Document:

Series A Convertible Subordinated Debenture Purchase Agreement

 EXHIBIT 10.12 
 SERIES A CONVERTIBLE SUBORDINATED DEBENTURE PURCHASE AGREEMENT 
 THIS SERIES A CONVERTIBLE
SUBORDINATED DEBENTURE PURCHASE AGREEMENT (this “Agreement”) is made and entered into this 3rd day of July, 2006, by and between VELOCITY EXPRESS CORPORATION, a Delaware corporation (the “Buyer”) and each of the
parties listed as Sellers on Exhibit “A” attached hereto (hereafter each referred to as a “Seller” and collectively referred to as the “Sellers”). 
 W I T N E S S E T H: 
 WHEREAS, each Seller holds a certain Series A Convertible Subordinated Debenture in the principal amount specified opposite such Seller’s
name on Exhibit “A” annexed hereto (hereafter each referred to as a “Note” and collectively referred to as the “Notes”) which is convertible into shares of Common Stock of CD&L, Inc., a Delaware
corporation (the “Company”); and 
 WHEREAS, Sellers are willing and desire to sell all of the Notes to Buyer, and
Buyer is willing and desires to purchase and acquire the Notes from Sellers, all upon the terms and conditions hereinafter set forth; and 
 WHEREAS, prior to the Closing (as defined below), the Company will have paid all of the accrued but unpaid interest on the Notes through the Closing Date to the Sellers; and 
 WHEREAS, prior to the execution and delivery of this Agreement, the Board of Directors of the Company has taken all actions required to:
(a) approve the execution and delivery of that certain Agreement and Plan of Merger of even date herewith, by and between the Company, Buyer and CD&L Acquisition Corp., a Delaware corporation (the “Merger Agreement”);
(b) prevent any right issued pursuant to that certain Stockholder Protection Rights Agreement, dated as of December 27, 1999 between the Company and American Stock Transfer & Trust Company, as Rights Agent, and amended as of
April 14, 2004 (the “Stockholder Protection Rights Agreement”) from being exercisable pursuant to the Stockholder Protection Rights Agreement as a result of the transactions contemplated herein and under the Merger Agreement;
(c) prevent any Separation Time (as such term is defined in the Stockholder Protection Rights Agreement) from occurring as a result of the transactions contemplated herein or under the Merger Agreement; (d) waive the applicability of
Section 203 of the Delaware General Corporation Law with respect to the Company and the transactions contemplated herein and under the Merger Agreement; and (e) subject to any restrictions on the exercise of any rights that Velocity may
have under the Loan Agreement (as defined below) as provided under the Merger Agreement, consent to the assignment of each Seller’s rights as Lender under that certain Amended and Restated Senior Subordinated Loan Agreement dated as of
April 14, 2004 by and among the Sellers, the Company, and certain other stockholders of the Company (the “Loan Agreement”) to Velocity; and (f) waive any and all rights the Company may have under that certain Restructuring
and Exchange Agreement dated as of April 14, 2004 by and among the Company, Exeter Venture Lenders, L.P. (“Exeter Venture”), the Investors (as defined below) 

 
and the individuals listed therein as “Investors” (the “Restructuring Agreement”) which would restrict, prevent or inhibit the
consummation of the transactions contemplated under this Agreement, including, without limitation, any obligation of the Holders to provide an opinion of counsel under Section 6.9 of the Restructuring Agreement with respect to the transactions
contemplated in this Agreement; and 
 WHEREAS, prior to the execution and delivery of this Agreement, Exeter Capital Partners IV,
L.P. and BNP Paribas (each being referred to herein as an “Investor” and collectively as the “Investors”) have (a) consented to the sale and transfer of the Notes from the Sellers to Buyer, as contemplated by
this Agreement, and (b) waived any and all rights of co-sale which the Investors may have in connection with the transactions contemplated hereunder pursuant to that certain Stockholders Agreement dated April 14, 2004 by and among the
Company, the Sellers and the Investors (the “Stockholders Agreement”) including, without limitation, any rights of co-sale under Section 2.1 of the Stockholders Agreement; and 
 WHEREAS, prior to the execution and delivery of this Agreement, each Seller and each Investor has waived any and all rights of first refusal each
Seller or Investor may have in connection with the transactions contemplated hereunder pursuant to the Stockholders Agreement, including, without limitation, all rights of first refusal provided for under Section 3.1 of the Stockholders
Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained and the payment of good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged by each of the parties hereto, it is agreed as follows: 
 1.
Purchase of Notes; Purchase Price. Subject to the terms and conditions hereinafter set forth, at the Closing, Sellers shall assign, transfer and deliver to Buyer, and Buyer shall purchase and acquire from Sellers, all of Sellers’
right, title and interest in and to all the Notes for a purchase price of $3.25 per share of Common Stock of the Company into which each Note is convertible, for an aggregate purchase price of $12,795,275.59 (the “Purchase Price”)
as full consideration for the purchase of the Notes. The purchase price to be paid to each Seller shall be the allocated among and between the Sellers in the respective amounts specified opposite such Seller’s name on Exhibit
“A” annexed hereto. In furtherance of the foregoing, each Seller shall deliver to Buyer the instrument of transfer, substantially in the form of Exhibit “B”, attached hereto and incorporated herein by this reference
(the “Assignment”), duly executed to effect this transaction. 
 2. Closing. 
 (a) Closing. The closing (the “Closing”) of the transactions contemplated under this Agreement shall take place upon execution and
delivery of this Agreement and each document or instrument to be delivered hereunder by each of the parties hereto and delivery by Buyer of the Purchase Price to each Seller and the simultaneous execution and delivery of the Merger Agreement and
funding of the Paying Agent with the Merger Consideration as required thereunder (the “Closing Date”). 
  

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 (b) Closing Deliveries. At Closing, each Seller (or with respect to the Voting Agreement (as
defined below), such Sellers who are a party thereto) shall deliver to the Buyer the following: 
 (i) an executed original of this
Agreement; 
 (ii) an executed original of the Voting Agreement; and 
 (ii) the original Note (or in the event that the original Note is lost or destroyed, an affidavit of lost security with respect to such Seller’s
Note), together with the fully-executed Assignment. 
 (c) At Closing, Buyer shall deliver to each Seller (or with respect to the Voting
Agreement, such Sellers who are a party thereto) the following: 
 (i) an executed original of this Agreement; 
 (ii) an executed original of the Voting Agreement; and 
 (iii) the Purchase Price for such Seller’s Note (as set forth in Exhibit “A”), payable by wire transfer to an account designated by each Seller. 
 3. Condition Precedent to Closing. In addition to any other condition provided for herein, the obligation of Buyer to buy the Notes, as
provided for under this Agreement, is subject to the delivery at Closing of an executed original of that certain Voting Agreement in the form annexed hereto as Exhibit “C” (the “Voting Agreement”) by each of the Sellers
listed on the signature page to the Voting Agreement, whereby such Sellers have agreed to vote all of the shares of Common Stock of the Company owned by them in accordance with the terms and conditions of the Voting Agreement.  
 4. Assignment of Rights Under Accompanying Agreements. By execution and delivery of this Agreement, each Seller hereby grants, assigns and
transfers to Buyer at Closing each Seller’s full right, title and interest in and to: (a) the Stockholders Agreement; (b) that certain Registration Rights Agreement dated as of April 14, 2004 by and between the Company and such
Seller (the “Registration Rights Agreement”); and (c) the Loan Agreement (collectively, the “Accompanying Agreements”). Buyer hereby assumes all of the obligations of Seller pursuant to the Accompanying
Agreements. 
 5. Representations and Warranties. 
 5.1 Each Seller hereby severally and not jointly, represents and warrants to Buyer that: 
 (a) each Seller
is the sole owner of the respective Note issued to and currently held by each Seller and which is to be delivered to Buyer in accordance with this Agreement; 
  

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 (b) subject to the waivers and consents that have been obtained as provided in the recitals to this
Agreement, the Note held by Seller is freely transferable and assignable and each Seller has good, absolute and marketable title to the respective Note issued to and currently held by each Seller, free and clear of all liens, claims, encumbrances,
options and restrictions of every kind and has the unrestricted right to sell and transfer the Note and upon execution and delivery of the Assignment to Buyer, Buyer will have good and marketable title to the Note, free and clear of all liens;

 (c) subject to the consents and waivers that have been obtained as provided in the recitals to this Agreement, each Seller has the full
right, power, legal capacity and authority to execute this Agreement and to perform all of the agreements, undertakings, covenants, representations and warranties herein contained and to assign to Buyer the Seller’s interest in the Accompanying
Agreements; 
 (d) the execution of this Agreement and the delivery of the Notes by the Sellers and the performance by each Seller of their
respective obligations hereunder and the consummation by each Seller of the transactions contemplated by this Agreement will not: (i) contravene any provision of the Certificate of Incorporation, By-Laws or other governing document of the
Company; or (ii) conflict with, result in any breach of, or constitute a default (or an event which would, with the passage of time or the giving of notice or both, constitute a default) under, or give rise to a right to terminate, amend,
modify, abandon or accelerate, any contract or agreement which is applicable to, binding upon or enforceable against the Company or any Seller; 
 (e) this Agreement has been duly executed and delivered by each Seller and constitutes each Seller’s legal, binding and enforceable obligation, subject to bankruptcy, insolvency, reorganization and other laws affecting creditors rights
generally, and subject to remedies, the enforcement of which vests in the discretion of courts of equitable jurisdiction; and 
 (f) each
Seller who is an officer or director of the Company and is subject to the reporting and short-swing liability provisions of Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”) hereby, severally and not
jointly, represents and warrants to Buyer that (i) such Seller has not acquired any securities of the Company within the six (6) month period ending on the date of this Agreement, (ii) the consummation of the transactions set forth
herein by such Seller will not result in a nonexempt short-swing transaction under Section 16 of the Exchange Act with respect to such Seller, and (iii) consummation of the transactions set forth herein by such Seller will not result in
liability under Section 16(b) of the Exchange Act to any Seller, the Buyer or the Company. 
 5.2 Buyer hereby represents and warrants
to each Seller that Buyer has full power and authority to enter into this Agreement; this Agreement constitutes a valid and legally 

  

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binding obligation of Buyer, enforceable in accordance with its terms, except as same may be limited by applicable bankruptcy, insolvency, reorganization,
management, moratorium or other similar laws affecting creditors’ rights and subject to general equity principles and to limitations on availability of equitable relief. 
 6. Miscellaneous. 
 6.1
Notice. 
 (a) Any notice or other communication required or permitted hereunder shall be in writing and shall be deemed to have been
duly given on (i) the date of service if served personally; (ii) three (3) business days after the date of mailing, if mailed by first class mail, registered or certified, postage prepaid, return receipt requested; or (iii) one
(1) business day after delivery to the courier if sent by private courier guaranteeing next day delivery, delivery charges prepaid. 
 (b) Notices shall be sent to the following addresses: (i) if to Buyer, to One Morningside Drive North, Building B, Suite 300, Westport, Connecticut, 06880, Attention: General Counsel, or such other address as may hereafter be
designated in writing by Buyer, with a copy to Budd Larner, P.C., 150 John F. Kennedy Parkway, Short Hills, New Jersey 07078, Attn: James F. Fitzsimmons, Esq.; and (ii) if to Sellers, to their respective addresses set forth on Exhibit A
hereto, or such other address as may hereafter be designated in writing by the applicable Seller. 
 6.2 Severability. The invalidity
of any provision of this Agreement, or part thereof, shall not affect the validity or enforceability of the remainder of such provision and/or this Agreement. 
 6.3. Benefit. All the terms and provisions hereof shall inure to the benefit of and be binding upon the successors and assigns of the Buyer and the respective successors and assigns of each Seller. 

6.4. Counterparts; Facsimile Signatures. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an
original, and all of which together shall be deemed to constitute one and the same Agreement. A facsimile signature to this Agreement of any party shall be considered to have the same binding legal effect as an original signature 
 6.5. Headings. The headings of the paragraphs of this Agreement are for convenience and reference only and do not constitute a part of this
Agreement and in no way modify, interpret or construe the understanding of the parties hereto. 
 6.6. Governing Law; Jurisdiction.

 (a) This Agreement and the rights and obligations of the parties hereunder shall be construed and enforced in accordance with the laws of
the State of Delaware, without giving effect to the principles of conflicts of law thereof. 
  

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 (b) Each party to this Agreement irrevocably consents and agrees that any legal action or proceeding
with respect to this Agreement and any action for enforcement of any judgment in respect thereof will be brought in the federal or state courts located within the jurisdiction of the United Stated District Court for the Southern District of New
York, and, by execution and delivery of this Agreement, each party to this Agreement irrevocably submits to and accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts and
appellate courts from any appeal thereof. Each party to this Agreement further irrevocably consents to the service of process out of any of the aforesaid courts in any such action or proceeding by the mailing of copies thereof in the manner set
forth in Section 6.1 hereof. Each party to this Agreement hereby irrevocably waives any objection which it may now have or hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with
this Agreement brought in any of the courts referred to above and hereby further irrevocably waives and agrees not to plead or claim in any such court that any such action or proceeding brought in any such court is an inconvenient forum. Nothing in
this Section shall be deemed to constitute a submission to jurisdiction, consent or waiver with respect to any matter not specifically referred to herein. 
 6.7. Entire Agreement. This Agreement and the Voting Agreement (to the extent a Seller is a party thereto) constitute the entire understanding between the parties hereto with respect to the subject matter
hereof and may not be changed, nor modified orally, but only by the amendment to the Agreement in writing, signed by the party against whom enforcement of any change or modification in sought. 
 6.8. Integration. This Agreement and the Voting Agreement (to the extent a Seller is a party thereto) supersede all prior agreements and
understandings among the parties to this Agreement with respect to the subject matter hereof and contains the full understanding of the parties hereto with respect to the subject matter hereof; and there are no representations, warranties,
agreements or undertakings other than expressly contained herein or therein. 
 6.9. Further Assurances. Each Seller agrees that he
will do such further acts and things and execute and deliver to Buyer such additional conveyances, assignments, agreements and instruments as Buyer may require or deem advisable to carry into effect the purpose of this Agreement. 
 6.10 Interpretation. In all references herein to any parties, persons, entities or corporations, the use of any particular gender or the plural or
singular number is intended to include the appropriate gender or number as the text of the within instrument may require 
 6.11
Modification. This Agreement may be modified or amended only by a written instrument duly signed by all of the parties hereto or their respective successors or assigns. 
 6.12 Assignments and Successors. No party may assign any of its rights under this Agreement without the prior written consent of the other parties
to this Agreement. Subject to the preceding sentence, this Agreement will apply to, be binding in all respects upon, and inure to the benefit of the successors and permitted assigns of the parties. 
  

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 6.13 Benefits Only to Parties. Nothing expressed by or mentioned in this Agreement is intended or
shall be construed to give any person other than the parties hereto and their respective successors and permitted assigns any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein contained, this
Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of the parties hereto and their respective successors and permitted assigns; provided, however, that to the extent that the Company
has any rights under the Notes and the Accompany Agreements, the Company shall be a third party beneficiary of this Agreement. 
 6.14
Waiver of Trial by Jury. EACH OF THE PARTIES HERETO, TO THE EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT OR ANY MATTER ARISING HEREUNDER. 
 6.15 Recitals. The recitals to this Agreement are incorporated herein by this reference
and shall be construed as if they are a part of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the Buyer and each Seller has executed this Note Purchase Agreement as of the
date first above written. 
  

					
	BUYER:
	
	 Velocity Express Corporation,
 a
Delaware corporation

			
		 	By:	 	 /s/ Edward W. Stone
  

		 	Name:	 	Edward W. Stone
		 	Title:	 	Chief Financial Officer

  

			
	SELLERS:
		
		 	 /s/ Albert W. Van Ness, Jr.
  

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

		 	William T. Brannan
		
		 	 /s/ Michael Brooks
  

		 	Michael Brooks
		
		 	 /s/ Russell Reardon
  

		 	Russell Reardon
		
		 	 /s/ Matthew Morahan
  

		 	Matthew Morahan
		
		 	 /s/ Mark T. Carlesimo
  

		 	Mark T. Carlesimo
		
		 	 /s/ Vincent P. Brana
  

		 	Vincent P. Brana

 [Signature Page to Debenture Purchase Agreement] 
  

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	 /s/ Martin C. Galinsky
  

	Martin C. Galinsky
	
	 /s/ Peter Young
  

	Peter Young
	
	 /s/ Jack McCorkell
  

	Jack McCorkell
	
	 /s/ Curtis G. Hight

	Curtis G. Hight
	
	 /s/ J. Daniel Ayer
  

	J. Daniel Ayer
	
	 /s/ Dominick Simone
  

	Dominick Simone
	
	 /s/ Ralph M. Bahna
  

	Ralph M. Bahna

 [Signature Page to Debenture Purchase Agreement] 
  

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 EXHIBIT “A” 
  

							
	 Seller Name and Address
	  	Principal Amount of
Note	  	Allocation of Purchase
Price to be received by
each Seller
	 Albert W. Van Ness, Jr.
 89 Silver Oaks Circle, Unit 5104
 Naples, FL 34119
	  	$	600,000.00	  	$	1,919,291.34
	 William T. Brannan
 2 Carmella Court
 Cedar Grove, NJ 07009
	  	$	600,000.00	  	$	1,919,291.34
	 Michael Brooks
 3986 N W 52nd Place
 Boca Raton, Fl 33496
	  	$	600,000.00	  	$	1,919,291.34
	 Russell Reardon
 11 Old Quarry Road
 Cedar Grove, NJ 07009
	  	$	600,000.00	  	$	1,919,291.34
	 Matthew Morahan
 18126 Southeast Village Circle
 Tequesta, FL 33469
	  	$	200,000.00	  	$	639,763.78
	 Mark T. Carlesimo
 4 White Plains Road
 Bronxville, NY 10708
	  	$	100,000.00	  	$	319,881.89
	 Vincent P. Brana
 527 Eastgate Road
 Ho-ho-kus, NJ 07423
	  	$	600,000.00	  	$	1,919,291.34
	 Martin C. Galinsky
 13310 N.W. 11th Lane
 Sunrise, FL 33323
	  	$	100,000.00	  	$	319,881.89
	 Peter Young
 2427 Bay Street
 San Francisco, CA 94123
	  	$	100,000.00	  	$	319,881.89
	 Jack McCorkell
 125 County Park Drive
 Cranford, NJ 07016
	  	$	50,000.00	  	$	159,940.94
	 Curtis G Hight
 3 Flower Lane
 Roslyn Heights, NY 11577
	  	$	100,000.00	  	$	319,881.89
	 J. Daniel Ayer
 293 Inwood Drive
 Rochester, NY 14625
	  	$	100,000.00	  	$	319,881.89
	 Dominick Simone
 159 Vreeland Ave
 Midland Park, NJ 07432
	  	$	50,000.00	  	$	159,940.94
	 Ralph M. Bahna
 111 Cascade Road
 Stamford, CT 06903
	  	$	200,000.00	  	$	639,763.78

  

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 EXHIBIT “B” 
 Form of Assignment 
 THIS ASSIGNMENT (the “Assignment”) by and between
VELOCITY EXPRESS CORPORATION, a Delaware corporation (the “Assignee”) and the undersigned Assignor is effective as of the              day of June, 2006. Reference
is hereby made to that certain Series A Convertible Note Purchase Agreement of even date herewith by and among the Assignee, as Buyer and the Assignor, as a Seller (the “Note Purchase Agreement”). All capitalized terms not defined
herein shall have the meaning ascribed to it in the Note Purchase Agreement. 
 FOR VALUE RECEIVED, Assignor hereby grants, transfers
and assigns to Assignee all of his respective right, title and interest in and to the respective Note held and owned by him, as specified below, including, without limitation all rights, title and interest: (i) to convert such Note into shares
of Common Stock as provided within the Note, together with any rights that may attach thereto pursuant to the Stockholder Protection Rights Agreement; (ii) under the Stockholders Agreement; (iii) under the Registration Rights Agreement;
and (iv) under the Loan Agreement and Assignee hereby accepts such assignment. This Assignment arises out of the Note Purchase Agreement, the applicable terms and conditions of which are hereby incorporated herein by this reference. 

This Assignment shall be binding upon and inure to the benefit of the Assignor and Assignee and their respective successors and assigns. This
Assignment may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to constitute one and the same Assignment. A facsimile signature to this Assignment of any party shall
be considered to have the same binding legal effect as an original signature hereto. 
  

			
	Face Amount of Note:
                                        
                	 	
		
	ASSIGNEE	 	            ASSIGNOR
		
	Velocity Express Corporation,	 	
	a Delaware corporation	 	

  

							
	By:	 	  
	 		 	  

	Name:	 		 		 	Name:
	Title:	 		 		 	

 Signature Page to Assignment (Exhibit B to Debenture Purchase Agreement) 
  

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 EXHIBIT “C” 
 Voting Agreement 
  

 12James Froisland Offer Letter of Employment

 Exhibit 10.1 
 

 
 2200 East Pratt Boulevard    •    Elk Grove Village, Illinois
60007-5995    •    U.S.A. 
 Telephone
(847) 439-2210        Facsimile (847) 439-0737 
 June 21, 2006 
 Mr. James M. Froisland 
 385 Persimmon Drive 
 St. Charles, IL 60174 
 Via Federal Express 
 Dear Jim: 
 We are extremely pleased to
confirm the Material Sciences Corporation (“MSC”) offer of employment to you as Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary. In this position, you will report directly to Cliff Nastas,
Chief Executive Officer. While we desire that we have a long and mutually beneficial relationship, this employment offer is considered “at will” and should not be interpreted as an employment contract for a defined period of time and may
be terminated at any time by you or MSC. In addition, be advised that this offer is contingent upon a negative drug screen, which should be performed immediately upon receipt of this letter, and acceptable results of your background check. The drug
screen should be arranged by phoning XXXXXXXXX at (XXX) XXX-XXXX. Outlined below are the key elements of our offer: 
  

			
	POSITION:	  	Senior Vice President, Chief Financial Officer, Chief Information Officer and Corporate Secretary
		
	STARTING DATE:	  	June 21, 2006
		
	BASE SALARY:	  	$24,166.67/month

 BENEFITS: 
  

					
	•    Medical/Rx Plan	  	•    Travel Accident Insurance $150k	  	
			
	•    Dental Coverage	  	•    Retirement Plan	  	
			
	•    Vision Coverage	  	•    Savings & Investment Plan (401k)	  	
			
	•    Life Insurance	  	•    Stock Purchase Plan	  	
			
	•    Personal Accident Insurance	  	•    Tuition Reimbursement	  	
			
	•    Short-Term Disability	  	•    Pre-Paid Legal	  	
			
	•    Long-Term Disability	  	•    Vacation: 4 weeks upon hire	  	
			
	•    Flexible Spending Account	  	•    Employee Assistance Program	  	

  

			
	 HEALTH/LIFE/LONG-TERM
 DISABILITY
INSURANCE:
	  	You are eligible for these benefit programs after 30 days of employment.
		
	VARIABLE COMPENSATION:	  	Participation, per the terms of MSC Incentive Bonus Plan, at a level of 50%, effective March 1, 2006.

 Mr. James M. Froisland 
 June 21, 2006 
 Page: 2 
  

			
		  	Participation, per the terms of MSC Long-Term Incentive Plan and subject to the approval of the MSC Board of Directors. The recommended amount for Fiscal Year 2007 is 24,000 options and 3,200
restricted shares.
		
	OTHER AGREEMENTS:	  	A standard MSC Change of Control (“CIC”) agreement will be issued to you reflecting eighteen (18) months of compensation continuation as defined within the CIC for a job lost
related to a CIC event or twelve (12) months of severance for other defined occurrences related to a job lost. A copy of the standard agreement is attached. These agreements are reviewed annually by the MSC Board of Directors.
		
		  	In this position, a standard MSC Indemnification Agreement will be extended to you.
		
		  	You will be required to sign the MSC Technology Agreement and Agreement to Arbitrate Employment Disputes as part and parcel of this offer. Copies for your signature are
attached.

 Assuming you are in agreement with the terms outlined above, please sign a confirmation copy, along with the
Technology Agreement, and the Agreement to Arbitrate Employment Disputes, and return them to John Klepper in the stamped, self addressed envelope. 
 Once
again, Jim we speak for the entire MSC team in welcoming you to our organization. We look forward to the added dimension your presence will afford our growing company. 
 On behalf of, 
 MATERIAL SCIENCES CORPORATION 
  

					
	 /s/ Clifford D. Nastas
	 		  	 /s/ John M. Klepper

	Clifford D. Nastas	 		  	John M. Klepper
	Chief Executive Officer	 		  	Vice President Human Resources

 Enclosures 
 Acceptance: 
  

					
	Signature:	  	 /s/ James M. Froisland
	    	Date: June 21, 2006

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