Jacobs Private Equity, LLC 350 Round Hill Road Greenwich, CT 06831
Exhibit 99.5
Xxxxxx Private Equity, LLC
000 Xxxxx Xxxx Xxxx
Xxxxxxxxx, XX 00000
000 Xxxxx Xxxx Xxxx
Xxxxxxxxx, XX 00000
September 2, 2011
XPO Logistics, Inc.
000 Xxxx Xxxx
Xxxxxxxx, XX 00000
000 Xxxx Xxxx
Xxxxxxxx, XX 00000
Gentlemen:
Reference is made to the Investment Agreement, dated June 13, 2011, among Xxxxxx Private
Equity, LLC, a Delaware limited liability company (“JPE”), certain other investors (such
other investors, the “Investors”), and Express-1 Expedited Solutions, Inc., now known as
XPO Logistics, Inc., a Delaware corporation (the “Company”), as amended (the
“Investment Agreement”), pursuant to which JPE and the Investors made an investment in the
Company as of the date hereof. On the date hereof, in accordance with the terms and conditions of
the Investment Agreement, the Company issued to JPE, for $67,500,000 in cash, (i) 67,500 shares of
Series A Convertible Perpetual Preferred Stock of the Company (the “Preferred Stock”),
which are initially convertible into an aggregate of 9,642,857 shares of Company common stock, and
(ii) warrants to initially purchase 9,642,857 shares of Company common stock (the
“Warrants”) at an initial exercise price of $7.00 per share. The shares of Preferred Stock,
the Warrants and the shares of common stock issued or issuable upon conversion of the Preferred
Stock or exercise of the Warrants are referred to, collectively, as the “Registrable
Securities”.
Although JPE intends to exercise its right to request the registration of the sale of the
Registrable Securities on a Registration Statement on Form S-3, JPE would like to confirm its
commitment to the long-term success of the Company. To reinforce JPE’s long-term commitment to the
Company and its stockholders, JPE, acting unilaterally and voluntarily, hereby commits to the
Company that, during the period ending one year from the date hereof, it will not sell or otherwise
transfer any of the Registrable Securities, other than transfers to affiliates, who will also make
such commitment, or as security for financial planning purposes and charitable contributions.
Very truly yours, XXXXXX PRIVATE EQUITY, LLC, |
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by | /s/ Xxxxxxx X. Xxxxxx | |||
Name: | Xxxxxxx X. Xxxxxx | |||
Title: | Managing Member | |||