants, Representations and Warranties of each Stockholder. Each of the Stockholders hereby
represents and warrants (with respect to such Stockholder only and not with respect to each other Stockholder) to, and agrees with, Parent as follows: 
  

	 	(a)	Ownership of Securities. Such Stockholder is the sole record and Beneficial Owner of the number of Shares set forth opposite such Stockholder’s name on Schedule A
hereto. On the date hereof, the Shares set forth opposite the Stockholder’s name on Schedule A hereto constitute all of the Shares owned of record or Beneficially Owned by such Stockholder or with respect to which such Stockholder has
voting power by proxy, voting agreement, voting trust or other similar instrument. Such Stockholder has sole voting power and sole power to issue instructions with respect to the matters set forth in Section 3 hereof, sole power of disposition,
sole power of conversion, sole power to demand and waive appraisal rights and sole power to agree to all of the matters set forth in this Voting Agreement, in each case with respect to all of the Shares set forth opposite such Stockholder’s
name on Schedule A hereto, with no limitations, qualifications or restrictions on such rights, subject to applicable securities laws, and the terms of this Voting Agreement. 

  

	 	(b)	Authorization. Such Stockholder has the legal capacity, power and authority to enter into and perform all of such Stockholder’s obligations under this Voting Agreement.
The execution, delivery and performance of this Voting Agreement by such Stockholder will not violate any other agreement to which such Stockholder is a party including, without limitation, any voting agreement, stockholders agreement, voting trust,
trust or similar agreement. This Voting Agreement has been duly and validly executed and delivered by such Stockholder and constitutes a valid and binding agreement enforceable against such Stockholder in accordance with its terms. There is no
beneficiary or holder of a voting trust certificate or other interest of any trust of which such Stockholder is a trustee whose consent is required for the execution and delivery of this Voting Agreement or the consummation by such Stockholder of
the transactions contemplated hereby. If such Stockholder is married and such Stockholder’s Shares constitute community property, this Voting Agreement has been duly authorized, executed and delivered by, and constitutes a valid and binding
agreement of, such Stockholder’s spouse, enforceable against such person in accordance with its terms. 

  

	 	(c)	 No Conflicts. (i) Except as may be required under Section 13 of the Exchange Act, no filing with, and no permit, authorization, consent or approval
of, any state or federal public body or authority is necessary for the execution of this Voting Agreement by such Stockholder and the consummation by such Stockholder of the transactions contemplated hereby 

  

 4 

	 	 
and (ii) none of the execution and delivery of this Voting Agreement by such Stockholder, the consummation by such Stockholder of the transactions
contemplated hereby or compliance by such Stockholder with any of the provisions hereof shall (A) conflict with or result in any breach of the organizational documents of such Stockholder (if applicable), (B) result in a violation or
breach of, or constitute (with or without notice or lapse of time or both) a default (or give rise to any third party right of termination, cancellation, material modification or acceleration) under any of the terms, conditions or provisions of any
note, bond, mortgage, indenture, license, contract, commitment, arrangement, understanding, agreement or other instrument or obligation of any kind to which such Stockholder is a party or by which such Stockholder or any of its properties or assets
may be bound, or (C) violate any order, writ injunction, decree, judgment, order, statute, rule or regulation applicable to such Stockholder or any of its properties or assets. 

  

	 	(d)	No Encumbrances. Except as applicable in connection with the transactions contemplated by Section 3 hereof, such Stockholder’s Shares at all times during the term
hereof will be Beneficially Owned by such Stockholder, free and clear of all liens, claims, security interests, proxies, voting trusts or agreements, understandings or arrangements or any other encumbrances whatsoever. 

  

	 	(e)	No Solicitation. Such Stockholder agrees not to take any action in his capacity as a record or beneficial owner of Shares inconsistent with or in violation of
Section 6.2 of the Merger Agreement, provided that this paragraph (e) shall not apply to actions which would otherwise be permitted to be taken by the Company under Section 6.2 of the Merger Agreement. 

  

	 	(f)	Restriction on Transfer; Proxies and Non-Interference. Such Stockholder shall not, directly or indirectly (i) except for a Permitted Transfer (as defined below) and
except as contemplated by the Merger Agreement, offer for sale, sell, transfer, tender, pledge, encumber, assign or otherwise dispose of, or enter into any contract, option or other arrangement or understanding with respect to or consent to the
offer for sale, sale, transfer, tender, pledge, encumbrance, assignment or other disposition of, any or all of any such Stockholder’s Shares or any interest therein, (ii) except as contemplated by this Voting Agreement, grant any proxies
or powers of attorney, deposit any Shares into a voting trust or enter into a voting agreement with respect to the Shares, or (iii) take any action that would make any representation or warranty of such Stockholder contained herein untrue or
incorrect or have the effect of preventing or disabling such Stockholder from performing such Stockholder’s obligations under this Voting Agreement. 

  

	 	(g)	Reliance by Parent. Such Stockholder understands and acknowledges that Parent is entering into the Merger Agreement and the Purchase Agreement in reliance upon such
Stockholder’s execution and delivery of this Voting Agreement. 

  

 5 

	 	(h)	Permitted Transfer. Notwithstanding the foregoing or any other provision of this Agreement to the contrary, any Stockholder may sell or transfer any Shares to any Stockholder
or any other Person who executes and delivers to Parent an agreement, in form and substance acceptable to Parent, to be bound by the terms of this Agreement to the same extent as the transferring Stockholder (any such transfer, a “Permitted
Transfer”). 

 5. Waiver of Appraisal Rights. Each of the Stockholders hereby irrevocably waives any and all
appraisal, dissenter or other similar rights which the Stockholder may otherwise have with respect to the consummation of the Merger, including without limitation, any rights pursuant to Section 262 of the Delaware General Corporation Law. Each
of the Stockholders acknowledges that it has been afforded a reasonably opportunity to review information and ask questions regarding the Merger Agreement and the Merger. 
 6. Stop Transfer Legend. 
  

	 	(a)	Each of the Stockholders agrees and covenants to Parent that such Stockholder shall not request that the Company register the transfer (book-entry or otherwise) of any certificate
or uncertificated interest representing any of such Stockholder’s Shares, unless such transfer is made in compliance with this Voting Agreement. 

  

	 	(b)	Without limiting the covenants set forth in paragraph (a) above, in the event of a stock dividend or distribution, or any change in Shares by reason of any stock dividend,
split-up, recapitalization, combination, exchange of shares or the like, other than pursuant to the Merger, the term “Shares” shall be deemed to refer to and include the Shares into which or for which any or all of the Shares may be
changed or exchanged and appropriate adjustments shall be made to the terms and provisions of this Voting Agreement. 

 7.
Further Assurances. From time to time, at Parent’s request and without further consideration, each Stockholder shall execute and deliver such additional documents and take all such further lawful action as may be necessary or desirable
to consummate and make effective, in the most expeditious manner practicable, the transactions contemplated by this Voting Agreement. 
 8.
Stockholder Capacity. If any Stockholder is or becomes during the term hereof a director or an officer of the Company, such Stockholder makes no agreement or understanding herein in his capacity as such director or officer. Each of the
Stockholders signs solely in his or her capacity as the record and Beneficial Owner of the Stockholder’s Shares. 
 9.
Termination. Except as otherwise provided herein, the covenants and agreements contained herein with respect to the Shares shall terminate upon the earlier of (a) the Termination Date regardless of the circumstances or (b) the
Effective Time of the Merger. 
  

 6 

 10. Miscellaneous. 
  

	 	(a)	Entire Agreement. This Voting Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all other prior agreements
and understandings, both written and oral, between the parties with respect to the subject matter hereof. 

  

	 	(b)	Certain Events. Subject to Section 4(f) hereof, each of the Stockholders agrees that this Voting Agreement and the obligations hereunder shall attach to each such
Stockholder’s Shares and shall be binding upon any Person to which legal or Beneficial Ownership of such Shares shall pass, whether by operation of law or otherwise, including without limitation, each Stockholder’s heirs, guardians,
administrators or successors. Notwithstanding any such transfer of Shares, the transferor shall remain liable for the performance of all obligations under this Voting Agreement. 

  

	 	(c)	Assignment. This Voting Agreement shall not be assigned by operation of law or otherwise without the prior written consent of Parent in the case of an assignment by any
Stockholder and each Stockholder in the case of any assignment by Parent; provided that Parent may assign, in its sole discretion, its rights and obligations hereunder to any direct or indirect wholly owned subsidiary of Parent, but no such
assignment shall relieve Parent of its obligations hereunder if such assignee does not perform such obligations. 

  

	 	(d)	Amendment and Modification. This Voting Agreement may not be amended, changed, supplemented, waived or otherwise modified or terminated, except upon the execution and
delivery of a written agreement executed by the parties hereto affected by such amendment. 

  

	 	(e)	Notices. Any notice or other communication required or which may be given hereunder shall be in writing and delivered (i) personally, (ii) via telecopy,
(iii) via overnight courier (providing proof of delivery) or (iv) via registered or certified mail (return receipt requested). Such notice shall be deemed to be given, dated and received (i) when so delivered personally, via telecopy
upon confirmation, or via overnight courier upon actual delivery or (ii) two days after the date of mailing, if mailed by registered or certified mail. Any notice pursuant to this section shall be delivered as follows: 

 

	 	    	If to the Stockholder, to the address set forth for the Stockholder on Schedule A to this Voting Agreement. 

  

			
	If to Parent:
		
		  	Velocity Express Corporation
		  	One Morningside Drive North
		  	Building B, Suite 300
		  	Westport, CT 06880
		  	Attn: General Counsel
		  	Facsimile: 952.835.4997

  

 7 

			
	with copies to:
		
		  	Budd Larner, PC
		  	150 John F. Kennedy Parkway
		  	Short Hills, NJ 07078
		  	Attention: James F. Fitzsimmons, Esq.
		  	Fax: 973.379.7734
	
	and to
		
		  	Briggs and Morgan, P.A.
		  	2200 IDS Center
		  	80 South Eighth Street
		  	Minneapolis, MN 55402
		  	Attention: Avron L. Gordon, Esq.
		  	Fax: 612.977.8650

  

	 	(f)	Severability. Whenever possible, each provision or portion of any provision of this Voting Agreement will be interpreted in such a manner as to be effective and valid under
applicable law but if any provision or portion of any provision of this Voting Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or portion of any provision of this Voting Agreement in such jurisdiction, and this Voting Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision or portion of any provision had never been contained herein. 

  

	 	(g)	Specific Performance. Each of the parties hereto agrees, recognizes and acknowledges that a breach by it of any covenants or agreements contained in this Voting Agreement
will cause the other parties to sustain damages for which they would not have an adequate remedy at law for money damages, and therefore each of the parties hereto agrees that in the event of any such breach any aggrieved party shall be entitled to
the remedy of specific performance of such covenants and agreements (without any requirement to post bond or other security and without having to prove actual damages) and injunctive and other equitable relief in addition to any other remedy to
which it may be entitled, at law or in equity. 

  

	 	(h)	Remedies Cumulative. All rights, powers and remedies provided under this Voting Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and
not alternative, and the exercise of any such rights, powers or remedies by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party. 

  

 8 

	 	(i)	No Waiver. The failure of any party hereto to exercise any right, power or remedy provided under this Voting Agreement or otherwise available in respect hereof at law or in
equity, or to insist upon compliance by any other party hereto with its obligations hereunder, and any custom or practice of the parties at variance with the terms hereof, will not constitute a waiver by such party of its right to exercise any such
or other right, power or remedy or to demand such compliance. 

  

	 	(j)	No Third Party Beneficiaries. This Voting Agreement is not intended to confer upon any person other than the parties hereto any rights or remedies hereunder.

  

	 	(k)	Governing Law. This Voting Agreement will be governed and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflict
of laws thereof. 

  

	 	(l)	Submission to Jurisdiction. Each party to this Voting Agreement irrevocably consents and agrees that any legal action or proceeding with respect to this Agreement and any
action for enforcement of any judgment in respect thereof will be brought in the state or federal courts located within the jurisdiction of the United States District Court for the Southern District of New York, and, by execution and delivery of
this Voting Agreement, each party to this Voting Agreement hereby irrevocably submits to and accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts and appellate courts
from any appeal thereof. Each party to this Voting Agreement further irrevocably consents to the service of process out of any of the aforementioned courts in any such action or proceeding by the mailing of copies thereof in the manner set forth in
Section 10(e). Each party to this Voting Agreement hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Voting
Agreement brought in the courts referred to above and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum.
Nothing in this Section 10(l) shall be deemed to constitute a submission to jurisdiction, consent or waiver with respect to any matter not specifically referred to herein. 

  

	 	(m)	WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY ACTION, SUIT OR PROCEEDING IN CONNECTION WITH THIS VOTING AGREEMENT.

  

	 	(n)	Description Headings. The description headings used herein are for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation
of this Voting Agreement. 

  

 9 

	 	(o)	Counterparts. This Voting Agreement may be executed in counterparts, each of which will be considered one and the same Voting Agreement and will become effective when such
counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. 

  

	 	(p)	No Survival. No representations, warranties and covenants of the Stockholder in this Agreement shall survive the Merger. The Stockholder shall have no liability hereunder
except for any willful and material breach of this Agreement by the Stockholder. 

  

	 	(q)	Action in Stockholder Capacity Only. The parties acknowledge that this Agreement is entered into by each Stockholder solely in such Stockholder’s capacity as the
beneficial owner of such Stockholder’s Shares and, notwithstanding anything herein to the contrary, nothing in this Agreement in any way restricts or limits any action taken by such Stockholder or any designee or related party of such
Stockholder in his or her capacity as a director or officer of the Company and the taking of any actions in his or her capacity as an officer or director of the Company will not be deemed to constitute a breach of this Agreement, regardless of the
circumstances related thereto. 

 [SIGNATURE PAGE FOLLOWS] 
  

 10 

 IN WITNESS WHEREOF, Parent and each of the Stockholders have caused this Voting Agreement to be duly
executed as of the day and year first above written. 
  

					
	Parent:
		
		 	VELOCITY EXPRESS CORPORATION
			
		 	By:	 	 /s/ Edward W. Stone

		 	Name:	 	Edward W. Stone
		 	Title:	 	Chief Financial Officer
	
	Stockholders:
		
		 	 /s/ Albert W. Van Ness, Jr.

		 	Albert W. Van Ness, Jr.
		
		 	 /s/ William T. Brannan

		 	William T. Brannan
		
		 	 /s/ Michael Brooks

		 	Michael Brooks
		
		 	 /s/ Russell J. Reardon

		 	Russell J. Reardon
		
		 	 /s/ Matthew J. Morahan

		 	Matthew J. Morahan
		
		 	 /s/ Vincent P. Brana

		 	Vincent P. Brana
		
		 	 /s/ Jack McCorkell

		 	Jack McCorkell

  

 11 

 SCHEDULE A 
 Stockholders 
  

					
	 Stockholder Name and Address
	  	Number of Shares	  	 
	 Albert W. Van Ness, Jr.
 89 Silver Oaks Circle, Unit 5104
 Naples, FL 34119
	  	136,160	  	
			
	 William T. Brannan
 2 Carmella Court
 Cedar Grove, NJ 07009
	  	113,796	  	
			
	 Michael Brooks
 3986 N W 52nd Place
 Boca Raton, Fl 33496
	  	251,955	  	
			
	 Russell J. Reardon
 11 Old Quarry Road
 Cedar Grove, NJ 07009
	  	74,238	  	
			
	 Matthew J. Morahan
 18126 Southeast Village Circle
 Tequesta, FL 33469
	  	360,512	  	
			
	 Vincent P. Brana
 527 Eastgate Road
 Ho-ho-kus, NJ 07423
	  	357,000	  	
			
	 Jack McCorkell
 125 County Park Drive
 Cranford, NJ 07016
	  	52,609	  	

  

 12 

 EXHIBIT A 
 IRREVOCABLE PROXY 
 Reference is made to that certain Voting Agreement dated the date hereof (the
“Voting Agreement”) by and among Velocity Express Corporation, a Delaware corporation (“Purchaser”), CD&L Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Purchaser (“Merger
Sub”), and the stockholders of the Company signatory thereto. 
 1. Irrevocable Proxy.  
 (a) The undersigned stockholder (the “Stockholder”) of CD&L, Inc., a Delaware corporation (the “Company”) hereby
irrevocably appoints and constitutes each of the Chief Executive Officer, the President, the Chief Financial Officer and the Secretary of Purchaser (collectively the “Proxyholders”), as the agents, attorneys and proxies of the
undersigned Stockholder, with full power of substitution and resubstitution, to the full extent of the undersigned Stockholder’s rights with respect to the shares of Common Stock of the Company that are listed below (the
“Shares”), and any and all other shares or securities issued or issuable in respect thereof on or after the date hereof and prior to the date this Irrevocable Proxy terminates, to vote the Shares as set forth in this paragraph 1.

 (b) The Proxyholders are empowered at any time prior to termination of this Irrevocable Proxy to exercise all voting rights with respect
to such Shares (including, without limitation, the power to execute and deliver written consents with respect to the Shares) of the undersigned Stockholder at every annual, special or other meeting of stockholders of the Company and at any
adjournment or postponement thereof, however called, or pursuant to any written consent in lieu of a meeting or otherwise (such rights, the “Proxy Rights”) in accordance with Section 3(a) of the Voting Agreement.

 (c) The Proxyholders may not exercise these Proxy Rights with respect to any matter except as specifically authorized herein. The
Stockholder may vote the Shares on all such other matters, subject to such other agreements as the Stockholder may be subject or by which the Stockholder or the Shares may be bound. The Proxy Rights granted by Stockholder to the Proxyholders hereby
is granted as of the date of this Irrevocable Proxy in order to secure the obligations of such Stockholder set forth in Section 3(a) of the Voting Agreement, and is irrevocable and coupled with an interest in such obligations.

 2. Termination. This Irrevocable Proxy will terminate upon the termination of the Voting Agreement in accordance with its
terms. 
 3. Miscellaneous. 
 a. Upon the execution hereof, all prior proxies, voting agreements or powers-of-attorney given by the undersigned Stockholder with respect to the Shares and any and all other shares or securities issued or issuable in
respect thereof on or after the date hereof, or which are other inconsistent herewith, are hereby revoked and no subsequent proxies or powers-of attorney will be given, nor voting agreements made until such time as this Irrevocable Proxy shall be
terminated in accordance with its terms. 
  

 13 

 b. All authority conferred herein shall survive the insolvency, liquidation, death or incapacity of the
Stockholder and any obligation of the Stockholder hereunder shall be binding upon the heirs, personal representatives, successors and assigns of the Stockholder. 
 c. The undersigned Stockholder authorizes the Proxyholders to file this Irrevocable Proxy and any substitution or revocation of substitution with the Secretary of the Company and with any inspector of elections at any
meeting of stockholders of the Company. 
 d. The Provisions of Section 10 of the Voting Agreement, to the extent applicable, shall be
incorporated herein by reference. 
 [SIGNATURE PAGE FOLLOWS] 
  

 14 

 IN WITNESS WHEREOF, the undersigned Stockholder has caused this Irrevocable Proxy to be executed
personally or by a duly authorized representative thereof as of the day and year set forth below. 
 DATED: June
    , 2006 
  

			
	 Signature
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

		
	 Address:
	 	  

	
	  

	
	  

	
	  

 Number of Shares Held Beneficially and of Record by Stockholder:

              Shares owned beneficially 
              Shares owned of record 
 [SIGNATURE PAGE TO IRREVOCABLE PROXY] 
  

 15

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