Document:

Amended Security Agreement, dated August 17, 2006

 Exhibit 4.6 
 AMENDMENT TO SECURITY AGREEMENT 
 This Amendment to Security Agreement dated as of August 17,
2006 by and among Velocity Express Corporation, a corporation organized under the laws of the state of Delaware (the “Company”), and each of the subsidiaries of the Company identified under the caption “Subsidiary Guarantors” on
the signature pages hereto (the “Subsidiary Guarantors” and, together with the Company, individually a “Grantor Party” and, collectively the “Grantor Parties”); to and in favor of Wells Fargo Bank, N.A., as Trustee (the
“Trustee”) under the Indenture (the “Indenture”) dated as of July 3, 2006 between the Company and the Trustee. 
 BACKGROUND 
 The Company and the Subsidiary Guarantors identified on the signature page thereto (the “Original
Subsidiaries”) executed and delivered a Security Agreement dated July 3, 2006 in favor of the Trustee (the “Security Agreement”). All capitalized terms used and not otherwise defined in this Amendment have the meanings given them
in the Security Agreement and the Indenture. 
 On August 17, 2006, CD&L, Inc. merged into CD&L Acquisition Corp., an Original
Subsidiary. As required by the terms of the Indenture, CD&L, Inc. and each Subsidiary of CD&L, Inc. (collectively, including CD&L, Inc., the “CD&L Subsidiaries”) executed and delivered a Guarantee in favor of the Trustee.
As a consequence, each CD&L Subsidiary assumed, adopted and acceded to the Indenture and each of the Security Documents as a “Subsidiary Guarantor” and “Grantor Party.” 
 This Amendment is being entered into to amend the Annexes to the Security Agreement to reflect the addition of the CD&L Subsidiaries as Grantor
Parties and their assets as Collateral. As such, no consent of Holders is required. 
 Now therefore, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each Grantor Party hereby agrees in favor of the Trustee as follows: 
 1. Amended Annexes. Annexes 1 through 8 to the Security Agreement are hereby amended to conform to Annexes 1 through 8 to this Amendment. 
 2. Representations. The representations in the Security Agreement, as amended by this Amendment, are true. 
 3. Effect of Amendment. Except as expressly revised by this Amendment, all provisions of the Security Agreement remain in
full force and effect. 
 4. Acknowledgment of Grantor Parties. Each of the CD&L Subsidiaries acknowledges
that it is a Grantor Party, bound by the terms of the Security Agreement and other Security Documents and hereby grants to the Trustee a security interest in its respective interests in the Collateral. 
  

 Executed as of the August 17, 2006. 
  

			
	 THE COMPANY
  

	 VELOCITY EXPRESS CORPORATION

		
	 By:
	 	/s/    Edward W. Stone
		 	Name: Edward W. Stone
		 	Title: Chief Financial Officer
	  
 SUBSIDIARY GUARANTORS

	  
 VELOCITY EXPRESS, INC.
 VXP MID-WEST, INC.
 CORPORATE EXPRESS DISTRIBUTION SERVICES, INC.

VELOCITY EXPRESS LEASING, INC.
 VXP LEASING MID-WEST, INC.
 CD&L, INC.
 CLAYTON/NATIONAL COURIER SYSTEMS, INC.
 CLICK MESSENGER SERVICE, INC.
 OLYMPIC COURIER SYSTEMS, INC. SECURITIES
COURIER CORPORATION
 SILVER STAR EXPRESS, INC.

		
	By:	 	/s/    Edward W. Stone
		 	 Name: Edward W. Stone
 Title: Chief Financial
Officer

	
	 THE TRUSTEE
  
 WELLS FARGO BANK, N.A., as Trustee

		
	By:	 	 /s/    Lynn M. Steiner

		 	 Name: Lynn M. Steiner
 Title: Vice
President

  
  
 Signature page to Amendment to Security Agreement 
  

 2 

 ANNEX 1 
 FILING DETAILS 
  

											
	 Current Legal Name
(no trade names)
	  	Type of Organization
(corporation, limited liability
company, etc.)	  	 Jurisdiction of
 Organization
	  	 Organizational
ID Number
 (if applicable)
	  	Current Mailing
Address	  	 Place of Business or
 Location of Chief
Executive Officer

	 Velocity Express Corporation
	  	Corporation	  	Delaware	  	87-0355929	  	One Morningside
Drive, Westport, CT
06880	  	One Morningside Drive,
Westport, CT 06880
						
	 Velocity Express, Inc.
	  	Corporation	  	Delaware	  	76-0424426	  	One Morningside
Drive, Westport, CT
06880	  	One Morningside Drive,
Westport, CT 06880
						
	 CD&L Inc.
	  	Corporation	  	Delaware	  	22-3350958	  	80 Wesley Street,
South Hackensack,
NJ 07606	  	80 Wesley Street, South
Hackensack, NJ 07606
						
	 VXP Leasing Mid-West, Inc.
	  	Corporation	  	Delaware	  	76-0660846	  	One Morningside
Drive, Westport, CT
06880	  	One Morningside Drive,
Westport, CT 06880
						
	 VXP Mid-West, Inc.
	  	Corporation	  	Delaware	  	76-0660845	  	One Morningside
Drive, Westport, CT
06880	  	One Morningside Drive,
Westport, CT 06880
						
	 Velocity Express Leasing, Inc.
	  	Corporation	  	Delaware	  	76-0486733	  	One Morningside
Drive, Westport, CT
06880	  	One Morningside Drive,
Westport, CT 06880
						
	 Corporate Express Distribution Services, Inc.
	  	Corporation	  	Michigan	  	38-1889687	  	One Morningside
Drive, Westport, CT
06880	  	One Morningside Drive,
Westport, CT 06880
						
	 Clayton/National Courier System
	  	Corporation	  	Missouri	  	36-4046454	  	3390 Enterprise
Drive, Hayward, CA
94545	  	3390 Enterprise Drive,
Hayward, CA 94545
						
	 Click Messenger Service, Inc.
	  	Corporation	  	New Jersey	  	22-3406117	  	104 Sunfield
Avenue, Edison, NJ
08818-6443	  	104 Sunfield Avenue,
Edison, NJ 08818-6443
						
	 Olympic Courier Systems, Inc.
	  	Corporation	  	New York	  	13-3853847	  	185 Varick Street,
New York, NY
10014	  	185 Varick Street, New
York, NY 10014
						
	 Securities Courier Corporation
	  	Corporation	  	New York	  	22-3400185	  	80 Wesley Street,
South Hackensack,
NJ 07606	  	80 Wesley Street, South
Hackensack, NJ 07606
						
	 Silver Star Express, Inc.
	  	Corporation	  	Florida	  	65-0618303	  	3026 North
Commerce Parkway,
Miramar, FL 33025	  	3026 North Commerce
Parkway, Miramar, FL
33025

  
 Annex 1 to Security
Agreement 

 ANNEX 2 
 “NEW DEBTOR” EVENTS 
 None. 
  
 Annex 2 to Security Agreement 

 ANNEX 3 
 PLEDGED STOCK 
 Pledgor
Party:    VELOCITY EXPRESS CORPORATION 
  

									
	 Issuer
	  	Certificate
No(s).	  	Registered Owner	  	Shares Authorized/
Outstanding	  	Number of Shares Pledged
	 Velocity Express, Inc.
	  	1	  	Velocity Express
Corporation	  	10,000	  	10,000 shares common stock,
par value $0.01 per share
					
	 CD&L, Inc.
	  	1	  	Velocity Express
Corporation	  	1000/100	  	100 shares common stock,
par value $0.004 per share
	
	Pledgor Party:    VELOCITY EXPRESS, INC.
					
	 Issuer
	  	Certificate
No(s).	  	Registered Owner	  	Shares Authorized/
Outstanding	  	Number of Shares Pledged
	 Velocity Express Leasing,
 Inc. (f/k/a Velocity Express
 Leasing Southwest, Inc.)
	  	1	  	Velocity Express, Inc.	  	1,000	  	1,000 shares common stock,
par value $1.00 per share
					
	 VXP Mid-West, Inc.
	  	1	  	Velocity Express, Inc.	  	1,000	  	1,000 shares common stock,
par value $0.01 per share
					
	 Corporate Express
 Distribution Services, Inc.
	  	1	  	Velocity Express, Inc.	  	1,000	  	1,000 shares common stock,
par value $1.00 per share
					
	 USDS Canada Ltd.
	  	A-3	  	Velocity Express, Inc.	  	100,000	  	65,000 shares Class A
Common Stock
					
		  	B-7	  	Velocity Express, Inc.	  	22,410	  	14,567 shares of Class B
Common Stock
					
		  	C-5	  	Velocity Express, Inc.	  	23,323	  	15,160 shares of Class C
Common Stock
					
		  	D-4	  	Velocity Express, Inc.	  	15,871	  	10,317 shares of Class D
Common Stock

  
 Annex 3 to Security
Agreement 
  

 Pledgor Party:    VXP Mid-West, Inc.

  

									
	 Issuer
	  	 Certificate
No(s).
	  	 Registered Owner
	  	 Shares Authorized/
Outstanding
	  	 Number of Shares Pledged

	 VXP Leasing Mid-West,
 Inc.
	  	1	  	VXP Mid-West, Inc.	  	1,000	  	1,000 shares common stock, par value $0.01 per share
	
	Pledgor Party:    CD&L, Inc
					
	 Issuer
	  	 Certificate
No(s).
	  	 Registered Owner
	  	 Shares Authorized/
Outstanding
	  	 Number of Shares Pledged

	 Clayton/National
 Courier Systems
	  	NC-1	  	CD&L, Inc.	  	55	  	55 shares common stock, no par value
					
	 Click Messenger
 Service, Inc.
	  	NC-1	  	CD&L, Inc.	  	1000/100	  	100 shares common stock, no par value
					
	 Olympic Courier
 Systems, Inc.
	  	NC-1	  	CD&L, Inc.	  	200/100	  	100 shares common stock, no par value
					
	 Securities Courier
 Corporation
	  	NC-1	  	CD&L, Inc.	  	200/100	  	100 shares common stock, no par value
					
	 Silver Star Express,
 Inc.
	  	NC-1	  	CD&L, Inc.	  	50	  	50 shares common stock, no par value

  
 Annex 3 to Security
Agreement 
  

 ANNEX 4 
 LIST OF COPYRIGHTS, COPYRIGHT REGISTRATIONS AND 
 APPLICATIONS FOR COPYRIGHT REGISTRATIONS

 NONE 
  
 Annex 4 to Security Agreement 

 ANNEX 5 
 LIST OF PATENTS AND PATENT APPLICATIONS 
 NONE 
  
 Annex 5 to Security Agreement 
  

 ANNEX 6 
 LIST OF TRADE NAMES, TRADEMARKS, SERVICES MARKS, 
 TRADEMARK AND SERVICE MARK REGISTRATIONS AND

 APPLICATIONS FOR TRADEMARK AND SERVICE MARK REGISTRATIONS 
 A. VELOCITY EXPRESS CORPORATION / VELOCITY EXPRESS INC. 
 Material U.S. Trademark
Applications, Non-US Trademark Applications and Non-U.S. Trademark Registrations 
 NONE 
 Material U.S. Trademark Registrations 
  

					
	 Owner
	  	 Trademark
	  	 Registration No.

	 Velocity Express Corporation
	  	Relentless Reliability	  	2765219
	 Velocity Express Inc.
	  	VXP	  	2660102
	 Velocity Express Inc.
	  	Velocity	  	2817675
	 Velocity Express Inc.
	  	Velocity Express	  	2684089

 B. CD&L, INC. 
 Material Non-US Trademark Applications and Non-US Trademark Registrations 
 NONE 
 Material U.S. Trademark Registrations 
  

					
	 Owner
	  	 Trademark
	  	 Registration No.

	 CD&L, Inc.
	  	CD&L and Design	  	2534060
	 CD&L, Inc.
	  	CD&L	  	2534061

 Material U.S. Trademark Applications 
  

									
	 Applicant
	  	 Trademark
	  	Date	  	Serial No.	  	Status
	 CD&L, Inc.
	  	The Total Package in Delivery	  	March 20, 2006	  	78-582577	  	Pending

  
 Annex 6 to Security
Agreement 
  

 ANNEX 7 
 LIST OF MATERIAL LICENSES AND OTHER USER AGREEMENTS 
 NONE 
  
  
  
  
  
 PROCEEDINGS
/ CLAIMS 
 On November 30, 2000, Velocity Express, Inc. entered into a Settlement Agreement with Velocity Courier, Inc. in connection with the
parties’ use of certain “Velocity” trademarks. Pursuant to the terms of the settlement, Velocity Express, Inc. is permitted to use the Velocity trademarks anywhere in the United States except the City of Chicago and the territory that
extends 50 miles from the Chicago city limits, but within the State of Illinois. The Settlement Agreement required Velocity Express, Inc. to amend its trademark applications to reflect this exclusion. The Company anticipates that it will initiate
concurrent use proceedings in order to clarify territorial rights with respect to two “Velocity” trademark registrations (Velocity and Velocity Express). 
  
 Annex 7 to Security Agreement 
  

 ANNEX 8 
 PLEDGED DEBT 
 NONE 
  

Annex 8 to Security AgreementWaiver to Credit Agreement, dated as of May 14, 2007

 Exhibit 10.22 
 WAIVER TO CREDIT AGREEMENT 
 WAIVER, dated as of May 14, 2007 (the "Waiver"), 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"; and together with the Borrowers, each a "Loan Party" and collectively, the "Loan Parties"). 
 WHEREAS, the Agent and the Lenders are willing to waive certain Events of Default under the Credit Agreement. 
 NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereto hereby agree as follows: 
 1. Definitions in Waiver. Any capitalized term used herein and not defined shall have the meaning assigned to it in the Credit Agreement.

 2. 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 consent to waive any Event of Default that has or would otherwise arise under
Section 7.2(a) of the Credit Agreement by reason of the failure of the Loan Parties to: 
 (i) pursuant to
Section 5.3 and Schedule 5.3(e) of the Credit Agreement, deliver copies of the Parent’s Projections, for the forthcoming three (3) years, year by year, and for the forthcoming fiscal year, month by month, certified by the chief
financial officer of the Parent; provided, that (A) the Parent’s Projections shall be delivered to the Agents no later than May 25, 2007 and (B) Borrower shall cooperate and provide all information reasonably requested by
a financial consultant, to be engaged by the Agent, to permit such consultant to review the financial records and projections of the Borrower and its Subsidiaries and provide a written report to the Agent, and Borrower shall pay all reasonable costs
and expenses associated with the engagement of the financial consultant. 
 (ii) pursuant to Section 6.16(a) of the
Credit Agreement, achieve the Minimum EBITDA requirement for the three (3) month period ending March 31, 2007; provided, that the Administrative Borrower and Agent shall no later than May 25, 2007, establish mutually agreed
revised Minimum EBITDA financial covenants and reporting 

 
requirements with which the Borrower shall comply with on a monthly basis (instead of a quarterly basis). 
 (b) The waiver in this Section 2 shall be effective only in this specific instance and for the specific purpose set forth herein 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 continue in full force and effect. 
 3. Conditions to Effectiveness. The effectiveness of this Waiver is subject to the fulfillment, in a manner satisfactory to Agent, of each of the
following conditions precedent (the first date upon which all such conditions shall have been satisfied being herein called the "Waiver Effective Date"): 
 (a) The Required Lenders shall have executed this Waiver and received a counterpart of this Waiver that bears the signature of the
Administrative Borrower. 
 (b) In consideration of the waivers provided in Section 2 above, the Borrowers hereby
jointly and severally agree to pay to Agent, for its sole and separate account, a non-refundable fee in an aggregate amount equal to $10,000, in immediately available funds, in Dollars, which fee shall be earned in full when paid. 
 4. Miscellaneous. 
 (a) Continued Effectiveness of the Credit Agreement. Except as otherwise expressly provided herein, the Credit Agreement and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and
confirmed in all respects, except that on and after the Waiver Effective Date (i) all references in the Credit Agreement to "this Agreement", "hereto", "hereof", "hereunder" or words of like import referring to the Credit Agreement shall mean
the Credit Agreement as modified by this Waiver, and (ii) all references in the other Loan Documents to which any Loan Party is a party to the "Credit Agreement", "thereto", "thereof", "thereunder" or words of like import referring to the
Credit Agreement shall mean the Credit Agreement as modified by this Waiver. To the extent that the Credit Agreement or any other Loan Document purports to pledge to Agent, or to grant to Agent, a security interest or lien, such pledge or grant is
hereby ratified and confirmed in all respects. Except as expressly provided herein, the execution, delivery and effectiveness of this Waiver shall not operate as an amendment, modification or waiver of any right, power or remedy of Agent and Lenders
(including the Issuing Lender) under the Credit Agreement or any other Loan Document, nor constitute an amendment of any provision of the Credit Agreement or any other Loan Document. 
 (b) Counterparts. This Waiver may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Waiver by telefacsimile or electronic mail shall be equally as
effective as delivery of an original executed counterpart of this Waiver. 
 (c) Headings. Section headings herein are
included for convenience of reference only and shall not constitute a part of this Waiver for any other purpose. 
  

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 (d) Governing Law. This Waiver shall be governed by, and construed in accordance
with, the laws of the State of New York. 
 (e) Costs and Expenses. Borrowers jointly and severally agree to pay on
demand all fees, costs and expenses of Agent and Lenders in connection with the preparation, execution and delivery of this Waiver and the other related agreements, instruments and documents. 
 (f) Waiver of Jury Trial. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS WAIVER OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

 - 3 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be executed and delivered as of the
date first above written. 
  

			
	 ADMINISTRATIVE BORROWER:
  
 VELOCITY EXPRESS CORPORATION,
 a Delaware corporation

		
	By:	 	/s/ Mark T. Carlesimo
		 	 Name: Mark T. Carlesimo
 Title:
  Secretary

  

 - 4 - 

			
	 AGENT AND LENDER:
  
 WELLS FARGO FOOTHILL, INC.,
 a California corporation

		
	By:	 	/s/ Jason P. Shanahan
		 	 Name: Jason P. Shanahan
 Title:   Vice
President

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