0001193125-14-350976.txt : 20140924 0001193125-14-350976.hdr.sgml : 20140924 20140924095406 ACCESSION NUMBER: 0001193125-14-350976 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20140924 DATE AS OF CHANGE: 20140924 GROUP MEMBERS: JONATHAN R. EVANS SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Rand Logistics, Inc. CENTRAL INDEX KEY: 0001294250 STANDARD INDUSTRIAL CLASSIFICATION: WATER TRANSPORTATION [4400] IRS NUMBER: 201195343 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80134 FILM NUMBER: 141117398 BUSINESS ADDRESS: STREET 1: 500 FIFTH AVENUE STREET 2: 50TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10110 BUSINESS PHONE: 212-644-3450 MAIL ADDRESS: STREET 1: 500 FIFTH AVENUE STREET 2: 50TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10110 FORMER COMPANY: FORMER CONFORMED NAME: Rand Acquisition CORP DATE OF NAME CHANGE: 20040618 FORMER COMPANY: FORMER CONFORMED NAME: Grand Slam Acquisition CORP DATE OF NAME CHANGE: 20040617 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: JWEST, LLC CENTRAL INDEX KEY: 0001567233 IRS NUMBER: 460729465 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 501 CONGRESSIONAL BLVD. CITY: CARMEL STATE: IN ZIP: 46032 BUSINESS PHONE: 317-819-6200 MAIL ADDRESS: STREET 1: 501 CONGRESSIONAL BLVD. CITY: CARMEL STATE: IN ZIP: 46032 SC 13D/A 1 d794134dsc13da.htm SC 13D/A SC 13D/A

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

 

 

Rand Logistics, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

752182105

(CUSIP Number)

Jonathan R. Evans

501 Congressional Boulevard, Suite 300

Carmel, IN 46032

(317) 819-6200

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

9/22/2014

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  x

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

CUSIP No. 752182105   13D   Page 2 of 8 Pages

 

  1.   

NAMES OF REPORTING PERSONS

 

JWEST, LLC

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

(a)  ¨        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS (see instructions)

 

OO

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

The reporting person is an Indiana limited liability company.

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7.    

SOLE VOTING POWER

 

0

     8.   

SHARED VOTING POWER

 

0

     9.   

SOLE DISPOSITIVE POWER

 

1,476,127

   10.   

SHARED DISPOSITIVE POWER

 

0

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

1,476,127

12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)  ¨

 

13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

8.18%1

14.  

TYPE OF REPORTING PERSON (see instructions)

 

IA

 

1  Based on 18,043,650 shares outstanding as of August 6, 2014 as stated in Rand Logistics, Inc.’s Form 10-Q for the quarter ended June 30, 2014.

CUSIP No. 752182105   13D   Page 3 of 8 Pages

 

  1.   

NAMES OF REPORTING PERSONS

 

Jonathan R. Evans

  2.  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions)

(a)  ¨        (b)  ¨

 

  3.  

SEC USE ONLY

 

  4.  

SOURCE OF FUNDS (see instructions)

 

PF

  5.  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  ¨

 

  6.  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

The reporting person is a U.S. citizen.

NUMBER OF

SHARES

  BENEFICIALLY  

OWNED BY

EACH

REPORTING

PERSON

WITH

 

      7.    

SOLE VOTING POWER

 

507,901

     8.   

SHARED VOTING POWER

 

     9.   

SOLE DISPOSITIVE POWER

 

   10.   

SHARED DISPOSITIVE POWER

 

11.  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

507,901

12.  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (see instructions)  ¨

 

13.  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

 

2.81%2

14.  

TYPE OF REPORTING PERSON (see instructions)

 

IN

 

2  Based on 18,043,650 shares outstanding as of August 6, 2014 as stated in Rand Logistics, Inc.’s Form 10-Q for the quarter ended June 30, 2014.

CUSIP No. 752182105   13D   Page 4 of 8 Pages

 

Item 1. Security and Issuer.

This statement on Schedule 13D relates to the common stock, $.0001 par value (the “Shares”), of Rand Logistics, Inc. (“Rand”). The address of the principal executive offices of Rand Logistics, Inc. is 500 Fifth Avenue, 50th Floor, New York, NY 10110.

 

Item 2. Identity and Background.

This statement on Schedule 13D is being filed on behalf of JWEST, LLC (“JWEST”), an Indiana limited liability company, and Jonathan R. Evans, a 70% owner of JWEST. The address of JWEST’s principal business and principal office is 501 Congressional Boulevard, Carmel, IN 46032. Mr. Evans’ business address is also 501 Congressional Boulevard, Carmel, IN 46032. JWEST’s principal business is to serve as an investment advisor.

During the last five years, neither JWEST nor Mr. Evans have been convicted in a criminal proceeding.

During the last five years, neither JWEST nor Mr. Evans have been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws of finding any violation with respect to such laws.

 

Item 3. Source or Amount of Funds or Other Consideration.

JWEST and Mr. Evans used an aggregate of approximately $9,104,925 to purchase the Shares reported as beneficially owned in Item 5. JWEST used approximately $6,349,089 of funds that were provided through the accounts of certain of its investment advisory clients in order to purchase the Shares for such clients. Mr. Evans used approximately $2,755,836 to purchase the Shares owned directly by him.

 

Item 4. Purpose of Transaction.

On September 22, 2014, Rand announced that Rand and JWEST have reached an agreement (the “Settlement Agreement”) ending JWEST’s proxy contest for Rand’s 2014 Annual Meeting of Stockholders. JWEST is withdrawing its proposed nominees for Rand’s Board of Directors, and Rand management will revise its slate of nominees to include existing independent director, John Binion, and Mr. Evans from JWEST. The Settlement Agreement is attached as Exhibit 1.

Except as set forth in this Item 4, the reporting persons have no present plans or proposals that relate to or that would result in any of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D of the Securities Exchange Act of 1934.

 

Item 5. Interest in Securities of the Issuer.

(a) JWEST beneficially owns 1,476,127 Shares, which constitutes approximately 8.18% of Rand’s outstanding Shares, based on 18,043,650 Shares outstanding as of August 6, 2014 as stated in Rand’s Form 10-Q for the quarter ended June 30, 2014. Mr. Evans beneficially owns 507,901 Shares, which constitutes approximately 2.81% of Rand’s outstanding Shares, based on 18,043,650 Shares outstanding as of August 6, 2014 as stated in Rand’s Form 10-Q for the quarter ended June 30, 2014.

(b) JWEST has sole dispositive power over 1,476,127 Shares. Mr. Evans has sole voting power over 507,901 Shares.

(c) The transactions below were effected during the past 60 days.

 

Person Effecting the Transaction

    Date of Transaction    Amount of Shares      Price/Share      Where/How

Jonathan R. Evans

    8/7/14      3,000       $ 6.14       TD Ameritrade

Jonathan R. Evans

    8/8/14      3,000       $ 6.14       TD Ameritrade

CUSIP No. 752182105   13D   Page 5 of 8 Pages

 

Jonathan R. Evans

    8/11/14      3,000       $ 6.13       TD Ameritrade

Jonathan R. Evans

    8/12/14      3,000       $ 6.27       TD Ameritrade

Jonathan R. Evans

    8/13/14      4,000       $ 6.29       TD Ameritrade

Jonathan R. Evans

    8/13/14      3,000       $ 6.26       TD Ameritrade

JWEST, LLC

    7/22/14      673       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      613       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      219       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      77       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      403       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      257       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      2,723       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      90       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      90       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      417       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      507       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      197       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      183       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      200       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      287       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      287       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      1,880       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      90       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      650       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      523       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      283       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      127       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      220       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      523       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      330       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      857       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      307       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      183       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      213       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      647       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      617       $ 5.98       TD Ameritrade

JWEST, LLC

    7/22/14      77       $ 5.98       TD Ameritrade

JWEST, LLC

    7/23/14      673       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      613       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      219       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      77       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      403       $ 6.01       TD Ameritrade

CUSIP No. 752182105   13D   Page 6 of 8 Pages

 

JWEST, LLC

    7/23/14      257       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      2,723       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      90       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      90       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      417       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      507       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      197       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      183       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      200       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      287       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      287       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      1,880       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      90       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      650       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      523       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      283       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      127       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      220       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      523       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      330       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      857       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      307       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      183       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      213       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      647       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      617       $ 6.01       TD Ameritrade

JWEST, LLC

    7/23/14      77       $ 6.01       TD Ameritrade

JWEST, LLC

    7/24/14      673       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      613       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      219       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      77       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      403       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      257       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      2,723       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      90       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      90       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      417       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      507       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      197       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      183       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      200       $ 6.07       TD Ameritrade

CUSIP No. 752182105   13D   Page 7 of 8 Pages

 

JWEST, LLC

    7/24/14      287       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      287       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      1,880       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      90       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      650       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      523       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      283       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      127       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      220       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      523       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      330       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      857       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      307       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      183       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      213       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      647       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      617       $ 6.07       TD Ameritrade

JWEST, LLC

    7/24/14      77       $ 6.07       TD Ameritrade

(d) The investment advisory clients of JWEST have the sole right to receive and, subject to the notice, withdrawal and/or termination provisions of such advisory contracts, the sole power to direct the receipt of dividends from, and the proceeds of sale of, any of the Shares beneficially owned by JWEST on behalf of such clients. Except as noted, no such client or partnership has an interest by virtue of such relationship that relates to more than 5% of the Shares.

(e) Not applicable.

 

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Neither JWEST nor members of JWEST have any contracts, arrangements, understandings or relationships (legal or otherwise) with other persons with respect to securities of Rand other than as described in this Schedule 13D.

 

Item 7. Material to Be Filed as Exhibits.

1. Agreement, dated as of September 22, 2014, between Rand and JWEST

CUSIP No. 752182105   13D   Page 8 of 8 Pages

 

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: September 24, 2014       JWEST, LLC:
     

/s/ Jonathan R. Evans

      Jonathan R. Evans
      Chief Information Officer
     

/s/ Jonathan R. Evans

 EX-1 2 d794134dex1.htm EX-1 EX-1

Exhibit 1

AGREEMENT

THIS AGREEMENT (this “Agreement”), is made as of September 22, 2014, by and between Rand Logistics, Inc., a Delaware corporation (the “Company”), and JWEST, LLC, an Indiana limited liability company (“JWEST”).

RECITALS:

WHEREAS, JWEST submitted an advance notice of nomination to the Company in respect of its nomination of, and solicitation of proxies for, two individuals to be elected to the Board of Directors of the Company (the “Board”) at the Company’s 2014 annual meeting of stockholders (the “2014 Annual Meeting”) in opposition to the Company’s director nominees (the “Company Nominees”); and

WHEREAS, each of the Company and JWEST has determined that it is in its best interests to come to an agreement with respect to the election of members of the Board at the 2014 Annual Meeting and certain other matters, as provided in this Agreement.

NOW, THEREFORE, in consideration for the promises, terms and conditions contained herein, the Parties hereto mutually covenant and agree as follows:

1. The Company shall, through action of the Board, on or prior to the date of the 2014 Annual Meeting:

(a) (i) appoint Laurence S. Levy, the Executive Chairman of the Company, as the Executive Vice Chairman of the Company, (ii) set Laurence S. Levy’s Total Annual Compensation under his Employment Agreement for the remainder of the fiscal year ending March 31, 2015 at a rate of $475,000 per annum, 42.1% of which shall be payable in cash and the balance of which shall be payable in shares of restricted common stock of the Company in accordance with the Company’s normal practices, and (iii) amend Laurence S. Levy’s Employment Agreement with the Company, dated as of June 12, 2013 (the “Levy Employment Agreement”), to reflect the matters set forth, in this Section 1(a) without triggering any severance obligation thereunder;

(b) (i) appoint Edward Levy, the President of the Company, as the Chief Executive Officer of the Company and (ii) amend Edward Levy’s Employment Agreement with the Company, dated as of June 12, 2013, to reflect the matters set forth in this Section 1(b) without triggering any severance obligation thereunder;

(c) appoint Michael D. Lundin as the Chairman of the Board;

(d) remove Jonathan Brodie from the Company’s slate of nominees for election as directors of the Company at the 2014 Annual Meeting; and

(e) (i) include Jonathan R. Evans on the Company’s slate of nominees for election as directors of the Company at the 2014 Annual Meeting, (ii) use its reasonable best efforts to cause the election of Mr. Evans at the 2014 Annual Meeting, including, without limitation, recommending that the Company’s stockholders vote in favor of the election of Mr. Evans at the 2014 Annual Meeting and voting the shares represented by all proxies granted by stockholders in connection with the solicitation of proxies by the Board in connection with the meeting in favor of Mr. Evans, except for such proxies that specifically indicate a vote to withhold authority with respect to Mr. Evans, and (iii) upon Mr. Evans’ election to the Board, appoint him as a member of the Compensation Committee. Neither the Board nor the Company shall take any position, make any statements or take any action inconsistent with such recommendations.

2. The Company hereby covenants that it will not renew the Reimbursement Agreement, dated as of June 12, 2013, by among the Company, Rand Finance Corp. and Hyde Park Real Estate, LLC (“Hyde Park”) upon its stated expiration date.

3. The Company hereby covenants that it will, within three months of the date of the 2014 Annual Meeting, (i) expand the size of the Board to seven directors, (ii) interview independent director candidates to fill the newly created vacancy on the Board, one of which such candidates shall be Kirk Thompson, and (iii) appoint a new independent director to fill the newly created vacancy on the Board.

4. In addition to Mr. Evans, the Board’s slate of nominees for election as directors of the Company at the 2014 Annual Meeting shall include John Binion (Mr. Binion together with Mr. Evans, the “New Company Nominees”).

5. JWEST shall:

(a) immediately following execution of this Agreement, cease, and cause its affiliates, associates and representatives to cease, any and all proxy solicitation activities with respect to the 2014 Annual Meeting;

(b) at the 2014 Annual Meeting, not vote, deliver or otherwise use any proxies that may have been received pursuant to any such solicitation activities;

(c) at the 2014 Annual Meeting, cause all shares of Company common stock over which it or any of its affiliates has voting power to be voted at the 2014 Annual Meeting in favor of the election of the New Company Nominees and in favor of each other matter up for vote at the 2014 Annual Meeting.

6. In order to effectuate the provisions of this Agreement, the parties hereto agree that the Company shall convene and adjourn the 2014 Annual Meeting currently scheduled to be held on September 23, 2014 to September 30, 2014, or such later date as determined by the Company (and without changing the record date for the 2014 Annual Meeting), so as to permit the Company to solicit additional proxies in favor of the New Company Nominees and thereby ensure a quorum is present at the 2014 Annual Meeting.

7. Promptly following the execution of this Agreement, the parties shall issue a joint press release in the form attached hereto as Annex A. Neither the Company nor any of its affiliates nor JWEST or any of its affiliates shall make or cause to be made any public announcement or statement that is inconsistent with or contrary to the statements made in such press release.

8. The addition of Mr. Evans to the Company’s slate of nominees has been approved by the Board, and Mr. Brodie ceasing to be a director shall not count towards a “Change of Control” as defined in Section 6.2(e)(ii) of the Levy Employment Agreement or any other executive employment agreement with a similar definition.

9. Each of the parties represents and warrants to the other party that: (a) such party has all requisite company power and authority to execute and deliver this Agreement and to perform its obligations hereunder; (b) this Agreement has been duly and validly authorized, executed and delivered by it and is a valid and binding obligation of such party, enforceable against such party in accordance with its terms; (c) this Agreement will not result in a violation of any terms or conditions of any agreements to which such person is a party or by which such party may otherwise be bound or of any law, rule, license, regulation, judgment, order or decree governing or affecting such party.

10. The parties hereto recognize and agree that if for any reason any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached, immediate and irreparable harm or injury would be caused for which money damages would not be an adequate remedy. Accordingly, each party agrees that in addition to other remedies the other party shall be entitled to at law or equity, the other party shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement exclusively in the Court of Chancery or other federal or state courts of the State of Delaware. Furthermore, each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than the Court of Chancery or other federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to trial by jury and (d) irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address of such party’s principal place of business or as otherwise provided by applicable law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE, WITHOUT REGARDS TO THE CONFLICTS OF LAW PROVISIONS THEREOF.

11. Any waiver by any party of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

12. This Agreement shall not be assignable by either of the parties hereto without the consent of the other party hereto. This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

13. In the event that any provision of this Agreement shall be held to be invalid or unenforceable by any court of competent jurisdiction, such provision shall be interpreted so as to comply with the ruling of such court and such holding shall in no way affect, invalidate, or render unenforceable any other provision hereof.

14. This Agreement and each document to be executed and delivered pursuant to this Agreement may be executed and delivered in counterpart signature pages executed and delivered via facsimile transmission or via email with scanned or PDF attachment, and any such counterpart so executed and delivered via facsimile transmission or via email will be deemed an original for all intents and purposes.

15. Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits or remedies under or by reason of this Agreement on any persons other than the parties hereto.

16. This Agreement may be modified, amended or otherwise supplemented only by a writing signed by the party against whom it is sought to be enforced. No waiver of any right or power hereunder shall be deemed effective unless and until a writing waiving such right or power is executed by the party waiving such right or power.

17. This Agreement represents the entire mutual understanding (and supersedes any and all understandings, negotiations and/or agreements, written or oral, not expressly set forth in this Agreement) between the parties hereto with respect to the subject matter hereof.

IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

RAND LOGISTICS, INC.
By:  

/s/ Laurence S. Levy

Name:   Laurence S. Levy
Title:   Executive Chairman
JWEST, LLC
By:  

/s/ Jonathan R. Evans

Name:   Jonathan R. Evans
Title:   Chief Investment Officer