Document:

EX-10.43

 EXHIBIT 10.43 
 [SCICLONE LETTERHEAD] 
 January 16, 2013 

Gary Titus 
 950 Tower Lane, Suite 900

 Foster City, CA 94404 
  

	 	Re:	Stay Bonus 

 Dear Gary, 

Your services and contribution to SciClone Pharmaceuticals, Inc. (the “Company”) are highly valued. We wish to
reward you for your continuing efforts and performance and to provide you an incentive to remain with the Company, particularly to assist with the closing of the Company’s 2012 consolidated financial statements, the completion of the 2012 audit
and the preparation and filing of the of the Company’s Form 10-K for the fiscal year ended December 31, 2012. As a result, we have decided to offer you a retention bonus because we believe you are an important part of the Company’s
future success. This letter sets forth the terms upon which the Company may make a retention bonus payment to you. 
 Provided
that (i) you remain employed with the Company through the applicable dates described below, (ii) you have executed (a) a general release of known and unknown claims in the form attached hereto as Exhibit A and (b) a
resignation from all of your positions with the Company, in a form satisfactory to the Company, and (iii) you have complied with all of the terms and conditions of your employment and this letter, you will be entitled to receive, in addition to
the compensation and benefits you earned through the date of your termination, the following benefits: 
 1. If you remain
employed with the Company through the date of filing of the Company’s Form 10-K for the fiscal year ended on December 31, 2012, you will be entitled to receive a lump sum cash payment of $100,000, subject to standard payroll deductions and
withholdings, which shall be payable on the next payroll date after the filing of the Company’s Form 10-K (the “10-K Stay Bonus”). 

 2. If you remain employed with the Company through May 31, 2013, you will be entitled
to receive the following benefits (collectively, the “May 31 Stay Bonus”): 
 (a) a lump sum cash
payment of $100,000, subject to standard payroll deductions and withholdings, which shall be payable on the next payroll date on or after May 31, 2013; 
 (b) a continuation of payments equal to your base salary and health care benefits in effect on May 31, 2013, until the earlier of (i) six (6) months after May 31, 2013 or (ii) the
date on which you commence new full-time employment after the termination of your employment with the Company. These payments will be made on the Company’s ordinary payroll dates starting with the first pay date after the termination date, and
will be subject to standard payroll deductions and withholdings and less any salary you may receive for part-time employment; 

(c) the post-termination exercise period for any of your Company stock options that are vested as of May 31, 2013 will be extended
to twelve (12) months. 
 3. In addition, the Company and you agree that: 

(a) if the Company’s Form 10-K has not been filed prior to May 31, 2013 due to circumstances beyond the Company’s control
and subject to your best efforts to ensure the filing of the Form 10-K prior to May 31, 2013, you will be entitled to receive the Form 10-K Bonus, subject to standard payroll deductions and withholdings, payable not later than 30 days after
May 31, 2013; and 
 (b) if the Company hires a full-time Chief Financial Officer (“New CFO”) prior to
May 31, 2013, you will be entitled to the May 31 Stay Bonus and if not previously paid, the 10-K Stay Bonus, 
 (c)
in exchange for the consideration hereunder you agree to provide Consulting Services as an independent contractor as it reasonably requests and at such times as do not interfere with your job search or any employments, all in connection with the
transition of the New CFO to include (i) two weeks of full time services following the hiring of a new Chief Financial Officer, if the New CFO joins prior to May 31, 2013 and (ii) up to 5 days a week or 40 total hours per month in the
three (3) months following the retention of a New CFO (not to extend beyond the period during which you continue to receive continuation of payments under Section 2(b) above). If you become employed full time prior to the end of the third
month of the New CFO’s employment, you will make a reasonable effort to consult with the Company to assist in the New CFO’s transition, but only upon terms and for consideration mutually agreed in writing. 

 The validity, interpretation, construction and performance of this letter agreement shall be
governed by the laws of the State of California. No provision of this letter agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by you and by an authorized officer of the
Company (other than you). No waiver by either party of any breach of, or of compliance with, any condition or provision of this letter agreement by the other party shall be considered a waiver of any other condition or provision or of the same
condition or provision at another time. 
 In the event of any dispute or claim relating to or arising out of this letter
agreement, you and the Company agree that all such disputes shall be fully, finally and exclusively resolved by binding arbitration conducted by the American Arbitration Association in San Mateo County, California. Judgment upon any decision or
award rendered by the arbitrator may be entered in any court having jurisdiction over the matter. You and the Company knowingly and willingly waive their respective rights to have any such disputes or claims tried to a judge or jury. 

 

			
	Sincerely,
	
	SciClone Pharmaceuticals, Inc.
		
	By:	 	 /s/ Friedhelm Blobel

	Name:	 	Friedhelm Blobel
	Title:	 	President and CEO

 Acknowledged and Agreed to 
 on February 8, 2013: 
  

	
	 /s/ Gary Titus

	Gary Titus

 EXHIBIT A 
 FORM OF RELEASE 
 In exchange for the Stay Bonus amounts and benefits
described in the letter agreement between SciClone Pharmaceuticals, Inc. (the “Company”) and me of January     , 2013, I hereby release the Company, its parents and subsidiaries, and their officers,
directors, employees, attorneys, stockholders, successors, assigns and affiliates, of and from any and all claims, liabilities, and causes of action of every kind and nature, whether known or unknown, based upon or arising out of any agreements,
events, acts, omissions or conduct at any time prior to and including the execution date of this Release, including, but not limited to: all claims concerning my employment with the Company or the termination of that employment; all claims pursuant
to any federal, state or local law, statute, or cause of action, including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Americans with Disabilities Act of 1990; the federal Age Discrimination in Employment Act
of 1967, as amended (“ADEA”); the California Fair Employment and Housing Act, as amended; tort law; contract law; wrongful discharge; race, sex, age or other discrimination or harassment; fraud; defamation; emotional
distress; and breach of the implied covenant of good faith and fair dealing. 
 I am knowingly, willingly and voluntarily
releasing any claims I may have under the ADEA. I acknowledge that the consideration given for the release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been
advised by this writing, as required by the ADEA, that: (a) this Release does not apply to any rights or claims that may arise after I sign it; (b) I have the right to consult with an attorney prior to signing this Release; (c) I have
twenty-one (21) days to consider this Release (although I may choose to voluntarily sign this Release earlier); (d) I have seven (7) days after I sign this Release to revoke it; and (e) this Release shall not be effective until
the eighth day after it is signed by me. 
 In giving this release, which includes claims that may be unknown to me at present,
I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the
time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” I hereby waive and relinquish all rights and benefits under that section and any law of any jurisdiction of
similar effect with respect to my release of any unknown claims I may have, and I affirm that it is my intention to release all known and unknown claims that I have or may have against the parties released above. 

 This Release contains the entire agreement between the Company and me regarding the subjects
above, and it cannot be modified except by a document signed by me and an authorized representative of the Company. 
  

									
	Date:	 	  
	 		 	  
 GARY
TITUS

				
		 		 		 	SCICLONE PHARMACEUTICALS, INC.
					
	Date:	 	  
	 		 	By:	 	  

					
		 		 		 	Its:Unassociated Document

 

FIRST AMENDMENT TO THIRD AMENDED AND RESTATED

CREDIT AGREEMENT

 

This First Amendment to Third Amended and Restated Credit Agreement (this "Amendment Agreement") is dated as of March 29, 2013 by and among Lower Lakes Towing Ltd., Lower Lakes Transportation Company, Grand River Navigation Company, Inc., Black Creek Shipping Company, Inc., the other Credit Parties signatory hereto, the other Lenders signatory hereto and General Electric Capital Corporation, as Agent.

 

 

W I T N E S S E T H :

 

WHEREAS, the Credit Parties, the lenders party thereto, and the Agent entered into that certain Third Amended and Restated Credit Agreement dated as of August 30, 2012 (the "Credit Agreement"); and

 

WHEREAS, the Lenders and the Agent have agreed to amend the Credit Agreement to effect certain changes thereto requested by the Credit Parties as set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.   Defined Terms.  Capitalized terms used herein and not otherwise defined herein shall have the meanings attributed to such terms in the Credit Agreement, as amended hereby.

 

2.    Amendments to Credit Agreement.

 

2.1.   Annex A to the Credit Agreement is hereby amended by (a) deleting the definitions of “EBITDA” and “Fixed Charge Coverage Ratio” in their entirety and replacing them with the following:

 

  

  

  

 

"EBITDA" means, with respect to any Person for any fiscal period, without duplication, an amount equal to (a) consolidated net income of such Person for such period, determined in accordance with GAAP, minus (b) the sum of (i) income tax credits, (ii) interest income, (iii) gain from extraordinary items for such period, (iv) any aggregate net gain (but not any aggregate net loss) during such period arising from the sale, exchange or other disposition of capital assets by such Person (including any fixed assets, whether tangible or intangible, all inventory sold in conjunction with the disposition of fixed assets and all securities), and (v) any other non-cash gains that have been added in determining consolidated net income, in each case to the extent included in the calculation of consolidated net income of such Person for such period in accordance with GAAP, but without duplication, plus (c) the sum of (i) any provision for income taxes, (ii) Interest Expense, (iii) depreciation and amortization for such period, (iv) amortized debt discount for such period, (v) any non-cash (valuation) losses that have been deducted in determining consolidated net income (including losses on interest rate swap or cap contract valuations, write-offs of assets to fair value, write-offs of goodwill to fair value and valuation allowances for deferred taxes), in each case to the extent included in the calculation of consolidated net income of such Person for such period in accordance with GAAP, but without duplication, (vi) any non-cash lease deferrals in such period, (including any charge to earnings in any period attributable to the McKee Sons lease payments not paid in cash in such period due to GAAP requirements to spread the cost of lease payments over the entire lease term without regard to free lease periods), (vii) the amount of any deduction to consolidated net income as the result of any grant of any Stock to any member of the management, any director or any other employee of such Person, (viii) the financing fees and out-of-pocket third party expenses paid in connection with the Existing Credit Agreement, the Existing Black Creek Credit Agreement and this Agreement to the extent that they are treated as an expense upon the effectiveness of this Agreement, in an amount not to exceed $4,000,000 in the aggregate, and (ix) the financing fees paid in connection with the first amendment to this Agreement, in each case to the extent included in the calculation of consolidated net income of such Person for such period in accordance with GAAP, but without duplication.  For purposes of this definition, the following items shall be excluded in determining consolidated net income of a Person: (1) the income (or deficit) of any other Person accrued prior to the date it became a Subsidiary of, or was amalgamated or consolidated into, such Person or any of such Person's Subsidiaries; (2) the income (or deficit) of any other Person (other than a Subsidiary) in which such Person has an ownership interest, except to the extent any such income has actually been received by such Person in the form of cash dividends or distributions; (3) the undistributed earnings of any Subsidiary of such Person to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation or requirement of law applicable to such Subsidiary; (4) any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of income accrued during such period; (5) any write-up of any asset; (6) any net gain from the collection of the proceeds of life insurance policies; (7) any net gain arising from the acquisition of any securities, or the extinguishment, under GAAP, of any Indebtedness, of such Person; (8) in the case of a successor to such Person by consolidation or amalgamation or as a transferee of its assets, any earnings of such successor prior to such consolidation, amalgamation or transfer of assets; and (9) any deferred credit representing the excess of equity in any Subsidiary of such Person at the date of acquisition of such Subsidiary over the cost to such Person of the investment in such Subsidiary.

 

"Fixed Charge Coverage Ratio" means, with respect to any Person for any fiscal period, the ratio of EBITDA less Capital Expenditures (excluding (x) Capital Expenditures financed by specifically arranged financings approved of by the Lenders in writing and (y) the portion of Capital Expenditures consisting of interest expense for the relevant period that has been capitalized) to Fixed Charges; provided, that for calculations made as of the end of each Fiscal Year, Capital Expenditures incurred in the first Fiscal Quarter of such Fiscal Year shall not be deducted from EBITDA.

 

  

  

  

 

2.2.   Annex G to the Credit Agreement is hereby amended by deleting paragraphs (a), (b), (c) and (d) thereof in their entirety and replacing them with the following:

 

(a)           Minimum Fixed Charge Coverage Ratio.  Rand shall have on a consolidated basis, at the end of each Fiscal Quarter ending in the periods set forth below, a Fixed Charge Coverage Ratio for the 12-month period (or other applicable period) then ended of not less than the following:

 

	
Period

	
Ratio

	
March 31, 2013

	
Not measured

	
April 1, 2013--June 30, 2014

	
1.15:1.0

	
July 1, 2014 and thereafter

	
1.20:1.0

 

(b)           Minimum EBITDA.  Rand shall have on a consolidated basis, at the end of each Fiscal Quarter ending on the dates set forth below, EBITDA for the 12-month period then ended of not less than the following:

 

	
Fiscal Quarter End Dates

	
EBITDA

	
March 31, 2013

	
US$28,000,000

	
June 30, 2013

	
US$29,000,000

	
September 30, 2013

	
US$30,000,000

	
December 31, 2013 and March 31, 2014

	
US$32,000,000

	
June 30, 2014

	
US$33,000,000

	
September 30, 2014

	
US$35,000,000

	
December 31, 2014 and the last day of each Fiscal Quarter ending thereafter

	
US$36,000,000

 

(c)           Maximum Senior Funded Debt to EBITDA Ratio.  Rand shall have on a consolidated basis, at the end of each Fiscal Quarter ending on the dates set forth below, a Senior Funded Debt to EBITDA Ratio as of the last day of such Fiscal Quarter and for the 12-month period then ended of less than the following:

 

	
Fiscal Quarter End Dates

	
Ratio

	
March 31, 2013

	
5.25: 1.00

	
June 30, 2013

	
5.80: 1.00

	
September 30, 2013

	
5.30: 1.00

	
December 31, 2013

	
4.55: 1.00

	
March 31, 2014

	
4.55: 1.00

	
June 30, 2014

	
4.95: 1.00

	
September 30, 2014

	
4.50: 1.00

	
December 31, 2014

	
4.00: 1.00

	
March 31, 2015

	
4.00: 1.00

	
June 30, 2015

	
4.25: 1.00

	
September 30, 2015

	
3.95: 1.00

	
December 31, 2015 and for each Fiscal Quarter ending thereafter

	
3.50: 1.00

 

  

  

  

 

 (d)           Maximum Capital Expenditures.  Rand and its Subsidiaries on a consolidated basis shall not make Capital Expenditures on any of the test dates set forth below for the period of four Fiscal Quarters ending on such date that exceed in the aggregate the amounts set forth opposite such periods:

 

	
Test Date

	
Maximum Capital

Expenditures per Period

	
June 30, 2013

	
US$15,000,000

	
June 30, 2014

	
US$22,000,000

	
June 30, 2015

	
US$14,000,000

	
Each June 30 thereafter

	
US$16,000,000

 

Notwithstanding the foregoing, (x) if the aggregate amount of Capital Expenditures made in any Fiscal Year, commencing with the Fiscal Year ending June 30, 2013, shall be less than the maximum amount of Capital Expenditures permitted under this paragraph (d) for such Fiscal Year (before giving effect to any carryover), then an amount of such shortfall not exceeding 50% of such maximum amount may be added to the amount of Capital Expenditures permitted under this paragraph (d) for the immediately succeeding (but not any other) Fiscal Year and (y) in determining whether any amount is available for carryover, the amount expended in any Fiscal Year shall first be deemed to be from any amount carried over to such Fiscal Year from prior Fiscal Years.

 

3.    Conditions to Effectiveness.  The effectiveness of this Amendment Agreement is expressly conditioned upon the execution of this Amendment Agreement by the Credit Parties, the Agent and the Requisite Lenders and the satisfaction of the following conditions:

 

(a) Reaffirmation.  Each Credit Party shall have executed and delivered a Reaffirmation of Guaranty in the form of Exhibit A attached hereto.

 

(b) Payment of Fees and Expenses.  The Credit Parties shall have paid (i) an amendment fee in immediately available funds to Agent in an amount equal to 0.15% times the sum of the aggregate outstanding principal amount of the Term Loans and the aggregate Revolving Loan Commitments of each Lender executing this Amendment, for the ratable benefit of such Lenders, and (ii) all other fees, costs and expenses owing to the Agent and the Lenders on the date hereof in connection with the transactions contemplated hereby.

 

  

  

  

 

(c) Other Documents.  The Borrowers shall provide such other documents, instruments and agreements as the Agent may reasonably request.

 

4.    Representations and Warranties of the Credit Parties.

 

(a) Each Credit Party is in good standing in its jurisdiction of incorporation or formation and is duly qualified in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except for such jurisdictions where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect, and has all requisite power and authority to execute, deliver and perform this Amendment Agreement.

 

(b) The execution, delivery and performance of this Amendment Agreement (i) have been duly authorized by all requisite action of the Credit Parties and (ii) will not (A) contravene the terms of any Credit Party’s charter, by-laws or other organizational documents, (B) violate any provision of applicable law, or (C) conflict with or result in any material breach or contravention of, or the creation of any Lien under, any document evidencing any material contractual obligation to which any Credit Party is a party or any order, injunction, writ or decree of any governmental authority to which any Credit Party or its property is subject.

 

(c) Each of the Credit Parties represents and warrants that the execution, delivery and performance by each of the Credit Parties of this Amendment Agreement and the documents and instruments delivered in connection therewith have been duly authorized by all necessary corporate action and that this Amendment Agreement is a legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, except as the enforcement thereof may be subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law).

 

(d) Each of the Credit Parties hereby certifies that each of the representations and warranties contained in the Credit Agreement and the other Loan Documents (as amended through the date hereof) is true and correct in all material respects on and as of the date hereof as if made on the date hereof, except to the extent that any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date.

 

(e) After giving effect to this Amendment Agreement, no Default or Event of Default exists on the date hereof.

 

5.    Reference to and Effect on the Credit Agreement.

 

(a) Upon the effectiveness of this Amendment Agreement, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein" or words of like import and each reference to the Credit Agreement in each Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

 

  

  

  

 

(b) Except as specifically amended above, all of the terms, conditions and covenants of the Credit Agreement and the other Loan Documents shall remain unaltered and in full force and effect and shall be binding upon the Credit Parties in all respects and are hereby ratified and confirmed.

 

(c) The execution, delivery and effectiveness of this Amendment Agreement shall not operate as a waiver of (i) any right, power or remedy of any Lender or the Agent under the Credit Agreement or any of the other Loan Documents, or (ii) any Event of Default or Default under the Credit Agreement.

 

6.    CHOICE OF LAW.  THIS AMENDMENT AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK.

 

7.    Execution in Counterparts.  This Amendment Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 

8.    Headings.  Section headings in this Amendment Agreement are included herein for convenience of reference only and shall not constitute a part of this Amendment Agreement for any other purposes.

 

 

[signature pages follow]

 

  

  

  

 

IN WITNESS WHEREOF, the Credit Parties, the Agent and the Lenders have executed this Amendment Agreement as of the date first above written.

 

	 	
LOWER LAKES TOWING LTD.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President

 

 

LOWER LAKES TRANSPORTATION COMPANY

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President

 

 

GRAND RIVER NAVIGATION COMPANY, INC.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President

 

 

BLACK CREEK SHIPPING COMPANY, INC.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

  

  

  

 

	 	
RAND LOGISTICS, INC.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

 

RAND LL HOLDINGS CORP.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

 

RAND FINANCE CORP.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

 

BLACK CREEK SHIPPING HOLDING COMPANY, INC.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

 

GENERAL ELECTRIC CAPITAL CORPORATION, as Agent, L/C 

Guarantor, Co-Documentation Agent and 

a Lender

 

By: /s/ Joseph Tunney

 

Title: Duly Authorized Signatory

 

  

  

  

 

	 	
PNC BANK, N.A., as Co-Syndication 

Agent and a Lender

 

By: /s/ Matthew J. Gausman

 

Title: Vice President

 

 

PNC BANK CANADA BRANCH, as 

Co-Syndication Agent and a Lender

 

By: /s/ Nazmin Adatia

 

Title: Senior Vice President

 

 

CAPITALSOURCE BANK, as a Lender

 

By: /s/ Maureen C. Carr

 

Title: Managing Director

 

 

AMALGAMATED BANK, as a Lender

 

By: /s/ Robert R. Wallace

 

Title: First Vice President

 

 

MGEC HOLDINGS LIMITED, as a Lender

By: General Electric Capital Corporation, as Servicer

 

By: /s/ Joseph Tunney

 

Title: Duly Authorized Signatory

 

  

  

  

 

EXHIBIT A

 

CONSENT AND REAFFIRMATION

 

Each of the undersigned (“Guarantors”) hereby (i) acknowledges receipt of a copy of the First Amendment to Third Amended and Restated Credit Agreement dated as of March 29, 2013 (the “First Amendment”); (ii) consents to the execution and delivery thereof by the Credit Parties; (iii) agrees to be bound thereby; (iv) affirms that nothing contained therein shall modify in any respect whatsoever its guaranty of the obligations of the Credit Parties to Agent and Lenders pursuant to the terms of that certain Second Amended and Restated Guaranty dated as of August 30, 2012 (the “Guaranty”), and (v) reaffirms that the Guaranty is and shall continue to remain in full force and effect.  Although each of the Guarantors has been informed of the matters set forth herein and in the First Amendment and has acknowledged and agreed to same, such Guarantors understand that Agent and Lenders have no obligation to inform any of the Guarantors of such matters in the future or to seek any of the Guarantors’ acknowledgment or agreement to future amendments or waivers, and nothing herein shall create such a duty.

 

This Consent and Reaffirmation shall be governed by and construed in accordance with the laws of the State of New York, without reference to principles of conflicts of law.

 

[signature pages follow]

 

  

  

  

 

IN WITNESS WHEREOF, each of the undersigned has executed this Consent and Reaffirmation on and as of the date first above written.

	 	
LOWER LAKES TOWING LTD.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President

 

 

LOWER LAKES TRANSPORTATION COMPANY

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President

 

 

GRAND RIVER NAVIGATION COMPANY, INC.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President

 

 

BLACK CREEK SHIPPING COMPANY, INC.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

 

RAND LOGISTICS, INC.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

  

  

  

 

	 	

RAND LL HOLDINGS CORP.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

 

RAND FINANCE CORP.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

 

 

BLACK CREEK SHIPPING HOLDING COMPANY, INC.

 

By: /s/ Joseph W. McHugh, Jr.

 

Title: Vice President and Chief Financial Officer

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