Document:

Amendment No. 9, to Credit Agreement

 Exhibit 10.30 
 AMENDMENT NO. 9 TO  
 CREDIT AGREEMENT 
 AMENDMENT NO. 9, dated as of February 12, 2008 (this “Amendment”), to the Credit Agreement, dated as of December 22, 2006 (as
amended, restated, supplemented or otherwise modified from time to time, including all schedules thereto, the “Credit Agreement”), by and among the lenders identified on the signature pages thereof (such lenders, together with their
respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), Wells Fargo Foothill, Inc., a California corporation, as the
arranger and administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the “Agent”), Velocity Express Corporation, a Delaware corporation (the “Parent”), each
of the Parent’s Subsidiaries identified on the signature pages thereof as a Borrower (such Subsidiaries are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as
the “Borrowers”), and each of Parent’s Subsidiaries identified on the signature pages thereof as a Guarantor (such Subsidiaries, together with the Parent, are referred to hereinafter each individually as a
“Guarantor”, and individually and collectively, jointly and severally, as the “Guarantors”). 
 Preamble

 The Loan Parties (as defined in the Credit Agreement), the Lenders and the Agent wish to amend the Credit Agreement. Accordingly, the
parties hereto hereby agree as follows: 
 1. Definitions in this Amendment. All capitalized terms used herein which are defined in the
Credit Agreement and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
 2. Amendments.

 (a) Schedule1.1 of the Credit Agreement is hereby amended by adding the following new definition, in the appropriate alphabetical
order: 
 (i) “Driver Pay/Purchased Transportation Percentage” means, with respect to any Person for any period, the
percentage determined by dividing (i) the total amount paid by the Loan Parties to their drivers during such period by (ii) the Revenue for such period. 
 (ii) “Revenue” means, for any period, the gross revenues of the Parent and its Subsidiaries, on a consolidated basis, calculated in accordance with GAAP. 
 (b) Schedule1.1 of the Credit Agreement is hereby amended by amending and restating the following definitions in their entirety to read as
follows: 
 (i) “Base Rate Margin” means 
  

 Schedule 1 
  

 (a) Commencing on February 1, 2008, the relevant Base Rate Margin set forth in the table below
that corresponds to the applicable EBITDA level for the Parent and its Subsidiaries (as determined in accordance with clauses (b) and (c) below). 
  

				
	 EBITDA
	  	Base
Rate Margin	 
	 Less than or equal to $15,000,000
	  	1.50	%
	 Greater than $15,000,000 but less than $20,000,000
	  	1.00	%
	 Greater than $20,000,000
	  	0	%

 (b) The Base Rate Margin shall be determined from time to time pursuant to clause (a) above
on the first day of the month following the date on which the Parent delivers to the Administrative Agent a monthly compliance certificate in accordance with Schedule 5.3, commencing with the delivery by the Parent of the compliance certificate for
the fiscal month of Parent and its Subsidiaries ended January 31, 2008. In the event that a monthly compliance certificate is not provided to the Administrative Agent in accordance with Schedule 5.3, the applicable Base Rate Margin shall be set
at 1.50% as of the first day of the month following the date on which such compliance certificate was required to be delivered until the date on which such monthly compliance certificate is delivered (on which date (but not retroactively), without
constituting a waiver of any Default or Event of Default arising as a result of the Parent’s failure to timely deliver such compliance certificate, the Base Rate Margin shall be set at the relevant Base Rate Margin set forth in the table above
based upon the calculation of the EBITDA for the Parent and its Subsidiaries set forth in such monthly compliance certificate). 
 (c)
Notwithstanding the foregoing, (i) upon the occurrence and during the continuance of an Event of Default, the Base Rate Margin shall be set at the highest Base Rate Margin set forth in the table above, (ii) in the event that the audited
annual financial statements of the Parent and its Subsidiaries required to be delivered by the Borrowers pursuant to Schedule 5.3 for any fiscal year shall indicate that the actual EBITDA of the Parent and its Subsidiaries for any period in such
fiscal year was higher or lower than as previously certified by the Borrowers in the compliance certificate for such period, then the Base Rate Margin for such period shall be adjusted retroactively (to the effective date of the determination of the
Base Rate Margin that was based upon the delivery of such compliance certificate) to reflect the correct Base Rate Margin, and the Borrowers shall make payments to or receive a future credit or payment from the Administrative Agent and Lenders, as
the case may be, to reflect such adjustment and (iii) in the event that any of the information provided to Administrative Agent which is used in the calculation of the Base Rate Margin for any period is subsequently restated or is otherwise
changed thereafter, then if the Base Rate Margin for the applicable period would have resulted in a higher rate, Borrowers shall promptly upon demand pay to Administrative Agent any additional amount in respect of interest that would have been
required based on the higher Base Rate Margin.” 
  

 Schedule 1 
  

 (ii) “LIBOR Rate Margin” means 
 (a) Commencing on February 1, 2008, the relevant LIBOR Rate Margin set forth in the table below that corresponds to the applicable EBITDA level for
the Parent and its Subsidiaries (as determined in accordance with clauses (d) and (e) below). 
  

				
	 EBITDA
	  	LIBOR
Rate Margin	 
	 Less than or equal to $15,000,000
	  	4.00	%
	 Greater than $15,000,000 but less than $20,000,000
	  	3.25	%
	 Greater than $20,000,000
	  	2.50	%

 (b) The LIBOR Rate Margin shall be determined from time to time pursuant to clause (a) above
on the first day of the month following the date on which the Parent delivers to the Administrative Agent a monthly compliance certificate in accordance with Schedule 5.3, commencing with the delivery by the Parent of the compliance certificate for
the fiscal month of Parent and its Subsidiaries ended January 31, 2008. In the event that a monthly compliance certificate is not provided to the Administrative Agent in accordance with Schedule 5.3, the applicable LIBOR Rate Margin shall be
set at 4.00% as of the first day of the month following the date on which such compliance certificate was required to be delivered until the date on which such monthly compliance certificate is delivered (on which date (but not retroactively),
without constituting a waiver of any Default or Event of Default arising as a result of the Parent’s failure to timely deliver such compliance certificate, the LIBOR Rate Margin shall be set at the relevant LIBOR Rate Margin set forth in the
table above based upon the calculation of the EBITDA for the Parent and its Subsidiaries set forth in such monthly compliance certificate). 
 (c) Notwithstanding the foregoing, (i) upon the occurrence and during the continuance of an Event of Default, the LIBOR Rate Margin shall be set at the highest LIBOR Rate Margin set forth in the table above, (ii) in the event that
the audited annual financial statements of the Parent and its Subsidiaries required to be delivered by the Borrowers pursuant to Schedule 5.3 for any fiscal year shall indicate that the actual EBITDA of the Parent and its Subsidiaries for any period
in such fiscal year was higher or lower than as previously certified by the Borrowers in the compliance certificate for such period, then the LIBOR Rate Margin for such period shall be adjusted retroactively (to the effective date of the
determination of the LIBOR Rate Margin that was based upon the delivery of such compliance 

 Schedule 1 
  

 
certificate) to reflect the correct LIBOR Rate Margin, and the Borrowers shall make payments to or receive a future credit or payment from the Administrative
Agent and Lenders, as the case may be, to reflect such adjustment and (iii) in the event that any of the information provided to Administrative Agent which is used in the calculation of the LIBOR Rate Margin for any period is subsequently
restated or is otherwise changed thereafter, then if the LIBOR Rate Margin for the applicable period would have resulted in a higher rate, Borrowers shall promptly upon demand pay to Administrative Agent any additional amount in respect of interest
that would have been required based on the higher LIBOR Rate Margin.” 
 (c) Schedule1.1 of the Credit Agreement is hereby
further amended by amending the definition of EBITDA by (1) deleting the word “minus” at the end of clause (v) of such definition, (2) re-numbering clause (vi) of such definition as clause (vii), and
(3) inserting the following new clause (vi): 
 “(vi) fees charged by the Agent in connection with Amendment No. 9 to the
Credit Agreement in an aggregate amount not to exceed $175,000 and expenses (including legal fees) incurred in connection with Amendment No. 9 to the Credit Agreement in an aggregate amount not to exceed $25,000; minus,” 

(d) Section 6.16(a) of the Credit Agreement is hereby amended in its entirety to read as set forth on Schedule 1 to this Amendment.

 (e) Section 6.16 of the Credit Agreement is hereby amended by adding the following new subsection (c) to read as set
forth on Schedule 2 to the Amendment. 
 (f) Section 6.16 of the Credit Agreement is hereby amended by adding the following new
subsection (d) to read as follows: 
 (i) “(d) Liquidity Test. At all times during the period from June 1, 2008
through and including June 30, 2008, the Loan Parties shall have at least $5,000,000 of Excess Availability plus Qualified Cash.” 
 3. Waiver. 
 (a) Pursuant to the request of the Borrowers and in accordance with Section 14.1 of the Credit
Agreement, the Agent and Required Lenders hereby waive any Event of Default that has or would otherwise arise under Section 7 of the Credit Agreement by reason of the failure of the Loan Parties, pursuant to Section 6.16(a)
of the Credit Agreement, to achieve the Minimum EBITDA requirement for the twelve (12) month period ending December 31, 2007. 
 (b) The waiver in this Section 3 shall be effective only in the specific instances set forth herein and do not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document,
which terms and conditions shall otherwise continue in full force and effect. 
  

 Schedule 1 
  

 4. Representations and Warranties. In order to induce the Agent and the Lenders to enter into
this Amendment, the Administrative Borrower (on behalf of the Loan Parties) hereby represents and warrants that: 
 (a) No Default. At
and as of the date of this Amendment, and both prior to and after giving effect to this Amendment, no Default or Event of Default exists. 
 (b) Representations and Warranties True and Correct. At and as of the date of this Amendment and at and as of the Amendment Effective Date (as defined below) and after giving effect to this Amendment, each of the representations and
warranties contained in the Credit Agreement and the other Loan Documents is true and correct in all material respects (except to the extent that such representations and warranties relate solely to an earlier date). 
 (c) Corporate Power, Etc. The Administrative Borrower (on behalf of each Loan Party) (a) has all requisite corporate power and authority to
execute and deliver this Amendment and to consummate the transactions contemplated hereby and (b) has taken all action, corporate or otherwise, necessary to authorize the execution and delivery of this Amendment. The Administrative Borrower (on
behalf of the Loan Parties) is entering into this Amendment in accordance with Section 14.1 of the Credit Agreement. 
 (d)
No Conflict. The execution, delivery and performance by the Administrative Borrower (on behalf of the Loan Parties) of this Amendment will not (a) violate any provision of federal, state, or local law or regulation applicable to any Loan
Party, the Governing Documents of any Loan Party, or any order, judgment, or decree of any court or other Governmental Authority binding on any Loan Party, (b) conflict with, result in a breach of, or constitute (with due notice or lapse of
time or both) a default under any material contractual obligation of any Loan Party, (c) result in or require the creation or imposition of any Lien of any nature whatsoever upon any properties or assets of any Loan Party, or (d) require
any unobtained approval of any Loan Party’s interestholders or any unobtained approval or consent of any Person under any material contractual obligation of any Loan Party. 
 (e) Binding Effect. This Amendment has been duly executed and delivered by the Administrative Borrower (on behalf of the Loan Parties) and
constitutes the legal, valid and binding obligation of the Loan Parties, enforceable against the Loan Parties in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors’ rights generally, and (b) the application of general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law). 
 5. Conditions Precedent. This Amendment shall be effective on
February 12, 2008 (the “Amendment Effective Date”) upon the fulfillment by the parties hereto, in a manner satisfactory to the Agent and the Lenders, of all of the following conditions precedent set forth in this
Section 5: 
  

 Schedule 1 
  

 (a) Execution of the Amendment. Each of the parties hereto shall have executed an original
counterpart of this Amendment and shall have delivered (including by way of facsimile transmission or other electronic transmission) the same to the Agent. 
 (b) Representations and Warranties. As of the Amendment Effective Date, the representations and warranties set forth in Section 4 hereof shall be true and correct. 
 (c) Amendment Fee. The Borrowers shall have paid to Agent, for its sole and separate account, a non-refundable amendment fee equal to $150,000,
in immediately available funds, in Dollars, which fee shall be earned in full when paid. 
 6. Miscellaneous. 
 (a) Continuing Effect. Except as specifically provided herein, the Credit Agreement and the other Loan Documents shall remain in full force and
effect in accordance with their respective terms and are hereby ratified and confirmed in all respects. It is understood and agreed by the parties hereto that this Amendment constitutes a Loan Document. 
 (b) No Waiver; Reservation of Rights. This Amendment is limited as specified and the execution, delivery and effectiveness of this
Amendment shall not operate as a modification, amendment or waiver of any provision of the Credit Agreement or any other Loan Document, except as specifically set forth herein. Notwithstanding anything contained in this Amendment to the contrary,
the Agent and the Lenders expressly reserve the right to exercise any and all of their rights and remedies under the Credit Agreement, each other Loan Document and applicable law in respect of any Default or Event of Default. 
 (c) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT
GIVING EFFECT TO ANY CHOICE OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF A DIFFERENT JURISDICTION. 
 (d)
Severability. The provisions of this Amendment are severable, and if any clause or provision shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such
clause or provision, or part thereof, in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision in this Amendment in any jurisdiction. 
 (e) Counterparts. This Amendment may be executed in any number of counterparts, each of which counterparts when executed and delivered shall be
an original, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of this Amendment by telefacsimile or other electronic transmission shall be equally effective as delivery of a manually
executed counterpart. 
 (f) Headings. Section headings in this Amendment are included herein for convenience of reference only and
shall not constitute a part of this Amendment for any other purpose. 
  

 Schedule 1 
  

 (g) Binding Effect; Assignment. This Amendment shall be binding upon and inure to the benefit
of the Loan Parties, the Lenders and the Agent and each of their respective successors and assigns. 
 (h) Expenses. The
Administrative Borrower (on behalf of the Loan Parties) agrees that the Loan Parties will pay the Agent upon demand for all reasonable expenses, including reasonable fees of attorneys for the Agent (who may be employees of the Agent), incurred by
the Agent in connection with the preparation, negotiation and execution of this Amendment and any document required to be furnished herewith. 
 (i) Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto
with respect to the subject matter hereof. 
 (j) Release. The Administrative Borrower (on behalf of the Loan Parties) hereby
acknowledges and agrees that no Loan Party has any defense, counterclaim, offset, cross-complaint, claim or demand of any kind or nature whatsoever that can be asserted to reduce or eliminate all or any part of its liability to repay the obligations
or to seek affirmative relief or damages of any kind or nature from the Agent or the Lenders. The Administrative Borrower (on behalf of the Loan Parties) hereby voluntarily and knowingly releases and forever discharges the Agent, the Lenders and
each of their respective predecessors, agents, employees, attorneys, successors and assigns (collectively, the “Released Parties”) from all possible claims, demands, actions, causes of action, damages, costs, expenses and
liabilities whatsoever, whether known or unknown, anticipated or unanticipated, suspected or unsuspected, fixed, contingent or conditional, or at law or in equity, in any case originating in whole or in part on or before the date this amendment is
executed that any Loan Party may now or hereafter have against the Released Parties, if any, irrespective of whether any such claims arise out of contract, tort, violation of law or regulations, or otherwise, and that arise from any Loans, the
exercise of any rights and remedies under the Credit Agreement or other Loan Documents, and/or negotiation for and execution of this Amendment, including, without limitation, any contracting for, charging, taking, reserving, collecting or receiving
interest in excess of the highest lawful rate applicable. 
 [Signature Pages Follow] 
  

 Schedule 1 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

			
	ADMINISTRATIVE BORROWER:
	
	VELOCITY EXPRESS CORPORATION,
	a Delaware corporation
		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer

 Schedule 1 
  

			
	AGENT AND LENDER:
	
	WELLS FARGO FOOTHILL, INC.,
	a California corporation
		
	By:	 	 /s/ Jason P. Shanahan

	Name:	 	Jason P. Shanahan
	Title:	 	Vice President

 Schedule 1 
  

 Section 6.16(a) Minimum EBITDA 
 “(a) Minimum EBITDA. Fail to achieve EBITDA, measured on a month end basis, of at least the required amount set forth in the
following table for the applicable period set forth opposite thereto: 
  

				
	 Applicable Amount
	  	 Applicable Period

	$	(5,800,000)	  	For the 12 month period ending January 31, 2008
		
	$	(3,500,000)	  	For the 12 month period ending February 29, 2008
		
	$	(220,000)	  	For the 12 month period ending March 31, 2008
		
	$	1,465,000	  	For the 12 month period ending April 30, 2008
		
	$	2,900,000	  	For the 12 month period ending May 31, 2008
		
	$	4,200,000	  	For the 12 month period ending June 30, 2008
		
	$	6,775,000	  	For the 12 month period ending July 31, 2008
		
	$	9,275,000	  	For the 12 month period ending August 31, 2008
		
	$	11,300,000	  	For the 12 month period ending September 30, 2008
		
	$	14,050,000	  	For the 12 month period ending October 31, 2008
		
	$	16,050,000	  	For the 12 month period ending November 30, 2008
		
	$	19,600,000	  	For the 12 month period ending December 31, 2008
		
	$	21,000,000	  	For the 12 month period ending January 31, 2009
		
	$	21,000,000	  	For the 12 month period ending February 29, 2009
		
	$	21,000,000	  	For the 12 month period ending March 31, 2009
		
	$	21,000,000	  	For the 12 month period ending April 30, 2009
		
	$	21,000,000	  	For the 12 month period ending May 31, 2009
		
	$	21,000,000	  	For the 12 month period ending June 30, 2009
		
	$	21,000,000	  	For the 12 month period ending on the last day of each month thereafter

 Section 6.16(c) Driver Pay/Purchased Transportation 
 “(c) Minimum Driver Pay/Purchased Transportation Percentage. Shall not exceed the Driver Pay/Purchased Transportation Percentage set
forth in the following table measured on each date and for the applicable periods set forth opposite thereto: 
  

				
	 Applicable Period
	  	Ratio	 
	 On March 3, 2008 for the 3 week period ending February 15, 2008
	  	61.4	%
		
	 On March 31, 2008 for the 3 week period ending March 14, 2008
	  	60.3	%
		
	 On May 5, 2008 for the 3 week period ending April 11, 2008
	  	59.6	%
		
	 On June 2, 2008 for the 3 week period ending May 16, 2008
	  	59	%
		
	 On June 30, 2008 for the 3 week period ending June 13, 2008
	  	58.3	%
		
	 On August 4, 2008 for the 3 week period ending July 11, 2008
	  	57.9	%
		
	 On September 1, 2008 for the 3 week period ending August 15, 2008
	  	57.8	%
		
	 On September 29, 2008 for the 3 week period ending September 12, 2008
	  	57.8	%
		
	 On November 3, 2008 for the 3 week period ending October 17, 2008
	  	57.8	%
		
	 On December 1, 2008 for the 3 week period ending November 14, 2008
	  	57.8	%
		
	 On December 29, 2008 for the 3 week period ending December 12, 2008, and for each 3 week period
thereafter
	  	57.8	%Waiver and Tenth Amendment to Credit Agreement

 Exhibit 10.31 
 WAIVER AND TENTH AMENDMENT 
 Waiver and Tenth Amendment (this “Agreement”), dated as
of April 30, 2008, to the Credit Agreement, dated as of December 22, 2006 (as amended, restated, supplemented or otherwise modified from time to time, including all schedules thereto, the “Credit Agreement”), by and among
the lenders identified on the signature pages thereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the
“Lenders”), Wells Fargo Foothill, Inc., a California corporation, as the arranger and administrative agent for the Lenders (in such capacity, together with its successors and assigns in such capacity, the
“Agent”), Velocity Express Corporation, a Delaware corporation (the “Parent”), each of the Parent’s Subsidiaries identified on the signature pages thereof as a Borrower (such Subsidiaries are referred to
hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), and each of Parent’s Subsidiaries identified on the signature pages thereof as a
Guarantor (such Subsidiaries, together with the Parent, are referred to hereinafter each individually as a “Guarantor”, and individually and collectively, jointly and severally, as the “Guarantors”). Capitalized
terms used in this Agreement and not defined herein shall have the applicable meanings given to such terms in the Credit Agreement. 
 WITNESSETH: 
 WHEREAS, one or more Events of Default have occurred and are continuing under Section 7.2(a) of
the Credit Agreement as a result of the noncompliance by the Parent and its Subsidiaries with (a) the minimum EBITDA covenant set forth in Sections 6.16(a) of the Credit Agreement for the twelve month period ended February 29,
2008 and (b) the driver pay covenant set forth in Section 6.16(c) of the Credit Agreement for the three week periods ending March 14, 2008 and April 11, 2008 (collectively, the “Specified Defaults”);

 WHEREAS, the Borrowers have requested that the Agent and the Required Lenders agree and, subject to the terms and conditions of this
Agreement, the Agent and the Required Lenders have agreed to waive the Specified Defaults for the period commencing on the Tenth Amendment Effective Date (as defined below) and ending on the earliest to occur of the following dates: (i) May 12,
2008, which date shall be further extended to May 19, 2008 if the Parent has filed with the SEC for an extension, to a date on or after May 19, 2008, to file its quarterly report for the quarter ended March 31, 2008, (ii) the
date on which any Default or Event of Default (other than the Specified Defaults) shall occur or exist, including, without limitation, any Default or Event of Default arising from the failure to comply with the terms and provisions contained in this
Agreement, or (iii) the date on which the Agent determines, in its sole discretion, there has occurred after the date hereof, or in the opinion of the Agent there is reasonably likely to occur after the date hereof, a Material Adverse Change
(such period being hereinafter called, the “Waiver Period”). 

 NOW, THEREFORE, the Agent, the Required Lenders and the Loan Parties hereby agree as follows: 

1. Loan Parties Acknowledgments. The Loan Parties hereby acknowledge, confirm and agree that: 
 (a) As of the close of business on April 22, 2008, (i) the aggregate outstanding principal amount of the Advances (not including amounts
accrued but not yet charged to the Loan Account) is $8,517,640.00 and the aggregate stated amount of all outstanding Letters of Credit is $3,122,360.00, and (ii) the Borrowers are unconditionally indebted and liable for the repayment in full of
the outstanding principal amount of all Advances, all contingent reimbursement obligations with respect to outstanding Letters of Credit and all other Obligations, including, without limitation, the Applicable Prepayment Premium, the fees set forth
in the Fee Letter and the fees and expenses of legal counsel to the Agent, without offset, defense or counterclaim of any kind, nature or description. 
 (b) All Obligations are secured by valid, enforceable and perfected first priority Liens (except as otherwise expressly provided in the Loan Documents) in all of the Collateral, which Liens are enforceable without
offset, defense or counterclaim. 
 (c) (i) Each of the Loan Documents to which the Loan Parties are a party has been duly executed and
delivered to the Agent and each is in full force and effect as of the date hereof, (ii) the agreements and obligations of the Loan Parties contained in the Loan Documents to which they are a party constitute the legal, valid and binding
obligations of the Loan Parties, enforceable against them in accordance with their terms, and the Loan Parties have no offset, defense or counterclaim to the enforcement of such Obligations, and (iii) the Agent and the other members of the
Lender Group are and shall be entitled to the rights, remedies and benefits provided for in the Loan Documents, subject to the terms of this Agreement. 
 (d) The Agent’s and the Lenders’ execution of this Agreement shall not constitute a novation, refinancing, discharge, extinguishment or refunding nor is it to be construed as a release, waiver or
modification of any of the terms, conditions, representations, warranties, covenants, rights or remedies set forth in the Credit Agreement or any of the other Loan Documents, except as expressly provided herein. 
 (e) (i) Neither the Loan Parties nor any of their Subsidiaries or Affiliates has any claim or cause of action against the Agent, any Agent-Related
Person, any Lender or any Lender-Related Person (or any of the directors, officers, employees, agents, Affiliates or attorneys of the foregoing), and (ii) the Lender Group has heretofore properly performed and satisfied in a timely manner all
of its obligations to the Loan Parties and all of their Subsidiaries and Affiliates (if any) under the Credit Agreement and the other Loan Documents. Notwithstanding the foregoing, Loan Parties wish (and the Agent and Lenders agree) to eliminate any
possibility that any past conditions, acts, omissions, events or circumstances would impair or otherwise adversely affect the Agent or any Lenders’ rights, interests, security and/or remedies under the Credit Agreement and the other Loan
Documents. Accordingly, for and in consideration of the agreements contained in this Agreement and other good and valuable consideration, the Loan Parties for themselves and their Affiliates and the 

  

 2 

 
successors, assigns, heirs and representatives of each of the foregoing) (collectively, the “Releasors”) does hereby fully, finally,
unconditionally and irrevocably release, waive and forever discharge the Agent, any Agent-Related Person, any Lender or any Lender-Related Person, together with their respective successors, assigns, subsidiaries, affiliates, agents and attorneys
(collectively, the “Released Parties”) from: (x) any and all liabilities, obligations, duties, responsibilities, promises or indebtedness of any kind of the Released Parties to the Releasors or any of them and (y) all
claims, demands, disputes, offsets, causes of action (whether at law or equity), suits or defenses of any kind whatsoever (if any), which the Releasors or any of them had from the beginning of the world, now has or might hereafter have against the
Released Parties or any of them, in either case of clauses (x) or (y) on account of any condition, act, omission, event, contract, liability, obligation, indebtedness, claim, cause of action, defense, circumstance or matter of any kind
(1) that existed, arose or occurred at any time from the beginning of the world to the execution of this Agreement or (2) that could hereafter arise as a result, directly or indirectly, of the execution of (or the observance of the terms
of) this Agreement, the Credit Agreement or any of the other Loan Documents. For purposes of the release contained in this clause (g), any reference to any Releasor shall mean and include, as applicable, such Person’s successors and assigns,
including, without limitation, any receiver, trustee or debtor-in-possession, acting on behalf of such Person. As to each and every claim released hereunder, the Loan Parties hereby represent that they have received the advice of legal counsel with
regard to the releases contained herein and agrees that no such common law or statutory rule or principle shall affect the validity or scope or any other aspect of such release. 
 2. Amendments. The Loan Parties, the Lenders and the Agent wish to amend the Credit Agreement. Accordingly, on the Tenth Amendment Effective Date,
the parties hereto hereby agree as follows: 
 (a) Schedule 1.1 of the Credit Agreement is hereby amended by adding the following new
definition in the applicable alphabetical order: 
 “‘Special Reserve’ means, the sum of (i) $350,000 plus
(ii) an additional $50,000 on each Monday following the Tenth Amendment Effective Date commencing on April 28,2008.” 
 (b)
Schedule 1.1 of the Credit Agreement is hereby amended by amending and restating clause (a) of the definition of “Base Rate Margin” in its entirety to read as follows: 
 “(a) Commencing on April 1, 2008, the relevant Base Rate Margin set forth in the table below that corresponds to the applicable EBITDA level
for the Parent and its Subsidiaries (as determined in accordance with clauses (b) and (c) below). 
  

 3 

				
	 EBITDA
	  	Base
Rate Margin	 
	 Less than or equal to $15,000,000
	  	3.50	%
	 Greater than $15,000,000 but less than $20,000,000
	  	3.00	%
	 Greater than $20,000,000
	  	2.00	%”

 (c) Schedule 1.1 of the Credit Agreement and the second sentence of clause (b) of the
definition of “Base Rate Margin” is hereby amended by deleting the following percentage “1.50%” and substituting “3.50%” in lieu thereof. 
 (d) Schedule 1.1 of the Credit Agreement is hereby amended by amending and restating clause (b) of the definition of “Borrowing
Base” in its entirety to read as follows: 
 “(b) the sum of (i) the Bank Product Reserve, if any, (ii) the Canadian
Reserve, if any, (iii) the Special Reserve, if any and (iv) the aggregate amount of other reserves, if any, established by the Agent under Section 2.1(b).” 
 (e) Schedule 1.1 of the Credit Agreement is hereby amended by amending and restating clause (a) of the definition of “LIBOR Rate
Margin” in its entirety to read as follows: 
 “(a) Commencing on April 1, 2008, the relevant LIBOR Rate Margin set forth
in the table below that corresponds to the applicable EBITDA level for the Parent and its Subsidiaries (as determined in accordance with clauses (d) and (e) below). 
  

				
	 EBITDA
	  	LIBOR
Rate Margin	 
	 Less than or equal to $15,000,000
	  	6.00	%
	 Greater than $15,000,000 but less than $20,000,000
	  	5.25	%
	 Greater than $20,000,000
	  	4.50	%”

 (f) Schedule 1.1 of the Credit Agreement and the second sentence of clause (b) of the
definition of “LIBOR Rate Margin” is hereby amended by deleting the following percentage “4.00%” and substituting “6.00%” in lieu thereof. 
  

 4 

 (g) Article 5 of the Credit Agreement is hereby amended by adding the following new sections to
the end thereto to read in their entirety as follows: 
 “5.22 Budget. (a) Commencing on the Tenth Amendment Effective Date,
the Budget (as defined below) shall be (i) updated on Wednesday of each week and be in form and substance satisfactory to the Agent, (ii) consistent with past projections, (iii) prepared on a reasonable basis and in good faith,
(iv) based on assumptions believed by the Loan Parties and their Subsidiaries to be reasonable at the time made and upon the best information then reasonably available to the Loan Parties and their Subsidiaries, and (v) cover a period of
thirteen consecutive weeks, commencing with the Friday of the most recently ended calendar week, and shall be accompanied by a certificate of the Chief Financial Officer of the Administrative Borrower certifying as to the matters set forth above. On
or before Wednesday of each week, the Borrowers shall deliver, each in form and substance satisfactory to the Agent, (1) a reconciliation of the actual cash receipts, disbursements, net cash, and outstanding Loans for the most recently-ended
calendar week (on a weekly basis and for the four consecutive weeks ended as of the last day of the most recently-ended calendar week) to the amount set forth in each budgeted line item in the Budget for such week (and on a cumulative basis for the
four consecutive weeks ended as the last day of the most recently-ended calendar week), (2) a narrative detailing any discrepancies between the actual results for such week (and on a cumulative basis for the four consecutive weeks ended as the
last day of the most recently-ended calendar week) and the Budget for such week (and on a cumulative basis for the four consecutive weeks ended as the last day of the most recently-ended calendar week), and (3) an outline of actions to be taken
by Loan Parties and their Subsidiaries to eliminate any adverse discrepancies, if any, to return to compliance with the applicable Budget; and 
 (b) By not later than April 25, 2008, the Borrowers shall deliver to the Agent a revised budget of the Loan Parties for the 2008 and 2009 calendar years, in form and substance satisfactory to the Agent, setting forth the projected cash
receipts and disbursements of the Loan Parties and the balance of the Loans projected to be outstanding during such period. 
 5.23
Financial Consultant. The Loan Parties shall continue the retention of Houlihan Lokey Howard & Zukin Capital or another financial consultant satisfactory to the Agent until such time as the Loan Parties receive prior written consent
of the Agent to discontinue such retention. 
 5.24 Refinancing; Weekly Updates. (a) The Loan Parties shall use their
commercially reasonable efforts to refinance the Obligations under the Credit Agreement as soon as reasonably possible; and 
 (b) The
Loan Parties and their financial consultant shall 

  

 5 

 
participate in weekly telephone meetings with the Agent to discuss the status of the refinancing efforts set forth in clause (a) above, financial
performance, operational performance and any other issues or matters relating to the Loan Parties which the Agent requests.” 
 (h)
Section 6.1(b) of the Credit Agreement is hereby amended by amending and restating the following clause in its entirety to read as follows: 
 “(b) Indebtedness set forth on Schedule 4.19 and any Refinancing Indebtedness in respect of such Indebtedness; provided, that Schedule 4.19 shall not include any Noteholder Indebtedness which
is covered by clause (f) of this section,” 
 (i) Section 7.2(a) of the Credit Agreement is hereby amended by amending
and restating the following clause in its entirety to read as follows: 
 “(a) fails to perform or observe any term, provision,
condition, covenant or other agreement contained in any of Sections 2.7, 3.3, 5.2, 5.3, 5.4, 5.5, 5.8, 5.12, 5.14, 5.16, 5.17, 5.21, 5.22, 5.23,
5.24 and 6.1 through 6.17 of this Agreement or Section 6 of the Security Agreement;” 
 3. Waiver.

 (a) Pursuant to the request of the Loan Parties and in accordance with Section 14.1 of the Credit Agreement, the Agent and
Required Lenders hereby waive the Specified Defaults for the Waiver Period. 
 (b) The waiver in this Section 3 shall be effective only
for the Specified Defaults and only for the Waiver Period and does not allow for any other or further departure from the terms and conditions of the Credit Agreement or any other Loan Document, which terms and conditions shall otherwise continue in
full force and effect. 
 4. No Waiver; Reservation of Rights. The Agent and the Lenders have not waived, are not by this Agreement
waiving, and have no present intention of waiving any Events of Default (other than the Specified Defaults for the Waiver Period) which may be continuing on the date hereof or any Events of Default which may occur after the date hereof (whether the
same or similar to the Specified Defaults or otherwise), and nothing contained herein shall be deemed or constitute any such waiver. The Lender Group reserves the right, in its discretion, to exercise any or all rights or remedies under the Credit
Agreement, the other Loan Documents, applicable law and otherwise (including, without limitation, any rights afforded to the Agent and Lenders under the Intercreditor Agreement) as a result of any other Events of Default that may be continuing on
the date hereof or any Events of Default that may occur after the date hereof, and the Agent and the Lenders have not waived any of such rights or remedies and nothing in this Agreement, and no delay on the Agent’s and the Lenders’ part in
exercising such rights or remedies, should be construed as a waiver of any such rights or remedies. Upon the termination of the Waiver Period, the agreement of the members of the Lender Group to waive the Specified Defaults and the other agreements
of the members of the Lender Group shall automatically and without further action terminate and be of no force and effect, it being understood and agreed 

  

 6 

 
that the effect of such termination will be to permit the Agent (acting upon the instructions of the Required Lenders, on behalf of the Lender Group) to
exercise any and all of its rights and remedies at any time and from time to time thereafter, including, without limitation, the right to accelerate all or any portion of the Obligations and exercise any other rights and remedies set forth in the
Credit Agreement, the other Loan Documents, applicable law or otherwise, in each case, without any notice, passage of time or forbearance of any kind. Each member of the Lender Group reserves the right to request any additional information
(financial or otherwise) with respect to the Specified Defaults or any other Event of Default or otherwise. 
 5. Reaffirmation of
Guaranty; Agreement as Loan Document. Except as specifically set forth in this Agreement, the Credit Agreement and the other Loan Documents (including, without limitation, the terms of any guaranty or grant of security set forth therein) shall
remain in full force and effect and are hereby ratified and confirmed. Upon the effectiveness of this Agreement, each reference to the Credit Agreement in any Loan Document shall mean and be a reference to the Credit Agreement as modified hereby.
This Agreement shall constitute a Loan Document and shall (unless expressly indicated herein or therein) be construed, administered, and applied, in accordance with all of the terms and provisions of the Credit Agreement and the other Loan
Documents. Accordingly, it shall be an Event of Default under the Credit Agreement if (i) any representation or warranty made by the Loan Parties under or in connection with this Agreement shall have been untrue, false or misleading when made,
or (ii) the Loan Parties shall fail to perform or observe any term, covenant or agreement contained in this Agreement. 
 6.
Conditions to Effectiveness. This Agreement shall become effective and be deemed effective as of the date when, and only when, all of the following conditions have been satisfied as determined in the Agent’s sole and absolute discretion
(the date of such effectiveness being herein called the “Tenth Amendment Effective Date”): 
 (a) The Agent shall have
received a copy of this Agreement duly executed by the Borrower, the Agent and the Required Lenders; 
 (b) The Borrowers shall have deliver
to the Agent a thirteen-week budget of Loan Parties, in form and substance satisfactory to the Agent, setting forth the projected cash receipts and disbursements of Loan Parties and the balance of the Loans projected to be outstanding on a weekly
basis during such period (the “Budget”); 
 (b) The Agent shall have received an executed copy of the engagement letter
between the Parent and its financial consultant, Houlihan Lokey Howard & Zukin Capital, which shall be satisfactory to the Agent; 
 (c) All out-of-pocket expenses incurred by any member of the Lender Group which have been invoiced in connection with this Agreement, the Credit Agreement or any other Loan Document, or the transactions contemplated by any of the foregoing,
shall have been paid by the Borrower; and 
 (d) As of the Tenth Amendment Effective Date, the representations and warranties set forth in
Section 7 hereof shall be true and correct. 
  

 7 

 7. Representation and Warranties. In order to induce the Agent and the Lenders to enter into his
Agreement, the Loan Parties hereby represent and warrant that: 
 (a) At and as of the date of this Agreement and as of the Tenth Amendment
Effective Date, and both prior to and after giving effect to this Agreement, no Default or Event of Default shall have occurred and be continuing or shall result from the execution of this Agreement. 
 (b) At and as of the date of this Agreement and at and as of the Tenth Amendment Effective Date and after giving effect to this Agreement, each of the
representations and warranties contained in the Credit Agreement and the other Loan Documents is true and correct in all material respects (except to the extent that such representations and warranties relate solely to an earlier date). 

(c) Each Loan Party (a) has all requisite corporate power and authority to execute and deliver this Agreement and to consummate the transactions
contemplated hereby and (b) has taken all action, corporate or otherwise, necessary to authorize the execution and delivery of this Amendment. 
 (d) The execution, delivery and performance by the Loan Parties of this Agreement will not (a) violate any provision of federal, state, or local law or regulation applicable to any Loan Party, the Governing
Documents of any Loan Party, or any order, judgment, or decree of any court or other Governmental Authority binding on any Loan Party, (b) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default
under any material contractual obligation of any Loan Party, (c) result in or require the creation or imposition of any Lien of any nature whatsoever upon any properties or assets of any Loan Party, or (d) require any unobtained approval
of any Loan Party’s interestholders or any unobtained approval or consent of any Person under any material contractual obligation of any Loan Party. 
 (e) This Agreement has been duly executed and delivered by each Loan Party and constitutes the legal, valid and binding obligation of the Loan Parties, enforceable against the Loan Parties in accordance with its
terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors’ rights
generally, and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 8. Lender Group Expenses. All fees, costs and expenses incurred by any member of the Lender Group in connection with this Agreement and each of the other documents, instruments and agreements executed in
connection herewith, including, but not limited to, such fees, costs and expenses incurred in connection with the negotiation, drafting, implementation and enforcement of this Agreement, shall constitute Lender Group Expenses and shall be paid in
accordance with the terms hereof and the other Loan Documents. 
  

 8 

 9. Severability. The provisions of this Agreement are severable, and if any clause or provision
shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction and shall not in any manner affect such clause
or provision in any other jurisdiction, or any other clause or provision in this Agreement in any jurisdiction. 
 10. Counterparts.
This Agreement may be executed in any number of counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of
this Agreement by telefacsimile or other electronic transmission shall be equally effective as delivery of a manually executed counterpart. 
 11. Integration. This Agreement contains the entire understanding of the parties hereto with regard to the subject matter contained herein. This Agreement supersedes all prior or contemporaneous negotiations, promises, covenants,
agreements and representations of every nature whatsoever with respect to the matters referred to in this Agreement, all of which have become merged and finally integrated into this Agreement. Each of the parties understands that in the event of any
subsequent litigation, controversy or dispute concerning any of the terms, conditions or provisions of this Agreement, no party shall be entitled to offer or introduce into evidence any oral promises or oral agreements between the parties relating
to the subject matter of this Agreement not included or referred to herein and not reflected by a writing included or referred to herein. Any single or partial exercise of any right under this Agreement shall not preclude other or further exercise
thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of this Agreement whatsoever shall be valid unless in writing signed by the Agent and the Required Lenders (or any other
Person whose consent is required pursuant to the terms of the Loan Documents), and then only to the extent in such writing specifically set forth. All remedies contained in this Agreement or by law afforded shall be cumulative and all shall be
available to the members of the Lender Group until the Obligations have been paid in full. The failure of any party to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provisions, nor in any way to
affect the validity of this Agreement or any part hereof or the right of such party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any other or subsequent
breach. 
 12. Binding Effect; Assignment. This Amendment shall be binding upon and inure to the benefit of the Loan Parties, the
Lenders and the Agent and each of their respective successors and assigns. 
 13. Headings. Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 
 14.
Governing Law; Waiver of Jury Trial. Without limiting the applicability of any other provision of the Credit Agreement or any other Loan Document, the terms and provisions set forth in Section 12 of the Credit Agreement (Choice of
Law and Venue; Jury Trial Waiver) are expressly incorporated herein by reference. 
  

 9 

 [Remainder of page intentionally left blank.] 
  

 10 

 IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first above written. 

 

			
	BORROWERS:
	
	 VELOCITY EXPRESS, INC.,
 a
Delaware corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 VELOCITY EXPRESS LEASING, INC.,
 a Delaware corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 VXP MID-WEST, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 VXP LEASING MID-WEST, INC.,
 a
Delaware corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 CLICK MESSENGER SERVICE, INC.,
 a
New Jersey corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 SECURITIES COURIER CORPORATION,
 a New York corporation

		
	By:	 	 /s/ Edward W. Stone

	 
	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer

  

 Waiver and 10th Amendment 

			
	 OLYMPIC COURIER SYSTEMS, INC.,
 a
New York corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 SILVER STAR EXPRESS, INC.,
 a
Florida corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 CLAYTON / NATIONAL COURIER SYSTEMS, INC.,
 a Missouri corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	GUARANTORS:
	
	 VELOCITY EXPRESS CORPORATION,
 a
Delaware corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 CD&L, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer
	
	 Velocity Systems Franchising Corporation,
 a Michigan corporation

		
	By:	 	 /s/ Edward W. Stone

	Name:	 	Edward W. Stone
	Title:	 	Chief Financial Officer

  

 Waiver and 10th Amendment 

			
	 AGENT AND LENDER:

	
	 WELLS FARGO FOOTHILL, INC.,
 a
California corporation

		
	By:	 	 /s/ Jason P. Shanahan

	Name:	 	Jason P. Shanahan
	Title:	 	VP

  

 Waiver and 10th Amendment

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