**Exhibit 10.38**

**PACER INTERNATIONAL, INC.**

**2300 Clayton Road, Suite 1200**

**Concord, CA 94520**

June 18, 2007 

Mr. Alex Munn 

6658 TraquairPlace 

Dublin, OH 43016 

Separation andRelease Agreement 

Dear Alex: 

Thisletter agreement (the “Agreement”) memorializes our mutual agreement and understanding in connection with the termination of your employment with Pacer International, Inc. (“Pacer”) and its subsidiaries,(collectively, the “Company”). Accordingly, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pacer and you hereby agree as follows: 

1. Termination of Employment. This Agreement shall constitute the parties’ acknowledgment of the termination of your employment with Pacerand its Affiliates (as defined in Section 18), including Pacer’s subsidiary, Pacer Global Logistics, Inc. (“PGL”) and including any and all positions held by you as a director or officer of Pacer or any of its Affiliatesand any and all positions held by you as administrator or trustee of any employee benefit plan or related trust maintained or created by or on behalf of Pacer or any of its Affiliates, in all cases effective as of June 18, 2007 (the“Termination Effective Date”). Upon the Termination Effective Date, Pacer shall pay to you (1) the lump sum amount of $15,964 for all accrued but unused vacation and person leave time during your employment, reduced by anyvacation taken after the date of this letter, (2) any unpaid portion of your Base Salary for service through the Termination Effective Date, and (3) reimbursement for any expenses incurred on or before the Termination Effective Date inaccordance with the Company’s travel and entertainment policy for which you have not already been reimbursed. 

2. Payments UponTermination of Employment. 

(a) After the Termination Effective Date and eight (8) full days following theexecution of this Agreement and provided that you have not revoked this Agreement, the Company will make the following payments to you provided, however, that you are not in breach of any provision of this Agreement and do not engagein any activity or conduct proscribed by 7 or 8 (regardless of the extent to which such Section may be enforced under applicable law): 

(i) a lump sum amount of $478,920, which is equal to 18 months of your current base salary; 

(ii) a pro rata bonus for the period from December 30, 2006 through the Termination Effective Date (or portion thereof), if any, awarded and payable to you under the Company’s 2007 performance bonus plan as adopted by the Board,to be paid when and as provided in such bonus plan; and 

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(iii) premiums due for continued group health insurance coverage through the Companyunder COBRA, subject to your timely election to continue COBRA coverage. 

3. Release. 

(a) For and in consideration of the covenants and agreements of the Company in this Agreement, which are greater than those to which youwould be entitled under the Employment Agreement between you and Pacer dated as of March 4, 2005 (the “Employment Agreement”), as well as for other good and valuable consideration, the receipt and sufficiency of which arehereby acknowledged, and as a material inducement to the Company to enter into this Agreement, you hereby knowingly and voluntarily release, acquit and forever discharge Pacer, PGL and their respective shareholders, predecessors, successors,assigns, agents, directors, officers, employees, representatives and Affiliates, and all Persons (as defined in Section 18) acting by, through, under or in concert with any of them (collectively, the “Releasees”), from any andall charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected orunsuspected, which, from the beginning of the world up to and including the date of this Agreement, exist, have existed or may hereafter exist or arise, based on facts occurring on or prior to the date hereof, in connection with the letter offeringemployment, the Employment Agreement, stock options, restricted stock and other equity incentives granted to you, your employment or the termination of your employment with Pacer, PGL or any of their respective Affiliates, which you or any of yourheirs, executors, administrators, legal representatives, successors-in-interest and/or assigns ever had, now have or at any time hereafter may have, own or hold against any of the Releasees (collectively, the “Released Claims”).

(b) By executing this Agreement, (i) you hereby represent that you have not filed or permitted to be filed with anycourt, governmental or administrative agency, or arbitration tribunal, any of the Released Claims; (ii) you hereby waive all Released Claims against the Releasees arising under foreign, federal, state, provincial and local labor, employment,civil rights, anti-discrimination and other laws and any other restrictions on Pacer’s, PGL’s and their Affiliates’ rights with respect to the termination, for whatever reason, of the employment of its employees, including the AgeDiscrimination in Employment Act, the Americans With Disabilities Act and Title VII of the Civil Rights Act, as well as any right that you may have ever had or may now have to commence a Released Claim against the Releasees involving any matterrelating to your employment relationship with Pacer, PGL or any of their respective Affiliates, the letter offering employment to you, the Employment Agreement, any equity incentive agreements or the termination of your employment; and(iii) you further covenant and agree not to bring any Released Claim or to permit any such Released Claim to be filed by any other Person on your behalf. Notwithstanding the foregoing, nothing in this Agreement precludes you from(A) filing a charge, including a challenge to the validity of this Agreement, with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or municipal fair employment agency or (B) participating in anyinvestigation or proceeding conducted by the EEOC or such state or municipal agency. Nevertheless, through the execution of this Agreement, you acknowledge and agree that you have waived the right to recover on any claims in any legal proceedingbrought by you or on your behalf. 

(c) You fully understand that, if any fact with respect to any matter covered by thisAgreement is found after the execution of this Agreement to be other than or different from the facts now believed by you to be true, you expressly accept and assume that this Agreement, and all releases and waivers herein shall be and remaineffective, notwithstanding such difference in facts. 

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June18, 2007 

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(d) Neither this Agreement nor the consideration provided under it nor compliancewith it shall be construed as an admission by Pacer, its Affiliates or by you of any liability or violation of any law, statute, duty, contract, covenant or order. 

4. ADEA Waiver, Waiting and Revocation Periods. 

(a) You expressly acknowledge thatyou have been advised and instructed that (i) you have the right to consult an attorney and that you should review the terms of this Agreement with counsel of your own selection; (ii) you have been advised that your waiver and release doesnot apply to any rights or claims for age discrimination that may arise after the execution date of this Agreement; (iii) you have been advised that you have up to twenty-one (21) days within which to consider the terms of this Agreementand seven (7) days thereafter to revoke your signature as set forth below; (iv) you have had ample time to study this Agreement, that you have carefully read the terms of this Agreement and are fully aware of the Agreement’s contentsand legal effects, (v) you execute this Agreement voluntarily and of your own free will, and (vi) you understand that this Agreement is final and binding. You expressly acknowledge and agree that this Agreement constitutes a knowing andvoluntary waiver of rights under the Older Workers Benefit Protection Act. You understand that by signing this Agreement prior to the expiration of twenty-one (21) days, you waive your right to consider the Agreement for the entire twenty-one(21) day period. 

(b) You understand and agree that thisAgreement is revocable by you for seven (7) days following the signing of this Agreement by you, and that this Agreement shall not become effective or enforceable until that revocation period has expired. This Agreement automatically becomesenforceable and effective on the eighth (8th) day after the latest date this Agreement is signed by the parties. This Agreement may be revokedby you by a writing sent to the Company at the address specified in Section 15, by certified mail post-marked no later than the seventh (7th) day after the Agreement is signed by you (unless that day is a Sunday or a holiday, in which event the period is extended to the next day there is mail service). 

5. Company Property. You hereby represent and agree that, on or prior to the Termination Effective Date, you will have surrendered to the Companyall computers, cell phones, printers, access cards, credit cards and charge cards of or belonging to or issued in the name of the Company, all membership cards for memberships maintained by or in the name of the Company, and any other personalproperty in your possession belonging to the Company, unless the Company has expressly agreed to allow you to retain such property. 

6.Nondisclosure of Provisions. Except as otherwise required by law or compelled by judicial process, you will maintain the confidentiality of, and you will not disclose to any Person, any of the terms or provisions of this Agreement, except forsuch disclosures to your attorney, accountant, tax preparer or other professional financial or legal adviser, or other legal representative, in each case who is in a confidential relationship with you and has been advised of your obligationshereunder, on a need-to-know basis in connection with such Person’s services rendered to you or on your behalf. 

7. ProprietaryInformation. 

(a) From and after the date hereof, you shall not at any time disclose, divulge, furnish or makeaccessible to any Person any Confidential Information (as defined in Section 7(b)) heretofore acquired or acquired during your employment by the Company for any reason or purpose whatsoever (provided that nothing contained herein shall bedeemed to prohibit or restrict your right or ability to disclose, divulge, furnish or make accessible any Confidential Information (i) to any officer, director, 

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employee, Affiliate or representative of the Company, or (ii) as required by law or judicial process), nor shall you make use of any ConfidentialInformation for your own purposes or benefit or for the purposes or benefit of any other Person except Pacer and its Affiliates. 

(b) For purposes of this Agreement, the term “Confidential Information” means (i) the Intellectual Property Rights (as defined in Section 7(c)) of Pacer and its Affiliates and (ii) all other information of aproprietary or confidential nature relating to Pacer or any Affiliate thereof, or the business or assets of Pacer or any such Affiliate, including: books and records; agent and independent contractor lists and related information; customer lists andrelated information; vendor lists and related information; supplier lists and related information; employee and personnel lists, policies and related information; contract terms and conditions (including those with customers, suppliers, vendors,independent contractors and agents, and present and former employees); terms and conditions of permits, orders, judgments and decrees; wholesale, retail and distribution channels; pricing information, cost information, and pricing and coststructures and strategies; marketing, product development and business development plans and strategies; management reports; financial statements, reports, schedules and other information; accounting policies, practices and related information;business plans, strategic plans and initiatives, forecasts, budgets and projections; and shareholder, board of directors and committee meeting minutes and related information; provided, however, that Confidential Information shall notinclude (A) information that is generally available to the public on the date hereof, or which becomes generally available to the public after the date hereof without action by you in breach or violation of this Agreement, or(B) information that you receive from a third party who does not have any obligation to Pacer or any of its Affiliates to keep such information confidential and which you do not know (or reasonably could not have known) is confidential to Paceror any of its Affiliates. 

(c) As used herein, the term “Intellectual Property Rights” means all industrialand intellectual property rights, including the following (whether patentable or not): patents, patent applications, and patent rights; trademarks, trademark applications, trade names; service marks and service mark applications; trade dress, logosand designs, and the goodwill associated with the foregoing; copyrights and copyright applications; certificates of public convenience and necessity, franchises and licenses; trade secrets, know-how, proprietary processes and formulae, inventions,improvements, devices and discoveries; development tools; marketing materials; instructions; Confidential Information; and all documentation and media constituting, describing or relating to the foregoing, including manuals, memoranda and records.

8. Non-competition Covenant. 

(a) You acknowledge and agree that you have received from your employment with the Company significant and substantial benefits, including compensation and other consideration inuring to your benefit, as well asintroductions to, personal experience with, training in and knowledge of Pacer and its Affiliates, the industries in which they engage, and third parties with whom they conduct business. Accordingly, in consideration of the foregoing, and thepayments made and to be made to you in connection with your employment with the Company and under this Agreement, you agree that you will not during the period beginning on the Termination Effective Date and ending at the close of business onDecember 18, 2008 (the “Non-Competition Period”) for any reason: 

(i) in any city or county in anystate or province of the United States, Canada or Mexico where Pacer or any of its Affiliates conducts business during the Non-Competition Period, directly or indirectly engage or participate in any Competing Business (as defined inSection 8(b) below) (whether as an officer, director, employee, partner, consultant, holder of an equity or debt investment, lender or in any other manner, or capacity, including by the rendering of services or advice to any Person), or lendyour name (or any part or variant thereof) to, any Competing Business; 

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(ii) deal, directly or indirectly, with any customers, vendors, agents or contractorsdoing business with Pacer or any of its Affiliates, or with any officer, director, employee of Pacer or any of its Affiliates, in each case in any manner that is or could reasonably be expected to be competitive with Pacer or any of its Affiliates;

(iii) take any action to solicit, encourage or induce any customer, vendor, agent or contractor doing business with Paceror any of its Affiliates, or any officer, director, employee or agent of Pacer or any of its Affiliates: 

(A) to terminateor alter in any manner adverse to Pacer and its Affiliates its business, commercial, employment, agency or other relationship with Pacer or such Affiliate (including any action to do business or attempt to do business with, or to hire, retain,engage or employ or attempt to hire, retain, engage or employ, any customer, vendor, agent or contractor, or any officer, director or employee, of Pacer or any of its Affiliates); 

(B) to become a customer, vendor, agent or contractor, or an officer, director or employee, of you, your Affiliates or any other Person;or 

(C) to engage in any Competing Business; or 

(iv) engage in or participate in, directly or indirectly, any business conducted under any name that shall be the same as or similar tothe name of Pacer or any of its Affiliates or any trade name used by any of them. 

Ownership by you for investment purposes only of less than 2% of theoutstanding shares of capital stock or class of debt securities of any Person with one or more classes of its capital stock listed on a national securities exchange or actively traded in the over-the-counter market shall not constitute a breach ofthe foregoing covenant. 

(b) As used herein, the term “Competing Business” means any transportation orother business that Pacer or any of its Affiliates has engaged in at any time during the Employment Period in any city or county in any country, state or province of the United States, Canada or Mexico, including any such business directly orindirectly engaged in providing any of the following: 

(i) intermodal marketing or rail or intermodal brokerage services(whether in connection with domestic or international shipments or customers), car fleet management services, and railcar brokerage and management services; 

(ii) highway brokerage services, including full trailer load, less than trailer load, trailer fleet management and depot operationsservices; 

(iii) international freight transportation services, including ocean forwarding, custom house brokerage, oceancarrier services (including NVOCC operations), import/export air forwarding services, and special project services; 

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(iv) specialized transport and cartage services, including heavy, oversized, andother specialized flatbed trucking services, dry van trucking services, port and rail depot cartage services (whether in connection with domestic or international shipments or customers), and local and regional trucking services (including fulltruckload and less-than-truckload motor carrier services); 

(v) freight consolidation and handling services, including thirdparty warehouse, cross dock, consolidation, deconsolidation and distribution services; 

(vi) comprehensive transportationmanagement programs and services to third party customers, including supply chain and traffic management services, carrier rate and contract management services, logistics optimization planning, and vendor bid optimization; 

(vii) intermodal rail equipment (including double-stack rail car, container and chassis) supply and management services, includingstacktrain transportation services; and 

(viii) any other transportation or other business that Pacer or any of itsAffiliates has engaged in at any time during the Employment Period in any city or county in any country, state or province of United States, Mexico or Canada. 

9. Assistance in Litigation. At the request and expense of the Company upon reasonable notice (including for the time involved after December 17, 2008, a reasonable payment based on your per diem earningson the Termination Effective Date and to the extent that you can render such assistance without affecting your other business obligations), you shall furnish such information and assistance to Pacer and its Affiliates as the Company may reasonablyrequire in connection with any issue, claim or litigation in which Pacer or any of its Affiliates may be involved. 

10. Remedies.You acknowledge and agree that the provisions of this Agreement (including Sections 7, 8 and 9) are of a special and unique nature, the loss of which cannot be adequately compensated for in damages by an action at law, and that the breach orthreatened breach of any of these provisions would cause the Company irreparable harm. Accordingly, you agree that in the event of a breach or threatened breach of any of the covenants contained in this Agreement (including Sections 7, 8 and 9), theCompany shall be entitled to (1) immediate relief enjoining such breach or threatened breach in any court or before any judicial body having jurisdiction over such a claim, and you waive any requirement that the Company post a bond or othersecurity or prove that monetary damages are inadequate, and (2) a refund of a portion of the lump sum severance pay amount, pro-rated from the date that such breach commenced. All rights and remedies provided for in this Agreement arecumulative, are in addition to any other rights and remedies provided for by law, and may, to the extent permitted by law, be exercised concurrently or separately. The exercise of any one right or remedy shall not be deemed to be an election of suchright or remedy or to preclude the exercise or pursuit of any other right or remedy. 

11. Severability. It is the desire and intentof the parties that the provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any provision of this Agreementis determined to be partially or wholly invalid, illegal or unenforceable in any jurisdiction, then such provision shall, as to such jurisdiction, be modified or restricted to the extent necessary to make such provision valid, binding andenforceable, or if such provision cannot be so modified or restricted, then such provision shall, as to such jurisdiction, be deemed to be excised from this Agreement; provided, however, that the legality, binding effect andenforceability of the remaining provisions of this Agreement, to the extent the economic benefits conferred on the parties by virtue of this Agreement 

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remain substantially unimpaired, shall not be affected or impaired in any manner, and any such invalidity, illegality or unenforceability with respect tosuch provisions shall not invalidate or render unenforceable such provision in any other jurisdiction. 

12. Expenses; Taxes. Eachparty hereto shall bear his or its own expenses incurred in connection with this Agreement (including legal, accounting and any other third party fees, costs and expenses and all federal, state, local and other taxes and related charges incurred bysuch party). All references herein to remuneration, compensation and other consideration payable by Pacer or any of its Affiliates hereunder to or for the benefit of you or your heirs, representatives, or estate are to the gross amounts thereofbefore reductions, set-off, or deduction for taxes and other charges referred to below, and all such remuneration, compensation and other consideration shall be paid net of and after reduction, set-off and deduction for any and all applicablewithholding, F.I.C.A., employment and other similar federal, state and local taxes and contributions required by law to be withheld by Pacer or any such Affiliate. 

13. Governing Law. You acknowledge that the place of your employment as of the Termination Effective Date was the State of Ohio. Accordingly, this Agreement shall be governed by, and construed and enforced inaccordance with, the domestic laws of the State of Ohio applicable to contracts made and to be wholly performed in such State, without giving effect to any choice or conflict of law provision or rule (whether of the State of Ohio or any otherjurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Ohio. 

14. Binding Effect.The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and estates, as applicable. This Agreement shall not be assignable byyou without the prior written consent of Pacer (acting with approval of its Board of Directors). Except as expressly provided in this Agreement, this Agreement shall not confer any rights or remedies upon any Person other than the parties hereto andtheir respective successors, permitted assigns, representatives, heirs and estates, as applicable. 

15. Notices. (a) Allnotices or other communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, sent by nationally-recognized, overnight courier or mailed by registered or certified mail (return receiptrequested), postage prepaid, to the parties at the following addresses (or at such other address for a party as shall be specified by like notice): 

if to the Company, to: 

Pacer International, Inc. 

1 Independent Drive, Suite 1250 

Jacksonville, FL 32202 

Attention: General Counsel 

if to you, to:

Mr. Alex Munn 

6658Traquair Place 

Dublin, OH 53016 

(b) All such notices and other communications shall be deemed to have been given and received (i) in the case of personal delivery, on the date of such delivery, (ii) in the case of delivery bynationally-recognized, overnight courier, on the next business day where sent following dispatch, and (iii) in the case 

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of mailing, on the third business day where sent next following such mailing. In this Agreement, the term “business day” means, as to anylocation, any day that is not a Saturday, a Sunday or a day on which banking institutions in such location are authorized or required to be closed. 

16. Entire Agreement; Amendment and Waiver. This Agreement embodies the entire agreementand understanding by and between the parties hereto with respect to the subject matter hereof and supersedes and preempts any and all prior and contemporaneous understandings, agreements, arrangements, representations or communications (whetherwritten or oral) by or between the parties relating to the subject matter hereof, including the Employment Agreement. You acknowledge that, as provided in the 1999 Stock Option Plan (the “1999 Plan”) and the option agreement issuedto you thereunder for an option granted on May 6, 2002, to purchase 60,000 shares of Pacer’s common stock, the portion of such option that is unvested on the Termination Effective Date (36,000 shares) shall become null and void and be ofno further force or effect, and the portion of such option that is vested on the Termination Effective Date (24,000 shares) that is not previously exercised by you will automatically terminate and become null and void and be of no further force oreffect upon the ninetieth (90th) day following the Termination Effective Date. You further acknowledge that, as provided in the 2006 Long TermIncentive Plan and the restricted stock agreement issued to you thereunder for an award of 6,000 shares of restricted stock, the 4,500 restricted shares of Pacer’s common stock that have not vested as the Termination Effective Dave shall beforfeited back to Pacer. Other than this Agreement and the stock option and restricted stock agreements referenced above, there are no other understandings, agreements, arrangements, representations or communications continuing in effect relating tothe subject matter hereof. Neither party is signing this Agreement in reliance upon any promise, representation or warranty not expressly contained in this Agreement. No waiver, amendment or modification of any provision of this Agreement shall beeffective unless in writing and signed by each party hereto. No failure or delay by any party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof or of any other right, power or remedy. The waiver by anyparty hereto of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other or subsequent breach by such other party. 

17. Counterparts and Facsimile or Imaged Execution. This Agreement may be executed in two or more counterparts, and each such counterpart shall bean original instrument, but all such counterparts taken together shall be considered one and the same agreement, effective when one or more counterparts have been signed by each party and delivered to the other parties, it being understood that allparties need not sign the same counterpart. Any signed counterpart delivered by facsimile or imaged document shall be deemed for all purposes to constitute such party’s good and valid execution and delivery of this Agreement. 

18. Other Construction and Interpretation Provisions. The use in this Agreement of the term “including” means “including, withoutlimitation.” The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”, “hereinafter”, and other words of similar import refer to this Agreement as a whole, and not to anyparticular article, section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references to articles, sections, subsections, clauses, paragraphs, schedules and attachments mean such provisions of this Agreement, exceptwhere otherwise stated. The section headings in this Agreement are for convenience only and shall not control or affect the meaning of any provision of this Agreement. The use herein of the masculine, feminine or neuter forms shall also denote theother forms, as in each case the context may require. If, and wherever, specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner theconstruction of the general statement to which it relates. The language used in this Agreement has been chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. Unless otherwiseprovided herein, the measure of one month or year for 

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purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, except that, if no corresponding dateexists, the measure shall be the next day of the following month or year (e.g., one month following February 8 is March 8, and one month following March 31 is May 1). The term “Affiliate” means, withrespect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with such Person, where “control” means the possession, directly orindirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. The term “Person” shall be construed as broadly aspossible and shall include an individual or natural person, a partnership (including a limited liability partnership), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporatedorganization, a business, and any other entity, including a governmental entity such as a domestic or foreign government or political subdivision thereof, whether on a federal, state, provincial or local level and whether legislative, executive,judicial in nature, including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof. 

19.Jury Trial Waiver. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS RELATED TO THE SUBJECT MATTER HEREOF. YOUUNDERSTAND THAT THE WAIVER OF THE RIGHT TO A TRIAL BY JURY IS AN IMPORTANT RIGHT WHICH YOU HEREBY FOREGO. 

20. Jurisdiction and Venue;Service of Process. The parties hereto (i) agree that all disputes among them arising out of, connected with, related to, or incidental to this Agreement shall be resolved exclusively by state or federal courts located in Franklin County,Ohio or any appellate court from any thereof, or by an arbitrator located in Franklin County, Ohio in such cases where both parties hereto have expressly agreed to binding arbitration, (ii) irrevocably submit to the jurisdiction of such courtsand waive any objection to venue or defense of an inconvenient forum for any proceeding in any such court, and (iii) agree that the mailing by certified or registered mail, return receipt requested, of any process required by any such courtshall constitute valid and lawful service of process against them, without the necessity for service by any other means provided by law. 

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If the above terms are satisfactory to you, please acknowledge your acceptance thereof and agreementtherewith by signing the enclosed copy of this letter in the space provided below and returning it to the undersigned. 

 

Very truly yours,

 

**PACER INTERNATIONAL, INC.**
By:  /s/ C. William Smith 
C. William Smith

Executive Vice President, HumanResources

 
Accepted and agreed to:
/s/ Alex M. Munn

 
Alex M. Munn