Document:

<PAGE>

                            SHARE PURCHASE AGREEMENT

                                      AMONG

                         THE SHAREHOLDERS OF PJAX, INC.

                                       AND

                               VITRAN CORPORATION

                                       AND

                             VITRAN CORPORATION INC.

                              DATED OCTOBER 2, 2006

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                          <C>
1. INTERPRETATION..........................................................    2
   1.1    DEFINED TERMS....................................................    2
   1.2    CURRENCY.........................................................    7
   1.3    SECTIONS AND HEADINGS............................................    7
   1.4    NUMBER, GENDER AND PERSONS.......................................    7
   1.5    ACCOUNTING PRINCIPLES............................................    8
   1.6    ENTIRE AGREEMENT.................................................    8
   1.7    TIME OF ESSENCE..................................................    8
   1.8    APPLICABLE LAW...................................................    8
   1.9    SEVERABILITY.....................................................    8
   1.10   CONSTRUCTION.....................................................    9
   1.11   KNOWLEDGE........................................................    9
   1.12   SCHEDULES........................................................    9
2. PURCHASE AND SALE OF PURCHASED SHARES...................................   10
   2.1    PURCHASE AND SALE OF PURCHASED SHARES............................   10
   2.2    PURCHASE PRICE...................................................   10
   2.3    VITRAN SHARES....................................................   11
   2.4    SEPTEMBER 30, 2006 FINANCIAL STATEMENTS..........................   11
   2.5    DISPUTES CONCERNING SEPTEMBER 30, 2006 FINANCIAL STATEMENTS......   11
   2.6    CASH ON CLOSING..................................................   12
   2.7    ADJUSTMENT FOR INDEBTEDNESS......................................   12
3. REPRESENTATIONS AND WARRANTIES OF THE VENDORS...........................   13
   3.1    ORGANIZATION AND STATUS..........................................   13
   3.2    AUTHORIZED AND ISSUED CAPITAL....................................   13
   3.3    NO OPTIONS.......................................................   13
   3.4    NO SUBSIDIARIES..................................................   13
   3.5    NO VIOLATION.....................................................   13
   3.6    BUSINESS OF THE CORPORATION......................................   14
   3.7    TITLE TO PERSONAL PROPERTY.......................................   14
   3.8    LOCATION OF LEASED REAL PROPERTY.................................   15
   3.9    STATUS OF REAL PROPERTY..........................................   15
   3.10   REAL PROPERTY LEASES.............................................   16
   3.11   INTELLECTUAL PROPERTY............................................   17
   3.12   AGREEMENTS AND COMMITMENTS.......................................   17
   3.13   COMPLIANCE WITH LAWS.............................................   19
   3.14   PERMITS AND LICENSES.............................................   19
   3.15   CONSENTS AND APPROVALS...........................................   19
   3.16   FINANCIAL STATEMENTS.............................................   19
   3.17   FINANCIAL BOOKS AND RECORDS......................................   20
   3.18   ACCOUNTS RECEIVABLE..............................................   20
   3.19   FREIGHT DAMAGE CLAIMS............................................   20
   3.20   CORPORATE RECORDS................................................   20
   3.21   ABSENCE OF CHANGES...............................................   21
   3.22   TAXES............................................................   22
   3.23   LITIGATION AND OTHER PROCEEDINGS.................................   23
   3.24   ACCOUNTS AND POWERS OF ATTORNEYS.................................   24
   3.25   DIRECTORS AND OFFICERS...........................................   24
</TABLE>

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<TABLE>
<S>                                                                          <C>
   3.26   RELATED PARTY TRANSACTIONS.......................................   24
   3.27   ENVIRONMENTAL....................................................   25
   3.28   EMPLOYEE PLANS...................................................   26
   3.29   COLLECTIVE AGREEMENTS............................................   27
   3.30   EMPLOYEES........................................................   27
   3.31   EMPLOYEE ACCRUALS................................................   28
   3.32   BONUS PAYMENTS...................................................   28
   3.33   WORKER'S COMPENSATION............................................   28
   3.34   CUSTOMERS........................................................   28
   3.35   OWNER-OPERATORS..................................................   28
   3.36   PRODUCT WARRANTIES...............................................   29
   3.37   ILLEGAL PAYMENTS.................................................   29
   3.38   INDEBTEDNESS.....................................................   29
   3.39   SECURITIES LAWS..................................................   29
   3.40   BINDING NATURE...................................................   29
   3.41   NO CONFLICT......................................................   29
   3.42   OWNERSHIP OF PURCHASED SHARES....................................   30
4. REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.........................   30
   4.1    ORGANIZATION.....................................................   30
   4.2    CORPORATE POWER AND AUTHORIZATION................................   30
   4.3    NO VIOLATION.....................................................   30
   4.4    FINANCIAL ABILITY................................................   31
   4.5    CONSENTS AND APPROVALS...........................................   31
5. REPRESENTATIONS AND WARRANTIES OF VITRAN................................   31
   5.1    ORGANIZATION.....................................................   31
   5.2    CORPORATE POWER AND AUTHORIZATION................................   31
   5.3    NO VIOLATION.....................................................   31
   5.4    VITRAN'S FINANCIAL STATEMENTS....................................   32
   5.5    REPORTING ISSUER.................................................   32
   5.6    LISTINGS.........................................................   32
   5.7    CONSENTS AND APPROVALS...........................................   32
   5.8    VITRAN SHARES....................................................   32
6. COVENANTS...............................................................   33
   6.1    DELIVERY OF BOOKS AND RECORDS....................................   33
   6.2    CONDUCT PRIOR TO CLOSING.........................................   33
   6.3    DELIVERY OF TRANSFER DOCUMENTS...................................   34
   6.4    REGULATORY CONSENTS OF THE CORPORATION...........................   34
   6.5    DELIVERY OF CLOSING DOCUMENTATION BY THE VENDORS.................   34
   6.6    DELIVERY OF PURCHASER'S CLOSING DOCUMENTATION....................   34
   6.7    REGULATORY CONSENTS OF THE PURCHASER.............................   35
   6.8    SECTION 338(H)(10) ELECTION......................................   35
   6.9    REMOVAL OF PERSONAL ITEMS........................................   37
   6.10   RESTRICTION ON TRANSFER OF SHARES................................   37
   6.11   DELIVERY OF ACQUISITION AGREEMENT................................   37
   6.12   TAX COOPERATION..................................................   37
   6.13   DELIVERY OF EMPLOYMENT AGREEMENT.................................   38
7. CLOSING ARRANGEMENTS....................................................   38
   7.1    PLACE OF CLOSING.................................................   38
</TABLE>

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<TABLE>
<S>                                                                          <C>
   7.2    TRANSFER.........................................................   38
   7.3    FURTHER ASSURANCES...............................................   38
8. CONDITIONS OF CLOSING...................................................   38
   8.1    CONDITIONS OF CLOSING IN FAVOUR OF THE PURCHASER.................   38
   8.2    NON-PERFORMANCE BY THE VENDORS...................................   40
   8.3    CONDITIONS OF CLOSING IN FAVOUR OF THE VENDORS...................   40
   8.4    NON-PERFORMANCE BY THE PURCHASER.................................   41
9. SURVIVAL OF COVENANTS, REPRESENTATIONS AND WARRANTIES...................   41
   9.1    SURVIVAL OF COVENANTS, REPRESENTATIONS AND WARRANTIES............   41
10. INDEMNIFICATION........................................................   42
   10.1   INDEMNIFICATION BY THE VENDORS...................................   42
   10.2   INDEMNIFICATION BY THE PURCHASER.................................   42
   10.3   LIMITATION ON OBLIGATION TO INDEMNIFY............................   42
   10.4   NOTICE OF CLAIM..................................................   43
   10.5   DIRECT CLAIMS....................................................   43
   10.6   THIRD PARTY CLAIMS...............................................   43
   10.7   SETTLEMENT OF THIRD PARTY CLAIMS.................................   44
   10.8   CO-OPERATION.....................................................   44
   10.9   EXCLUSIVITY......................................................   45

11. MISCELLANEOUS..........................................................   45
   11.1   CONFIDENTIALITY OF INFORMATION...................................   45
   11.2   NOTICES..........................................................   46
   11.3   COMMISSIONS, ETC.................................................   47
   11.4   EXPENSES.........................................................   47
   11.5   CONSULTATION.....................................................   47
   11.6   DISCLOSURE.......................................................   48
   11.7   SUCCESSORS AND ASSIGNS...........................................   48
   11.8   AMENDMENT AND WAIVERS............................................   48
   11.9   COUNTERPARTS.....................................................   49
</TABLE>

                                      -iii-
<PAGE>

                            SHARE PURCHASE AGREEMENT

     THIS AGREEMENT made the 2nd day of October, 2006.

A M O N G:

                                    THE INDIVIDUAL SHAREHOLDERS OF
                                    PJAX, INC. NAMED ON
                                    SCHEDULE A

                                    (hereinafter called the "VENDORS")

                                                       - and-

                                    VITRAN CORPORATION,
                                    a corporation incorporated under the laws of
                                    the State of Nevada,

                                    (hereinafter called the "PURCHASER"),

                                                       - and-

                                    VITRAN CORPORATION INC.,
                                    a corporation incorporated under the laws of
                                    the Province of Ontario,

                                    (hereinafter called "VITRAN")

     WHEREAS the Vendors desire to sell, and the Purchaser desires to purchase,
all of the issued and outstanding shares of the capital stock of PJAX, Inc., a
corporation incorporated under the laws of the Commonwealth of Pennsylvania,
(the "CORPORATION") for the consideration and on the terms and conditions set
forth in this Agreement;

     AND WHEREAS immediately upon giving effect to the purchase of all of the
issued and outstanding shares of the capital stock of the Corporation by the
Purchaser pursuant to this Agreement, the Corporation will purchase the
Woodhurst Assets and the Northridge Assets;

     THIS AGREEMENT WITNESSES THAT in consideration of the respective covenants,
agreements, representations, warranties and indemnities herein contained and for
other good and valuable consideration (the receipt and sufficiency of which are
acknowledged by each party), the parties agree as follows:

                                      -1-

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1.   INTERPRETATION

1.1  DEFINED TERMS.

     In addition to any other terms defined in this Agreement, for the purpose
     of this Agreement, unless the context otherwise requires, the following
     terms shall have the respective meanings set out below and grammatical
     variations of such terms shall have corresponding meanings:

     (a)  "338 TAXES" has the meaning set out in subsection 6.8(b);

     (b)  "ANNUAL FINANCIAL STATEMENTS" means the annual audited financial
          statements of the Corporation for the fiscal years ended December 31,
          2005 and December 31, 2004, copies of which financial statements are
          annexed hereto as Schedule 1.1(b);

     (c)  "APPLICABLE INCOME TAXES" has the meaning set out in subsection
          6.8(a);

     (d)  "ACQUISITION AGREEMENT" means the agreement for the purchase and sale
          of the Northridge Assets and the Woodhurst Assets between the
          Corporation (as purchaser) and Northridge Enterprises, L.P. and
          Woodhurst Realty, LLC (as sellers), in the form agreed to by the
          parties thereto;

     (e)  "BUSINESS" means the business currently and heretofore carried on by
          the Corporation consisting of the provision of less than truckload
          transportation services and related services, including the provision
          of truckload transportation services;

     (f)  "BUSINESS DAY" means any day other than a Saturday, a Sunday or a
          statutory holiday in either of the State of Pennsylvania or the
          Province of Ontario;

     (g)  Intentionally Deleted;

     (h)  "CERCLA" means the Comprehensive Environmental Response Compensation
          and Liability Act of 1980, as amended;

     (i)  "CLAIM" has the meaning set out in Section 10.4;

     (j)  "CLOSING ADJUSTMENTS" means (i) any salary, bonuses, fringe benefits,
          perquisites or other compensation, distributions or other payments
          between the Vendors and the Corporation and (ii) with respect to the
          September 30, 2006 Financial Statements, any adjustments or
          modifications in reserves and accruals, whether made by or at the
          request or suggestion of the Vendors, the Purchaser or Vitran, related
          to (a) allowance for doubtful accounts receivable; (b) incurred but
          not reported health care expenses; (c) revenue adjustment accrual; (d)
          revenue reduction for shipments picked up but not delivered; (e)
          incurred but not reported workers compensation claims (including
          developed claims); (f) vacation and sick pay; (g) automobile liability
          claims; (h) general liability claims; (i) freight loss or

                                      -2-

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          damage claims; (j) accrued bonuses; (k) accrued audit fees; (l)
          accrued tax and legal services fees; and (m) accrued third party
          repairs and maintenance;

     (k)  "CLOSING DATE" means October 2, 2006, or such other date as may be
          mutually agreed by the parties;

     (l)  "CODE" has the meaning set out in Section 3.22;

     (m)  "CONTRACT" means any agreement, indenture, contract, lease, deed of
          trust, license, option, instrument or other commitment, whether
          written or oral;

     (n)  "CONTROL" shall be deemed to occur between a corporation and another
          person if:

          (i)  voting securities of the corporation carrying more than 50% of
               the votes for the election of directors are held, otherwise than
               by way of security only, by or for the benefit of the other
               person; and

          (ii) the votes carried by such securities are entitled, if exercised,
               to elect a majority of the board of directors of the corporation;

     (o)  "DIRECT CLAIM" has the meaning set out in Section 10.4;

     (p)  "EBIT" means at any time, without duplication, the net income of the
          Corporation determined in accordance with generally accepted
          accounting principals for the relevant period (i) plus the following
          (to the extent that any of the following items were deducted in
          calculating such net income) and/or (ii) minus the following (to the
          extent any of the following items were added in calculating such net
          income), total net interest expense/income, dividends expense/income
          and taxes expense/recovery;

     (q)  "EBIT CALCULATION" has the meaning set out in Section 2.4;

     (r)  "ERISA" means the Employee Retirement Security Act of 1974, as
          amended;

     (s)  "ELECTION" has the meaning set out in subsection 6.8(a);

     (t)  "EMPLOYEE PLANS" means the employee benefit plans (as defined in ERISA
          Section 3(3)) established by or for the employees of the Corporation
          and all other plans, programs, funds, arrangements and contractual
          undertakings, whether for the benefit of a single individual or for
          more than one individual, and whether or not funded, which is in the
          nature of (i) an employee pension benefit plan as defined in ERISA
          Section 3(2), (ii) an employee welfare benefit plan (as defined in
          ERISA Section 3(1)), or (iii) any incentive or other benefit
          arrangement for employees, their beneficiaries and/or their
          dependents;

     (u)  "ENCUMBRANCE" means any encumbrance, lien, charge, pledge, mortgage,
          title retention agreement, security interest of any nature, adverse
          claim, exception,

                                      -3-

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          reservation, easement, restriction, right of occupation, any matter
          capable of registration against title, option, right of pre-emption,
          privilege or any Contract to create any of the foregoing;

     (v)  "ENVIRONMENTAL LAWS" means any Law with respect to any Hazardous
          Materials, drinking water, groundwater, wetlands, landfills, open
          dumps, storage tanks, underground storage tanks, solid waste, waste
          water, storm water run-off waste emissions, wells or otherwise
          concerning pollution, or the protection of the environment; without
          limiting the generality of the foregoing, the term will encompass the
          following statutes and regulations promulgated thereunder and any
          similar applicable state or local statute or regulation as in effect
          on the Closing Date: (i) CERCLA, (ii) RCRA, (iii) the Hazardous
          Materials Transportation Act, (iv) the Toxic Substances Control Act,
          (v) the Clean Water Act, (vi) the Clean Air Act, (vii) the Safe
          Drinking Water Act, (viii) the National Environmental Policy Act of
          1969, and (ix) Title III of the Superfund Amendment and
          Reauthorization Act of 1986;

     (w)  "FINANCIAL STATEMENTS" means the Annual Financial Statements and the
          Interim Period Financial Statements;

     (x)  "GOVERNMENTAL ENTITY" means any government or any governmental agency,
          bureau, board, commission, department, regulatory agency, or political
          subdivision, whether federal, state or local, domestic or foreign;

     (y)  "HAZARDOUS MATERIALS" means each and every element, compound, chemical
          mixture, contaminant, pollutant, material, waste or other substance
          which is defined, determined or identified as hazardous or toxic under
          any Environmental Law or the Release of which is prohibited under any
          Environmental Law; without limiting the generality of the foregoing,
          the term will include (i) "hazardous substances" as defined in CERCLA
          or the Superfund Amendments and Reauthorization Act of 1986, each as
          amended and all regulations promulgated thereunder, (ii) "hazardous
          waste" as defined in RCRA, as amended, and all regulations promulgated
          thereunder, (iii) "hazardous Materials" as defined in the Hazardous
          Materials Transportation Act, as amended, and all regulations
          promulgated thereunder, and (iv) "chemical substance or mixture" as
          defined in the Toxic Substances Control Act, as amended, and all
          regulations promulgated thereunder;

     (z)  "INDEMNIFIED PARTY" has the meaning set out in Section 10.4;

     (aa) "INDEMNIFYING PARTY" has the meaning set out in Section 10.4;

     (bb) "INTELLECTUAL PROPERTY" has the meaning set out in Section 3.11;

     (cc) "INTERIM PERIOD FINANCIAL STATEMENTS" means the unaudited financial
          statements of the Corporation as at and for the eight month period
          ended

                                      -4-

<PAGE>

          August 31, 2006, a copy of which financial statements are annexed
          hereto as Schedule 1.1(cc);

     (dd) "LAW" means any federal, state, local or municipal, domestic or
          foreign, constitutional provision, statute, law, by-law, rule,
          regulation, Permit, decree, injunction, judgment, order, or legally
          binding ruling, determination, common law rule, finding or writ of any
          Governmental Entity or any court of other tribunal;

     (ee) "LEASED REAL PROPERTY" has the meaning set out in Section 3.8;

     (ff) "LICENSE" has the meaning set out in Section 3.14;

     (gg) "LOAN BALANCE" and "DEBT" have the respective meanings set out in
          Section 2.7;

     (hh) "LOSSES", in respect of any matter, means all claims, demands,
          Proceedings, losses, damages, liabilities, deficiencies, costs and
          expenses (including, without limitation, all legal and other
          professional and consultant fees and disbursements, interest,
          penalties and amounts paid in settlement) arising directly or
          indirectly as a consequence of such matter;

     (ii) "MATERIAL ADVERSE CONSEQUENCE" and "MATERIAL ADVERSE CHANGE" mean any
          one or more consequences or changes having the potential to produce
          adverse financial consequences or changes to or for the Corporation of
          more than $100,000 provided that any consequences or changes involving
          amounts of $25,000 or less will not be considered in determining
          whether a Material Adverse Consequence or a Material Adverse Change
          has occurred;

     (jj) "MATERIAL CONTRACT" means any Contract if it requires or may require
          the provision by the Corporation to any person of goods or services,
          or the making of a financial obligation by the Corporation in excess
          of $50,000, excluding, however, any Contract which requires the
          Corporation to provide transportation service at a fixed rate if such
          Contract is not terminable without penalty in less than 60 days;

     (kk) "NORTHRIDGE ASSETS" means all of the real estate owned by Northridge
          Enterprises, L.P. as described in the Acquisition Agreement;

     (ll) "ORDER" means any agreement or any judgment, order, writ, prohibition,
          injunction, decree, award, or other requirement of any Governmental
          Entity;

     (mm) "PERMIT" means any license, permit, approval, authorization, consent,
          registration, franchise, certificate of authority or order,
          certificate of occupancy, building, safety and fire and health
          approval, including, for greater certainty, the business permit
          license of each terminal owned or operated by the Corporation, or any
          waiver of the foregoing, issued by any Governmental Entity;

                                      -5-

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     (nn) "PERMITTED ENCUMBRANCES" are those Encumbrances described in Schedule
          1.1 (nn);

     (oo) Intentionally Deleted;

     (pp) "PROCEEDINGS" has the meaning set out in Section 3.23;

     (qq) "PURCHASE PRICE" has the meaning set out in Section 2.2;

     (rr) "PURCHASED SHARES" has the meaning set out in Section 2.1;

     (ss) "PURCHASER 338 PAYMENTS" has the meaning set out in subsection 6.8(b);

     (tt) "PURCHASER'S REPRESENTATIVES" has the meaning set out in Section 10.1;

     (uu) "RCRA" means the Resource Conservation and Recovery Act of 1976, as
          amended;

     (vv) "REAL PROPERTY LEASES" has the meaning set out in Section 3.10;

     (ww) "RELATED AGREEMENTS" means the Employment Agreement, the
          non-competition agreements referred to in subsection 8.1(g) and the
          Acquisition Agreement;

     (xx) "RELATED PARTY" means (i) any of the Vendors, (ii) any parent, child,
          spouse or sibling of any of the Vendors, or (iii) any person which is
          controlled by any of the Vendors and/or any parent, child, spouse or
          sibling of any of the Vendors;

     (yy) "RELEASE" means any spilling, leaking, pumping, pouring, emitting,
          emptying, discharging, injecting, storing, escaping, leaching,
          dumping, discarding, burying, abandoning or disposing into the
          environment;

     (zz) "SECURITIES ACT" means the Securities Act of 1933, as amended;

     (aaa) "SEPTEMBER 30, 2006 BALANCE SHEET" has the meaning set out in Section
          2.4;

     (bbb) "SEPTEMBER 30, 2006 FINANCIAL STATEMENTS" has the meaning set out in
          Section 2.4;

     (ccc) "SEPTEMBER 30, 2006 INCOME STATEMENT" has the meaning set out in
          Section 2.4;

     (ddd) "SUBSIDIARY" means a corporation which is controlled, directly or
          indirectly, by another corporation;

     (eee) "TAXES" means all taxes, assessments, charges, duties, fees,
          registrations, levies or other governmental charges (including
          interest, penalties or additions associated therewith) including
          without limitation federal, state, city, county, foreign or other
          income, franchise, gross receipts, license, employment, excise,

                                      -6-

<PAGE>

          severance, stamp, occupation, premium, windfall profits, capital
          stock, profits, registration, alternative or add-on minimum,
          estimated, real property, personal property, tangible, withholding,
          source deductions from payroll, Federal Insurance Contributions Act,
          payroll taxes, unemployment compensation, workers' compensation,
          employee related taxes, disability, transfer, sales, use, gasoline,
          fuel, excise, goods and services, value added, customs duty, gross
          receipts and all other taxes of any kind affecting the Corporation and
          for which the Corporation may have any liability imposed by any
          Governmental Entity, whether disputed or not, including any interest,
          penalty, or addition thereto, and including any obligations to
          indemnify or otherwise assume or succeed to the tax liability of any
          other person;

     (fff) "THIRD PARTY" has the meaning set out in Section 10.6;

     (ggg) "THIRD PARTY CLAIM" has the meaning set out in Section 10.4;

     (hhh) "TIME OF CLOSING" means 8:00 a.m. Eastern Daylight Savings time on
          the Closing Date;

     (iii) "VITRAN SHARES" means the common shares in the capital of Vitran; and

     (jjj) "WOODHURST ASSETS" means all of the real estate owned by Woodhurst
          Realty, LLC, as described in the Acquisition Agreement.

1.2  CURRENCY.

     Unless otherwise indicated, all dollar amounts referred to in this
     Agreement are dollars of the United States of America.

1.3  SECTIONS AND HEADINGS.

     The division of this Agreement into Articles and Sections and the insertion
     of headings and a table of contents are for convenience of reference only
     and shall not affect the interpretation of this Agreement. Unless otherwise
     indicated, any reference in this Agreement to an Article, Section or
     Schedule refers to the specified Article or Section of, or Schedule to,
     this Agreement.

1.4  NUMBER, GENDER AND PERSONS.

     In this Agreement, words importing the singular number only shall include
     the plural and vice versa, words importing gender shall include all genders
     and persons shall include individuals, corporations, companies,
     partnerships, limited liability companies, limited liability partnerships,
     associations, trusts, unincorporated organizations, governmental bodies and
     other legal or business entities.

                                      -7-

<PAGE>

1.5  ACCOUNTING PRINCIPLES.

     Except as otherwise noted, any reference in this Agreement to generally
     accepted accounting principles refers to generally accepted accounting
     principles applicable in the United States as approved at the applicable
     time by the Financial Accounting Standards Board.

1.6  ENTIRE AGREEMENT.

     This Agreement, including the Schedules attached hereto, constitutes the
     entire agreement between the parties with respect to the subject matter
     hereof and supersedes all prior agreements, understandings, negotiations
     and discussions, whether written or oral. There are no conditions,
     covenants, agreements, representations, warranties or other provisions,
     express or implied, collateral, statutory or otherwise, relating to the
     subject matter hereof except as herein provided.

1.7  TIME OF ESSENCE.

     Time shall be of the essence of this Agreement.

1.8  APPLICABLE LAW.

     All questions concerning the construction, validity and interpretation of
     this Agreement and the Schedules hereto will be governed by the internal
     law, and not the law of conflicts, of the Commonwealth of Pennsylvania,
     except with respect to matters of law concerning the internal corporate
     affairs of any corporate entity which is a party to or the subject of this
     Agreement and as to those matters the law of the jurisdiction under which
     such entity derives its power shall govern. Each party hereby waives trial
     by jury in any judicial proceeding involving, directly or indirectly, any
     matter, in any way arising out of or related to, or in connection with this
     Agreement whether sounding in contract, tort or otherwise. Any such matter
     shall be heard in the United States District Court for the Western District
     of Pennsylvania sitting in Pittsburgh, Pennsylvania, to the extent that it
     has subject matter jurisdiction thereover and not in state court, and if
     the said federal court does not have subject matter jurisdiction, in the
     Court of Common Pleas of Allegheny County, Pennsylvania, which courts shall
     have sole and exclusive jurisdiction over any such matter.

1.9  SEVERABILITY.

     If any provision of this Agreement is determined by a court of competent
     jurisdiction to be invalid, illegal or unenforceable in any respect, such
     determination shall not impair or affect the validity, legality or
     enforceability of the remaining provisions hereof, and each provision is
     hereby declared to be separate, severable and distinct.

                                      -8-

<PAGE>

1.10 CONSTRUCTION.

     The language used in this Agreement will be deemed to be the language
     chosen by the parties to express their mutual intent and no rule of strict
     construction will be applied against any party.

1.11 KNOWLEDGE.

     For the purposes of any reference in this Agreement to the "knowledge of
     the Vendors", shall mean, in the case of Donald J. Hammel, his actual
     knowledge and, in the case of all of other Vendors, the actual knowledge
     that each Vendor has after such due enquiry as a prudent person holding a
     similar position in a trucking company would undertake.

1.12 SCHEDULES.

     The following Schedules are attached to and form part of this Agreement:

     Schedule A        - The Vendors
     Schedule 1.1(b)   - Annual Financial Statements
     Schedule 1.1(cc)  - Interim Period Financial Statements
     Schedule 1.1 (nn) - Permitted Encumbrances
     Schedule 2.1      - Purchased Shares
     Schedule 2.2      - Purchase Price
     Schedule 2.3      - Vitran Shares
     Schedule 2.4      - September 30, 2005 Financial Statements
     Schedule 3.1      - Jurisdictions in which Business is Located
     Schedule 3.8      - Leased Real Property
     Schedule 3.9(a)   - Current Uses and Improvements
     Schedule 3.9(d)   - Accounts Payable
     Schedule 3.9(f)   - Capital Expenditure
     Schedule 3.12     - Contracts
     Schedule 3.15     - Consents and Approvals
     Schedule 3.21     - Absence of Changes
     Schedule 3.23     - Proceedings
     Schedule 3.24     - Accounts and Power of Attorneys
     Schedule 3.25     - Directors and Officers
     Schedule 3.27     - Environmental and Health
     Schedule 3.28     - Employee Plans
     Schedule 3.34A    - Customers
     Schedule 3.34B    - Rebates, Discounts and Allowances
     Schedule 3.38     - Indebtedness
     Schedule 4.5      - Purchaser's Consents and Approvals
     Schedule 5.4      - Vitran's Financial Statements
     Schedule 5.7      - Vitran's Consents and Approvals
     Schedule 6.2(c)   - Material Contracts of the Vendor

                                      -9-
<PAGE>

2.   PURCHASE AND SALE OF PURCHASED SHARES

2.1  PURCHASE AND SALE OF PURCHASED SHARES.

     Subject to the terms and conditions of this Agreement, each of the Vendors
     covenants and agrees to sell, assign and transfer to the Purchaser and the
     Purchaser covenants and agrees to purchase, and Vitran covenants and agrees
     to cause the Purchaser to so purchase from the Vendors on the Closing Date
     that number and class of shares of the Corporation set out opposite the
     name of each of the Vendors on Schedule 2.1 (collectively, the "PURCHASED
     SHARES"), being all of the issued and outstanding shares of the capital
     stock of the Corporation.

2.2  PURCHASE PRICE.

     The consideration payable by the Purchaser to the Vendors for the Purchased
     Shares and in respect of each of the Vendors entering into the
     Non-Competition Agreement shall be $76,985,000, subject to adjustment in
     accordance with Sections 2.6, 2.7 and 6.8 and Article 10 (the "PURCHASE
     PRICE"), to be paid and satisfied as follows:

     (a)  $65,005,000 by wire transfer at the Time of Closing of immediately
          available funds to the trust account of Vuono & Gray, LLC;

     (b)  $10,000,000, plus any accrued and unpaid interest on the amount
          payable, to be paid on the date that both the September 30, 2006
          Financial Statements and the EBIT Calculation are finally determined
          pursuant to Section 2.4, provided that the EBIT Calculation is at
          least $1,200,000 greater than the EBIT for the three months ending
          September 30, 2005 excluding the Closing Adjustments, by wire transfer
          of immediately available funds to the order of the each of the Vendors
          as set out on Schedule 2.2 or as the Vendors may in writing direct.
          For each dollar that the EBIT Calculation is less than $1,200,000 the
          amount payable pursuant to this Section 2.2(b) will be reduced by $8.
          The interest rate payable on the amount payable shall be simple
          interest of 3% per annum;

     (c)  $1,980,000 to be paid on the date that is thirty (30) days after the
          first anniversary of the Closing Date less all amounts payable by the
          Vendors pursuant to Article 10, plus any accrued and unpaid interest
          on the amount payable, by wire transfer of immediately available funds
          to the order of the each of the Vendors as set out on Schedule 2.2 or
          as the Vendors may in writing direct. The interest rate payable on the
          amount payable shall be simple interest of 4% per annum; and

     (d)  the amount payable by the Purchaser, if any, pursuant to subsection
          6.8(b) at the time required by subsection 6.8(b).

     The Vendors shall provide the wire transfer instructions of Vuono & Gray,
     LLC to the Purchaser at least two (2) Business Days prior to the Closing
     Date.

                                      -10-

<PAGE>

2.3  VITRAN SHARES.

     On the Closing Date, the Vendors shall subscribe for and purchase, as set
     out on Schedule 2.3, and Vitran shall allot and issue to the Vendors, as
     set out on Schedule 2.3, at an aggregate subscription price of $13,200,000
     that number of fully paid non-assessable Vitran Shares, rounded to the
     nearest whole number, equal to $13,200,000 divided by $19.50 (which was the
     closing price of Vitran Shares on NASDAQ on September 29, 2006 plus $1.00),
     being 676,923 Vitran Shares. The subscription price for the Vitran Shares
     shall be paid by wire transfer of immediately available funds from the
     amount deposited in the trust account of Vuono & Gray, LLC pursuant to
     subsection 2.2(a) in accordance with the wire transfer instructions
     provided by Vitran to the Vendors at least two (2) Business Days prior to
     the Closing Date. Vitran shall deliver to the Vendors share certificate(s)
     by 5:00 p.m. Eastern Daylight Savings time on Wednesday, October 4, 2006
     evidencing such Vitran Shares registered in the name of each of the Vendors
     as set out on Schedule 2.3 bearing all legends required by applicable
     securities laws.

2.4  SEPTEMBER 30, 2006 FINANCIAL STATEMENTS.

     As soon as is practicable, and in any event not later than sixty (60) days
     following the Closing Date, the Purchaser shall deliver to the Vendors, at
     Purchaser's cost, an audited balance sheet for the Corporation as at
     September 30, 2006 (the "SEPTEMBER 30, 2006 BALANCE SHEET") and an audited
     income statement for the Corporation for the period of January 1, 2006 to
     September 30, 2006 (the "SEPTEMBER 30, 2006 INCOME STATEMENT"), each of
     which shall be reported on without qualification by KPMG, together with a
     calculation of EBIT for the three months ending September 30, 2006
     excluding the Closing Adjustments (the "EBIT CALCULATION"). The September
     30, 2006 Balance Sheet and the September 30, 2006 Income Statement
     (together, the "SEPTEMBER 30, 2006 FINANCIAL STATEMENTS") and the EBIT
     Calculation shall be prepared in accordance with generally accepted
     accounting principles consistent with those used in the preparation of the
     September 30, 2005 financial statements of the Corporation which are
     attached as Schedule 2.4 and with EBIT calculation for the three months
     ending September 30, 2005 and shall present fairly the financial position
     of the Corporation as at the Closing Date and the sales, earnings and
     results of operations for the period between January 1, 2006 and September
     30, 2006.

2.5  DISPUTES CONCERNING SEPTEMBER 30, 2006 FINANCIAL STATEMENTS.

     The Vendors shall have a period of twenty (20) days from the date they
     receive the September 30, 2006 Financial Statements and the EBIT
     Calculation in which to review the same. For the purpose of such review,
     the Purchaser agrees to permit the Vendors and their authorized
     representatives to examine all schedules and other documentation used in
     the preparation of the September 30, 2006 Financial Statements and the EBIT
     Calculation. If no objection to the September 30, 2006 Financial Statements
     is given to the Purchaser by the Vendors within such twenty (20) day
     period, the September 30, 2006 Financial Statements shall be deemed to have
     been approved as of the last day of

                                      -11-

<PAGE>

     such twenty (20) day period. If the Vendors objects to any part of the
     September 30, 2006 Financial Statements within such twenty (20) day period
     by giving notice to the Purchaser setting out in reasonable detail the
     nature of such objection, the parties agree to attempt to resolve the
     matters in dispute within fifteen (15) days from the date the such notice
     is received by the Vendors. If all matters in dispute are resolved by the
     parties, the September 30, 2006 Financial Statements shall be modified to
     the extent required to give effect to such resolution and shall be deemed
     to have been approved as of the date of such resolution. If the parties
     cannot resolve all matters in dispute within such fifteen (15) day period,
     all unresolved matters shall be submitted to the Pittsburgh, Pennsylvania,
     office of Ernst & Young LLP ("ERNST & YOUNG") for resolution, and Ernst &
     Young shall be given access to all materials and information reasonably
     requested by it for such purpose. The Vendors represent and warrant that
     Ernst & Young has not provided any products or services to the Corporation
     or the Vendors within the last five (5) years prior to the date hereof.
     Vitran and the Purchaser represent and warrant that Ernst & Young has not
     provided any product or services to either of them within the last five (5)
     years prior to the date hereof. The rules and procedures to be followed by
     Ernst & Young in resolving the matters in dispute shall be determined by
     Ernst & Young in its discretion. Ernst & Young's determination of all such
     matters shall be final and binding on both parties and shall not be subject
     to appeal by either party. The fees and expenses of Ernst & Young shall be
     borne equally by the parties. The September 30, 2006 Financial Statements
     shall be modified to the extent required to give effect to Ernst & Young's
     determination and shall be deemed to have been approved as of the date of
     such determination.

2.6  CASH ON CLOSING.

     The Corporation shall have cash in the bank on the close of business on
     September 29, 2006 in an amount of $1,500,000. The Vendors represent and
     warrant that such cash amount should be sufficient to carry on the Business
     in the ordinary course consistent with past practice for the period ending
     forty-five (45) days after the Closing and should further amounts be
     required, the Vendors shall reimburse the Purchaser for the amount of any
     deficiency, such reimbursement to be made initially from the amount
     described in subsection 2.2(b) and such reimbursement shall reduce the
     Purchase Price.

2.7  ADJUSTMENT FOR INDEBTEDNESS.

     The Vendors and the Purchasers acknowledge and agree that the Purchase
     Price has been determined based on the assumption that the aggregate
     amounts owing by the Corporation, as at the Closing Date, under its
     existing term loan from National City Bank of Pennsylvania under its
     outstanding capital leases (such amounts collectively the "DEBT") is
     $22,640,000 (the "LOAN BALANCE"). To the extent that the actual amount
     outstanding on the Debt is greater than the Loan Balance by more than
     $1,000, the Vendors shall pay to the Purchaser the amount of such excess
     and the Purchase Price shall be reduced accordingly, such repayment to be
     made initially from the amount described in subsection 2.2(b). To the
     extent that the actual amount outstanding on the Debt is less than the Loan
     Balance by more than $1,000, the Purchaser shall pay to the

                                      -12-

<PAGE>

     Vendors the amount of such difference and the Purchase Price shall be
     increased accordingly.

3.   REPRESENTATIONS AND WARRANTIES OF THE VENDORS

     Each Vendor represents and warrants to the Purchaser as follows and
     acknowledges that the Purchaser is relying on such representations and
     warranties in connection with its purchase of the Purchased Shares:

3.1  ORGANIZATION AND STATUS.

     The Corporation is a corporation validly existing and in good standing
     under the laws of the Commonwealth of Pennsylvania. The Corporation is duly
     registered, licensed or qualified to carry on business under the laws of
     each of the jurisdictions set out in Schedule 3.1, being the only
     jurisdictions in which the nature of the Business and its conduct makes
     such registration, licensing or qualification necessary.

3.2  AUTHORIZED AND ISSUED CAPITAL.

     The authorized capital of the Corporation consists of 100,000 shares of
     common stock, par value of $1.00 per share, of which 9,488 shares of common
     stock (and no more) have been duly issued and are outstanding as fully paid
     and non-assessable.

3.3  NO OPTIONS.

     No person has any agreement or option or any right or privilege (whether by
     or at law, pre-emptive or contractual) capable of becoming an agreement,
     including convertible securities, warrants or convertible obligations of
     any nature, for the purchase, subscription, allotment or issuance of any
     unissued shares or other securities of the Corporation.

3.4  NO SUBSIDIARIES.

     The Corporation does not have any Subsidiaries, is not a party to any
     agreement of any nature to acquire, directly or indirectly, any shares in
     the capital of, or other equity or proprietary interests in, any person, or
     is a party to any agreement to acquire or lease any other business
     operations.

3.5  NO VIOLATION.

     The execution and delivery of this Agreement by any of the Vendors or the
     Corporation and the consummation of the transactions herein provided for
     will not result in:

     (a)  subject to obtaining the consents and approvals set out in Schedule
          3.15, the breach or violation of any of the provisions of, or
          constitute a default under, or

                                      -13-

<PAGE>

          conflict with or cause the acceleration of any obligation or debt of
          any of the Vendors or the Corporation under:

          (i)  any Contract to which any of the Vendors or the Corporation is a
               party or by which any of them or any of their properties or
               assets may be bound or affected;

          (ii) any provision of the articles of incorporation, by-laws or
               resolutions of the board of directors (or any committee thereof)
               or shareholders of the Corporation;

          (iii) any judgment, decree, order or award of any court, Governmental
               Entity or arbitrator having jurisdiction over any of the Vendors
               or the Corporation;

          (iv) any Permit or License held by the Corporation or necessary to the
               ownership of the Purchased Shares or the operation of the
               Business; or

          (v)  any applicable Law; or

     (b)  the creation or imposition of any Encumbrance on any of the property
          or assets of the Corporation or on any of the Purchased Shares.

3.6  BUSINESS OF THE CORPORATION.

     The Business is the only business operation carried on by the Corporation
     and the property and assets owned or leased by the Corporation are
     sufficient to carry on the Business as currently conducted.

3.7  TITLE TO PERSONAL PROPERTY.

     The personal property of the Corporation (excluding leased personal
     property) is owned by the Corporation as the absolute and beneficial owner
     thereof with good and valid title thereto, free and clear of all
     Encumbrances except for Permitted Encumbrances. At the Time of Closing, the
     Corporation shall have the exclusive right to possess, use, occupy and
     dispose of all of its personal property, subject to lease terms and
     conditions and Permitted Encumbrances. The Purchaser acknowledges having
     been provided with a list of tractors, trailers and forklifts used in the
     Business. Except for vehicles which are out of service for repairs in the
     ordinary course of business and all such repairs do not result in a
     Material Adverse Consequence, the tractors, trailers and forklifts used in
     the Business are in reasonable repair having regard to the age thereof and
     in compliance with the United States Department of Transportation running
     standards in all material respects. Subject to the foregoing the Purchaser
     is accepting such personal property without any other warranty as to its
     condition or state of repair.

                                      -14-

<PAGE>

3.8  LOCATION OF LEASED REAL PROPERTY.

     Schedule 3.8 sets forth the municipal addresses of any real property
     currently leased by the Corporation (the "LEASED REAL PROPERTY"). The
     Corporation does not own nor has agreed to acquire, lease or license, any
     other real property or interest in real property.

3.9  STATUS OF REAL PROPERTY.

     None of the Vendors nor the Corporation have received any notice that the
     Leased Real Property or the operation or maintenance thereof, violates any
     restrictive covenant or any provision of any federal, state or municipal
     law, ordinance, rule or regulation, or encroaches on any property owned by
     others. Without limiting the generality of the foregoing:

     (a)  except as set forth in Schedule 3.9(a), none of the Vendors nor the
          Corporation have received any notice from any Governmental Entity and
          none of the Vendors has any knowledge that the Leased Real Property,
          the current uses thereof and the conduct of the Business do not comply
          with all Laws including, without limitation, Laws dealing with zoning,
          parking, access, loading facilities, landscaped areas, building
          construction, fire and public health and safety and Environmental
          Laws;

     (b)  except as set forth in Schedule 3.9(a), no alteration, repair,
          improvement or other work has been ordered, directed or requested in
          writing by any Governmental Entity to be done or performed to or in
          respect of the Leased Real Property to any of the plumbing, heating,
          elevating, water, drainage or electrical systems, fixtures or works by
          any municipal, state or other competent authority, which alteration,
          repair, improvement or other work has not been completed, and no
          written notification has been received by the Corporation of any such
          outstanding work being ordered, directed or requested, other than
          those which have been complied with in all respects;

     (c)  all accounts for work and services performed and materials placed or
          furnished upon or in respect of the Leased Real Property at the
          request of the Corporation have been fully paid and satisfied, and no
          person having performed such work or services or having placed or
          furnished such material is entitled to claim any Encumbrance against
          the Leased Real Property or any part thereof, other than current
          accounts in respect of which the payment due date has not yet passed;

     (d)  except as set forth in Schedule 3.9(d), none of the Vendors nor the
          Corporation have received any notice from any Governmental Entity and
          none of the Vendors has any knowledge that there are amounts owing in
          respect of the Leased Real Property by the Corporation to any
          municipal corporation or to any other person or commission owning or
          operating a public utility for water, gas, electrical power or energy,
          steam or hot water, or for the use thereof, other than current
          accounts in respect of which the payment due date has not yet passed;

                                      -15-

<PAGE>

     (e)  no part of the Leased Real Property has been taken or expropriated by
          any federal, state, municipal or other competent authority nor has any
          notice or proceeding in respect thereof been given or commenced nor do
          the Vendors have knowledge of any intent or proposal to give any such
          notice or commence any such proceeding;

     (f)  none of the Vendors nor the Corporation have received any notice from
          any lessor or Governmental Entity and none of the Vendors has any
          knowledge that there are any material or structural repairs or
          replacements which are necessary in order to comply with applicable
          Law (except with respect to the Americans with Disabilities Act and
          the Occupational Safety and Health Act of 1970 which is dealt with in
          Sections 3.13 and 3.27) and without limiting the generality of the
          foregoing, none of the Vendors nor the Corporation have received any
          notice from any lessor or Governmental Entity that there are repairs
          to or replacements of the roof or the mechanical, electrical, heating,
          ventilating, air conditioning, plumbing or drainage equipment or
          systems which are necessary for continued operations and none of the
          Leased Real Property is currently undergoing any alteration or
          renovation except as set forth in Schedule 3.9(f). The Purchaser
          acknowledges having inspected the Leased Real Property and, subject to
          the foregoing representations and warranties, is accepting the Lease
          Real Property in reliance upon such inspections, AS IS, without
          further warranties as to its condition or state of repair; and

     (g)  all of the Leased Real Property has access to public roads, and none
          of the Vendors nor the Corporations have received any notice from any
          Governmental Entity and none of the Vendors has any knowledge that
          there are outstanding levies, charges or fees assessed against the
          Leased Real Property by any competent authority (including development
          or improvement levies, charges or fees) except for ad valorem or
          special taxes shown of pubic record.

     The representations and warranties of Woodhurst Realty, LLC and Northridge
     Enterprises, L.C. set out in the Acquisition Agreement are true and
     correct.

3.10 REAL PROPERTY LEASES.

     The Corporation is not party to any lease or agreement in the nature of a
     lease in respect of any real property, whether as lessor or lessee, other
     than the leases (the "REAL PROPERTY LEASES") described in Schedule 3.8
     relating to the Leased Real Property. Except as described in Schedule 3.8,
     the Corporation occupies the Leased Real Property and, subject to the
     rights of other tenants in common areas and portions of real property
     adjacent to or shared with the Leased Real Property, has the exclusive
     right to occupy and use the Leased Real Property. Except as described in
     Schedule 3.8, each of the Real Property Leases is in good standing and in
     full force and effect without amendment thereto, free and clear of any
     Encumbrances, and neither the Corporation nor any other party thereto is in
     breach of any covenants, conditions or obligations contained therein or has
     received or given notice alleging such breach. None of the Vendors nor the

                                      -16-

<PAGE>

     Corporation have received any notice from any lessor and none of the
     Vendors has any knowledge that any construction, alteration or other
     leasehold improvement work with respect to any Real Property Lease remains
     to be performed or paid for by the Corporation. None of the Vendors nor the
     Corporation have received any notice from any lessor and none of the
     Vendors has any knowledge that there are at the present time any disputes
     between the Corporation and any lessor relating to provisions of any Real
     Property Leases, the state of repair of the premises demised thereunder,
     the payment of rent, the calculation or payment of operating costs, realty
     taxes, or other payments or amounts. The Purchaser acknowledges having
     received a true and correct copy of each Real Property Lease and all
     amendments thereto.

3.11 INTELLECTUAL PROPERTY.

     The Corporation has the right to use of all registered or pending
     registrations for any brand names, business names, trade-marks, service
     marks, copyrights, or patents, and has the right to use all trade secrets,
     know-how, computer software, designs and other industrial or intellectual
     property used in the Business (the "INTELLECTUAL PROPERTY"). To the
     knowledge of the Vendors, there exist no claims of any infringement or
     breach of any industrial or intellectual property rights of any other
     person, and neither the Corporation nor the Vendors has received any notice
     that the conduct of the Business, including the use of the Intellectual
     Property, infringes upon or breaches any industrial or intellectual
     property rights of any other person, or the trade secrets, know-how or
     confidential or proprietary information of any other person. To the
     knowledge of the Vendors, there exists no infringement or violation of any
     of the rights of the Corporation in the Intellectual Property, nor does
     there exist any state of facts which casts doubt on the validity or
     enforceability of any of the Intellectual Property.

3.12 AGREEMENTS AND COMMITMENTS

     Except as disclosed on Schedule 3.12, the Corporation is not a party to or
     bound by any Contract of the following nature:

     (a)  any continuing Material Contract for the purchase of materials,
          assets, equipment, fuel, spare parts and other supplies or services;

     (b)  any employment or consulting Material Contract, Material Contracts
          with owner-operators, or any other written Material Contract with any
          officer, employee or consultant other than oral Contracts of
          indefinite hire terminable by the employer without cause on reasonable
          notice (subject to applicable employment and other Laws);

     (c)  any profit sharing, bonus, stock option, pension, 401(k) retirement,
          disability, stock purchase, medical, dental, hospitalization,
          insurance or similar plan or agreement providing benefits to any
          current or former director, officer, employee or consultant;

                                      -17-

<PAGE>

     (d)  any trust indenture, mortgage, promissory note, loan agreement,
          guarantee or other Material Contract for the borrowing of money or a
          leasing transaction of the type required to be capitalized in
          accordance with generally accepted accounting principles;

     (e)  any Material Contract for the disposal or trade-in of any assets;

     (f)  any Material Contract pursuant to which the Corporation is a lessor of
          any machinery, equipment, motor vehicles, office furniture, fixtures
          or other personal property;

     (g)  except for the Real Property Leases, any Contract pursuant to which
          the Corporation is a lessee, whether in respect of real or personal
          property, including all capital leases;

     (h)  any confidentiality, secrecy or non-disclosure Contract (whether the
          Corporation is a beneficiary or obligor thereunder) relating to any
          proprietary or confidential information or any non-competition or
          similar Contract (other than confidentiality agreements related to the
          transactions contemplated by this Agreement);

     (i)  any joint venture, profit or revenue sharing agreement, partnership
          agreement or other business combination;

     (j)  any agreement of guarantee, support, indemnification, assumption or
          endorsement of, or any other similar commitment with respect to, the
          obligations, liabilities (whether accrued, absolute, contingent or
          otherwise) or indebtedness of any other person (except for checks
          endorsed for collection and loan guaranties in favour of National City
          Bank given by the Corporation with respect to loan obligations of
          Woodhurst Realty, LLC);

     (k)  any other Contract not described above which expires, or may expire if
          the same is not renewed or extended at the option of any person other
          than the Corporation, more than one (1) year after the date of this
          Agreement;

     (l)  any Contract entered into by the Corporation other than in the
          ordinary course of business; or

     (m)  any other Material Contract.

     To the knowledge of the Vendors, the Corporation has performed all of the
     material obligations required to be performed by it and is entitled to all
     material benefits under and is not in material default or alleged to be in
     material default in respect of, any Material Contract relating to the
     Business to which it is a party or by which it is bound; all such Material
     Contracts are in good standing and in full force and effect, to the
     knowledge of the Vendors, and no event, condition or occurrence exists
     which, after notice or lapse of time or both, would constitute a default
     under any of the foregoing.

                                      -18-

<PAGE>

     The Purchaser acknowledges having received a true and correct copy of each
     Material Contract listed or described on all of the Schedules to this
     Agreement.

3.13 COMPLIANCE WITH LAWS.

     None of the Vendors nor the Corporation have received any notice nor have
     any knowledge that the Corporation is not conducting the Business in
     compliance with all applicable Laws of each jurisdiction in which the
     Business is carried including, without limitation, the Americans with
     Disabilities Act and the Occupational Health and Safety Act of 1970.

3.14 PERMITS AND LICENSES.

     None of the Vendors nor the Corporation have received any notice nor have
     any knowledge that the Corporation does not hold all Permits, and of all
     licenses, permits, approvals, consents, certificates, registrations and
     authorizations (each, a "LICENSE") necessary to carry on the Business or to
     own or lease any of the property or assets utilized by the Corporation
     except where the failure to hold same would result in Material Adverse
     Consequenses. To the knowledge of the Vendors the Corporation is not in
     default or breach of any Permit or License and, to the knowledge of the
     Vendors, no proceeding is pending or threatened to revoke or limit any such
     Permit or License.

3.15 CONSENTS AND APPROVALS.

     Except for the consents and approvals set out in Schedule 3.15, no
     authorization, consent or approval of, or filing with or notice to:

     (a)  any governmental agency, regulatory body or court; or

     (b)  any party to a Contract to which the Corporation or the Vendors (in
          respect of the Corporation or the Business) is a party or by which it
          is bound,

     is required in connection with the execution, delivery and performance of
     this Agreement by the Vendors or the sale of the Purchased Shares
     hereunder.

3.16 FINANCIAL STATEMENTS.

     The Financial Statements have been prepared in accordance with generally
     accepted accounting principles on a basis consistent with prior periods,
     and accurately and fairly set out the assets, liabilities (whether accrued,
     absolute, contingent or otherwise) and financial condition of the
     Corporation as at the respective dates of the Financial Statements and the
     sales, earnings and results of operations of the Corporation for the
     respective periods covered by the Financial Statements. To the knowledge of
     the Vendors, there are no material liabilities of the Corporation of any
     kind whatsoever arising before the date hereof, whether or not accrued and
     whether or not determined or determinable, in respect of which the
     Corporation may become liable on or after the consummation of the
     transactions contemplated by this Agreement other than Closing

                                      -19-

<PAGE>

     Adjustments or as disclosed on the Financial Statements or current
     liabilities incurred by the Corporation since December 31, 2005, in the
     ordinary course of the Business none of which will individually, and all of
     which in the aggregate will not, produce a Material Adverse Consequence to
     the operations of the Business, the results of its operations or its
     financial condition or prospects thereof. The financial position and
     condition of the Corporation on the date hereof is no worse than as
     reflected in the Financial Statements. All accruals on the Financial
     Statements and books and records of the Corporation are bona fide and have
     been made in good faith based on the knowledge available to the Vendors as
     at the Closing Date. Should events subsequent to the Closing Date require
     an increase in any such accruals the Vendors, subject to the preceding
     sentence of this Section 3.16, will not be responsible for or have any
     liability with respect to such increase.

3.17 FINANCIAL BOOKS AND RECORDS.

     The books and records of the Corporation have been maintained in accordance
     with good bookkeeping practice and generally accepted accounting
     principles, and fairly and correctly set out and disclose the financial
     position of the Corporation as at the date hereof. All material financial
     transactions of the Corporation have been accurately recorded in such books
     and records. The Corporation does not have any of its records, systems,
     controls, data or information recorded, stored, maintained, operated or
     wholly or partly dependent upon or held by any means (including any
     electronic, mechanical or photographic process, whether computerized or
     not) which (including all means of access thereto and therefrom) are not
     under its ownership and direct control.

3.18 ACCOUNTS RECEIVABLE.

     All outstanding accounts receivable, book debts or other debts due and
     accruing to the Corporation are good and collectible, subject to the
     allowance for doubtful accounts reflected in the Financial Statements. All
     accruals in the Financial Statements for bad debts or doubtful accounts are
     reasonable based on historical experience.

3.19 FREIGHT DAMAGE CLAIMS.

     The Corporation has made adequate accruals based on its historical
     experience with respect to freight damage claims and has properly reflected
     such accruals in its books and records.

3.20 CORPORATE RECORDS.

     The corporate records and minute books of the Corporation contain accurate
     minutes of all meetings of the directors and shareholders of the
     Corporation.

                                      -20-

<PAGE>

3.21 ABSENCE OF CHANGES.

     Other than as disclosed in Schedule 3.21 or provided for under this
     Agreement (including any Closing Adjustments), since December 31, 2005, the
     Corporation has carried on the Business and conducted its operations and
     affairs only in the ordinary course of business consistent with past
     practices and there has not been:

     (a)  any Material Adverse Change to the condition (financial or otherwise),
          assets, liabilities, operations, earnings, business or prospects of
          the Corporation or the Business;

     (b)  any material damage, destruction or loss (whether or not covered by
          insurance) affecting the property or assets of the Corporation;

     (c)  any material obligation or liability (whether absolute, accrued,
          contingent or otherwise, and whether due or to become due) incurred by
          the Corporation other than those incurred in the ordinary course of
          business, or as disclosed in any Contract listed on any Schedule
          hereto;

     (d)  any payment, discharge or satisfaction of any Encumbrance, liability
          or obligation of the Corporation (whether absolute, accrued,
          contingent or otherwise, and whether due or to become due) other than
          payment of accounts payable, repayment of indebtedness in accordance
          with its terms and tax liabilities incurred in the ordinary course of
          business;

     (e)  any issuance or sale by the Corporation or any Contract entered into
          the Corporation for the issuance or sale by the Corporation of any
          shares, or securities convertible into or exercisable for shares, in
          the capital of the Corporation;

     (f)  any labour trouble having the potential to have a Material Adverse
          Consequence to the Corporation;

     (g)  any license, sale, assignment, transfer or disposition of any property
          or assets of the Corporation other than the replacement or retirement
          of equipment in the ordinary course of business;

     (h)  any write-off as uncollectible of any accounts or notes receivable or
          any portion thereof by the Corporation;

     (i)  any cancellation of any debts or claims or any amendment, termination
          or waiver of any rights of value to the Corporation;

     (j)  any general increase in the compensation of employees of the
          Corporation other than the Vendors (including, without limitation, any
          increase pursuant to any Employee Plan or commitment);

                                      -21-

<PAGE>

     (k)  other than to the Vendors the payment of any bonuses or other
          withdrawals out of the ordinary course of business of the Corporation,
          any increase in any compensation or bonus (including, without
          limitation, any increase pursuant to any Employee Plan or commitment)
          payable to any director, officer, salaried employee, consultant or
          agent of the Corporation having an annual salary or remuneration in
          excess of $50,000, or the execution of any employment contract with
          any officer or employee having an annual salary or remuneration in
          excess of $50,000, or the making of any loan to any employee, officer
          or director of the Corporation;

     (l)  except as approved in writing by the Purchaser, any capital
          expenditures or commitments of the Corporation out of the ordinary
          course of the Business;

     (m)  any alteration of the capital expenditure or accounts payable policies
          of the Corporation;

     (n)  any forward purchase commitments in excess of the requirements of the
          Corporation for normal operating inventories or at prices higher than
          the current market prices;

     (o)  any forward sales commitments other than in the ordinary course of
          business or any failure to satisfy any accepted order for goods or
          services;

     (p)  any change in the accounting or tax practices followed by the
          Corporation (other than Closing Adjustments);

     (q)  any change adopted by the Corporation in its depreciation or
          amortization policies or rates;

     (r)  any change in the credit terms offered to customers of, or by
          suppliers to, the Corporation or any change in the Corporation's
          practice of collecting accounts receivable or managing accounts
          payable; or

     (s)  any authorization, agreement or any commitment whatsoever to do any of
          the foregoing.

3.22 TAXES.

     (a)  The Corporation has duly completed and filed on a timely basis all tax
          returns, declarations, elections and filings required to be filed by
          it and all such returns are true, correct and complete. The
          Corporation has paid all Taxes which are due and payable including
          with respect to the year ended December 31, 2005, and there are no
          Encumbrances on the Purchased Shares that arose in connection with the
          failure or alleged failure to pay any such Tax. The Corporation has
          made adequate provision on its books and records for Taxes payable by
          it for the current period and any previous period for which tax
          returns are not yet required

                                      -22-

<PAGE>

          to be filed or for which tax payments are not yet due, including
          periods for which an extension to file has been granted, and Purchaser
          acknowledges that the Corporation, and not the Vendors, will be
          responsible for taxes which have been fully accrued but which may
          become due and payable after the Time of Closing. The Vendors have no
          knowledge that the Corporation has any liabilities for any Taxes other
          than as shown on the Financial Statements or fully accrued in the
          books and records of the Corporation. There are no actions, suits,
          Proceedings, investigations or claims pending or, to the knowledge of
          the Vendors, threatened in writing against the Corporation in respect
          of Taxes nor are any matters under discussion with any Governmental
          Entity relating to Taxes asserted by any such authority nor any
          outstanding audits by any taxing authority with respect to the
          Corporation. The Corporation has withheld from each payment made to
          any of its past or present employees, officers, directors, consultants
          or other service providers, the amount of all Taxes and other
          deductions required to be withheld therefrom and has paid the same to
          the proper tax or other receiving officers within the time required
          under any applicable legislation. The Purchaser acknowledges that the
          Vendors have provided to the Purchaser a true and correct copy of all
          tax returns filed by the Corporation since January 1, 2000.

     (b)  The Corporation, and except for Pittsburg-Johnston-Altoona Express,
          Inc., any predecessor of the Corporation, has been a validly electing
          S Corporation within the meaning of the United States Internal Revenue
          Code (the "CODE") sections 1361 and 1362 at all times during its
          existence and the Corporation will be an S Corporation up to and
          including the Closing Date.

     (c)  The Corporation and the Vendors shall not revoke the Corporation's
          election to be taxed as an S Corporation within the meaning of the
          Code section 1361 and 1362. The Corporation and the Vendors shall not
          take all or any action (other than the sale of the Corporation's stock
          pursuant to this agreement) that would result in the termination of
          the Corporation's status as a validly electing S Corporation within
          the meaning of the Code sections 1361 and 1362 prior to the Closing
          Date.

     (d)  The Corporation shall not be liable for any Taxes under the Code
          section 1374 in connection with the deemed sale of the Corporation's
          assets caused by the Code section 338(h)(10) Election. Except for the
          merger between Pittsburgh-Johnston-Altoona Express, Inc., and the
          Corporation on January 1, 2000, the Corporation has not, in the past
          10 years, acquired assets from another corporation in a transaction in
          which the Corporation's tax basis for the acquired assets was
          determined, in whole or in part, by reference to the tax basis of the
          acquired assets in the hands of the transferor.

3.23 LITIGATION AND OTHER PROCEEDINGS.

     Except as set out in Schedule 3.23 and in the Corporation's loss runs,
     there is no court, administrative, regulatory or similar proceeding
     (whether civil or criminal), arbitration or

                                      -23-

<PAGE>

     other dispute resolution procedure, investigation or inquiry by any
     governmental, administrative, regulatory or similar body, or any similar
     matter or proceeding (collectively, "PROCEEDINGS") pending which could
     result in Losses to the Corporation against or involving the Corporation
     (whether in progress or threatened in writing). To the knowledge of the
     Vendors, except as set out in the Corporation's loss runs no event has
     occurred which has a substantial likelihood of giving rise to any
     Proceedings. Except as set out in Schedule 3.23, to the knowledge of the
     Vendors there is no judgment, decree, injunction, rule, award or order of
     any court, government department, board, commission, agency, arbitrator or
     similar body outstanding against the Corporation. The Vendors have provided
     the Purchaser with particulars of the Corporation's loss runs as at the
     close of business on September 26, 2006 and will provide an update to the
     Purchaser as to changes in the Corporation's loss runs up to the Time of
     Closing.

3.24 ACCOUNTS AND POWERS OF ATTORNEYS.

     Schedule 3.24 sets forth a true and complete list showing: (a) the name of
     each bank, trust company or similar institution in which the Corporation
     has accounts or safe deposit boxes, the number or designation of each such
     account and safe deposit box and the names of all persons authorized to
     draw thereon or to have access thereto; and (b) the name of each person
     holding a general or special power of attorney from the Corporation and a
     summary of the terms thereof.

3.25 DIRECTORS AND OFFICERS.

     Schedule 3.25 sets forth the names and titles of all the officers and
     directors of the Corporation.

3.26 RELATED PARTY TRANSACTIONS.

     Except for transactions that will be terminated on or before the Closing
     Date without any further liability to the Corporation, since December 31,
     2005 the Corporation has not made any payment or loan to, or borrowed any
     monies from or is otherwise indebted to, any officer, director, employee,
     shareholder or any other Related Party, except as disclosed in the
     Financial Statements or except for usual employee reimbursements and
     compensation paid in the ordinary course of business. Except for
     transactions that will be terminated on or before the Closing Date without
     any further liability to the Corporation, except for Contracts of
     employment, the Corporation is not a party to any Contract with any
     officer, director, employee, shareholder or any other Related Party. Except
     as described in Schedule 3.26, no officer, director or shareholder of the
     Corporation and no entity which is controlled by one or more of such
     individuals:

     (a)  owns, directly or indirectly, any interest in (except for shares
          representing less than one per cent (1%) of the outstanding shares of
          any class or series of any publicly traded company), or is an officer,
          director, employee or consultant of, any person which is, or is
          engaged in business as, a competitor of the Business or

                                      -24-

<PAGE>

          the Corporation, or a lessor, lessee, supplier, distributor, sales
          agent or customer of the Business or the Corporation;

     (b)  owns, directly or indirectly, in whole or in part, any property that
          the Corporation uses in the operation of the Business; or

     (c)  has any cause of action or other claim whatsoever against, or owes any
          amount to, the Corporation in connection with the Business, except for
          any liabilities reflected in the Financial Statements and claims in
          the ordinary course of business such as for accrued vacation pay and
          accrued benefits under the Employee Plans referenced in Section 3.28.

3.27 ENVIRONMENTAL.

     Except as described in Schedule 3.27:

     (a)  none of the Vendors nor the Corporation have received any notice of
          non-compliance with or remediation obligation under Environmental Laws
          that would have a Material Adverse Consequence to the Business;

     (b)  the Corporation has not received any written notice alleging that any
          of the buildings on the Leased Real Property constitute a nuisance or
          trespass;

     (c)  the Corporation has not received any written notice of any
          non-compliance by the Business from any Governmental Entity issued
          pursuant to any Environmental Laws which remain outstanding;

     (d)  none of the Northridge Assets and Woodhurst Assets nor any other real
          or immovable property at any time owned the Corporation is listed on
          the federal CERCLIS or National Priorities List;

     (e)  to the knowledge of the Vendors there are no underground tanks or
          containers or piping connected thereto located on, buried in, or which
          have been previously removed by the Corporation from the Leased Real
          Property;

     (f)  Hazardous Materials used in the Business are used, documented, stored,
          treated, transported and disposed of by the Corporation in compliance
          with all Environmental Laws in all material respects;

     (g)  during the Corporation's possession of the Leased Real Property, none
          of the Leased Real Property is or has been a hazardous treatment,
          storage or disposal facility as such terms are defined for purposes of
          RCRA or applicable state law;

     (h)  the Corporation has not received any written notice under Section
          104(e) or order under Section 106 of CERCLA, or under similar
          provisions of a federal, state or local law, with respect to potential
          liability for off-site disposal of Hazardous Materials. The Purchaser
          acknowledges that the Vendors have provided to the

                                      -25-

<PAGE>

          Purchaser a copy of all environmental audits or studies conducted by,
          on behalf or at the request of the Corporation;

     (i)  to the knowledge of the Vendors all buildings and other structures
          located on the Leased Real Property do not contain any Hazardous
          Materials in violation of Environmental Laws;

     (j)  the Corporation has not received any written notice of any
          non-compliance by the Business under the Americans with Disabilities
          Act; and

     (k)  the Corporation has filed all reports and maintained all material
          records required by the Occupational Safety and Health Act of 1970.

3.28 EMPLOYEE PLANS.

     Schedule 3.28 provides a complete list of the Employee Plans of the
     Corporation. Except as set forth in Schedule 3.28:

     (a)  each of the Employee Plans has been, if required by Law, registered
          under and to the knowledge of the Vendors is in compliance with all
          applicable legislation and has been maintained in compliance with its
          terms;

     (b)  no individual shall accrue or receive additional benefits, service or
          accelerated rights to payments of benefits under any benefit plan,
          including the right to receive any parachute payment, as defined in
          Section 280G of the Code or any similar legislation, or become
          entitled to severance, termination allowance or similar payments as a
          direct result of the transactions contemplated by this Agreement;

     (c)  the Corporation has not had asserted against it any claim for taxes
          under subtitle D, Chapter 43 of the Code, Section 5000 of the Code, or
          for penalties under ERISA Section 502(c), (I), or (1), with respect to
          any Employee Plan nor is there a basis for any such claim. To the
          knowledge of the Vendors, no officer, director or employee of the
          Corporation has committed a breach of any responsibility or obligation
          imposed upon fiduciaries by Title I of ERISA with respect to any
          Employee Plan;

     (d)  other than routine claims for benefits, there is no claim pending or
          threatened in writing, involving any Employee Plan by any person
          against such plan or the Corporation. There is no pending or
          threatened in writing proceeding involving any Employee Plan before
          the Internal Revenue Service, the U.S. Department of Labor or any
          other governmental authority;

     (e)  to the knowledge of the Vendors, there is no violation of any
          reporting or disclosure requirement imposed by ERISA or the Code with
          respect to any Employee Plan;

                                      -26-

<PAGE>

     (f)  to the knowledge of the Vendors, each Employee Plan has been
          maintained in all respects, by its terms and in operation, in
          accordance with ERISA and the Code. To the knowledge of the Vendors,
          the Corporation has made full payment of all amounts required to be
          contributed under the terms of each Employee Plan and applicable law
          or required to be paid as expenses under such Employee Plan. Each
          Employee Plan required to be qualified under Code Section 401(a) has
          received a determination letter to that effect from the Internal
          Revenue Service and to the knowledge of the Vendors no event has
          occurred and no amendment has been made that would adversely affect
          such qualified status except any operational or other defects which
          may be corrected under applicable procedures;

     (g)  with respect to any group health plans maintained for the benefit of
          employees of the Business, the Corporation has complied in all
          respects with the provisions of the Part y of Title I of ERISA and
          4980B of the Code. Neither the Corporation nor the Business is
          obligated to provide health care benefits of any kind to its retired
          employees pursuant to any Employee Plan, including without limitation
          any group health plan, or pursuant to any agreement or understanding;
          and

     (h)  the Purchaser acknowledges that the Vendors have provided to the
          Purchaser a copy, if applicable, of the three (3) most recently filed
          Federal Form 5500 series and accountant's opinion's, if applicable,
          for each Employee Plan and all applicable Internal Revenue Service
          determination letters.

3.29 COLLECTIVE AGREEMENTS.

     The Corporation has not made any Contracts with any labor union or employee
     association nor made commitments to or conducted negotiations with any
     labor union or employee association with respect to any future agreements
     and to the knowledge of the Vendors there are no current attempts to
     organize or establish any labor union or employee association with respect
     to any employees of the Corporation, nor is there any certification of any
     such union with regard to a bargaining unit.

3.30 EMPLOYEES.

     The Vendors have delivered to the Purchaser a complete and accurate list of
     the names of all employees of the Corporation, specifying the length of
     hire, title or classification and rate of salary and commission or bonus
     entitlements (if any) for each such employee. There are no complaints,
     grievances, claims, work orders, human rights or equal opportunity claims,
     investigations or charges outstanding or anticipated. There are no orders,
     decisions, directions or convictions currently registered or outstanding by
     any tribunal or agency against or in respect of the Corporation by or in
     respect of any of its employees.

                                      -27-

<PAGE>

3.31 EMPLOYEE ACCRUALS.

     All accruals for unpaid vacation pay, premiums for unemployment insurance,
     health premiums, social security taxes, accrued wages, salaries and
     commissions and employee benefit plan payments have been reflected in the
     books and records the Corporation. The Corporation is not in arrears in the
     payment of any vacation pay, bonuses, commissions, benefits, social
     security payments, sick leave benefits and other emoluments with respect to
     its employees whether arising by operation of Law, by contract or by past
     custom.

3.32 BONUS PAYMENTS.

     No employee of or consultant to the Corporation, other than the Vendors,
     has been paid a bonus or bonuses by the Corporation of more than $25,000 in
     any calendar year since January 1, 2004.

3.33 WORKER'S COMPENSATION.

     The Corporation is in good standing under and in compliance with the
     provisions of applicable worker's compensation, applicable employee health
     and safety, training or similar legislation in each jurisdiction where it
     carries on business. All accruals with respect to any worker's compensation
     claims and liabilities, including incurred but not reported worker's
     compensation claims and liabilities and worker's compensation claims
     development, have been made in good faith by the Corporation and are
     reflected in the books and records of the Corporation.

3.34 CUSTOMERS.

     Schedule 3.34A sets out the top one hundred (100) customers of the Business
     of the Corporation by revenue for the six (6) month period ended June 30,
     2006. Except as set out in Schedule 3.34A, to the knowledge of the Vendors,
     the Corporation has a good working commercial relationship with its
     respective customers as a whole and has not received any written notice
     from a customer material to the Business as a whole or a definitive notice
     from an individual of authority of a customer material to the Business as a
     whole advising that it will cancel a substantial portion of its business
     relationship with the Business. All incentives given to customers other
     than discounts from published rates set out in Schedule 3.34B are disclosed
     in Schedule 3.34B and have been fully paid or fully reserved for in the
     Financial Statements. There has been no alteration of or relating to the
     provision of incentives given to customers of the Corporation since
     December 31, 2005.

3.35 OWNER-OPERATORS.

     The Corporation has not entered into any Contract with any owner-operator.

                                      -28-

<PAGE>

3.36 PRODUCT WARRANTIES.

     The Corporation has not given any express, written warranties given to
     purchasers of products supplied or services provided by the Corporation
     other than such warranties as may be implied by law.

3.37 ILLEGAL PAYMENTS.

     None of the directors, officers or employees of the Corporation has paid or
     caused to be paid, directly or indirectly, in connection with the Business:

     (a)  to any government or agency thereof, any supplier or customer or any
          agent of any supplier or customer, any bribe, kickback or other
          similar payment; or

     (b)  any contribution to any political party or candidate (other than from
          personal funds of the Vendors or directors, officers or employees of
          the Corporation not reimbursed by the Corporation or as otherwise
          permitted by applicable Law).

3.38 INDEBTEDNESS.

     At the Time of Closing, and except for the indebtedness under the capital
     leases and the term loan described in Schedule 3.38, the Corporation shall
     not have any indebtedness to any person for borrowed money.

3.39 SECURITIES LAWS.

     Each Vendor understands and confirms that such Vendor is an "accredited
     investor" within the meaning of National Instrument 45-106 - Prospectus and
     Registration Exemptions and applicable United States securities laws or is
     able to acquire the Vitran Shares based on an exemption from the
     requirement to prepare and file a prospectus or a registration statement
     under applicable securities laws.

3.40 BINDING NATURE.

     This Agreement is, and at the Time of Closing each of the agreements,
     contracts and instruments required by this Agreement to be executed and
     delivered by each of the Vendors will be, duly executed and delivered by
     each of the Vendors and a legal, valid and binding obligation of each
     Vendors, enforceable against such Vendor by the Purchaser in accordance
     with its terms.

3.41 NO CONFLICT.

     Such Vendor is not a party to, subject to or bound by any Order that would
     prevent the execution or delivery of this Agreement or any Related
     Agreements by such Vendor or the transfer, conveyance and sale of the
     Purchased Shares to be sold by such Vendor to the Corporation pursuant to
     the terms hereof.

                                      -29-

<PAGE>

3.42 OWNERSHIP OF PURCHASED SHARES.

     Each Vendor is the sole record and beneficial owner of all the Purchased
     Shares that are to be acquired by the Purchaser from such Vendor, and upon
     transfer of such Purchased Shares to the Corporation, the Corporation will
     acquire all rights of such Vendor in such Purchased Shares, free and clear
     of any and all Encumbrances. Schedule 2.1 sets forth a true and correct
     description of all Purchased Shares owned by such Vendor as of the date
     hereof, which are to be acquired by the Corporation.

4.   REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

     The Purchaser represents and warrants to each of the Vendors as follows and
     acknowledges and confirms that each of the Vendors is relying on such
     representations and warranties in connection with the sale by the Vendors
     of the Purchased Shares:

4.1  ORGANIZATION.

     The Purchaser is a corporation validly existing and in good standing under
     the laws of the State of Nevada.

4.2  CORPORATE POWER AND AUTHORIZATION.

     The Purchaser has the corporate power and capacity to enter into this
     Agreement and to perform its obligations hereunder. This Agreement is, and
     at the Time of Closing each of the agreements, contracts and instruments
     required by this Agreement to be executed and delivered by the Purchaser
     will be, duly authorized, executed and delivered by the Purchaser and a
     legal, valid and binding obligation of the Purchaser, enforceable against
     the Purchaser by the Vendors in accordance with its terms.

4.3  NO VIOLATION.

     The execution and delivery of this Agreement by the Purchaser and the
     consummation of the transactions provided for herein will not result in the
     breach or violation of, or constitute a default under or conflict with or
     cause the acceleration of any debt or other obligation of the Purchaser
     under:

     (a)  any Contract to which the Purchaser is a party or by which it is
          bound;

     (b)  any provision of the articles of incorporation or by-laws or
          resolutions of the board of directors (or any committee thereof) or
          shareholders of the Purchaser;

     (c)  any judgment, decree, order or award of any court, Government Entity
          or arbitrator having jurisdiction over the Purchaser; or

     (d)  any applicable Law.

                                      -30-

<PAGE>

4.4  FINANCIAL ABILITY.

     Buyer has the financial resources to discharge in a timely fashion all of
     its obligations under this Agreement and under the Related Agreements.

4.5  CONSENTS AND APPROVALS.

     Except as set out in Schedule 4.5, there is no requirement for the
     Purchaser to make any filing with, give any notice to or obtain any
     license, permit, certificate, registration, authorization, consent or
     approval of, any governmental or regulatory authority as a condition to the
     lawful consummation of the transactions contemplated by this Agreement.

5.   REPRESENTATIONS AND WARRANTIES OF VITRAN

     Vitran represents and warrants to each of the Vendors as follows and
     acknowledges and confirms that each of the Vendors is relying on such
     representations and warranties in connection with the sale by the Vendors
     of the Purchased Shares:

5.1  ORGANIZATION.

     Vitran is a corporation validly existing under the laws of the Province of
     Ontario.

5.2  CORPORATE POWER AND AUTHORIZATION.

     Vitran has the corporate power and capacity to enter into this Agreement
     and to perform its obligations hereunder. This Agreement is, and at the
     Time of Closing each of the agreements, contract and instruments required
     by this Agreement to be executed and delivered by Vitran will be, duly
     authorized, executed and delivered by Vitran and a legal, valid and binding
     obligation of Vitran, enforceable against Vitran by the Vendors in
     accordance with its terms. Vitran hereby guarantees all obligations of the
     Purchaser made pursuant to this Agreement.

5.3  NO VIOLATION.

     The execution and delivery of this Agreement by Vitran and the consummation
     of the transactions provided for herein will not result in the breach or
     violation of, or constitute a default under or conflict with or cause the
     acceleration of any debt or other obligation of Vitran under:

     (a)  any Contract to which Vitran is a party or by which it is bound;

     (b)  any provision of the articles of incorporation or by-laws or
          resolutions of the board of directors (or any committee thereof) or
          shareholders of Vitran;

     (c)  any judgment, decree, order or award of any court, Governmental Entity
          or arbitrator having jurisdiction over Vitran; or

                                      -31-

<PAGE>

     (d)  any applicable Law.

5.4  VITRAN'S FINANCIAL STATEMENTS.

     Attached as Schedule 5.4 hereto are the annual audited financial statements
     of Vitran for the fiscal year ended December 31, 2005 and the unaudited
     financial statements of Vitran for the six month period ending June 30,
     2006. Such financial statements have been prepared in accordance with
     generally accepted accounting principles applied on a basis consistent with
     prior periods, are correct and complete and present accurately and fairly
     the assets, liabilities (whether accrued, absolute, contingent or
     otherwise) and financial condition of Vitran as at the respective dates
     thereof. There has been no Material Adverse Change to the business or
     financial condition of Vitran since December 31, 2005.

5.5  REPORTING ISSUER.

     Vitran is a reporting issuer under the Securities Act (Ontario) and is not
     in default of any of the provisions of such act or the regulation
     thereunder.

5.6  LISTINGS.

     The Vitran Shares are listed and posted for trading on the Toronto Stock
     Exchange and on NASDAQ and Vitran is not in default of any of the rules,
     by-laws, or policies of either of the Toronto Stock Exchange or NASDAQ.

5.7  CONSENTS AND APPROVALS.

     Except for the notice to be given to and accepted by each of NASDAQ and The
     Toronto Stock Exchange in connection with the Vitran Shares to be issued to
     the Vendors hereunder and except as set out in Schedule 5.7, there is no
     requirement for Vitran to make any filing with, give any notice to or
     obtain any license, permit, certificate, registration, authorization,
     consent or approval of, any governmental or regulatory authority as a
     condition to the lawful consummation of the transactions contemplated by
     this Agreement.

5.8  VITRAN SHARES.

     All necessary corporate action on the part of Vitran has been taken for the
     due and valid allotment of the Vitran Shares to be issued to the Vendors in
     accordance with Section 2.3 and, when issued, such shares shall be fully
     paid and non-assessable shares in the capital stock of Vitran. The Vitran
     Shares will have no Encumbrances or restrictions on sale except as provided
     under Section 6.10 or under applicable securities legislation.

                                      -32-
<PAGE>

6.   COVENANTS

6.1  DELIVERY OF BOOKS AND RECORDS.

     At the Time of Closing, there shall be delivered to the Purchaser, at the
     premises of the Corporation, by the Vendors all of the books and records of
     and relating the Corporation and the Business, including the minute books
     of the Corporation. The Purchaser agrees that it will preserve the books
     and records so delivered to it for a period of six (6) years from the
     Closing Date, or for such longer period as is required by any applicable
     law, and will permit the Vendors or their authorized representatives
     reasonable access thereto in connection with the affairs of the Vendors
     relating to his matters, but the Purchaser shall not be responsible or
     liable to the Vendors for or as a result of any unintentional loss or
     destruction of or damage to any such books or records. The confidentiality
     provisions of Section 11.1 shall apply to such books and records as if such
     provisions applied to the Vendors.

6.2  CONDUCT PRIOR TO CLOSING.

     Without in any way limiting any other obligations of the Vendors, during
     the period from August 11, 2006 to the Time of Closing, except for the
     Closing Adjustments and unless otherwise provided under this Agreement:

     (a)  CONDUCT BUSINESS IN THE ORDINARY COURSE. Each of the Vendors shall
          have caused the Corporation to conduct, and the Corporation shall have
          conducted, the Business and the operations and affairs of the
          Corporation in the ordinary course of business consistent with prior
          practice;

     (b)  NO UNUSUAL TRANSACTIONS. Each of the Vendors shall have ensured that
          the Corporation shall not have without the prior written consent of
          the Purchaser entered into any transaction or refrain from doing any
          action that, if effected before the date of this Agreement, would
          constitute a breach of any representation, warranty, covenant or other
          obligation of the Vendors or the Corporation contained herein;

     (c)  NO MATERIAL CONTRACTS. Except as provided in Schedule 6.2(c), each of
          the Vendors shall have ensured that the Corporation shall not have
          entered into any Material Contracts or incur any indebtedness without
          the consent of the Purchaser, which consent shall not be unreasonably
          withheld;

     (d)  CONTINUE INSURANCE. Each of the Vendors shall have caused the
          Corporation to maintain in full force and effect all policies of
          insurance or renewals thereof now in effect, and shall have taken out,
          at the expense of the Purchaser, such additional insurance as may be
          reasonably requested by the Purchaser and shall have given all notices
          and present all claims under all policies of insurance in a due and
          timely fashion;

                                      -33-

<PAGE>

     (e)  CONTRACTUAL CONSENTS. Each of the Vendors shall have used his best
          efforts to cause the Corporation to obtain, the consents and approvals
          described in Schedule 3.15;

     (f)  DISCHARGE LIABILITIES. Each of the Vendors shall have caused the
          Corporation to pay and discharge their liabilities in the ordinary
          course of business, except those contested in good faith by the
          Corporation;

     (g)  CORPORATE ACTION. Each of the Vendors shall have used his best efforts
          to take and cause the Corporation to take all steps to complete the
          transactions contemplated by this Agreement; and

     (h)  BEST EFFORTS. Each of the Vendors shall have used his best efforts to
          satisfy the conditions contained in Section 8.1.

6.3  DELIVERY OF TRANSFER DOCUMENTS.

     On the Closing Date the Vendors shall deliver to the Purchaser all
     necessary transfers, assignments and other documentation reasonably
     required to transfer the Purchased Shares to the Purchaser with a good and
     valid title, free and clear of all Encumbrances.

6.4  REGULATORY CONSENTS OF THE CORPORATION.

     Each of the Vendors shall use his best efforts to cause the Corporation to
     obtain, at or prior to the Time of Closing, from all appropriate federal,
     state, municipal or other governmental or regulatory bodies, the licenses,
     permits, consents, approvals, certificates, registrations and
     authorizations described in Schedules 3.15. If the Purchaser completes the
     transactions contemplated hereby on the Closing Date notwithstanding that
     any of the consents and approvals referred to in Schedules 3.15 have not
     been obtained, each of the Vendors shall continue after the Closing Date to
     use his best efforts as requested by the Purchaser from time to time in
     order to attempt to obtain any such consent or approval.

6.5  DELIVERY OF CLOSING DOCUMENTATION BY THE VENDORS.

     The Vendors shall deliver to the Purchaser a certificate of good standing
     or its equivalent and the articles of incorporation (including any
     amendments thereto) and by-laws of the Corporation certified by a senior
     officer of the Corporation, dated the Closing Date.

6.6  DELIVERY OF PURCHASER'S CLOSING DOCUMENTATION.

     The Purchaser shall deliver to the Vendors a certificate of good standing
     or its equivalent for the Purchaser and two copies, certified by a senior
     officer of the Purchaser, dated as of the Closing Date, of the articles of
     incorporation (including any amendments thereto) and by-laws of the
     Purchaser and of the resolution authorizing the execution, delivery and
     performance by the Purchaser of this Agreement and any documents to be
     provided by it pursuant to the provisions hereof. The Purchaser shall
     deliver to the Vendors a certificate of good standing or its equivalent for
     Vitran and the articles of incorporation

                                      -34-

<PAGE>

     (including any amendments thereto) and by-laws of Vitran and of the
     resolution authorizing the execution, delivery and performance by Vitran of
     this Agreement and any documents to be provided by it pursuant to the
     provisions hereof certified by a senior officer of Vitran, dated as of the
     Closing Date.

6.7  REGULATORY CONSENTS OF THE PURCHASER.

     The Purchaser and Vitran shall use their best efforts to obtain at or prior
     to the Time of Closing, from all appropriate federal, state, municipal or
     other governmental or regulatory bodies, the licenses, permits, consents,
     approvals, certificates, registrations and authorizations described in
     Schedules 4.5 and 5.7.

6.8  SECTION 338(H)(10) ELECTION.

     (a)  The Purchaser, each of the Vendors and Vitran agree that, at the
          Purchaser's election, subject to the conditions of this Section 6.8,
          the Purchaser and each of the Vendors shall jointly make, at the
          option of the Purchaser, the election provided in subsection
          338(h)(10) of the Code and applicable regulations of the Treasury
          Department and shall also make or be deemed to make such election or
          any similar election under and for purposes of the income tax laws of
          all other states that recognize such election such that the purchase
          and sale of the Purchased Shares, for purposes of all federal and
          state income taxes governed by such elections ("APPLICABLE INCOME
          TAXES"), shall be treated as a sale by the Corporation of its assets
          and properties (the "ELECTION"). Assuming the conditions of this
          Section 6.8 are met and the Purchaser elects to make the Election, the
          Purchaser and each of the Vendors shall execute and file Internal
          Revenue Service Form 8023 and all accompanying schedules and all other
          forms, elections and statements required by the Internal Revenue
          Service or any other authority or agency responsible for the
          administration of any Applicable Income Taxes to which the Purchaser,
          each of the Vendors, Vitran or the Corporation may be subject,
          necessary or appropriate to effectuate, evidence and confirm the
          Election, and, in such event, the Purchaser, each of the Vendors,
          Vitran, and the Corporation shall file all tax returns in a manner
          consistent with the foregoing. The Purchaser and each of the Vendors
          agree that, for purposes of this Election, the purchase price for the
          assets and properties of the Corporation shall be determined by the
          Purchaser and the Vendors, jointly, in accordance with the provisions
          of Section 338 of the Code and applicable regulations of the Treasury
          Department and with reference to the fair market value of the assets
          and properties of the Corporation as reasonably determined by the
          Purchaser and the Vendors, jointly. If the Purchaser wishes to make
          the Election, the Purchaser shall, as expeditiously as possible, and,
          in any event, by November 30, 2006, disclose and describe to the
          Vendors its proposals for all such determinations and allocations.
          Prior to the making of the Election, Vitran shall have a reasonable
          opportunity to review, and the right to approve (insofar as they
          relate to the Election), each of the Vendors' tax returns as they
          relate to the Election and the Vendors calculation of 338 Taxes
          payable to be filed in connection with the

                                      -35-

<PAGE>

          Election and the Vendors' calculation of 338 Taxes payable, provided
          that the contents thereof shall remain strictly confidential and may
          be used by the Purchaser and its representatives only in and so far as
          they may be relevant to the purposes of this Section 6.8 provided that
          the Vendors acknowledge that Vitran will be required to disclose the
          aggregate amount of the 338 Taxes payable by all of the Vendors in its
          financial statements. The parties agree to attempt to resolve any
          dispute between them in respect of such tax returns or calculations
          within ten (10) days of the date the dispute first arises. If the
          parties cannot resolve all matters in dispute within such ten (10) day
          period, all unresolved matters shall be submitted to the Pittsburgh,
          Pennsylvania office of Ernst & Young for resolution by arbitration,
          and Ernst & Young shall be given access to all materials and
          information reasonably requested by it for such purpose. Vitran and
          the Vendors shall be entitled to make submissions to Ernst & Young
          during its consideration of the matters in dispute. Ernst & Young's
          determination of all such matters shall be final and binding on both
          parties and shall not be subject to appeal by either party. The fees
          and expenses of Ernst & Young shall be borne by Vitran unless the
          dispute is the result of the bad faith (in the sole opinion of Ernst &
          Young) of any of the Vendors in which case, it shall be borne by
          Vendors, jointly. Each of the Vendors' tax returns shall be modified
          to the extent required to give effect to Ernst & Young's
          determination.

     (b)  Provided that the Election is made in accordance with this Section
          6.8, the Purchaser will compensate, and Vitran shall cause the
          Purchaser to compensate, each of the Vendors for, and the Purchase
          Price will be increased by the amount of, any additional federal
          and/or state income taxes or other Taxes payable by the Vendors which
          would not have been payable by the Vendors if the Election had not
          been made ("338 TAXES"), together with any additional federal and/or
          state income taxes or other Taxes payable by the Vendors with respect
          to the payments which the Purchaser has made or is obligated to make
          to the Vendors in respect of 338 Taxes (i.e. on a gross up basis, the
          "PURCHASER 338 PAYMENTS"). Any 338 Taxes or Purchaser 338 Payments
          payable to the Vendors in accordance with this Section 6.8 will be due
          and payable by the Purchaser promptly upon calculation and under no
          circumstances later than a sufficient time prior to the date any of
          the Vendors is required to pay the applicable tax so that such Vendor
          has funds on hand within which to pay the tax.

     (c)  Notwithstanding any other provisions of this Agreement, the covenants
          and agreements of subsections 6.8 (a) and (b) shall have no expiration
          date.

     (d)  The Purchaser shall reimburse the Vendors for their reasonable costs
          incurred in connection with the Election and calculation of the 338
          Taxes payable.

     (e)  The Purchaser, the Corporation and the Vendors agree that the Purchase
          Price and the liabilities of the Corporation will be allocated to the
          assets of the Corporation for all purposes (including Tax and
          financial accounting) in a manner consistent with the Code sections
          338 and 1060 and the regulations thereunder. The

                                      -36-

<PAGE>

          Purchaser, the Corporation and the Vendors shall file all tax returns
          (including amended returns and claims for refund) and information
          reports in a manner consistent with such allocations.

6.9  REMOVAL OF PERSONAL ITEMS.

     Each of the Vendors shall have removed from the Leased Real Property their
     personal assets on or before the Closing Date.

6.10 RESTRICTION ON TRANSFER OF SHARES.

     Each of the Vendors covenants and agrees that he will not, without the
     prior written consent of Vitran, directly or indirectly, offer, sell,
     assign, transfer, pledge, contract to sell, or otherwise dispose of, any
     Vitran Shares issued to him pursuant to this Agreement, or any interest
     therein or right, title or interest thereto, for one (1) year from the
     Closing Date, except for transfers among the Vendors or Related Parties
     provided that any Related Party becomes bound by this Section 6.10 by
     executing an instrument in writing addressed to Vitran to such effect. Each
     of the Vendors further covenants and agrees that, during the period
     commencing one (1) year from the Closing Date and ending two (2) years from
     the Closing Date, he shall notify Vitran in writing of his intention to
     dispose of a block of 10,000 or more Vitran Shares owned by him at least
     one (1) Business Day prior to any such disposition to enable Vitran to
     assist in the orderly disposition of the Vitran Shares.

6.11 DELIVERY OF ACQUISITION AGREEMENT.

     Immediately after the completion of the transactions herein provided for,
     the Corporation, Northridge Enterprises, L.P., and Woodhurst Realty, LLC
     shall have executed and delivered the Acquisition Agreement which shall be
     consummated on the Closing Date. On the Closing Date Vitran shall cause the
     Purchaser to pay to the Corporation an amount not less than the
     consideration payable by the Corporation to Northridge Enterprises, L.P.
     and Woodhurst Realty, LLC and the closing costs and other amounts required
     by the Acquisition Agreement to be paid by the Corporation necessary for
     the Corporation to consummate the transactions contemplated by the
     Acquisition Agreement.

6.12 TAX COOPERATION.

     Each party agrees to fully cooperate in good faith with the others in the
     preparation of all tax returns and in the event of any tax audit; provided,
     that the party seeking the cooperation of the others shall reimburse the
     others for any out of pocket expenses incurred.

                                      -37-

<PAGE>

6.13 DELIVERY OF EMPLOYMENT AGREEMENT.

     The Purchaser has made an offer of employment to Mark L. Kosovec, who
     agrees that on the Closing Date he shall execute and deliver to the
     Purchaser an employment agreement in the form attached as Schedule 6.13
     (the "EMPLOYMENT AGREEMENT").

7.   CLOSING ARRANGEMENTS

7.1  PLACE OF CLOSING.

     The closing shall take place at the Time of Closing at the offices of Vuono
     & Gray, LLC, 2310 Grant Building, Pittsburgh, Pennsylvania.

7.2  TRANSFER.

     At the Time of Closing, the Vendors shall deliver to the Purchaser
     certificates representing all the Purchased Shares duly endorsed in blank
     for transfer with any applicable security transfer taxes paid, will cause
     transfers of the Purchased Shares to be duly and regularly recorded in the
     name of the Purchaser or its nominee(s), will cause meetings of the board
     of directors of the Corporation to be held at which the directors and
     officers of the Corporation specified by the Purchaser will resign in
     favour of nominees of the Purchaser.

7.3  FURTHER ASSURANCES.

     Each of the parties covenants and agrees that, from time to time subsequent
     to the Closing Date, he or it will, at the request and expense of the
     requesting party, execute and deliver all such documents, including,
     without limitation, all such additional conveyances, transfers, consents
     and other assurances and do all such other acts and things as any other
     party hereto, acting reasonably, may from time to time request be executed
     or done in order to better evidence or perfect or effectuate any provision
     of this Agreement or of any agreement or other document executed pursuant
     to this Agreement or any of the respective obligations intended to be
     created hereby or thereby.

8.   CONDITIONS OF CLOSING

8.1  CONDITIONS OF CLOSING IN FAVOUR OF THE PURCHASER.

     The purchase and sale of the Purchased Shares is subject to the following
     terms and conditions for the exclusive benefit of the Purchaser, to be
     fulfilled, performed, or waived at or prior to the Time of Closing:

     (a)  REGULATORY CONSENTS. The Vendors shall have obtained from all
          appropriate federal, state, municipal or other governmental or
          administrative bodies, such licenses, permits, consents, approvals,
          certificates, registrations and authorizations as are required to be
          obtained by the Vendors to permit the change

                                      -38-

<PAGE>

          of ownership of the Purchased Shares contemplated hereby including,
          without limitation, those described in Schedule 3.15, in form and
          substance satisfactory to the Purchaser, acting reasonably;

     (b)  CONTRACTUAL CONSENTS. The Vendors shall have obtained the notices,
          consents and approvals described in Schedule 3.15, in each case in
          form and substance satisfactory to the Purchaser, acting reasonably;

     (c)  MATERIAL ADVERSE CHANGE. There shall have been no Material Adverse
          Change in the condition (financial or otherwise), assets, liabilities,
          operations, earnings, business or prospects of the Corporation;

     (d)  NO ACTION OR PROCEEDING. No legal or regulatory action or proceeding
          shall be pending or threatened by any person which would, in the
          opinion of the Purchaser, acting reasonably, enjoin, restrict or
          prohibit:

          (i)  the purchase and sale of the Purchased Shares contemplated
               hereby; or

          (ii) the Purchaser from carrying on the Business in the manner in
               which the Corporation is carrying on the Business at the date
               hereof;

     (e)  NO ADVERSE LEGISLATION. No legislation (whether by statute,
          regulation, order-in-council, notice of ways and means motion, by-law
          or otherwise) shall have been enacted which causes a Material Adverse
          Consequence to the Business;

     (f)  DISCHARGE OF ENCUMBRANCES. The Vendors shall have delivered to the
          Purchaser evidence in form and substance satisfactory to the Purchaser
          and its counsel that all Encumbrances affecting the Corporation, other
          than Permitted Encumbrances, or the Purchased Shares have been
          discharged in full at the Time of Closing;

     (g)  NON-COMPETITION AGREEMENT. Each of the Vendors shall have executed and
          delivered to the Purchaser a non-competition agreement as agreed to by
          the Purchaser and the Vendors;

     (h)  LEGAL OPINION. The Vendors shall have delivered to the Purchaser a
          legal opinion of Vuono & Gray, LLC, counsel to the Vendors, in form
          and content acceptable to the Purchaser;

     (i)  RESIGNATION OF DIRECTORS AND OFFICERS. Such directors and officers of
          the Corporation as the Purchaser may specify shall have resigned in
          favour of nominees of the Purchaser effective as of the Time of
          Closing;

     (j)  RESIGNATION OF ACCOUNTANTS. The certified public accountants of the
          Corporation shall have resigned effective as of the Time of Closing;

                                      -39-

<PAGE>

     (k)  RELEASES BY VENDORS. The Vendors shall have executed and delivered, at
          the Time of Closing, releases in favour of the Corporation, in form
          and content acceptable to the Purchaser;

     (l)  SAFETY RATING. The Corporation shall have maintained a satisfactory
          safety rating with the United States Department of Transportation; and

     (m)  BUSINESS ACQUISITION REPORT. The certified public accountants of the
          Corporation shall have consented to the use by Vitran of the financial
          statements of the Corporation for the fiscal years ended December 31,
          2003, 2004 and 2005, and the auditor's report thereon, in order to
          enable Vitran to prepare and file its business acquisition report in
          accordance with National Instrument 51-102 - Continuous Disclosure
          Obligations.

8.2  NON-PERFORMANCE BY THE VENDORS

     If any of the conditions contained in Section 8.1 shall not be performed or
     fulfilled at or prior to the Time of Closing in the opinion of the
     Purchaser, acting reasonably, the Purchaser may, by notice to the Vendors
     terminate this Agreement and the obligations of the Purchaser to complete
     the transactions contemplated by this Agreement other than the obligations
     contained in Section 11.1, shall be terminated. Any such condition may be
     waived in whole or in part by the Purchaser and shall be deemed waived if
     not required by Purchaser at Closing.

8.3  CONDITIONS OF CLOSING IN FAVOUR OF THE VENDORS.

     The purchase and sale of the Purchased Shares is subject to the following
     terms and conditions for the exclusive benefit of the Vendors, to be
     fulfilled or performed at or prior to the Time of Closing:

     (a)  REGULATORY CONSENTS. There shall have been obtained, from all
          appropriate federal, provincial, state, municipal or other
          governmental or administrative bodies, such licenses, permits,
          consents, approvals, certificates, registrations and authorizations as
          are required to be obtained by the Purchaser to permit the change of
          ownership of the Purchased Shares contemplated hereby including,
          without limitation, those described in Schedules 3.15, 4.5, and 5.7;

     (b)  LEGAL OPINION. The Purchaser and Vitran shall have delivered to the
          Vendors a legal opinion of Lang Michener LLP, counsel to Purchaser and
          Vitran, in form and content acceptable to the Vendors; and

     (c)  RELEASE BY LENDERS. The Vendors shall have obtained from such lenders
          of the Corporations as they deem necessary a written release of all
          liability under any loans, guaranties or other obligations relating to
          the Corporation.

                                      -40-

<PAGE>

8.4  NON-PERFORMANCE BY THE PURCHASER.

     If any of the conditions contained in Section 8.3 shall not be performed or
     fulfilled at or prior to the Time of Closing to the satisfaction of the
     Vendors, acting reasonably, the Vendors may, by notice to the Purchaser,
     terminate this Agreement and the obligations of the Vendors and the
     Purchaser under this Agreement other than the obligations contained in
     Section 11.1, shall be terminated. Any such condition may be waived in
     whole or in part by the Vendors.

9.   SURVIVAL OF COVENANTS, REPRESENTATIONS AND WARRANTIES

9.1  SURVIVAL OF COVENANTS, REPRESENTATIONS AND WARRANTIES.

     To the extent that the covenants have not been fully performed at or prior
     to the Time of Closing, the covenants, representations and warranties
     contained in this Agreement and in all certificates and documents delivered
     pursuant to or contemplated by this Agreement shall survive the closing of
     the transactions contemplated hereby and shall terminate at the expiration
     of eighteen (18) months following the Closing Date and, notwithstanding
     such closing nor any investigation made by or on behalf of the party
     entitled to the benefit thereof, shall continue in full force and effect
     for the benefit of the party entitled to the benefit thereof for such
     eighteen (18) months and further provided that:

     (a)  the representations and warranties set out in Sections 3.1 to 3.5
          inclusive, Sections 3.41 and 3.42, Sections 4.1 to 4.3 (inclusive) and
          Sections 5.1 to 5.3 (inclusive) and the covenants and agreements
          contained in Sections 6.8 and 6.12 shall survive and continue in full
          force and effect without limitation of time;

     (b)  the representations and warranties set out in Section 3.27 shall
          survive until two (2) years after the Closing Date;

     (c)  a claim for indemnification for any breach or inaccuracy of any of the
          representations and warranties contained in this Agreement or in any
          agreement, instrument, certificate or other document executed or
          delivered pursuant hereto involving intentional fraud or fraudulent
          misrepresentation may be made at any time following the Closing Date,
          subject only to applicable limitation periods imposed by law; and

     (d)  no claim for indemnification for any breach or inaccuracy of any other
          representation, warranty or covenant shall be valid unless the party
          against whom such the corresponding representations and warranties set
          out in the certificates to claim is made has been given notice thereof
          before the expiration of the applicable period.

                                      -41-

<PAGE>

10.  INDEMNIFICATION

10.1 INDEMNIFICATION BY THE VENDORS

     Each of the Vendors agrees to indemnify, save harmless and hereby
     indemnifies and holds harmless the Purchaser, its permitted assigns, and,
     after the Time of Closing, the Corporation, and the directors, officers,
     employees, agents and representatives of each of the foregoing (all such
     persons other than the Purchaser, collectively, the "PURCHASER'S
     REPRESENTATIVES"), from all Losses suffered or incurred by the Purchaser or
     the Purchaser's Representatives as a result of or arising directly or
     indirectly out of or in connection with (and in the case of indemnification
     for matters described in subsections 10.1(b), notwithstanding any
     disclosure in this Agreement or in any agreement, certificate or other
     document delivered pursuant hereto):

     (a)  any breach by any of the Vendors of, or any inaccuracy of any
          representation or warranty of the Vendors contained in this Agreement
          or in any agreement, certificate or other document delivered pursuant
          hereto;

     (b)  any breach or non-performance by the Vendors of any covenant to be
          performed by him which is contained in this Agreement or in any
          agreement, certificate or other document delivered pursuant hereto;
          and

     (c)  all claims, demands, costs and expenses, including reasonable legal
          fees, in respect of the foregoing.

     The Purchaser holds the foregoing indemnity to the extent in favour of the
     Purchaser's Representatives in trust and as agent for the Purchaser's
     Representatives so that they may enjoy and be entitled to the benefit
     thereof.

10.2 INDEMNIFICATION BY THE PURCHASER.

     The Purchaser and Vitran agree to indemnify and save harmless and hereby
     indemnify and hold harmless each of the Vendors from all Losses suffered or
     incurred by the Vendors as a result of or arising directly or indirectly
     out of or in connection with: (a) any breach by the Purchaser or Vitran of
     or any inaccuracy of any representation or warranty contained in this
     Agreement or in any agreement, instrument, certificate or other document
     delivered pursuant hereto; (b) any breach or non-performance by the
     Purchaser of any covenant to be performed by it which is contained in this
     Agreement or in any agreement, certificate or other document delivered
     pursuant hereto; and (c) all claims, demands, costs and expenses, including
     reasonable legal fees, in respect of the foregoing.

10.3 LIMITATION ON OBLIGATION TO INDEMNIFY.

     (a)  In the event that any of the Vendors are required to indemnify and
          save harmless the Purchaser or the Purchaser's Representatives
          pursuant to Section 10.1 in

                                      -42-

<PAGE>

          respect of any Loss suffered or incurred, the liability of such party
          shall not arise until the Losses in respect thereof exceeds $100,000
          and the maximum aggregate amount of such liability shall not exceed
          $50,000,000.

     (b) In the event that the Purchaser or Vitran are required to indemnify and
          save harmless any of the Vendors pursuant to Section 10.2 in respect
          of any Loss suffered or incurred, the liability of the Purchaser and
          Vitran shall not arise until the losses in respect thereof exceeds
          $100,000.

10.4 NOTICE OF CLAIM.

     In the event that a party (the "INDEMNIFIED PARTY") shall become aware of
     any claim, proceeding or other matter which may result in a Loss (a
     "CLAIM") in respect of which another party (the "INDEMNIFYING PARTY")
     agreed to indemnify the Indemnified Party pursuant to this Agreement, the
     Indemnified Party shall promptly give written notice thereof to the
     Indemnifying Party. Such notice shall specify whether the Claim arises as a
     result of a claim by a person against the Indemnified Party (a "THIRD PARTY
     CLAIM") or whether the Claim does not so arise (a "DIRECT CLAIM"), and
     shall also specify with reasonable particularity (to the extent that the
     information is available) the factual basis for the Claim and the amount of
     the Claim, if known. If, through the fault of the Indemnified Party, the
     Indemnifying Party does not receive notice of any Claim in time to contest
     effectively the determination of any liability susceptible of being
     contested, the Indemnifying Party shall be entitled to set off against the
     amount claimed by the Indemnified Party the amount of any Losses incurred
     by the Indemnifying Party resulting from the Indemnified Party's failure to
     give such notice on a timely basis.

10.5 DIRECT CLAIMS.

     With respect to any Direct Claim, following receipt of notice from the
     Indemnified Party of the Claim, the Indemnifying Party shall have sixty
     (60) days to make such investigation of the Claim as is considered
     necessary or desirable. For the purpose of such investigation, the
     Indemnified Party shall make available to the Indemnifying Party the
     information relied upon by the Indemnified Party to substantiate the Claim,
     together with all such other information as the Indemnifying Party may
     reasonably request. If both parties agree at or prior to the expiration of
     such sixty (60) day period (or any mutually agreed upon extension thereof)
     to the validity and amount of such Claim, the Indemnifying Party shall
     immediately pay to the Indemnified Party the full agreed-upon amount of the
     Claim, failing which the matter shall be referred to binding arbitration in
     such manner as the parties may agree or shall be determined by a court of
     competent jurisdiction.

10.6 THIRD PARTY CLAIMS.

     With respect to any Third Party Claim, the Indemnifying Party shall have
     the right, at its expense, to participate in or assume control of the
     negotiation, settlement or defense of the Claim and, in such event, the
     Indemnifying Party shall reimburse the Indemnified

                                      -43-

<PAGE>

     Party for all the Indemnified Party's out-of-pocket expenses as a result of
     such participation or assumption. If the Indemnifying Party elects to
     assume such control, the Indemnified Party shall have the right to
     participate in the negotiation, settlement or defense of such Third Party
     Claim and to retain counsel to act on its behalf, provided that the fees
     and disbursements of such counsel shall be paid by the Indemnified Party
     unless the Indemnifying Party consents to the retention of such counsel or
     unless the named parties to any action or proceeding include both the
     Indemnifying Party and the Indemnified Party and the representation of both
     the Indemnifying Party and the Indemnified Party by the same counsel would
     be inappropriate due to the actual or potential differing interests between
     them (such as the availability of different defenses). If the Indemnifying
     Party, having elected to assume such control, thereafter fails to defend
     the Third Party Claim within a reasonable time, the Indemnified Party shall
     be entitled to assume such control, and the Indemnifying Party shall be
     bound by the results obtained by the Indemnified Party with respect to such
     Third Party Claim. If any Third Party Claim is of a nature such that: (a)
     the Indemnified Party is required by applicable law or the order of any
     court, tribunal or regulatory body having jurisdiction; or (b) it is
     necessary in the reasonable view of the Indemnified Party acting in good
     faith and in a manner consistent with reasonable commercial practices in
     respect of: (i) a Third Party Claim by a customer relating to products or
     services supplied by the Business; or (ii) a Third Party Claim relating to
     any Contract which is necessary to the ongoing operations of the Business
     or any material part thereof by a reasonable and prudent operator in
     substantially the same manner in which it has heretofore been operated by
     the Corporation in order to avoid material damage to the relationship
     between the Indemnified Party and any of its major customers or to preserve
     the rights of the Indemnified Party under such an essential Contract, to
     make a payment to any Person (a "THIRD PARTY") with respect to the Third
     Party Claim before the completion of settlement negotiations or related
     legal proceedings, as the case may be, the Indemnified Party may make such
     payment and the Indemnifying Party shall, forthwith after demand by the
     Indemnified Party, reimburse the Indemnified Party for such payment.

10.7 SETTLEMENT OF THIRD PARTY CLAIMS.

     If the Indemnifying Party fails to assume control of the defense of any
     Third Party Claim, the Indemnified Party shall have the exclusive right to
     contest, settle or pay the amount claimed. Whether or not the Indemnifying
     Party assumes control of the negotiation, settlement or defense of any
     Third Party Claim, the Indemnifying Party shall not settle any Third Party
     Claim without the written consent of the Indemnified Party, which consent
     shall not be unreasonably withheld or delayed; provided, however, that the
     liability of the Indemnifying Party shall be limited to the proposed
     settlement amount if any such consent is not obtained for any reason.

10.8 CO-OPERATION.

     The Indemnified Party and the Indemnifying Party shall co-operate fully
     with each other with respect to Third Party Claims, and shall keep each
     other fully advised with respect

                                      -44-

<PAGE>

     thereto (including supplying copies of all relevant documentation promptly
     as it becomes available).

10.9 EXCLUSIVITY.

     The provisions of this Article 10 shall apply to any Claim for breach of
     any covenant, representation, warranty or other provision of this Agreement
     or any agreement, certificate or other document delivered pursuant hereto
     (other than a claim for specific performance or injunctive relief) with the
     intent that all such Claims shall be subject to the limitations and other
     provisions contained in this Article 10.

11.  MISCELLANEOUS

11.1 CONFIDENTIALITY OF INFORMATION.

     (a)  The Purchaser and Vitran each for itself and its employees, servants
          and agents agrees to keep confidential and to refrain from using any
          information concerning the business and affairs of any of the Vendors
          and, if the transactions contemplated by this Agreement shall fail to
          be consummated, of the Corporation, which it may have acquired in
          connection with the transactions contemplated by this Agreement and in
          addition, shall return all copies of records or documents received
          therefrom and all notes or summaries thereof in any form whatsoever.
          The Purchaser and Vitran's obligations in this respect shall not apply
          to any information which:

          (i)  is in the public domain at the time of its disclosure to the
               Purchaser or Vitran;

          (ii) subsequently comes into the public domain without breach by the
               Purchaser or Vitran of its obligations under this subsection
               11.1(a);

          (iii) the Purchaser or Vitran can show was in its possession prior to
               its disclosure to the Purchaser or Vitran in connection with
               these transactions; or

          (iv) is or has been disclosed to the Purchaser or Vitran by any person
               otherwise than at the request or occurrence of the Vendors and
               not in violation of any obligation owed to the Vendors.

     (b)  If, for any reason, the transactions contemplated by this Agreement
          shall fail to be completed, the Vendors for itself and its employees,
          servants and agents agrees to keep confidential and to refrain from
          using any information concerning the business and affairs of any of
          the Purchaser and Vitran which it may have acquired in connection with
          the transactions contemplated by this Agreement and in addition, shall
          return all records or documents received from the Purchaser

                                      -45-

<PAGE>

          relating to Vitran. The obligations of the Vendors in this respect
          shall not apply to any information which:

          (i)  is in the public domain at the time of its disclosure to the
               Vendors;

          (ii) subsequently comes into the public domain without breach by the
               Vendors of its obligations under this subsection 11.1(b);

          (iii) the Vendors can show was in their possession prior to its
               disclosure in connection with these transactions; or

          (iv) is or has been disclosed to the Vendors by any person the request
               or occurrence of the Purchaser.

11.2 NOTICES.

     (a)  Any notice or other communication required or permitted to be given
          hereunder shall be in writing and shall be delivered in person,
          transmitted by telecopy or similar means of recorded electronic
          communication or sent by registered mail, charges prepaid, addressed
          as follows:

          if to the Vendors:

          Donald C. Hammel
          c/o PJAX Inc.
          2850 Kramer Drive
          Gibsonia, PA 15044

          Copy to:

          Vuono & Gray, LLC
          2310 Grant Building
          310 Grant Street
          Pittsburgh, PA 15219-2383

          Attention: Mark T. Vuono
          Fax: 412-471-4477

          if to the Purchaser or to Vitran:

          c/o Vitran Corporation Inc.
          185 The West Mall
          Suite 701
          Toronto, Ontario
          M9C 5L5

          Attention: Richard E. Gaetz

                                      -46-

<PAGE>

                     President and Chief Executive Officer
          Fax: (416) 596-8039

          Copy to:

          Lang Michener LLP
          Barristers and Solicitors
          Box 747, Suite 2500
          BCE Place, 181 Bay Street
          Toronto, Ontario
          M5J 2T7

          Attention: Geofrey Myers
          Fax: (416) 365-1719

     (b)  Any such notice or other communication shall be deemed to have been
          given and received on the day on which it was delivered or transmitted
          (or, if such day is not a Business Day, on the next following Business
          Day) or, if mailed, on the third Business Day following the date of
          mailing; provided, however, that if at the time of mailing or within
          three Business Days thereafter there is or occurs a labour dispute or
          other event which might reasonably be expected to disrupt the delivery
          of documents by mail, any notice or other communication hereunder
          shall be delivered or transmitted by means of recorded electronic
          communication as aforesaid.

     Any party may at any time change its address for service from time to time
     by giving notice to the other parties in accordance with this Section 11.2.

11.3 COMMISSIONS, ETC.

     It is understood and agreed that each of the parties hereto shall be
     responsible for all fees payable to any broker, agent or other intermediary
     retained by such party in connection with the sale or purchase of the
     Purchased Shares.

11.4 EXPENSES.

     Each of the parties hereto shall pay their own legal, accounting and other
     expenses arising in respect of this Agreement, the completion of the
     transactions contemplated hereby and to any action taken by such party in
     preparation for carrying this Agreement into effect.

11.5 CONSULTATION.

     The parties shall consult with each other before issuing any press release
     or making any other public announcement with respect to this Agreement or
     the transactions contemplated hereby and, except as required by any
     applicable law or regulatory requirement, none of the Vendors, the
     Corporation, Vitran nor the Purchaser nor any of

                                      -47-

<PAGE>

     their respective officers, directors, employees, agents or representatives
     shall issue any such press release or make any such public announcement
     without the prior written consent of the other, which consent shall not be
     unreasonably withheld or delayed.

11.6 DISCLOSURE.

     Prior to any public announcement of the transaction contemplated hereby
     pursuant to Section 11.5, no party shall disclose this Agreement or any
     aspect of such transaction except to its board of directors, its senior
     management, its legal, accounting, financial or other professional
     advisors, any financial institution contacted by it with respect to any
     financing required in connection with such transaction and counsel to such
     institution, or as may be required by any applicable law or any regulatory
     authority or stock exchange having jurisdiction.

11.7 SUCCESSORS AND ASSIGNS.

     This Agreement shall enure to the benefit of and shall be binding on and
     enforceable by the parties and, where the context so permits, their
     respective heirs, legal personal representatives, successors and permitted
     assigns and the Purchaser's Representatives. Except as provided in this
     Section 11.7, no party may assign any of its rights or obligations
     hereunder without the prior written consent of all other parties. The
     Purchaser may, at any time prior to the Time of Closing:

     (a)  assign all of its rights and obligations under this Agreement to any
          person if the Vendors' prior written consent is obtained and the
          assignee delivers to the Vendors an instrument in writing executed by
          the assignee confirming that it is bound by and shall perform all of
          the obligations of the Purchaser under this Agreement as if it were an
          original signatory;

     (b)  assign all of its rights and obligations hereunder to a Subsidiary or
          affiliate of the Purchaser who delivers an instrument in writing to
          the Vendors as set out in subsection 11.7(a); or

     (c)  notwithstanding anything else contained in this Section 11.7. The
          Purchaser may, at any time and from time to time, assign all of its
          rights arising under this Agreement to its lenders in connection with
          any credit facilities provided to the Purchaser;

     provided that no such assignment shall relieve the Purchaser or Vitran of
     its obligations under this Agreement. In the event of an assignment as set
     out above, any reference in this Agreement to the Purchaser shall be deemed
     to include the assignee.

11.8 AMENDMENT AND WAIVERS.

     No amendment or waiver of any provision of this Agreement shall be binding
     on any party unless consented to in writing by such party. No waiver of any
     provision of this

                                      -48-

<PAGE>

     Agreement shall constitute a waiver of any other provision, nor shall any
     waiver constitute a continuing waiver unless otherwise expressly provided.

11.9 COUNTERPARTS.

     This Agreement may be executed in counterparts, each of which shall
     constitute an original and all of which taken together shall constitute one
     and the same instrument.

                                      -49-

<PAGE>

     IN WITNESS WHEREOF this Agreement has been executed by the parties.

SIGNED, SEALED AND DELIVERED        )
in the presence of:                 )
                                    )
                                    )
/s/ Mark T. Vuono                   )   /s/ Donald C. Hammel
------------------------------------)   ----------------------------------------
Witness                             )   Donald C. Hammel
                                    )
                                    )
/s/ Mark T. Vuono                   )   /s/ Donald J. Hammel
------------------------------------)   ----------------------------------------
Witness                             )   Donald J. Hammel
                                    )
                                    )
/s/ Mark T. Vuono                   )   s/ Jeffrey A. Hammel
------------------------------------)   ----------------------------------------
Witness                             )   Jeffrey A. Hammel
                                    )
                                    )
/s/ Mark T. Vuono                   )   /s/ James T. Hammel
------------------------------------)   ----------------------------------------
Witness                             )   James T. Hammel
                                    )
                                    )
/s/ Mark T. Vuono                   )   s/ Mark L. Kosovec
------------------------------------)   ----------------------------------------
Witness                             )   Mark L. Kosovec

                                        PJAX, INC.

                                        by: /s/ Donald C. Hammel
                                            ------------------------------------
                                        Name: Donald C. Hammel
                                        Title: President

                                        VITRAN CORPORATION

                                        by: /s/ Richard E. Gaetz
                                            ------------------------------------
                                        Name: Richard E. Gaetz
                                        Title: Chief Executive Officer

                                        VITRAN CORPORATION INC.

                                        by: /s/ Richard E. Gaetz
                                            ------------------------------------
                                        Name: Richard E. Gaetz
                                        Title: President and Chief
                                               Executive Officer

                                      -50-<PAGE>

                              GREATER ATLANTIC BANK
                      EMPLOYEE SEVERANCE COMPENSATION PLAN

A.       PURPOSE.
         -------

         The primary purpose of the Greater Atlantic Bank Employee Severance
Compensation Plan (the "Plan") is to ensure the successful continuation of the
business of Greater Atlantic Bank (the "Bank") and the fair and equitable
treatment of the Bank's employees following a Change in Control (as defined
below).

B.       COVERED EMPLOYEES.
         -----------------

         Subject to paragraph C below, any employee of the Bank with at least
one (1) year of service as of his or her termination date shall be eligible to
receive a Change in Control Severance Benefit (as defined below) if, within the
period beginning on the effective date of a Change in Control and ending on the
first anniversary of such date, (i) the employee's employment with the Bank is
involuntarily terminated or (ii) the employee terminates employment with the
Bank voluntarily after being offered continued employment in a position that is
not a Comparable Position (as defined below).

C.       LIMITATIONS ON ELIGIBILITY FOR CHANGE IN CONTROL SEVERANCE BENEFITS OR
         ----------------------------------------------------------------------
         MANAGEMENT RESTRUCTURING BENEFITS.
         ---------------------------------

         1.       No employee shall be eligible for a Change in Control
                  Severance Benefit if (a) his or her employment is terminated
                  for "Cause", (b) he or she is offered a Comparable Position
                  within the Bank or the Bank's successor and declines to accept
                  such position, or (c) the employee is, at the time of
                  termination of employment, a party to an individual employment
                  agreement or severance agreement with the Bank and Greater
                  Atlantic Financial Corporation (the "Company").

         2.       For purposes of this Plan, a termination of employment for
                  "Cause" shall include termination because of the employee's
                  personal dishonesty, incompetence, willful misconduct, breach
                  of fiduciary duty involving personal profit, intentional
                  failure to perform stated duties, willful violation of any
                  law, rule or regulation (other than traffic violations or
                  similar offenses) or violation of any final cease-and desist
                  order, or material breach of any provision of the Plan.

         3.       For  purposes of this Plan, a "Comparable  Position" shall
                  mean a position that would (i) provide the employee with base
                  compensation and benefits that are comparable in the aggregate
                  to those provided to the employee prior to the Change in
                  Control, (ii) provide the employee with an opportunity for
                  variable bonus compensation that is comparable to the
                  opportunity provided to the employee prior to the Change in
                  Control, (iii) be in a location that would not require the
                  employee to increase his or her daily one way commuting
                  distance by more than twenty-five (25) miles as compared to
                  the employee's commuting distance immediately prior to the
                  Change in Control and (iv) have job skill requirements and
                  duties that are comparable to the requirements and duties of
                  the position held by the employee prior to the Change in
                  Control.

<PAGE>
D.       DEFINITIONS OF CHANGE IN CONTROL.
         --------------------------------

         For purposes of this Plan, a "Change in Control" means the occurrence
of any one of the following events following the adoption of this Plan:

         (i)      Merger: The Company or the Bank merges into or consolidates
                  ------
                  with another corporation, or merges another corporation into
                  the Company or the Bank, and as a result less than a majority
                  of the combined voting power of the resulting corporation
                  immediately after the merger or consolidation is held by
                  persons who were stockholders of the Company or the Bank
                  immediately before the merger or consolidation;

         (ii)     Acquisition of Significant Share Ownership:  A person files,
                  ------------------------------------------
                  or is required to file, a report on Schedule 13D or another
                  form or schedule (other than Schedule 13G) required under
                  Sections 13(d) or 14(d) of the Securities Exchange Act of 1934
                  with respect to the Company, if the schedule discloses that
                  the filing person or persons acting in concert has or has
                  become the beneficial owner of 25% or more of a class of the
                  Company's voting securities, but this clause (b) shall not
                  apply to beneficial ownership of Company voting shares held in
                  a fiduciary capacity by an entity of which the Company
                  directly or indirectly beneficially owns 50% or more of its
                  outstanding voting securities;

         (iii)    Change in Board Composition:  During any period of two
                  ---------------------------
                  consecutive years, individuals who constitute the Bank's or
                  the Company's Board of Directors at the beginning of the
                  two-year period cease for any reason to constitute at least a
                  majority of the Bank's or the Company's Board of Directors;
                  provided, however, that for purposes of this clause (iii),
                  each director who is first elected by the board (or first
                  nominated by the board for election by the stockholders) by a
                  vote of at least two-thirds (2/3) of the directors who were
                  directors at the beginning of the two-year period shall be
                  deemed to have also been a director at the beginning of such
                  period; or

         (iv)     Sale of Assets: The Company or the Bank sells to a third party
                  --------------
                  all or substantially all of its assets.

E.       DETERMINATION OF THE CHANGE IN CONTROL SEVERANCE BENEFIT.
         --------------------------------------------------------

         The Change in Control Severance Benefit payable to an eligible employee
under this Plan shall be determined as follows:

         (1)      Vice Presidents and the Controller of the Bank: If an eligible
                  ----------------------------------------------
                  employee is a Vice President or the Controller of the Bank and
                  he or she becomes entitled to receive a Change in Control
                  Severance Benefit under the Plan, the benefit shall be
                  determined under the following schedule:

                  (a)      The basic benefit under the Plan shall be determined
                           as the product of (i) the employee's years of service
                           from his or her hire date (including partial years)
                           through the termination date and (ii) two (2) weeks
                           of the employee's Base Compensation (as defined
                           below). A "year of service" shall mean each 12-month
                           period of service following an employee's hire date
                           determined without regard the number of hours worked
                           during such period(s).

                                       2
<PAGE>

                  (b)      Notwithstanding anything in this Plan to the
                           contrary, the minimum payment to an eligible employee
                           under this Plan shall be two (2) weeks of Base
                           Compensation and the maximum payment to an eligible
                           employee shall not exceed 50% of the employee's Base
                           Compensation.

                  (c)      The Change in Control Severance Benefit shall be paid
                           in a lump sum not later than five (5) business days
                           after the employee's termination date.

         (2)      Assistant Vice Presidents. If an eligible employee is an
                  -------------------------
                  Assistant Vice President of the Bank and he or she becomes
                  entitled to receive a Change in Control Severance Benefit
                  under the Plan, the benefit shall be determined under the
                  following schedule.

                  (a)      The basic benefit under the Plan shall be determined
                           as the product of (i) the employee's years of service
                           from his or her hire date (including partial years)
                           through the termination date and (ii) one and
                           one-half (1 1/2) weeks of the employee's Base
                           Compensation (as defined below). A "year of service"
                           shall mean each 12-month period of service following
                           an employee's hire date determined without regard the
                           number of hours worked during such period(s).

                  (b)      Notwithstanding anything in this Plan to the
                           contrary, the minimum payment to an eligible employee
                           under this Plan shall be one and one-half (1 1/2)
                           weeks of Base Compensation and the maximum payment to
                           an eligible employee shall not exceed 50% of the
                           employee's Base Compensation.

                  (c)      The Change in Control Severance Benefit shall be paid
                           in a lump sum not later than five (5) business days
                           after the employee's termination date.

         (3)      All Other Employees. If an eligible employee (other than a
                  -------------------
                  vice president, assistant vice president or the Controller of
                  the Bank) becomes entitled to receive a Change in Control
                  Severance Benefit under the Plan, the benefit shall be
                  determined under the following schedule.

                  (a)      The basic benefit under the Plan shall be determined
                           as the product of (i) the employee's years of service
                           from his or her hire date (including partial years)
                           through the termination date and (ii) one (1) week of
                           the employee's Base Compensation (as defined below).
                           A "year of service" shall mean each 12-month period
                           of service following an employee's hire date
                           determined without regard the number of hours worked
                           during such period(s).

                  (b)      Notwithstanding anything in this Plan to the
                           contrary, the minimum payment to an eligible employee
                           under this Plan shall be one (1) week of Base
                           Compensation and the maximum payment to an eligible
                           employee shall not exceed 50% of the employee's Base
                           Compensation.

                  (c)      The Change in Control Severance Benefit shall be paid
                           in a lump sum not later than five (5) business days
                           after employee's termination date.

                                       3

<PAGE>

         (4)      For purpose of determinations under this paragraph E, "Base
                  Compensation" shall mean:

                  (a)      for salaried employees, the employee's annual base
                           salary at the rate in effect on his or her
                           termination date or, if greater, the rate in effect
                           on the date immediately preceding the Change in
                           Control;

                  (b)      for employees whose compensation is determined in
                           whole or in part on the basis of commission income,
                           the employee's base salary at termination (or, if
                           greater, the base salary on date immediately
                           preceding the effective date of the Change in
                           Control), if any, plus the commissions earned by the
                           employee in the twelve (12) full calendar months
                           preceding his or her termination date (or, if
                           greater, the commissions earned in the twelve (12)
                           full calendar months immediately preceding the
                           effective date of the Change in Control); and

                  (c)      for hourly employees, the employee's total hourly
                           wages for the twelve (12) full calendar months
                           preceding his or her termination date or, if greater,
                           the twelve (12) full calendar months preceding the
                           effective date of the Change in Control.

F.       WITHHOLDING.
         -----------

         All payments made under this Plan will be subject to customary
withholding for federal, state and local tax purposes.

G.       PARACHUTE PAYMENT.
         -----------------

         Notwithstanding anything in this Plan to the contrary, if a benefit to
a employee who is a "Disqualified Individual" shall be in an amount which
includes an "Excess Parachute Payment" taking into account payments under this
Plan and otherwise, the benefit under this Plan to that employee shall be
reduced to the maximum amount which does not include an Excess Parachute
Payment. The terms "Disqualified Individual" and "Excess Parachute Payment"
shall have the same meanings as under Section 280G of the Internal Revenue Code
of 1986, as amended, or any successor provision thereto.

H.       ADOPTION BY AFFILIATES.
         ----------------------

         Upon approval by the Board of Directors of the Bank, this Plan may be
adopted by any "Subsidiary" or "Parent" of the Bank. Upon such adoption, the
Subsidiary or Parent shall become an Employer hereunder and the provisions of
the Plan shall be fully applicable to the employees of that Subsidiary or
Parent. The term "Subsidiary" means any corporation in which the Bank, directly
or indirectly, holds a majority of the voting power of its outstanding shares of
capital stock. The term "Parent" means any corporation which holds a majority of
the voting power of the Bank's outstanding shares of capital stock.

                                       4

<PAGE>

I.       ADMINISTRATION.
         --------------

         The Plan is administered by the Board of Directors of the Bank, which
shall have the discretion to interpret the terms of the Plan and to make all
determinations about eligibility and payment of benefits. All decisions of the
Board, any action taken by the Board with respect to the Plan and within the
powers granted to the Board under the Plan, and any interpretation by the Board
of any term or condition of the Plan, are conclusive and binding on all persons,
and will be given the maximum possible deference allowed by law. The Board may
delegate and reallocate any authority and responsibility with respect to the
Plan.

J.       SOURCE OF PAYMENTS.
         ------------------

         Unless otherwise determined by the Board of Directors of the Company,
all payments and benefits provided in this Plan shall be paid or provided solely
by the Bank. Notwithstanding anything in this Plan to the contrary, no provision
of this Plan shall be construed so as to result in the duplication of any
payment or benefit. Unless otherwise determined by the Board of Directors of the
Company, the Company's sole obligation under this Plan shall be to
unconditionally guarantee the payment and provision of all amounts and benefits
due hereunder to Plan participants and, if such amounts and benefits due from
the Bank are not timely paid or provided by the Bank, such amounts and benefits
shall be paid or provided by the Company.

K.       INALIENABILITY.
         --------------

         In no event may any employee sell, transfer, anticipate, assign or
otherwise dispose of any right or interest under the Plan. At no time will any
such right or interest be subject to the claims of creditors, nor liable to
attachment, execution or other legal process.

L.       GOVERNING LAW.
         -------------

         The provisions of the Plan will be construed, administered and enforced
in accordance with the laws of the Commonwealth of Virginia, except to the
extent that federal law applies.

M.       SEVERABILITY.
         ------------

         If any provision of the Plan is held invalid or unenforceable, its
invalidity or unenforceability will not affect any other provision of the Plan,
and the Plan will be construed and enforced as if such provision had not been
included.

N.       NO EMPLOYMENT RIGHTS.
         --------------------

         Neither the establishment nor the terms of this Plan shall be held or
construed to confer upon any employee the right to a continuation of employment
by the Bank, nor constitute a contract of employment, express or implied. The
Bank reserves the right to dismiss or otherwise deal with any employee to the
same extent and on the same basis as though this Plan had not been adopted.
Nothing in this Plan is intended to alter the at-will status of the Bank's
employees, it being understood that, except to the extent otherwise expressly
set forth to the contrary in an individual employment-related agreement, the
employment of any employee may be terminated at any time by either the Bank or
the employee with or without cause.

                                       5

<PAGE>

O.       AMENDMENT AND TERMINATION.
         -------------------------

         The Plan may be terminated or amended in any respect by resolution
adopted by a majority of the Board of Directors of the Bank, unless a Change in
Control has previously occurred. If a Change in Control occurs, the Plan no
longer shall be subject to amendment, change, substitution, deletion, revocation
or termination in any respect whatsoever. The form of any proper amendment or
termination of the Plan shall be a written instrument signed by a duly
authorized officer or officers of the Bank, certifying that the amendment or
termination has been approved by the Board of Directors. A proper amendment of
the Plan automatically shall effect a corresponding amendment to each
Participant's rights hereunder. A proper termination of the Plan automatically
shall effect a termination of all employees' rights and benefits hereunder.

P.       REQUIRED PROVISIONS.
         -------------------

         a.       In the event any of the provisions of this Section P are in
                  conflict with the terms of this Plan, this Section P shall
                  prevail.

         b.       The Bank's Board of Directors may terminate an employee's
                  employment at any time, but any termination by the Bank, other
                  than termination for Cause, shall not prejudice the employee's
                  right to compensation or other benefits under this policy. An
                  employee shall not have the right to receive compensation or
                  other benefits for any period after termination for Cause.

         c.       If an employee is suspended from office and/or temporarily
                  prohibited from participating in the conduct of the Bank's
                  affairs by a notice served under Section 8(e)(3) or 8(g)(1) of
                  the Federal Deposit Insurance Act, 12 U.S.C. ss.1818(e)(3) or
                  (g)(1); the Bank's obligations under this policy shall be
                  suspended as of the date of service, unless stayed by
                  appropriate proceedings. If the charges in the notice are
                  dismissed, the Bank may in its discretion: (i) pay the
                  employee all or part of the compensation withheld while their
                  contract obligations were suspended; and (ii) reinstate (in
                  whole or in part) any of the obligations which were suspended.

         d.       If an employee is removed and/or permanently prohibited from
                  participating in the conduct of the Bank's affairs by an order
                  issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit
                  Insurance Act, 12 U.S.C. ss.1818(e)(4) or (g)(1), all
                  obligations of the Bank under this policy shall terminate as
                  of the effective date of the order, but vested rights of the
                  contracting parties shall not be affected.

         e.       If the Bank is in default as defined in Section 3(x)(1) of the
                  Federal Deposit Insurance Act, 12 U.S.C. ss.1813(x)(1), all
                  obligations of the Bank under this policy shall terminate as
                  of the date of default, but this paragraph shall not affect
                  any vested rights of the contracting parties.

         f.       All obligations under this Plan shall be terminated, except to
                  the extent determined that continuation of the Plan is
                  necessary for the continued operation of the Bank: (i) by the
                  Director of the OTS (or his designee), at the time the FDIC
                  enters into an agreement to provide assistance to or on behalf
                  of the Bank under the authority contained in Section 13(c) of
                  the Federal Deposit Insurance Act, 12 U.S.C. ss.1823(c); or
                  (ii) by the Director of the OTS (or his designee) at the time
                  the Director (or his designee) approves a supervisory merger
                  to resolve problems related to the operations of the Bank or

                                       6

<PAGE>

                  when the Bank is determined by the Director to be in an unsafe
                  or unsound condition. Any rights of the parties that have
                  already vested, however, shall not be affected by such action.

         g.       Any payments made to Employees pursuant to this Plan, or
                  otherwise, are subject to and conditioned upon their
                  compliance with 12 U.S.C. ss.1828(k) and FDIC regulation 12
                  C.F.R. Part 359, Golden Parachute and Indemnification
                  Payments.

                                       7

<PAGE>

         This Plan has been approved and adopted by the Board of Directors of
the Bank and is effective as of October 2, 2006.

                                        GREATER ATLANTIC BANK

Attest: /s/ Edward C. Allen             By: /s/ Carroll E. Amos
        -------------------------           ------------------------------------
                                            For the Entire Board of Directors

                                        GREATER ATLANTIC FINANCIAL CORPORATION
                                        (as guarantor)

Attest: /s/ Edward C. Allen             By: /s/ Carroll E. Amos
        -------------------------           ------------------------------------
                                            For the Entire Board of Directors

                                       8

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