Document:

Amendment No. 1 dated April 30, 1999

 
Exhibit 10.35

 
AMENDMENT NO. 1 
TO 
AMENDED AND RESTATED 
RETIREMENT PLAN 
FOR DIRECTORS OF 
CNF TRANSPORTATION INC.

 
The Amended and Restated Retirement Plan for
Directors of CNF Transportation Inc., as amended through the 1994 Restatement (the “Retirement Plan”), is further amended as follows: 
 
1.    Death Benefits 
 
In order to provide more flexibility to Directors in planning their estates, Article IV, subsection (e), is amended in its entirety so as
to read as follows: 
 

	 	“(e)	 	Beneficiary Designation; Death Benefits. 

 
A director may designate a beneficiary for his or her retirement benefits by completing and signing a beneficiary designation form and
returning it to the Committee. A director shall have the right to change a beneficiary at any time without the consent of the beneficiary, by completing, signing and otherwise complying with the Committee’s rules and procedures as in effect
from time to time. Upon the receipt by the Committee of a new beneficiary designation form, all beneficiary designations previously filed shall be canceled. The Committee shall be entitled to rely on the last beneficiary designation form filed by
the director with the Committee prior to death. 
 
In the case of a married director, if the director names someone other than his or her spouse as a primary beneficiary, a spousal consent, in the form designated by the Committee, must be signed by that director’s spouse and
returned to the Committee. No consent is required if it is established to the satisfaction of the Committee that consent cannot be obtained because the spouse cannot be located. 
 
If a director dies after having vested in a benefit under this Plan, but before all payments due to that
director have been made, a lump sum present value of the remaining benefits shall be payable (i) to the beneficiary designated in accordance with the terms of the preceding paragraph, or (ii) if no such beneficiary has been so designated, to the
director’s estate. Present value shall be determined as of the date of death using the published prime rate of Bank of America N.T. & S.A. then in effect.” 
 
 

 
2.    Termination of Plan. 
 
The plan shall terminate as of the effective date set forth in Section 3 hereof; provided, however, the Company’s obligation to make payments of accrued unpaid retirement benefits, in accordance with the terms of
the plan, to directors who retired prior to January 1, 1999 shall survive the termination of the plan. The obligation of the Company to pay the accrued unpaid retirement benefits of all other directors under the plan shall not survive the
termination of the plan, given that other forms of compensation shall have been given to such directors in lieu of their accrued retirement benefits under the plan. 
 
3.    Effective Dates. 
 
 
The changes made pursuant to Section 1 hereof shall be effective as of January 1, 1999. The termination of the Plan pursuant to Section 2 hereof shall be effective December 31, 1999. 
 

	 CNF TRANSPORTATION INC.

	
	 By:
	 	

	 Executed : April 30, 1999

 
 
 

2Amendment No. 2 dated June 28, 1999

 
Exhibit 10.36

 
AMENDMENT NO. 2 
TO 
CNF TRANSPORTATION INC. 
RETURN ON EQUITY PLAN 
1997 RESTATEMENT DATED 12/8/1997 
 
CNF Transportation Inc. (the “Company”) has maintained since 1996 its Return on Equity Plan (the “Plan”) in order to
provide for long-term incentive compensation awards to be made to specified executives of the Company and its affiliates. The Company has recently adopted a new Value Management Plan that will provide for similar types of long-term incentive
compensation awards to be made to executives, and consequently wishes to provide for the termination of the Plan, but at the same time to provide for the payment of awards under the Plan to be made at the end of each of the Award Cycles currently in
progress. The Company also wishes to amend certain provisions of the Plan relating to changes in control of the Company. 
 
The Plan was originally adopted in 1996 and was amended and restated in the 1998 Restatement. The Company hereby amends the 1998
Restatement of the Plan as follows (capitalized terms used herein without definition have the meanings given to those terms in the 1998 Restatement), and the Plan as amended hereby shall be restated in a new 1999 Restatement. 
 
1.    Change in Definition of
“Change in Control.”    The definition of the term “Change in Control” set forth in Section 2.07 of the Plan is amended in its entirety so as to read as follows: 
 
“Change in Control” means a change in control of
the Company, which will be deemed to have occurred if: 
 

	 	(a)	 	any “person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended from time to time (the “Exchange
Act”)(other than (A) the Company or its affiliates, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or its affiliates, and (C) any corporation owned, directly or indirectly, by the
shareholders of the Company in substantially the same proportions as their ownership of the common stock, par value $0.625 per share, of the Company), is or becomes the “beneficial owner” (as defined in Rule 13d_3 under the Exchange Act),
directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly from the Company or its affiliates) representing 25% or more of the combined voting power of the
Company’s then outstanding voting 

 
 

1 

 
securities;

 

	 	(b)	 	the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on June 28, 1999, constitute the
Board of Directors of the Company and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the
election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two_thirds (2/3) of the directors then still in office
who either were directors on June 28, 1999 or whose appointment, election or nomination for election was previously so approved or recommended; 

 

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

 

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

 
 

2 

ownership of the Company immediately prior to such sale or disposition. 
 
2.    Amendment to Section
4.02.    Section 4.02 of the Plan is amended in its entirety so as to read as follows: 
 

	 	“4.02	 	Termination. 

 
The Committee may terminate the Plan at any time; provided however, that unless terminated earlier, the Plan shall automatically
terminate on December 1, 1999. Notwithstanding the termination of the Plan, all awards for all Award Cycles then in progress shall be calculated, and be payable, following the completion of each such Award Cycle, in accordance with the provisions of
Article 3.”  
 
3.    Effective Date; No Other Amendments.    The effective date of this Amendment shall be June 28, 1999. Except as expressly amended hereby, the 1998 Restatement remains in full force
and effect. 
 

	 CNF TRANSPORTATION INC.

	
	 By:
	 	

	 	 	 Eberhard G.H. Schmoller
 Senior Vice President, General
 Counsel and Secretary

	 Executed: June 28, 1999

 
 
 
 

3Amendment No. 3 dated August 21, 2000

 
Exhibit 10.37

 
AMENDMENT NO. 3 
TO 
CNF TRANSPORTATION INC. 
RETURN ON EQUITY PLAN 
1997 RESTATEMENT DATED 12/8/1997 
 
CNF Transportation Inc. (the “Company”) established the Return on Equity Plan (the “Plan”) to provide for certain
long-term incentive compensation awards to be made to eligible employees. The Plan was originally adopted in 1996 and was amended by the 1997 Restatement, and by subsequent amendments to the 1997 Restatement. The Plan was terminated effective
December 1, 1999, but the terms of the Plan remain in effect for purposes of determining the timing and amount of payment for Award Cycles which were in progress on December 1, 1999. The Company hereby amends the 1997 Restatement of the Plan, as
heretofore amended, as follows (capitalized terms used herein without definition have the meanings given to those terms in the 1997 Restatement). 
 
1.    Change in Definition of “End Value.”    In order to conform the manner in
which awards are valued under the Plan to the manner in which awards are valued under the Company’s Value Management Plan, in each case in the event of a Change in Control, the definition of the term “End Value” appearing in Section
2.05 is amended in its entirety so as to read as follows: 
 

	 	“2.05	 	End Value 

 
“End Value” means the book value per common share of the Company on December 31 at the end of the Award Cycle, as reported in
the Company’s Monthly Financial Review. However, if a Participant becomes vested earlier than the last day of the Award Cycle because of one of the several events described below, the End Value shall be (i) in the case of early vesting as a
result of a Change in Control, the book value per common share as of the end of the month immediately preceding such Change in Control and (ii) in all other cases, the book value per common share on December 31 of the calendar year in which the
Participant becomes vested, as such book value is reported in the Company’s Monthly Financial Review.” 
 
2.    Change to Vesting Provisions.    In order to conform the vesting provisions
for awards made under the Plan to the vesting provisions for awards made under the Company’s Value Management Plan, in each case in the event of a Change in Control, Section 2.06 of the Plan is amended in its entirety so as to read as follows:

 

	 	“2.06	 	Vesting 

 
A Participant shall become vested in a ROE Plan Award Cycle (i) if the 
 

1 

 
Participant
is continuously employed by the Company or one of its subsidiaries or affiliates through the entire Award Cycle or (ii) upon the occurrence of one of the events described below prior to the end of the three year Award Cycle: 
 

	 	(a)	 	The Participant’s death. 

 

	 	(b)	 	The Participant’s disability as defined in the Company’s Long Term Disability Plan or a successor to that Plan. 

 

	 	(c)	 	The Participant’s (i) early retirement under the Company’s tax qualified Retirement Plan if the Participant elects within 60 days from the last day of
regular employment to receive monthly pension benefits under such Retirement Plan starting on the first day of the month following the last day of employment, or (ii) normal or deferred retirement under such Retirement Plan.

 

	 	(d)	 	A Change in Control of the Company. 

 
A Participant who terminates from the Company before the last day of an Award Cycle shall forfeit all rights related to the ROE Units
granted for that Award Cycle unless the Participant becomes vested upon the occurrence of one of the events described in clauses (a) through (d) above.” 
 
3.    Change in Definition of “Change in Control.”    The definition of the term
“Change in Control” appearing in Section 2.07 is amended by adding the following new clauses (e) and (f): 
 

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

 

	 	(f)	 	there is consummated the sale of one of the primary business units of the Company, or the sale of the Emery Worldwide Airlines, Inc. business unit; provided,
however, that this clause 

 
 

2 

(f) shall apply only to Participants (i) who, immediately prior to such sale, were
employed by the primary business unit that is sold and (ii) who are not employed by the Company or any of its subsidiaries immediately following such sale or other disposition. 
 
As used in clauses (e) and (f) above: 
 

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

 

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

 

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

 

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

 

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

 
The foregoing notwithstanding, a sale of a business unit shall not be deemed to have occurred for purposes of clauses (e) and (f) above (x) except in the case of a transaction described in clause (B)
above, so long as the Company or any of its Affiliates (as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934, as amended), individually or collectively, own the then outstanding shares of capital stock of the business unit
having 50% or more of the then existing voting power of all outstanding securities of the business unit, (y) in the event of the sale of shares of capital stock of the business unit to any trustee or other fiduciary holding securities under an
employee benefit plan of the Company, the business unit or any other Affiliate of the Company, or (z) in the event of the sale or distribution of shares of capital stock of the business unit to shareholders of the Company, or the sale of assets of
the business unit to any corporation or other entity owned, directly or indirectly, by the shareholders of the 
 
 

3 

Company, in either case in substantially the same proportions as their ownership of stock
in the Company.” 
 
4.     Change in Definition of “Dividend.”    The definition of the term “Dividend” appearing in Section 2.08 is amended in its entirety so as to read as follows:

 

	 	“2.08	 	Dividends 

 
“Dividend” means, for any Award Cycle, the total of all cash dividends for each share of the Company’s common stock during
that Award Cycle. However, if a Participant becomes vested earlier than the last day of the Award Cycle because of one of the several events described above, the term “Dividend” shall mean (i) in the case of early vesting as a result of a
Change in Control, the total of all cash dividends for each share of the Company’s common stock made during the period commencing on the first day of the Award Cycle and ending on the last day of the calendar month immediately preceding such
Change in Control and (ii) in all other cases, the total of all cash dividends for each share of the Company’s common stock made during the period commencing on the first day of the Award Cycle and ending on December 31 of the calendar year in
which the Participant becomes vested.” 
 
5.    Effective Date; No Other Amendments.    The effective date of this Amendment shall be August 21, 2000. Except as heretofore amended and as expressly amended hereby, the 1997
Restatement dated December 8, 1997 remains in full force and effect for purposes of determining the timing and amount of payment for Award Cycles which were in progress on December 1, 1999. 
 

	 CNF TRANSPORTATION INC.

	
	 By:
	 	

	 Name:  Eberhard G.H. Schmoller
 Title:    Senior Vice President, General
              Counsel and Secretary

	  
 Executed: August 21, 2000

 
 
 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]