Document:

Amendment No. 1 dated August 21, 2000, to the Value Management Plan

 Exhibit 10.32 
  
 AMENDMENT NO. 1 
 TO 

CNF TRANSPORTATION INC. 
 VALUE
MANAGEMENT PLAN 
  
 CNF Transportation Inc. (the
“Company”) maintains the Value Management Plan (the “Plan”) to provide for certain long-term incentive compensation awards to be made to eligible employees. The Company hereby amends the Plan as follows (capitalized terms used
herein without definition have the meanings given to those terms in the Plan). 
  
 1.    Change in Definition of “Change in Control.”    The definition of the term “Change in Control” appearing in Section 2.05 is amended by adding
the following new clauses (e) and (f): 
  

	 	“(e)	there is consummated the sale by the Company of at least two of the three primary business units of the Company, whether in a single transaction or in a series of transactions
occurring within an 18-month period; provided, however, that this clause (e) shall apply only to Participants who are employed by the Company and shall not apply to Participants who are employed by the Company’s business units; and
provided further, that the Board of Directors of the Company may, upon notice to the affected Participants given at any time, terminate this clause (e) without the consent of such Participants, except that any such notice shall not be
effective to terminate this clause (e) if a Change in Control occurs pursuant to this clause (e) within ninety (90) days after such notice is given; or 

  

	 	(f)	there is consummated the sale of one of the primary business units of the Company, or the sale of the Emery Worldwide Airlines, Inc. business unit; provided, however, that
this clause (f) shall apply only to Participants (i) who, immediately prior to such sale, were employed by the primary business unit that is sold and (ii) who are not employed by the Company or any of its Subsidiaries immediately following such sale
or other disposition. 

  

	 	(i)	As used in clauses (e) and (f) above: 

  

	 	(ii)	a “sale” of a business unit means: 

  

	 	(a)	50% of the then existing voting power of all outstanding securities of the business unit, whether by merger, consolidation or otherwise; 

  

	 	(b)	the sale of all or substantially all of the assets of the business unit; or 

  

	 	(c)	any other transaction or course of action engaged in, directly or indirectly, by the Company or the business unit that has a substantially similar effect as the transactions of the
type referred to in clause (A) or (B) above; 

  
 The foregoing notwithstanding, a sale of a business unit shall not be deemed to have occurred for purposes of clauses (e) and (f) above (x) except in the case of a transaction described in clause (B) above, so long as
the Company or any of its Affiliates (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended), individually or collectively, own the then outstanding shares of capital stock of 

  

 1 

 
the business unit having 50% or more of the then existing voting power of all outstanding securities of the business unit, (y) in the event of the sale of
shares of capital stock of the business unit to any trustee or other fiduciary holding securities under an employee benefit plan of the Company, the business unit or any other Affiliate of the Company, or (z) in the event of the sale or distribution
of shares of capital stock of the business unit to shareholders of the Company, or the sale of assets of the business unit to any corporation or other entity owned, directly or indirectly, by the shareholders of the Company, in either case in
substantially the same proportions as their ownership of stock in the Company. 
  
 2.    Effective Date; No Other Amendments.    The effective date of this Amendment shall be August 21, 2000. Except as expressly amended hereby, the Plan remains in full
force and effect.Amendment No. 2 dated January 29, 2001, to the Value Management Plan

 Exhibit 10.33 
  
 AMENDMENT NO. 2 
 TO 

CNF TRANSPORTATION INC. 
 VALUE
MANAGEMENT PLAN 
  
 CNF Transportation Inc. (the
“Company”) maintains the Value Management Plan (the Value Management Plan, as heretofore amended, is referred to herein as the “Plan”) to provide for certain long-term incentive compensation awards to be made to eligible
employees. The Company hereby amends the Plan as follows (capitalized terms used herein without definition have the meanings given to those terms in the Plan). 
  

1.    New Section 3.5.    The Plan is hereby amended by adding the following new Section 3.5:

  
 3.5    Special Award Cycles

  
 Notwithstanding any provision thereof to the contrary,
the Committee may elect at any time and from time to time to designate employees to participate in special Award Cycles, which may be periods of one, two or three years. All designations and determinations required under the Plan with respect to
such special Award Cycles (including, without limitation, those under Section 2.03 and 3.1) shall be made prior to or within 90 days after the commencement of the special Award Cycle. 
  
 2.    Effective Date; No Other Amendments.    The effective date of this
Amendment shall be January 29, 2001. Except as expressly amended hereby, the Plan remains in full force and effect. 
  
  

 1Amendment No. 3 dated May 14, 2001, to the Value Management Plan

 Exhibit 10.34 
  
 AMENDMENT NO. 3 
 TO 

CNF INC. 
 VALUE MANAGEMENT PLAN

  
 CNF Inc. (formerly CNF Transportation Inc.) (the
“Company”) maintains the Value Management Plan (as heretofore amended, the “Plan”) to provide for certain long-term incentive compensation awards to be made to eligible employees. The Company hereby amends the Plan as follows
(capitalized terms used herein without definition have the meanings given to those terms in the Plan). 
  
 1.    Change in Definition of “Change in Control.”    The definition of the term “Change in
Control” appearing in Section 2.05 is amended in its entirety so as to read as follows: 
  
 “Change in Control” means the occurrence of an event described in any one of the following clauses (a) through (f): 
  

	 	(a)	any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company or its affiliates, (B) any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or its affiliates, and (C) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of the common
stock, par value $0.625 per share, of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company (not including in the securities beneficially
owned by such person any securities acquired directly from the Company or its affiliates) representing 25% or more of the combined voting power of the Company’s then outstanding voting securities; 

  

	 	(b)	the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date, constitute the Board and any
new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose
appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on the Effective
Date or whose appointment, election or nomination for election was previously so approved or recommended; 

	 	(c)	there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (A) a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity)
more than 50% of the combined voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no “person” (as defined above), directly or indirectly, acquired 25% or more of the combined voting power of the Company’s then outstanding securities (not including in
the securities beneficially owned by such person any securities acquired directly from the Company or its affiliates); 

  

	 	(d)	the stockholders of the Company approve a plan of complete liquidation of the Company or there is consummated an agreement for the sale or disposition by the Company of assets
having an aggregate book value at the time of such sale or disposition of more than 75% of the total book value of the Company’s assets on a consolidated basis (or any transaction having a similar effect), other than any such sale or
disposition by the Company (including by way of spin-off or other distribution) to an entity, at least 50% of the combined voting power of the voting securities of which are owned immediately following such sale or disposition by stockholders of the
Company in substantially the same proportions as their ownership of the Company immediately prior to such sale or disposition; 

  

	 	(e)	there is consummated the sale or other disposition by the Company, however effected, of at least two of the three primary business units of the Company, whether in a single
transaction or in a series of transactions occurring within an 18-month period; provided, however, that this clause (e) shall apply only to Participants who are employed by the Company and shall not apply to Participants who are employed by
the Company’s business units; and provided further, that the Board of Directors of the Company may, upon notice to the affected Participants given at any time, terminate this clause (e) without the consent of such Participants, except
that any such notice shall not be effective to terminate this clause (e) if a Change in Control occurs pursuant to this clause (e) within ninety (90) days after such notice is given; or 

  

	 	(f)	there is consummated the sale or other disposition, however effected, of one of the primary business units of the Company, or the sale or other disposition by the Company, however
effected, of the Emery Worldwide Airlines, Inc. business unit; provided, however, that this clause (f) shall apply only to Participants (i) who, immediately prior to such sale or other disposition, were employed by the business unit that is
sold or otherwise disposed of and (ii) who are not employed by the Company or any of its Subsidiaries immediately following such sale or other disposition. 

  

	 	    	As used in clauses (e) and (f) above: 

	 	(i)	“primary business units” means Con-Way Transportation Services, Inc., Emery Air Freight Corporation and Menlo Logistics, Inc., and 

  

	 	(ii)	a “sale or other disposition” of a business unit includes: 

  

	 	(A)	a sale by the Company of the then outstanding shares of capital stock of the business unit having more than 50% of the then existing voting power of all outstanding securities of
the business unit, whether by merger, consolidation or otherwise; 

  

	 	(B)	the sale of all or substantially all of the assets of the business unit; and 

  

	 	(C)	any other transaction or course of action (including, without limitation, a spin-off or other distribution) engaged in, directly or indirectly, by the Company or the business unit
that has a substantially similar effect as the transactions of the type referred to in clause (A) or (B) above; 

  

	 	    	The foregoing notwithstanding, (1) a sale or other disposition of a business unit shall not be deemed to have occurred for purposes of clauses (e) and (f) above (x) except in the
case of a transaction described in clause (B) above, so long as the Company or any of its Affiliates (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended), individually or collectively, own the then
outstanding shares of capital stock of the business unit having 50% or more of the then existing voting power of all outstanding securities of the business unit, or (y) in the event of the sale of shares of capital stock of the business unit to any
trustee or other fiduciary holding securities under an employee benefit plan of the Company, the business unit or any other Affiliate of the Company, and (2) a sale or other disposition of a business unit shall not be deemed to have occurred for
purposes of clause (f) above in the event of the sale or distribution of shares of capital stock (including, without limitation, a spin-off) of the business unit to shareholders of the Company, or the sale of assets of the business unit to any
corporation or other entity owned, directly or indirectly, by the shareholders of the Company, in either case in substantially the same proportions as their ownership of stock in the Company. 

  
 2.    Name
Change.    The name of the Plan is hereby changed to the “CNF Inc. Value Management Plan” and all references in the Plan to “CNF Transportation Inc.” are hereby changed so as to be references to “CNF
Inc.” 
  
 3.    Effective Date; No
Other Amendments.    The effective date of this Amendment shall be April 30, 2001. Except as expressly amended hereby, the Plan remains in full force and effect.

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