Document:

exv10w8

Exhibit 10.8

SWIFT CORPORATION

DEFERRED COMPENSATION PLAN

     The Plan is hereby amended and restated by Swift Corporation, a Nevada Corporation
(“Employer”).

ARTICLE 1. INTRODUCTION

     Section 1.1 Intent and Purpose. The Plan is intended to be an unfunded non-qualified deferred
compensation plan maintained primarily to provide deferred compensation benefits for a select group
of “management or highly-compensated employees” within the meaning of ERISA Sections 201, 301 and
401, and to be exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. The Plan also is
intended to be a deferred compensation plan within the meaning of Code Section 409A. The primary
purpose of the Plan is to provide a tax deferred capital accumulation opportunity to eligible
Employees by permitting them to elect to defer the receipt of Compensation for retirement or
earlier termination of employment.

     Section 1.2 Prior History and Effective Dates. The Plan was formerly known as the M.S.
Carriers, Inc. Deferred Compensation Plan. Effective January 1, 2002, the Employer (as the parent
company to M.S. Carriers, Inc.) adopted the Plan and changed the name of the Plan to the Swift
Transportation Corporation Deferred Compensation Plan. The Plan was subsequently amended, and the
effective date of this most recent amended and restated Plan is January 1, 2008.

ARTICLE 2. DEFINITIONS

     Section 2.1 Account. “Account” means the bookkeeping account maintained by the Employer for
each Participant in accordance with Article 4.

     Section 2.2 Account Balance. “Account Balance” means the total dollar amount credited to a
Participant’s Account as of the latest Valuation Date in accordance with Section 4.3.

     Section 2.3 Beneficiary. “Beneficiary” means the person(s) or entity(ies) (as determined under
Article 6) who will receive any benefits payable under the Plan after a Participant’s death.

     Section 2.4 Code. “Code” means the Internal Revenue Code of 1986, as amended, including
regulations and other guidance issued thereunder by the Department of Treasury. All references to
Code and Treasury Regulation sections include any modification that is subsequently made to the
referenced section due to a statutory or regulatory change.

     Section 2.5 Compensation. “Compensation” means a Participant’s compensation paid by the
Employer during a calendar year which is reported as wages on the Participant’s Form W-2, including
regular salary, commissions, bonuses, overtime or other premium pay, but excluding reimbursements,
other expense allowances, fringe benefits (whether cash or non-cash), non-cash compensation, stock
options (whether qualified or nonqualified), and deferred compensation. Notwithstanding the
foregoing, Compensation for a calendar year will be determined before reduction for
amounts deferred under this Plan for that calendar year. Compensation for a calendar year also
will include amounts that, for that calendar year, are excludible from the Participant’s gross
income under Code Sections 125, 132(f)(4), 402(e)(3), 402(h), 403(b), and 408(p) and contributed by
the Employer, at the Participant’s election, to a

 

 

cafeteria plan, a qualified transportation fringe
benefit plan, a 401(k) arrangement, a SEP, a tax sheltered annuity, or a SIMPLE plan maintained by
the Employer or any parent, subsidiary or affiliate of the Employer.

     Section 2.6 Deferral Election. “Deferral Election” means an election by an eligible Employee
or Participant to defer Compensation under the Plan, which is made in accordance with Section 3.2.

     Section 2.7 Deferral Election Form. “Deferral Election Form” means the form specified by the
Employer which an eligible Employee or Participant must complete and return in accordance with
Section 3.2 to defer Compensation under the Plan.

     Section 2.8 Disability. “Disability” means a condition of a Participant which, by reason of
any medically determinable physical or mental impairment which can be expected to result in death
or can be expected to last for a continuous period of not less than 12 months, results in the
Participant’s being unable to engage in any substantial gainful activity or the Participant’s
receiving income replacement benefits for a period of not less than three months under an accident
and health plan covering Employees of the Employer. A Participant’s Disability must be established
by a qualified, licensed physician who is acceptable to the Employer. Alternatively, the Employer
will accept, as evidence of the Participant’s Disability, a copy of the Social Security
Administration’s or Railroad Retirement Board’s written determination that the Participant is
totally disabled or a written determination that the Participant is disabled in accordance with a
disability insurance program (but only if the definition of “disability” applied under the
disability insurance program meets the definition of Disability set forth in the first sentence of
this Section).

     Section 2.9 Employee. “Employee” means a person providing services to the Employer as a common
law employee of the Employer.

     Section 2.10 Employer. “Employer” means Swift Corporation, a Nevada corporation.

     Section 2.11 ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended, including regulations or other applicable guidance issued thereunder by the Department of
Labor. All references to ERISA and Department of Labor Regulation sections include any modification
that is subsequently made to the referenced section due to a statutory or regulatory change.

     Section 2.12 Identification Date. “Identification Date” means December 31.

     Section 2.13 Key Employee. “Key Employee” means an Employee who is a “key employee” as defined
in Code Section 416(i) without regard to Code Section 416(i)(5). If an Employee meets the
definition of Key Employee as of an Identification Date or during the 12-month period ending on the
Identification Date, the Employee will be a Key Employee for the 12-month period that begins on the
first day of the fourth month immediately following the Identification
Date.

     Section 2.14 Payment Election. “Payment Election” means an election as to the form in which a
Participant’s Account will be paid which is made in accordance with Section 5.2.

     Section 2.15 Participant. “Participant” means any eligible Employee who becomes a Participant
in accordance with Section 3.1.

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     Section 2.16 Performance Based Compensation. “Performance Based Compensation” means
Compensation which is “performance-based compensation” as defined in Treasury Regulation Section
1.409A-1(e).

     Section 2.17 Plan. “Plan” means the Swift Corporation Deferred Compensation Plan, as set forth
herein and as may be amended in accordance with Section 9.1.

     Section 2.18 Plan Year. “Plan Year” means the calendar year.

     Section 2.19 Retirement Age. “Retirement Age” means age 65.

     Section 2.20 Separation from Service. “Separation from Service” means a Participant’s
separation from service with the Employer (whether initiated by the Participant or the Employer)
due to the Participant’s retirement or other “termination of employment” as defined in Treasury
Regulation Section 1.409A-1(h).

     Section 2.21 Unforeseeable Emergency. “Unforeseeable Emergency” means a severe financial
hardship to a Participant resulting from an illness or accident of the Participant or the
Participant’s spouse, Beneficiary, or dependent (as defined in Code Section 152, without regard to
152(b)(1), (b)(2) and(d)(1)(B)), loss of the Participant’s property due to casualty (including the
need to rebuild a home following damage not otherwise covered by insurance, for example, as a
result of a natural disaster), or other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant. Whether a Participant has
suffered an Unforeseeable Emergency will be determined by the Employer in accordance with Treasury
Regulation Section 1.409A-3(i)(3).

     Section 2.22 Valuation Date. “Valuation Date” means the last day of the Plan Year or such
other, more frequent, dates as determined by the Employer.

     Section 2.23 Valuation Period. “Valuation Period” means the period beginning on the day after
a Valuation Date and ending on the immediately following Valuation Date.

ARTICLE 3. PARTICIPATION AND DEFERRAL ELECTIONS

     Section 3.1 Eligibility and Participation.

     3.1.1 Eligibility. All Employees who are classified by the Employer as Grade 28 or
higher, and who are designated by the Chief Executive Officer of the Employer, are eligible
to participate in the Plan.

     3.1.2 Commencement of Participation. To become a Participant in the Plan, an eligible
Employee must make a Deferral Election in accordance with Section 3.2. An eligible Employee
who makes a Deferral Election in accordance with Section 3.2 will become a Participant in
the Plan as of the first day of the calendar year for which the Deferral Election is made.
Employees who became Participants in the Plan prior to January 1, 2008 will continue
participation, subject to subsection 3.1.3.

     3.1.3 Termination of Participation; Inactive Participants. A Participant will cease to
be a Participant in the Plan when his or her Account Balance is paid in full (or is
forfeited pursuant to

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Section 5.7). Prior to then, if a Participant remains employed by the
Employer but ceases to be employed as Grade 28 or higher, the Participant will become an
inactive Participant as of the date on which he or she ceases to be employed as Grade 28 or
higher. An inactive Participant is not eligible to make Deferral Elections under the Plan;
however, any Deferral Election which is in effect at the time the Participant becomes an
inactive Participant will remain in effect for the duration of that deferral period and his
or her Account Balance will be paid in accordance with Article 5.

     Section 3.2 Deferral Elections. An eligible Employee or Participant (referred to collectively
in this Section as Participant) may elect to defer Compensation under the Plan by making a Deferral
Election in accordance with this Section.

     3.2.1 Calendar Year Deferral Election. A Participant may elect to defer up to 50% of
his or her Compensation (in whole percentages) by completing and filing a Deferral Election
Form with the Employer before the first day of the calendar year during which the
Compensation to be deferred will be earned. With respect to any bonus to be earned during
that calendar year, the Participant may specify, in that Deferral Election Form, a different
deferral percentage (in whole percentages of up to 50%) or elect to defer the lesser of a
specified percentage (in whole percentages of up to 50%) or dollar amount. With respect to
any Performance Based Compensation to be earned during that calendar year, the Participant
may make a separate Deferral Election in accordance with subsection 3.2.2. If a Deferral
Election is timely made, it will be effective only for the calendar year for which it was
made and only with respect to Compensation to be earned during that calendar year. In
addition, except as otherwise provided in subsection 3.2.3, the Deferral Election will
become irrevocable as of the first day of the calendar year for which it is made. If a
Participant does not make a timely Deferral Election for Compensation to be earned during a
calendar year, he or she cannot defer any Compensation to be earned during that calendar
year, except as permitted in subsection 3.2.2 for Performance Based Compensation.

     3.2.2 Performance Based Compensation Deferral Election. An eligible Participant may
elect to defer up to 50% of his or her Performance Based Compensation (in whole percentages)
for a performance period by completing and filing a Deferral Election Form with the Employer
before the date on which the Performance Based Compensation becomes readily ascertainable
and on or before the date that is six months before the end of the performance period. To be
eligible to defer
Performance Based Compensation for a performance period under this subsection, a
Participant must have performed services for the Employer continuously from the later of the
first day of that performance period or the date the performance criteria were established
for that performance period through the date the Deferral Election is made. If a Deferral
Election is timely made, it will be effective only for the performance period for which it
was made and only with respect to Performance Based Compensation to be earned for that
performance period. In addition, except as otherwise provided in subsection 3.2.3, the
Deferral Election will become irrevocable as of the last day the Deferral Election may be
made under this subsection. If the Participant does not make a timely Deferral Election for
Performance Based Compensation for a performance period, he or she cannot defer under the
Plan any Performance Based Compensation to be earned for that performance period.

     3.2.3 Modification/Cancellation of Deferral Election. Except as explicitly provided in

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this subsection, a Deferral Election that is made for Compensation or Performance Based
Compensation cannot be modified or cancelled after the date on which the Deferral Election
becomes irrevocable under subsection 3.2.1 or 3.2.2. If a Participant receives a
distribution under Article 5 due to an Unforeseeable Emergency, his or her Deferral Election
then in effect will be cancelled. Any new Deferral Election must be made in accordance with
subsection 3.2.1 or 3.2.2.

ARTICLE 4. ACCOUNTS AND INVESTMENTS

     Section 4.1 Account. The Employer will establish and maintain an Account for each Participant
under the Plan and may maintain separate subaccounts for any Participant.

     Section 4.2 Timing of Credits; Withholding. A Participant’s deferred Compensation will be
credited to the Participant’s Account at the time it would have been payable to the Participant but
for the Deferral Election. Any withholding of taxes or other amounts with respect to deferred
Compensation that is required by state, federal, or local law will be taken from the portion of the
Participant’s Compensation which is not deferred.

     Section 4.3 Determination of Account. Each Participant’s Account as of each Valuation Date
will consist of the balance of the Account as of the immediately preceding Valuation Date, adjusted
as follows:

     4.3.1 New Deferrals. The Account will be increased by any deferred Compensation
credited since the immediately preceding Valuation Date.

     4.3.2 Distributions. The Account will be reduced by any amount distributed from the
Account since the immediately preceding Valuation Date.

     4.3.3 Earnings/Losses. The Account will be increased for earnings accumulated and
reduced for losses incurred since the immediately preceding Valuation Date.

     4.3.4 Costs, Expenses and Fees. The Account will be reduced by any costs, expenses and
fees incurred since the immediately preceding Valuation Date which are charged to the
Account in accordance with Section 7.5.

     Section 4.4 Vesting of Account. Each Participant will be fully (i.e., 100%) vested in his or
her Account at all times.

     Section 4.5 Investments. The Employer will designate the investment options available under
the Plan. Each Participant is responsible for determining which one or more of these investment
options his or her Account will be deemed invested in for purposes of determining earnings and
losses on his or her Account and for filing an investment election with Employer in the form
required by the Employer. A Participant’s investment election will remain in effect unless and
until the Participant files a new investment election with the Employer. A new (or change to an
existing) investment election will become effective as soon as administratively feasible after the
date on which the Participant files the new (or changed) investment election.

     Section 4.6 Statement of Account. The Employer will give each Participant a statement showing
the balance in his or her Account on an annual, or more frequent, basis as determined by the

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Employer.

ARTICLE 5. DISTRIBUTIONS

     Section 5.1 Time or Commencement of Payment. Subject to subsections 5.1.1 and 5.1.2 and
Section 5.3, a Participant’s Account Balance (or, in the case of an Unforeseeable Emergency, the
amount necessary to satisfy the Unforeseeable Emergency if less) will be distributed by the
Employer to the Participant (or the Beneficiary in the case of the Participant’s death) within 90
days following the earliest to occur of the following Distribution Events: the Participant’s
Unforeseeable Emergency (but only if requested by the Participant in writing and approved by the
Employer), Separation from Service, Retirement Age, Disability, or death. If a distribution is made
due to the Participant’s Unforeseeable Emergency but the Participant (at that time or later) still
has an Account Balance, the foregoing rules will apply to determine when the remainder of the
Account Balance will be distributed.

     5.1.1 Delay in Payment Date for Key Employee. If the Distribution Event is the
Participant’s Separation from Service and the Participant is a Key Employee on the date of
his or her Separation from Service, the Participant’s Account Balance will be distributed by
the Employer to the Participant on the first business day immediately following the sixth
month anniversary of the Participant’s Separation from Service (or, if earlier, to the
Participant’s Beneficiary within 90 days after the Participant’s death).

     5.1.2 Delay in Payment Date due to Change to Payment Election. If the Distribution
Event is the Participant’s Separation from Service or Retirement Age and the Participant has
made a change in his or her Payment Election which has become effective in accordance with
subsection 5.2.3, payment will not be made (in the case of a single lump sum payment) or
commence (in the case of annual installments) until the fifth anniversary of the
Participant’s Separation from Service (if the Distribution Event is the Participant’s
Separation from Service) or the date on which the Participant attains age 70 (if the
Distribution Event is the Participant’s Retirement Age). However, if the Participant dies
prior to the delayed payment date, payment will be made to the Participant’s Beneficiary
within 90 days after the Participant’s death.

     5.1.3 Payment Dates. Any payment made under the Plan will be treated as having been
made on the payment date provided for in the Plan (“Payment Date”) if payment is made no
earlier than 30 days prior to the Payment Date and no later than the later of (a) the last
day of the calendar year in which the Payment Date occurs or (b) the fifteenth day of the
third calendar month following the month in which the Payment Date occurs. With respect to
all payments made under the Plan, the Participant and his or her Beneficiary cannot
designate, directly or indirectly, the taxable year in which payment will be made. For this
purpose, a Participant’s change in Payment Election, which is made in accordance with
subsection 5.2.3 and which results in a mandatory delay in payment, will not be considered a
designation by the Participant of the tax year in which payment will be made.

     Section 5.2 Form of Payment. Subject to subsections 5.2.5 and Section 5.3, the Participant’s
Account Balance will be paid by the Employer to the Participant (or the Beneficiary in the case of
the Participant’s death) in the form elected by the Participant (whether by affirmative election or
by default) in accordance with this Section.

     5.2.1 Permissible Forms of Payment. A Participant may elect, in accordance with

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subsection 5.2.2, 5.2.3 or 5.2.4, to have his or her Account Balance paid in the form of a
single lump sum payment or in annual installments over a specified number of years which
cannot exceed 10. This election may specify a different form of payment for each of the
following Distribution Events: (a) a Separation from Service or Retirement Age, (b)
Disability, and (c) death. Any election or change (to the extent permitted under subsection
5.2.3) must be made in the form and manner required by the Employer. If the Participant
elects annual installment payments, the first annual installment payment will be made on the
payment date provided for in Section 5.1 (or subsection 5.1.1 or 5.1.2, as applicable) and
each subsequent annual installment payment will be made on the anniversary date of the
applicable Distribution Event. The amount of each installment payment will be equal to the
Participant’s Account Balance immediately prior to the payment date divided by the number of
annual installments remaining to be paid.

     5.2.2 Initial Payment Election. A Participant’s Payment Election must be made at the
same time his or her initial (i.e., first) Deferral Election is made under the Plan. A
Participant who does not make a timely initial Payment Election will be deemed to have
elected a single lump sum payment. A Participant may only change his or her initial Payment
Election in accordance with subsection 5.2.3.

     5.2.3 Change to Payment Election. A Participant’s Payment Election (whether an
affirmative or default initial election under subsection 5.2.2 or an affirmative or default
transitional election under subsection 5.2.4) may only be changed as permitted under this
subsection 5.2.3. A change will not become effective until 12 months after the date on which
the change is made. In addition, the following rules apply to a change in the form of
payment for a distribution due to Separation from Service or Retirement Age: (a) only one
change is permitted, (b) the change will not be valid unless the change is made at least 12
months prior to the earlier of the Participant’s Separation from Service or Retirement Age,
and (c) once effective, the change will result in a delay in the payment date in accordance
with subsection 5.1.2.

     5.2.4 Transitional Payment Election. On or before December 31, 2008, an eligible
Participant may make one or more transitional Payment Elections in accordance with this
subsection. To be eligible to make a transitional Payment Election, a Participant must
have begun participation in the Plan on or prior to January 1, 2008 and must not have
experienced a Distribution Event. A Participant’s transitional Payment Election must be
filed with the Employer and will only be effective if the Payment Election does not result
in: (a) payment in a later calendar year of an amount that would otherwise be due in the
calendar year in which the transitional Payment Election is made or (b) payment in the
calendar year in which the transitional Payment Election is made of an amount that would
otherwise be due in a later calendar year. If a Participant makes more than one transitional
Payment Election, the latest transitional Payment Election on file with the Employer as of
December 31, 2008 will apply. An eligible Participant who does not make a transitional
Payment Election by December 31, 2008 will be deemed to have elected payment in the latest
form elected by the Participant (or, in the absence of an election, in the form of a single
lump sum payment). As of January 1, 2009, a Participant may only change his or her
transitional Payment Election in accordance with subsection 5.2.3.

     5.2.5 Required Single Lump Sum Payment.

     (a) Death. If the Participant dies after another Distribution Event has already

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occurred and before receiving payment, in full, of his or her Account
Balance, the remainder of the Participant’s Account Balance will be paid by the
Employer to the Participant’s Beneficiary in a single lump sum payment. For this
purpose, a distribution due to an Unforeseeable Emergency will not be taken into
account. Rather, if a distribution of part of the Participant’s Account Balance
occurs due to an Unforeseeable Emergency and the Participant subsequently dies before
any other Distribution Event occurs, the Distribution Event will be the Participant’s
death and payment will be made in accordance with the Participant’s Payment Election
(whether an affirmative election or by default) for a distribution due to death.

     (b) Small Account Balances. The Employer reserves the right, in its sole
discretion, to pay a Participant’s Account Balance in the form of a single lump sum
payment if the payment would not be greater than the “applicable dollar amount” as
defined under Code Section 402(g)(1)(B) and the payment would result in the
termination and liquidation of the Participant’s entire interest under the Plan and
under all agreements, methods, programs, or other arrangements with respect to which
deferrals of compensation are treated as having been deferred under a single
nonqualified deferred compensation plan under Treasury Regulation Section
1.409A-1(c)(2). By no later than the date payment is made, the Employer must specify
in writing that it is exercising its discretion to make the payment in form of a
single lump sum payment under this subsection 5.2.5(b). The Employer will not provide
any Participant or Beneficiary a direct or indirect election as to whether the
Employer will exercise its discretion to accelerate a payment under this Section. Any
exercise of the Employer’s discretion under this subsection 5.2.5(b) will be applied
to all similarly situated Participants on a reasonably consistent basis.

     (c) Unforeseeable Emergency. If the Distribution Event is the
Participant’s Unforeseeable Emergency, the Participant’s Account Balance or, if less,
the amount necessary to satisfy the Unforeseeable Emergency, will be paid by the
Employer to the Participant in a single lump sum payment. The amount necessary to
satisfy the Unforeseeable Emergency is the amount, as determined by the Employer,
that is
reasonably necessary to satisfy the Unforeseeable Emergency (and may include the
amount necessary to pay any federal, state or local income taxes or penalties
reasonably anticipated to result from the distribution), minus amounts available to
the Participant to meet the Unforeseeable Emergency from reimbursement or
compensation from insurance or otherwise, by liquidation of assets (but only to the
extent the liquidation would not cause severe financial hardship), or by ceasing
deferrals under the Plan.

     Section 5.3 Employer’s Delay or Acceleration of Payment. The Employer reserves the right, in
its sole discretion, to delay a payment under the Plan in any of the circumstances permitted under
Treasury Regulation Section 1.409A-2(b)(7)(i) through (iii) or to accelerate the time or schedule
(i.e., form) of a payment under the Plan in any of the circumstances permitted under Treasury
Regulation Section 1.409A-3(j)(4)(ii) through (iv) and (vi) through (xiv). The Employer will not
provide any Participant or Beneficiary a direct or indirect election as to whether the Employer
will exercise its discretion to delay or accelerate a payment under this Section. Any exercise of
the Employer’s discretion under this Section will be applied to all similarly situated Participants
on a reasonably consistent basis.

     Section 5.4 Withholding for Taxes. To the extent required by the law in effect at the time

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payments are made, the Employer will withhold from payments made under the Plan any taxes required
to be withheld by the federal, state or local government, including any amount which the Employer
determines is reasonably necessary to pay any generation-skipping transfer tax that is or may
become due. However, a Beneficiary may elect not to have withholding of federal income tax pursuant
to Code Section 3405(a)(2).

     Section 5.5 Payment to Guardian. The Employer may make payment to a Participant’s or
Beneficiary’s duly appointed guardian, conservator, or other similar legal representative. In the
absence of guardian, conservator or other legal representative, the Employer may, in its sole
discretion, make payment to a person having the care and custody of a minor, incompetent or person
incapable of handling the disposition of property upon proof satisfactory to the Employer of
incompetency, minority, or incapacity of the Participant or Beneficiary to whom payment is due. A
distribution made in accordance with this Section will completely discharge the Employer from all
liability with respect to the amount distributed.

     Section 5.6 Cooperation; Receipt on Release. A Participant will cooperate with the Employer by
furnishing information requested by the Employer in order to facilitate the payment of benefits
under the Plan. Any payment to a Participant or Beneficiary in accordance with the provisions of
the Plan will, to the extent of that payment, be in full satisfaction of all claims against the
Employer. The Employer may require a Participant or Beneficiary, as a condition precedent to
payment, to execute a receipt and release to such effect.

     Section 5.7 Missing Participant or Beneficiary. Each Participant is responsible for keeping
the Employer informed of his or her current address and the current address of his or her
Beneficiary. The Employer has no obligation to search for the whereabouts of a Participant or
Beneficiary. If, by the latest date on which payment is permitted to be made under the terms of the
Plan and Code Section 409A, the Employer does not know the whereabouts of the Participant or
Beneficiary, then the Participant’s Account Balance will be forfeited on that date.

ARTICLE 6. BENEFICIARY DESIGNATION

     Section 6.1 Beneficiary Designation. Each Participant may, at any time during his or her
lifetime, designate one or more persons or entities as the Beneficiary (both primary as well as
contingent) to whom benefits under this Plan will be paid if the Participant dies before receiving
payment, in full, of his or her Account Balance. Each beneficiary designation must be made in the
form and manner specified by the Employer and will be effective only when filed with the Employer
during the Participant’s lifetime.

     Section 6.2 Changing Beneficiary. A Participant may change his or her beneficiary designation,
at any time during his or her lifetime and without the consent of the previously named Beneficiary,
by filing a new beneficiary designation with the Employer in accordance with Section 6.1. The
filing of a new designation will automatically cancel the immediately preceding beneficiary
designation on file with the Employer.

     Section 6.3 Default Beneficiary. If, at the time of the Participant’s death, there is no
surviving Beneficiary or there is no valid beneficiary designation on file with the Employer, the
Participant’s Beneficiary will be the Participant’s spouse or estate if there is no surviving
spouse.

ARTICLE 7. ADMINISTRATION

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     Section 7.1 Administrator; Administrative Duties. The Plan will be administered by the
Employer (or an agent or Employee to whom the Employer delegates administrative duties in
accordance with Section 7.2). The Employer (or its delegate) has the exclusive authority to make,
amend, interpret and enforce all appropriate rules and regulations for the administration of the
Plan and decide or resolve any and all questions, including interpretations of the Plan, which may
arise in the administration of the Plan.

     Section 7.2 Agents and Delegates. The Employer may, from time to time, employ agents and
delegate to them (or to Employees of the Employer) one or more administrative duties as it sees
fit.

     Section 7.3 Binding Effect of Decisions. The decision or action of the Employer (or its
delegate) with respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and any rules and regulations implemented by the
Employer (or its delegate) in accordance with Section 7.1 will be final, conclusive and binding
upon all persons having or claiming any interest in the Plan.

     Section 7.4 Indemnity of Employees. The Employer will indemnify, defend and hold harmless any
Employee designated by the Employer, in accordance with Section 7.2, to assist in the
administration of the Plan from any claim, loss, damage, expense or liability arising from any
action or failure to act by the Employee with respect to the Plan, unless the action or inaction is
due to the Employee’s gross negligence or willful misconduct.

     Section 7.5 Costs, Expenses and Fees. The Employer may, in its discretion, pay any costs,
expenses or fees associated with the operation of the Plan.
Any costs, expenses, or fees not paid by the Employer will be charged to Participants’
Accounts in the manner determined by the Employer.

ARTICLE 8. CLAIMS PROCEDURE

     Section 8.1 Claim for Benefits. An individual or a duly authorized representative of the
individual (“Claimant”) may file a claim for a benefit under the Plan to which the Claimant
believes he or she is entitled. A claim must be filed, in writing, with the Employer. The Employer,
in its sole and complete discretion, will review, determine, and provide electronic or written
notice of its determination in accordance with the Department of Labor Regulations Section
2560.503-1 et seq. (“DOL Claims Regulations”).

     Section 8.2 Reconsideration of Claim Denial. If the Employer denies a claim in whole or in
part, the Claimant may request that the denial be reconsidered by the Employer. A written request
for reconsideration must be filed by the Claimant with the Employer within 60 days after the
Claimant receives the Employer’s notice of its initial determination. If the Claimant fails to file
a written request for reconsideration within the 60-day time period, the Employer’s denial will be
final, binding, and nonappealable. If a request for reconsideration is timely filed, the Employer
will reconsider the denial and will determine, in its sole and complete discretion, whether the
denial will be upheld or reversed. This review and determination will be made in accordance with
the requirements of the DOL Claims Regulations, and electronic or written notice of the Employer’s
determination will be provided in accordance with the requirements of those regulations.

     Section 8.3 Legal or Equitable Proceedings. A Claimant must comply with the requirements of
Sections 8.1 and 8.2 before instituting any legal or equitable proceedings with respect to any
benefit or

10

 

right claimed under the Plan. In addition, the Claimant must notify the Employer in
writing and within 90 days after receipt of the Employer’s determination under Section 8.2 if the
Claimant intends to institute legal or equitable proceedings challenging the Employer’s
determination. The Claimant also must actually institute legal or equitable proceedings within 180
days after receipt of the Employer’s determination under Section 8.2. If the Claimant does not
timely notify the Employer or does not timely institute legal or equitable proceedings, the
Employer’s decision will be final, binding, and nonappealable.

ARTICLE 9. MISCELLANEOUS

     Section 9.1 Amendment and Termination. The Employer reserves the right to amend or terminate
the Plan in whole or in part and at any time; provided that any amendment or termination must not
reduce the balance of any Participant’s Account as of the date of the amendment or termination or
cause the Plan to violate any applicable provision of Code Section 409A.

     Section 9.2 Employer Obligations. It is the Employer’s obligation to make benefit payments to
any Participant or Beneficiary under the Plan. Benefits under the Plan are limited to cash payment
of the Participant’s Account Balance in accordance with the terms of the Plan. The Employer will
pay benefits under the Plan only in accordance with the terms and conditions of the Plan.

     Section 9.3 Unsecured General Creditor.
The Employer’s obligation under the Plan is an unfunded and unsecured promise to pay money in
the future. Participants and Beneficiaries are unsecured general creditors, with no secured or
preferential right to the assets of the Employer or any other party for payment of benefits under
the Plan. Any life insurance policies, annuity contracts or other property purchased by the
Employer to assist it in financing its obligations under the Plan will remain its general,
unpledged and unrestricted assets.

     Section 9.4 Trust Fund. At its discretion, the Employer may establish one or more trusts and
appoint one or more trustees for the purpose of providing for the payment of benefits owed under
the Plan. Although a trust established by the Employer may be irrevocable, its assets must be held
for payment of all of the Employer’s general creditors in the event of the Employer’s insolvency or
bankruptcy. To the extent any benefits provided under the Plan are paid from a trust established in
accordance with this Section, the Employer will have no further obligation to pay them.

     Section 9.5 Nonalienation. No Participant or Beneficiary has the right to anticipate,
alienate, assign, commute, pledge, encumber, sell, transfer, mortgage or otherwise in any manner
convey in advance of actual receipt, all or any part of the Participant’s Account. Prior to a
Participant’s or Beneficiary’s actual receipt of payment under the Plan, the portion of the
Participant’s Account which has not yet been paid is not subject to the debts, judgments, or other
obligations of the Participant or Beneficiary, is not subject to attachment, garnishment, seizure,
or other process applicable to the Participant or Beneficiary, and is not transferable by operation
of law in the event of the Participant’s or any other person’s bankruptcy or insolvency.

     Section 9.6 Not a Contract of Employment. The Plan is not a contract of employment between the
Employer and any Employee or Participant and does not entitle any Employee or Participant to
continued employment with the Employer.

     Section 9.7 No Representation. The Employer does not represent or guarantee that any
particular federal or state income or other tax consequence will result from participation in the
Plan. A

11

 

Participant or Beneficiary should consult with his or her professional tax advisor to
determine the tax consequences of his or her participation in the Plan. Furthermore, the Employer
does not represent or guarantee successful investment of any amounts deferred under the Plan and
will not be responsible for restoring any loss which may result from any investment (or lack of
investment) under the Plan.

     Section 9.8 Governing Law. The Plan shall be construed and interpreted in accordance with the
applicable federal laws governing unfunded nonqualified deferred compensation plans and, to the
extent otherwise applicable, the laws of the State of Arizona.

     Section 9.9 Severability. If any provision of the Plan is determined by a proper authority to
be illegal or invalid, the remaining portions of the Plan will continue in effect and be
interpreted consistent with the elimination of the illegal or invalid provision.

     Section 9.10 Notice. Any notice given under the Plan will be sufficient if in writing and hand
delivered or sent by registered or certified mail to the Employer’s corporate office (in the case
of a notice sent to the Employer) or to the Participant’s or Beneficiary’s last known address as
reflected in the Employer’s records (in the case of a notice sent to a Participant or Beneficiary).
A notice will be deemed given as of the date of delivery or, if
delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.

     Section 9.11 Successors. The provisions of the Plan shall bind and inure to the benefit of the
Employer and its successors and assigns. For this purpose, the term successors includes any
corporate or other business entity that acquires all or substantially all of the Employer’s
business and assets (whether by merger, consolidation, purchase or otherwise).

     DATED: December 5, 2007.

	 	 	 	 	 

	 	 	SWIFT CORPORATION, a Nevada corporation
	 
	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title	 	Chief Executive Officer
	 

	 	 	 	 

12exv10w9

Exhibit 10.9

SWIFT CORPORATION

2010 PERFORMANCE BONUS PLAN

[Effective January 1, 2010]

1. Establishment and Purpose of Plan

     Swift Corporation, a Nevada corporation (“Company”) hereby establishes this 2010
Performance Bonus Plan (“Plan”). The purpose of the Plan is to enhance the Company’s ability to
attract and retain highly qualified employees and to provide such employees with additional
performance-based financial incentives to promote the success of the Company.

     Unless otherwise specified, capitalized terms used in this Plan are defined in Section 8.

2. Eligibility and Participation

     The Company will determine which employees or categories of employees are eligible to
participate in the Plan, and the terms of such participation, as provided in this Plan.
Participation in the Plan during the Performance Period does not guarantee continued employment or
participation in any subsequent bonus or other compensation plan. Generally, as a condition of
eligibility, an employee must have active, full-time status as an employee, have signed an
alternative dispute resolution (ADR) agreement, and have been employed prior to the beginning of
the Performance Period (except in the case of new employees whose participation in the Plan is
explicitly provided for in an offer letter or, except in the case of any officer or executive vice
president, any other written determination by the Company). Drivers and driver recruiters are not
eligible to participate in this Plan. Participants must be employed by the Company on the Payout
Date in order to be eligible for Actual Bonus Payouts. A Participant will not be considered to be
employed by the Company unless he is actually working for the Company on the Payout Date or he is
not working on that date due to a regularly scheduled day off, holiday, sick leave or vacation
day.

3. Performance Measures and Goals; Targeted Bonus Payouts

     The Compensation Committee has established (a) Performance Goals that must be achieved
for Participants to receive Bonus Payouts for the Performance Period, (b) the weighting assigned
to each Performance Goal, and (c) threshold, target, and maximum targets for each Performance
Goal, as described in Schedule A to this Plan. As soon as practicable after the end of the
Performance Period (but in any event, within 60 days), the Compensation Committee, in its sole and
complete discretion, will certify whether and to what extent the Performance Goals have been
attained for the Performance Period.

 

 

     The Compensation Committee has established Targeted Bonus Payouts for each of the
Company’s executive officers, and the Company’s management has established Targeted Bonus Payouts
for all other Participants, under the Plan.

4. Actual Bonus Payouts

     Actual Bonus’ Payouts to individual Participants will be determined by the Company based upon
the achievement of the Performance Goals, as certified by the Compensation Committee, as well as
on a variety of other factors determined and measured by management including, but not limited to,
overall team performance, terminal or department performance, and individual performance. Actual
Bonus Payouts to the Company’s executive officers must be approved by the Compensation Committee.
As soon as practicable after the end of the Performance Period (but in any event, within 75 days),
the Actual Bonus Payouts, if any, shall be paid. The Company will document the Actual Bonus
Payouts, if any, that are determined by management and paid to the Participants.

     Any Participant who would otherwise be eligible to receive a Bonus Payout but who is not
employed on the Payout Date will forfeit his or her Actual Bonus Payout unless that Participant is
entitled to a pro-rated portion of his or her Actual Bonus Payout according to the terms of his or
her employment or other written agreement with the Company.

5. Administration; Oversight and Interpretation

     The Company is responsible for the administration of the Plan, and may establish such rules
and procedures as it deems necessary or advisable for this purpose. The Compensation Committee is
responsible for establishing the Performance Goals, weightings, and targets under the Plan, as
provided in Section 3, and for the oversight of the Plan. The Company will establish an Appeals
Committee, consisting of two or more persons, to review and consider any and all Participant
claims arising under the Plan with respect to which prior determinations made by the Company have
been appealed by the Participant.

     Except as provided below, the Appeals Committee will have full authority to interpret the
Plan and to make determinations under the Plan, and all such determinations will be final and
conclusive for all purposes and upon all persons. Notwithstanding the foregoing, the Compensation
Committee shall have the sole authority to interpret all of the provisions of the Plan and to make
determinations having to do with the establishment or certification of the Performance Goals, the
application of the Plan to the Company’s executive officers, or any claim made by an executive
officer; the interpretations and determinations made by the Compensation Committee will be final
and conclusive for all purposes and upon all persons.

2

 

     No member of the Appeals Committee shall be liable for any action, omission or
determination relating to the Plan, and the Company shall indemnify and hold harmless each member
of the Appeals Committee, each member of the Compensation Committee, and each other employee of the
Company to whom any duty or power relating to the administration or interpretation of the Plan has
been delegated from and against any cost or expense (including attorneys’ fees) or liability
(including any sum paid in settlement of a claim with the approval of the Compensation Committee)
arising out of any action, omission or determination relating to the Plan, unless, in either case,
such action, omission or determination was taken or made by such member, director or employee in
bad faith and without reasonable belief that it was in the best interests of the Company.

6. Adoption, Amendment and Termination

     This Plan has been adopted by the Company, with the approval of the Compensation Committee.
The Company may, at any time, with the approval of the Compensation Committee, amend, modify,
suspend, or terminate the Plan, including any amendment deemed necessary or desirable to correct
any defect or to rectify an omission or to reconcile any inconsistency in the Plan or in any
Targeted or Actual Bonus Payout, provided that stockholder approval of such amendment is obtained
if required by Section 162(m) of the Code or of the applicable rules of any stock exchange. No
amendment, modification, suspension or termination of the Plan may in any manner affect
Performance Goals previously certified by the Compensation Committee as having been attained, or
Actual Bonus Payouts previously approved by the Compensation Committee, without the consent of the
Participant, unless the Compensation Committee has made a determination that an amendment or
modification is in the best interests of the Company and of all of the Participants. If this Plan
is subject to Section 162(m) of the Code, none of the Performance Goals may be modified once they
have been established, and no amendment or modification may result in an increase in the amount of
an Actual Bonus Payment to any of the Company’s executive officers.

7. Miscellaneous

          (a) The Plan and all determinations made and actions taken under the Plan
will be governed by the laws of the State of Arizona and construed in accordance
therewith.

          (b) Prior to pursuing any equitable or legal action, any individual who
believes that he is entitled to an Annual Incentive payment under the terms of this Plan
must follow these procedures.

3

 

          (i) Within 30 days after the Company has determined and
communicated the amounts of the Actual Bonus Payouts, if any, to Participants, any
Participant who disagrees with the Company’s determination of the Participant’s Actual
Bonus Payout or of any other matter in connection with the Plan must file, in writing, a
written statement with the Appeals Committee, setting forth the amount that the
Participant believes should be paid to him and the basis and underlying facts supporting
such belief. If a Participant does not file a written statement with the Appeals Committee
within such 30-day period, the Appeals Committee’s determination shall be deemed final,
conclusive, and uncontestable.

          (ii) If a written statement is timely filed with the Appeals
Committee, it shall review the written statement and shall determine, in its sole and
complete discretion, whether to confirm the Company’s prior determination or modify, in
whole or in part, that prior determination. This review shall occur within 30 days
following the Appeals Committee’s receipt of the Participant’s written statement. The
Appeals Committee will provide the Participant with written notice of its decision within
15 days following the end of the 30-day review period.

          (iii) If the Participant’s request is denied in whole or in part, the Participant may
pursue applicable equitable or legal remedies; provided, however, that:

          (A) Any such action must be brought within 12 months
of the date on which the Participant receives the Appeals Committee’s
written notice referred to in paragraph (ii) above;

          (B) Any such action must be brought in the Maricopa
County Superior Court in the State of Arizona; and

          (C) In any such action, the Appeals Committee’s
determination (including but not limited to interpretation of Plan
provisions and any findings of fact) shall be treated as final and not
subject to “de novo” review unless shown to be arbitrary and capricious.

     (c) The Company will have the right to deduct from all Actual Bonus
Payouts any taxes required to be withheld with respect to such payments.

     (d) Nothing contained in the Plan shall confer upon any Participant any
right with respect to the continuation of his employment by the Company or interfere in
any way with the right of the Company, subject to the terms of any separate employment
agreement to the contrary, at any time to terminate such employment.

4

 

8. Definitions

     (a) “Actual Bonus Payout” means the bonus payment determined by the
Company’s management to be payable to a Participant.

     (b) “Appeals Committee” means the committee established on behalf of the
Company by the Company’s Chief Executive Officer, for the purpose of hearing the
appeals of claims arising under this Plan.

     (c) “Board” means the Board of Directors of Swift Corporation.

     (d) “Company” means Swift Corporation, a Nevada corporation, and its
subsidiaries and successors.

     (e) “Compensation Committee” means the Compensation Committee of the
Board (or a subcommittee of therof).

     (f) “Payout Date” means the date, not later than 75 days after the end of the
Performance Period, on which Actual Bonus Payouts are paid to Participants. The
Company may, in its discretion, make partial Actual Bonus Payouts during or after the
Performance Period, but prior to the Payout Date.

     (g) “Performance Goal(s)” means one or more performance goals established
by the Committee.

     (h) “Performance Period” means the Company’s fiscal year beginning January 1, 2010, and
ending December 31, 2010.

     (i) “Plan” means the 2010 Performance Bonus Plan, as set forth herein and as may be
amended from time to time.

     (j) “Participant” means an employee of the Company who is eligible to participate in
this Plan.

     (k) “Targeted Bonus Payout” is the payout established by the Committee for each of the
Company’s executive officers and for each pay grade.

	 	 	 	 	 	 	 

	 	 	SWIFT CORPORATION,	 	 
	 	 	a Nevada corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	/s/ Jerry Moyes	 	 
	 

	 	Title
	 	 

CEO & President
	 	 

5

 

SCHEDULE A

SWIFT CORPORATION

2010 PERFORMANCE BONUS PLAN — PERFORMANCE GOALS

The 2010 Performance Bonus Plan (“Plan”) establishes a bonus pool determined with regard to
the Company’s Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”).

For purposes of the Plan, EBITDA means the EBITDA for the Company as defined by the Company’s
Credit Agreement, for the Performance Period, as adjusted to remove the impact of restructuring
charges and severance charges, for gains and losses on divestitures, discontinued operations,
impairments, cancelation of debt income, stock option expense, other unusual and non-recurring
items and unbudgeted material acquisitions and divestitures. All adjustments remain at the
discretion of the Committee.

The specific 2010 Performance Goals, the relative weightings of each, and the payout percentages
are set forth in the following table:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Weighting	 	“Threshold”	 	“Target”	 	“Stretch”	 	“Maximum”
	EBITDA ($M)
	 	 	100	%	 	$	440.0	 	 	$	450.0	 	 	$	475.0	 	 	$	500.0	 
	Target Bonus Pool %*
	 	 	 	 	 	 	50	%	 	 	100	%	 	 	150	%	 	 	200	%

 

			
	*	 	The total payout will not exceed 200% of target. Individual target percentages will be
grade-based.

6

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