Document:

exhibit102.htm

 

Exhibit 10.2

[Date]

[____________________]

c/o Knight Transportation, Inc.

20002 North 19th Avenue

Phoenix, Arizona  85027

	
  

	
Re:

	
Knight Transportation, Inc.: Restricted Stock Unit Officer Grant Agreement

Dear [________]:

The Compensation Committee (the “Committee”) of the Board of Directors of Knight Transportation, Inc. (the “Company”) has awarded you, as of the date of this letter (the “Grant Date”), a Restricted Stock Unit (“RSU”) grant (the “Grant”). The Grant entitles you to receive shares of the Company’s voting common stock (the “Stock”), par value $0.01 per share (the “Stock Award”), to be issued upon the completion of the Vesting Period. This Grant is made subject to the terms and conditions of this Restricted Stock Unit Grant Agreement (this “Agreement”), and the Company’s policy regarding long-term equity incentive grants dated March 14, 2014 (the “Policy”), adopted by the Committee under the 2012 Equity Compensation Plan effective as of May 18, 2012 (the “Plan”).  A copy of the Policy is attached hereto as Exhibit B.  In this Agreement, the Company is sometimes referred to as “we” or “us.” Terms used in this Agreement that are defined in the Plan have the same meaning as stated in the Plan.  Terms used in this Agreement that are defined in the Policy have the same meaning as set forth in the Policy, except as otherwise provided herein.

1. Summary of Grant.

 

	
Dollar

Target

Value

	
RSU

Tentative

Award

	
Performance

Period

Beginning

Date

	
Performance

Period

Expiration

Date

	
Vesting

Date

	
Performance

Matrix

	  	  	  	  	  	
 

See Exhibit A

 

The number of RSUs granted you is determined by dividing the market value of the Company’s stock as of the date of Grant into the Dollar Target Value designated by the Committee for you.  This is your Tentative Award of RSUs (the “Tentative Award”).  At the end of the Performance Period (as defined in the Policy), your Tentative Award will be adjusted by multiplying the number of RSUs that make up your Tentative Award by a percentage determined by reference to the intersection of the Revenue Growth Row and the RONA column of the Performance Matrix attached hereto as Exhibit A.  This is your Pre-Peer Adjustment Award, that is subject to the adjustments described below.  Your Pre-Peer Adjustment Award will be increased by up to __% if the total _____ year compounded annual shareholder return on the Company’s common stock (“TSR”), determined as provided in Section 10 of the Policy, exceeds the ___ percentile of the Company’s Peer Group.  Conversely, your Pre-Peer Adjustment Award will be decreased by up to __% if the relative __-year compounded TSR is below the ___ percentile of the Company’s Peer Group.  The increase or decrease of RSUs granted in your Pre-Peer Adjustment Award is determined by multiplying the Award Leverage Percentage set forth in Exhibit A in the Award Leverage Table by your Pre-Peer Adjustment Award under the methodology described in the Policy.  This result is your final award (the “Final Award”).  An example of the calculation of a Stock Award is set forth in Exhibit C hereto.

 

 

  

  

  

 

2. Vesting and Proration of Award.  Your Final Award of RSUs will vest on the ____________________________________________________ (the “Vesting Period”).  If during the Vesting Period, you die, become disabled, retire with consent of the Company, or a Change of Control occurs, you will be fully vested.  Subject to the proration rules described below, if at any time during the Performance Period your employment terminates by reason of death, Disability, retirement with consent of the Company, or a Change of Control (as those terms are defined in the Policy), you will be 100% vested in the RSUs credited to you, and your Final Award will be measured based on the Company’s performance through the end of the calendar year in which your death, Disability or retirement occurs, or in which a Change of Control occurs. Stock will be issued to you as soon as practicable after the close of the same calendar year provided that Stock shall not be issued later than the 75th day after the close of such calendar year.  If your employment terminates by reason of Termination for Convenience or Termination for Good Reason, your award will be forfeited if you completed less than 12 calendar months of the Performance Period at the time of termination. If you have completed at least 12 calendar months of the Performance Period, the amount of your Final Award will be pro-rated by multiplying the number of RSUs earned as of expiration of the Performance Period by a fraction the numerator of which is the number of full calendar months credited to you as of the date your Termination for Convenience or Termination for Good Reason occurred and the denominator of which is 36. Stock representing payment of your Final Award shall be distributed to you as soon as practicable after the expiration of the Performance Period, but not later than the 75th day after the expiration of the Performance Period.

 

3. Issuance of Stock.  Subject to Section 2, once your Final Award is vested, the Company will issue Stock to you in book entry form, in an amount equal to the number of RSUs awarded to you in the Final Award.  The Stock is subject to the conditions of this Grant Agreement.  Until Stock is issued to you, you will receive no dividends and will not be entitled to vote at any shareholder meeting.  Upon the issuance of Stock to you, the RSUs granted to you in the Final Award will be cancelled.

4. Grant of Restricted Stock Units. This Grant relates only to the Performance Period noted above and to no other.  The Grant is made to you as part of your compensation and is payable to you in accordance with this Agreement and resolutions adopted by the Committee, and in the expectation that until such time as this Grant is fully vested, you will continue to perform services for the Company as its employee. You will receive no fractional shares.  No shares of Stock will be issued to you for any portion of the Stock Award until your Final Award is earned and fully vested.  RSUs representing your Final Award will be vested on the second January 31 following the expiration of the Performance Period, except as provided in Section 2 above, and will be issued to you as a Stock Award.  Shares of Company Stock representing your Stock Award will be issued to you in book entry form.  This Grant may not be settled in cash.  The number of shares of your Stock Award is subject to automatic adjustment for stock dividends, stock splits, reverse stock splits, reorganizations, or reclassifications as provided in Section 3.2 of the Plan and is subject to adjustment as described in Section 1, above.

 

 

  

  

  

 

5. Book Entry Form; No Voting Rights.  You must open a personal brokerage account with _________________ or the Company’s then current equity plan administrator.  The Stock will be issued to you at the conclusion of the Vesting Period. Stock will be delivered to your brokerage account with _________________ or the Company’s then current equity plan administrator in book entry (non-certificated) form.  Once your Stock is vested, you may request issuance of a physical stock certificate.  Stock will be treated as issued and outstanding only after it is actually issued.  No Stock will be issued until the completion of the Vesting Period.  Any Stock issued may be subject to other limitations as either the Plan or the law may require.

6. Tax Treatment. You will recognize ordinary income for the value of the Stock issued to you, as the Stock Award vests.  The value of the Stock is the fair market value, which is based on the closing market price the day the   Stock vests.  If the day of vesting falls on a weekend or on a holiday, the fair market value will be based on the closing market price of the immediate business day prior to the day of vesting. By accepting the Grant, you accept responsibility for any income tax withholding or other taxes imposed on you by virtue of the issuance of the Grant. You agree that the Company has the right, and you authorize the Company to reduce the total number of shares of Stock distributed to you by the amount of any federal or state taxes (including, FICA, FUTA and Medicare) the Company is obligated to withhold and pay.

7. Non-Compete and Non-Solicitation Agreement.

(a)           This Grant has been made to you because you have been retained by the Company in a position of trust and confidence and your services are important to the Company’s success and not easily replaceable.  This Grant is also intended to induce you to continue to contribute to the results of the Company’s operations. In consideration for the issuance of this Grant (and the Company’s agreement to allow you to become a shareholder of the Company on the terms set forth herein), you agree that you will not directly compete with the Company for ____________ after your separation from service (the “Non-Compete Period”) without first obtaining the Company’s prior written consent, which consent the Company may, in its reasonable discretion, withhold. For this purpose, you will be considered to be competing with the Company if you are engaged in any of the activities described in clauses (b)(i), (ii) or (iii) below.  The consideration for this ____________ non- compete agreement is the issuance of this Grant.

(b)           You will be considered directly competing with the Company if at any time during the Non-Compete Period you: (i) are employed by, contract with, or obtain an interest as an owner, shareholder, partner, limited partner or member in, any business or corporation that competes directly with the Company (as such direct competition is defined below), but excluding an investment of 1% or less in any publicly traded company; (ii) on your own behalf, or on behalf of any other person with whom you may be employed, you solicit or divert from the Company the business of any person who is either currently a customer of the Company at the time of your employment or was identified as a potential customer of the Company; or (iii) solicit, divert or encourage any person who is an employee of the Company to leave employment and to become employed by a person who directly competes with the Company. For purposes of this Section 7, you (x) will be considered to be in direct competition with the Company and (y) a person, business or corporation will be considered a direct competitor of the Company if either you or it is engaged in the truckload business (revenues exceeding $25,000 per month) (from dry van, refrigerated, brokerage, drayage, or logistics or any combination thereof) and that conducts significant operations in the same traffic lanes (freight delivery lanes from point to point) in which the Company operates, or which you know or have reason to believe that the Company has internally identified as a planned area of operation or expansion of its business as of the date you separate from service with the Company.  By accepting this Grant, you agree that the foregoing non-competition provisions are reasonable and that you are being compensated for your agreement not to compete.  If you violate this Agreement during the Non-Compete Period, you agree to pay the Company, upon demand, an amount equal to __% of the value realized by you under this Grant, disregarding the amount of any federal or state taxes you paid (the “Repayment Amount”).  Upon paying the Company the Repayment Amount, your obligations to the Company under this Section 7(b) shall be deemed to be satisfied.  You agree that the Repayment Amount is reasonable and is intended to return to the Company a portion of the compensation paid to you in consideration for your agreement to continue with the Company and not to compete with the Company if you leave, except on the terms of this Agreement, after you have received the Stock Award made here.

 

 

  

  

  

 

(c)           The Company shall have the right to extend the Non-Compete Period for up to an additional ___________ beyond the completion of your initial Non-Compete Period (the “Extended Non-Compete Period”). If the Company elects to extend the Non-Compete Period, it will notify you in writing of such fact not later than the ___________ day prior to the expiration of the initial Non-Compete Period. By accepting this Grant, you agree to accept and abide by the Company’s election. If the Company elects to extend the Non-Compete Period, you agree not to work for any direct competitor of the Company (as defined in Section 7(b)) during the Extended Non-Compete Period, and the Company agrees to pay you, during the Extended Non-Compete Period, an amount equal to your monthly base salary or monthly base consulting fee, as applicable, in effect as of the date of your separation of service from the Company. Payment for any partial month will be prorated. Payment of your base salary or consulting fee during the Extended Non-Compete Period will be made at the same times and in the same amounts that such amounts were paid to you while you were in the service of the Company. If the Company elects to extend the Non-Compete Period, any monies you earn from any other work, whether as an employee or as an independent contractor, will reduce, dollar for dollar, the amount that the Company is obligated to pay you. Payments made by the Company under this Section 7(c) are made for the extension of the non-compete covenant and do not render you either an employee of, or a consultant to, the Company.

8. Compliance with Securities Laws; Share Restrictions. So long as you are serving as an employee of the Company, you may not sell any shares of the Stock except in accordance with all applicable securities laws and the policies of the Company applicable to the sale of the Company’s securities by insiders, executives, and employees. You agree that the Stock acquired pursuant to this Stock Award will be sold, transferred, assigned, or otherwise disposed of only in compliance with any applicable federal and state securities laws. The Company has filed a registration statement with the United States Securities and Exchange Commission covering the Grant (and the Stock subject to the Grant) issued pursuant to the Plan.  So long as that registration statement is in effect, Stock issued pursuant to the Plan will not be restricted as to transfer, except as provided in this Agreement.  The Company does not provide any assurance that any registration statement will continue to be maintained in effect with respect to the Stock.  If for any reason, a registration statement is not in effect with respect to the Stock, the Stock may not be sold or transferred except in compliance with applicable securities laws.

 

 

  

  

  

 

9. Risks. By accepting this Grant, you acknowledge that the value of the Stock may be adversely affected by changes in the United States’ economy; changes in the Company’s profitability, financial condition, business or properties; a reduction in the Company’s growth rate; competition from other truckload carriers; and other factors that are described more particularly in the Company’s most recent Annual Report on Form 10-K and in its reports on Forms 10-Q and 8-K. The Company does not promise you that the value of the Stock will rise or that the Company will continue to grow or be profitable.

10. Access to Information. With respect to this Grant, you acknowledge that you have reviewed a copy of the Company’s Prospectus, which is a part of the Registration Statement, and that the Company has delivered to you, or has provided to you through on-line access, for your examination copies of its Prospectus for the Plan and the Company’s reports filed on Forms 8-K, 10-Q and 10-K and any proxy or shareholder information materials filed with the United States Securities and Exchange Commission and available through EDGAR. These materials may also be accessed on the Company’s website at www.knighttrans.com. A copy of these materials will also be mailed to you if you request them in writing from the Company.

11. Successors. This Agreement is binding on you, your spouse and any successors or assigns.

12. Arbitration of Disputes. We agree that the Federal Arbitration Act shall apply to and govern the arbitration provisions of this Agreement. Any disputes between or among us with respect to the terms of this Agreement or the rights of either of us under this Agreement, including, without limitation, the scope of the arbitration, shall be subject to arbitration pursuant to the laws of the State of Arizona governing arbitration, excluding the revised Arizona Arbitration Act. Arbitration will occur in Phoenix, Arizona. Judgment on any arbitration award may be entered in any court having jurisdiction. A single arbitrator shall have the power to render a maximum award of $500,000. If you or we assert a claim in excess of $500,000, the matter may be heard by a single arbitrator, but either of us may request that the arbitration be heard by a panel of three arbitrators and, if so requested, the arbitration decision shall be made by a majority of the three arbitrators. The Company shall pay the costs of arbitration, but if the Company is the prevailing party in the arbitration, the Company shall have the right to recover from you all costs of arbitration. EACH OF THE PARTIES EXPRESSLY AGREES TO ARBITRATION AND WAIVES ANY RIGHT TO TRIAL BY JURY ANY PARTY MAY HAVE. Nothing in this Agreement limits or restricts any self-help remedy, including, without limitation, any right of offset a party may have. The person prevailing in any arbitration is entitled to payment of all legal fees and costs and all costs of arbitration, regardless of whether such costs are recoverable under applicable law.

 

 

  

  

  

 

13. WAIVER OF CERTAIN CLAIMS. BY EXECUTING THIS AGREEMENT AND ACCEPTING THIS GRANT, YOU AGREE THAT ANY CLAIM YOU MAY HAVE AGAINST THE COMPANY WITH RESPECT TO THIS GRANT OR THE STOCK SUBJECT TO THE GRANT (OTHER THAN A CLAIM FOR THE CONTRACTUAL BREACH OF THIS AGREEMENT [OR THE PLAN], WHICH MAY BE BROUGHT WITHIN ONE YEAR OF THE DATE SUCH BREACH OCCURS) MUST BE ASSERTED NOT LATER THAN ONE YEAR FOLLOWING THE DATE OF THIS GRANT, AND THAT NO CLAIMS (OTHER THAN FOR BREACH OF CONTRACT) MAY BE BROUGHT AFTER THAT PERIOD. YOU VOLUNTARILY AND KNOWINGLY WAIVE ANY LONGER STATUTE OF LIMITATIONS IN CONSIDERATION OF THIS GRANT. IN ADDITION, YOU AND THE COMPANY AGREE THAT ANY CLAIM MADE UNDER THIS AGREEMENT OR THE PLAN, OR ARISING FROM OR IN CONNECTION WITH ANY STOCK GRANTED PURSUANT TO THIS AGREEMENT OR THE PLAN, SHALL BE LIMITED TO ACTUAL ECONOMIC DAMAGES, AND THE RECOVERY OF ATTORNEYS’ FEES AND COSTS OF COURT. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO RESCISSION OR ANY RIGHT TO CLAIM OR RECOVER TREBLE DAMAGES, PUNITIVE DAMAGES, OR EXEMPLARY DAMAGES, WHETHER SUCH RIGHTS ARE GRANTED BY STATUTE OR UNDER COMMON LAW, IS HEREBY WAIVED AND RELEASED. EACH PARTY AGREES AND ACKNOWLEDGES THAT THE WAIVER AND RELEASE OF SUCH RIGHTS IS VOLUNTARY AND KNOWING AND THAT EACH PARTY HAS RECEIVED, UNDER THIS AGREEMENT, FULL AND ADEQUATE CONSIDERATION FOR SUCH WAIVER.

14. Survival. The provisions of Sections 5, 7, 8, 9, and 11 through 17 shall survive the termination of this Grant and of this Agreement.

15. Construction. It is the intent of the Company and you that the Stock subject to this Grant is to be treated as “nonvested shares” within the meaning of Financial Accounting Standard 123R, and the Stock is subject to being earned by you only if you continue to provide the Company with your services as provided herein.

16. Incorporation by Reference.  The terms of the Plan and the Policy are hereby incorporated into this Grant Agreement and constitute a part hereof.  In the event of any conflict between this Grant Agreement and the Policy, the Policy shall control.  Other than through the incorporation of certain defined terms from the Policy, the Policy creates no contractual rights in the Participant and a Participant’s rights are governed solely by this Grant Agreement.

 

17. Governing Law. This Agreement is subject to, and is to be construed in accordance with, the laws of the State of Arizona.

18. Acceptance. You agree that your acceptance of the terms and conditions of the Agreement, and your receipt of the materials described herein, is conclusively evidenced by (i) your electronic receipt of this Agreement and your acceptance of the Grant made hereby or (ii) your execution of a copy of this Agreement that you return to us.  Unless you indicate to us either electronically or in writing within five working days after receipt of this Agreement that you do not accept and agree to the terms and conditions set forth in this Agreement, by continuing [in employment] with the Company, you will be deemed to have accepted and agreed

  

  

  

to the terms and conditions set forth in this Agreement and deemed to have acknowledged receipt of a copy of the Plan, the Policy, and Prospectus. Such notification shall be sent to the Company at 20002 North 19th Avenue, Phoenix, AZ 85027, Attention: Adam Miller, CFO.

 

	  	
Sincerely,

	  	
 

 

KNIGHT TRANSPORTATION, INC., an Arizona corporation

	
By:

	  
	  	
[Name]

	  	
[Title]

 

	
The foregoing is accepted and agreed to:

	 
	
[Name]

	
[Title]

	
[Dated]

  

  

  

EXHIBIT A

Performance Matrix1

 

	
Revenue Growth

	
Return on Net Assets (RONA)2

	
(Top line revenue growth

year over year)

	
<y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y%

	
<x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

 

Award Leverage Percentage

 

	  	
Relative Company TSR Percentile Rank to Peer3

	  	
<y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y%

	
Award Leverage

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

 

______________________

	
1

	
Committee may decrease or increase the Tentative Award between __% to __% of the initial Tentative Award.

	
2

	
Return on net assets = Net Income/Total Assets

	
3

	
Committee will increase or decrease the Tentative Award earned based on the Relative Company TSR Percentile Ranking to Peers.

  

  

  

Exhibit B

(Policy)

 

[Filed as Exhibit 10.1 to Form 10-Q for period ended March 31, 2014.]

 

  

  

  

Exhibit C

(Example)

 

	
§

	
Assumptions:

 

	
-  

	
Dollar Target Award = $________

 

	
-  

	
3-Year Average RONA = ________

 

	
-  

	
3-Year Compound Annual Revenue Growth (before fuel surcharge) = _______%

 

	
-  

	
3-Year Relative TSR = ________

 

	
-  

	
Beginning Stock Price = $________

 

	
-  

	
Ending Stock Price = $________

 

	
-  

	
Tentative Award (before any adjustment) ________ RSUs.

Award Payout Table1

 

	
Revenue Growth

	
Return on Net Assets (RONA)2

	
(Top line revenue growth

year over year)

	
<y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y%

	
<x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%-x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
>x%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

 

  

  

  

TSR Leverage Table

 

 

	 	
Relative Company TSR Percentile Rank to Peer3

	 	
<y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y% to y%

	
>y%

	
Award Leverage

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

	
___%

 

	
§

	
Payout Calculation:

 

	
-  

	
Payout Matrix Multiplied by Tentative Award = ___% x _____ = _____ RSUs

 

	
-  

	
TSR Multiplier = _____ x _____ = _____ RSUs

 

	
-  

	
Final Award4   = _____ shares of Common Stock

 

	
-  

	
Value of Final Award = $_____ x _____ = $

 

	
-  

	
Final Shares Earned as % of Tentative Award= _____/_____ = _____%

______________________

	
1

	
Committee may decrease or increase the Tentative Award between __% to __% of the initial Tentative Award.

	
2

	
Return on net assets = Net Income/Total Assets

	
3

	
Committee will increase or decrease the Tentative Award earned based on the Relative Company TSR Percentile Ranking to Peers.

	
4

	
Shares vest __ months following expiration of the performance period and shares issued are rounded to the next whole number to eliminate fractional shares.

 

Return to Form 10-Qexhibit101.htm

 

Exhibit 10.1

PROGRAM AGREEMENT

This Program Agreement (this "Agreement") is entered into as of March 31, 2014 (the "Effective Date"), by and among Element Financial Corp., a Delaware corporation with a principal place of business at 655 Business Center Drive, Horsham, PA  19044 ("Financing Party"), and Celadon Group, Inc., a Delaware Corporation and Quality Equipment Leasing, LLC., a Delaware limited liability company, with a principal place of business at 9503 E. 33rd Street, Indianapolis, IN  46235 (hereinafter collectively, "Company").

BACKGROUND

WHEREAS, Company is engaged in a commercial business that requires truck drivers as independent contractors (collectively, "Independent Contractors") to utilize one or more trucks and or trailers ("Delivery Vehicles") meeting Company's requirements and specifications for delivery of certain products for customers;

WHEREAS, Financing Party is in the business of leasing equipment to and financing of equipment for commercial business entities, including Delivery Vehicles similar to the vehicles required by Independent Contractors (as defined herein below) that deliver products for the Company;

WHEREAS, Company desires to offer Independent Contractors the opportunity to finance acquisitions of and/or lease Delivery Vehicles and has requested that from time to time Financing Party consider entering into financing agreements and/or leases for the acquisition of and/or lease of Delivery Vehicles with Independent Contractors;

WHEREAS, Financing Party has agreed, from time to time and at its sole discretion and in accordance with the terms and conditions of this Agreement, to consider providing such leases and financing to Independent Contractors;

WHEREAS, Financing Party has strategically aligned itself to provide Company and Company's Independent Contractors with a combination of high level of service and a comprehensive financing solution; and

NOW THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, Company and Financing Party hereby agree as follows:

SECTION ONE - DEFINITIONS

1.1              "Application" shall have the meaning ascribed to such term in Section 3.1 hereof.

1.2              "Independent Contractor(s)" has the meaning given to such term in the Background section hereof.

 

  

  

  

 

1.3              "Transaction" means each financing agreement and for lease for the acquisition or lease of a Delivery Vehicle between Financing Party, as lender or lessor, and an Independent Contractor, as lessee or borrower.

1.4              "Transaction Documents" shall mean, with respect to any Transaction, a lease agreement and/or financing agreement for the financing of, acquisition, or lease of Delivery Vehicles, as the case may be, by and between Financing Party, as lessor or lender, and Independent Contractors, as lessees or borrowers, together with any financing statements, schedules, insurance certificates, and any and all agreements, titles, instruments and other documents entered into and executed in connection therewith.

1.5              "Lessee/Borrower" shall have the meaning ascribed to such term in Section 2 hereof.

1.6              "Payments" shall have the meaning ascribed to such term in Section 5.2

1.7              "Recourse Pool" shall have the meaning ascribed to such term in Section 8.2 hereof.

SECTION TWO - CUSTOMER REFERRALS

2.1              Company agrees that, subject to the provisions of Section 6.2 hereof, it shall refer from time to time any and all of its current or future Independent Contractors who have an interest in procuring lease and/or financing of Delivery Vehicles to Financing Party for consideration of such Independent Contractors as prospective lessees and/or borrowers (such Independent Contractors are hereinafter referred to, collectively, as "Lessees/Borrowers" and each, individually, a "Lessee/Borrower").  Financing Party shall have a right of first refusal with respect to any Independent Contractor who desires to lease/finance a Delivery Vehicle for purposes of working with Company or for those companies with which Company has sponsorship agreements ("Sponsors").

SECTION THREE - TRANSACTION APPLICATION ORIGINATION

3.1              Credit Review.

(a)             Financing Party requires complete driving record and background check to be conducted on each prospective Lessee/Borrower in accordance with all State and Federal Regulations for over the road delivery and information regarding the credit score of each prospective Lessee/Borrower in order to complete its credit review.  For each proposed Transaction application, Company shall provide Financing Party with or otherwise assist Financing Party in obtaining the following: (i) a full and complete description of the Delivery Vehicle subject to the proposed Transaction, including age and mileage of the Vehicle; (ii) the economic terms of the proposed Transaction; (iii) a complete and legible copy of the Transaction application ("Application"); and (iv) all pertinent details and other such credit and financial data as Financing Party may require in an exercise of its sole and absolute discretion, including, without limitation, any background check, driving history, safety records, or criminal record investigation which Company may have obtained.

 

  

  

  

 

(b)             Financing Party agrees to accept as Lessees/Borrowers all Independent Contractors that meet Financing Party's risk acceptance criteria ("RAC") set forth on Exhibit "A" attached hereto, provided that such accepted Independent Contractors execute Financing Party's form of lease or finance agreement, as the case may be, and all other Transaction Documents required by Financing Party in connection therewith (collectively the "Lease Documents" or "Transaction Documents"),  Notwithstanding the foregoing, Financing Party reserves the right to decline any prospective Lessee/Borrower that meets its credit approval criteria in its sole discretion based on other credit and market information. The parties hereto may from time to time modify the requirements for credit approval of prospective Lessees/Borrowers on such terms as may be mutually agreed upon in writing by the parties.

3.2              Rate.

Financing Party shall offer a lease or finance agreement for each approved Application reflecting its current lease and/or finance interest rate of 12%. Financing Party reserves the right to change the applicable interest rate as the market may dictate upon reasonable notice to the Company.

3.3              Transaction Documentation.  Financing Party shall provide the Company with standard lease/finance documents to be used for all Transactions, including amendments and supplements memorializing or otherwise relating to each Transaction.  If a Lessee/Borrower requires any deviation from the standard, all such adjustments must be approved in writing by Financing Party. Documents will be signed by the Financing Party in accordance with agreed upon Service Levels.

3.4             Payments/Billing.  The Company shall make monthly payments to the Financing Party for each Transaction in accordance with the Service Agreement by and between Company, as servicer, and Financing Party, as financing party and/or purchaser, executed of even date herwith (the "Service Agreement").  A quarterly adjustment of payments due to the Financing Party also will take place pursuant to the terms of the Service Agreement.

SECTION FOUR - ACCEPTANCE OF TRANSACTIONS

4.1              Conditions Precedent to Accept a Transaction. The agreement of Financing Party to accept any Transaction hereunder shall be subject to the satisfaction of the following conditions precedent, which conditions may change from time to time in Financing Party's sole discretion:

(a)             Financing Party's receipt of all required credit information and all Transaction Documents, duly executed by the Lessee/Borrower as may be deemed necessary by Financing Party in its sole and absolute discretion;

 

  

  

  

 

(b)             Financing Party's confirmation that the Lessee/Borrower has accepted the Delivery Vehicle subject to the requested Transaction;

(c)             Financing Party's credit approval for the Lessee/Borrower; and

(d)             Financing Party's receipt of an invoice for the Delivery Vehicle, which invoice shall sufficiently describe the Delivery Vehicle (including, without limitation, the make, model, and vehicle identification number and overall price for the Delivery Vehicle), as shall be determined by Financing Party in an exercise of its sole and absolute discretion.

4.2              Funding.

The Company will advance the payments to purchase the requisite Delivery Vehicle(s) and title the Delivery Vehicle(s) in the name of Element Transportation Asset Trust.  The Financing Party will reimburse the Company or its Agent (as defined in the Portfolio Purchase Agreement) as directed by Company in writing for all the activity within the month on the last business day of the month.  As part of its responsibilities as Servicer, the Company shall assist in the delivery of the Delivery Vehicle to the Independent Contractor concurrent with the Independent Contractor entering into the Transaction.  The Financing Party shall provide a Limited Power of Attorney for the purposes of titling the Delivery Vehicles.

Company will provide Financing Party with an original invoice for the Delivery Vehicle, including any applicable taxes, which amounts shall be included in the overall cost of the Delivery Vehicle.

SECTION FIVE - REPRESENTATIONS, WARRANTIES AND COVENANTS

5.1             Mutual Representations and Warranties.  Financing Party and Company each represents and warrants to the other as follows:

(a)             The execution and delivery of this Agreement and the performance by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action, and this Agreement constitutes a legal, valid and binding obligation enforceable in accordance with its terms; and

(b)             It has all governmental approvals, permits, certificates, inspections, consents and franchises necessary to conduct its respective business, substantially as now conducted and to own or finance and operate its properties as now owned, financed or operated by it, except where the failure to obtain any of the foregoing does not materially and adversely impair the ability of each to operate its business or to perform its obligations under this Agreement.

5.2             Representations and Warranties of Company. Company represents and warrants to Financing Party that as of the date each Transaction is submitted for approval to Financing Party as follows:

(a)              Company is a duly organized and validly existing corporation and/or limited liability company, as the case maybe, and has full power to enter into this Agreement and to carry out the transactions contemplated hereby and is in good standing in the state of its organization, as set forth in the Preamble of this Agreement.

 

  

  

  

 

(b)             There are no other agreements between Company and the Lessee/Borrower or any guarantor, which will modify, amend or waive any terms or conditions of any Transaction. There are no express or implied warranties or representations made by Company or its employees, affiliates, subsidiaries, directors, officers, members, shareholders, and/or contractors (collectively, "Representatives") to the Lessee/Borrower, Lessee/Borrower enters into the Transaction in reliance on the manufacturer's standard warranty only, to the extent, where the Delivery Vehicle may be a used vehicle, the warranty is still in force and effect.

(c)             Company and its representatives have not committed any fraudulent act or participated in any fraudulent act or activity in connection with the execution, delivery of the Transaction documents or the performance of this Agreement.

(d)             Ownership of the Delivery Vehicle shall be vested in Financing Party or its affiliate upon its purchase of the vehicle, free and clear of any and all liens and encumbrances whatsoever and such sale shall vest Financing Party or its affiliate with full, complete and unencumbered title to the Vehicle.  Where the leased/financed Delivery Vehicle is not a new vehicle, the Company shall assist the Financing Party in transferring title to the Delivery Vehicle to Element Transportation Asset Trust and specify, for purposes of the Transaction documents, the age and mileage of the Delivery Vehicle in question.

(e)             To the best of Company's knowledge, all credit information concerning the Lessee/Borrower given to Company and relative to Financing Party's evaluation of such Application, has been disclosed to Financing Party (including information of any fact or circumstance which would constitute a default under a Transaction), and Company has not altered or withheld any credit information concerning the Lessee/Borrower given to Company and relative to Financing Party's evaluation of such Application.

(f)              Independent Contractors referred to Financing Party by Company will be seeking to lease/finance Class VIII tractors from major manufacturers.

(g)              Company and its sponsors currently utilize approximately 4,000 individuals as drivers of Delivery Vehicles which are either employees of Company or its Sponsors or independent contractors.  Approximately 17% of the drivers are Independent Contractors.  Company has represented to Financing Party, as inducement to enter into this Agreement, that the number of drivers and the percentage of Independent Contractors will likely increase going forward, and at a minimum remain at the same level.

(h)              To the best of Company's knowledge, Company's conduct in soliciting or arranging any Transaction has not violated in any material respect any federal or state law, rule, or regulation, which will result in the rescission of any Transaction.

 

  

  

  

 

(i)             Company will not take any action or omit to take any action, which will cause the Transaction or any related document to become invalid, cancelable, or unenforceable, excepting the remarketing of the associated Delivery Vehicle pursuant to the terms of the Service Agreement, where warranted.

(j)             All information, in whatever form provided by Company to Financing Party concerning the Lessees/Borrowers, the Transactions and the Delivery Vehicles related thereto, including, without limitation: (i) the legal names and addresses of Lessees/Borrowers, (ii) the amount, due dates and monthly payment stream of payments due under Transaction Documents, as applicable (iii) variable payment rates and fixed price purchase options due under the Transaction Documents, as applicable, (iv) descriptions of Transaction Documents, (v) stated residual values, (vi) cash flows, (vii) delinquencies, and (viii) the amount of any security deposits, advance payments or other Collateral held by Company as security for Transaction obligations, have been provided with the knowledge that Financing Party has been induced to enter into this Agreement on the terms agreed upon in reliance on such information, and Company warrants that all such information is accurate and correct in all material respects and that Company has not withheld any material adverse information.

5.3              Representations and Warranties of Financing Party.  Financing Party represents and warrants to Company that as of the date each Transaction is accepted by Financing Party and thereafter as follows:

(a)              Financing Party is a duly organized and validly existing corporation and has full power to enter into this Agreement and to carry out the transactions contemplated hereby, and is in good standing in the state of its organization, as set forth in the Preamble to this Agreement.

(b)             Financing Party and its agents and employees have not committed and will not commit to any fraudulent act or have not participated and will not participate in any fraudulent act or activity in connection with the execution of the Transaction or this Agreement,

(c)              The conduct of Financing Party in processing any Application, including the granting or denial of credit, whether in Financing Party's name or the name of Company, has not violated and will not violate in any material respect any federal or state law, rule or regulation.

5.4              Affirmative Covenants of Company.

(a)              From the date hereof until the date on which all obligations of Lessees/Borrowers under all Transactions have been fully paid and otherwise discharged or the Agreement terminated, Company shall deliver to Financing Party the following, which shall be prepared in accordance with generally accepted accounting principles and practices, consistently applied:  Celadon Group, Inc., agrees to provide to Financing Party the same periodic financial statement disclosure that it provides to its shareholders to the extent not available on Seller's website or at http://www.sec.gov.

 

  

  

  

 

(b)              Company will promptly fulfill and perform all obligations, covenants, liabilities, warranties and duties, if any, on its part to be fulfilled and performed in connection with a Transaction and any other agreements or instruments executed by Company with respect to the maintenance or servicing by Company of the Delivery Vehicle subject to a Transaction.  Financing Party and/or any subsequent assignee of Financing Party shall have no obligation or liability with respect to the maintenance or servicing of the Delivery Vehicle subject to a Transaction and shall not be obligated to perform any of Company's obligations thereunder; Company's obligations under a Transaction may be performed by Financing Party or any subsequent assignee, however, without releasing Company therefrom.

(c)              Company shall maintain the Delivery Vehicles that are the subject of the Transactions through use of a maintenance fund paid into by each Lessee/Borrower and, where necessary, through use of its own funds, in accord with the Service Agreement.

(d)              Company will obtain and provide to Financing Party proof of insurance from each new Lessee/Borrower with respect to the Delivery Vehicle subject to each Transaction, and make certain that Financing Party is the beneficiary of the insurance as owner pursuant to the terms of the Service Agreement.

(e)              Where a Transaction goes into default due to the loss of an Independent Contractor/driver, Company shall repossess and recondition the Delivery Vehicle subject to the Transaction utilizing any maintenance funds obtained from the prior driver and its own funds, if necessary, and place a new Independent Contractor/driver in the Delivery Vehicle subject to a new Transaction in accordance with the Servicing Agreement.  Placement of an Independent Contractor in a Delivery Vehicle which has been repossessed due to default shall be a priority for Company in accord with the provisions of the Service Agreement.

(f)              The Company has entered into Sponsorship Agreements with other delivery companies by which it provides Independent Contractors which lease/finance Delivery Vehicles and deliver goods on their behalf. Currently, Company has Sponsorship Agreements with Forward Air Corporation, Old Dominion Freight Line, Inc., Panther Expedited Services, Inc. Paschal Truck Lines, Inc. and RWI Transportation, LLC.  Upon execution of this Agreement, Company shall assign each of the Sponsorship Agreements to the attention of and for the benefit of Financing Party.

(g)              For the term of any Transaction, Company shall make all reasonable efforts to advise Financing Party of any matter of which Company has knowledge that may be materially detrimental to a Lessee/Borrower's financial condition.

(h)              So long as this Agreement is in effect, Company will notify Financing Party if any change in the persons authorized to represent Company in the transactions contemplated hereby and in the event of any such change will provide Financing Party with updated evidence of authority and specimen signatures for each individual.

 

  

  

  

 

SECTION SIX - TRANSACTION SERVICING

6.1              Servicing of Transactions. Company shall, pursuant to the Service Agreement, provide general administrative services, including billing and collecting all Payments, fulfilling the obligations as lender, lessor and/or owner, as the case may be, under the Transactions, the enforcement of Financing Party's rights under the Transactions and/or this Agreement and the taking of such other actions that may be necessary to protect Financing Party's rights and interest in and to the Transactions and/or the Delivery Vehicles in accord with the Service Agreement.

6.2              Primary Source. Company designates Financing Party as the exclusive source with a first right of refusal to provide the lease financing services on Company's Independent Contractors whether said Independent Contractors are to work for Company or one of its Sponsors.  Company shall direct all of its Independent Contractor lease financing applications to Financing Party for review and consideration.

SECTION SEVEN - REPURCHASE OF TRANSACTIONS

7.1              Breach of Transaction.

(a)              If Company has committed a material breach of any of its representations, warranties and/or covenants contained in this Agreement and, as a result of such breach, a Transaction becomes in default, provided that the breach is curable, then Company shall have ten (10) days (the "Cure Period") after receipt of Notice to Cure from Financing Party (a "Notice for Cure") to cure such breach. If Company fails to cure such breach in accordance with the terms of this Section 7.1, or if the breach is not curable, then Company shall repurchase from Financing Party such Transaction, within five (5) business days of the receipt of a request to repurchase such Transaction from Financing Party for an amount determined as follows:

(i)              An amount equal to the sum of the aggregate amount of all amounts presently due; all future unpaid Payments to be made under the Transaction until the expiration of the initial term of the Transaction, plus the purchase option or booked residual for the Delivery Vehicle at the end of the initial term of the Transaction with all accelerated Payments and the purchase option or booked residual for the Delivery Vehicle.

(ii)              The amounts set forth in subparagraph (a) above shall be referred to as "Unrecovered Investment." Upon receipt of the Unrecovered Investment, Financing Party or, if applicable, its assignee, shall assign to Company all of its rights, title and interest of Financing Party in and to such Transaction, any related documents, the Delivery Vehicle and the Payments, free of all liens, encumbrances or interest arising through Financing Party.

(b)              The parties acknowledge and that Company's repurchase obligations pursuant to this Section 7.1 are not subject to the recourse obligations (and the limitations thereon) of Company pursuant to Section 8.2 and 8.3 below.

 

  

  

  

 

SECTION EIGHT - INDEMNIFICATION, RECOURSE POOL, REMARKETING

8.1              Indemnification.

(a)             Company agrees to indemnify and hold harmless Financing Party and its affiliates, subsidiaries, employees, directors, offices, members, shareholders, and agents, and any participant from any and all losses, claims, liabilities, demands and expenses ("Losses") whatsoever (including without limitation reasonable attorneys' fees) arising in connection with or in any way related to the breach of any of Company's warranties and representations and/ or delivery by Company of any inaccurate or misleading credit information concerning any Lessee/Borrower and/or in connection with any Application to Financing Party, regardless of whether such inaccurate or misleading information was deliberately submitted to Company or was a result of an inadvertent error in the submission and/or processing of any Application.

(b)             Financing Party agrees to indemnify and hold harmless Company, including any attorneys' fees incurred, and their respective current and future successors, assigns (where permitted), affiliates, subsidiaries, employees, directors, officers, members, shareholders, and agents, and any participants from any Losses sustained by Company in connection with or in any way related to any breach by Financing Party of its representations or warranties.

(c)             All obligations under this Section 8.1 shall survive any expiration or termination of this Agreement and the termination of any Transaction, but in no event longer than the applicable Statute of Limitations.

8.2              Recourse Pool.

(a)             To provide recourse to Financing Party for losses that Financing Party may incur in connection with the Transactions Company shall allocate for each Transaction approved and funded pursuant to this Agreement 10% of the overall cost of the associated Delivery Vehicle into a recourse pool ("Recourse Pool") pursuant to the terms of the Reserve Account Agreement executed between the parties on even date herewith (the "Reserve Account Agreement").  Company shall maintain the recourse pool pursuant to the terms of the Reserve Account Agreement until such time as it shall be terminated or end by its own terms.

(b)             Company shall keep an accounting with respect to the Recourse Pool. The Company shall furnish to the Financing Party written monthly reports setting forth information concerning amounts accrued to and paid out of the Recourse Pool and the balance of the Recourse Pool, together with such additional information as may be requested by Company in its reasonable discretion.

(c)             The obligations of the parties with respect to the Recourse Pool and the recovery and remarketing of Delivery Vehicles pursuant to this Agreement, the Reserve Account Agreement, and/or the Servicing Agreement, shall survive the termination of this Agreement until such time as any Transactions entered into and financed by Financing Party pursuant to this Agreement have fully matured and been paid in full and satisfied.

 

  

  

  

 

8.3.              Recovery and Remarketing.

(a)              Upon the occurrence of a default or an Event of Default pursuant to the terms of the Transaction Documents ("Event of Default") applicable to a Transaction (each such Transaction is hereafter referred to as a "Defaulted Transaction"), Company will, in good faith, pursue the recovery of the Delivery Vehicle subject to a Defaulted Transaction pursuant to the terms of the Service Agreement.

(b)              In the event the Delivery Vehicle subject to a Defaulted Transaction is successfully remarketed following a voluntary surrender to or successful repossession by Company, the proceeds of the sale of the Delivery Vehicle shall be distributed in accord with the terms of the Service Agreement.

SECTION NINE - GENERAL PROVISIONS

9.1              Independent Parties.  Financing Party and Company are separate entities, which have entered into this Agreement for independent business reasons. Neither Financing Party nor Company have acted, act, or shall be deemed to have acted or act, as an agent for the other, except with respect to those acts of Financing Party specifically permitted to be taken and actually taken pursuant to and in accordance with the terms hereunder.

9.2              Term and Termination. The initial term of this Agreement is three (3) years from the Effective Date (the "Initial Term"). Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive one (1) year terms, unless terminated in accordance with the terms hereof.  Notwithstanding the generality of the foregoing, Financing Party may, at its election, immediately terminate the Agreement in the event Company fails to comply with any of the representations, warranties and/or covenants set forth herein.  Upon expiration of the Initial Term, Financing Party and/or Company may terminate this Agreement at any time by giving the other at least ninety (90) days written notice of such termination, whereupon the obligations of the parties with respect to Transactions not accepted prior to the expiration of such period shall terminate to the extent the same have not been performed or are not required to have been performed prior to such termination.

9.3              Accounting.  Financing Party and Company shall cooperate with each other by furnishing, subject to each party's then-current internal policies, such records and supporting material relating to Payments under this Agreement or Payments under the Transactions as may be reasonably requested in the event either party is audited by any taxing authority and as is required by the Service Agreement.

9.4              Assignability.  Company may not assign, sell, or otherwise transfer any of its rights or obligations without Financing Party's prior written consent.  Financing Party may not assign this Agreement prospectively without notice to Company and prior written consent, which will not be unreasonably withheld.  Notwithstanding the foregoing, Company acknowledges and agrees that the Financing Party may however:  (a) assign any and all of its rights and obligations, including, without limitations, any Transactions entered into pursuant hereto, under this Agreement to a third party (hereinafter the "Assignee"), and (b) release any and all information received by Financing Party pursuant to this Agreement, including without limitation, any confidential documents or information that may have been received by Financing Party from Company, to such Assignee.

 

  

  

  

 

9.5            Notices.  Notices under this Agreement shall be deemed to have been given if mailed, postage prepared by U.S. First Class mail or by facsimile to the other party at the address stated below or such other address as such party may have provided by written notice,

	
If to Financing Party:

Element Financial Corp.

655 Business Center Drive

Horsham, PA  19044

ATTN:  Rene Paradis, CAO & CFO

Fax:  (267) 960-2061

	
If to Company:

Celadon Group, Inc.

9503 E. 33rd Street

Indianapolis, IN  46235

ATTN: Eric Meek, CFO

Fax:  (317) 829-6375

9.6             Miscellaneous.

(a)            Paragraph headings appearing in this Agreement are for convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions hereof.  The parties agree that this Agreement has been executed and delivered in, and shall be construed in accordance with the laws of the Commonwealth of Pennsylvania.

(b)            If, at any time, any provisions of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon and shall not impair the enforceability of any provision of this Agreement.

(c)            This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and incorporates all representations made in connection with negotiation of the same. The terms hereof may not be amended, supplemented, or modified orally, but only by written agreement duly executed by each of the parties hereto.

(d)            This Agreement and any amendments hereto shall be binding on and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

(e)            This Agreement may be executed by one or more parties on any number of separate counterparts each of which counterparts shall be an original, but all of which when together shall be deemed to constitute one and the same instrument.

 

  

  

  

 

9.7             Jurisdiction and Venue. The parties hereto agree to the exclusive jurisdiction of the United States District Court for the Eastern District of Pennsylvania or, if the jurisdictional minimum amount, if any, is not met, the state courts of the Commonwealth of Pennsylvania in any and all disputes, actions, or proceedings arising hereunder.  The proper venue for all such disputes, actions, or proceedings shall be Montgomery County.

9.8             Waiver of Jury Trial.  The parties hereto (by acceptance of this Agreement) mutually hereby knowingly, voluntarily, and intentionally waive the right to a trial by jury in respect to any claim based hereon, arising out of, under or in connection with this Agreement or any other agreements or documents executed or contemplated to be executed in connection herewith, or any course of conduct, course of dealings, statements (whether verbal or written) or actions of any party, including, without limitation, any course of conduct, course of dealings, statements or actions of FINANCING PARTY, or any of its successors and assigns, relating to the administration or enforcement of the Transactions (collectively, "Actions" and singularly, an "Action"). Further, the parties hereto agree that in the event either party commences an Action, the losing party shall pay the costs and expenses, including, but not limited to, attorneys' fees, incurred the prevailing party in prosecuting or defending, as the case may be, such Action.

IN WITNESS HEREOF, intending to be legally bound, the parties hereto have caused their duly authorized representatives to execute this Program Agreement on the date first set forth above.

 

	
CELADON GROUP, INC.

	  	
ELEMENT FINANCIAL CORP.

	  	  	  
	  	  	  
	
BY:

	
/s/ Eric Meek

	  	
BY:

	
/s/ Donald Campbell

	
PRINT NAME:

	
Eric Meek

	  	
PRINT NAME:

	
Donald Campbell

	
TITLE:

	
CFO

	  	
TITLE:

	
CEO

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	
QUALITY EQUIPMENT LEASING, LLC.

	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	
BY:

	
/s/ Eric Meek

	  	  	  
	
PRINT NAME:

	
Eric Meek

	  	  	  
	
TITLE:

	
Treasurer

	  	  	  

 

Back to Form 10-Q

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