Document:

Lower Lakes Towing, Ltd.
                                  P.O. Box 1149
                                 517 Main Street
                          Port Dover, Ontario, N0A 1N0
                                     Canada

                                                                October 18, 2006

Mr. James W. Siddall
c/o Lower Lakes Towing, Ltd.
P.O. Box 1149
517 Main Street
Port Dover, Ontario, N0A 1N0
Canada

Dear Mr. Siddall:

      In order to provide you with additional incentive to remain in the employ
of Lower Lakes Towing, Ltd. (the "Company"), the Company has determined to pay
you a cash bonus of US$50,000 (the "Bonus Amount"). As consideration for the
bonus payable to you hereunder, you hereby agree to remain in the employ of the
Company through February 28, 2007. In the event that your employment terminates
for any reason (other than death or Permanent Disability (as determined by the
Company's Compensation Committee in its sole discretion) or by the Company
without Cause (as described below)) -

      (i) on and after the date hereof and prior to November 30, 2006, you shall
thereupon become obligated to pay to the Company an amount equal to 50% of the
Bonus Amount; and

      (ii) on and after November 30, 2006 and prior to February 28, 2007, you
shall thereupon become obligated to pay to the Company an amount equal to 25% of
the Bonus Amount.

      Any amounts payable by you upon your termination as provided above shall
be payable in cash or, at your option, securities of the Company's parent, Rand
Logistics, Inc. ("Rand"), having a fair market value equal to the amount
payable.

      For purposes of this Agreement, "Cause" shall mean (i) your conviction of
a criminal offence involving fraud, larceny, misappropriation of funds,
embezzlement or dishonesty; (ii) receipt by or on behalf of you or any member of
your immediate family of any personal profit arising out of or in connection
with a transaction to which the Company or any affiliate of the Company is party
without making full prior disclosure to the Company or such affiliate; (iii) any
misfeasance, nonfeasance or malfeasance by you which causes material harm to the
Company or an affiliate; (iv) your failure to follow and carry out the lawful
instructions of your superior; (v) your having been under the influence of drugs
(other than prescription medicine or other medically-related drugs to the extent
that they are taken in accordance with their directions) or alcohol during the

<PAGE>

performance of your duties (it being understood that you may attend industry
functions at which alcohol will be consumed), or while otherwise under the
influence of drugs or alcohol and while under such influence your having engaged
in inappropriate conduct; or (vi) your having engaged in behavior that would
constitute grounds for liability for sexual harassment or discrimination.

      The bonus payable hereunder shall not be taken into account as
compensation for purposes of any retirement plans, be they qualified or
otherwise, of the Company or Rand. No provision of this Agreement shall in any
way restrict or limit the Company's ability to terminate your employment at any
time, for any reason or for no reason.

      In order to further align your interests with those of Rand's
stockholders, you agree to seek, until March 31, 2007, to use not less than the
after-tax proceeds of the bonus payable hereunder to purchase warrants of Rand
pursuant to, and in accordance with the terms of, the agreement between you and
Dundee Securities Corp. attached hereto as Exhibit A or such other similar
agreement with such other brokerage firm as may be agreeable to the Company.

      This Agreement shall be construed and interpreted in accordance with the
laws of the Province of Ontario, without reference to rules relating to
conflicts of law, and the parties hereto submit to the exclusive jurisdiction of
the courts of the Province of Ontario for the purpose of any actions or
proceedings that may be required to enforce any provision of this Agreement.

      This Agreement contains the entire understanding between the parties
hereto and supersedes in all respects any prior or other agreements or
understandings between the Company or any of its affiliates, and yourself,
regarding any award of warrants to you. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original, but all of
which shall constitute one and the same instrument.

      This Agreement may only be amended by written agreement of the parties
hereto. The Company shall have the right to deduct from any payment under this
Agreement any federal, state, local, foreign or other taxes of any kind which
the Company's Compensation Committee, in its sole discretion, deems necessary to
be withheld to comply with any applicable law, rule or regulation.

      Two signed copies of this Agreement have been enclosed, please sign them
and return one to us as soon as possible for our records.

LOWER LAKES TOWING, LTD.

By:                                                   By:
    ------------------------                              ----------------------
Name:                                                     James W. Siddall
Title:Lower Lakes Towing, Ltd.
                                  P.O. Box 1149
                                 517 Main Street
                          Port Dover, Ontario, N0A 1N0
                                     Canada

                                                                October 18, 2006

Mr. Jeffrey P. Botham
c/o Lower Lakes Towing, Ltd.
P.O. Box 1149
517 Main Street
Port Dover, Ontario, N0A 1N0
Canada

Dear Mr. Botham:

      In order to provide you with additional incentive to remain in the employ
of Lower Lakes Towing, Ltd. (the "Company"), the Company has determined to pay
you a cash bonus of US$10,000 (the "Bonus Amount"). As consideration for the
bonus payable to you hereunder, you hereby agree to remain in the employ of the
Company through February 28, 2007. In the event that your employment terminates
for any reason (other than death or Permanent Disability (as determined by the
Company's Compensation Committee in its sole discretion) or by the Company
without Cause (as described below)) -

      (i) on and after the date hereof and prior to November 30, 2006, you shall
thereupon become obligated to pay to the Company an amount equal to 50% of the
Bonus Amount; and

      (ii) on and after November 30, 2006 and prior to February 28, 2007, you
shall thereupon become obligated to pay to the Company an amount equal to 25% of
the Bonus Amount.

      Any amounts payable by you upon your termination as provided above shall
be payable in cash or, at your option, securities of the Company's parent, Rand
Logistics, Inc. ("Rand"), having a fair market value equal to the amount
payable.

      For purposes of this Agreement, "Cause" shall mean (i) your conviction of
a criminal offence involving fraud, larceny, misappropriation of funds,
embezzlement or dishonesty; (ii) receipt by or on behalf of you or any member of
your immediate family of any personal profit arising out of or in connection
with a transaction to which the Company or any affiliate of the Company is party
without making full prior disclosure to the Company or such affiliate; (iii) any
misfeasance, nonfeasance or malfeasance by you which causes material harm to the
Company or an affiliate; (iv) your failure to follow and carry out the lawful
instructions of your superior; (v) your having been under the influence of drugs
(other than prescription medicine or other medically-related drugs to the extent
that they are taken in accordance with their directions) or alcohol during the

<PAGE>

performance of your duties (it being understood that you may attend industry
functions at which alcohol will be consumed), or while otherwise under the
influence of drugs or alcohol and while under such influence your having engaged
in inappropriate conduct; or (vi) your having engaged in behavior that would
constitute grounds for liability for sexual harassment or discrimination.

      The bonus payable hereunder shall not be taken into account as
compensation for purposes of any retirement plans, be they qualified or
otherwise, of the Company or Rand. No provision of this Agreement shall in any
way restrict or limit the Company's ability to terminate your employment at any
time, for any reason or for no reason.

      In order to further align your interests with those of Rand's
stockholders, you agree to seek, until March 31, 2007, to use not less than the
after-tax proceeds of the bonus payable hereunder to purchase warrants of Rand
pursuant to, and in accordance with the terms of, the agreement between you and
Dundee Securities Corp. attached hereto as Exhibit A or such other similar
agreement with such other brokerage firm as may be agreeable to the Company.

      This Agreement shall be construed and interpreted in accordance with the
laws of the Province of Ontario, without reference to rules relating to
conflicts of law, and the parties hereto submit to the exclusive jurisdiction of
the courts of the Province of Ontario for the purpose of any actions or
proceedings that may be required to enforce any provision of this Agreement.

      This Agreement contains the entire understanding between the parties
hereto and supersedes in all respects any prior or other agreements or
understandings between the Company or any of its affiliates, and yourself,
regarding any award of warrants to you. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original, but all of
which shall constitute one and the same instrument.

      This Agreement may only be amended by written agreement of the parties
hereto. The Company shall have the right to deduct from any payment under this
Agreement any federal, state, local, foreign or other taxes of any kind which
the Company's Compensation Committee, in its sole discretion, deems necessary to
be withheld to comply with any applicable law, rule or regulation.

      Two signed copies of this Agreement have been enclosed, please sign them
and return one to us as soon as possible for our records.

LOWER LAKES TOWING, LTD.

By: /s/                                               By: /s/
    ------------------------                              ----------------------
Name:                                                     Jeffrey P. Botham
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]