Document:

exv10w19

 

EXHIBIT 10.19

Summary of Compensation for Non-Employee Directors

     The following sets forth the compensation for each of our non-employee directors:

	 	 	 
	New Director Restricted Stock Grant

	 	Shares of restricted stock under the Western Refining Long-Term Incentive Plan in an
amount equal to $40,000 (computed based on the closing price of the Company’s common
stock on the date of grant); granted upon first being either elected by the
stockholders or appointed by the board of directors, as applicable
	 
	 	 
	Annual Cash Retainer

	 	$40,000 for each director and $5,000 for each committee chairperson; payable in four
installments at the end of each quarter in which the director serves as a director or
committee chairperson, as applicable
	 
	 	 
	Annual Restricted Stock Grant

	 	Shares of restricted stock under the Western Refining Long-Term Incentive Plan in an
amount equal to $40,000 (computed based on the closing price of the Company’s common
stock on the date of grant); granted on the date of the Company’s annual stockholders
meeting
	 
	 	 
	Board Meetings

	 	$1,500 per meeting attended, either in person or by teleconference
	 
	 	 
	Committee Meetings

	 	$1,500 per meeting attended, either in person or by teleconference
	 
	 	 
	Expenses

	 	Reimbursement of all reasonable expenses incurred in connection with attending board
of directors and committee meetings and service on the board of directorsexv10w6

 

Exhibit 10.6

PROMISSORY NOTE

			
	$300,000
	 	As of September 22, 2005

New York, NY

Global Logistics Acquisition Corporation (the “Maker”) promises to pay to the order of Blue Line
Advisors, Inc. (the “Payee”) the principal sum of Three Hundred Thousand Dollars and No Cents
($300,000) in lawful money of the United States of America together with interest on the unpaid
principal balance of this Promissory Note (this “Note”), on the terms and conditions described
below.

1. Principal. The principal balance of this Note shall be repayable on the earlier of (i)
March 31, 2006 or (ii) the date on which Maker consummates an initial public offering of its
securities under the Securities Act of 1933, as amended.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

3. Application of Payments. All payments shall be applied first to payment in full of any
costs incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the reduction of the unpaid principal balance of this Note.

4. Events of Default. Each of the following shall constitute an event of default (“Event
of Default”) under this Note:

	 	(a)	 	Failure to Make Required Payments. Failure by Maker to pay the
principal of this Note within five (5) business days following the date when due.
	 
	 	(b)	 	Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary
case under the Federal Bankruptcy Code, as now constituted or hereafter amended, or any
other applicable federal or state bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of
Maker generally to pay its debts as such debts become due, or the taking of corporate
action by Maker in furtherance of any of the foregoing.
	 
	 	(c)	 	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief
by a court having jurisdiction in the premises in respect of maker in an involuntary
case under the Federal Bankruptcy Code, as now or hereafter constituted, or any other
applicable federal or state bankruptcy, insolvency or other similar law, or appointing
a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of Maker or for any substantial part of its property, or ordering the
winding-up or liquidation of its affairs, and the continuance of any such decree or
order unstayed and in effect for a period of 60 consecutive days.

5. Remedies.

	 	(a)	 	Upon the occurrence of an Event of Default specified in Section 4(a) hereof,
Payee may, by written notice to Maker, declare this Note to be immediately due and
payable, whereupon the unpaid principal amount of this Note, and all other amounts
payable hereunder, shall become immediately due and payable.
	 
	 	(b)	 	Upon the occurrence of an Event of Default specified in either Section 4(b) or
Section 4(c) hereof, the unpaid principal balance of this Note, and all other amounts
payable hereunder, shall automatically and immediately become due and payable, in all
cases without any action on the part

 

 

	 	 	 	of Payee, including presentment, demand, protest or other notice of any kind, all of
which are hereby expressly waived.

6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to
the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of
any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that
any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any
writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.

7. Unconditional Liability. Maker hereby waives all notices in connection with the
delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees
that its liability shall be unconditional, without regard to the liability of any other party, and
shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by Payee, and consents to any and all extensions of time,
renewals, waivers, or modifications that may be granted by Payee with respect to the payment or
other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or
sureties may become parties hereto without notice to it or affecting its liability hereunder.

8. Notices. Any notice called for hereunder shall be deemed properly given if in writing
and (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii)
dispatched by any form of private or governmental express mail or delivery service providing
receipted delivery, (iv) sent by confirmed telefacsimile or (v) sent by confirmed e-mail, to the
following addresses or to such other address as either party may designate by notice in accordance
with this Section:

If to Maker:

Global Logistics Acquisition Corporation

330 Madison Avenue, Sixth Floor

New York, NY 10017

Attn.:  Gregory E. Burns

If to Payee:

Blue Line Advisors, Inc.

330 Madison Avenue, Sixth Floor

New York, NY 10017

Attn.:  Gregory E. Burns

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on the confirmed telefacsimile transmission confirmation, (iii) the date on which an
e-mail transmission was received by the receiving party’s on-line access provider (iv) the date
reflected on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery
or dispatch by express mail or delivery service.

9. Governing Law; Construction. This Note, the legal relations between the Maker and Payee
and the adjudication and the enforcement hereof shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts executed in and to be performed in
that state, without regard to the conflicts of law provisions thereof to the extent such principles
or rules would require or permit the application of the laws of another jurisdiction.

10. Severability. Any provision contained in this Note which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

 

     IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be
duly executed the day and year first above written.

	 	 	 	 	 	 	 
	 	 	GLOBAL LOGISTICS ACQUISITION CORPORATION	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	 /s/ Gregory E. Burns	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Gregory E. Burns	 	 
	

	 	 	 	Title: Chief Executive Officer and President	 	 

[Promissory Note]exv10w11

 

Exhibit 10.11

ADMINISTRATIVE SERVICES AGREEMENT

     AGREEMENT made as of September 30, 2005 by and between Global Logistics Acquisition
Corporation, a Delaware corporation (hereinafter referred to as the “Corporation”), and Blue Line
Advisors, Inc. (hereinafter referred to as the “Administrator”).

W I T N E S S E T H:

     WHEREAS, the Corporation is a newly formed special purpose acquisition company that intends to
conduct an initial public offering (“IPO”) of its securities;

     WHEREAS, the Corporation desires to retain the Administrator to provide administrative
services to the Corporation in the manner and on the terms hereinafter set forth; and

     WHEREAS, the Administrator is willing to provide administrative services to the Corporation on
the terms and conditions hereafter set forth.

     NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and
for other good and valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the Corporation and the Administrator hereby agree as follows:

     1. Term. This Agreement shall commence on the Effective Date (the “Commencement Date”),
and shall continue in effect until the earlier of the Business Combination Date and the Termination
Date (the “Expiration Date”).

     2. Duties of Administrator. Beginning on the Commencement Date, and continuing up to and
including the Expiration Date, the Administrator shall make available to the Company certain office
space and administrative support services (as enumerated on the attached Schedule 2) as may
be required by the Company from time to time, situated at 330 Madison Avenue, Sixth Floor, New
York, NY 10017.

     3. Payment for Services. Beginning on the Commencement Date, and continuing up to and
including the Expiration Date, the Company shall pay the Administrator the sum of $7,500 per month
(the “Monthly Payment”).

     4. Timing of Payments. Monthly Payments shall be due on a monthly basis on the first day
of each month beginning on the Commencement Date (each, a “Payment Date”); provided, that
no Payment Dates shall occur subsequent to the Expiration Date.

     5. Binding Agreement. This Agreement shall be binding on each of the Company and the
Administrator, and their respective successors and assigns.

     6. Governing Law. This Agreement shall be governed by and interpreted and construed in
accordance with the laws of the State of New York applicable to contracts

 

 

formed and to be performed entirely within the State of New York, without regard to the conflicts
of law provisions thereof to the extent such principles or rules would require or permit the
application of the laws of another jurisdiction.

     7. Entire Agreement. This Agreement contains the entire agreement of the parties and
supercedes all prior agreements, understandings and arrangements with respect to the subject matter
hereof. No term or provision of this letter agreement may be amended, changed, waived, altered or
modified except by written instrument executed and delivered by the party against whom such
amendment, change, waiver, alteration or modification is to be enforced.

     8. Defined Terms. Capitalized terms not otherwise defined herein shall have the meanings
ascribed to them on Schedule 1 to this Agreement.

     9. Counterparts. This Agreement may be executed in one or more counterparts, and by the
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, and shall become
effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto.

     10. Notices. Any notice under this Agreement shall be given in writing, addressed and
delivered or mailed, postage prepaid, to the other party at its principal office.

[The Remainder of this Page is Intentionally Left Blank]

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

	 	 	 	 	 	 	 
	 	 	GLOBAL LOGISTICS ACQUISITION CORPORATION	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Gregory E. Burns	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Gregory E. Burns	 	 
	

	 	 	 	Title: Chief Executive Officer and President	 	 
	 
	 	 	 	 	 	 
	 	 	BLUE LINE ADVISORS, INC.	 	 
	 
	 	 	 	 	 	 
	

	 	By:
	 	/s/ Gregory E. Burns	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name: Gregory E. Burns	 	 
	

	 	 	 	Title: President	 	 

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Schedule 1

SUPPLEMENTAL COMMON DEFINITIONS

     Unless the context shall otherwise require, the following terms shall have the following
respective meanings for all purposes, and the following definitions are equally applicable to both
the singular and the plural forms and the feminine, masculine and neuter forms of the terms
defined.

     “Business Combination” shall mean the acquisition by the Company, whether by merger, capital
stock exchange, asset acquisition or other similar type of combination, of one or more operating
businesses in the transportation and logistics sector and related industries, having, collectively,
a fair market value (as calculated in accordance with the Company’s Amended and Restated
Certificate of Incorporation) of at least 80% of the Company’s net assets at the time of such
merger, capital stock exchange, asset acquisition or other similar type of combination.

     “Business Combination Date” shall mean the date upon which a Business Combination is
consummated, as conclusively established by a majority of the Independent Directors of the Company
immediately following a Business Combination.

     “Effective Date” shall mean the date upon which the Registration Statement is declared
effective under the Securities Act of 1933, as amended, by the SEC.

     “Immediate Family” shall mean, with respect to any person, such person’s spouse, lineal
descendents, father, mother, brothers or sisters (including any such relatives by adoption or
marriage).

     “Independent Directors” shall mean the Company’s directors that qualify as “independent” under
NASD Rule 4200(a)(15), as amended.

     “Insiders” shall mean all of the officers, directors and stockholders of the Company
immediately prior to the Company’s IPO.

     “Insider Shares” shall mean all shares of Common Stock of the Company owned by an Insider
immediately prior to the Company’s IPO. For the avoidance of doubt, Insider Shares shall not
include any IPO Shares purchased by Insiders in connection with or subsequent to the Company’s IPO.

     “IPO Shares” shall mean all shares of Common Stock issued by the Company in its IPO,
regardless of whether such shares were issued to an Insider or otherwise.

     “Lock-Up Period” shall mean the period commencing on (inclusive of such date) the closing of
the IPO and delivery of the IPO Shares in connection therewith and ending on the earlier of (i) the
date that is six months immediately following the Business Combination Date, or (ii) the
Termination Date.

 

 

     “Lock-Up Period Termination Date” shall mean the close of business on the last day of the
Lock-Up Period.

     “Prospectus” shall mean the final prospectus filed pursuant to Rule 424(b) under the
Securities Act of 1933, as amended, and included in the Registration Statement.

     “Registration Statement” shall mean the registration statement filed by the Company on Form
S-1 (No. 333-128591) with the SEC on September 26, 2005, and any amendment or supplement thereto,
in connection with the Company’s IPO.

     “SEC” shall mean the United States Securities and Exchange Commission.

     “Termination Date” shall mean the date that is sixty (60) calendar days immediately following
the Transaction Failure Date (inclusive thereof).

     “Transaction Failure” shall mean the earlier of (i) the failure to enter into a letter of
intent, definitive agreement or agreement in principle with respect to a Business Combination on
any day during the eighteenth-month period immediately following the Effective Date, and (ii) the
failure to consummate a Business Combination on any day during the twenty-four-month period
immediately following the Effective Date.

     “Transaction Failure Date” shall mean the date upon which a Transaction Failure occurs, as
conclusively established by a majority of the Independent Directors of the Company immediately
following a Transaction Failure.

     “Trust Fund” shall mean that certain trust account established with The Bank of New York and
in which the Company deposited the “funds to be held in trust”, as described in the Prospectus.

 

 

Schedule 2

SCHEDULE OF ADMINISTRATIVE SERVICES

	1.	 	Office space
	 
	2.	 	Conference room facilities
	 
	3.	 	Computers and Internet access
	 
	4.	 	Photocopying facilities
	 
	5.	 	Telephone and facsimile service
	 
	6.	 	Utilities (electric, water, etc.)
	 
	7.	 	Secretarial support
	 
	8.	 	Receptionist support
	 
	9.	 	Word processing support
	 
	10.	 	Filing and office management support
	 
	11.	 	Office supplies (paper, pens, notepads, etc.)

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