**Exhibit 10.41**

 

 

The Company andthe Executive are entering into this Agreement to set forth the terms of the Executive’s employment with the Company. Accordingly, in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good andvaluable consideration, the receipt and sufficiency of which are hereby acknowledged by the Company and the Executive, the Company and the Executive hereby agree as follows: 

 

Section 25. Duties. On the terms and subject to the conditions contained in this Agreement, the Executive will beemployed by the Company as Vice Chairman. The Executive shall perform such duties and services on behalf of the Company and its Affiliates (as defined in Section 23(b) above) consistent with such title and position as may reasonably be assigned tothe Executive from time to time by the Company’s Board of Directors (the “Board”) or the Chairman of the Board or other more senior officers of the Company. 

 

Section 26. Term. The Executive’s employment hereunder shall be for the period (the “EmploymentPeriod”) commencing on the date hereof (the “Commencement Date”) and ending on the effective date of the termination of such employment pursuant to and in accordance with the applicable provisions of this Agreement. Uponsuch termination of the Executive’s employment hereunder, the Executive (or, if applicable, the Executive’s beneficiaries or estate) shall be only entitled to those rights and benefits provided in Section 8(a) or Section 8(b), asapplicable to such termination, subject to compliance with those continuing covenants and agreements set forth herein. 

 

Section 27. Time to be Devoted to Employment. During the Employment Period, the Executive will devote substantially all of the Executive’sworking energies, efforts, interest, abilities and time exclusively to the business and affairs of the Company and its Affiliates. The Executive will not engage in any other business or activity which, in the reasonable judgment of the Board, wouldconflict or interfere in any material respect with the Executive’s performance of his duties as set forth herein, whether or not such activity is pursued for gain, profit or other pecuniary advantage. 

 

Section 28. Base Salary; Bonus; Benefits. 

 

(a) During the Employment Period, the Company (or any of its Affiliates)shall pay the Executive a minimum annual base salary (the “Base Salary”) of $286,000.00, payable in such installments (but not less often than monthly) as is generally the policy of the Company with respect to the payment of regularcompensation to its executive officers. The Base Salary may be increased from time to time in the sole discretion of the Board. The Executive will also be entitled to vacation under the 

Company’s policy, but in any event no less than three (3) weeks vacation per year during the Employment Period. Suchvacation shall accrue and may be taken in accordance with the Company’s policy in effect from time to time with respect to its executive officers generally, subject to the Company’s right at any time and from time to time to amend, modify,change or terminate such vacation policy in any respect. The Executive will also be entitled to such other benefits as may be made available to other executive officers of the Company generally, including participation in such health, life anddisability insurance programs and retirement or savings plans, if any, as the Company may from time to time maintain in effect, as well as (i) a monthly car allowance of at least $1,200 in accordance with the Company’s policy for its mostsenior executive officers and (ii) shared use of or access to a country club membership owned or maintained by the Company in the Columbus, Ohio metropolitan area, in all cases subject to the Company’s right at any time and from time to time toamend, modify, change or terminate in any respect any of its employee and other benefit plans, policies, or programs. 

 

(b) During the Employment Period, the Executive shall be entitled to participate in the Company’s performance bonus plan or program as adopted byBoard and in effect from time to time with respect to similarly situated executives of Pacer International, Inc. (“Pacer International”), and its subsidiaries, including the Company (the “Bonus Plan”), and toreceive such performance bonus thereunder (if any) with respect to each fiscal year of the Company occurring during the Employment Period, subject in all cases to the terms and conditions of this Agreement and such Bonus Plan. The amount of suchperformance bonus, if any, that may be awarded and payable to the Executive hereunder with respect to any such fiscal year shall range up to fifty percent (50%) of the Base Salary in effect for such fiscal year as determined by the Board (orcommittee thereof) in its sole discretion based on and to the extent of the achievement or satisfaction of such targets, goals and conditions as may be provided in such Bonus Plan for such fiscal year, and as the Board (or committee thereof) mayotherwise determine. Such targets, goals and conditions may include (i) business, financial, operating and/or other performance measures applicable to (A) Pacer International and its Affiliates taken as a whole and (B) those business segment(s) ordivisions(s) of Pacer International and its Affiliates for and with respect to which the Executive is responsible or has authority (e.g., the International, Warehousing and Distribution, Supply Chain Services and Rail Brokerage divisions) and(ii) such personal and individual performance criteria as may be determined by the Board (or committee thereof) taking into account the Executive’s duties and responsibilities to the Company and its Affiliates for the period in question. Theperformance bonus awarded and payable to the Executive under such Bonus Plan with respect to any such fiscal year (including any pro rated amount payable pursuant to the following provisions of this Section 4(b)) shall be paid at such time or timesand in such manner as performance bonuses are paid to the other executive officers of the Company generally. If the Executive’s employment with the Company is terminated without “cause” pursuant to Section 7(b) below, the Executivewill be entitled to receive that portion of the bonus payable for the fiscal year of the Company during which such termination occurs pro rated through the date of such termination based on the number of days elapsed through the termination dateover 365 days. If the Executive’s employment with the Company is terminated for any reason other than without “cause” pursuant to Section 7(b) below, neither the Company nor any of its Affiliates will be obligated to pay the Executiveany bonus with respect to the fiscal year of the Company in which such 

termination occurred or thereafter. The Executive’s rights to participate in, and to receive a performance bonusunder, the Company’s Bonus Plan in effect for any given fiscal year shall be subject to the Company’s right at any time and from time to time to amend, modify, change or terminate such Bonus Plan in any respect. In the event of a conflictbetween this Agreement and such Bonus Plan, this Agreement shall control. 

 

Section 29. Reimbursement of Expenses. During the Employment Period, the Company shall reimburse the Executive in accordance with Company policy for all reasonable and necessary traveling expenses and otherdisbursements incurred by the Executive for or on behalf of the Company in connection with the performance of the Executive’s duties hereunder upon presentation of appropriate receipts or other documentation therefore, in accordance with allapplicable policies of the Company. 

 

Section 30. Disabilityor Death. If, during the Employment Period, the Executive is incapacitated or disabled by accident, sickness or otherwise (a “Disability”) so as to render the Executive mentally or physically incapable of performing the servicesrequired to be performed by the Executive under this Agreement for any period of 90 consecutive days or for an aggregate of 180 days in any period of 360 consecutive days, the Company may, at any time thereafter, at its option, terminate theExecutive’s employment under this Agreement immediately upon giving the Executive written notice to that effect. In the event of the Executive’s death, the Executive’s employment will be deemed terminated as of the date of death.

 

Section 31. Termination. 

 

(a) The Company may terminate the Executive’s employment hereunder atany time for “cause” by giving the Executive written notice of such termination, containing reasonable specificity of the grounds therefore. For purposes of this Agreement, “cause” shall mean (i) willful misconduct with respectto the business and affairs of the Company or any of its Affiliates, (ii) willful neglect of the Executive’s duties or the failure to follow the lawful directions of the Board or more senior officers of the Company to whom the Executivereports, including the violation of any material policy of the Company or of any of its Affiliates that is applicable to the Executive, (iii) the material breach of any provision of this Agreement or any other written agreement between the Executiveand the Company or any of its Affiliates and, if such breach is capable of being cured, the Executive’s failure to cure such breach within 30 days of receipt of written notice thereof from the Company, (iv) the Executive’s commission of afelony, (v) the Executive’s commission of an act of fraud or financial dishonesty with respect to the Company or any of its Affiliates or (vi) any conviction of the Executive for a crime involving moral turpitude or fraud. A terminationpursuant to this Section 7(a) shall take effect immediately upon the giving of the notice contemplated hereby. 

 

(b) The Company may terminate the Executive’s employment hereunder at any time without “cause” by giving the Executive written notice ofsuch termination, which termination shall be effective as of the date set forth in such notice, provided that such date shall not be earlier than the day on which such notice is delivered to Executive. 

 

(c) The Executive may terminate his employment hereunder at any time for anyor no reason by giving the Company written notice of such termination, which 

termination shall be effective as of the date set forth in such notice, provided that such date shall not be earlier thanthe day on which such notice is delivered to the Company (determined pursuant to Section 16(b) below). 

 

Section 32. Effect of Termination. 

 

(a) Upon the effective date of a termination of the Executive’s employment under this Agreement for any reason other than a termination by theCompany without cause pursuant to Section 7(b), neither the Executive nor the Executive’s beneficiaries or estate shall have any further rights under this Agreement or any claims against the Company or any of its Affiliates arising out of thisAgreement, except the right to receive, within 30 days after the effective date of such termination (or such earlier period as may be required by applicable law): 

 

(i) the unpaid portion of the Base Salary provided for in Section 4, computed on a pro rata basis to theeffective date of such termination; 

 

(ii)reimbursement for any expenses incurred by the Executive up to the effective date of such termination of employment and with respect to which the Executive shall not have theretofore been reimbursed, as provided in Section 5; and 

 

(iii) the unpaid portion of any amounts earned by theExecutive prior to the effective date of such termination pursuant to any employee benefit plan or program in which the Executive participated during the Employment Period (including any accrued and unused or unpaid vacation benefits that may beearned by or due to the Executive as of the effectiveness of such termination in accordance with the Company’s policy in effect at the effective time of such termination); provided, however, that the Executive shall not beentitled to receive any benefits under any such employee benefit plan or program that have accrued during any period if the terms of such plan or program require that the beneficiary be employed by the Company as of the end of any period ending onor after the effective date of such termination. 

 

(b) Upontermination of the Executive’s employment under this Agreement by the Company without cause pursuant to Section 7(b), neither the Executive nor the Executive’s beneficiaries or estate shall have any further rights under this Agreement orany claims against the Company or any of its Affiliates arising out of this Agreement, except the right to receive the following amounts and benefits within 30 days after the effective date of such termination, in the case of amounts due pursuant toclause (i) below, and at such other times as provided in clauses (ii) and (iii) below in the case of amounts due thereunder (or in each case such earlier period as may be required by applicable law); provided, however, that in the caseof clauses (ii) and (iii) below, the Executive is not in breach of any provision of this Agreement surviving such termination and does not engage in any activity or conduct proscribed by Section 9 or Section 10 (regardless of the extent to whichsuch Section may be enforced under applicable law): 

 

(i) the payments, if any, referred to in Section 8(a) above; 

(ii) continued payment of an annual amount equal to the Base Salary as in effectimmediately prior to the effective date of such termination for eighteen (18) months following the effective date of such termination (the “Severance Period”), payable during the Severance Period in such manner as the Base Salarywould have been payable pursuant to Section 4(a) but for such termination; and 

 

(iii) the payment of any pro rata bonus (or portion thereof), if any, awarded and payable to the Executive pursuant to and in accordancewith Section 4(b) with respect to the fiscal year in which such termination occurs, to be paid when and as provided in such Section 4(b). 

 

(c) Without limiting any other provision of this Agreement, if the Executive dies on or after the effective date of the termination of theExecutive’s employment hereunder, the Executive’s heirs, beneficiaries or estate, as their respective interests may appear (but without duplication), shall be entitled to receive or continue to receive those benefits that would otherwisehave been due and payable to the Executive pursuant to Section 8(a) above or Section 8(b) above, as applicable. 

 

(d) In addition to, and not by way of limitation of, any other provision of this Agreement, upon the effective date of the termination of theExecutive’s employment hereunder, the Executive shall surrender and deliver to the Company (i) all credit cards and charge cards of or belonging to or issued in the name of the Company or any of its Affiliates, (ii) all membership cards formemberships maintained by or in the name of the Company or any of its Affiliates, (iii) all documents, records, and files (including all copies thereof, regardless of the form or media in which the same exist or are stored) in the Executive’spossession and belonging or relating to the Company or any of its Affiliates (except that the Executive may retain one copy thereof for personal archive purposes, subject to the other terms and conditions of this Agreement, including Section 9), and(iv) any and all other personal property in the Executive’s possession belonging to the Company or any of its Affiliates. 

 

Section 33. Disclosure of Information. 

 

(a) From and after the date hereof, the Executive shall not at any time disclose, divulge, furnish or make accessible to any Person any ConfidentialInformation (as hereinafter defined) heretofore acquired or acquired during the Employment Period for any reason or purpose whatsoever (provided that nothing contained herein shall be deemed to prohibit or restrict the Executive’s right orability to disclose, divulge, furnish or make accessible any Confidential Information (i) to any officer, director, employee, Affiliate or representative of the Company, or (ii) to any other Person as required in connection with the performance ofthe Executive’s duties under and in compliance with this Agreement, or as required by law or judicial process), nor shall the Executive make use of any Confidential Information for the Executive’s own purposes or benefit or for thepurposes or benefit of any other Person except the Company and its Affiliates. The covenant contained in this Section 9 shall survive the termination or expiration of the Employment Period and any termination of this Agreement. 

 

(b) For purposes of this Agreement, the term “ConfidentialInformation” 

means (i) the Intellectual Property Rights (as hereinafter defined) of the Company and its Affiliates and (ii) all otherinformation of a proprietary or confidential nature relating to the Company or any Affiliate thereof, or the business or assets of the Company or any such Affiliate, including: books and records; agent and independent contractor lists and relatedinformation; customer lists and related 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 withcustomers, 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 cost structures and strategies; marketing, product development and business development plans and strategies; management reports; financial statements, reports, schedules and other information; accounting policies, practices andrelated 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 ConfidentialInformation shall not include (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 the Executive in breach or violation of thisAgreement, or (B) information that the Executive receives from a third party who does not have any obligation to the Company or any of its Affiliates to keep such information confidential and which the Executive does not know (or reasonably couldnot have known) is confidential to the Company or any of its Affiliates. 

 

(c) As used herein, the term “Intellectual Property Rights” means all industrial and 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, logos and designs, and the goodwill associated with the foregoing; copyrights and copyright applications; certificates ofpublic convenience and necessity, franchises and licenses; trade secrets, know-how, proprietary processes and formulae, inventions, improvements, devices and discoveries; development tools; marketing materials; instructions; ConfidentialInformation; and all documentation and media constituting, describing or relating to the foregoing, including manuals, memoranda and records. 

 

Section 34. Noncompetition Covenant. 

 

(a) The Executive acknowledges and agrees that he will receive significant and substantial benefits from his employment with the Company under thisAgreement, including the remuneration, compensation and other consideration inuring to his benefit hereunder, as well as introductions to, personal experience with, training in and knowledge of the Company and its Affiliates, the industries in whichthey engage, and third parties with whom they conduct business. Accordingly, in consideration of the foregoing, and to induce the Company to employ and continue to employ the Executive hereunder and provide such benefits to the Executive (in eachcase subject to the terms and conditions of this Agreement and the applicable employment policies of the Company and its Affiliates), the Executive agrees that he will not during the period beginning on the Commencement Date and ending eighteen (18)months after the effective date of the termination of the Executive’s employment with the Company and its Affiliates (the “Non-Competition Period”) for any reason: 

(i) in any city or county in any state or province of the United States, Canada or Mexicowhere the Company or any of its Affiliates conducts business during the Non-Competition Period, directly or indirectly engage or participate in any Competing Business (as defined in Section 10(b) above) (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 lend his name (or any part or variant thereof) to, any Competing Business;

 

(ii) deal, directly or indirectly, with anycustomers, vendors, agents or contractors doing business with the Company or any of its Affiliates, or with any officer, director, employee of the Company or any of its Affiliates, in each case in any manner that is or could reasonably be expectedto be competitive with the Company or any of its Affiliates; 

 

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

 

(A) to terminate oralter in any manner adverse to the Company and its Affiliates his or its business, commercial, employment, agency or other relationship with the Company or such Affiliate (including any action to do business or attempt to do business with, or tohire, 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 the Company or any of its Affiliates); 

 

(B) to become a customer, vendor, agent or contractor, or anofficer, director or employee, of the Executive, the Executive’s 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 the Company or any of its Affiliates or any trade name used by any of them. 

 

Ownership by the Executive for investment purposes only of less than 2% of the outstanding 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 securitiesexchange or actively traded in the over-the-counter market shall not constitute a breach of the foregoing covenant. The covenant contained in this Section 10 shall survive the termination or expiration of the Employment Period and any termination ofthis Agreement. 

 

(b) As used herein, the term“Competing Business” means any transportation or other business that the Company 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 or indirectly engaged in providing any of the following: 

 

(i) intermodal marketing or rail or intermodal brokerage services (whether in connection with domestic or international shipments orcustomers), 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 freighttransportation services, including ocean forwarding, custom house brokerage, ocean carrier services (including NVOCC operations), import/export air forwarding services, and special project services; 

 

(iv) specialized transport and cartage services, includingheavy, oversized, and other 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 truckingservices (including full truckload and less-than-truckload motor carrier services); 

 

(v) freight consolidation and handling services, including third party warehouse, cross dock, consolidation, deconsolidation anddistribution services; 

 

(vi) comprehensivetransportation management 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) railroad signal project management;

 

(viii) intermodal rail equipment (includingdouble-stack rail car, container and chassis) supply and management services, including stacktrain transportation services; and 

 

(ix) any other transportation or other business that the Company or any of its Affiliates has engaged in at any time during the EmploymentPeriod in any city or county in any country, state or province of United States, Mexico or Canada. 

 

Section 35. Inventions Assignment. During the Employment Period, the Executive shall promptly disclose, grant and assign to the Company for its andits Affiliates’ sole use and benefit any and all inventions, improvements, technical information and suggestions reasonably relating to the business of the Company and its Affiliates (collectively, the “Inventions”) that theExecutive may develop or acquire during the Employment Period (whether or not during usual working hours), together with all patent applications, letters patent, copyrights and reissues thereof that may at any time be granted for or with respect tothe Inventions. In connection with the previous 

sentence, the Executive shall, at the expense of the Company, including a reasonable payment based on theExecutive’s last per diem earnings with the Company for the time involved if (a) the Executive is not then in the Company’s employ, or (b) if the Executive is not then receiving severance payments pursuant to Section 8(b) above, or (c) ifthe Executive has not otherwise received one or more severance payments with respect to such period (whether on a lump sum, pre-paid, or accelerated basis or otherwise), (i) promptly execute and deliver such applications, assignments, descriptionsand other instruments as may be necessary or proper in the opinion of the Company to vest title to the Inventions and any patent applications, patents, copyrights, reissues or other proprietary rights related thereto in the Company and to enable itto obtain and maintain the entire right and title thereto throughout the world, and (ii) render such reasonable assistance to the Company as may be required in the prosecution of applications for said patents, copyrights, reissues or otherproprietary rights, in the prosecution or defense of interferences or infringements that may be declared involving any said applications, patents, copyrights or other proprietary rights and in any litigation in which the Company may be involvedrelating to the Inventions. The covenant contained in this Section 11 shall survive the termination or expiration of the Employment Period and any termination of this Agreement. 

 

Section 36. Assistance in Litigation. At the request and expense of the Company (including a reasonable payment,based on the Executive’s last per diem earnings, for the time involved if (a) the Executive is not then in the Company’s employ, or (b) if the Executive is not then receiving severance payments from the Company pursuant to Section8(b)(ii), or (c) if the Executive has not otherwise received one or more severance payments from the Company with respect to such period (whether on a lump sum, pre-paid or accelerated basis or otherwise)) and upon reasonable notice, the Executiveshall, at all times during and after the Employment Period, furnish such information and assistance to each of the Company and its Affiliates as the Company may reasonably require in connection with any issue, claim or litigation in which theCompany or any of its Affiliates may be involved. If such a request for assistance occurs after the expiration of the Employment Period, then the Executive will only be required to render such assistance to the Company and its Affiliates to theextent that the Executive can do so without materially adversely affecting the Executive’s other business obligations. The covenant contained in this Section 12 shall survive the termination or expiration of the Employment Period and anytermination of this Agreement. 

 

Section 37. Expenses;Taxes. Each party 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 relatedcharges incurred by such party). All references herein to remuneration, compensation and other consideration payable by the Company or any of its Affiliates hereunder to or for the benefit of the Executive or his heirs, representatives, or estateare to the gross amounts thereof before 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 deductionfor any and all applicable withholding, F.I.C.A., employment and other similar federal, state and local taxes and contributions required by law to be withheld by the Company or any such Affiliate. 

Section 38. Representation. The Executive hereby represents and warrants to the Company that (a)the execution, delivery and performance of this Agreement by the Executive do not breach, violate or cause a default under any agreement, contract or instrument to which the Executive is a party or any judgment, order or decree to which theExecutive is subject, and (b) the Executive is not a party to or bound by any employment agreement, consulting agreement, noncompetition agreement, confidentiality agreement or similar agreement with any other Person. 

 

Section 39. Entire Agreement; Amendment and Waiver. This Agreementcontains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements and understandings between the Executive and the Company or anypredecessor of the Company, or any of their respective Affiliates, with respect to the subject matter hereof. Other than this Agreement, there are no other agreements or understandings continuing in effect relating to the subject matter hereof. Nowaiver, amendment or modification of any provision of this Agreement shall be effective unless in writing and signed by each party hereto. No waiver by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whetherintentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights or remedies arising by virtue of any such prior or subsequentoccurrence. 

 

Section 40. Notices. 

 

(a) All notices or other communications pursuant to or contemplated by thisAgreement shall be in writing and shall be deemed to be sufficient if delivered personally, telecopied, sent by nationally-recognized, overnight courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to theparties at the following addresses (or at such other address for a party as shall be specified by like notice): 

 

(i) if to the Company, to it: 

 

                            c/o Pacer International, Inc. 

                            One Concord Center 

                            2300 Clayton Road, Suite 1200 

                            Concord, California 94520 

                            Attention: Chief Financial Officer 

                            Telephone No.: (925) 887-1400 

                            Facsimile No.: (925) 887-1565 

 

                    with copy to: 

 

                            Pacer International, Inc. 

                            225 Water Street, Suite 2050 

                            Jacksonville, Florida 32202 

                            Attention: Legal Department 

                            Telephone No.: (904) 485-1001 

                            Facsimile No.: (904) 485-1019 

 

(ii) if to the Executive, to him or at his last knownaddress contained in the records of the Company. 

(b) All such notices and other communications shall be deemed to have been given and received (i) in thecase of personal delivery, on the date of such delivery, (ii) in the case of delivery by telecopy, on the date of such delivery (if sent on a business day where sent, or if sent on other than a business day where sent, on the next business day wheresent after the date sent), (iii) in the case of delivery by nationally-recognized, overnight courier, on the next business day where sent following dispatch, and (iv) in the case of mailing, on the third business day where sent next following suchmailing. In this Agreement, the term “business day” means, as to any location, 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. 

 

Section 41. Severability. It is the desire and intent of the partiesthat the provisions of this Agreement 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 Agreement is determined to bepartially 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 and enforceable, or if suchprovision 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 and enforceability of the remainingprovisions of this Agreement, to the extent the economic benefits conferred upon the parties by virtue of this Agreement remain substantially unimpaired, shall not be affected or impaired in any manner, and any such invalidity, illegality orunenforceability with respect to such provision in such jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

 

Section 42. Remedies. The Executive acknowledges and agrees that the provisions of this Agreement (including Section 9, Section 10, Section 11, andSection 12) 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 or threatened breach of any provision of this Agreement (including Section 9, Section 10,Section 11, and Section 12) would cause the Company irreparable harm. The Executive further acknowledges and agrees that in the event of a breach or threatened breach of any of the covenants contained in this Agreement (including Section 9, Section10, Section 11, and Section 12), the Company shall be entitled to immediate relief enjoining the same in any court or before any judicial body having jurisdiction over such a claim. 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. 

 

Section 43. Benefits of Agreement; Assignment. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, permitted assigns,representatives, heirs and estates, as applicable. This Agreement shall not be assignable by any party hereto without the consent of the other party hereto, except that the Company may assign this Agreement or its rights hereunder to any Affiliateof the Company or to any Person succeeding to all or any 

substantial portion of their respective businesses. Except as expressly provided in this Agreement, this Agreement shallnot confer any rights or remedies upon any Person other than the parties hereto and their respective successors, permitted assigns, representatives, heirs and estates, as applicable. 

 

Section 44. Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OFTHE STATE OF OHIO, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF OHIO, OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF OHIO TO BE APPLIED.

 

Section 45. Jury Trial Waiver. THE PARTIES HERETO WAIVEALL 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. 

 

Section 46. Jurisdiction and Venue; Service of Process. 

 

(a) The parties hereto agree that all disputes among themarising out of, connected with, related to, or incidental to the relationship established between them in connection with this Agreement shall be resolved exclusively by state or federal courts located in Columbus, Ohio, and any appellate court fromany thereof, or by an arbitrator located in Columbus, Ohio in such cases where they have expressly agreed to binding arbitration. 

 

(b) Each of the parties hereto hereby irrevocably and unconditionally submits, for himself or itself and his or its property, to the exclusivejurisdiction of any Ohio state court or federal court of the United States of America sitting in Columbus, Ohio, and any appellate court from any thereof, in any suit, action or proceeding arising out of or relating to this Agreement or thetransactions contemplated hereunder or thereunder or for recognition or enforcement of any judgment relating thereto, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such suit, action orproceeding may be heard and determined in any such Ohio state court or, to the extent permitted by law, in any such federal court. Each of the parties hereto agrees that a final judgment in any such suit, action or proceeding shall be conclusive andmay be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

 

(c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent he or it may legally and effectively do so, anyobjection that he or it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereunder or thereunder in any Ohio state or federal court ofthe United States of America sitting in Columbus, Ohio. Each of the parties hereto hereby irrevocably waives, to the fullest extent he or it may legally and effectively do so, the defense of an inconvenient forum to the maintenance of such suit,action or proceeding in any such court. 

(d) Each of the parties hereto hereby agrees that the mailing by certified or registered mail, returnreceipt requested, of any process required by any such court shall constitute valid and lawful service of process against them, without the necessity for service by any other means provided by law. 

 

Section 47. Interpretation and Construction; Defined Terms.

 

(a) The term “Agreement” means thisEmployment Agreement and any and all schedules, annexes and exhibits that may be attached hereto, as the same may from time to time be amended, modified, supplemented or restated in accordance with the terms hereof. The use in this Agreement of theword “including” means “including, without limitation.” The words “herein,” “hereof,” “hereunder,” “hereby,” “hereto,” “hereinafter,” and other words of similar importrefer to this Agreement as a whole, and not to any particular article, section, subsection, paragraph, subparagraph or clause contained in, or any schedule, annex or exhibit that may be attached to, this Agreement. All references to articles,sections, subsections, paragraphs, subparagraphs, clauses, schedules, annexes and exhibits mean such provisions of this Agreement and the schedules, annexes and exhibits that may be attached to this Agreement, except where otherwise stated. Thetitle of and the article, section, paragraph, schedule, annex and exhibit headings in this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. The useherein of the masculine, feminine or neuter forms also shall denote the other forms, as in each case the context may require. Where specific language is used to clarify by example a general statement contained herein, such specific language shallnot be deemed to modify, limit or restrict in any manner the construction 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 strictconstruction shall be applied against any party. Accounting terms used but not otherwise defined herein shall have the meanings given to them under GAAP. Unless otherwise provided herein, the measure of one month or year for purposes of thisAgreement shall be that date of the following month or year corresponding to the starting date, except that, if no corresponding date exists, the measure shall be the next day of the following month or year (e.g., one month following February8 is March 8, and one month following March 31 is May 1). 

 

(b)The term “Affiliate” means, with respect 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 or indirectly, 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.

 

(c) The term “Person” shall be construed asbroadly as possible 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, anunincorporated organization, 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. 

Section 48. Counterparts and Facsimile Execution. This Agreement may be executed in two or morecounterparts, and each such counterpart shall be an 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 tothe other parties, it being understood that all parties need not sign the same counterpart. Any signed counterpart delivered by facsimile shall be deemed for all purposes to constitute such party’s good and valid execution and delivery of thisAgreement. 

 

Section 49. Further Assurances. Executivehereby agrees, in consideration of the Company’s covenants and agreements set forth herein, that contemporaneous with Executive’s (or his heirs’, beneficiaries’ or estate’s in the event of his death) acceptance of amountspayable under Section 8, Executive shall for himself, his heirs, beneficiaries, estate, successors and assigns, enter into such other documents, agreements and instruments reasonably requested by the Company, including a separate settlementagreement prepared by the Company with those provisions deemed appropriate by the Company, including a release of the Company and its Affiliates from, and a waiver of, all claims (including those related to alleged wrongful discharge or allegedemployment discrimination under any federal, state or local statute or regulation) and confirmation of the confidentiality, non-competition and other covenants of this Agreement that survive termination of employment. 

 

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**IN WITNESS WHEREOF,** the parties have executed and delivered this Employment Agreement effective asof the date first written above. 
**THE COMPANY:****PACER INTERNATIONAL, INC.**
By:
 
/s/ C. William Smith

Name:
 
C. William Smith

Title:
 
Executive Vice President
**THE EXECUTIVE:**
By:
 
/s/ Michael Uremovich

Name:
 
Michael Uremovich

Title:
 
Vice Chairman