Document:

exv4w6

Exhibit 4.6

 

REGISTRATION RIGHTS AGREEMENT

by and among

NEW CENTURY TRANSPORTATION, INC.

NCT ACQUISITION LLC

and

THE OTHER INVESTORS NAMED HEREIN

Dated as of June 23, 2006

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	1. Definitions
	 	 	1	 
	2. Registrable Securities
	 	 	3	 
	3. Incidental Registration
	 	 	3	 
	4. Demand Registration
	 	 	5	 
	5. Registration Procedures
	 	 	6	 
	6. Indemnification
	 	 	9	 
	7. Hold-Back Agreements
	 	 	11	 
	8. Underwritten Registration
	 	 	11	 
	9. Miscellaneous
	 	 	12	 

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DEFINED TERMS

	 	 	 	 	 

	Additional Party
	 	 	12	 
	Affiliate
	 	 	1	 
	Agreement
	 	 	1	 
	Commission
	 	 	1	 
	Common Stock
	 	 	1	 
	Company
	 	 	1	 
	Damages
	 	 	9	 
	Demand Registration
	 	 	1,5	 
	Demand Registration Request
	 	 	1,5	 
	Demand Registration Statement
	 	 	1	 
	Exchange Act
	 	 	1	 
	Incidental Registration
	 	 	3	 
	Inspector
	 	 	8	 
	Inspectors
	 	 	8	 
	Investor
	 	 	1	 
	Investors
	 	 	1	 
	Management Investors
	 	 	1	 
	Notice
	 	 	3	 
	Person
	 	 	1	 
	Prospectus
	 	 	2	 
	Public Offering
	 	 	2	 
	Records
	 	 	8	 
	Registrable Securities
	 	 	2,3	 
	Registration Expenses
	 	 	2	 
	Registration Statement
	 	 	2	 
	Securities Act
	 	 	2	 
	Securities Holders Agreement
	 	 	2	 
	Special Registration Statement
	 	 	2	 
	Sponsor
	 	 	1	 
	Sponsor Registrable Securities
	 	 	3	 
	Underwritten Offering
	 	 	3	 
	Underwritten Registration
	 	 	3	 

 

 

REGISTRATION RIGHTS AGREEMENT

          THIS IS A REGISTRATION RIGHTS AGREEMENT, dated as of June 23, 2006 (the “Agreement”),
by and among New Century Transportation, Inc., a New Jersey corporation (the “Company”),
NCT Acquisition LLC, a Delaware limited liability corporation (the “Sponsor”) and the
individuals designated as investors (other than the Sponsor) on the signature pages hereto (the
“Management Investors”). The Sponsor and each of the Management Investors are sometimes
referred to herein individually as an “Investor” and collectively as the
“Investors.”

          In consideration of the mutual covenants contained herein and intending to be legally bound
hereby, the parties agree as follows:

          1. Definitions.

          As used in this Agreement, the following capitalized terms shall have the following meanings:

          “Affiliate” has the meaning set forth in Rule 12b-2 of the Rules promulgated under the
Exchange Act.

          “Commission” means the Securities and Exchange Commission.

          “Common Stock” means the (i) Class A Common Stock, par value $0.01 per share and (ii)
the Class B Common Stock, par value $0.01 per share of the Company, each class as adjusted for any
stock dividend or distribution payable thereon or stock split, reverse stock split,
recapitalization, reclassification, reorganization, exchange, subdivision or combination thereof.

          “Demand Registration” has the meaning set forth in Section 4(a) of this Agreement.

          “Demand Registration Request” has the meaning set forth in Section 4(a) of this
Agreement.

          “Demand Registration Statement” means a registration statement filed by the Company
pursuant to the provisions of Section 4 of this Agreement, including the Prospectus contained
therein, any amendments and supplements to such registration (including post-effective amendments),
and all exhibits and all material incorporated by reference in such registration statement.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time.

          “Person” means an individual, partnership, limited liability company, corporation,
trust or unincorporated organization, or a government or agency or political subdivision thereof or
any other entity of any kind.

 

 

          “Prospectus” means the prospectus included in any Registration Statement, as amended
or supplemented by any prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Securities covered by such Registration Statement and all other
amendments and supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference in such Prospectus.

          “Public Offering” means a successfully completed firm commitment underwritten public
offering pursuant to an effective registration statement under the Securities Act (other than a
Special Registration Statement) in respect of the offer and sale of shares of Common Stock for the
account of the Company resulting in aggregate net proceeds to the Company and any stockholder
selling shares of Common Stock in such offering of not less than $40,000,000.

          “Registration Expenses” means the costs and expenses of all registrations and
qualifications under the Securities Act, and of all other actions the Company is required to take
in order to effect the registration of Registrable Securities under the Securities Act pursuant to
this Agreement (including all federal and state registration and filing fees, printing expenses,
fees and disbursements of counsel for both the Company and any holders of Registrable Securities,
and the fees and expenses of the Company’s independent public accountants (including the expenses
of any special audit and “cold comfort” letters required by or incident to such registration))
other than the costs and expenses of any Investors whose Registrable Securities are to be
registered pursuant to this Agreement comprising underwriters’ commissions, brokerage fees,
transfer taxes or the fees and expenses of any accountants or other representatives retained by any
Investor; provided, however, that the term “Registration Expenses” shall include
the fees and expenses of one counsel for the holder of Registrable Securities designated by the
holder of a majority of Registrable Securities being registered, or proposed to be registered, in
any offering that is the subject of this Agreement.

          “Registration Statement” means any registration statement of the Company which covers
any of the Registrable Securities pursuant to the provisions of this Agreement, including the
Prospectus, amendments and supplements to such Registration Statement, including post-effective
amendments, all exhibits and all material incorporated by reference in such Registration Statement.

          “Registrable Securities” has the meaning set forth in Section 2 of this Agreement.

          “Securities Act” means the Securities Act of 1933, as amended from time to time.

          “Securities Holders Agreement” means the Securities Holders Agreement, dated as of the
date hereof, among the Company and the Investors.

          “Special Registration Statement” means a registration statement on Form S-8 or S-4 or
any similar or successor form or any other registration statement relating to an exchange offer or
an offering of securities solely to the Company’s employees or security holders or to security
holders of a corporation or other entity being acquired by, or merged with, the Company or used to
offer or sell a combination of debt and equity securities of the Company in which (i) not more than
10% of the gross proceeds from such offering is attributable to the equity securities and (ii)
after giving effect to such offering, the Company does not have a class of

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equity securities
required to be registered under the Securities Exchange Act of 1934, as amended.

          “Sponsor Registrable Securities” means the shares of Common Stock purchased by the
Sponsor pursuant to the Stock Purchase and Redemption Agreement, dated June 15, 2006, by and among
the Company, the Sponsor and the Management Investors (as Sellers), and any shares of Common Stock
acquired by the Sponsor after the date hereof

          “Underwritten Registration” or “Underwritten Offering” means a registration in
which securities of the Company are sold to an underwriter for reoffering to the public.

          2. Registrable Securities. The securities entitled to the benefits of this Agreement
are the Registrable Securities. As used herein, “Registrable Securities” means the shares
of Common Stock currently held by the Management Investors, the Sponsor Registrable Securities and
the shares of Common Stock that are hereafter issued to the Investors or their Affiliates (or that
are hereinafter held by the Investors or their Affiliates pursuant to their exercise of any
currently existing options to purchase Company Stock); provided, however, that any
share of Common Stock shall cease to be a Registrable Security when (a) it has been effectively
registered under the Securities Act and disposed of in accordance with the registration statement
covering such Common Stock; (b) it is distributed to the public pursuant to Rule 144 (or any
similar provisions then in force) under the Securities Act; or (c) it has otherwise been sold and a
new certificate or other evidence of ownership for such Common Stock not bearing or required to
bear a legend as set forth in Section 1.2 of the Securities Holders Agreement (or other legend of
similar import) and not subject to any stop transfer order has been delivered by or on behalf of
the Company and no other restriction on transfer exists under the Securities Act (including volume
limitations).

          3. Incidental Registration.

               (a) Right to Include Common Stock. If, at any time after the completion of the
Company’s initial Public Offering, the Company at any time proposes to register any offer or sale
of its Common Stock under the Securities Act (other than on a Special Registration Statement, but
expressly including a Demand Registration pursuant to Section 4(a) hereof), whether or not for sale
for its own account, it will give at least 30 days prior written notice (the “Notice”) to
all holders of Registrable Securities of its intention to file a registration statement under the
Securities Act and of such holders’ rights under this Section 3. Upon the written request of any
such holders of Registrable Securities (which request will specify the aggregate number of the
Registrable Securities to be registered and will also
specify the intended method of disposition thereof) made within 20 days of the date of the
Notice, the Company will use its best efforts to effect the registration under the Securities Act
of the offer and sale of all Registrable Securities which the Company has been so requested to
register by the holders thereof (an “Incidental Registration”), in order to permit the
public disposition (in accordance with such intended methods thereof) of the Registrable Securities
subject to such requests; provided, however, that (i) if, any time after giving
written notice of its intention to register the offer and sale of shares of Common Stock and prior
to the effective date of the registration statement filed in connection with such registration, the
Company determines for any reason not to register the Company’s Common Stock, the Company will give
written notice of such

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determination to each holder of Registrable Securities and, thereupon, will
be relieved of its obligation to register any offer and sale of Registrable Securities in
connection with such registration (but not from its obligation to pay the Registration Expenses in
connection therewith); (ii) if a registration undertaken pursuant to this Section 3 involves an
Underwritten Offering, any holder of Registrable Securities requesting to be included in such
registration may elect, in writing at least 20 days prior to the effective date of the registration
statement filed in connection with such registration, not to register the offer and sale of such
holder’s Registrable Securities in connection with such registration; and (iii) if, at any time
after the 180-day or shorter period specified in Section 5(b), the sale of the securities has not
been completed, the Company may withdraw from the registration on a pro rata basis (based on the
number of Registrable Securities requested by each holder of Registrable Securities to be subject
to such registration) of the offer and sale of the Registrable Securities of which the Company has
been requested to register and which have not been sold.

               (b) Priority in Incidental Registrations. If a registration pursuant to Section 3(a)
(other than a Demand Registration, it being understood the priority for such registrations is set
forth in Section 4(c)) involves an Underwritten Offering, and if the managing underwriter or
underwriters advise the Company in writing that, in its or their opinion, the total number of
shares of Common Stock to be included in such registration, including the Registrable Securities
requested to be included pursuant to this Section 3, exceeds the maximum number of shares of Common
Stock specified by the managing underwriter or underwriters that may be distributed without
materially and adversely affecting the price, timing or distribution of such shares of Common
Stock, then the Company shall include in such registration only such maximum number of Registrable
Securities which, in the reasonable opinion of such underwriter or underwriters, can be sold in the
following order of priority: (i) first, all of the shares of Common Stock that the Company
proposes to sell for its own account, if any and (ii) second, the Registrable Securities of any of
the Investors and any other holder of Registrable Securities that are requested to be included in
such Incidental Registration. To the extent that shares of Common Stock to be included in the
Incidental Registration must be allocated among the holder(s) of Registrable Securities pursuant to
clause (ii) above, such shares shall be allocated pro rata among the applicable holder(s) of
Registrable Securities based on the number of shares of Common Stock that such holder(s) of
Registrable Securities shall have requested to be included therein.

               (c) Expenses. The Company will pay all Registration Expenses in connection with any
registration of Registrable Securities requested pursuant to this Section 3.

               (d) Liability for Delay. The Company shall not be held responsible for any delay in
the filing or processing of a registration statement which includes any Registrable Securities due
to requests by holders of Registrable Securities pursuant to this Section 3 nor for any delay in
requesting the effectiveness of such registration statement.

               (e) Participation in Underwritten Registrations. No holder of Registrable Securities
may participate in any Underwritten Registration hereunder unless such holder (i) agrees to sell
his, her or its Common Stock on the basis provided in any underwriting arrangements approved by the
persons who have selected the underwriter and (ii) accurately completes in a timely manner and
executes all questionnaires, powers of attorney, escrow

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agreements, underwriting agreements and
other documents customarily required under the terms of such underwriting arrangements;
provided, however, that no holder of Registrable Securities will be required to
provide representations and warranties or indemnities or otherwise become subject to liabilities or
obligations in any such underwriting agreement that are not customary for investors of its type in
such transaction.

          4. Demand Registration.

               (a) Right to Demand Registration. Subject to Section 4(b) below, each of (i) the
Management Investors holding a majority of the Registrable Securities held by all Management
Investors and (ii) the holders of a majority of the Sponsor Registrable Securities shall be
entitled to make written request (a “Demand Registration Request”) (which Demand
Registration Request shall specify the intended number of Registrable Securities to be disposed of
by such holders and the intended method of disposition thereof) to the Company for registration
with the Commission under and in accordance with the provisions of the Securities Act of the offer
and sale of all or part of the Registrable Securities owned by them (a “Demand
Registration”); provided, however, that the Company may, upon written notice to
all such holders, postpone filing the Demand Registration Statement or having the Demand
Registration Statement declared effective for a reasonable period not to exceed 45 days in any
90-day period or an aggregate of 90 days in any 12-month period if the Company possesses material
nonpublic information, the disclosure of which would, in the reasonable good faith determination of
the Company’s board of directors, have a material adverse effect on the Company and its
Subsidiaries taken as a whole.

               (b) Number of Demand Registrations. (i) The holders of a majority of the Sponsor
Registrable Securities shall be able to make an unlimited number of Demand Registrations under
Section 4(a) above, and (ii) the Management Investors holding a majority of the Registrable
Securities held by all Investors shall be entitled to make up to two Demand Registration Requests
under Section 4(a) above; provided, that no registration request pursuant to any provision of
Section 4 can be made by Management Investors under Section 4(a)(ii) above until 18 months after
the initial Public Offering of the Company’s Common Stock. In any Demand Registration, all
Registration Expenses shall be borne by the Company.

               (c) Priority on Demand Registration. If any of the Registrable Securities subject to
a Demand Registration are to be sold in a firm commitment Underwritten Offering and the managing
underwriter or underwriters of a Demand Registration advise the
Company and the holders of such Registrable Securities in writing that in its or their opinion
the number of shares of Common Stock proposed to be sold in such Demand Registration exceeds the
maximum number of shares specified by the managing underwriter that may be distributed without
materially and adversely affecting the price, timing or distribution of the Common Stock, the
Company shall include in such registration only such maximum number of Registrable Securities
which, in the reasonable opinion of such managing underwriter can be sold in the following order of
priority: (i) first, the Registrable Securities requested to be included in such Demand
Registration (in accordance with the procedures set forth in either Section 3(a) or Section 4(a)
above) and (ii) second, shares of Common Stock to be offered by the Company in such Demand
Registration. To the extent that shares of Common Stock to be included in the Demand Registration
must be allocated among the holder(s) of Registrable Securities pursuant to

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clause (i), such shares
shall be allocated pro rata among the applicable holder(s) of Registrable Securities based on the
number of shares of Common Stock that such holder(s) of Registrable Securities shall have requested
to be included therein.

               (d) A Demand Registration requested pursuant to this Section 4 will not be deemed to have been
effected unless it has become effective under the Securities Act; provided,
however, that if after a Demand Registration has so become effective, the offering of
Registrable Securities pursuant to such Demand Registration is terminated, suspended or interfered
with (so as to prevent the sale of more than 25% of the Registrable Securities requested to be
registered thereunder) by any stop order, injunction or other order or requirement of the
Commission or other governmental agency or court, such Demand Registration will be deemed not to
have been effected.

          5. Registration Procedures. If and whenever the Company is required to use its best
efforts to effect or cause the registration of any Registrable Securities under the Securities Act
as provided in this Agreement (including pursuant to a Demand Registration Request given under
Section 4(a)), the Company will, as expeditiously as reasonably possible:

               (a) prepare and file with the Commission a registration statement with respect to such
Registrable Securities, and use its best efforts to cause such registration statement to become
effective and to keep the sellers of Registrable Securities advised in writing of the initiation
and progress of proceedings regarding such registration, provided, however, that
the Company may defer any registration of its securities which is being effected pursuant to
Sections 3 or 4 herein at any time prior to the effective date of the registration statement
relating thereto (but only to the extent set forth in the proviso contained in Section 4(a));

               (b) prepare and file with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than 180 days or such shorter period
which will terminate when all Registrable Securities covered by such registration statement have
been sold (but not before the expiration of the 90-day period referred to in Section 4(3) of the
Securities Act and Rule 174 thereunder, if applicable) and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of disposition by the seller
or sellers thereof set forth in such registration statement; provided, however,
that prior to filing with the Commission any such registration statement, prospectus or
amendment or supplement thereto, the Company shall furnish copies thereof to counsel for the
sellers of Registrable Securities under such registration statement, which document will be subject
to reasonably prompt review by such counsel;

               (c) furnish to each seller of such Registrable Securities such number of copies of such
registration statement and of each such amendment and supplement thereof (in each case including
all exhibits), such number of copies of the prospectus included in such registration statement
(including each preliminary prospectus and summary prospectus), in conformity with the requirements
of the Securities Act, and such other documents as such seller may reasonably request in order to
facilitate the disposition of the Registrable Securities by such seller;

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               (d) use its best efforts to register or qualify such Registrable Securities covered by such
registration statement under such other securities or blue sky laws of such jurisdictions as each
seller shall request, and do any and all other acts and things which may be necessary or advisable
to enable such seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller; provided, however, that the Company shall not be
required to qualify generally to do business in any jurisdiction where it is not then so qualified
or to take any action which would subject it to general service of process in any such jurisdiction
where it is not then so subject or subject itself to general taxation in any jurisdiction where it
is not then so subject;

               (e) immediately notify each seller of any Registrable Securities covered by such registration
statement, at any time when a prospectus relating thereto is required to be delivered under the Act
within the appropriate period mentioned in clause (b) of this Section 5, of the Company becoming
aware that the prospectus included in such registration statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in the light of the circumstances then
existing, and within ten days prepare and furnish to all sellers a reasonable number of copies of
an amended or supplemental prospectus as may be necessary so that, as thereafter delivered to the
purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of
a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in the light of the circumstances then existing;

               (f) use its best efforts to list such Registrable Securities on any securities exchange on
which the Common Stock is then listed or NASDAQ if the Common Stock is then quoted on NASDAQ, if
such Registrable Securities are not already so listed or quoted and if such listing is then
permitted under the rules of such exchange or NASDAQ, and provide an independent transfer agent and
registrar for such Registrable Securities covered by such registration statement not later than the
effective date of such registration statement;

               (g) furnish to each seller of Registrable Securities covered by such registration statement a
signed counterpart, addressed to such seller (and the underwriters, if any) of:

          (i) an opinion of counsel for the Company, dated the effective date of such
registration statement (or, if such registration involves an underwritten public
offering, dated the date of the closing under the underwriting agreement),
reasonably satisfactory in form and substance to the sellers of not less than 50% of
such Registrable Securities (and the managing underwriter, if any); and

          (ii) a “comfort” letter, dated the effective date of such registration
statement (or, if such registration involves an underwritten Public Offering, dated
the date of the underwriting agreement and a “bring down” letter dated the date of
the closing under the underwriting agreement), signed by the independent public
accountants who have certified the Company’s financial statements included in such
registration statement, covering such matters with

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respect to such registration
statement as are customarily covered in accountants’ letters delivered to the
underwriters in Underwritten Offerings of securities as may reasonably be requested
by the sellers of not less than 50% of such Registrable Securities (and the managing
underwriter, if any);

               (h) make available for inspection by any seller of such Registrable Securities covered by such
registration statement, by any underwriter participating in any disposition to be effected pursuant
to such registration statement and by any attorney, accountant or other agent retained by any such
seller or any such underwriter (individually, an “Inspector” and collectively, the
“Inspectors”), all pertinent financial and other records, pertinent corporate documents and
properties of the Company as shall be reasonably necessary to enable them to exercise their due
diligence responsibilities (collectively, the “Records”), and cause all of the Company’s
officers, directors and employees to supply all information reasonably requested by any such
seller, underwriter, or Inspector in connection with such registration statement; provided,
that any Records that are designated by the Company in writing as confidential shall be kept
confidential by the Inspectors unless (i) the disclosure of such Records is necessary to avoid or
correct a misstatement or omission of material fact in such registration statement or (ii) the
release of such Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction or by any regulatory authority having jurisdiction. Each Investor agrees that
non-public information obtained by it as a result of such Inspections shall be deemed confidential
and acknowledges its obligations under the Federal securities laws not to trade any securities of
the Company on the basis of material non-public information;

               (i) enter into and perform customary agreements (including, if applicable, an underwriting
agreement in customary form with customary representations, warranties and indemnities) and provide
officers’ certificates and other customary closing documents; and

               (j) cooperate with each seller of Registrable Securities and each underwriter participating in
the disposition of such Registrable Securities and their respective counsel in connection with any
filings required to be made with the NASD and make reasonably available its employees and personnel
and otherwise provide reasonable assistance to the
underwriters in the marketing of the Registrable Securities in any Underwritten Offering
(including making road show presentations).

          The Company may require each seller of Registrable Securities as to which any registration is
being effected promptly to furnish to the Company (i) an opinion of counsel for such seller dated
the effective date of the registration statement relating to such seller’s Registrable Securities
(or, if such registration involves an underwritten Public Offering, dated the date of the closing
under the underwriting agreement), reasonably satisfactory in form and substance to the Company
(and the managing underwriter, if any) and (ii) such information regarding the distribution of such
Registrable Securities as may be legally required. Such information shall be furnished in writing
and shall state that it is being furnished for use in the registration statement.

          Each holder of Registrable Securities agrees by acquisition of such Registrable Securities
that, upon receipt of any notice from the Company of the happening of any event of

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the kind
described in clause (e) of this Section 5, such holder will forthwith discontinue disposition of
Registrable Securities pursuant to the registration statement covering such Registrable Securities
until such holder’s receipt of the supplemented or amended prospectus contemplated by clause (e) of
this Section 5, and, if so directed by the Company, such holder will deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such holder’s possession,
of the prospectus covering such Registrable Securities current at the time of receipt of the
Company’s notice. In the event the Company shall give any such notice, the period mentioned in
clause (b) of this Section 5 shall be extended by the number of days during the period from and
including the date of the giving of such notice pursuant to clause (e) of this Section 5 and
including the date when each seller of Registrable Securities covered by such registration
statement shall have received the copies of the supplemented or amended prospectus contemplated by
clause (e) of this Section 5.

          6. Indemnification.

               (a) Indemnification by the Company. The Company hereby agrees to indemnify and hold
harmless each holder of Registrable Securities which shall have been registered under the
Securities Act, and such holder’s officers, directors, employees and agents and each other Person,
if any, who controls such holder within the meaning of the Securities Act and each other Person
(including underwriters) who participates in the offering of such Registrable Securities against
any losses, claims, damages, liabilities, reasonable attorneys’ fees, costs or expenses
(collectively, the “Damages”), joint or several, to which such holder or controlling Person
or participating Person may become subject under the Securities Act or otherwise, insofar as such
Damages (or proceedings in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of any material fact made by the Company or its agents contained in any
registration statement under which such Registrable Securities are registered under the Securities
Act, in any preliminary prospectus or final prospectus contained therein, or in any amendment or
supplement thereof, or arise out of or are based upon the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein
not misleading, and will reimburse such holder of Registrable Securities or such controlling Person
or participating Person in connection with investigating or defending any such Damages or
proceeding; provided, however,
that the Company will not be liable in any such case to the extent that any such Damages arise
out of or are based upon (i) an untrue statement or alleged untrue statement or omission or alleged
omission made in such registration statement, said preliminary or final prospectus or said
amendment or supplement thereto in reliance upon and in conformity with written information
furnished to the Company by such holder or such controlling or participating Person, as the case
may be, specifically for use in the Registration Statement or (ii) an untrue statement or alleged
untrue statement, omission or alleged omission in a prospectus if such untrue statement or alleged
untrue statement, omission or alleged omission is corrected in an amendment or supplement to the
prospectus which amendment or supplement is delivered to such holder in a timely manner and such
holder thereafter fails to deliver such prospectus as so amended or supplemented prior to or
concurrently with the sale of such Registrable Securities to the Person asserting such Damages.

               (b) Indemnification by the Holders of Registrable Securities Which Are Registered. It
shall be a condition of the Company’s obligations under this Agreement to

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effect any registration
under the Securities Act that there shall have been delivered to the Company an agreement or
agreements duly executed by each holder of Registrable Securities to be so registered, whereby each
such holder agrees to indemnify and hold harmless the Company, its directors, officers, employees
and agents and each other Person, if any, which controls the Company within the meaning of the
Securities Act against any Damages, joint or several, to which the Company, or such other Person or
such Person controlling the Company may become subject under the Securities Act or otherwise, but
only to the extent that such Damages (or proceedings in respect thereof) arise out of or are based
upon any untrue statements or alleged untrue statement of any material fact contained, on the
effective date thereof, in any registration statement under which such Registrable Securities are
registered under the Securities Act, in any preliminary prospectus or final prospectus contained
therein or in any amendment or supplement thereto, or arise out of or are based upon the omission
or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, which, in each such case, has been made in or omitted
from such registration statement, said preliminary or final prospectus or said amendment or
supplement in reliance upon, and in conformity with, written information furnished to the Company
by such holder of Registrable Securities specifically for use in the Registration Statement. The
Company shall be entitled to receive indemnities from underwriters, selling brokers, dealer
managers and similar securities industry professionals participating in the distribution, to the
same extent as provided above, with respect to information furnished in writing by such Persons
specifically for inclusion in any prospectus or registration statement.

               (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification
hereunder shall (i) give prompt written notice to the indemnifying party of the commencement of any
action or proceeding involving a claim referred to in the preceding paragraphs of this Section 6
(provided the failure of any indemnified party to give such notice shall not relieve the
indemnifying party of its obligations under this Section 6 except to the extent of any damages
caused solely by such failure), and (ii) unless the indemnified party has been advised by its
counsel that a conflict of interest exists or may exist between such indemnified and indemnifying
parties under applicable standards of professional responsibility, with respect to such claim,
permit such indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party. Whether or not such defense is
assumed by the indemnifying party, the indemnifying party will not be subject to any liability
for any settlement made without its consent (but such consent will not be unreasonably withheld).
No indemnifying party will consent to the entry of any judgment or enter into any settlement which
does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect of such claim or litigation;
provided, however, that no indemnifying party will consent to the entry of any
judgment or enter into any settlement (other than for the payment of money only) without the
consent of the indemnified party (which consent will not be unreasonably withheld). An
indemnifying party who is not entitled to, or elects not to, assume the defense of the claim, will
not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified
by such indemnifying party with respect to such claim, unless in the reasonable judgment of any
indemnified party a conflict of interest exists or may exist between such indemnified party and any
other such indemnified parties with respect to such claim, in which event the indemnifying party
shall be obligated to pay the fees and expenses of such additional counsel or counsels.

- 10 -

 

               (d) Contribution. If for any reason the indemnification provided for in the preceding
Sections 6(a) or 6(b) is unavailable to an indemnified party in respect of any Damages referred to
therein, the indemnifying party shall contribute to the amount paid or payable by the indemnified
party as a result of such Damages in such proportion as is appropriate to reflect the relative
benefits received by, and the relative fault of, the indemnified party and the indemnifying party,
as well as any other appropriate equitable considerations; provided, however, that
in no event shall the liability of any selling holder of Registrable Securities hereunder (whether
in respect of indemnification or contribution obligations) be greater in amount than the difference
between the dollar amount of the proceeds received by such holder upon the sale of the Registrable
Securities giving rise to such contribution obligation and all amounts previously contributed by
such holder with respect to such Damages. No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
Person who was not guilty of fraudulent misrepresentation.

          7. Hold-Back Agreements.

               (a) Restrictions on Public Sale by Holder of Registrable Securities. Each holder of
Registrable Securities whose Registrable Securities are eligible for inclusion in a Registration
Statement filed pursuant to Sections 3 or 4 agrees, if requested by the managing underwriter or
underwriters in an Underwritten Offering of any Registrable Securities, not to effect any public
sale or distribution of Registrable Securities, including a sale pursuant to Rule 144 (or any
similar provision then in force) under the Securities Act (except as part of such Underwritten
Registration), during the 10-day period prior to, and during the 180-day period (in the case of the
Company’s initial public offering) or 90-day period (in the case of an offering after the initial
public offering) beginning on the effective date of such Registration Statement, to the extent
timely notified of such offering in writing by the Company or the managing underwriter or
underwriters.

               (b) Restrictions on Public Sale by the Company and Others. The Company shall (i) not
effect any public sale or distribution of any of its Common Stock for its own account during the
10-day period prior to, and during the 180-day period (in the case of the Company’s initial public
offering) or 90-day period (in the case of an offering after the initial
public offering) beginning on, the effective date of a Registration Statement filed pursuant
to Sections 3 or 4 (except as part of a Special Registration Statement), and (ii) use reasonable
efforts to cause each holder of Common Stock purchased from the Company at any time after the date
of this Agreement (other than in a public offering) to agree not to effect any public sale or
distribution of any such securities during such period, including a sale pursuant to Rule 144 under
the Securities Act (except as part of such Underwritten Registration, if permitted).

          8. Underwritten Registration.

          If any of the Registrable Securities covered by any Incidental Registration that is not also a
Demand Registration are to be sold in an Underwritten Offering, the investment banker or investment
bankers and manager or managers that will administer and underwrite the offering will be selected
by the Company. In any Demand Registration, such underwriters shall be selected by the holders of
a majority of the Registrable Securities being registered.

- 11 -

 

          Notwithstanding anything herein to the contrary, no Person may participate in any Underwritten
Registration hereunder unless such Person (a) agrees to sell such Person’s securities on the basis
provided in any underwritten arrangements approved by the Persons entitled hereunder to approve
such arrangement and (b) accurately completes and executes all questionnaires, powers of attorney,
indemnities, custody agreements, underwriting agreements and other customary documents required
under the terms of such underwriting arrangements; provided, however, that no
holder of Registrable Securities will be required to provide representations and warranties or
indemnities or otherwise become subject to liabilities or obligations in any such underwriting
agreement that are not customary for investors of its type in such transaction.

          9. Miscellaneous.

               (a) Amendment and Modification. This Agreement may be amended or modified, or any
provision hereof may be waived, provided that such amendment or waiver is set forth in a writing
executed by (i) the Company, (ii) Investors holding a majority of the Registrable Securities, (iii)
Management Investors holding a majority of the Registrable Securities held by all Management
Investors and (iv) in the case of any amendment which materially and adversely affects any Investor
differently from any other Investor (other than due to any difference in the number of shares owned
by any such Investor), such Investor. No course of dealing between or among any persons having any
interest in this Agreement will be deemed effective to modify, amend or discharge any part of this
Agreement or any rights or obligations of any person under or by reason of this Agreement.

               (b) Additional Parties. The Board of Directors of the Company shall be entitled, but
not obligated, with the consent of Investors holding a majority of the Registrable Securities, to
allow any purchaser or acquirer of equity securities (or securities or rights convertible or
exercisable into equity securities), of the same type and class of the Registrable Securities, to
execute a counterpart to this Agreement and become a party hereto (each, an “Additional
Party”), in which case the equity securities issued or issuable to any such Additional Party
shall be deemed to be “Registrable Securities” subject to the terms and conditions hereof and such
Additional Party shall be deemed to be a holder of
“Registrable Securities” for purposes hereof. Except as set forth in this Section 9(b), the
Company will not grant to any other persons any registration rights.

               (c) Survival of Representations and Warranties. All representations, warranties,
covenants and agreements set forth in this Agreement will survive the execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby, regardless of any
investigation made by an Investor or on its behalf.

               (d) Successors and Assigns. The parties to this Agreement intend that this Agreement
and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns and any holder from time to time of Registrable
Securities. In the event that any transferee of any holder of Registrable Securities shall acquire
Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or
otherwise, such transferee shall, without any further writing or action of any kind, be

- 12 -

 

entitled to
receive the benefits of and be conclusively deemed to have agreed to be bound by and to perform all
of the terms and provisions of this Agreement.

               (e) Separability. In the event that any provision of this Agreement or the
application of any provision hereof is declared to be illegal, invalid or otherwise unenforceable
by a court of competent jurisdiction, the remainder of this Agreement shall not be affected except
to the extent necessary to delete such illegal, invalid or unenforceable provision unless that
provision held invalid shall substantially impair the benefits of the remaining portions of this
Agreement.

               (f) Notices. All notices provided for or permitted hereunder shall be made in writing
by hand-delivery, registered or certified first-class mail, fax, or reputable courier guaranteeing
overnight delivery to the other parties at the following addresses (or at such other address as
shall be given in writing by any party to the others):

If to the Company:

New Century Transportation, Inc.

45 East Park Drive

Westampton, NJ 08060

Attention: Harry J. Muhlschlegel and Brian Fitzpatrick

Fax: (609) 265-1461

with a required copy to:

Dechert LLP

Cira Centre

2929 Arch Street

Philadelphia, PA 19104-2808

Attention: Carmen J. Romano, Esq.

Fax: (215) 994-2222

If to the Sponsor, to:

NCT Acquisition LLC

c/o Jefferies Capital Partners

520 Madison Avenue, 12th Floor

New York, NY 10022

Attention: Brian P. Friedman and Seth E. Wilson

Fax: (212) 284-1717

with a required copy to:

Dechert LLP

Cira Centre

2929 Arch Street

Philadelphia, PA 19104-2808

Attention: Carmen J. Romano, Esq.

Fax: (215) 994-2222

- 13 -

 

          If to any of the Management Investors, to such Management Investor’s address as set forth on
the signature pages hereto.

          All such notices shall be deemed to have been duly given: when delivered by hand, if
personally delivered; four business days after being deposited in the mail, postage prepaid, if
mailed; when confirmation of transmission is received, if faxed during normal business hours (or if
not faxed during normal business hours, on the next succeeding business day); and on the next
business day, if timely delivered to a reputable courier guaranteeing overnight delivery.

               (g) Governing Law. The validity, performance, construction and effect of this
Agreement shall be governed by and construed in accordance with the internal laws of the State of
Delaware, without giving effect to principles of conflicts of law.

               (h) Headings. The headings in this Agreement are for convenience of reference only
and shall not constitute a part of this Agreement, nor shall they affect their meaning,
construction or effect.

               (i) Counterparts. This Agreement may be executed in two or more counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original, and all of which taken together shall constitute one and the same instrument.

               (j) Further Assurances. Each party shall cooperate and take such action as may be
reasonably requested by another party in order to carry out the provisions and purposes of this
Agreement and the transactions contemplated hereby.

               (k) Termination.
Unless sooner terminated in accordance with its terms, this
Agreement shall terminate on the fifteenth anniversary of the date of this Agreement; provided that
the indemnification rights and obligations set forth in Section 6 hereof shall survive the
termination of this Agreement.

               (l) Remedies. In the event of a breach or a threatened breach by any party to this
Agreement of its obligations hereunder, any party injured or to be injured by such breach, in
addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement, it being agreed by the
parties that the remedy at law, including monetary damages, for breach of such provision will be
inadequate compensation for any loss and that any defense in any action for specific performance
that a remedy at law would be adequate is waived.

               (m) Party No Longer Owning Securities. If a party hereto ceases to own any Common
Stock, such party will no longer be deemed to be an Investor for purposes of this Agreement;
provided that the indemnification rights and obligations set forth in Section 6 hereof shall
survive any such cessation of ownership.

- 14 -

 

               (n) Pronouns. Whenever the context may require, any pronouns used herein shall be
deemed also to include the corresponding neuter, masculine or feminine forms.

               (o) No Effect on Employment. Nothing herein contained shall confer on any Management
Investor the right to remain in the employ or service of the Company or any of its subsidiaries or
Affiliates.

               (p) Attorneys’ Fees. In the event any party hereto commences any action to enforce
any rights of such party hereunder, the prevailing party in such action shall be entitled to
recover such party’s costs and expenses incurred in such action, including, without limitation,
reasonable attorneys’ fees.

               (q) Current Public Information. At all times after the Company has filed a
registration statement with the Commission pursuant to the requirements of either the Securities
Act or the Exchange Act, and as long as the Investors shall hold any Registrable Securities, the
Company will file all reports required to be filed by it under the Securities Act and the Exchange
Act and the rules and regulations adopted by the Commission thereunder, and will take such further
action as any holder or holders of Registrable Securities may reasonably request, all to the extent
required to enable such holders to sell Registrable Securities pursuant to Rule 144 under the
Securities Act (as such rule may be amended from time to time) or any similar rule or regulation
hereafter adopted by the Commission.

               (r) Entire Agreement. This Agreement sets forth the entire agreement and
understandings among the parties as to the subject matter hereof and merges and supersedes all
prior discussions and understandings of any and every nature among them, it being understood the
Investors are also entering into other agreements and instruments on the date hereof, including the
Securities Holders Agreement.

[SIGNATURE PAGES FOLLOW]

- 15 -

 

          IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above.

	 	 	 	 	 
	 	NEW CENTURY TRANSPORTATION, INC.

 	 
	 	By:  	/s/ Brian J. Fitzpatrick
 	 
	 	 	Name:  	Brian J. Fitzpatrick 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	NCT ACQUISITION LLC

 	 
	 	By:  	/s/ Seth Wilson
 	 
	 	 	Name:  	Seth Wilson 	 
	 	 	Title:  	Authorized Representative 	 

 

 

	 	 	 	 	 

	 	 	 	 	 

	 

	 	INVESTORS:
	 	 
	 
	 	 	 	 
	 

	 	/s/ Harry Muhlschlegel	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Karen B. Muhlshlegel	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Brian J. Fitzpatrick	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ James Molinari	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Gerald T. Shields Jr.	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Edward Boffalo	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ David De Angelo	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Vincent R. Devine	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Robert Doughtery	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Carla M. English	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Mary Evans-Carey	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Ralph J. Fallows Jr.	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Joseph F. Firmani	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Louis Giardelli	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Nicholas E. Gibbone	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Joseph F. Guarino	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Charles F. Harley	 	 
	 

	 	 	 	 

 

 

	 	 	 	 	 

	 

	 	/s/ John F. Hassett	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Matthew Hehl	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ William Hunter	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Linda M. Lacca	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ James W. Lewis	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ John Lieberkowski	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Kevin Long	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Joseph Molter	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Kevin O’Brien	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Thomas O’Donnell	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Eric Barry Riggin	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ David Russell	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Craig S. Sangster	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Christopher J. Stuhl	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Richard Vangenberg	 	 
	 

	 	 	 	 

 

 

	 	 	 	 	 

	 

	 	/s/ Gary S. Wagner	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Thomas Younghans	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ John H. Zimmerman	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	/s/ Francis P. Zinnexv4w7

Exhibit 4.7

 

SECURITIES HOLDERS AGREEMENT

BY AND AMONG

NEW CENTURY TRANSPORTATION, INC.

NCT ACQUISITION LLC

AND

THE OTHER INVESTORS NAMED HEREIN

DATED AS OF JUNE 23, 2006

 

 

 

	 	 	 	 	 

	ARTICLE I RESTRICTIONS ON TRANSFER OF SECURITIES
	 	 	2	 
	 
	 	 	 	 
	1.1. Restrictions on Transfers of Securities
	 	 	2	 
	 
	 	 	 	 
	1.2. Legend
	 	 	4	 
	 
	 	 	 	 
	1.3. Notation
	 	 	5	 
	 
	 	 	 	 
	ARTICLE II OTHER COVENANTS AND REPRESENTATIONS
	 	 	5	 
	 
	 	 	 	 
	2.1. Financial Statements and Other Information
	 	 	5	 
	 
	 	 	 	 
	2.2. Sale of the Company
	 	 	6	 
	 
	 	 	 	 
	2.3. Tag-Along Rights
	 	 	8	 
	 
	 	 	 	 
	2.4. Preemptive Rights
	 	 	10	 
	 
	 	 	 	 
	2.5. Corporate Opportunity
	 	 	11	 
	 
	 	 	 	 
	ARTICLE III CORPORATE ACTIONS
	 	 	12	 
	 
	 	 	 	 
	3.1. Directors and Voting Agreements
	 	 	12	 
	 
	 	 	 	 
	3.2. Right to Remove Certain of the Company Directors
	 	 	13	 
	 
	 	 	 	 
	3.3. Right to Fill Certain Vacancies of Company Directors
	 	 	13	 
	 
	 	 	 	 
	3.4. Directors of Subsidiaries
	 	 	13	 
	 
	 	 	 	 
	3.5. Amendment of Certificate and Bylaws
	 	 	13	 
	 
	 	 	 	 
	3.6. Termination of Voting Agreements
	 	 	13	 
	 
	 	 	 	 
	ARTICLE IV ADDITIONAL RESTRICTIONS ON TRANSFERS OF MANAGEMENT
SECURITIES HELD BY MANAGEMENT INVESTORS
	 	 	14	 
	 
	 	 	 	 
	4.1. Certain Definitions
	 	 	14	 
	 
	 	 	 	 
	4.2. Restrictions on Transfer
	 	 	15	 
	 
	 	 	 	 
	4.3. Purchase Option
	 	 	16	 
	 
	 	 	 	 
	4.4. Involuntary Transfers
	 	 	19	 
	 
	 	 	 	 
	ARTICLE V MISCELLANEOUS
	 	 	19	 
	 
	 	 	 	 
	5.1. Amendment and Modification
	 	 	19	 
	 
	 	 	 	 
	5.2. Successors and Assigns
	 	 	20	 
	 
	 	 	 	 
	5.3. Severability
	 	 	20	 
	 
	 	 	 	 
	5.4. Notices
	 	 	20	 
	 
	 	 	 	 
	5.5. Governing Law
	 	 	21	 
	 
	 	 	 	 
	5.6. Headings
	 	 	21	 
	 
	 	 	 	 
	5.7. Counterparts
	 	 	21	 

-i-

 

	 	 	 	 	 

	5.8. Further Assurances
	 	 	21	 
	 
	 	 	 	 
	5.9. Termination
	 	 	21	 
	 
	 	 	 	 
	5.10. Remedies
	 	 	21	 
	 
	 	 	 	 
	5.11. Party No Longer Owning Securities
	 	 	22	 
	 
	 	 	 	 
	5.12. No Effect on Employment
	 	 	22	 
	 
	 	 	 	 
	5.13. Pronouns
	 	 	22	 
	 
	 	 	 	 
	5.14. Future Individual Investors
	 	 	22	 
	 
	 	 	 	 
	5.15. Jurisdiction and Venue
	 	 	22	 
	 
	 	 	 	 
	5.16. Waiver of Jury Trial
	 	 	22	 
	 
	 	 	 	 
	5.17. Entire Agreement
	 	 	22	 
	 
	 	 	 	 
	5.18. Access to Certain Information
	 	 	23	 
	 
	 	 	 	 
	ARTICLE VI DEFINITIONS
	 	 	23	 
	 
	 	 	 	 
	6.1. Definitions
	 	 	23	 
	 
	 	 	 	 
	EXHIBITS
	 	 	 	 
	 
	 	 	 	 
	Exhibit A Joinder Agreement
	 	 	 	 
	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	 
	 	 	 	 
	Schedule I Investors and Securities
	 	 	 	 

-ii-

 

DEFINED TERMS

			
	 	 	 
	Adjusted Cost Price	 	17
	Affiliate	 	23
	Agreement	 	1
	Approved Sale	 	23
	Cause	 	14
	Class A Common Stock	 	1
	Company	 	1, 28
	Company Board	 	6
	Company Debt Instrument	 	23
	Deferral Event	 	18
	Deferral Period	 	18
	Designated Purchaser	 	16
	Escrow Amount	 	9
	Escrow Notice	 	9
	Fair Market Value Price	 	17
	Funds	 	12
	Good Reason	 	14
	Holders	 	8
	Investor	 	1
	Investors	 	1
	Joinder	 	1, 28
	Management Directors	 	13
	Management Investors	 	1
	Management Securities	 	15
	Option Purchase Closing	 	16
	Option Purchase Price	 	17
	Option Termination Date	 	16
	Options	 	1
	Participating Holder	 	8
	Participating Pro Rata Share	 	8
	Person	 	23
	Preemptive Notice	 	10
	Preemptive Reply	 	10
	Pro Rata Share	 	8
	Proffered Valuation	 	17
	Public Offering	 	23
	Purchase Number	 	17
	Purchase Option	 	16
	Qualified Investors	 	10
	Registration Rights Agreement	 	23
	Required Holders	 	24
	Sale Notice	 	11
	Sale of the Company	 	24
	Securities	 	1

-iii-

 

			
	 	 	 
	Securities Act	 	2
	Securities Holders Agreement	 	28
	Seller	 	8
	Seller’s Notice	 	8
	Sold Shares	 	11
	Special Registration Statement	 	24
	Special Stock Agreement	 	24
	Sponsor	 	1
	Sponsor Affiliates	 	3
	Sponsor Associates	 	3
	Sponsor Directors	 	13
	Sponsor Group	 	11
	Sponsor Partner	 	3
	Stock Purchase Agreement	 	1
	Subsidiaries	 	24
	Tag-Along Notice	 	8
	Termination Date	 	16
	Transfer	 	2
	Transfer Date	 	19
	Unit Offering	 	24

-iv-

 

SECURITIES HOLDERS AGREEMENT

          THIS IS A SECURITIES HOLDERS AGREEMENT, dated as of June 23, 2006 (the “Agreement”),
by and among New Century Transportation, Inc., a Delaware corporation (the “Company”), NCT
Acquisition LLC, a Delaware limited liability corporation (the “Sponsor”), and the
individuals designated as Investors on the signature pages hereto (the “Management Investors
”). The Sponsor and each of the Management Investors and any other investor in the Company who
hereafter becomes a party to or agrees to be bound by this Agreement hereunder (pursuant to the
joinder to this Agreement (the “Joinder”) in the form attached hereto as Exhibit A)
are sometimes referred to herein individually as an “Investor” and collectively as the
“Investors”.

Background

          A. This Agreement is being entered into in connection with the consummation of the
transactions contemplated by the Stock Purchase and Redemption Agreement, dated as of June 15, 2006
(the “Stock Purchase Agreement”), by and among the Company, the Sponsor as the Buyer, and
the Management Investors as Sellers.

          B. After giving effect to the consummation of the transactions contemplated by the Stock
Purchase Agreement, each of the Investors is the owner of (i) the number of shares of Company
common stock, par value $.01 per share (the “Common Stock”) and (ii) the options to
purchase the number of shares of Common Stock (the “Options”), in each case as set forth
opposite such Investor’s name on Schedule I hereto.

          C. The Investors and the Company wish to set forth herein certain agreements regarding their
future relationships and their rights and obligations with respect to Securities of the Company.

          D. As used herein, the term “Securities” shall mean Common Stock, and any other shares
of capital stock of the Company, and any securities convertible into or exchangeable for such
capital stock, the Options and any other options hereafter issued to Investors, warrants or other
rights to acquire such capital stock or securities, now or hereafter held by any party hereto,
including all other securities of the Company (or a successor to the Company) received on account
of ownership of Common Stock or Options, including all securities issued in connection with any
merger, consolidation, stock dividend, stock distribution, stock split, reverse stock split, stock
combination, recapitalization, reclassification, subdivision, conversion or similar transaction in
respect thereof.

 

 

Terms

          In consideration of the mutual covenants contained herein, and intending to be legally bound
hereby, the parties hereto agree as follows:

ARTICLE I

RESTRICTIONS ON TRANSFER OF SECURITIES

     1.1. Restrictions on Transfers of Securities. The following restrictions on Transfer
(as defined in Section 1.1(a) below) shall apply to all Securities owned by any Investor or
Permitted Transferee (as defined in Section 1.1(b) below), except a Permitted Transferee by virtue
of Section 1.1(b)(iv) hereof:

          (a) Except as otherwise provided in Section 4.2 below, no Investor or Permitted Transferee
other than the Sponsor shall Transfer (other than in connection with a redemption or purchase by
the Company) any Securities unless (i) such Transfer is to a Person approved in advance in writing
by the Required Holders and (ii) such Transfer complies with the provisions of this Section 1.1,
Article II hereof, and, in addition, in the case of Management Securities (as defined in Section
4.1(a)), Article IV of this Agreement. Additionally, except as otherwise specifically provided in
this Section 1.1, no Transfer by any Investor otherwise permitted herein shall be valid to a
transferee unless such transferee executes and delivers a Joinder, which states that such Person
agrees to be fully bound by this Agreement as if it were an Investor (or if the transferor was a
Management Investor, a Management Investor) hereunder. Any purported Transfer in violation of this
Agreement shall be null and void and of no force and effect, and the purported transferee shall
have no rights or privileges in or with respect to the Company. As used herein, “Transfer”
includes the making of any sale, exchange, assignment, hypothecation, gift, security interest,
pledge or other encumbrance, or any contract therefor, any voting trust or other agreement or
arrangement with respect to the transfer or grant of voting rights (except for the voting agreement
set forth in Article III hereof) or any other beneficial interest in any of the Securities, the
creation of any other claim thereto or any other transfer or disposition whatsoever, whether
voluntary or involuntary, affecting the right, title, interest or possession in or to such
Securities.

               Prior to any proposed Transfer of any Securities, the holder thereof shall give written notice
to the Company describing the manner and circumstances of the proposed Transfer, together with, if
requested by the Company, a written opinion of legal counsel, addressed to the Company and the
transfer agent for the Company’s equity securities, if other than the Company, and reasonably
satisfactory in form and substance to the Company, to the effect that the proposed Transfer of the
Securities may be effected without registration under the Securities Act of 1933, as amended (the
“Securities Act”). Each certificate evidencing the Securities transferred shall bear the
legends set forth in Section 1.2(a) hereof, except that such certificate shall not bear the legend
contained in the first paragraph of Section 1.2(a) hereof if the opinion of counsel referred to
above is to the further effect that such legend is not required in order to establish compliance
with any provision of the Securities Act.

2

 

               Nothing in this Section 1.1(a) shall prevent the Transfer, free of any restrictions under this
Agreement, of Securities by an Investor or a Permitted Transferee to one or more of its Permitted
Transferees or to the Company; provided, however, that each such Permitted
Transferee (except a Permitted Transferee by virtue of Section 1.1(b)(iv) hereof) shall take such
Securities subject to and be fully bound by the terms of this Agreement applicable to it with the
same effect as if it were an Investor (or if the transferor was a Management Investor, a Management
Investor) hereunder; and provided further, however, that (i) no Person
(other than a Permitted Transferee by virtue of Section 1.1(b)(iv) hereof) shall be a Permitted
Transferee unless such transferee executes and delivers a Joinder, which states that such Person
agrees to be fully bound by this Agreement as if it were an Investor (or if the transferor was a
Management Investor, a Management Investor) hereunder, and (ii) no Transfer shall be effected
except in compliance with the registration requirements of the Securities Act and any applicable
state securities laws or pursuant to an available exemption therefrom.

          (b) As used herein, “Permitted Transferee” shall mean:

               (i) in the case of any Investor or Permitted Transferee who is a natural person, such person’s
spouse or children or grandchildren (in each case, natural or adopted), or any trust for the sole
benefit of such person, such person’s spouse or children or grandchildren (in each case, natural or
adopted), or any corporation, partnership or limited liability company in which the direct and
beneficial owner of all of the equity interests is such individual person or such person’s spouse
or children or grandchildren (in each case, natural or adopted);

               (ii) in the case of any Investor or Permitted Transferee who is a natural person, the heirs,
executors, administrators or personal representatives upon the death of such person or upon the
incompetency or disability of such person for purposes of the protection and management of such
person’s assets;

               (iii) in the case of the Sponsor, (I) any general partner or managing member of the Sponsor (a
“Sponsor Partner”) and any corporation, partnership or other entity that is an Affiliate
(as hereinafter defined) of the Sponsor or a Sponsor Partner (collectively, “Sponsor
Affiliates”), (II) any present or former managing director, director, general partner, limited
partner, officer or employee of the Sponsor, any Sponsor Partner or any Sponsor Affiliate, or any
spouse or lineal descendant (natural or adopted), sibling or parent of any of the foregoing persons
in this clause (II) or any heir, executor, administrator, testamentary trustee, legatee or
beneficiary of any of the foregoing persons described in this clause (II) (provided that no Sponsor
Affiliate that becomes such an entity primarily for the purpose of effecting a transfer of
Securities shall be considered a Permitted Transferee) (collectively, “Sponsor
Associates”), and (III) any trust, the beneficiaries of which, or any charitable trust, the
grantor of which, or any corporation, limited liability company or partnership, the stockholders,
members or general and limited partners of which, include only the Sponsor, Sponsor Partners,
Sponsor Affiliates, or Sponsor Associates;

               (iv) in the case of any Investor or Permitted Transferee, any Person if such Person takes such
Securities pursuant to a sale in connection with a Public Offering or

3

 

following a Public Offering in open market transactions or under Rule 144 under the Securities
Act.

     1.2. Legend. (a) All Securities. Any certificates representing Securities
shall bear the following legend (in addition to any other legend required under applicable law):

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE
SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR THE
DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL, REASONABLY
SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED.

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO
THE TERMS AND CONDITIONS OF A SECURITIES HOLDERS AGREEMENT BY AND
AMONG THE COMPANY AND THE HOLDERS SPECIFIED THEREIN, AS AMENDED FROM
TIME TO TIME (THE “SECURITIES HOLDERS AGREEMENT”), A COPY OF WHICH
AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY. THE
SALE, TRANSFER, ASSIGNMENT OR OTHER DISPOSITION OF THE SECURITIES IS
SUBJECT TO THE TERMS OF SUCH AGREEMENT AND THE SECURITIES ARE
TRANSFERABLE OR OTHERWISE DISPOSABLE ONLY UPON PROOF OF COMPLIANCE
THEREWITH.

          (b) Management Securities. In addition to the legends required by Section 1.2(a)
above, the following legend shall appear on certificates representing Management Securities (as
defined in Section 4.1 hereof); provided, however, that the Company’s failure to
cause certificates representing Management Securities to bear such legend shall not affect the
Company’s Purchase Option described in Section 4.3:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO A
PURCHASE OPTION OF THE COMPANY APPLICABLE TO “MANAGEMENT SECURITIES”
AS DESCRIBED IN THE SECURITIES HOLDERS AGREEMENT, A COPY OF WHICH
AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.

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     1.3. Notation. A notation will be made in the appropriate transfer records of the
Company with respect to the restrictions on transfer of the Securities referred to in this
Agreement.

ARTICLE II

OTHER COVENANTS AND REPRESENTATIONS

     2.1. Financial Statements and Other Information. (a) The Company shall deliver (or
cause to be delivered) to the Sponsor (so long as the Sponsor or its Permitted Transferees (other
than Permitted Transferees pursuant to Section 1.1(b)(iv)) own any Securities) and the Sellers’
Representative (as defined in the Stock Purchase Agreement) (so long as all Management Investors
and their Permitted Transferees (other than Permitted Transferees pursuant to Section 1.1(b)(iv))
collectively own more than five percent (5%) of the outstanding Securities):

               (i) as soon as available and in any event within 20 days after the end of each calendar month,
consolidated balance sheets of the Company and its Subsidiaries as of the end of such calendar
month, and consolidated statements of income and cash flows of the Company and its Subsidiaries for
the calendar month then ended, shown in comparison to the budgeted amounts for the same period and
the same monthly period from the prior fiscal year, prepared in conformity with United States
generally accepted accounting principles applied on a consistent basis, except as otherwise noted
therein, and subject to the absence of notes and to year-end adjustments;

               (ii) as soon as available and in any event within 45 days after the end of each of the first
three quarters of each fiscal year of the Company, consolidated balance sheets of the Company and
its Subsidiaries as of the end of such period, and consolidated statements of income and cash flows
of the Company and its Subsidiaries for the period then ended, shown in comparison to the budgeted
amounts for the same period and the same quarterly period from the prior fiscal year, prepared in
conformity with United States generally accepted accounting principles applied on a consistent
basis, except as otherwise noted therein, and subject to the absence of notes and to year-end
adjustments;

               (iii) as soon as available and in any event within 90 days after the end of each fiscal year
of the Company, a consolidated and consolidating balance sheet of the Company and its Subsidiaries
as of the end of such year, and consolidated and consolidating statements of income and cash flows
of the Company and its Subsidiaries for the year then ended prepared in conformity with United
States generally accepted accounting principles applied on a consistent basis, except as otherwise
noted therein, together with an auditor’s report thereon of a firm of established national
reputation;

               (iv) to the extent the Company is required by law or pursuant to the terms of any outstanding
indebtedness of the Company to prepare such reports, any annual reports, quarterly reports and
other periodic reports pursuant to Section 13 or 15(d) of the Exchange Act, actually prepared by
the Company as soon as such reports are generally available, together with any other documents the
Company are required to deliver to the holders of any such indebtedness;

5

 

               (v) prior to the beginning of each fiscal year, an annual budget which has been approved by
the Board of Directors of the Company (the “Company Board”), prepared on a month by month
basis for the Company and its Subsidiaries for such fiscal year (displaying anticipated statements
of income and cash flow), and promptly upon preparation thereof any other significant budgets
prepared by the Company, and any revisions of such annual or other budgets; and

               (vi) such other documents, reports, financial data and other information as the Sponsor may
reasonably request.

          (b) Inspection and Access. The Company and its Subsidiaries shall provide to the
Sponsor (so long as it or its Permitted Transferees (other than Permitted Transferees pursuant to
Section 1.1(b)(iv)) own any Securities) and the Sellers’ Representative (so long as all Management
Investors and their Permitted Transferees (other than Permitted Transferees pursuant to Section
1.1(b)(iv)) collectively own more than five percent (5%) of the outstanding Securities) true and
correct copies of all quarterly and annual financial reports of the Company and its Subsidiaries
and budgets prepared by or on behalf of the Company and its Subsidiaries, and such other documents,
reports, financial data and other information as such party may reasonably request. The Company
shall permit any authorized representatives designated by each such party to visit and inspect any
of the properties of the Company and its Subsidiaries, including its and their books of account
(and to make copies and take extracts therefrom), and to discuss its and their affairs, finances
and accounts with its and their officers and their current and prior independent public accountants
(and by this provision the Company authorizes such accountants to discuss with such representatives
the affairs, finances and accounts of the Company and its Subsidiaries, whether or not a
representative of the Company is present), all at such reasonable times and as often as such party
may reasonably request.

          (c) This Section 2.1 shall terminate on the date the Company consummates a Public Offering.

     2.2. Sale of the Company.

          (a) So long as the Company has not consummated a Public Offering, in the event of, and in
connection with, an Approved Sale, (i) each Investor and Permitted Transferee will consent to, vote
for and raise no objections against, and waive dissenters and appraisal rights (if any) with
respect to, the Approved Sale, (ii) if the Approved Sale is structured as a sale of stock, each
Investor and Permitted Transferee will agree to sell and will have the right to sell all or a pro
rata portion of such Investor’s or Permitted Transferee’s Common Stock on the terms and conditions
set forth in the Approved Sale, and (iii) if the Approved Sale includes the sale, exchange,
redemption, cancellation or other disposition of securities convertible into or exchangeable for
capital stock of the Company, or options, warrants or other rights to purchase such capital stock
or securities, each Investor or Permitted Transferee will sell, exchange, redeem, agree to cancel
or otherwise dispose of such securities or options, warrants or other rights on the terms and
conditions set forth in the Approved Sale. Each Investor and Permitted Transferee will take all
necessary and desirable actions in connection with the consummation of an Approved Sale, including,
without limitation, executing the applicable purchase agreement

6

 

 and joining in any indemnification
in connection with the Approved Sale; provided, that (i) indemnification with respect to obligations that relate specifically to a particular Investor
or Permitted Transferee such as indemnification with respect to representations and warranties
given by an Investor or Permitted Transferee regarding such Investor’s or Permitted Transferee’s
title to or ownership of Securities shall be the sole responsibility of such Investor or Permitted
Transferee, (ii) indemnification with respect to other obligations and representations shall be on
a pro rata basis (based on the proportion of the total consideration received by all Investors and
Permitted Transferees) and (iii) no Investor or Permitted Transferee will be required to agree to
any liability under any indemnification obligation in connection with an Approved Sale in excess of
the consideration received by such Investor or Permitted Transferee in such Approved Sale. In the
case of indemnification for the matters contemplated to be shared on a pro rata basis as described
above, each Investor and Permitted Transferee required to make indemnification payments in
connection with any Approved Sale shall have a right to recover from the other Investors and
Permitted Transferees to the extent that the amount required to be paid by such Investor or
Permitted Transferee was disproportionate to the proportion of the total consideration received by
all Investors and Permitted Transferees, compared to the consideration actually received by such
Investor or Permitted Transferee.

          (b) The obligations of each of the Investors and Permitted Transferees with respect to an
Approved Sale are subject to the satisfaction of the conditions that: (i) upon the consummation of
the Approved Sale, all of the Investors and Permitted Transferees holding Common Stock will receive
the same form and amount of consideration per share of Common Stock, or if any holder of Common
Stock is given an option as to the form and amount of consideration to be received in respect of
Common Stock, all Investors and Permitted Transferees holding Common Stock will be given the same
option and (ii) in the case of a holder of any securities referred to in clause (iii) of paragraph
(a) above, (A) (I) in the event such Securities are vested or by their terms become vested because
of such Approved Sale, the holder shall receive in such Approved Sale, unless otherwise provided in
the terms of any agreement or instrument governing or evidencing such security, either (x) the same
securities or other property that such holder would have received if such holder had converted,
exchanged or exercised such security immediately prior to such Approved Sale (after taking into
account the conversion, exchange or exercise price applying to such Security and any applicable tax
obligations of the holder in connection with such conversion, exchange or exercise) or (y) a
security convertible or exchangeable for, or option, warrant or right to purchase, capital stock or
other securities of a successor entity having substantially equivalent value, or (II) in the case
where such securities are not vested, unless otherwise provided in the terms of any agreement or
instrument governing or evidencing such security, such securities shall be cancelled, or (B) such
securities shall remain outstanding following such Approved Sale.

          (c) Each Investor and Permitted Transferee acknowledges that its or his or her pro rata share
(based upon the number of shares of Common Stock owned (or acquirable pursuant to options, warrants
or other rights to purchase Common Stock, or securities convertible into or exchangeable for Common
Stock) by such holder) of the aggregate proceeds of an Approved Sale may be reduced by his or her
pro rata share of transaction expenses related to such Approved Sale.

7

 

     2.3. Tag-Along Rights.

          (a) (i) Except as otherwise provided in Section 2.3(a)(iii) below, no “Seller” (as
hereinafter defined) shall sell any shares of Common Stock in any transaction or series of related
transactions unless all “Holders” (as hereinafter defined) are offered an equal opportunity
to participate in such transaction or transactions (on identical terms as the Seller including
amount and type of consideration paid) on a pro rata basis based on the number of shares of Common
Stock then owned by such Holder, calculated on a fully diluted basis. For the avoidance of doubt,
such participation on a pro rata basis shall mean that such Holder shall be entitled to sell the
number of shares of Common Stock proposed to be sold by the Seller, multiplied by a fraction, the
numerator of which equals the number of shares of Common Stock then owned by such Holder,
calculated on a fully diluted basis, and the denominator of which equals the total number of
outstanding shares of Common Stock calculated on a fully diluted basis (such calculation for each
Holder resulting in such Holder’s “Pro Rata Share”). For purposes of calculating ownership
of Common Stock “on a fully diluted basis”, Options that are not “in the money” shall not be
counted. If any Holder elects not to sell all or any portion of its Pro Rata Share, then each
other Holder (each such Holder, a “Participating Holder”) may increase the number of shares
of Common Stock and Additional Stock sold by it by up to its Pro Rata Share of the number of shares
each Holder elects not to include pursuant to the terms hereof (such calculation for each
Participating Holder resulting in such Participating Holder’s “Participating Pro Rata
Share”); provided, however, that if any Participating Holder elects not to sell
all or any portion of its Participating Pro Rata Share, then the Seller may increase the number of
shares sold by it by the number of shares any such Participating Holder elects not to include
pursuant to the terms hereof. As used in this Section 2.3, a “Seller” shall mean the
Sponsor or any of its Permitted Transferees (other than Permitted Transferees by virtue of Section
1.1 (b)(iv)); “Holders” shall mean any Investor or any of their Permitted Transferees
(other than a Seller or a Permitted Transferee by virtue of Section 1.1(b)(iv)).

               (ii) Prior to any sale of shares of Common Stock subject to these provisions, the Seller shall
notify the Company in writing of the proposed sale. Such notice (the “Seller’s Notice”)
shall set forth: (A) the number of shares of Common Stock subject to the proposed sale, (B) the
name and address of the proposed purchaser and (C) the proposed amount of consideration and terms
and conditions of payment offered by such proposed purchaser. The Company shall promptly, and in
any event within 30 days of the Company’s receipt of the Seller’s Notice, deliver or cause to be
delivered the Seller’s Notice to each Holder. A Holder may exercise the tag-along right by
delivery of a written notice (the “Tag-Along Notice”) to the Seller within 20 days of the
date the Company delivered or caused to be delivered the Seller’s Notice. The Tag-Along Notice
shall state the number of shares of Common Stock that the Holder proposes to include in the
proposed sale, up to the maximum pro rata share described above. If a Holder entitled to
participate therein delivers a Tag-Along Notice, such holder shall be obligated to sell that number
of shares of Common Stock specified in the Tag-Along Notice upon the same terms and conditions as
those under which the Seller is selling, conditioned upon and contemporaneously with completion of
the Seller’s sale of its shares of Common Stock. If no Tag-Along Notice is received during the
20-day period referred to above, the Seller shall have the right for a 120-day period to effect the
proposed sale of shares of Common Stock on terms

8

 

and conditions no more favorable to the Seller
than those stated in the Seller’s Notice and in accordance with the provisions of this Section 2.3.

               (iii) Notwithstanding anything herein to the contrary, a Seller may make any of the following
Transfers without offering the Holders the opportunity to participate: (A) Transfers by a Seller to
any Permitted Transferee, provided that the proposed Permitted Transferee (except a
Permitted Transferee by virtue of Section 1.1(b)(iv) hereof) agrees in writing to be bound by the
provisions of this Agreement; (B) sales pursuant to an effective registration statement under the
Securities Act; (C) subject to compliance with Section 2.2 above, sales in connection with an
Approved Sale.

               (iv) Each Investor acknowledges for itself and its transferees that Sponsor may grant in the
future tag-along rights relating to shares of Common Stock to other holders of Common Stock and
such holders will (A) have the same opportunity to participate in sales by Sponsor as provided to
the parties hereto, and (B) be included in the calculation of the pro rata basis upon which Holders
may participate in a sale.

               (v) Each of the parties hereto acknowledges that the Company (A) may issue Securities to
Persons in the future and (B) may adopt an incentive compensation plan pursuant to which employees
of the Company or its Subsidiaries or other Persons may be granted, subject to the terms of such
plan, options to purchase Common Stock or other Securities, and that such Persons or participants
may become subject to this Agreement and may be “Holders” for purposes of this Section 2.3.

               (vi) The tag-along obligations of the Sellers provided under this Section 2.3 shall terminate
upon the earlier of (A) the consummation of a Public Offering or (B) as to Sponsor, the day after
the date on which Sponsor and its Permitted Transferees and Affiliates own in the aggregate less
than 5% of the outstanding Common Stock. Upon the termination of such obligations, the rights of
Holders with respect thereto shall also terminate.

               (vii) Notwithstanding the requirements of this Section 2.3, a Seller may sell shares of Common
Stock at any time without complying with the requirements of the above provisions of this Section
2.3 so long as the Seller deposits into escrow with an independent third party at the time of the
sale that amount of the consideration received in the sale equal to the Escrow Amount. The
“Escrow Amount” shall equal the amount of consideration as all the Holders would have been
entitled to receive if they had the opportunity to participate in the sale on a pro rata basis,
determined as if each Holder (A) delivered a Tag-Along Notice to the Seller in the time period set
forth in Section 2.3(a)(ii) and (B) proposed to include all of its Securities which it would have
been entitled to include in the sale. No later than the date of the sale, the Seller shall notify
the Company in writing of the proposed sale. Such notice (the “Escrow Notice”) shall set
forth the information required in the Seller’s Notice, and in addition, such notice shall state the
name of the escrow agent and the account number of the escrow account. The Company shall promptly,
and in any event within 10 days, deliver or cause to be delivered the Escrow Notice to each Holder.
A Holder may exercise the tag-along right described in this clause (viii) by delivery to the
Seller, within 20 days of the date the Company delivered or caused to be delivered the Escrow
Notice to such Holder, of (I) a written notice specifying the number of shares of Common Stock it
proposes to sell, and (II) the certificates representing such shares of Common Stock, with transfer
powers duly endorsed in blank. Promptly after the expiration of the 20th day after the
Company has delivered or caused to be delivered the Escrow Notice to such Holder, (x) the Seller
shall purchase that

9

 

number of shares of Common Stock as Seller would have been required to include in the sale had
Seller complied with the provisions of Section 2.3(a)(ii), (y) the Company shall cause to be
released from the escrow to the Holder from whom the Seller purchases shares of Common Stock
pursuant to clause (x) of this paragraph the applicable amount of consideration due to such Holder
together with any interest thereon, and (z) all remaining funds and other consideration held in
escrow shall be released to the Seller. If the Seller received consideration other than cash in
the sale, the Seller shall purchase the shares of Common Stock tendered by paying to the Holders
cash and non-cash consideration in the same proportion as received by the Seller in the sale.

     2.4. Preemptive Rights. (a) Except for the issuance of Securities by the Company
(i) pursuant to a Public Offering, (ii) as consideration for the acquisition of all or any
substantial portion of the assets or all or any portion of the capital stock of any Person or that
are otherwise issued in connection with any merger or other business combination that is approved
by the Company Board, (iii) in any transaction in respect of a Security that is available to all
holders of such Common Stock on a pro rata basis, (iv) pursuant to a Company incentive compensation
plan or other management stock option plan, (v) to any employee or director of the Company or any
of its Subsidiaries for compensatory purposes, (vi) to any debt financing sources of the Company or
any of its Subsidiaries in connection with a so-called “equity-kicker” so long as such debt
financing is approved by the Company Board, (vii) as a dividend on the outstanding Common Stock, or
(viii) with respect to which the Sponsor shall have waived its rights to purchase any Securities
pursuant to this Section 2.4, if, so long as the Company has not consummated a Public Offering, the
Company sells any Securities, the Company will offer to sell to each of the Qualified Investors (as
defined below) a pro rata portion of the number of such Securities issued equal to the percentage
determined by dividing (x) the number of shares of Common Stock held by such Qualified Investor, by
(y) the number of shares of Common Stock of the Company then outstanding. Each Qualified Investor
will be entitled to purchase all or part of such Securities at the same price and on the same terms
as such Securities are sold by the Company pursuant to this Section 2.4. As used in this Section
2.4, “Qualified Investors” means the Sponsor as well as any Management Investor that owns
more than 1% of the outstanding Common Stock of the Company.

          (b) The Company will cause to be given to each of the Qualified Investors a written notice
setting forth the terms and conditions upon which such Qualified Investor may purchase Securities
from the Company pursuant to this Section 2.4 (the “Preemptive Notice”). After receiving a
Preemptive Notice, a Qualified Investor may agree to purchase the Securities offered to such
Qualified Investor by the Company pursuant to this Section 2.4, on the date specified by the
Company in the Preemptive Notice (which date shall not be less than 20 days from receipt thereof),
by delivery of a written notice to the Company within 15 days of the date the Company delivered or
caused to be delivered the Preemptive Notice to the Qualified Investor (the “Preemptive
Reply”).

10

 

          (c) Notwithstanding the foregoing, the Company may offer and sell Securities without first
offering such Securities to any Qualified Investor or otherwise complying with the procedures of
this Section 2.4 (such Securities that were so sold being the “Sold Shares”), so long as
each Qualified Investor receives prompt written notice (a “Sale Notice”) of the
consummation of the sale of such Sold Shares and thereafter
is given the opportunity in accordance with this paragraph (c) to purchase a number of
Securities equal to (x)(A) the number of such Sold Shares issued by the Company divided by (B) one
(1) minus the fraction described in clause (y) of this sentence, multiplied by (y) a fraction, the
numerator of which is the number of shares of Common Stock owned by such Qualified Investor
immediately prior to the issuance of such Sold Shares and the denominator of which is equal to the
total number of shares of Common Stock outstanding on a fully diluted basis (i.e., after given
effect to the exercise or conversion of all outstanding securities or rights exercisable for or
convertible into shares of Common Stock) immediately prior to the issuance of such Sold Shares, on
the same terms and conditions as the sale of the Sold Shares. A Qualified Investor may exercise
its right to purchase such number of Securities by delivering written notice of its election to
purchase such Securities to the Company within 20 days after receipt of such Sale Notice, and
failure to deliver such notice within such 20-day period shall constitute a waiver of such right.
A delivery of such notice by a Qualified Investor before the expiration of such 20-day period
(which notice shall specify the quantity of Securities requested to be purchased by such Qualified
Investor) shall constitute a binding agreement of such Qualified Investor to purchase, at the price
and on the terms and conditions specified in the Sale Notice, the quantity of Securities specified
in such notice.

     2.5. Corporate Opportunity.

          (a) The Investors hereby acknowledge that the interest of the Sponsor and Sponsor Affiliates
or representatives (including any directors of the Company designated by such Persons) (the
“Sponsor Group”) is that of an investor providing capital for the Company in accordance
with the terms hereof, and the very nature of the business of each of the Sponsor Group is to
provide capital and financing in a wide variety of forms to, and to make investments with respect
to, a vast and expanding number of diverse Persons, businesses and enterprises. Accordingly, the
Investors hereby agree that each of the Sponsor Group may engage, provide financing, invest or
possess an interest in other businesses and enterprises of any kind, nature or description,
independently or with others, whether (i) such ventures are competitive with the Company or any
Subsidiary or (ii) the operations or property of such businesses or enterprises are transacted or
located in the vicinity of or adjacent to the Company or any
Subsidiary, or any area in which the
Company or any Subsidiary engages in business, and, to the extent permitted by applicable law, each
of the Sponsor Group shall not have any duties or responsibilities to the Company that they might
otherwise have under applicable law. The fact that any of the Sponsor Group may take advantage of
such opportunities and not offer such opportunities, or disclose information pertaining thereto, to
the Company, any Subsidiary or any other Investor, shall not subject any of the Sponsor Group to
liability to the Company, any Subsidiary or any other Investor whatsoever. Neither the Company,
any Subsidiary nor any Investor shall have any right by virtue of this Agreement, or the
relationship created hereby, in or to such ventures, investments or other opportunities, or to the
income or profits derived therefrom by any of the Sponsor Group, and the pursuit of, and
nondisclosure of information to the Company or any

11

 

Subsidiary pertaining to, such ventures,
investments or other opportunities even though competitive with the business of the Company, shall
not be deemed wrongful or improper or in violation of this Agreement or any rights of the Company,
any Subsidiary or any other Investor under any applicable law, it being understood that, to the
fullest extent permitted by any applicable law, the doctrine of corporate opportunity, or any other
analogous doctrine,
shall not apply with respect to the Sponsor or any Sponsor Affiliates or representatives
(including any directors of the Company designated by such Persons).

          (b) Notwithstanding Section 2.5(a), from the date of this Agreement until the earliest of (i)
five (5) years after the date hereof, (ii) the occurrence of an Approved Sale, (iii) the occurrence
of a Public Offering; (iv) the date on which the Sponsor no longer holds a majority of the
outstanding shares of Common Stock and (v) the date on which any Seller (as defined therein) under
the Special Stock Agreement has a Covered Termination (as defined therein), neither Jefferies
Capital Partners IV L.P., Jefferies Employee Partners IV L.P. nor Jefferies Partners IV LLC (the
“Funds”) shall acquire a majority of the equity ownership interests in any entity that
primarily engages in the regional, interregional, national or dedicated truckload or
less-than-truckload service in North America and directly competes with the Company, unless in the
reasonable judgment of the Funds, such entity is not a strategic fit with the Company, including
without limitation because such entity:

               (i) is not geographically compatible with the Company; or

               (ii) has a business model and/or plan that is incompatible with the Company’s business model
and/or plan; or

               (iii) is comprised of managers whose management style is incompatible with the management
style of the Company’s officers; or

               (iv) is not seeking to be acquired by a strategic acquiror.

ARTICLE III

CORPORATE ACTIONS

     3.1. Directors and Voting Agreements.

          (a) Each Investor and Permitted Transferee agrees that it will take, at any time and from time
to time, all action necessary (including voting the Common Stock entitled to vote owned by him, her
or it; calling special meetings of stockholders; and executing and delivering written consents) to
ensure that (i) the authorized number of directors on the Company Board will be such number as
determined by the Sponsor but in no event more than seven (7) members and (ii) the Company Board
will be comprised of the following Persons: (1) so long as the Management Investors and their
Permitted Transferees collectively own more than five percent (5%) (calculated on a fully-diluted
basis, and reflecting any “Restricted Stock” (as such term is defined in the Company 2006 Stock
Incentive Plan) granted (whether or not vested) to the Management Investors and their Permitted
Transferees) of all issued and outstanding Common Stock, two directors will be designated by the
holders of a majority of the Common Stock held

12

 

by all Management Investors (the “Management
Directors”) and (2) the balance of the directors will be such Persons as designated by the
Sponsor (the “Sponsor Directors”). The Company Board will initially be comprised of the
following five (5) Persons: Muhlschlegel, Brian Fitzpatrick, Brian Friedman, Jim Dowling and Seth
Wilson.

          (b) Each Investor and Permitted Transferee agrees to take all necessary action to cause the
composition of the directors to remain in accordance with Section 3.1(a) hereof (including, without
limitation, voting or causing to vote or acting by written consent with respect to, all shares of
Common Stock entitled to vote thereon or any other voting capital stock of the Company now or
hereafter owned or held by such Investor or Permitted Transferee in favor of such Persons) and to
act itself (if a member of the Company Board) or cause its designee (if any) on the Company Board
to vote or act by written consent to cause the directors to be in accordance with Section 3.1(a)
hereof.

     3.2. Right to Remove Certain of the Company Directors. Each of the Sponsor and the
Management Investors may request that any director subject to designation by it be removed (with or
without cause) by written notice to the other Investors, and, in any such event, each Investor and
Permitted Transferee promptly either shall consent in writing, or shall vote or cause to be voted
all shares of Common Stock entitled to vote thereon now or hereafter owned or controlled by it, for
the removal of such person as a director.

     3.3. Right to Fill Certain Vacancies of Company Directors. In the event that a
vacancy is created on the Company Board at any time by the death, disability, retirement,
resignation or removal (with or without cause) of a Management Director or Sponsor Director, or if
otherwise there shall exist or occur any vacancy on the Company Board, such vacancy shall not be
filled by the remaining members of the Company Board, but rather each Investor and Permitted
Transferee hereby agrees promptly either to consent in writing, or to vote or cause to be voted all
shares of Common Stock entitled to vote thereon or any other voting capital stock of the Company
now or hereafter owned or controlled by it, to elect that individual designated to fill such
vacancy and serve as a director as shall be designated by the Investor(s) then entitled to
designate such director in accordance with the designation rights set forth in Section 3.1 hereof.

     3.4. Directors of Subsidiaries. If requested by the Sponsor (so long as the Sponsor,
together with its respective Affiliates or Permitted Transferees, owns not less than 5% of the
outstanding Common Stock), the Company shall cause the Board of Directors of any Subsidiary to be
identical to the Company Board.

     3.5. Amendment of Certificate and Bylaws. Each Investor and Permitted Transferee
agrees that it shall not consent in writing or vote or cause to be voted any shares of Common Stock
now or hereafter owned or controlled by it in favor of any amendment, repeal, modification,
alteration or rescission of, or the adoption of any provision in the Company’s Amended and Restated
Certificate of Incorporation or Bylaws inconsistent with Article III of this Agreement unless (i)
the Required Holders and (ii) the Management Investors holding a majority of the Common Stock held
by all Management Investors consent in writing thereto.

     3.6. Termination of Voting Agreements. If not earlier terminated under Section 3.1,
the voting agreements in Sections 3.1, 3.2, 3.3, 3.4 and 3.5 hereof shall terminate on the date the

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Company consummates a Public Offering (if requested by the underwriter with respect to such
offering).

ARTICLE IV

ADDITIONAL RESTRICTIONS ON TRANSFERS OF

MANAGEMENT SECURITIES HELD BY MANAGEMENT INVESTORS

     4.1. Certain Definitions. The terms defined below shall have the following meanings
when used in this Article IV:

          (a) “Cause”, when used in connection with the termination of a Management Investor’s
employment with the Company or one of its Subsidiaries, means (i) an indictment of such Management
Investor in connection with a crime involving moral turpitude or any felony, which materially
adversely affects the Company or the ability of such Management Investor to satisfy all of his
duties to the Company (including pursuant to any employment agreement with the Company); (ii) a
conviction of, or a pleading of no-contest by, such Management Investor in connection with any
felony; (iii) such Management Investor’s dishonesty, fraud, unethical or illegal act,
misappropriation or embezzlement which does (or would reasonably be likely to) materially damage
the Company’s reputation or the Company; (iv) material breach of such Management Investor’s
fiduciary duties to the Company, and such Management Investor has failed to cure such breach within
twenty (20) days after written request by the Company Board to do so; (v) such Management
Investor’s material failure to perform his job duties hereunder, and such Management Investor has
failed to cure such failure to perform within twenty (20) days after written request by the Company
Board to do so; (vi) willful or deliberate material violations of such Management Investor’s
obligations to the Company, and such Management Investor has failed to cure such violation(s)
within twenty (20) days after written request by the Company Board to do so; (vii) material breach
of any of the terms or conditions of any employment agreement with the Company, and such Management
Investor has failed to cure such breach within twenty (20) days after written request by the
Company Board to do so; or (viii) “cause” as defined in any employment agreement with the Company.

          (b) “Good Reason “, when used with reference to a termination by a Management Investor
of his or her employment with the Company, means (i) a material diminution of such Management
Investor’s employment responsibilities or other responsibilities to the Company pursuant to any
employment agreement with the Company; (ii) a decrease in such Management Investor’s base salary;
(iii) relocation of such Management Investor’s principal place of employment by more than 10 miles
from its current location; or (iv) any material violation by the Company of any employment
agreement with such Management Investor; provided that, with respect to (i), (ii)
and (iv), the Management Investor must have given a written notice to the Company Board setting
forth the specific nature of the alleged material diminution, decrease or material violation within
twenty (20) days of such alleged material diminution, decrease or material violation, and the
Company must have not cured such alleged material diminution, decrease or material violation within
twenty (20) days following receipt of such written notice by such Management Investor to the
Company.

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          (c) “Management Securities “ means the shares of Common Stock, Options or other
Securities now or hereafter owned by a Management Investor, and all other securities of the Company
(or a successor to the Company) received on account of ownership of the Management Securities,
including any and all securities issued in connection with any merger, consolidation, stock
dividend, stock distribution, stock split, reverse
stock split, stock combination, recapitalization, reclassification, subdivision, conversion or
similar transaction in respect thereof.

     4.2. Restrictions on Transfer. In addition to the restrictions imposed by Section 1.1
hereof, and notwithstanding anything to the contrary contained herein, none of the Management
Investors (it being understood that, any reference to a Management Investor in this Article IV as a
holder of Management Securities shall also include such Management Investor’s heirs, executors,
administrators, transferees, successors and assigns, as the case may be) shall effect a Transfer of
any Management Securities other than (a) pursuant to Section 2.2 hereof in connection with an
Approved Sale or Section 2.3 hereof, (b) pursuant to Section 4.3 hereof in connection with an
exercise of the Purchase Option (as such term is hereinafter defined), (c) with the consent of the
Company (as evidenced by a resolution duly adopted by at least a majority of the non-employee
members of the Company Board), (d) to a Permitted Transferee of such Management Investor in
question or (e) in connection with a Public Offering in which such Management Investor is permitted
to participate. In exercising the consent and approval provided for in clause (c), each of the
Company and the Required Holders may employ their sole discretion in evaluating the nature of the
proposed transferee and each of the Company and the Required Holders may impose such conditions on
Transfer as they deem appropriate in their sole discretion, including, but not limited to,
requirements that the transferee be an employee or director of the Company or a Subsidiary and that
the transferee purchase such Management Investor’s Management Securities as a “Management Investor”
subject to the restrictions of this Article IV. In the event any Transfer is authorized pursuant
to clause (c) above to an employee or director of the Company or a majority-owned direct or
indirect Subsidiary of the Company as a “Management Investor,” such employee or director shall
execute and deliver a Joinder, pursuant to which such employee or director shall agree to be bound
by the terms and conditions of this Agreement as a “Management Investor”, and upon such execution,
such employee or director shall be entitled to the benefit of the provisions hereof. Any purported
Transfer in violation of this Agreement shall be null and void and of no force and effect, and the
purported transferees shall have no rights or privileges in or with respect to the Company.
Notwithstanding the foregoing provisions, each Management Investor agrees that he or she will not
effect a Transfer of any Management Securities prior to the lapse of such period of time following
acquisition thereof as may be required to comply with applicable securities laws.

          For the purposes of this Agreement, the “Permitted Transferees” of any of the Management
Investors shall be as set forth in Section 1.1(b)(i), (ii) or (iv) hereof; provided,
however, that as a condition to a Transfer to any Permitted Transferee, such Permitted
Transferee (other than a Permitted Transferee pursuant to Section 1.1(b)(iv)) shall execute and
deliver a Joinder, which states that such Person agrees to be fully bound by this Agreement as a
“Management Investor”. The Termination Date (as hereinafter defined) for a Permitted Transferee
shall be the Termination Date with respect to the Management Investor who first

15

 

acquired the
Management Securities held by such Permitted Transferee pursuant to this Agreement.

     4.3. Purchase Option.

          (a) General Terms. In the event that the employment of any Management Investor with
the Company or a Subsidiary shall be terminated (i) by the Company or a
Subsidiary for Cause or (ii) by such Management Investor without Good Reason, such Management
Investor (or his or her heirs, executors, administrators, transferees, successors or assigns) shall
give prompt notice to the Company of such termination of service (except in the case of termination
of employment by the Company or a Subsidiary, in which case no notice need be given), and the
Company or one or more designee(s) selected by the Required Holders (a “Designated
Purchaser”), shall have the right and option by written notice given at any time, within 180
days after the later of the effective date of such termination of employment (the “Termination
Date”) or the date of the Company’s receipt of the aforesaid notice (the later of such dates,
the “Option Termination Date”), to purchase from such Management Investor and his or her
Permitted Transferees, or his or her heirs, executors, administrators, transferees, successors or
assigns, as the case may be, all (but not less than all)of the Management Securities then owned by
such Management Investor (and his or her Permitted Transferees), at a purchase price equal to the
Option Purchase Price (as hereinafter defined). The right of the Company and the Company’s
designee(s) set forth in this Section 4.3 to purchase a terminated Management Investor’s Management
Securities is hereinafter referred to as the “Purchase Option”. In the event that
Muhlschlegel’s Management Securities become subject at any time to a Purchase Option, the
Management Securities owned by Mrs. Karen Muhlschlegel shall also become subject to the same
Purchase Option.

               (i) Exercise of Purchase Option. The Purchase Option shall be exercised by written
notice to the Management Investor (or his or her heirs, executors, administrators, transferees,
successors or assigns, as the case may be) executed by the Company or the Designated Purchaser, as
the case may be, given at any time not later than the Option Termination Date. Such notice shall
set forth the number and type of Management Securities desired to be purchased and shall set forth
a time and place of closing which shall be no earlier than 10 days and no later than the later of
(A) 60 days after the date such notice is sent and (B) five days after the final determination of
the Fair Market Value Price pursuant to Section 4.3(a)(ii)(D). At such closing (the “Option
Purchase Closing”), the seller shall deliver, or cause to be delivered, the certificates
evidencing the number of Management Securities to be purchased by the Company and/or its Designated
Purchaser, accompanied by stock powers duly endorsed in blank or duly executed instruments of
transfer, and any other documents that are necessary to transfer to the Company and/or its
Designated Purchaser, as the case may be, good title to such of the Management Securities to be
transferred, free and clear of all pledges, security interests, liens, charges, encumbrances,
equities, claims and options of whatever nature, other than those imposed under this Agreement, and
concurrently with such delivery, the Company and/or its Designated Purchaser, as the case may be,
shall deliver to the seller the full amount of the Option Purchase Price (or the portion thereof to
be paid by such party) for such Management Securities in cash by certified or bank cashier’s check.

16

 

               (ii) Option Purchase Price. The “Option Purchase Price” for the Management
Securities to be purchased from such Management Investor, and his or her Permitted Transferees, or
his or her heirs, executors, administrators, transferees, successors and assigns, pursuant to the
Purchase Option (the number of Management Securities to be so purchased being the “Purchase
Number”) shall equal the Adjusted Cost Price multiplied by the Purchase Number.

          As used herein:

                    (A) “Adjusted Cost Price” means (i) for each share of Common Stock, the lower of (a)
the Fair Market Value Price and (b) $927 and (ii) for an Option to purchase one share of Common
Stock, the lower of (a) the Fair Market Value Price and (b) $911, in the case of either (i) or (ii)
net of any withholding taxes.

                    (B) “Fair Market Value Price” means, for each share of Common Stock, (a)(i) if
publicly traded on a national securities exchange, the average closing price for the preceding five
trading days on such exchange where such shares are primarily traded or (ii) if traded “over the
counter”, the average closing bid price for the preceding five trading days by the National
Association of Securities Dealers Automated Quotation System, or (b) if not publicly traded on a
national securities exchange or “over the counter”, the price that fairly reflects the going
concern value of the Company as a whole based on such valuation methodologies as are customarily
applied to companies in the same line, or in substantially similar lines, of business as the
Company, assuming a willing buyer and a willing seller under no compulsion to act and both having
reasonable knowledge of all relevant facts. In the case of any option to purchase Common Stock,
the Fair Market Value Price for such security shall be based upon the Fair Market Value Price of
the underlying Common Stock, after taking into account the exercise price applying to such security
and any applicable tax obligations of the holder in connection with such exercise. If the Company
or its Designated Purchaser is considering exercising the Purchase Option, then within 30 days
after the Termination Date, the Company or the Designated Purchaser, as the case may be, shall
prepare and deliver to the Management Investor its calculation of the Fair Market Value Price per
share (the “Proffered Valuation”). If the Management Investor does not agree with the
Company’s or its Designated Purchaser’s Proferred Valuation, then the Management Investor shall
prepare his own Proffered Valuation, a copy of which shall be delivered to the Company or its
Designated Purchaser within 20 days after delivery of the Company’s or its Designated Purchaser’s
Proffered Valuation, as the case may be. If the Company or its Designated Purchaser and the
Management Investor are unable to agree on the Fair Market Value Price per share within ten days
after delivery of the Management Investor’s Proffered Valuation, the parties shall then select a
mutually acceptable investment banking or other firm to choose either the Company’s or its
Designated Purchaser’s Proffered Valuation, or the Management Investor’s Proffered Valuation. Such
firm (x) shall not be an Affiliate of the Company, the Sponsor or the Management Investor; and (y)
shall have demonstrable skills and expertise in the valuation of equity securities in relevant
industries. If the parties are unable to agree on a mutually acceptable investment banking or
other firm within ten days after delivery of the Management Investor’s Proffered Valuation, each
party shall select its own investment banking or other firm and the two selected firms shall select
a mutually acceptable investment banking or other firm (meeting the criteria set forth in the
preceding

17

 

sentence) for the purpose of determining the Fair Market Value Price per share. If
either party fails to select its own investment banking or other firm, which is to select the
determining firm, within five days after the expiration of such ten day period, the other party’s
selected firm shall act as the determining firm. The parties shall instruct the selected firm to
select, within 20 days thereafter, such of the two Proffered Valuations as more accurately reflects
the Fair Market Value Price per share, and the Company or its Designated Purchaser and the
Management Investor hereby agree to be bound by such decision. Except as provided below, the fees
and expenses of the determining firm shall be borne by (i) the
Company or its Designated Purchaser, if the Proffered Valuation of the Management Investor is
deemed to reflect more accurately the Fair Market Value Price per share or (ii) the Management
Investor, if the Proffered Valuation of the Company or its Designated Purchaser is deemed to
reflect more accurately the Fair Market Value Price per share. In the event of such negotiation or
a determination of the Fair Market Value Price by the selected firm, the Company or its Designated
Purchaser shall have the right to revoke any notice of exercise of the Purchase Option previously
given by such party; provided, however, that the fees and expenses of the selected
firm as well as the reasonable fees and expenses (including such fees and expenses of one legal
counsel) incurred by the Management Investor in connection with the Proffered Valuation process
shall be borne solely by the Company or its Designated Purchaser in the event the Company or its
Designated Purchaser revokes any such notice of exercise of the Purchase Option. Except as
provided above, the Company or its Designated Purchaser and the Management Investor shall be
responsible for their own fees and expenses, including the fees and expenses of their respective
counsel and, if applicable, their own investment banking or other firm.

          (b) Payment Subject to Applicable Law and Compliance with Debt Instruments. It shall
be a condition to the obligation of the Company to pay any portion of the Option Purchase Price (i)
that the Company has funds legally available therefor and (ii) that such payment not violate,
breach or conflict with, or cause any default under (or constitute any event that, with notice or
the passage of time, or both, would constitute such a default), any Company Debt Instrument. In
the event the Company does not have funds legally available to pay any portion of the Option
Purchase Price or if payment of any portion of the Option Purchase Price would violate, breach or
conflict with, or cause any default under (or constitute any event that, with notice or the passage
of time, or both, would constitute such a default), any Company Debt Instrument (a “Deferral
Event”), then notwithstanding the provisions of subparagraph (a) above or any other provision
of this Agreement to the contrary, the Company may defer the Option Purchase Closing until the
earlier of (x) such time as the Company shall have funds legally available therefor and such
payment would not violate, breach or conflict with, or cause any default under (or constitute any
event that, with notice or the passage of time, or both, would constitute such a default), any
Company Debt Instrument or (y) the one year anniversary of the date originally scheduled for the
Option Purchase Closing (the “Deferral Period”). If the Option Purchase Closing has been
deferred in accordance with the foregoing and, at the end of the Deferral Period, a Deferral Event
continues to be ongoing with respect to the Company or the Designated Purchaser, as the case may
be, then the Company shall be deemed not to have exercised the particular Purchase Option, such
Purchase Option shall terminate, and the Company shall not have any further rights or obligations
with respect thereto.

18

 

     4.4. Involuntary Transfers. In the event that the Management Securities owned by any
Management Investor shall be subject to sale or other Transfer (the date of such sale or transfer
shall hereinafter be referred to as the “Transfer Date”) by reason of (i) bankruptcy or
insolvency proceedings, whether voluntary or involuntary, or (ii) distraint, levy, execution or
other involuntary Transfer, then such Management Investor shall give the Company written notice
thereof promptly upon the occurrence of such event stating the terms of such proposed Transfer, the
identity of the proposed transferee, the price or other consideration, if readily determinable, for
which the Management Securities are proposed to be transferred, and
the number of Management Securities to be transferred. After its receipt of such notice or,
failing such receipt, after the Company otherwise obtains actual knowledge of such a proposed
Transfer, the Company or one or more designee(s) selected by a majority of the non-employee members
of the Company Board shall have the right and option to purchase any or all of such Management
Securities which right shall be exercised by written notice given by the Company or its designee(s)
to such proposed transferor within 60 days following the Company’s receipt of such notice or,
failing such receipt, the Company’s obtaining actual knowledge of such proposed Transfer. Any
purchase pursuant to this Section 4.4 shall be at the price and on the terms applicable to such
proposed Transfer. If the nature of the event giving rise to such involuntary Transfer is such
that no readily determinable consideration is to be paid for the Transfer of the Management
Securities, the price to be paid by the buyer shall be the Option Purchase Price that would have
been applicable hereunder had such Management Investor incurred a Termination Date as of the date
of such proposed Transfer for the Management Securities. The closing of the purchase and sale of
Management Securities shall be held at the place and the date to be established by the buyer, which
in no event shall be less than 10 days or more than 60 days from the date on which the buyer gives
notice of its election to purchase the Management Securities. At such closing, such Management
Investor shall deliver the certificates evidencing the number of Management Securities to be
purchased by the buyer, accompanied by stock powers duly endorsed in blank or duly executed
instruments of transfer, and any other documents that are necessary to transfer to the buyer good
title to such of the securities to be transferred, free and clear of all pledges, security
interests, liens, charges, encumbrances, equities, claims and options of whatever nature other than
those imposed under this Agreement, and concurrently with such delivery, the buyer shall deliver to
such Management Investor the full amount of the purchase price for such Management Securities in
cash by certified or bank cashier’s check.

ARTICLE V

MISCELLANEOUS

     5.1. Amendment and Modification. This Agreement may be amended or modified, or any
provision hereof may be waived, provided that such amendment, modification or waiver is set forth
in a writing executed by the Company, the Required Holders and Management Investors holding a
majority of the shares of Common Stock held by all Management Investors; provided,
however, that any amendment of this Agreement which adversely affects any Investor in a
manner materially different from other Investors (other than due to any difference in the number of
shares owned by any such Investor) shall require the prior written consent of such Investor. No
course of dealing between or among any Persons having any interest in this Agreement will

19

 

be deemed
effective to modify, amend or discharge any part of this Agreement or any rights or obligations of
any Person under or by reason of this Agreement.

     5.2. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of and be enforceable by the successors and permitted assigns and executors, administrators
and heirs of each party hereto. Except as contemplated hereby in connection with Transfers of
Securities, this Agreement, and any rights or obligations existing hereunder, may not be assigned
or otherwise transferred by any party without the prior written consent of the other parties
hereto.

     5.3. Severability. In the event that any provision of this Agreement or the
application of any provision hereof is declared to be illegal, invalid or otherwise unenforceable
by a court of competent jurisdiction, the remaining provisions shall remain in full force and
effect unless deletion of such provision causes this Agreement to become materially adverse to any
party, in which event the parties shall use reasonable efforts to arrive at an accommodation which
best preserves for the parties the benefits and obligations of the offending provision.

     5.4. Notices. All notices provided for or permitted hereunder shall be made in
writing by hand-delivery, registered or certified first-class mail, fax or reputable courier
guaranteeing overnight delivery to the other parties at the following addresses (or at such other
address as shall be given in writing by any party to the others):

If to the Company, to:

New Century Transportation, Inc.

45 East Park Drive

Westampton, NJ 08060

Attention: Harry J. Muhlschlegel and Brian Fitzpatrick

Fax: (609) 265-1461

with a required copy to:

Dechert LLP

Cira Centre

2929 Arch Street

Philadelphia, PA 19104-2808

Attention: Carmen J. Romano, Esq.

Fax: (215) 994-2222

If to Sponsor, to:

NCT Acquisition LLC

c/o Jefferies Capital Partners

520 Madison Avenue, 12th Floor

New York, NY 10022

Attention: Brian P. Friedman and Seth E. Wilson

Fax: (212) 284-1717

20

 

with a required copy to:

Dechert LLP

Cira Centre

2929 Arch Street

Philadelphia, PA 19104-2808

Attention: Carmen J. Romano, Esq.

Fax: (215) 994-2222

          If to any of the Management Investors, to such Management Investor’s address as set forth on
the signature page hereto or such other address as may be specified from time to time in writing to
the Company by any Management Investor.

All such notices shall be deemed to have been duly given: when delivered by hand, if personally
delivered; four business days after being deposited in the mail, postage prepaid, if mailed; when
confirmation of transmission is received, if faxed during normal business hours (or, if not faxed
during normal business hours, the next business day after confirmation of transmission); and on the
next business day, if timely delivered to a reputable courier guaranteeing overnight delivery.

     5.5. Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of Delaware, without giving effect to principles of conflicts
of law.

     5.6. Headings. The headings preceding the text of the sections and subsections of
this Agreement are for convenience of reference only and shall not constitute a part of this
Agreement, nor shall they affect its meaning, construction or effect.

     5.7. Counterparts. This Agreement may be executed in two or more counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be
an original, and all of which taken together shall constitute one and the same instrument.

     5.8. Further Assurances. Each party shall cooperate and take such action as may be
reasonably requested by another party in order to carry out the provisions and purposes of this
Agreement and the transactions contemplated hereby.

     5.9. Termination. This Agreement shall terminate (i) on the written agreement of the
Investors who are parties hereto, (ii) when all the Investors except any one Investor no longer
hold any Securities, (iii) immediately after the consummation of an Approved Sale or (iv) upon a
Public Offering.

     5.10. Remedies. In the event of a breach or a threatened breach by any party to this
Agreement of its obligations under this Agreement, any party injured or to be injured by such
breach, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Agreement. The parties
agree that the provisions of this Agreement shall be specifically enforceable, it being agreed by
the parties that the remedy at law, including monetary damages, for breach of such provision will

21

 

be inadequate compensation for any loss and that any defense in any action for specific performance
that a remedy at law would be adequate is waived.

     5.11. Party No Longer Owning Securities. If a party hereto ceases to own any
Securities, such party will no longer be deemed to be an Investor or Management Investor for
purposes of this Agreement.

     5.12. No Effect on Employment. Nothing herein contained shall confer on any
Management Investor the right to remain in the employ or service of the Company or any of its
Subsidiaries or Affiliates.

     5.13. Pronouns. Whenever the context may require, any pronouns used herein shall be
deemed also to include the corresponding neuter, masculine or feminine forms.

     5.14. Future Individual Investors. The parties hereto agree that any current or
future employee of the Company or other person who purchases Securities from the Company subsequent
to the date hereof may become a signatory to this Agreement by executing a Joinder setting forth
that such person agrees to be bound by the terms and conditions of this Agreement and this
Agreement will be deemed to be amended to include such person as a Management Investor (or
Investor, as the case may be) and the number of Securities purchased by him or her.

     5.15. Jurisdiction and Venue. ALL JUDICIAL PROCEEDINGS BROUGHT BY OR AGAINST THE
COMPANY OR THE INVESTORS WITH RESPECT TO THIS AGREEMENT, ANY OTHER AGREEMENT CONTEMPLATED HEREBY OR
ANY TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF
COMPETENT JURISDICTION IN THE STATE OF DELAWARE. BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE
COMPANY AND EACH INVESTOR ACCEPT FOR ITSELF AND HIMSELF AND IN CONNECTION WITH ITS OR HIS
RESPECTIVE PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE
AFORESAID COURTS, AND IRREVOCABLY AGREE TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS AGREEMENT. THE COMPANY AND EACH INVESTOR HEREBY WAIVE ANY CLAIM THAT SUCH JURISDICTION
IS AN INCONVENIENT FORUM OR AN IMPROPER FORUM BASED ON LACK OF VENUE.

     5.16. Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN
CONNECTION WITH, OR ARISING OUT OF THIS AGREEMENT OR THE VALIDITY, PROTECTION, INTERPRETATION,
COLLECTION OR ENFORCEMENT THEREOF.

     5.17. Entire Agreement. This Agreement sets forth the entire agreement and
understanding among the parties and supersedes all prior agreements and understandings, written or
oral, relating to the subject matter of this Agreement, it being understood the Investors are
entering into other agreements and instruments in connection herewith, including the Stock Purchase
Agreement and the Registration Rights Agreement.

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     5.18. Access to Certain Information. Notwithstanding anything to the contrary set
forth in this Agreement, no Investor other than any Investor who holds Common Stock on the date
hereof shall be entitled at any time (and each such Investor hereby expressly waives the right,
except as provided for by this Section 5.18) to be provided with all or any of the information
contained on Schedule I hereto (except for the quantity of such Investor’s Options).

ARTICLE VI

DEFINITIONS

     6.1. Definitions. For purposes of this Agreement:

          (a) “Affiliate” means as to any Person, any other Person that directly or indirectly
controls, or is under common control with, or is controlled by, such Person. As used in this
definition, “control” (including, with its correlative meanings, “controlled by” and “under common
control with”) shall mean possession, directly or indirectly, of power to direct or cause the
direction of management or policies (whether through ownership of securities or partnership or
other ownership interests, by contract or otherwise).

          (b) “Approved Sale” shall mean a Sale of the Company on the terms approved by the
Required Holders and a majority of the members of the Company Board.

          (c) “Company Debt Instrument” means any credit or loan agreement, indenture, note or
similar instrument governing any indebtedness for borrowed money of the Company or its
Subsidiaries.

          (d) “Person” means an individual, a partnership, a partner, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization or a governmental entity or any department, agency or political
subdivision thereof.

          (e) “Public Offering” means a successfully completed firm commitment underwritten
public offering pursuant to an effective registration statement under the Securities Act (other
than a Special Registration Statement) in respect of the offer and sale of shares of Common Stock
for the account of the Company resulting in aggregate net proceeds to the Company and any
stockholder selling shares of Common Stock in such offering of not less than $40,000,000.

          (f) “Registration Rights Agreement” means that certain Registration Rights Agreement,
dated as of the date hereof, by and among the Company and each of the Investors, as in effect from
time to time.

          (g) “Required Holders” means, as of any date, the holders of a majority of the shares
of Common Stock then held by the Sponsor and its Permitted Transferees.

          (h) “Sale of the Company” means the sale of the Company, including in one or more
series of related transactions, to another party or group of parties (including a transaction

23

 

to
recapitalize or form a holding company of the Company) pursuant to which such party or parties
acquire (i) equity securities of the Company constituting a majority of the Common Stock of the
Company (whether by merger, consolidation, sale or transfer of the Company’s outstanding equity
securities, or otherwise) or (ii) all or substantially all of the Company’s consolidated assets.

          (i) “Special Registration Statement” means (i) a registration statement on Form S-8 or
S-4 or any similar or successor form or any other registration statement relating to an exchange
offer or an offering of securities solely to the
Company’s employees or security holders or to security holders of a corporation or other
entity being acquired by, or merged with, the Company or (ii) a registration statement registering
a Unit Offering.

          (j) “Special Stock Agreement” means that certain Special Stock Agreement, dated as of
June 15, 2006, by and among the Company, the Sponsor and certain of the Management Investors who
are signators thereto.

          (k) “Subsidiaries” means, with respect to any Person, any corporation, limited
liability company, partnership, association or other business entity of which (i) if a corporation,
a majority of the total voting power of shares of stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company,
partnership, association or other business entity, a majority of the partnership or other similar
ownership interest thereof is at the time owned or controlled, directly or indirectly, by any
Person or one or more Subsidiaries of that Person or a combination thereof.

          (l) “Unit Offering” means a public offering of a combination of debt and equity
securities of the Company in which (i) not more than 10% of the gross proceeds received from the
sale of such securities is attributed to such equity securities, and (ii) after giving effect to
such offering, the Company does not have a class of equity securities required to be registered
under the Exchange Act.

[SIGNATURE PAGES FOLLOW]

24

 

     IN WITNESS WHEREOF, the parties hereto have executed this Securities Holders Agreement the day
and year first above written.

	 	 	 	 	 
	 	NEW CENTURY TRANSPORTATION, INC.

 	 
	 	By:  	/s/ Brian J. Fitzpatrick
 	 
	 	 	Name:  	Brian J. Fitzpatrick 	 
	 	 	Title:  	Executive Vice President and Chief
Financial Officer 	 
	 
	 	NCT ACQUISITION LLC

 	 
	 	By:  	/s/ Seth Wilson
 	 
	 	 	Name:  	Seth Wilson 	 
	 	 	Title:  	Authorized Representative 	 
	 

25

 

	 	 	 	 	 
	 	INVESTORS:

 	 
	 	/s/ Harry Muhlschlegel 	 
	 
	 	/s/ Karen  B. Muhlshlegel
 	 
	 
	 	                                              /s/ Brian J. Fitzpatrick
 	 
	 
	 	                                              /s/ James Molinari
 	 
	 
	 	                                              /s/ Gerald T. Shields Jr.
 	 
	 
	 	                                              /s/ Edward Boffalo
 	 
	 
	 	                                              /s/ David De Angelo
 	 
	 
	 	                                              /s/ Vincent R. Devine
 	 
	 
	 	                                              /s/ Robert Doughtery
 	 
	 
	 	                                              /s/ Carla M. English
 	 
	 
	 	                                              /s/ Mary Evans-Carey
 	 
	 
	 	                                              /s/ Ralph Fallows
 	 
	 
	 	                                              /s/ Joseph F. Firmani
 	 
	 
	 	                                              /s/ Louis Giardelli
 	 
	 

26

 

	 	 	 	 	 
	 	                                              /s/ Nicholas E. Gibbone
 	 
	 
	 	                                              /s/ Joseph F. Guarino
 	 
	 
	 	                                              /s/ Charles F. Harley
 	 
	 
	 	                                              /s/ John F. Hassett
 	 
	 
	 	                                              /s/ Matthew Hehl
 	 
	 
	 	                                              /s/ William Hunter
 	 
	 
	 	                                              /s/ Linda M. Lacca
 	 
	 
	 	                                              /s/ James W. Lewis
 	 
	 
	 	                                              /s/ John Lieberkowski
 	 
	 
	 	                                              /s/ Kevin Long
 	 
	 
	 	                                              /s/ Richard V. Luhrs
 	 
	 
	 	                                              /s/ Joseph Molter
 	 
	 
	 	                                              /s/ Kevin O’Brien
 	 
	 
	 	                                              /s/ Thomas O’Donnell
 	 
	 
	 	                                              /s/ Eric Barry Riggin
 	 
	 
	 	                                              /s/ David Russell
 	 
	 

27

 

	 	 	 	 	 
	 	 	 
	 	                                              /s/ Craig S. Sangster
 	 
	 
	 	                                              /s/ Christopher J. Stuhl
 	 
	 
	 	                                              /s/ Richard Vangenberg
 	 
	 
	 	                                              /s/ Gary S. Wagner
 	 
	 
	 	                                              /s/ Thomas Younghans
 	 
	 
	 	                                              /s/ John H. Zimmerman
 	 
	 
	 	                                              /s/ Francis P. Zinn
 	 

28

 

	 	 	 	 	 

Schedule I

INVESTORS AND SECURITIES

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	OPTIONS TO PURCHASE NUMBER
	 	 	SHARES OF COMMON	 	OF SHARES OF COMMON STOCK AS
	INVESTOR	 	STOCK	 	SET FORTH BELOW
	NCT Acquisition LLC
	 	 	40,453	 	 	 	 	 
	Harry Muhlschlegel
	 	 	3,974	 	 	 	 	 
	Karen Muhlschlegel
	 	 	3,974	 	 	 	 	 
	Brian Fitzpatrick
	 	 	2,839	 	 	 	 	 
	Jim Molinari
	 	 	2,839	 	 	 	 	 
	Jerry Shields
	 	 	1,136	 	 	 	 	 
	Linda Lacca
	 	 	 	 	 	 	227	 
	Edward Boffalo
	 	 	 	 	 	 	113	 
	David De Angelo
	 	 	 	 	 	 	227	 
	Vince Devine
	 	 	 	 	 	 	200	 
	Robert Dougherty
	 	 	 	 	 	 	227	 
	Carla English
	 	 	 	 	 	 	227	 
	Mary Evans Carey
	 	 	 	 	 	 	113	 
	Ralph Fallows
	 	 	 	 	 	 	113	 
	Joseph Firmani
	 	 	 	 	 	 	113	 
	Louis Giardelli
	 	 	 	 	 	 	200	 
	Nicholas Gibbone
	 	 	 	 	 	 	227	 
	Joseph Guarino
	 	 	 	 	 	 	227	 
	Charles Harley
	 	 	 	 	 	 	113	 
	John Hassett
	 	 	 	 	 	 	227	 
	Matthew Hehl
	 	 	 	 	 	 	227	 
	William Hunter
	 	 	 	 	 	 	227	 
	James Lewis
	 	 	 	 	 	 	113	 
	John Lieberkowski
	 	 	 	 	 	 	227	 
	Kevin Long
	 	 	 	 	 	 	227	 
	Richard Luhrs
	 	 	 	 	 	 	640	 
	Joseph Molter
	 	 	 	 	 	 	227	 
	Kevin O’Brien
	 	 	 	 	 	 	113	 
	Thomas O’Donnell
	 	 	 	 	 	 	113	 
	Eric Barry Riggins
	 	 	 	 	 	 	227	 
	David Russell
	 	 	 	 	 	 	681	 
	Craig Sangster
	 	 	 	 	 	 	227	 
	Christopher Stuhl
	 	 	 	 	 	 	113	 
	Richard Vangenberg
	 	 	 	 	 	 	227	 
	Gary Wagner
	 	 	 	 	 	 	200	 
	Thomas Younghans
	 	 	 	 	 	 	113	 
	John Zimmerman
	 	 	 	 	 	 	113	 
	Francis Zinn
	 	 	 	 	 	 	113	 
	 
	 	 	 	 	 	 	 	 
	Total
	 	 	55,215	 	 	 	6,682	 

29

 

FORM OF JOINDER AGREEMENT

TO THE SECURITIES HOLDERS AGREEMENT

          THIS JOINDER to the Securities Holders Agreement, dated as of                     , 2006, by and
among New Century Transportation, Inc., a Delaware corporation (the “Company”), and the
other parties thereto (the “Securities Holders Agreement”) is made and entered into as of
                    ,       by and between the Company and the undersigned “Holder” set forth on the
signature page hereto (this “Joinder”). Capitalized terms used herein but not otherwise
defined shall have the meanings set forth in the Securities Holders Agreement.

     WHEREAS, the Holder has acquired certain Securities and the Securities Holders Agreement
requires the Holder to become a party to the Securities Holders Agreement and the Holder agrees to
do so in accordance with the terms hereof.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
to this Joinder hereby agree as follows:

          (a) Agreement to be Bound. Holder hereby agrees that upon execution of this Joinder,
it shall become a party to the Securities Holders Agreement and shall be fully bound by, and
subject to, all of the covenants, terms and conditions of the Securities Holders Agreement as
though an original party thereto and shall be deemed an Investor [and Management
Investor]1 for all purposes thereof. In addition, Holder hereby agrees that all
Securities held by Holder shall be deemed Securities for all purposes of the Securities Holders
Agreement.

          (b) Successors and Assigns. Except as otherwise provided herein, this Joinder shall
bind and inure to the benefit of and be enforceable by the Company and its successors and assigns
and Holder and any subsequent holders of Securities and the respective successors and assigns of
each of them, so long as they hold any Securities.

          (c) Counterparts. This Agreement may be executed in separate counterparts each of
which shall be an original and all of which taken together shall constitute one and the same
agreement.

          (d) Notices. For purposes of Section 5.4 of the Securities Holders Agreement,
all notices, demands or other communications to the Holder shall be directed to:

[Name]

[Address]

[Facsimile Number]

 

			
	1	 	To be included where the Person transferring the
Securities to the Holder is or was a Management Investor.

30

 

          (e) Governing Law. All issues and questions concerning the application, construction,
validity, interpretation and enforcement of this Joinder shall be governed by and construed in
accordance with the laws of the State of New York, without giving effect to principles of conflicts
of law.

          (f) Jurisdiction and Venue. ALL JUDICIAL PROCEEDINGS BROUGHT BY OR AGAINST THE
COMPANY OR THE HOLDER WITH RESPECT TO THIS JOINDER, ANY OTHER AGREEMENT CONTEMPLATED HEREBY OR ANY
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF
COMPETENT JURISDICTION IN THE STATE OF DELAWARE. BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE
COMPANY AND THE HOLDER ACCEPT FOR ITSELF AND HIMSELF AND IN CONNECTION WITH ITS OR HIS RESPECTIVE
PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS,
AND IRREVOCABLY AGREE TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS JOINDER.
THE COMPANY AND THE HOLDER HEREBY WAIVE ANY CLAIM THAT SUCH JURISDICTION IS AN INCONVENIENT FORUM
OR AN IMPROPER FORUM BASED ON LACK OF VENUE.

          (g) Waiver of Jury Trial. EACH PARTY TO THIS JOINDER HEREBY WAIVES, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN
CONNECTION WITH, OR ARISING OUT OF THIS JOINDER OR THE VALIDITY, PROTECTION, INTERPRETATION,
COLLECTION OR ENFORCEMENT THEREOF.

          (h) Descriptive Headings. The descriptive headings of this Joinder are inserted for
convenience only and do not constitute a part of this Joinder.

* * * * *

31

 

          IN WITNESS WHEREOF, the parties hereto have executed this Joinder as of the date first above
written.

	 	 	 	 	 
	 	NEW CENTURY TRANSPORTATION, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[HOLDER]

 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 
	 

32

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