RECAPITALIZATION AGREEMENT among VELOCITY EXPRESS CORPORATION, CERTAIN OF ITS PREFERRED STOCKHOLDERS and MCG ACQUISITION LLC Dated as of July 31, 2009Recapitalization Agreement • August 4th, 2009 • Velocity Express Corp • Air courier services • New York
WHEREAS, Newco is a party to certain Bondholder Sale Agreements, dated as of the date hereof (the “Bondholder Sale Agreements”), by and between Newco and the holders of at least 2/3rds of the Notes and Warrants (the Notes and Warrants being defined in the aggregate as the “Securities”) parties thereto (the “Bondholders”), pursuant to which Newco has agreements to purchase at least 2/3rds of the outstanding Securities and expects to have agreements to purchase all of the outstanding Securities in exchange for an aggregate amount equal to the Securities Purchase Price;
