Document:

stockoptionagreement

                     ROADRUNNER TRANSPORTATION SYSTEMS, INC.                              STOCK OPTION AGREEMENT          1.    Grant of Option.  Roadrunner Transportation Systems, Inc., a Delaware corporation (the   “Company”), hereby grants, as of ________________, _____ (“Date of Grant”), to ________________   (the “Optionee”) an option (the “Option”) to purchase up to ______________ shares of the Company’s   common stock, $0.01 par value per share (the “Shares”), at an exercise price per share equal to $____ (the   “Exercise Price”).  The Option shall be subject to the terms and conditions set forth in this Stock Option   Agreement (the “Agreement”).  The Option is being granted pursuant to the Company’s 2018 Incentive   Compensation Plan (as amended from time to time, the “Plan”), which is incorporated herein for all   purposes.  The Option is not an Incentive Stock Option.  The Optionee hereby acknowledges receipt of a   copy of the Plan and agrees to be bound by all of the terms and conditions hereof and thereof and all   applicable laws and regulations.          2.    Definitions.  All capitalized terms used herein but not expressly defined shall have the   meaning ascribed to them in the Plan.          3.    Exercise Schedule.  Except as otherwise provided in Section 6 or Section 9 of this   Agreement, or in the Plan, the Option shall vest and become exercisable in installments as provided below,   which shall be cumulative.  To the extent that the Option has vested and become exercisable with respect   to a percentage of Shares as provided below, the Optionee may thereafter exercise the Option, in whole or   in part, for the vested and exercisable portions at any time or from time to time prior to the expiration of   the Option as provided herein.  The following table indicates each date (the “Vesting Date”) upon which   the Optionee shall be entitled to exercise the Option with respect to the percentage of Shares granted as   indicated beside the date, provided that the Continuous Service of the Optionee continues through and on   the applicable Vesting Date:                       Percentage of Shares          Vesting Date                      _________%                   ________________         Except as otherwise specifically provided herein, there shall be no proportionate or partial vesting  of the Option in the periods prior to each Vesting Date, and all vesting shall occur only on the appropriate  Vesting Date.          4.    Method of Exercise.  The vested portion of the Option shall be exercisable in whole or in   part in accordance with the exercise schedule set forth in Section 3 hereof by written notice, in any form as   the Company may require from time to time, which shall state the election to exercise the Option, the   number of Shares in respect of which the Option is being exercised, and such other representations and   agreements as to the holder’s investment intent with respect to such Shares as may be required by the   Company pursuant to the provisions of the Plan.  Such written notice shall be signed by the Optionee and   shall be delivered in person or by certified mail to the Secretary of the Company.  The written notice shall   be accompanied by payment of the Exercise Price.  The Option shall be deemed to be exercised after both   (a) receipt by the Company of such written notice accompanied by the Exercise Price and (b) arrangements   that are satisfactory to the Committee in its sole discretion have been made for Optionee’s payment to the   Company of the amount, if any, that is necessary to be withheld in accordance with applicable federal or   state withholding requirements.  No Shares shall be issued pursuant to the Option unless and until such   issuance and such exercise shall comply with all relevant provisions of applicable law, including the   requirements of any stock exchange upon which the Shares then may be traded.                                           1  

 

       5.    Method of Payment.  Payment of the Exercise Price shall be by any of the following, or a   combination thereof, at the election of the Optionee: (a) cash, (b) check, (c) to the extent permitted by the   Committee, with shares of Common Stock owned by the Optionee, or the withholding of Shares that   otherwise would be delivered to the Optionee as a result of the exercise of the Option, (d) pursuant to a   “cashless exercise” procedure, by delivery of a properly executed exercise notice together with such other   documentation, and subject to such guidelines, as the Committee shall require to effect an exercise of the   Option and delivery to the Company by a licensed broker acceptable to the Company of proceeds from the   sale of Shares sufficient to pay the Exercise Price and any applicable income or employment taxes, or   (e) such other consideration or in such other manner as may be determined by the Committee in its absolute   discretion.          6.    Termination.  Any unexercised portion of the Option shall automatically and without notice   terminate and become null and void at the time of the earliest to occur of the following:                (a)   with respect to the unvested portion of the Option, immediately upon the  termination of the Optionee’s Continuous Service for any reason;                (b)   with respect to the vested portion of the Option, unless the Committee otherwise  determines in writing in its sole discretion to a longer period of time, three (3) months after the date on  which the Optionee’s Continuous Service is terminated for any reason other than (i) by the Company or a  Related Entity for Cause, (ii) by reason of a Disability of the Optionee, or (iii) by reason of the death of the  Optionee;               (c)    with respect to the vested portion of the Option, immediately upon the termination  of the Optionee’s Continuous Service by the Company or a Related Entity for Cause;               (d)    with respect to the vested portion of the Option, twelve (12) months after the date  on which the Optionee’s Continuous Service is terminated by reason of a Disability of the Optionee;               (e)   with respect to the vested portion of the Option, twelve (12) months after the date  of termination of the Optionee’s Continuous Service by reason of the death of the Optionee; or               (f)   the seven (7) year anniversary of the Date of Grant.          7.    Transferability.  The Option granted hereby may not be pledged, hypothecated or otherwise   encumbered or subject to any lien, obligation or liability of the Optionee to any party, or assigned or   transferred by the Optionee otherwise than as set forth in the Plan.  Upon any attempt to transfer, assign,   negotiate, pledge or hypothecate the Option, or in the event of any levy upon the Option by reason of any   execution, attachment or similar process contrary to the provisions hereof, the Option shall immediately   become null and void.  The terms of this Agreement shall be binding upon the executors, administrators,   heirs, successors and assigns of the Optionee.          8.    No Rights of Stockholders.  Neither the Optionee nor any personal representative (or   beneficiary) shall be, or shall have any of the rights and privileges of, a stockholder of the Company with   respect to any Shares purchasable or issuable upon the exercise of the Option, in whole or in part, prior to   the date on which the Shares are issued.          9.    Acceleration of Exercisability of Option.                (a)   Notwithstanding anything to the contrary in this Agreement, including, without   limitation, Section 6 hereof, this Option shall become immediately fully exercisable in the event that (a) the                                           2  

 

Company terminates the Optionee’s employment without Cause or the Optionee terminates his employment  for Good Reason, and (b) there is a Change in Control (as defined below) that occurs within three (3)  months following the date of such termination.                (b)   This Option shall become immediately fully exercisable in the event that, prior to  the termination of the Option pursuant to Section 6 hereof, and during the Optionee’s Continuous Service,   there is a Change in Control.                (c)   The Board or the Committee shall be authorized, in its sole discretion, based upon  its review and evaluation of the performance of the Optionee and of the Company and its Related Entities,  to accelerate the vesting of the Option under this Agreement, at such times and upon such terms and  conditions as the Board or the Committee shall deem advisable, and which determination shall be made on  an individual by individual basis and need not be uniform among all Participants under the Plan.                (d)   For purposes of this Agreement, a “Change in Control” shall mean the occurrence   of any of the following:                      (i)   entities affiliated with Elliott Management Corporation have Beneficial   Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of less than twenty   percent (20%) of the combined voting power of the then outstanding voting securities of the Company  entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) (the   Beneficial Ownership of twenty percent (20%) or more hereinafter being referred to as a “Controlling   Interest”);                      (ii) during any period of two (2) consecutive years (not including any period  prior to the Effective Date) individuals who constitute the Board on the Effective Date (the “Incumbent   Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any   individual becoming a director subsequent to the Effective Date whose election, or nomination for election   by the Company’s stockholders, was approved by a vote of at least a majority of the directors then   comprising the Incumbent Board shall be considered as though such individual were a member of the   Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office   occurs as a result of an actual or threatened election contest with respect to the election or removal of   directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other   than the Board;                      (iii) consummation of (A) a reorganization, merger, statutory share exchange   or consolidation or similar transaction involving (x) the Company or (y) any one or more Subsidiaries   whose combined revenues for the prior fiscal year represented more than fifty percent (50%) of the   consolidated revenues of the Company and its Subsidiaries for the prior fiscal year (the “Major   Subsidiaries”), or (B) a sale or other disposition of all or substantially all of the assets of the Company or   the Major Subsidiaries, or the acquisition of assets or equity of another entity by the Company or any of its   Subsidiaries (each of the events referred to in clauses (A) and (B) sometimes hereinafter being referred to   a “Business Combination”), unless, following such Business Combination, (1) all or substantially all of the   individuals and entities who were the Beneficial Owners, respectively, of the Outstanding Company Voting   Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more   than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to   vote generally in the election of members of the board of directors (or comparable governing body of an   entity that does not have such a board), as the case may be, of the entity resulting from such Business   Combination (including, without limitation, an entity which as a result of such transaction owns the   Company or all or substantially all of the Company’s assets either directly or through one or more   subsidiaries) (the “Continuing Entity”) in substantially the same proportions as their ownership,                                          3  

 

immediately prior to such Business Combination, of the Outstanding Company Voting Securities  (excluding any outstanding voting securities of the Continuing Entity that such Beneficial Owners hold  immediately following the consummation of the Business Combination as a result of their ownership, prior  to such consummation, of voting securities of any company or other entity involved in or forming part of  such Business Combination other than the Company), (2) no Person (excluding any employee benefit plan  (or related trust) of the Company or any Continuing Entity or any entity controlled by the Continuing Entity  or any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially  owns, directly or indirectly, fifty percent (50%) or more of the combined voting power of the then  outstanding voting securities of the Continuing Entity except to the extent that such ownership existed prior  to the Business Combination and (3) at least a majority of the members of the Board of Directors or other  governing body of the Continuing Entity were members of the Incumbent Board at the time of the execution  of the initial agreement, or of the action of the Board, providing for such Business Combination; or                      (iv)  approval by the stockholders of the Company of a complete liquidation or   dissolution of the Company.          10.   No Right to Continued Employment.  Neither the Option nor this Agreement shall confer   upon the Optionee any right to continued employment or service with the Company or any Related Entity.          11.   Law Governing.  This Agreement shall be governed by and construed and enforced in   accordance with the internal laws of the state of Delaware (without reference to conflict of laws rules or   principles thereof).          12.   Interpretation / Provisions of Plan Control.  This Agreement is subject to all the terms,   conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and   to such rules, regulations and interpretations relating to the Plan adopted by the Committee as may be in   effect from time to time.  If and to the extent that this Agreement conflicts or is inconsistent with the terms,   conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be   modified accordingly.  The Optionee accepts the Option subject to all of the terms and provisions of the   Plan and this Agreement.  The Optionee hereby accepts as binding, conclusive and final all decisions or   interpretations of the Committee upon any questions arising under the Plan and this Agreement, unless   shown to have been made in an arbitrary and capricious manner.          13.   Notices.  Any notice under this Agreement shall be in writing and shall be deemed to have   been duly given when delivered personally or when deposited in the United States mail, registered, postage   prepaid, and addressed, in the case of the Company, to the Company’s Secretary at 1431 Opus Place, Suite   530, Downers Grove, Illinois 60515, or if the Company should move its principal office, to such principal   office, and, in the case of the Optionee, to the Optionee’s last permanent address as shown on the   Company’s records, subject to the right of either party to designate some other address at any time hereafter   in a notice satisfying the requirements of this Section 13.          14.   Severability.  In the event that any provision of this Agreement is found to be invalid or   otherwise unenforceable under any applicable law, such invalidity or unenforceability shall not be   construed as rendering any other provisions contained herein invalid or unenforceable, and all such other   provisions shall be given full force and effect to the same extent as though the invalid and unenforceable   provision was not contained herein.          15.   Counterparts.  This Agreement may be executed in one or more counterparts, each of which   shall be deemed an original, but all of which together shall constitute one and the same instrument.  The   parties agree that this Agreement shall be legally binding upon the electronic transmission, including by                                           4  

 

electronic mail or facsimile of .pdf files, by each party of a signed signature page to this Agreement to the  other party.          16.   Section 409A.                (a)   It is intended that the Option awarded pursuant to this Agreement be exempt from  Section 409A of the Code (“Section 409A”) because it is believed that (i) the Exercise Price may never be   less than the Fair Market Value of a Share on the Date of Grant and the number of Shares subject to the   Option is fixed on the original Date of Grant, (ii) the transfer or exercise of the Option is subject to taxation   under Section 83 of the Code and Treas. Reg. 1.83-7, and (iii) the Option does not include any feature for   the deferral of compensation other than the deferral of recognition of income until the exercise of the   Option.  The provisions of this Agreement shall be interpreted in a manner consistent with this intention,   and the provisions of this Agreement may not be amended, adjusted, assumed or substituted for, converted   or otherwise modified without the Optionee’s prior written consent if and to the extent that such   amendment, adjustment, assumption or substitution, conversion or modification would cause the award to   violate the requirements of Section 409A.  In the event that either the Company or the Optionee believes,   at any time, that any benefit or right under this Agreement is subject to Section 409A, and does not comply   with the requirements of Section 409A, it shall promptly advise the other and the Company and the   Optionee shall negotiate reasonably and in good faith to amend the terms of such benefits and rights, if such   an amendment may be made in a commercially reasonable manner, such that they comply with Section   409A with the most limited possible economic effect on the Optionee and on the Company.                (b)   Notwithstanding the foregoing, the Company does not make any representation to  the Optionee that the Option awarded pursuant to this Agreement is exempt from, or satisfies, the  requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or  hold harmless the Optionee or any Beneficiary for any tax, additional tax, interest or penalties that the   Optionee or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment   or modification thereof or any other action taken with respect thereto, is deemed to violate any of the   requirements of Section 409A.                       [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]                                          5  

 

          IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the ___ day of   _______, _______.                                       THE COMPANY:                                       ROADRUNNER TRANSPORTATION SYSTEMS, INC.                                        By:                                                                             Name:                                                                           Title:                                             The Optionee acknowledges receipt of a copy of the Plan and represents that he or she has reviewed  the provisions of the Plan and this Agreement in their entirety, is familiar with and understands their terms  and provisions, and hereby accepts the Option subject to all of the terms and provisions of the Plan and this  Agreement.  The Optionee further represents that he or she has had an opportunity to obtain the advice of  counsel prior to executing this Agreement.   Dated: _____________                THE OPTIONEE:                                                                                                                         ___________________                        SIGNATURE PAGE TO STOCK OPTION AGREEMENTrsuagreement

                    ROADRUNNER TRANSPORTATION SYSTEMS, INC.                         RESTRICTED STOCK UNIT AGREEMENT         1.    Award of Restricted Stock Units.  Roadrunner Transportation Systems, Inc., a Delaware  corporation (the “Company”), hereby grants, as of _____________, _____ (“Date of Grant”), to  ________________ (the “Recipient”) ______________ Restricted Stock Units (the “RSUs”)  corresponding to the same number of shares of the Company’s common stock, $0.01 par value per share  (the “Shares”).  This Restricted Stock Unit Award is made subject to the terms, provisions and restrictions  as set forth in this Restricted Stock Unit Agreement (the “Agreement”) and the Company’s 2018 Incentive  Compensation Plan (as amended from time to time, the “Plan”), which is incorporated herein for all  purposes.  As a condition to entering into this Agreement, and as a condition to the grant of this Restricted  Stock Unit Award and the issuance of any Shares (or any other securities of the Company) pursuant hereto,  the Recipient agrees to be bound by all of the terms and conditions herein and in the Plan.         2.    Definitions.  All capitalized terms used herein but not expressly defined shall have the  meaning ascribed to them in the Plan.         3.    Vesting.               (a)   General Vesting.  Except as otherwise provided in Section 3(b) hereof, the RSUs  shall vest and become “Vested RSUs” in the following amounts, at the following times and upon the  following conditions, provided that the Continuous Service of the Recipient continues through and on the  applicable Vesting Date:                  Percentage of RSUs                  Vesting Date                 _______________%                  ________________         There shall be no proportionate or partial vesting of RSUs in or during the months, days or periods  prior to each Vesting Date, and except as otherwise provided in Section 3(b) hereof, all vesting of RSUs  shall occur only on the appropriate Vesting Date.               (b)   Acceleration Events.                     (i)   Change in Control.  In the event of a Change in Control (as defined below)  occurring during the Continuous Service of the Recipient, all RSUs that are not Vested RSUs subject to  this Agreement shall immediately vest and become Vested RSUs as of the date of the Change in Control.                     (ii) Death or Disability.  In the event that the Recipient’s Continuous Service  is terminated either on account of the Recipient’s death or Disability, that percentage of the RSUs subject  to this Agreement that would have vested in the calendar year of the termination of the Recipient’s  Continuous Service but for such termination, in accordance with Section 3(a) hereof, shall immediately  vest and become Vested RSUs as of the date of the termination of the Recipient’s Continuous Service.                     (iii) Discretionary Acceleration.  The Committee shall be authorized, in its sole  discretion, based upon its review and evaluation of the performance of the Recipient and of the Company  and its Related Entities, to accelerate the vesting of any RSUs under this Agreement, at such times and upon  such terms and conditions as the Committee shall deem advisable, and which determination shall be made  on an individual by individual basis and need not be uniform among all Recipients under the Plan.          

 

             (c)   Change in Control.  For purposes of this Agreement, a “Change in Control” shall   mean the occurrence of any of the following:                      (i)   entities affiliated with Elliott Management Corporation have Beneficial  Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of less than twenty  percent (20%) of the combined voting power of the then outstanding voting securities of the Company  entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) (the   Beneficial Ownership of twenty percent (20%) or more hereinafter being referred to as a “Controlling   Interest”);                      (ii) during any period of two (2) consecutive years (not including any period  prior to the Effective Date) individuals who constitute the Board on the Effective Date (the “Incumbent   Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any   individual becoming a director subsequent to the Effective Date whose election, or nomination for election   by the Company’s stockholders, was approved by a vote of at least a majority of the directors then   comprising the Incumbent Board shall be considered as though such individual were a member of the   Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office   occurs as a result of an actual or threatened election contest with respect to the election or removal of   directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other   than the Board;                      (iii) consummation of (A) a reorganization, merger, statutory share exchange   or consolidation or similar transaction involving (x) the Company or (y) any one or more Subsidiaries   whose combined revenues for the prior fiscal year represented more than fifty percent (50%) of the   consolidated revenues of the Company and its Subsidiaries for the prior fiscal year (the “Major   Subsidiaries”), or (B) a sale or other disposition of all or substantially all of the assets of the Company or   the Major Subsidiaries, or the acquisition of assets or equity of another entity by the Company or any of its   Subsidiaries (each of the events referred to in clauses (A) and (B) sometimes hereinafter being referred to   a “Business Combination”), unless, following such Business Combination, (1) all or substantially all of the   individuals and entities who were the Beneficial Owners, respectively, of the Outstanding Company Voting   Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more   than fifty percent (50%) of the combined voting power of the then outstanding voting securities entitled to   vote generally in the election of members of the board of directors (or comparable governing body of an   entity that does not have such a board), as the case may be, of the entity resulting from such Business   Combination (including, without limitation, an entity which as a result of such transaction owns the   Company or all or substantially all of the Company’s assets either directly or through one or more   subsidiaries) (the “Continuing Entity”) in substantially the same proportions as their ownership,   immediately prior to such Business Combination, of the Outstanding Company Voting Securities   (excluding any outstanding voting securities of the Continuing Entity that such Beneficial Owners hold   immediately following the consummation of the Business Combination as a result of their ownership, prior   to such consummation, of voting securities of any company or other entity involved in or forming part of   such Business Combination other than the Company), (2) no Person (excluding any employee benefit plan   (or related trust) of the Company or any Continuing Entity or any entity controlled by the Continuing Entity   or any Person that as of the Effective Date owns Beneficial Ownership of a Controlling Interest) beneficially   owns, directly or indirectly, fifty percent (50%) or more of the combined voting power of the then   outstanding voting securities of the Continuing Entity except to the extent that such ownership existed prior   to the Business Combination and (3) at least a majority of the members of the Board of Directors or other   governing body of the Continuing Entity were members of the Incumbent Board at the time of the execution   of the initial agreement, or of the action of the Board, providing for such Business Combination; or                                           2  

 

                   (iv)  approval by the stockholders of the Company of a complete liquidation or  dissolution of the Company.          4.    Terms and Conditions.  This Restricted Stock Unit Award is subject to the following terms and   conditions:                (a)   Forfeiture of Unvested RSUs.  If the Recipient’s Continuous Service is terminated for   any reason, any and all RSUs awarded hereunder that are not Vested RSUs, and that do not become Vested   RSUs pursuant to Section 3 hereof as a result of such termination, shall be forfeited immediately upon such   termination of Continuous Service and revert back to the Company without any payment to the holder thereof.    The Committee shall have the power and authority to enforce on behalf of the Company any rights of the   Company under this Agreement in the event of the forfeiture of RSUs pursuant to this Section 4(a).                (b)   Delivery of Vested RSUs.  The Company shall deliver to the Recipient one Share for   each Vested RSU within thirty (30) days following the date on which the portion of the RSUs to which the   distribution relates becomes vested (but in no event later than March 15 of the calendar year following the   calendar year in which the RSUs to which the distribution relates become vested).                (c)   Transferability.  The RSUs awarded hereunder are not transferable otherwise than by   will or under the applicable laws of descent and distribution, and the terms of this Agreement shall be binding   upon the executors, administrators, heirs, successors and assigns of the Recipient.  Any attempt to effect a   Transfer of any RSUs shall be void ab initio.  For purposes of this Agreement, “Transfer” shall mean any sale,   transfer, encumbrance, gift, donation, assignment, pledge, hypothecation or other disposition, whether similar or   dissimilar to those previously enumerated, whether voluntary or involuntary, and including, but not limited to,   any disposition by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment.                (d)   Hypothetical Nature of RSUs.  The Recipient shall not have any rights, benefits or   entitlements with respect to the Shares corresponding to the RSUs unless and until those Shares are delivered to   the Recipient (and thus shall have no voting rights, or rights to receive any dividend declared, before those Shares   are so delivered).  On or after delivery, the Recipient shall have, with respect to the Shares delivered, all of the   rights of a holder of Shares granted pursuant to the certificate of incorporation and other governing instruments   of the Company, or as otherwise available at law.                (e)   Tax Withholding.                      (i)   The Recipient shall pay to the Company, or make arrangements   satisfactory to the Committee for payment of, any federal, state or local taxes of any kind required by law   to be withheld with respect to the grant of RSUs (including without limitation the vesting thereof) or other   distributions made by the Company to the Recipient with respect to the RSUs as and when the Company   determines those amounts to be due, and the Company shall, to the extent permitted by law, have the right   to deduct from any payment of any kind otherwise due to Recipient any federal, state or local taxes of any   kind required by law to be withheld with respect to the RSUs or other distributions made by the Company   to the Recipient with respect to any RSUs.                      (ii)  The Recipient may elect, by notice to the Committee, to satisfy his or her   minimum withholding tax obligation with respect to the granting or vesting of the RSUs by the Company’s   withholding a portion of the Shares otherwise deliverable to the Recipient, such Shares being valued at their   Fair Market Value as of the date on which the taxable event that gives rise to the withholding requirement   occurs, or by the Recipient’s delivery to the Company of a portion of the Shares previously delivered by   the Company, such Shares being valued at their Fair Market Value as of the date of delivery of such Shares   by the Recipient to the Company.                                          3  

 

                   (iii) Tax consequences to the Recipient (including, without limitation federal,   state, local and foreign income tax consequences) with respect to the RSUs (including without limitation   the grant, vesting and/or forfeiture thereof) are the sole responsibility of the Recipient.  The Recipient shall   consult with his or her own personal accountant(s) and/or tax advisor(s) regarding these matters and the   Recipient’s filing, withholding and payment (or tax liability) obligations.          5.    Amendment, Modification and Assignment.  No provision of this Agreement may be   modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed   by the Recipient and the Committee.  No waiver by either party of any breach by the other party hereto of   any condition or provision of this Agreement shall be deemed a waiver of any other conditions or provisions   of this Agreement.  No agreements or representations, oral or otherwise, express or implied, with respect   to the subject matter hereof have been made by either party which are not set forth expressly in this   Agreement.  Unless otherwise consented to by the Committee, this Agreement shall not be assigned by the   Recipient in whole or in part.  The rights and obligations created hereunder shall be binding on the Recipient   and his or her heirs and legal representatives and on the successors and assigns of the Company.          6.    Change in Capital Structure.                (a)   Subject to any required action by the stockholders of the Company, the number of  RSUs covered by this Award shall be proportionately adjusted and the terms of the restrictions on such  RSUs shall be adjusted as the Committee shall determine to be equitably required for any increase or  decrease in the number of issued and outstanding shares of Common Stock of the Company resulting from  any stock dividend (but only on the Common Stock), stock split, subdivision, combination, reclassification,  recapitalization or general issuance to the holders of Common Stock of rights to purchase Common Stock  at substantially below fair market value or any change in the number of such shares outstanding effected  without receipt of cash or property or labor or services by the Company or for any spin-off, spin-out, split- up, split-off or other distribution of assets to stockholders.               (b)   The Award of RSUs pursuant to the Plan shall not affect in any way the right or  power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or  business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all or any part of  its business or assets.          7.    Miscellaneous.                (a)   No Right to Continuous Service.  The grant of RSUs shall not be construed as   giving the Recipient the right to Continuous Service with the Company and its Related Entities.                (b)   No Limit on Other Compensation Arrangements.  Nothing contained in this   Agreement shall preclude the Company from adopting or continuing in effect other or additional   compensation arrangements, and such arrangements may be either generally applicable or applicable only   in specific cases.                (c)   Severability.  If any provision of this Agreement is or becomes or is deemed to be   invalid, illegal or unenforceable in any jurisdiction or would disqualify this Agreement or this Award under   any applicable law, such provision shall be construed or deemed amended to conform to applicable law (or   if such provision cannot be so construed or deemed amended without materially altering the purpose or   intent of this Agreement and the grant  hereunder, such provision shall be stricken as to such jurisdiction   and the remainder of this Agreement and the Award shall remain in full force and effect).                                           4  

 

            (d)   No Trust or Fund Created.  Neither this Agreement nor the grant made pursuant to  this Agreement shall create or be construed to create a trust or separate fund of any kind or a fiduciary  relationship between the Company and the Recipient or any other Person.  To the extent that the Recipient  or any other Person acquires a right to receive payments from the Company pursuant to this Agreement,  such right shall be no greater than the right of any unsecured general creditor of the Company.               (e)   Governing Law.  This Agreement shall be governed by and construed and enforced  in accordance with the internal laws of the state of Delaware (without reference to conflict of laws rules or  principles thereof).               (f)   Interpretation.  The Recipient accepts the RSUs subject to all the terms and  provisions of this Agreement and the terms and conditions of the Plan.  The Recipient hereby accepts as  binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising  under this Agreement.  The Recipient hereby acknowledges receipt of a copy of the Plan and agrees to be  bound by all the terms and conditions hereof and thereof.               (g)   Headings.  Headings are given to the Paragraphs and Subparagraphs of this  Agreement solely as a convenience to facilitate reference.  Such headings shall not be deemed in any way  material or relevant to the construction or interpretation of this Agreement or any provision thereof.               (h)   Counterparts.  This Agreement may be signed in any number of counterparts, each  of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the  same instrument.  The facsimile or email transmission of a signed signature page, by any party to the  other(s), shall constitute valid execution and acceptance of this Agreement by the signing/transmitting party.         8.    Complete Agreement.  Except as otherwise provided for herein, this Agreement and those  agreements and documents expressly referred to herein embody the complete agreement and understanding  among the parties and supersede and preempt any prior understandings, agreements or representations by  or among the parties, written or oral, which may have related to the subject matter hereof in any way.         9.    Notices.  Any notice under this Agreement shall be in writing and shall be deemed to have  been duly given when delivered personally or when deposited in the United States mail, registered, postage  prepaid, and addressed, in the case of the Company, to the Company’s Secretary at 1431 Opus Place, Suite  530, Downers Grove IL 60515, or if the Company should move its principal office, to such principal office,  and, in the case of the Recipient, to the Recipient’s last permanent address as shown on the Company’s  records, subject to the right of either party to designate some other address at any time hereafter in a notice  satisfying the requirements of this Section 9.         10.   Section 409A.               (a)   General.  It is the intention of both the Company and the Recipient that the benefits  and rights to which the Recipient could be entitled pursuant to this Agreement are exempt from the  requirements of Section 409A of the Code (“Section 409A”), and the provisions of this Agreement shall be  construed in a manner consistent with that intention.  If the Recipient or the Company believes, at any time,  that any such benefit or right is not exempt from Section 409A, it shall promptly advise the other and shall  negotiate reasonably and in good faith to amend the terms of such benefits and rights such that they comply  with, or are exempt from, the requirements of Section 409A (with the most limited possible economic effect  on the Recipient and on the Company).               (b)   No Representations as to Section 409A Compliance.  Notwithstanding the  foregoing, the Company does not make any representation to the Recipient that the Award of RSUs pursuant                                         5  

 

to this Agreement or the Shares associated with such RSUs are exempt from, or satisfy, the requirements  of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless  the Recipient or any Beneficiary for any tax, additional tax, interest or penalties that the Recipient or any  Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification  thereof or any other action taken with respect thereto is deemed to violate any of the requirements of Section  409A.               (c)   No Acceleration of Payments.  Neither the Company nor the Recipient,  individually or in combination, may accelerate any payment or benefit that is subject to Section 409A,  except in compliance with Section 409A and the provisions of this Agreement, and no amount that is subject  to Section 409A shall be paid prior to the earliest date on which it may be paid without violating Section  409A.               (d)   Treatment of Each Installment as a Separate Payment.  For purposes of applying  the provisions of Section 409A to this Agreement, each separately identified amount to which the Recipient  is entitled under this Agreement shall be treated as a separate payment.  In addition, to the extent permissible  under Section 409A, any series of installment payments under this Agreement shall be treated as a right to  a series of separate payments.                   [The remainder of this page has been intentionally left blank]                                          6  

 

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written  above.                                            ROADRUNNER TRANSPORTATION SYSTEMS,                                            INC.                                             By:                                                                             Name:                                                                           Title:                                 AGREED AND ACCEPTED:   RECIPIENT:   __________________________________  _______________                                          7

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