Document:

EX-10.2

 Exhibit 10.2 

Tier II Agreement 

RESTATED EMPLOYMENT AGREEMENT 

of 
 [—] 
 EMPLOYMENT AGREEMENT (this “Agreement”), dated as of
October 9, 2013 (the “Effective Date”), between NEWSTAR FINANCIAL, INC., a Delaware corporation (the “Company”), and [—] (“Executive”). This Agreement fully
supersedes the Employment Agreement that Executive executed on [—]. 
 In consideration of the mutual
agreements set forth below and for other good and valuable consideration given by each party to this Agreement to the other, the receipt and sufficiency of which are hereby acknowledged, the Company agrees to employ Executive and Executive agrees to
serve the Company as an employee pursuant to the terms and subject to the conditions that follow. 
  

	1.	Employment. 

  

	 	(a)	The Company hereby agrees to employ Executive, and Executive hereby agrees to accept employment with the Company, upon the terms and conditions contained in this Agreement, effective as of the Effective Date.

  

	 	(b)	Executive’s employment with the Company shall continue, subject to earlier termination of such employment pursuant to the terms hereof, until the second (2nd) anniversary of the Effective Date and thereafter
shall automatically renew for one additional one (1) year period unless a notice of intent not to renew shall be delivered in accordance with Section 17 by either the Company or Executive, as the case may be, at least ninety (90) days
prior to the second (2nd) anniversary date, provided that either party may make any renewal contingent upon the parties’ agreement to add to, delete, or modify the terms of this Agreement by providing a notice to the other party at least
ninety (90) days prior to the second (2nd) anniversary date. The parties shall have a 30-day window to agree to any additional, deleted or modified terms and, if no agreement can be reached, then the initial contingent notice of renewal
shall be deemed a notice of non-renewal unless the parties agree otherwise. The term of Executive’s employment under this Agreement shall be referred to as the “Term.” 

 

	 	(c)	In the event that this Agreement expires, whether as a result of non-renewal or as a result of the end of the one-year renewal, Executive shall revert to being an at-will employee of the Company, subject to the terms of
Sections 8, 9 and 10 of this Agreement and any related enforcement provisions, and provided that nothing in this Agreement shall prevent either party from terminating this Agreement pursuant to Section 6 at any time prior to the expiration of
the Term. 

  

	 	(d)	Executive represents to the Company that he has no present intention to terminate employment with the Company. 

  
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	2.	Duties. During the Term, Executive shall serve on a full-time basis as [—] for the Company. Executive’s duties and responsibilities as [—] of the Company shall include those duties customarily associated with an officer with a similar title or as may be assigned to him from time to time by the Chief Executive Officer of the Company.
Executive shall be assigned to work primarily out of the Company’s [—] office or any other Company office that is or will be located within 20 miles thereof (the “Primary Office
Location”), it being understood and agreed that Executive shall be required to travel as necessary in the course of his employment. Executive shall devote his full business-time attention and energies and use his best efforts in his employment
with the Company; provided, however, that this Agreement shall not be interpreted as prohibiting Executive from managing his personal affairs or engaging in charitable or civic activities; so long as, in each case, such activities do not interfere
in any material respect with the performance of Executive’s duties and responsibilities hereunder and are in accordance with the policies and procedures of the Company. 

 

	3.	Compensation and Benefits. In consideration of entering into this Agreement and as full compensation for Executive’s services hereunder, during the Term, Executive shall receive the following
compensation and benefits: 

  

	 	(a)	Base Salary. The Company shall pay to Executive a base salary (“Base Salary”) at a gross rate of $[—] per annum, payable in substantially equal
installments in accordance with the payroll policies from time to time in effect at the Company. Executive’s Base Salary may be subject to increase (but shall not be subject to decrease) on an annual basis as the Board of Directors shall
determine. 

  

	 	(b)	Incentive Bonuses. Executive shall be eligible to participate in such annual incentive bonus programs as the Board of Directors may adopt from time to time for members of senior management of the Company
(“Incentive Bonus”). The Company will establish a target for the Incentive Bonus for the Executive at the beginning of each year (“Target Incentive Bonus”), provided that for each year of the Term the Target Incentive Bonus will
not be below the 2013 Target Incentive Bonus of $[—], and provided that if the Company does not establish a Target Incentive Bonus within 30 days of the start of the year, the Target Incentive
Bonus shall be set automatically at the same amount as the last Company-established Target Incentive Bonus. The Target Incentive Bonus is not a guarantee. Actual Incentive Bonus payments, if any, will be determined by the Company in its sole
discretion and based on Company, business and individual performance, and the actual Incentive Bonus paid, if any, may include a mix of current-year cash compensation, deferred cash compensation and/or equity compensation in the Company’s sole
discretion. 

  
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	 	(c)	Vacation. Executive shall be entitled to accrue up to five (5) weeks of paid vacation per calendar year. Vacation time will accrue in accordance with the usual vacation policies in effect at the Company from
time to time, provided that notwithstanding anything in any Company policy to the contrary, Executive shall not be permitted to carry over any accrued but unused vacation time from one calendar year to the next; any accrued but unused vacation time
at the end of a calendar year shall be forfeited. 

  

	 	(d)	Parking. The Company shall pay the costs of monthly automobile parking for Executive at Executive’s Primary Office Location. 

 

	 	(e)	Other Benefits. Executive shall participate in and be eligible to receive, but without duplication, all other benefits (i.e., benefits other than those of the types covered in Sections 3(a) - (d)) offered to
senior executives of the Company, including, without limitation, retirement income and health plans and other health and welfare plans, under and in accordance with the provisions of any employee benefit plan adopted or to be adopted by the Company
(collectively, the “Benefit Plans”) other than any severance benefits offered to senior executives in accordance with any such plan. Except as set forth herein, Executive shall not be entitled to any other benefits. 

 

	4.	Equity Holdback. During the Term, Executive shall be required to own Company stock in an aggregate then-current fair market value equal to Executive’s then-current Base Salary multiplied by two (the
“Ownership Level”). 

  

	 	(a)	Stock Eligible for Holdback. To satisfy his obligations under this Section, the following forms of Company stock shall be considered: 

 

	 	(i)	All vested and unvested shares awarded under the Company’s Equity Incentive Award Plan (the “Plan”), including restricted stock and performance shares but not including any vested but unexercised stock
options; 

  

	 	(ii)	All stock beneficially owned by Executive and Executive’s spouse; and 

  

	 	(iii)	All stock held by any of Executive’s estate planning vehicles. 

  

	 	(b)	Certification of Holdback. For purposes of calculating compliance with the Ownership Level, Executive’s Base Salary and the fair market value of the Company’s stock shall be measured once per calendar
year at such time as the Compensation Committee of the Board of Directors may direct, but in any event no later than December 1 of each calendar year, beginning in 2014. Executive shall certify to the Company’s Head of Human Resources once
per calendar year whether the Ownership Level required under this Section has been satisfied, and Executive shall provide such documentation as may reasonably be requested to allow the Head of Human Resources to confirm such certification.

  
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	 	(c)	Insufficient Awards of Stock. If Executive has not been granted or has not vested sufficient stock to meet the Ownership Level, then all shares resulting from the vesting of any restricted stock award under the
Plan shall be subject to the holdback described in this Section until such time as the value of all of Executive’s shares eligible for the holdback exceeds the Ownership Level. 

 

	 	(d)	Exceptions. The Ownership Level requirements set forth in this Section are subject to such exceptions as the Compensation Committee of the Board of Directors may grant in its sole discretion if compliance with
this Section would create a severe hardship for Executive or would prevent Executive from complying with a court order (e.g., as part of a divorce settlement). 

  

	5.	Reimbursement for Expenses. During the Term, Executive shall be entitled to incur on behalf of the Company reasonable and necessary expenses in connection with his duties in accordance with Company’s
policies and the Company shall pay for or reimburse Executive for all such expenses upon presentation of proper receipts therefore. Executive shall comply with such reasonable limitations and reporting requirements with respect to such expenses as
the Company may establish from time to time. 

  

	6.	Termination. Executive’s employment hereunder may be terminated at any time during the Term as follows (each, a “Termination Event”): 

 

	 	(a)	Automatically in the event of the death of Executive. 

  

	 	(b)	At the option of the Company, by the Board of Directors (acting through the Chairman or Secretary) or by written notice to Executive in the event of the Permanent Disability of Executive. As used herein, the term
“Permanent Disability” shall mean a physical or mental incapacity or disability which renders Executive unable, with or without a reasonable accommodation, to render the services required hereunder (A) for one hundred eighty
(180) days in any twelve (12) month period or (B) for a period of ninety (90) consecutive days. 

  

	 	(c)	At the option of the Company for Cause. For purposes of this Agreement, the Company shall have “Cause” to terminate Executive’s employment if any of the following occurs: 

 

	 	(i)	Executive continuously fails to perform substantially Executive’s duties with the Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a
written demand for substantial conformance is delivered to Executive by the Board of Directors, which specifically identifies the manner in which the Board of Directors believes that Executive has not substantially performed Executive’s duties,
or 

  
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	 	(ii)	Executive engages in illegal conduct or gross misconduct which is injurious to the Company or its affiliates, whether from a monetary perspective or otherwise, or 

 

	 	(iii)	Executive is convicted of, or pleads guilty or nolo contendere to, any felony or any other crime involving moral turpitude, or 

  

	 	(iv)	Executive materially breaches his obligations under Section 8 or Section 9 hereof, or 

  

	 	(v)	Executive materially violates his obligations under Section 4 hereof. 

 Executive cannot be
terminated for “Cause” as defined in (i), (iv), or (v) unless the Company first has notified Executive in writing that his employment is being terminated for Cause which notice shall specify the Cause event and Executive is given an
opportunity, at least 30 days after receipt of such written notice from the Company, to make a presentation to the Chief Executive Officer that Executive should not be terminated for Cause. 

 

	 	(d)	At the option of the Company at any time without Cause. 

  

	 	(e)	At the option of Executive for Good Reason. For purposes of this Agreement, Executive shall have “Good Reason” to terminate this Agreement if any of the following occurs without the written consent of
Executive (each a “Good Reason Condition”): 

  

	 	(i)	a reduction in Executive’s annual Base Salary from such Executive’s annual Base Salary then in effect; 

  

	 	(ii)	a forced relocation by the Company of Executive from the Primary Office Location to a location greater than twenty (20) miles from his Primary Office Location. 

Notwithstanding the foregoing, in order for Good Reason to occur, Executive must reasonably determine in good faith that a Good Reason
Condition has occurred, Executive must provide written notice to the Board of Directors of the occurrence of the Good Reason Condition within 45 days of the initial occurrence of such condition, Executive must cooperate in good faith with the
Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition, notwithstanding such efforts, the Good Reason Condition must continue to exist, and Executive must
provide the Company with written notice of termination which establishes a termination date within 30 days after the end of the Cure Period. If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed not to
have occurred. 

  
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	 	(f)	At the option of Executive, at any time, for any reason, on ninety (90) days prior written notice to the Company. 

  

	 	(g)	At the option of Executive upon Retirement. For purposes of this Agreement, “Retirement” shall mean when Executive is fifty-five (55) years of age or older, Executive has completed at least five
(5) years of service with the Company, and Executive provides at least ninety (90) days advance written notice of his intent to retire. 

  

	7.	Payments. 

  

	 	(a)	Death. If the Termination Event is due to Executive’s death, Executive’s legal representatives shall be entitled to receive, as soon as practicable following the date of termination: 

 

	 	(i)	any accrued but unpaid Base Salary through the date of termination and any accrued and unpaid vacation pay or other benefits which may be owing in accordance with the Company policies and applicable law (the
“Accrued Obligations”), plus 

  

	 	(ii)	an amount equal to the Target Incentive Bonus in respect of the then-current year, pro-rated for the period from the beginning of the then current year and ending on the date of termination, payable in a lump sum as
soon as practicable following the date of termination (the “Pro Rated Bonus”), plus 

  

	 	(iii)	acceleration of vesting and exercisability of all equity and deferred cash incentive awards (the “Incentive Equity”) issued to Executive under the Plan. For purposes of this Agreement, “vesting”
shall mean, in the case of any restricted stock issued under the Plan, ceasing to be subject to forfeiture, and payment dates of any deferred cash awards granted under the Plan are not accelerated as a result of the application of any such vesting
acceleration provision of this Agreement, plus 

  

	 	(iv)	a period of the lesser of (A) two (2) years following the date of termination or (B) the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options.

  

	 	(b)	Permanent Disability. If the Termination Event is due to Executive’s Permanent Disability, Executive or his legal representatives shall be entitled to receive, as soon as practicable following the date of
termination: 

  

	 	(i)	Any Accrued Obligations, plus 

  
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	 	(ii)	the Pro Rated Bonus, plus 

  

	 	(iii)	acceleration of vesting and exercisability of all Incentive Equity, plus 

  

	 	(iv)	a period of the lesser of (A) one (1) year following the date of termination or (B) the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options.

  

	 	(c)	Termination Without Cause or for Good Reason. If the Termination Event is termination by the Company at any time during the Term without Cause or by Executive at any time during the Term for Good Reason,
Executive shall be entitled to: 

  

	 	(i)	any Accrued Obligations, plus 

  

	 	(ii)	an amount equal to the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, pro-rated for the period from the beginning of the then current year and ending on the date of termination,
payable in a lump sum as soon as practicable after the date of termination, plus 

  

	 	(iii)	the Base Salary (which shall be the Base Salary as of the date of termination) during the Severance Period (as defined in Section 7(g)), payable in accordance with the payroll practices then in effect at the
Company, plus 

  

	 	(iv)	an amount equal to the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, payable as soon as practicable following the date of termination, plus 

 

	 	(v)	the continuation of all health benefits during the Severance Period at the same cost to Executive as though Executive continued his employment with the Company, plus 

 

	 	(vi)	the continued vesting and exercisability of all Incentive Equity, plus 

  

	 	(vii)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options 

 

	 	(d)	 Termination for Cause or Voluntary Termination by Executive. If the Termination Event is termination by the Company for Cause pursuant to
Section 6(c) or termination by Executive pursuant to Section 6(f), except for any Accrued Obligations, Executive shall not be entitled to receive severance or any other compensation or benefits after the last date of employment with the
Company. If the termination is a Voluntary Termination by Executive, all of the Incentive Equity that is unvested as of the date of termination shall be forfeited for no consideration and Executive

  
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shall have the lesser of (i) one (1) year following the date of termination or (ii) the remaining term (as set forth in the applicable grant notice) to exercise any vested stock
options. If the termination is for Cause, all of the Incentive Equity that is unvested as of the date of termination shall be forfeited for no consideration and, in the Company’s sole discretion, Executive may be granted the lesser of
(i) one (1) year following the date of termination or (ii) the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options. 

 

	 	(e)	Termination Upon Retirement. If the Termination Event is due to the Retirement of Executive, Executive shall be entitled to receive, as soon as practicable following the date of termination: 

 

	 	(i)	any Accrued Obligations, plus 

  

	 	(ii)	an amount equal to the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, pro-rated for the period from the beginning of the then current year and ending on the date of termination,
payable in a lump sum as soon as practicable following the date of such termination, but only if Executive retires effective as of the expiration of the Term of this Agreement, plus 

 

	 	(iii)	continued vesting all Incentive Equity, plus 

  

	 	(iv)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options; 

 

	 	(f)	Change of Control. 

  

	 	(i)	Special Payment. If, at any time during the two (2) year period following a Change of Control (as defined in Section 7(f)(ii)), Executive’s employment is terminated without Cause or by Executive
for Good Reason, then instead of the payment set forth in subsection 7(c) Executive will receive: 

  

	 	(1)	Any Accrued Obligations, plus 

  

	 	(2)	an amount equal to the Base Salary (which shall be the Base Salary as of the date of termination), payable in a lump sum as soon as practicable following the date of termination, plus 

 

	 	(3)	the Pro Rated Bonus, plus 

  

	 	(4)	an amount equal to the Target Incentive Bonus in respect of the then-current year, payable in a lump sum as soon as practicable following the date of termination, plus 

  
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	 	(5)	the continuation of all health benefits during the Severance Period, plus 

  

	 	(6)	acceleration of vesting and exercisability of all Incentive Equity, plus 

  

	 	(7)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options; 

 

	 	(ii)	Change of Control Defined. For purposes of this Section, the term “Change of Control” shall mean the occurrence of one or more of the following events: 

 

	 	(1)	the consummation of a merger or consolidation of the Company with or into any other corporation or other entity in which holders of the Company’s voting securities immediately prior to such merger or consolidation
will not, directly or indirectly, continue to hold at least a majority of the outstanding voting securities of the Company; 

  

	 	(2)	a sale, lease, exchange or other transfer (in one transaction or a related series of transactions) of all or substantially all of the Company’s assets; 

 

	 	(3)	the acquisition by any person or any group of persons, acting together in any transaction or related series of transactions, of such quantity of the Company’s voting securities as causes such person, or group of
persons, to own beneficially, directly or indirectly, as of the time immediately after such transaction or series of transactions, 50% or more of the combined voting power of the voting securities of the Company other than as a result of

  

	 	(A)	an acquisition of securities directly from the Company or 

  

	 	(B)	an acquisition of securities by the Company which by reducing the voting securities outstanding increases the proportionate voting power represented by the voting securities owned by any such person or group of persons
to 50% or more of the combined voting power of such voting securities; or 

  
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	 	(4)	a change in the composition of the Board of Directors within a two (2) year period such that a majority of the members of the Board of Directors are not Continuing Directors. As used herein, the term
“Continuing Directors” shall mean as of any date of determination, any member of the Board of Directors of the Company who 

  

	 	(A)	was a member of Board of Directors of the Company immediately after the Effective Date of this Agreement, or 

  

	 	(B)	was nominated for election or elected to the Company’s Board of Directors with the approval of, or whose election to the Board of Directors was ratified by, at least a majority of the Continuing Directors who were
members of the Company’s Board of Directors at the time of that nomination or election; 

 provided,
however, (i) that each such event shall also constitute a “change in control event” within the meaning of Treas. Reg. § 1.409A-3(i)(5)(i) and (ii) that in no case shall the public offering and sale of the
Company’s Common Stock by its stockholders pursuant to a registered secondary offering or the voluntary or involuntary bankruptcy of the Company constitute a Change of Control. 

 

	 	(g)	Severance Period Defined. For purposes of this Agreement, “Severance Period” shall mean the period beginning on the date of termination of Executive’s employment and ending on the date which is one
(1) years thereafter. 

  

	 	(h)	Condition to Payment. All payments and benefits due to Executive under this Section 7 which are not otherwise required by law shall be contingent upon (i) delivery by Executive (or Executive’s
beneficiary or estate), within 60 days of the effective date of termination, of an irrevocable separation agreement in such form as determined by the Company in its sole discretion, including a general release of all claims to the maximum extent
permitted by law against the Company, its affiliates and its and their current and former stockholders, directors, employees and agents (in substantially the form attached as Exhibit A) and (ii) compliance by Executive with his obligations
under any stockholder, restricted stock or other agreement to which the Company and Executive are a party; and further provided that if the 60 day period in clause (i) spans two calendar years, then no payment shall begin prior to
January 1 of such second calendar year. 

  

	 	(i)	No Other Severance. Executive hereby acknowledges and agrees that, other than the severance payments described in this Section 7, upon termination, Executive shall not be entitled to any other severance
under any Company benefit plan or severance policy generally available to the Company’s employees or otherwise. 

  
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	8.	Confidentiality. 

  

	 	(a)	Executive agrees that Confidential Information was and shall be made available in connection with Executive’s employment by or consultancy with the Company. Executive acknowledges that the Confidential Information
that he develops or invents in connection with his employment by the Company or has obtained or will obtain in connection therewith is the property of the Company. Executive agrees that he will not use any Confidential Information for his own
benefit or for the benefit or any other person or entity or disclose any Confidential Information to any other person, except that Confidential Information may be disclosed: (i) to the extent required by applicable law, rule or regulation
(including complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which Executive is subject); provided that Executive gives the Company
prompt notice of such requests, to the extent practicable, so that the Company may seek an appropriate protective order or similar relief (and Executive shall cooperate with such efforts by the Company at the Company’s expense, and shall in any
event make only the minimum disclosure required by such law, rule or regulation unless Executive reasonably believes that other disclosure is necessary or advisable in order to avoid adverse consequences to Executive), (ii) if the prior written
consent of the Board of Directors shall have been obtained, or (iii) to such Persons to the extent necessary in the reasonable judgment of Executive to perform his duties as an employee of the Company and, in his reasonable judgment, such
disclosure is not harmful to the Company. 

  

	 	(b)	 “Confidential Information” shall mean any information relating to the business or affairs of the Company or, as provided below, any
of its affiliates, including, but not limited to, customer identities, potential customers, employees, business and financial strategies, methods or practices, business plans, financial models, proposals, documents or materials owned, developed or
possessed by the Company, profit margins or other proprietary information used by the Company or any of its affiliates; provided that Confidential Information shall not include (i) information that is or becomes generally known to
the public other than as a result of a disclosure by Executive in violation of this Agreement, (ii) information that was known to Executive prior to becoming an employee of the Company or (iii) information which becomes known to Executive
following a Termination Event, through no wrongful act of Executive, by disclosure from a third party unless Executive has reason to believe that such third party is under an obligation or duty of confidentiality or secrecy with respect to such
information or is an employee, officer, director or stockholder of the Company; and provided, further, that (A) in such case where any affiliate has a separate confidentiality requirement or agreement to which the Company is
subject, such confidentiality requirement or agreement shall supersede the requirements herein and (B) unless a 

  
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confidentiality requirement or agreement referred to in the preceding clause (A) exists with respect to an affiliate, Confidential Information for purposes of this definition as it relates
to affiliates shall be deemed to include only Confidential Information of affiliates, the employees or consultants of which, are participants or observers at meetings of the Board of Directors of the Company. 

 

	9.	Restrictive Covenants. 

  

	 	(a)	During the Term and for a period of one (1) years following the cessation of Executive’s employment with the Company for any reason (whether initiated by the Company or by Executive, and whether during or
following the expiration of the Term of this Agreement), Executive shall not, directly or indirectly 

  

	 	(i)	cause, solicit, induce or encourage any employees, consultants or contractors of the Company to leave such employment or service, or hire, employ or otherwise engage any such individual, or 

 

	 	(ii)	cause, induce or encourage any customer, supplier or licensor of the Company, or any other Person who has a material business relationship with the Company, to terminate or modify any such relationship.

  

	 	(b)	During the Term and for a period of one (1) years following cessation of Executive’s employment with the Company for any reason (whether initiated by the Company or by Executive, and whether during or
following the expiration of the Term of this Agreement) Executive shall not, directly or indirectly alone or as a partner, officer, director, shareholder, member, sole proprietor, employee or consultant of any other firm or entity, personally engage
or participate in any Restricted Business, as such term is defined below, as a material portion of his responsibilities. 

  

	 	(c)	The parties hereto agree that, if any court of competent jurisdiction in a final nonappealable judgment determines that a specified time period, a specified business limitation or any other relevant feature of this
Section 9 is unreasonable, arbitrary or against public policy, then a lesser time period, business limitation or other relevant feature which is determined to be reasonable, not arbitrary and not against public policy may be enforced against
the applicable party. 

  

	 	(d)	“Restricted Business” shall mean any of the following: 

  

	 	(i)	the business of directly extending senior loans to middle-market companies as targeted by the Company at the effective date of Executive’s cessation of employment with the Company; 

  
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	 	(ii)	providing real estate financing of the types offered by the Company at the effective date of the Executive’s cessation of employment with the Company; 

 

	 	(iii)	extending asset based loans or investing in asset based securities with financial products of the types then offered by the Company at the effective date of Executive’s cessation of employment with the Company; or

  

	 	(iv)	any other material line of business engaged in by the Company, and in which Executive materially participated or obtained Confidential Information about, as of the effective date of Executive’s cessation of
employment with the Company. 

  

	 	(e)	The Board of Directors of the Company, or following a Change of Control the senior management team of the acquiring company, shall, in its sole discretion, have the authority and discretion to waive any provision of
this Section 9 or to make a determination that a business is not a Restricted Business for purposes hereof. 

  

	10.	Injunctive Relief. The parties acknowledge and agree that restrictions contained in Sections 8 and 9 of this Agreement are necessary for the protection of the business and goodwill of the Company and are
considered by Executive to be reasonable for such purpose. Executive agrees that any breach or threatened breach of Sections 8 or 9 will cause the Company substantial and irrevocable damage that is difficult to measure. Therefore, in the event of
any such breach or threatened breach, Executive agrees that the Company, in addition to such other remedies which may be available, shall have the right to obtain an injunction from a court restraining such a breach or threatened breach and the
right to specific performance of the provisions of Sections 8 and 9 of this Agreement and Executive hereby waives the adequacy of a remedy at law as a defense to such relief. 

 

	11.	Survival; Conflicting Terms. The provisions of Section 7, Section 8 and Section 9, and all related enforcement provisions, shall survive any termination of this Agreement and remain
applicable according to their terms (whether under Section 6 or as a result of the expiration of the Term). Section 7(f) shall survive a Change of Control regardless of whether this Agreement is terminated in connection with a Change of
Control or expires by its terms following a Change of Control. In the event of a conflict between the terms of this Agreement and any Incentive Equity documentation, the terms of this Agreement regarding the Incentive Equity shall prevail.

  

	12.	Indemnification. If Executive is a party to any action, suit or proceeding by reason of the fact that Executive is or was an officer or agent of the Company (a “Proceeding”), the Company will
indemnify Executive to the fullest extent permitted by the laws of the state of the Company’s incorporation, in effect at that time, or the certificate of incorporation and bylaws of the Company, whichever affords the greater protection to
Executive. 

  
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	13.	Advancement of Expenses. The Company shall advance, to the extent not prohibited by law, expenses incurred by Executive in connection with any Proceeding not initiated by the Executive, and such
advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. The Executive shall
qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Executive undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately
determined by the Company, in its sole discretion that Executive is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. This Section 13 shall not apply to any
claim made by Executive for which indemnity is excluded by applicable law. 

  

	14.	Withholding Taxes. Executive acknowledges and agrees that the Company may directly or indirectly withhold from any payments under this Agreement all federal, state, city or other taxes that will be
required pursuant to any law or governmental regulation. 

  

	15.	 Section 409A. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”) and any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after
the Effective Date (“Section 409A Guidance”). Notwithstanding any provision of the Agreement to the contrary, (i) if, at the time of Executive’s separation of service from the Company, Executive is a “specified
employee” as defined in 409A Guidance and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such separation of service is necessary in order to prevent any accelerated or additional tax
under 409A Guidance, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six
months following Executive’s separation of service with the Company (or the earliest date as is permitted under Section 409A), with any payments that otherwise would have been paid during the six-month period accumulating and paid to
Executive in a lump sum on the first business day following the expiration of such six-month period and the remaining payments, if any, due after the six-month period following Executive’s separation from service paid in accordance with the
terms of the applicable provision of this Agreement and (ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A, the Company may
(a) adopt such amendments to the Agreement, including amendments with retroactive effect, that the Company determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the

  
 14 

 Tier II Agreement 

 

	 	
Agreement and/or (b) take such other actions as the Company determines necessary or appropriate to comply with the requirements of 409A Guidance. The Company shall consult with Executive in
good faith regarding the implementation of this Section 15; provided that none of the Company, any of its affiliates, or any of their employees or representatives shall have any liability to Executive with respect thereto. Each payment under
this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code and all payments payable as soon as practicable following a date of termination will be paid prior to the 15th day of the third month following the date such payment becomes due hereunder. To the extent any reimbursement or in-kind benefit due to Executive under this Agreement constitutes “deferred
compensation” under Section 409A of the Code, any such reimbursement or in-kind benefit shall be paid to Executive in a manner consistent with Treas. Reg. Section 1.409A-3(i)(1)(iv). 

 

	16.	Effect of Prior Agreements. This Agreement constitutes the sole and entire agreement and understanding between Executive and the Company with respect to the matters covered hereby and thereby, and there
are no other promises, agreements, representations, warranties or other statements between Executive and the Company in respect to such matters not expressly set forth in this Agreement. This Agreement supersedes all prior and contemporaneous
agreements, understandings or other arrangements, whether written or oral, concerning the subject matter hereof, except that the terms of the Plan and any grant documents relating to any pre-existing Incentive Equity shall remain in full force and
effect following Executive’s execution of this Agreement. 

  

	17.	Notices. Any notice required, permitted, or desired to be given pursuant to any of the provisions of this Agreement shall be deemed to have been sufficiently given or served for all purposes when
telecopied, when delivered by hand or received by registered or certified mail, postage prepaid, or by nationally reorganized overnight courier service addressed to the party to receive such notice at the following address or any other address
substituted therefore by notice pursuant to these provisions: 

 If to the Company, at: 

NewStar Financial, Inc. 
 500
Boylston Street 
 Suite 1250 

Boston, MA 02116 
 Attention:
Jennifer H. Muldoon 
 Facsimile: (617) 830-0010 

If to Executive, at: 
 [—] 

  
 15 

 Tier II Agreement 

 

	18.	Assignability. The obligations of Executive may not be delegated and Executive may not, without the Company’s written consent thereto, assign, transfer, convey, pledge, encumber, hypothecate or
otherwise dispose of this Agreement or any interest herein. Any such attempted delegation or disposition shall be null and void and without effect. The Company and Executive agree that this Agreement and all of the Company’ rights and
obligations hereunder may be assigned or transferred by the Company to and may be assumed by and become binding upon and may inure to the benefit of any affiliate of or successor to the Company. The term “successor” shall mean, with
respect to the Company, any other corporation or other business entity which, by merger, consolidation, purchase of the assets, or otherwise, acquires all or a material part of its assets. Any assignment by either of the Company of its rights or
obligations hereunder to any affiliate of or successor of the Company shall not be a termination of employment for purposes of this Agreement. 

  

	19.	Modification. This Agreement may not be modified or amended except in writing signed by the parties. No term or condition of this Agreement will be deemed to have been waived except in writing by the party
charged with waiver. A waiver will operate only as to the specific term or condition waived and will not constitute a waiver for the future or act on anything other than that which is specifically waived. 

 

	20.	Governing Law. This Agreement has been executed and delivered in the Commonwealth of Massachusetts and its validity, interpretation, performance and enforcement will be governed by the laws of that state
applicable to contacts made and to be performed entirely within that state. 

  

	21.	Severability. All provisions of this Agreement are intended to be severable. In the event any provision or restriction contained herein is held to be invalid or unenforceable in any respect, in whole or in
part, such finding will in no way affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that any such invalid or unenforceable provision will be deemed modified so that it will be enforced
to the greatest extent permissible under law, and to the extent that any court of competent jurisdiction determines any restriction herein to be unreasonable in any respect, such court may limit this Agreement to render it reasonable in the light of
the circumstances in which it was entered into and specifically enforce this Agreement as limited. 

  

	22.	No Waiver. No course of dealing or any delay on the part of the Company or Executive in exercising any rights hereunder shall operate as a waiver of any such rights. No waiver of any default or breach of
this Agreement shall be deemed a continuing waiver of any other breach or default. 

  

	23.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original by the party executing the same but all of which together will constitute one and
the same instrument. For the convenience of the parties, facsimile and pdf signatures shall be accepted as originals. 

  
 16 

 Tier II Agreement 

 

	24.	Binding Arbitration. 

  

	 	(a)	Binding Arbitration. Except as expressly set forth in this Section, in the event any dispute should arise between the Parties with respect to any of the terms and conditions of this Agreement and/or
Executive’s employment with the Company, the parties agree that any and all controversies, claims or disputes between them, including but not limited to any claim arising under tort or contract law and any claim arising under Title VII of the
Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Family and Medical Leave Act, the Genetic Information Nondiscrimination Act, the Rehabilitation Act, the Age Discrimination in Employment Act, the
Massachusetts Fair Employment Practices Act (G.L. c. 151B), the Massachusetts Wage Act or any other local, state or federal statute, regulation or policy in any way relating to rights of employees, shall be submitted to final and binding
arbitration, to be held in Boston, Massachusetts in accordance with the Employment Arbitration Rules and Procedures, including the Optional Appeal Procedure, as established by JAMS or its successor (“JAMS”) and as in effect at the time the
request for arbitration is made (the “Arbitration Rules”), and to be administered by JAMS. Issues of arbitrability shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16, and not state law. The arbitration shall be
conducted before a single neutral arbitrator appointed in accordance with the Arbitration Rules. The arbitrator may award any form of remedy or relief that would otherwise be available in court (including equitable relief such as injunctions,
temporary restraining orders, etc.), consistent with applicable law. Unless the parties agree otherwise, the neutral arbitrator and the members of any appeal panel shall be former or retired judges or justices of any Massachusetts state or federal
court with experience in matters involving employment disputes. The party initiating arbitration will be responsible for paying the filing fee for the arbitration required by the arbitration service provider; provided, however, Executive’s
payment of any such filing fee shall not exceed the filing fee for a civil action in the Massachusetts state court system and the Company shall reimburse Executive for any such fee in excess of that amount. The Company will pay the arbitrator’s
fee to the extent required by law. Any award pursuant to said arbitration shall be accompanied by a detailed written opinion of the arbitrator setting forth the reason for the award. Executive knows that options other than arbitration, such as state
and federal administrative and judicial remedies, are available to resolve any discrimination claim, and despite such knowledge Executive agrees to arbitrate all claims pursuant to this Section. Executive understands that by signing this Agreement,
he is waiving, and will forever be precluded from asserting, his right to utilize statutory administrative procedures and to seek judicial remedies with respect to such claims. 

  
 17 

 Tier II Agreement 

 

	 	(b)	Exceptions. The Parties agree not to institute any litigation or proceedings against each other in connection with this Agreement except as provided in this Section, provided, however, that the Company shall have
the right to seek injunctive relief or other equitable remedies in a court of competent jurisdiction as provided in Section 10 or with regard to any other Restrictive Covenant (e.g., non-disclosure, non-competition, non-solicitation, etc.)
between the Company and Executive. Any such injunctive relief or other equitable remedies shall be sought exclusively in any federal or state court of competent jurisdiction in the Commonwealth of Massachusetts, and both parties consent to the
exclusive jurisdiction of the state and federal courts of Massachusetts for such purposes. Moreover, nothing in this Section shall be construed to preclude Executive from participating or cooperating in any investigation or proceeding conducted by
the Massachusetts Commission Against Discrimination, the Equal Employment Opportunity Commission or any other administrative agency. However, in the event that a charge or complaint is filed against the Company with any administrative agency or in
the event of an authorized investigation, charge or lawsuit filed against the Company by any administrative agency, Executive expressly waives and shall not accept any award or damages from such a proceeding but instead will pursue any claim for
such damages in an arbitration proceeding as set forth in this Section. 

  

	 	(c)	Fees and Expenses. Executive or his beneficiaries shall pay all attorney’s fees and expenses incurred by Executive or his beneficiaries in resolving any claim or dispute arising out of or relating to this
Agreement. If it is finally determined that Executive or his beneficiaries prevailed with respect to such claim or dispute, the Company shall reimburse all attorney’s fees and expenses incurred by Executive. 

 

	 	(d)	Confidentiality. The parties will keep confidential, and will not disclose to any person, except as may be required by law, the existence of any controversy under this Section 24, the referral of any such
controversy to arbitration or the status or resolution thereof. In addition, the confidentiality restrictions set forth in Section 8 shall continue in full force and effect. 

 

	25.	Acknowledgment. Executive acknowledges that before entering into this Agreement, Executive has had the opportunity to consult with any attorney or other advisor of Executive’s choice, and that this
provision constitutes advice from the Company to do so if Executive chooses. Executive further acknowledges that Executive has entered into this Agreement of Executive’s own free will, and that no promises or representations have been made to
Executive by any person to induce Executive to enter into this Agreement other than the express terms set forth herein. Executive further acknowledges that Executive has read this Agreement and understands all of its terms, including the waiver of
rights set forth in Section 24. 

  
 18 

 Tier II Agreement 

 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day
written above. 
  

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	[—]
	
	  

  
 19 

 Tier II Agreement 

 

 Exhibit A 

Form of General Release of Claims (to be included in a comprehensive separation agreement, which will contain additional terms) 

General Release. Except with respect to any rights, obligations or duties arising out of this Agreement, and in consideration of the payments and benefits set
forth in this Agreement, Executive hereby releases and discharges NewStar and anyone acting by, through or on behalf of NewStar, including but not limited NewStar’s directors, officers, employees, stockholders, representatives and agents
(collectively, the “Releasees”), to the fullest extent permitted by law, of and from any and all complaints, charges, lawsuits or claims for relief of any kind by Executive that he now has, ever had or ever may have against the Releasees,
or any of them, whether known or unknown, arising out of any matter or thing that has happened before he signs this Agreement, including but not limited to (i) claims for tort or contract; (ii) claims arising out of, based on, or connected
with Executive’s employment, including terms and conditions of employment, by NewStar and the cessation of that employment; and (iii) claims arising under any federal, state or local labor, employment or discrimination laws, including but
not limited to the following (all as amended): Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967 (“ADEA”), the Americans with Disabilities Act (“ADA”), the Equal Pay Act of 1963, the
Genetic Information Non-Discrimination Act, the Family and Medical Leave Act, the Massachusetts Fair Employment Practices Act (G.L. c. 151B), the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, the Massachusetts Wage Act, and any
other local, state or federal law, policy, order, regulation or guideline affecting or relating to claims or rights of employees. The release contained herein is a GENERAL RELEASE, including of statutory claims. Nothing in this Agreement shall be
construed to preclude Executive from participating or cooperating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission, or any other local, state or federal administrative agency, including with respect to a
challenge to this General Release. However, in the event that a charge or complaint is filed against the Releasees, or any of them, with any administrative agency or in the event of an authorized investigation, charge or lawsuit filed against the
Releasees, or any of them, by any administrative agency, Executive expressly waives and shall not accept any award or damages therefrom. 

  
 20EX-10.1

 EXHIBIT 10.1 

FIFTH AMENDMENT TO CREDIT AGREEMENT 

EXECUTED by the parties hereto as of the 7th day of October, 2013. 

 

			
	AMONG:	  	VITRAN CORPORATION INC. and VITRAN EXPRESS CANADA INC., as Canadian Borrowers
		
		  	(the “Canadian Borrowers”)
		
	AND:	  	VITRAN CORPORATION, VITRAN EXPRESS, INC., and SHORTHAUL TRANSPORT CORPORATION, as U.S. Borrowers
		
		  	(collectively, the “U.S. Borrowers”, and together with the Canadian Borrowers, the “Borrowers”)
		
	AND:	  	THE BORROWERS, EXPEDITEUR T.W. LTEE, DONEY HOLDINGS INC., ROUT-WAY EXPRESS LINES LTD./LES SERVICES ROUTIERS EXPRESS ROUT LTEE, SOUTHERN EXPRESS LINES OF ONTARIO LIMITED, VITRAN ENVIRONMENTAL SYSTEMS INC., and VITRAN
PROPERTIES USA, INC., as Guarantors
		
		  	(collectively, the “Guarantors”)
		
	AND:	  	JPMORGAN CHASE BANK, N.A., as Administrative Agent
		
		  	(the “Agent”)
		
	AND:	  	EACH OF THE FINANCIAL INSTITUTIONS PARTY HERETO, CONSTITUTING REQUIRED LENDERS (as such term is defined in the hereinafter defined Credit Agreement), as Required Lenders
		
		  	(collectively the “Required Lenders”)

 WHEREAS the Borrowers, the Guarantors, the Agent and the other Persons signatory thereto have entered
into a Credit Agreement dated as of November 30, 2011, as amended by a First Amendment to Credit Agreement dated as of December 29, 2011, a Second Amendment to Credit Agreement dated as of October 10, 2012, a Third Amendment to Credit
Agreement dated as of December 28, 2012, and a Fourth Amendment to Credit Agreement dated as of February 12, 2013 (including all annexes, exhibits and schedules thereto, as the same has been or may be further amended, modified, restated,
supplemented or replaced from time to time, collectively the “Credit Agreement”); 
 AND WHEREAS the Borrower
Representative has advised the Agent that it intends to dispose of its U.S. business by means of an agreement for the sale (the “LTL Share Sale”) by Vitran Express Canada Inc. of 100% of its ownership of the common stock of Vitran
Corporation, a Nevada corporation, to Data Processing, LLC, as purchaser (the “Purchaser”); 
 AND WHEREAS
the parties hereto have agreed to amend certain provisions of the Credit Agreement, but, only to the extent and subject to the limitations set forth in this Fifth Amendment to Credit Agreement (hereinafter this “Amendment
Agreement”) and without prejudice to the Agent’s and the Secured Parties’ other rights; 

 NOW THEREFORE for good and valuable consideration (the receipt and sufficiency of which
are hereby acknowledged), the parties hereby agree as follows: 
 ARTICLE I – INTERPRETATION 

 

	1.1	All capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement (including, as the case may be, as amended by the terms of this Amendment
Agreement). 

 ARTICLE II – CONSENTS 

 

	2.1	Notwithstanding the requirements or restrictions set forth in the Credit Agreement or any other Loan Document, including without limitation, Section 6.5 of the Credit Agreement, the Agent and the Required Lenders
hereby consent to the LTL Share Sale, provided that, on the date of completion of the LTL Share Sale, in addition to the conditions set out in Article IV below: 

 

	 	(a)	the Agent shall have received a certification from Vitran Express Canada Inc. in writing, pursuant to Section 9.2(c)(ii) of the Credit Agreement, that the sale of its shares in Vitran Corporation to the Purchaser
is made in compliance with the terms of the Credit Agreement, as at the Amendment Effective Date; 

  

	 	(b)	the Purchaser shall have delivered to the Agent an agreement in form and substance satisfactory to the Agent, providing for the guarantee by the Purchaser of the Obligations; 

 

	 	(c)	as continuing collateral security for its obligations under the guarantee referred to in paragraph (b) above, the Purchaser shall have delivered to the Agent an agreement in form and substance satisfactory to the
Agent, providing for the pledge of 100% of the Equity Interests owned by it in the capital of Vitran Corporation, and shall deliver to the Agent in connection therewith, its original share certificate(s) of Vitran Corporation, together with stock
transfer powers executed in blank; and 

  

	 	(d)	the Purchaser shall deliver all opinions, certificates, and other documents as may be reasonably requested by the Agent in connection with the LTL Share Sale, each in form and substance satisfactory to the Agent.

  

	2.2	As of the Amendment Effective Date and after giving effect to the foregoing provisions of this Article II, the security interest in favor of Administrative Agent over the Equity Interests owned by Vitran Express Canada
Inc. in the capital of Vitran Corporation shall be released. 

  
 2 

 ARTICLE III – AMENDMENTS 

 

	3.1	As of the Amendment Effective Date, Section 1.1 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	by deleting the definition of “Borrower Representative” in its entirety and substituting the following therefor: 

““Borrower Representative” means (i) in respect of the Canadian Loan Parties, Vitran, and (ii) in respect of
the U.S. Loan Parties, Vitran Corporation, in their respective capacities as contractual representatives pursuant to Article XI.”; 
  

	 	(b)	by deleting the definition of “Dominion Trigger Period” in its entirety and substituting the following therefor: 

““Dominion Trigger Period” means the period following the occurrence and during the continuance of an Event of
Default.”; 
  

	 	(c)	by deleting the definition of “Maturity Date” in its entirety and substituting the following therefor: 

““Maturity Date” means the earlier of (i) January 6, 2014 and (ii) any date on which both (A) the
Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof and (B) none of the EDC LC Lenders shall have any EDC LC Facility Exposure.”; 

 

	 	(d)	by adding the following definition thereto, in proper alphabetical order: 

 ““RBC
GIC” means the one-year Guaranteed Investment Certificate (fully redeemable after 30 days without penalty) in the principal amount of $8,000,000 established by Vitran Express Canada Inc. with Royal Bank of Canada on or about October 7,
2013, as such amount may be reduced in accordance with the terms hereof.”; and 
  

	 	(e)	by deleting the definition of “Revolving Commitment” in its entirety and substituting the following therefore: 

““Revolving Commitment” means, with respect to each Lender, individually and collectively as the context may require, the
U.S. Commitment and the Canadian Commitment of such Lender. The Aggregate Revolving Commitments total $14,118,677.” 
  

	3.2	As of the Amendment Effective Date, Section 2.6(b) of the Credit Agreement is hereby amended by adding the following sentence at the end thereof: 

“Prior to the Maturity Date, none of the Administrative Agent, the Issuing Bank or the Lenders will take or refrain from taking any action
which could reasonably be expected to result in the acceleration or occurrence of the expiration date of any of the Letters of Credit issued pursuant to this Section 2.6 including, without limitation, delivery of a notice of non-renewal of any
such Letter of Credit.” 

  
 3 

	3.3	As of the Amendment Effective Date, Section 2.6(c) of the Credit Agreement is hereby deleted in its entirety and the following is substituted therefor: 

“(c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date
that is one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the Maturity Date; provided that, notwithstanding the
foregoing, any Letter of Credit with a one year term that ends later than the Maturity Date, shall be permitted to expire at the end of its current term (with no further rollover, extension, or ‘evergreen’ capability), on the condition
that (i) no later than the Maturity Date, the applicable Borrower has deposited in an account with the Administrative Agent, for the benefit of the U.S. Lenders or Canadian Lenders, as applicable, an amount in cash equal to 105% of the LC
Exposure under such Letter of Credit, and (ii) the applicable Borrower has provided the Agent with evidence satisfactory to the Agent that no further rollover, extension, or ‘evergreen’ capability is permitted under such Letter of
Credit which could provide for the expiry thereof beyond the end of its current term.” 
  

	3.4	As of the Amendment Effective Date, Section 2.9 of the Credit Agreement is hereby amended as follows: 

  

	 	(a)	paragraph (c) is hereby deleted in its entirety and replaced with the following: 

“(c) Any reduction of LC Exposure shall result in a permanent dollar-for-dollar decrease in the Aggregate Revolving Commitments, and any
reduction of EDC LC Facility Exposure shall result in a permanent dollar-for-dollar decrease in availability under the EDC LC Facility, which, for greater certainty, is set out in the EDC LC Facility Commitment Schedule.” 

 

	 	(b)	paragraphs (e) and (f) are hereby deleted in their entirety and the following is substituted therefor: 

“(e) intentionally deleted. 

(f) intentionally deleted.” 
  

	 	(c)	paragraph (g) of Section 2.9 of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 

“(g) Within a reasonable time after the effective date of any reduction or adjustment in Commitments pursuant to this Section 2.9,
the Administrative Agent shall, and is hereby authorized and directed to, revise the Revolving Commitment Schedule to reflect such reduction or adjustment and shall distribute such revised Revolving Commitment Schedule to each of the Lenders and the
Borrowers, whereupon such revised Revolving Commitment Schedule shall replace the old Revolving Commitment Schedule and become part of this Agreement.” 

  
 4 

	3.5	As of the Amendment Effective Date, Section 2.18(b) of the Credit Agreement is hereby amended by adding the following sentence at the end thereof: 

“Notwithstanding anything to the contrary contained in this Section 2.18, during the time period commencing on the date that the
Administrative Agent first exercises remedies pursuant to Article VII, and ending on the date that is 120 days thereafter, the Administrative Agent agrees to apply the proceeds of the Collateral of the U.S. Loan Parties prior to any application of
the Collateral of the Canadian Loan Parties, including cash collateral, in accordance with the foregoing provisions of this paragraph.” 
  

	3.6	As of the Amendment Effective Date, Section 2.24(b) of the Credit Agreement is hereby amended by adding the following sentence at the end thereof: 

“Subject to receipt by the Administrative Agent on or before December 10, 2013 of (i) an extension of the EDC Guarantee by
thirty days to February 15, 2014 and (ii) an extension of the Letter of Credit issued pursuant to the EDC LC Facility by thirty days to February 15, 2014 (it being understood that the Administrative Agent and the EDC Lenders shall not
communicate with the holder of such Letter of Credit prior to December 10, 2013 without the prior approval of the U.S. Borrowers unless the Administrative Agent or an EDC Lender is obligated to communicate with such holder prior to such date),
prior to the Maturity Date, none of the Administrative Agent or the EDC Lenders will take or refrain from taking any action which could reasonably be expected to result in the acceleration or occurrence of the expiration date of any of the Letters
of Credit issued pursuant to this Section 2.24 including, without limitation, delivery of a notice of non-renewal of any such Letter of Credit.” 
  

	3.7	As of the Amendment Effective Date, Section 2.24(c) of the Credit Agreement is hereby deleted in its entirety and the following is substituted therefor: 

“Expiration Date. Each Letter of Credit issued under the EDC LC Facility shall expire at or prior to the close of business on the
earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the Maturity Date; provided that any
Letter of Credit issued under the EDC LC Facility with a one year term may provide for the automatic renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (ii) above).” 

 

	3.8	As of the Amendment Effective Date, Section 2.24(i) of the Credit Agreement is amended by deleting the words “If the Revolving Commitments are terminated” at the beginning and substituting therefor the
words “Upon the Maturity Date”. 

  

	3.9	As of the Amendment Effective Date, Section 4.2 of the Credit Agreement is hereby amended by designating the first paragraph as paragraph (a) and adding a new paragraph to the end thereof, as follows:

  

	 	“(b)	As of the Amendment Effective Date (as such term is defined in the Fifth Amendment to Credit Agreement dated as of October 7, 2013), and notwithstanding any other provision in this Agreement or in any other Loan
Documents, the obligations of the Lenders to make any Loans or Revolving Loans (including Canadian Revolving Loans and U.S. Revolving Loans) or any other advances or products under this Agreement, or to issue or renew Letters of Credit (pursuant to
Section 2.6 and Section 2.24), other than Banking Services and Protective Advances (made at the discretion of the Administrative Agent) shall no longer be available to the Borrowers or any other Loan Party.” 

  
 5 

	3.10	As of the Amendment Effective Date, Section 5.1(g) of the Credit Agreement is hereby deleted in its entirety and replaced with the following: 

 

	 	“(g)	as soon as available, but in any event on or before Wednesday of each week, with respect to the most recently ended calendar week, and at such other times as may be requested by the Administrative Agent, as of the
period then ended, Borrowing Base Certificates which calculate the U.S. Borrowing Base and the Canadian Borrowing Base, and supporting information in connection therewith, together with any additional reports with respect to the Canadian Borrowing
Base and the U.S. Borrowing Base as the Administrative Agent may reasonably request;” 

  

	3.11	As of the Amendment Effective Date, a new Section 5.16 is added to the Credit Agreement, as follows: 

“5.16 Cash Collateralization of LC Exposure 

Immediately upon any of: (i) Aggregate Borrowing Base less Aggregate Revolving Exposure being equal to or less than US$25,000,000,
(ii) the value of the RBC GIC plus the sum of (A) cash on deposit at Royal Bank of Canada held in deposit accounts nos. 115-334-5 and 401-146-6 minus (B) aggregate debits in all other deposit accounts of Loan Parties at Royal
Bank of Canada being equal to or less than (x) US$12,000,000 minus (y) the aggregate reduction of the RBC GIC permitted under Section 6.5 hereof, or (iii) the occurrence of an Event of Default, the RBC GIC and all amounts with
respect thereto shall be transferred to and held by the Administrative Agent as collateral for the payment and performance of the Secured Obligations” 
  

	3.12	As of the Amendment Effective Date, Section 6.5 of the Credit Agreement is hereby amended by adding the following sentence to the end thereof: 

“Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, no Loan Party shall redeem or cancel
the RBC GIC (without the consent of the Administrative Agent), provided that the RBC GIC may be redeemed or reduced, in whole or in part, as long as the minimum amount held at any time in the RBC GIC is the lesser of (i) US$8,000,000 and
(y) 105% of the aggregate amount of LC Exposure and EDC LC Facility Exposure, as of any date of determination.” 
  

	3.13	As of the Amendment Effective Date, a new Section 9.20 is hereby added to the Credit Agreement as follows: 

“9.20 Enforcement of Liens 

Liens existing on the Collateral in favour of the Administrative Agent, for the benefit of the Lender Parties, are enforceable from time to
time against any or all of the Loan Parties as often as occasion therefor may arise and without requirement on the part of the Administrative Agent, any of the other Lender Parties, or any of their successors or assigns, to first (i) make any
demand upon, or pursue or exhaust any of its rights or 

  
 6 

 
remedies against, any Loan Party, any other obligor, guarantor, pledgor or any other Person with respect to the payment of the Secured Obligations or to pursue or exhaust any of its rights or
remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof, (ii) marshal the Collateral or any guarantee of the Secured Obligations or to resort to the Collateral or any such guarantee in any particular order,
except as expressly provided in Section 2.18(b), or (iii) effect a public sale of any Collateral.” 
  

	3.14	As of the Amendment Effective Date, the following is added at the end of Section 10.5: 

“; provided that if any of the Canadian Loan Parties is entitled to assert any of the rights contemplated in this Section 10.5
against any of the U.S. Loan Parties in accordance with the terms hereof, the Administrative Agent shall assign to any such Canadian Loan Parties, without recourse or representation and warranty, the U.S. Security Agreement and any other security
granted to the Administrative Agent by any of the U.S. Loan Parties”. 
  

	3.15	As of the Amendment Effective Date, Section 11.1 of the Credit Agreement is hereby amended by deleting the first sentence thereof and replacing it with the following: 

“Vitran, an Ontario corporation, is hereby appointed by each of the Canadian Loan Parties as its contractual representative, and Vitran
Corporation, a Nevada corporation, is hereby appointed by each of the U.S. Loan Parties as its contractual representative (each herein referred to as the “Borrower Representative”) hereunder and under each other Loan Document, and
each of the Loan Parties irrevocably authorizes the applicable Borrower Representative to act as the contractual representative of such Loan Party, with the rights and duties expressly set forth herein and in the other Loan Documents.” 

 

	3.16	As of the Amendment Effective Date, the Revolving Commitment Schedule to the Credit Agreement is hereby deleted and replaced, in its entirety, by the Revolving Commitment Schedule attached hereto as Schedule
“A”. 

  

	3.17	As of the Amendment Effective Date, the Schedules attached hereto as Schedule “B” shall replace the corresponding Schedules currently forming part of the Credit Agreement. 

ARTICLE IV – CONDITIONS TO EFFECTIVENESS 
  

	4.1	This Amendment Agreement shall become effective upon satisfaction of the following conditions precedent (the date of satisfaction of all such conditions being referred to herein as the “Amendment Effective
Date”): 

  

	 	(a)	the Borrowers, each other Loan Party and all of the Lenders delivering to the Agent eight (8) originally executed copies of this Amendment Agreement; 

 

	 	(b)	the Agent shall be satisfied with its review of the information provided by the Purchaser, including supporting documentation and other evidence, as may be reasonably requested by any Lender Party or any Agent, in order
to ensure compliance with any applicable internal “know your client” requirements and AML Legislation, whether now or hereafter in existence; 

  
 7 

	 	(c)	Vitran Express Canada Inc. shall establish with Royal Bank of Canada a one-year Guaranteed Investment Certificate (fully redeemable after 30 days without penalty) in the principal amount of US$8,000,000;

  

	 	(d)	Vitran Express Canada Inc. shall enter into an amendment and restatement of the blocked accounts agreement made as of November 30, 2011 (as amended on March 4, 2013) with the Agent and Royal Bank of Canada, in
form and substance satisfactory to the Agent; 

  

	 	(e)	receipt by the Agent from the Canadian Borrowers of the following amendment fees, representing ten basis points (0.10%) of the Aggregate Revolving Commitments divided on a pro rata basis among the Lenders, which fees
are paid in consideration for the amendments provided herein and shall be fully earned, due and payable on the date hereof: 

  

	 	(i)	to JPMorgan Chase Bank, N.A. an amendment fee of US$5,647.47; 

  

	 	(ii)	to Royal Bank of Canada an amendment fee of US$4,941.54; 

  

	 	(iii)	to Fifth Third Bank an amendment fee of US$2,117.80; and 

  

	 	(iv)	to Export Development Canada an amendment fee of US$1,411.87; 

  

	 	(f)	receipt by the Agent (i) from Vitran Express Canada Inc. of a Borrowing Base Certificate which calculates the Canadian Borrowing Base, supporting information in connection therewith, and any additional reports with
respect thereto as the Agent may reasonably request, and (ii) from Vitran Corporation of a Borrowing Base Certificate which calculates the U.S. Borrowing Base, supporting information in connection therewith, and any additional reports with
respect thereto as the Agent may reasonably request, each in respect of the August 2013 calendar month; 

  

	 	(g)	Vitran Express Canada Inc. has provided the Agent with a copy of the agreements evidencing the LTL Share Sale, and the Agent is satisfied with the terms and conditions thereof, in its Permitted Discretion; and

  

	 	(h)	receipt by the Agent from the Canadian Borrowers of all fees and expenses of the Agent and the Lenders not already listed in this Article IV, including all outstanding legal fees and disbursements of Norton Rose
Fulbright Canada LLP and Goldberg Kohn Ltd. 

  
 8 

 ARTICLE V – REPRESENTATIONS AND WARRANTIES 

 

	5.1	Each Borrower and each other Loan Party, as to itself, warrants and represents to the Agent and the Secured Parties that the following statements are true, correct and complete: 

 

	 	(a)	Authorization, Validity, and Enforceability of this Amendment Agreement. Each Loan Party has the corporate power and authority to execute and deliver this Amendment Agreement and to perform the Credit Agreement.
Each Loan Party has taken all necessary corporate action (including, without limitation, obtaining approval of its shareholders if necessary) to authorize its execution and delivery of this Amendment Agreement and the performance of the Credit
Agreement. This Amendment Agreement has been duly executed and delivered by each Loan Party and this Amendment Agreement and the Credit Agreement constitute the legal, valid and binding obligations of each Loan Party, enforceable against each of
them in accordance with their respective terms without defence, compensation, setoff or counterclaim. Each Loan Party’s execution and delivery of this Amendment Agreement and the performance by each Loan Party of the Credit Agreement do not and
will not conflict with, or constitute a violation or breach of, or constitute a default under, or result in the creation or imposition of any Lien upon the property of any Loan Party by reason of the terms of (a) any contract, mortgage,
hypothec, Lien, lease, agreement, indenture, or instrument to which any Loan Party is a party or which is binding on any of them, (b) any requirement of law applicable to any Loan Party, or (c) the certificate or articles of incorporation
or amalgamation or association or bylaws or memorandum of association or articles of association of any Loan Party. 

  

	 	(b)	Governmental Authorization. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any governmental authority or other person is necessary or required in connection with
the execution, delivery or performance by, or enforcement against any Loan Party of this Amendment Agreement or the Credit Agreement except for such as have been obtained or made and filings required in order to perfect and render enforceable the
Agent’s Liens. 

  

	 	(c)	Incorporation of Representations and Warranties From Credit Agreement. The representations and warranties contained in the Credit Agreement and the other Loan Documents are and will be true, correct and complete
in all material respects on and as of the Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date (other than in respect of
any information contained in the Schedules attached to this Amendment Agreement), in which case they were true, correct and complete in all material respects on and as of such earlier date. 

 

	 	(d)	Absence of Default. No event has occurred and is continuing or will result from the consummation of the transactions contemplated by this Amendment Agreement that would constitute a Default or an Event of
Default. 

  

	 	(e)	Security. All security delivered to or for the benefit of the Agent on behalf of the Secured Parties pursuant to the Credit Agreement and the other Loan Documents remain in full force and effect and secure all
obligations of the Borrowers and the other Loan Parties purported to being secured thereby, including, under the Credit Agreement and the other Loan Documents. 

  
 9 

 ARTICLE VI – MISCELLANEOUS 

 

	6.1	Each Borrower (i) reaffirms its Obligations under the Credit Agreement and the other Loan Documents to which it is a party, and (ii) agrees that the Credit Agreement and the other Loan Documents to which it is
a party remain in full force and effect, except as amended hereby, and are hereby ratified and confirmed. The other Loan Parties (i) consent to and approve the execution and delivery of this Amendment Agreement by the parties hereto,
(ii) agree that this Amendment Agreement does not and shall not limit or diminish in any manner the obligations of the Loan Parties under the Canadian Guarantee and any other guarantees (collectively, the “Guarantees”) and that
such obligations would not be limited or diminished in any manner even if such Loan Parties had not executed this Amendment Agreement, (iii) agree that this Amendment Agreement shall not be construed as requiring the consent of such Loan
Parties in any other circumstance, (iv) reaffirm each of their obligations under the Guarantees and the other Loan Documents to which they are a party, and (v) agree that the Guarantees and the other Loan Documents to which they are a
party remain in full force and effect and are hereby ratified and confirmed. 

  

	6.2	Nothing contained in this Amendment Agreement or any other communication between the Agent and/or the Secured Parties and the Borrowers (or any other Loan Party) shall be a waiver of any other present or future
violation, Default or Event of Default under the Credit Agreement or any other Loan Document (collectively, “Violations”). Similarly, nothing contained in this Amendment Agreement shall directly or indirectly in any way whatsoever
either: (i) impair, prejudice or otherwise adversely affect the Agent’s or the Secured Parties’ right at any time to exercise any right, privilege or remedy in connection with the Credit Agreement or any other Loan Document with
respect to any Violations (including, without limiting the generality of the foregoing, in respect of the non-conformity to any representation, warranty or covenant contained in any Loan Document), (ii) except as specifically provided in
Article II hereof, amend or alter any provision of the Credit Agreement or any other Loan Document or any other contract or instrument, or (iii) constitute any course of dealing or other basis for altering any obligation of the Borrowers or any
other Loan Party under the Loan Documents or any right, privilege or remedy of the Agent or the Secured Parties under the Credit Agreement or any other Loan Document or any other contract or instrument with respect to Violations. Nothing in this
Amendment Agreement shall be construed to be a consent by the Agent or the other Secured Parties to any Violations. 

  

	6.3	Save as expressly set forth in this Amendment Agreement, (i) no additional waiver, consent or amendment in respect of any other term, condition, covenant, agreement or any other aspect of the Credit Agreement is
intended or implied, and (ii) all other terms and conditions of the Credit Agreement remain in full force and effect. All other Loan Documents remain in full force and effect. 

 

	6.4	 In consideration of the agreements of the Agent and the Lenders contained and/or described herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, each of the Borrowers and each 

  
 10 

	 	
Guarantor, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges the Agent
and the Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (the Agent, each Lender and
all such other Persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”), of and from all known (on the date hereof) demands, actions, causes of action, suits,
controversies, damages and other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, both at law and
in equity, that the Borrowers or any such Loan Party or any of their successors, assigns, or other legal representatives may now own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance,
action, cause or thing whatsoever which arises at any time on or prior to the Amendment Effective Date for or on account of, or in relation to, or in any way in connection with this Amendment Agreement, or any of the other Loan Documents or
transactions thereunder or related thereto. 

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

	6.5	All costs incurred by the Agent in preparing this Amendment Agreement (including all external legal fees incurred by the Agent) shall be on the account of the Borrowers, and shall form part of the Secured Obligations.

  

	6.6	This Amendment Agreement shall be interpreted and the rights and liabilities of the parties hereto shall be determined in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable
therein. 

  

	6.7	This Amendment Agreement may be executed in original, facsimile and/or other electronic means counterparts and all such counterparts taken together shall be deemed to constitute one and the same instrument.

 [the following pages are the signature pages] 

  
 11 

 The parties have executed this Amendment Agreement as of the date first above written. 

 

			
	 JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

		
	By:	 	 /S/ RANDY ABRAMS

		 	Name: Randy Abrams
		 	Title:   Authorized Officer
	
	 JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,

as Canadian Administrative Agent

		
	By:	 	 /S/ AUGGIE MARCHETTI

		 	Name: Auggie Marchetti
		 	Title:   Authorized Officer
	
	 JPMORGAN CHASE BANK, N.A., TORONTO BRANCH,

as a Canadian Lender

		
	By:	 	 /s/ AUGGIE MARCHETTI

		 	Name: Auggie Marchetti
		 	Title:   Authorized Officer
	
	 JPMORGAN CHASE BANK, N.A.,

as a U.S. Lender

		
	By:	 	 /s/ RANDY ABRAMS

		 	Name: Randy Abrams
		 	Title:   Authorized Officer

 Fifth Amendment to Credit Agreement 

  
 S - 1 

 
			
	 ROYAL BANK OF CANADA,
 as a
Canadian Lender and as a U.S. Lender

		
	By:	 	 /S/ ROBERT S. KIZELL

		 	Name: Robert S. Kizell
		 	Title: Attorney-in-fact
		
	By:	 	  

		 	Name:
		 	Title:
	
	 FIFTH THIRD BANK,
 as a
Canadian Lender and as a U.S. Lender

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	 /S/ MAURO SPAGNOLO

		 	Name: Mauro Spagnolo
		 	Title: Principal Officer
	
	 EXPORT DEVELOPMENT CANADA,

as a Canadian Lender and as a U.S. Lender

		
	By:	 	 /S/ ANDREW BAECHLER

		 	Name: Andrew Baechler
		 	Title: CFA, Loan Portfolio Manager
		
	By:	 	 /S/ SEAN BORUTSKIE

		 	Name: Sean Borutskie
		 	Title: Asset Manager

 Fifth Amendment to Credit Agreement 

  
 S - 2 

  

			
	 VITRAN CORPORATION INC.,

as a Canadian Borrower and as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 VITRAN EXPRESS CANADA INC.,

as a Canadian Borrower and as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 VITRAN CORPORATION,
 as a
U.S. Borrower and as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 VITRAN EXPRESS, INC.,
 as
a U.S. Borrower and as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:

 Fifth Amendment to Credit Agreement 

  
 S - 3 

 
			
	 SHORTHAUL TRANSPORT CORPORATION,

as a U.S. Borrower and as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 EXPEDITEUR T.W. LTEE,
 as
a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 DONEY HOLDINGS INC.,
 as a
Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 ROUT-WAY EXPRESS LINES LTD./LES SERVICES ROUTIERS EXPRESS ROUT LTEE,

as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:

 Fifth Amendment to Credit Agreement 

  
 S - 4 

 
			
	 SOUTHERN EXPRESS LINES OF ONTARIO LIMITED,

as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:
	
	 VITRAN ENVIRONMENTAL SYSTEMS INC.,

as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim President
		
	By:	 	  

		 	Name:
		 	Title:
	
	 VITRAN PROPERTIES USA, INC.,

as a Guarantor

		
	By:	 	 /S/ WILLIAM S. DELUCE

		 	Name: William S. Deluce
		 	Title: Interim Chief Executive Officer
		
	By:	 	  

		 	Name:
		 	Title:

 Fifth Amendment to Credit Agreement 

  
 S - 5 

 SCHEDULE A 

REVOLVING COMMITMENT SCHEDULE 
  

																	
	 Lender
	  	Canadian
Commitment	 	  	U.S. Commitment*	 	  	Revolving
Commitment*	 	  	Applicable Percentage
of Aggregate Revolving
Commitments	 
	 JPMorgan Chase Bank, N.A., Toronto Branch1
	  	$	0	  	  	$	5,647,470.80	  	  	$	5,647,470.80	  	  	 	40	% 
	 Royal Bank of Canada2
	  	$	0	  	  	$	4,941,536.95	  	  	$	4,941,536.95	  	  	 	35	% 
	 Fifth Third Bank3
	  	$	0	  	  	$	2,117,801.55	  	  	$	2,117,801.55	  	  	 	15	% 
	 Export Development Canada4
	  	$	0	  	  	$	1,411,867.70	  	  	$	1,411,867.70	  	  	 	10	% 
		  				  				  				  			
		  				  				  				  			
	 Total
	  	$	        0	  	  	$	14,118,677	  	  	$	14,118,677	  	  	 	100.00	% 

 The U.S. Commitment and Canadian Commitment are subfacilities of the Revolving Commitment and are not in addition to the
Revolving Commitment 
  

	*	The U.S. Commitment and the Revolving Commitment for a Lender on any date of determination shall equal the lesser of (x) the amount set forth in this Revolving Commitment Schedule, and (y) such Lender’s
Applicable Percentage of U.S. LC Exposure on such date. 

  

	1 	U.S. Loans will be funded through JPMorgan Chase Bank, N.A. 

	2 	U.S. Loans will be funded through Royal Bank of Canada. 

	3 	U.S. Loans will be funded through Fifth Third Bank. 

	4 	U.S. Loans will be funded through Export Development Canada.

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