Document:

Restricted Stock Units Award Agreement

 Exhibit 10.4 

ON SEMICONDUCTOR CORPORATION 

AMENDED AND RESTATED STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNITS AWARD AGREEMENT 

ON Semiconductor Corporation, a Delaware Corporation, (“Company”) hereby grants to «NAME»
(“Grantee”), a Participant in the ON Semiconductor Corporation Amended and Restated Stock Incentive Plan, as amended from time-to-time (“Plan”), a Restricted Stock Units Award (“Award”) for Units (“Units”)
representing shares of the common stock of the Company (“Stock”). This agreement to grant Stock Units (“Grant Agreement”) is made effective as of the      day of
        , 20     (“Grant Date”). 

RECITALS 

A. The Board of Directors of the Company (“Board”) has adopted the Plan as an incentive to retain
employees, officers, and non-employee Directors of, and Consultants to, the Company and to enhance the ability of the Company to attract, retain and motivate individuals upon whose judgment, interest and special effort the successful conduct of the
Company’s operation is largely dependent. 
 B. Under the Plan, the Board has delegated its
authority to administer the Plan to the Compensation Committee of the Board (“Committee”).  

C. The Committee has approved the granting of Units to the Grantee pursuant to the Plan to provide an incentive to
the Grantee to focus on the long-term growth of the Company. 
 D. To the extent not specifically
defined herein or in the Grantee’s Employment Agreement dated                     , (“Employment Agreement”), all
capitalized terms used in this Grant Agreement shall have the meaning set forth in the Plan unless a contrary meaning is set forth in the Employment Agreement. 

In consideration of the mutual covenants and conditions hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Grantee agree as follows: 

1. Grant of Units. The Company hereby grants to the Grantee a Restricted Stock Units Award for
         Units, representing the right to receive the same number of shares of the Company’s Stock, subject to the terms and conditions in this Grant Agreement. This Award is granted pursuant to
the Plan and its terms are incorporated by reference. 
 2. Vesting of Units. The Units will vest
in accordance with the schedule below, subject to paragraph 3 hereof and the Plan: 
 2.1
[33 1/3% of the Units will vest
on [the first anniversary of the Grant Date] [             , 20    ];

 2.2 An additional
[33 1/3% of the Units will vest
on [the second anniversary of the Grant Date] [             , 20    ]; and 

 2.3 The final
[33 1/3% of the Units will vest
on [the third anniversary of the Grant Date] [             , 20    ].]

 3. Termination of Employment or Services. 

3.1 General. Subject to the provisions of paragraph 3.2 below, if the Grantee terminates employment with the
Company for any reason (including upon a termination for Cause), or otherwise ceases to perform services for the Company, any Units that are not vested under the schedule in paragraph 2 above will be canceled and forfeited as of the date of
termination of employment or service. 
 3.2 Change in Control. In the event the Company
terminates the Grantee’s employment or services without Cause (including a deemed termination for Good Reason, if applicable for this Grantee) or terminates Grantee’s services within two (2) years following a Change in Control, then
the unvested portion of the Units shall become immediately vested. 
 4. Time and Form of Payment.
Subject to the provisions of this Grant Agreement and the Plan, as the number of Units vest under paragraph 2 or under paragraph 3 above, as the case may be, the Company will deliver to the Grantee the same number of whole shares of Stock, rounded
up or down. Notwithstanding the preceding, the Company must deliver the shares within 15 days of the applicable Vesting Date. 

5. Nontransferability. The Units granted by this Grant Agreement shall not be transferable by the Grantee
or any other person claiming through the Grantee, either voluntarily or involuntarily, except by will or the laws of descent and distribution or as otherwise provided under Article 13 of the Plan. 

6. Adjustments. In the event of a stock dividend or in the event the Stock shall be changed into or
exchanged for a different number or class of shares of stock of the Company or of another corporation, whether through reorganization, recapitalization, stock split-up, combination of shares, merger or consolidation, there shall be substituted for
each such remaining share of Stock then subject to this Grant Agreement the number and class of shares of stock into which each outstanding share of Stock shall be so exchanged, all as set forth in Section 5.3 of the Plan. 

7. Delivery of Shares. No shares of Stock shall be delivered under this Grant Agreement until (i) the
Units vest in accordance with the schedule set forth in paragraph 2 above or pursuant to paragraph 3 above, as the case may be; (ii) approval of any governmental authority required in connection with the Grant Agreement, or the issuance of
shares thereunder, has been received by the Company; (iii) if required by the Committee, the Grantee has delivered to the Company documentation (in form and content acceptable to the Company in its sole and absolute discretion) to assist the
Company in concluding that the issuance to the Grantee of any share of Stock under this Grant Agreement would not violate the Securities Act of 1933 or any other 

 
applicable federal or state securities laws or regulations; (iv) the Grantee has complied with paragraph 13 below of this Grant Agreement in order for the proper provision for required tax
withholdings to be made; and (v) the Grantee has executed and returned this Grant Agreement to the Company (which, in the case of a Grant Agreement provided to the Grantee in electronic format, requires that the Grantee
click the “ACCEPT” button). This Grant Agreement must be executed no later than the date preceding the first vesting date (described in Section 2 of this Grant Agreement). 

8. Securities Act. The Company shall not be required to deliver any shares of Stock pursuant to the vesting
of Units if, in the opinion of counsel for the Company, such issuance would violate the Securities Act of 1933 or any other applicable federal or state securities laws or regulations. 

9. Voting and Other Stockholder Related Rights. The Grantee will have no voting rights or any other rights
as a stockholder of the Company (e.g., no rights to cash dividends) with respect to nonvested Units until the Units become vested and the Company issues shares of Stock to the Grantee. 

10. Delivery of Documents and Notices. Any document relating to participation in the Plan or any notice
required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Grant Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic
delivery at the e-mail address, if any, provided for the Grantee by the Company or an Affiliate, or upon deposit in the U.S. Post Office or foreign postal service, or with a nationally recognized overnight courier service, with postage and fees
prepaid, addressed to the other party at the current address on file with the Company or at such other address as such party may designate in writing from time-to-time to the other party. 

10.1 Description of Electronic Delivery. The Plan documents, which may include but do not necessarily
include: the Plan, a grant notice, this Grant Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Grantee electronically. In addition, the Grantee may deliver
electronically any grant notice and this Grant Agreement to the Company or to such third party involved in administering the Plan as the Company may designate from time-to-time. Such means of electronic delivery may include but do not necessarily
include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of electronic delivery specified by the Company. 

10.2 Consent to Electronic Delivery. The Grantee acknowledges that the Grantee has read paragraph 10.1
above of this Grant Agreement and consents to the electronic delivery of the Plan documents and any grant notice, as described in paragraph 10.1. The Grantee acknowledges that he or she may receive from the Company a paper copy of any documents
delivered electronically at no cost to the Grantee by contacting the Company by telephone or in writing. 

 11. Administration. This Grant Agreement shall at all times be
subject to the terms and conditions of the Plan and the Plan shall in all respects be administered by the Committee in accordance with the terms of and as provided in the Plan. The Committee shall have the sole and complete discretion with respect
to all matters reserved to it by the Plan and decisions of the majority of the Committee with respect thereto and to this Grant Agreement shall be final and binding upon the Grantee and the Company. In the event of any conflict between the terms and
conditions of this Grant Agreement and the Plan, the provisions of the Plan shall control. 
 12.
Continuation of Employment or Services. This Grant Agreement shall not be construed to confer upon the Grantee any right to continue employment with, or to provide services to, the Company and shall not limit the right of the Company, in
its sole and absolute discretion, to terminate the employment or services of the Grantee at any time. 
 13.
Responsibility for Taxes and Withholdings. Regardless of any action the Company or the Grantee’s actual employer (“Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or
other tax-related items related to the Grantee’s participation in the Plan and legally applicable to the Grantee (“Tax-Related Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items is and remains the
Grantee’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Grantee further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of
any Tax-Related Items in connection with any aspect of the Units, including the grant of the Units, the vesting of Units, the conversion of the Units into shares or the receipt of an equivalent cash payment, the subsequent sale of any shares
acquired at vesting and the receipt of any dividends and/or dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Units to reduce or eliminate the Grantee’s
liability for Tax-Related Items or achieve any particular tax result. Further, if the Grantee has become subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event, the Grantee acknowledges that
the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. 

Prior to any relevant taxable or tax withholding event, as applicable, the Grantee shall pay, or make adequate
arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, pursuant to Article 17 of the Plan, if permissible under local law and unless otherwise provided by the Committee prior to the vesting of
the shares, the Grantee authorizes the Company or the Employer, or their respective agents, to withhold all applicable Tax-Related Items in shares of Stock to be issued upon vesting/settlement of the Units. Alternatively, or in addition, the Grantee
authorizes the Company and/or the Employer, or their respective agents, at the Company’s discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from the
Grantee’s wages or other cash compensation paid to the Grantee by the Company and/or the Employer; (ii) withholding from proceeds of the sale of shares of Stock acquired upon vesting/settlement of the Units either through a voluntary sale or
through a mandatory sale arranged by the Company (on the Grantee’s behalf pursuant to this authorization); or (iii) personal check or other cash equivalent acceptable to the Company. 

The Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding amounts
or other applicable withholding rates. If the obligation for Tax-Related Items is satisfied by withholding a number of shares of Stock as described herein, for tax purposes, the Grantee shall be deemed to have been issued the full number of shares
of Stock subject to the Award, notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax-Related Items due as a result of the Grantee’s participation in the Plan. 

Finally, the Grantee shall pay to the Company or to the Employer any amount of Tax-Related Items that the Company or the
Employer may be required to withhold or account for as a result of the Grantee’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver shares or the proceeds of the sale
of shares of Stock if the Grantee fails to comply with his or her obligation in connection with the Tax-Related Items. 

14. Amendments. This Grant Agreement may be amended only by a written agreement executed by the Company and
the Grantee. 
 15. Integrated Agreement. Any grant notice, this Grant Agreement and the Plan
shall constitute the entire understanding and agreement of the Grantee and the Company with respect to the subject matter contained herein or therein and supersedes any prior agreements, understandings, restrictions, representations, or warranties
between the Grantee and the Company with respect to such subject matter other than those as set forth or provided for herein or therein. To the extent contemplated herein or therein, the provisions of any grant notice and this Grant Agreement shall
survive any settlement of the Award and shall remain in full force and effect. 
 16. Severability.
If one or more of the provisions of this Grant Agreement shall be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby
and the invalid, illegal or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could be deemed null and void shall first be construed, interpreted or revised retroactively to
permit this Grant Agreement to be construed so as to foster the intent of this Grant Agreement and the Plan. 

 17. Counterparts. Any grant notice and this Grant Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

18. Governing Law and Venue. This Grant Agreement shall be interpreted and
administered under the laws of the State of Delaware. 
 For purposes of litigating any dispute that arises
under this grant or this Grant Agreement, the parties hereby submit to and consent to the jurisdiction of the State of Arizona, agree that such litigation shall be conducted in the courts of Maricopa County, Arizona, or the federal courts for the
United States for the District of Arizona, where this grant is made and/or to be performed. 
 19.
Other. The Grantee represents that the Grantee has read and is familiar with the provisions of the Plan and this Grant Agreement, and hereby accepts the Award subject to all of their terms and conditions. 

20. Section 409A Compliance. Section 409A of the Code imposes an additional 20% tax, plus
interest, on payments from “non-qualified deferred compensation plans.” Certain payments under this Grant Agreement could be considered to be payments under a “non-qualified deferred compensation plan.” The additional 20% tax and
interest do not apply if the payment qualifies for an exception to the requirements of Section 409A or complies with the requirements of Section 409A. The Company believes, but does not and cannot warrant or guaranty, that the payments due
pursuant to this Grant Agreement qualify for the short-term deferral exception to Section 409A as set forth in Treasury Regulation Section 1.409A-1(b)(4). Notwithstanding anything to the contrary in this Grant Agreement, if the Company
determines that neither the short-term deferral exception nor any other exception to Section 409A applies to the payments due pursuant to this Grant Agreement, to the extent any payments are due on the Grantee’s termination of employment,
the term “termination of employment” shall mean “separation from service” as defined in Treasury Regulation Section 1.409A-1(h). In addition, if Grantee is a “specified employee” (as defined in Treasury Regulation
Section 1.409A-1(i)) and any payments due pursuant to this Grant Agreement are payable on the Grantee’s “separation from service,” then such payments shall be paid on the first business day following the expiration of the six
month period following the Grantee’s “separation from service.” This Grant Agreement shall be operated in compliance with Section 409A or an exception thereto and each provision of this Grant Agreement shall be interpreted, to
the extent possible, to comply with Section 409A or to qualify for an applicable exception. The Grantee remains solely responsible for any adverse tax consequences imposed upon the Grantee by Section 409A. 

21. Confidentiality. The Grantee acknowledges and agrees that the terms of this Grant Agreement are
considered proprietary information of the Company. The Grantee hereby agrees that Grantee shall maintain the confidentiality of these matters to the fullest extent permitted by law and shall not disclose them to any third party. If the Grantee
violates this confidentiality provision, without waiving any other remedy available, the Company may revoke this Award without further obligation or liability, and the Grantee may be subject to disciplinary action, up to and including the
Company’s termination of the Grantee’s employment for Cause. 
 22. Appendix.
Notwithstanding any provisions in this Grant Agreement, the grant of the Units shall be subject to any special terms and conditions set forth in any appendix (or any appendices) to this Grant Agreement for the Grantee’s country (the
“Appendix”). Moreover, if the Grantee relocates to one of the countries included in the Appendix, the special terms and conditions for such country will apply to the Grantee, to the extent the Company determines that the application of
such terms and conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan. The Appendix constitutes part of this Grant Agreement. 

23. Imposition of Other Requirements. The Company reserves the right to impose other
requirements on the Grantee’s participation in the Plan, on the Units and on any shares of Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the
administration of the Plan, and to require the Grantee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 

 [Alt 1 — IN WITNESS WHEREOF, the Company has caused this Grant
Agreement to be signed by its duly authorized representative and the Grantee has signed this Grant Agreement as of the date first written above.] 

[Alt 2 — IN WITNESS WHEREOF, the Company has caused this Grant Agreement to be electronically signed by its
duly authorized representative and the Grantee, by clicking the “ACCEPT” button, has hereby electronically accepted and acknowledged as of the date first written above this Grant Agreement and its underlying Award subject to all of their
terms and conditions.] 
  

			
	 ON SEMICONDUCTOR CORPORATION

		
	 By:
	 	  

	
	 GRANTEE

		
	 By:Separation Agreement and Release of Claims Adriene B. Bailey

 Exhibit 10.1 

Separation Agreement and Release of Claims 

This Settlement Agreement (the “Agreement”) is between Pacer International, Inc. and Adriene B. Bailey (“you”)
and memorializes our mutual agreement and understanding in connection with the termination of your employment with Pacer International, Inc. (“Pacer”), and its Affiliates (as defined in Section 19 below) (collectively, the
“Company”) and settlement and release of potential claims as noted below. This Agreement shall become effective as set forth in Section 4 below. Accordingly, in consideration of the mutual covenants and agreements contained in
this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pacer and you hereby agree as follows: 

1. Termination of Employment. This Agreement shall constitute the parties’ acknowledgment of the termination of your
employment with Pacer and its Affiliates, including any and all positions held by you as a director or officer of Pacer or any of its Affiliates and any and all positions held by you as administrator or trustee of any employee benefit plan or
related trust maintained or created by or on behalf of Pacer or any of its Affiliates, in all cases effective as of June 2, 2010 (the “Termination Effective Date”). From March 29, 2010 through the Termination Effective
Date, you will continue to serve as an employee of the Company and will provide such assistance in the transition of your responsibilities for the Company and handle such other tasks as assigned to you by the Chief Executive Officer or his designee.
Upon the Termination Effective Date, Pacer shall (a) pay to you any unpaid portion of your base salary for service through the Termination Effective Date, (b) a lump sum amount for all accrued but unused vacation and personal leave time
during your employment (calculated after taking into account your use of 30 vacation days for the period from and including April 22, 2010, through and including June 2, 2010, and (c) reimburse you for any expenses incurred on or
before the Termination Effective Date for which you have not already been reimbursed, subject to and in accordance with the Company’s travel and entertainment policy and provided that such expenses have been previously approved by the Chief
Executive Officer (including $1,100 for club dues paid by you for the current membership year to the extent not reimbursed to you prior to June 2, 2010). 

2. Payments upon Termination of Employment. 

(a) After the later to occur of the Termination Effective Date or eight (8) full days following the execution of this Agreement, and
provided that you have not revoked this Agreement, the Company will make the following payments to you so long as you are not in breach or violation of, or noncompliance with, any provision of this Agreement and do not engage in
any activity or conduct proscribed by Sections 6 through 10 inclusive (regardless of the extent to which such Sections may be enforced under applicable law): 

(i) an aggregate amount equal to $300,000 payable in bi-weekly installments over a period of twelve (12) months
following the Termination Effective Date in such manner and at such times as is generally the Company’s policy for payment of executive compensation; 

(ii) a pro rata bonus (or portion thereof) for the period from January 1, 2010, through the Termination Effective
Date, if any bonus is awarded and payable to you under and in accordance with the Company’s 2010 performance bonus plan as adopted by Pacer’s Board, to be paid if, when and as provided in such bonus plan (it being understood that the award
of any such bonus (or portion thereof) is subject to company-wide, business unit, and/or functional group specific performance criteria and your individual performance assessment for such pro-rated period); and 

 (iii) premiums due for continued group health insurance coverage through the
Company under COBRA through June 30, 2011 or such earlier date on which you become covered by substitute group health insurance, subject to your timely election to continue COBRA coverage. 

(b) Without limiting any other provision of this Agreement, if you die on or after the Termination Effective Date, your heirs,
beneficiaries or estate, as their respective interests may appear (but without duplication), shall be entitled to receive or continue to receive those amounts that would otherwise have been due and payable to you pursuant to this Section 2.

 3. Release. 

(a) For and in consideration of the covenants and agreements of the Company in this Agreement, which are greater than those to which you
would be entitled under any offer letter extended to you by the Company or any of its predecessors (the “Offer Letter”), the Employment Agreement dated as of March 20, 2009, between you and Pacer, as amended (the
“Employment Agreement”), any other agreements between you and the Company or Company severance policy, as well as for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and as a
material inducement to the Company to enter into this Agreement, you hereby knowingly and voluntarily waive, release, acquit and forever discharge Pacer and its Affiliates and their respective shareholders, predecessors, successors, assigns, agents,
directors, officers, employees, attorneys, representatives and Affiliates, and all Persons (as defined in Section 19) acting by, through, under or in concert with any of them (collectively, the “Releasees”), from any and all
charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or
unsuspected, which, from the beginning of time up to and including the date of this Agreement, exist, have existed or may hereafter exist or arise, based on facts occurring on or prior to the date hereof, including without limitation any of the
foregoing arising or existing under or in connection with 
 (i) any such Offer Letter, the Employment Agreement,
the letter dated April 21, 2009 regarding enhanced severance after a change in control, any stock options, restricted stock, any bonus plans or awards, and other equity incentives or awards granted to you, your employment or the termination of
your employment with Pacer or any of its Affiliates, and 
 (ii) any foreign, federal, state, provincial and
local laws, including but not limited to any laws relating to securities, contracts, torts, labor, employment, civil rights, anti-discrimination and other laws and any other restrictions on Pacer’s and its Affiliates’ rights with respect
to the termination, for whatever reason, of the employment of its employees, including the Age Discrimination in Employment Act, Title VII of the Civil Rights Act, the Americans with Disabilities Act of 1990; the Employee Retirement Income Security
Act of 1974 and the Worker Adjustment and Retraining Notification Act (and any state or local analogs thereto), 
 which you or any of your
heirs, executors, administrators, legal representatives, successors-in-interest and/or assigns ever had, now have or at any time hereafter may have, own or hold against any of the Releasees (collectively, the “Released Claims”);
provided, however, that the Released Claims do not include (A) rights that cannot by law be released by private agreement or (B) any of your rights or claims, whenever arising, to be indemnified by Pacer or any of its
Affiliates under and to the extent of the applicable terms and provisions of Pacer’s or such Affiliate’s charter, certificate or articles of incorporation, or by-laws. 

(b) By executing this Agreement, (i) you hereby represent that (x) you have complied with all Company policies and procedures
during the Employment Period and (y) you have not filed or permitted to be filed with any court, governmental or administrative agency, or arbitration tribunal, any of the Released Claims; (ii) you hereby waive any right that you may have
ever had or may now have to commence a Released Claim against the Releasees; (iii) you hereby represent that you have not transferred 

 
or assigned to any other person any of the Released Claims; and (iv) you further covenant and agree not to bring or knowingly participate in any Released Claim or to encourage or permit any
such Released Claim to be filed by any other Person on your behalf. Notwithstanding the foregoing, nothing in this Agreement precludes you from (A) filing a charge, including a challenge to the validity of this Agreement, with the Equal
Employment Opportunity Commission (“EEOC”) or comparable state or municipal fair employment agency or the National Labor Relations Board (“NLRB”) or (B) participating in any investigation or proceeding conducted by the EEOC
or such state or municipal agency or the NLRB or (C) enforcing this Agreement. Nevertheless, through the execution of this Agreement, you acknowledge and agree that you have waived the right to recover on any claims in any legal proceeding
brought by you or on your behalf, other than a claim to enforce this Agreement. You agree further that you will pay Pacer for all costs incurred by Pacer because of your breach of any of these covenants, including reasonable attorneys’ fees and
expenses incurred in defending against any claim brought by you in contravention of this provision. This provision shall not be enforced to the extent it would be inconsistent with federal regulations regarding the ADEA and Older Workers Benefit
Protection Act. In the event of a successful challenge by you to the waiver related to a federal claim of age discrimination in this Agreement, and success on the merits of such a federal age discrimination claim, a federal court may order that the
monies paid to you pursuant to this Agreement be repaid or setoff against any recovery but only up to the amount of any recovery by you. 

(c) You fully understand that, if any fact with respect to any matter covered by this Agreement is found after the execution of this
Agreement to be other than or different from the facts now believed by you to be true, you expressly accept and assume that this Agreement and all releases and waivers herein shall be and remain effective, notwithstanding such difference in facts.
You understand and acknowledge the significance and consequences of this Agreement and of the waivers and release contained in this Agreement, and expressly consent that this Agreement shall be given full force and effect according to each and all
of its express terms and provisions, including those relating to unknown and unsuspected claims, demands, obligations and causes of action, if any. 

(d) Neither this Agreement nor the consideration provided under it nor compliance with it shall be construed as an admission by Pacer,
its Affiliates or by you of any liability or violation of any law, statute, duty, contract, covenant or order. 
 4. ADEA
Waiver, Waiting and Revocation Periods. 
 (a) You expressly acknowledge that (i) you have been advised and instructed
that you have the right to consult an attorney and that you should review the terms of this Agreement with counsel of your own selection; (ii) you have been advised that your waiver and release does not apply to any rights or claims for age
discrimination that may arise after the execution date of this Agreement; (iii) you have been advised that you have up to forty-five (45) days within which to consider the terms of this Agreement and seven (7) days thereafter to
revoke your signature as set forth below; (iv) you have had ample time to study this Agreement and to consult with an attorney; (v) you have carefully read and fully understand all of the terms of this Agreement and are fully aware of the
Agreement’s contents and legal effects; (vi) you execute this Agreement voluntarily, without coercion or duress, and of your own free will; (vii) you understand that you are, through this Agreement, releasing the Releasees (as defined
in Section 3(a) above) from any and all claims you may have against the Releasees; and (viii) you understand that this Agreement is final and binding. You expressly acknowledge and agree that this Agreement constitutes a knowing and
voluntary waiver of rights under the Older Workers Benefit Protection Act. You understand that by signing this Agreement prior to the expiration of forty-five (45) days, you waive your right to consider the Agreement for the entire forty-five
(45) day period. 
 (b) You understand and agree that this Agreement is revocable by you for seven
(7) days following the signing of this Agreement by you, and that this Agreement shall not become effective or enforceable until that period has expired without revocation. This Agreement automatically becomes enforceable and effective on the
eighth (8th) day after the latest date this Agreement
is signed by the parties. This Agreement may be revoked by you by a writing sent to the Company at the address specified in Section 16, by certified mail post-marked no later than the seventh
(7th) day after the Agreement is signed by you
(unless that day is a Sunday or a holiday, in which event the period is extended to the next day there is mail service). 

 5. Company Property. You hereby represent and agree that, on or prior to the
Termination Effective Date or as promptly thereafter as practicable, you will surrender to the Company all handbooks, manuals, keys, badges, computers, cell phones, printers, access cards, credit cards and charge cards of or belonging to or issued
in the name of the Company, all membership cards for memberships maintained by or in the name of the Company, all passwords, access codes, all Confidential Information (as defined in Section 7(b)), all documents, records, and files (including
all copies thereof, regardless of the form or media in which the same exist or are stored) in your possession and belonging or relating to the Company, and any other personal property in your possession belonging to the Company. The foregoing
requirements shall be in addition to, and not by way of limitation of, any other provision of this Agreement. 
 6.
Nondisclosure of Provisions. Except as otherwise compelled by legal or judicial process, you will maintain the confidentiality of, and you will not disclose to any Person, any of the terms or provisions of this Agreement, except for such
disclosures (i) to the Equal Employment Opportunity Commission or comparable state or municipal fair employment agency or (ii) to your attorney, accountant, tax preparer or other professional financial or legal adviser, or other legal
representative, in each case who is in a confidential relationship with you and has been advised of your obligations hereunder and whom you shall cause to comply with this nondisclosure provision, in each case only on a need-to-know basis in
connection with such Person’s services rendered to you or on your behalf. 
 7. Confidential Information.

 (a) From and after the date hereof, you shall not at any time use or disclose, divulge, furnish or make accessible to any
Person any Confidential Information (as defined in Section 7(b)) heretofore acquired or acquired during your employment by the Company for any reason or purpose whatsoever (provided that nothing contained herein shall be deemed to prohibit or
restrict your right or ability to disclose, divulge, furnish or make accessible any Confidential Information (i) to any officer, director, employee, Affiliate or representative of the Company, or (ii) as required by law or judicial process
after giving the Company prompt notice of receipt of any such legal or judicial requirement and reasonable opportunity to seek a protective order in respect thereof), nor shall you make or allow use of any Confidential Information for your own
purposes or benefit or for the purposes or benefit of any other Person except Pacer and its Affiliates. The foregoing obligations are in addition to, and do not replace or modify your common law duties owed to Pacer, nor do they replace or modify
Pacer’s common law and criminal law rights. Further, these rights and obligations, as well as your duty to return Pacer property, are binding whether or not you sign this Agreement. 

(b) For purposes of this Agreement, the term “Confidential Information” means (i) the Intellectual Property Rights
(as defined in Section 7(c)) of Pacer and its Affiliates and (ii) all other information of a proprietary or confidential nature relating to Pacer or any Affiliate thereof, or the business or assets of Pacer or any such Affiliate,
including: books and records; agent and independent contractor lists and related information; customer lists and related information; vendor lists and related information; supplier lists and related information; employee and personnel lists,
policies and related information; contract terms and conditions (including those with customers, suppliers, vendors, independent contractors and agents, and present and former employees); terms and conditions of permits, orders, judgments and
decrees; wholesale, retail and distribution channels; pricing information, cost information, and pricing and cost structures and strategies; marketing, product development and business development plans and strategies; management reports; financial
statements, reports, schedules and other information; accounting policies, practices and related information; business plans, strategic plans and initiatives, forecasts, budgets and projections; and shareholder, board of directors and committee
meeting minutes and related information (in each case whether or not any such information is marked or denoted as confidential); provided, however, that Confidential Information shall not include (A) information that

 
is generally available to the public on the date hereof, or which becomes generally available to the public after the date hereof without action by you, or (B) information that you receive
from a third party who does not have any independent obligation to Pacer or any of its Affiliates to keep such information confidential and which you do not know (or reasonably could not have known) is confidential to the Company or any of its
Affiliates. 
 (c) As used herein, the term “Intellectual Property Rights” means all industrial and
intellectual property rights, including the following (whether patentable or not): patents, patent applications, and patent rights; trademarks, trademark applications, trade names; service marks and service mark applications; trade dress, logos and
designs, and the goodwill associated with the foregoing; copyrights and copyright applications; certificates of public convenience and necessity, franchises and licenses; trade secrets, know-how, proprietary processes and formulae, inventions,
improvements, devices and discoveries; development tools; marketing materials; instructions; Confidential Information; and all documentation and media constituting, describing or relating to the foregoing, including manuals, memoranda and records.

 8. Noncompetition Covenant. 

(a) You acknowledge and agree that you have received significant and substantial benefits from your employment with the Company, including
the remuneration, compensation and other consideration inuring to your benefit, as well as introductions to, personal experience with, training in and knowledge of Pacer and its Affiliates, the industries in which they engage, and third parties with
whom they conduct business. Accordingly, in consideration of the foregoing, and the payments made and to be made to you in connection with your employment relationship with the Company and under this Agreement, you agree that you will not during the
twelve (12) month period beginning on the Termination Effective Date (the “Noncompetition Period”), for any reason: 

(i) in any city or county in any state or province of the United States, Canada or Mexico where Pacer or any of its
Affiliates conducts business during the Non-Competition Period, directly or indirectly engage or participate in any Competing Business (as defined in Section 8(b) below) (whether as an officer, director, employee, partner, consultant, holder of
an equity or debt investment, lender or in any other manner, or capacity, including by the rendering of services or advice to any Person), or lend your name (or any part or variant thereof) to, any Competing Business; 

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

(iii) take any action to solicit, encourage or induce any customer, vendor, agent or contractor doing business with Pacer
or any of its Affiliates, or any officer, director, employee or agent of Pacer or any of its Affiliates: 
 (A)
to terminate or alter in any manner adverse to Pacer and its Affiliates its business, commercial, employment, agency or other relationship with Pacer or such Affiliate (including any action to do business or attempt to do business with, or to hire,
retain, engage or employ or attempt to hire, retain, engage or employ, any customer, vendor, agent or contractor, or any officer, director or employee, of Pacer or any of its Affiliates); 

to become a customer, vendor, agent or contractor, or an officer, director or employee, of you, your Affiliates or any other Person; or 

(B) to engage in any Competing Business; or 

 (iv) engage in or participate in, directly or indirectly, any business
conducted under any name that shall be the same as or similar to the name of Pacer or any of its Affiliates or any trade name used by any of them. 

Ownership by you for investment purposes only of less than 2% of the outstanding shares of capital stock or class of debt securities of any Person with
one or more classes of its capital stock listed on a national securities exchange or actively traded in the over-the-counter market shall not constitute a breach of the foregoing covenant. 

(b) As used herein, the term “Competing Business” means any transportation or other business that Pacer or any of its
Affiliates has engaged in at any time during the Employment Period in any city or county in any country, state or province of the United States, Canada or Mexico, including any such business directly or indirectly engaged in providing any of the
following: 
 (i) intermodal marketing or rail or intermodal brokerage services (whether in connection with
domestic or international shipments or customers), car fleet management services, and railcar brokerage and management services; 

(ii) highway brokerage services, including full trailer load, less than trailer load, trailer fleet management and depot
operations services; 
 (iii) international freight transportation services, including ocean forwarding, custom
house brokerage, ocean carrier services (including NVOCC operations), import/export air forwarding services, and special project services; 

(iv) dry van trucking services, port and rail depot cartage services (whether in connection with domestic or international
shipments or customers), and local and regional trucking services (including full truckload and less-than-truckload motor carrier services); 

(v) freight consolidation and handling services, including third party warehouse, cross dock, consolidation,
deconsolidation and distribution services; 
 (vi) comprehensive transportation management programs and services
to third party customers, including supply chain and traffic management services, carrier rate and contract management services, logistics optimization planning, and vendor bid optimization; or 

(vii) intermodal rail equipment (including double-stack rail car, container and chassis) supply and management services,
including doublestack transportation services. 
 9. Non-Disparagement. You will not make any public or private statement
or take any action that is, or that is intended to be, slanderous, libelous, derogatory, harmful, damaging, detrimental or otherwise adverse to Pacer or its Affiliates or their respective officers, directors or employees, or their respective
businesses, operations, prospects, affairs, or reputations among their respective customers, vendors, lenders, investors, analysts, competitors, employees, agents, consultants, contractors and representatives; provided, however, that
the foregoing is not intended to limit your ability to answer truthfully any questions of fact (as opposed to questions as to your opinion or belief) that may be put to you under oath in any litigation, arbitration or governmental investigative
proceeding. 
 10. Transition and Litigation Assistance. If requested by Pacer and for a reasonable time after
termination, you agree to cooperate with Pacer in connection with the transition of any matters on which you were working to other personnel within Pacer. At the request and expense of the Company upon reasonable notice (including, for the time
involved after twelve months have elapsed from the Termination Effective Date, a reasonable payment based on your per diem earnings on the Termination Effective Date and to the extent that you can render such assistance without materially adversely
affecting your other business obligations to your employer or other third party), you shall furnish such information and assistance to Pacer and its Affiliates as the Company may reasonably require in connection with any issue, claim or litigation
in which Pacer or any of its Affiliates may be involved. 

 11. Remedies. You acknowledge and agree that the provisions of this Agreement (including
Sections 6 through 10 inclusive) are of a special and unique nature, the loss of which cannot be adequately compensated for in damages by an action at law, and that the breach or threatened breach of any of these provisions would cause the Company
irreparable harm. Accordingly, you agree that in the event of a breach or threatened breach of any of the covenants contained in this Agreement (including Sections 6 through 10 inclusive), the Company shall be entitled to (1) immediate relief
enjoining such breach or threatened breach in any court or before any judicial body having jurisdiction over such a claim, and you waive any requirement that the Company post a bond or other security or prove that monetary damages are inadequate,
and (2) a refund of a portion of the severance pay amounts paid after the date that such breach commenced. All rights and remedies provided for in this Agreement are cumulative, are in addition to any other rights and remedies provided for by
law, and may, to the extent permitted by law, be exercised concurrently or separately. The exercise of any one right or remedy shall not be deemed to be an election of such right or remedy or to preclude the exercise or pursuit of any other right or
remedy. 
 12. Severability. It is the desire and intent of the parties that the provisions of this Agreement shall be
enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any provision of this Agreement is determined to be partially or wholly invalid, illegal or
unenforceable in any jurisdiction, then such provision shall, as to such jurisdiction, be modified or restricted to the extent necessary to make such provision valid, binding and enforceable, or if such provision cannot be so modified or restricted,
then such provision shall, as to such jurisdiction, be deemed to be excised from this Agreement; provided, however, that the legality, binding effect and enforceability of the remaining provisions of this Agreement, to the extent the
economic benefits conferred on the parties by virtue of this Agreement remain substantially unimpaired, shall not be affected or impaired in any manner, and any such invalidity, illegality or unenforceability with respect to such provisions shall
not invalidate or render unenforceable such provision in any other jurisdiction. 
 13. Expenses; Taxes. Each party
hereto shall bear his or its own expenses incurred in connection with this Agreement (including legal, accounting and any other third party fees, costs and expenses and all federal, state, local and other taxes and related charges incurred by such
party). All references herein to remuneration, compensation and other consideration payable by Pacer or any of its Affiliates hereunder to or for the benefit of you or your heirs, representatives, or estate are to the gross amounts thereof before
reductions, set-off, or deduction for taxes and other charges referred to below, and all such remuneration, compensation and other consideration shall be paid net of and after reduction, set-off and deduction for any and all applicable withholding,
F.I.C.A., employment and other similar federal, state and local taxes and contributions required by law to be withheld by Pacer or any such Affiliate. 

14. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the domestic laws of the
State of Florida applicable to contracts made and to be wholly performed in such State, without giving effect to any choice or conflict of law provision or rule (whether of the State of Florida or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of Florida. 
 15. Binding Effect. The terms and
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and estates, as applicable. This Agreement shall not be assignable by you without the
prior written consent of Pacer (acting with approval of its Board of Directors). Except as expressly provided in this Agreement, this Agreement shall not confer any rights or remedies upon any Person other than the parties hereto and their
respective successors, permitted assigns, representatives, heirs and estates, as applicable. 
 16. Notices. (a) All
notices or other communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, sent by nationally-recognized, 

 
overnight courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other address for a party as shall
be specified by like notice): 
 if to the Company, to: 

Pacer International, Inc. 

One Independent Drive, Suite 1250 

Jacksonville, FL 32202 

Attention: General Counsel 

if to you, to your last address shown in the Company’s personnel records: 

(b) All such notices and other communications shall be deemed to have been given and received (i) in the case of personal delivery,
on the date of such delivery, (ii) in the case of delivery by nationally-recognized, overnight courier, on the next business day where sent following dispatch, and (iii) in the case of mailing, on the third business day where sent next
following such mailing. In this Agreement, the term “business day” means, as to any location, any day that is not a Saturday, a Sunday or a day on which banking institutions in such location are authorized or required to be closed.

 17. Entire Agreement; Amendment and Waiver. This Agreement embodies the entire agreement and understanding by and
between the parties hereto with respect to the subject matter hereof and supersedes and preempts any and all prior and contemporaneous understandings, agreements, arrangements, representations or communications (whether written or oral) by or
between the parties relating to the subject matter hereof. You acknowledge that the unvested portion of the restricted stock granted to you are null and void and of no further force or effect on and as of the Termination Effective Date. Other than
this Agreement and the restricted stock agreement, there are no other understandings, agreements, arrangements, representations or communications continuing in effect relating to the subject matter hereof. You are not signing this Agreement in
reliance upon any promise, representation or warranty not expressly contained in this Agreement. Any oral representations regarding this Agreement shall have no force or effect. No waiver, amendment or modification of any provision of this Agreement
shall be effective unless in writing and signed by each party hereto. No failure or delay by any party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof or of any other right, power or remedy. The waiver
by any party hereto of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other or subsequent breach by such other party. 

18. Counterparts and Facsimile or Imaged Execution. This Agreement may be executed in two or more counterparts, and each such
counterpart shall be an original instrument, but all such counterparts taken together shall be considered one and the same agreement, effective when one or more counterparts have been signed by each party and delivered to the other parties, it being
understood that all parties need not sign the same counterpart. Any signed counterpart delivered by facsimile or imaged document shall be deemed for all purposes to constitute such party’s good and valid execution and delivery of this
Agreement. 
 19. Other Construction and Interpretation Provisions. The use in this Agreement of the term
“including” means “including, without limitation.” The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”, “hereinafter”, and other words of similar import refer
to this Agreement as a whole, and not to any particular article, section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references to articles, sections, subsections, clauses, paragraphs, schedules and attachments
mean such provisions of this Agreement, except where otherwise stated. The section headings in this Agreement are for convenience only and shall not control or affect the meaning of any provision of this Agreement. The use herein of the masculine,
feminine or neuter forms shall also denote the other forms, as in each case the context may require. If, and wherever, specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed
to 

 
modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement has been chosen by the parties to express their mutual
intent, and no rule of strict construction shall be applied against any party. Unless otherwise provided herein, the measure of one month or year for purposes of this Agreement shall be that date of the following month or year corresponding to the
starting date, except that, if no corresponding date exists, the measure shall be the next day of the following month or year (e.g., one month following February 8 is March 8, and one month following March 31 is May 1).
The term “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with such Person, where
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. The
term “Person” shall be construed as broadly as possible and shall include an individual or natural person, a partnership (including a limited liability partnership), a corporation, a limited liability company, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization, a business, and any other entity, including a governmental entity such as a domestic or foreign government or political subdivision thereof, whether on a federal, state,
provincial or local level and whether legislative, executive, judicial in nature, including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof. 

20. Jury Trial Waiver. THE PARTIES WISH THAT APPLICABLE LAWS APPLY TO THE RESOLUTION OF ANY DISPUTES ARISING UNDER THIS AGREEMENT
AND THE SUBJECT MATTER HEREOF, AND THAT THEIR DISPUTES BE RESOLVED BY AN EXPERIENCED PERSON APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND APPLICABLE LAWS, THE PARTIES HERETO
WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS RELATED HERETO. YOU UNDERSTAND THAT THE WAIVER OF THE RIGHT TO A TRIAL BY JURY IS AN
IMPORTANT RIGHT WHICH YOU HEREBY FOREGO. 
 21. Jurisdiction and Venue; Service of Process. The parties hereto
(i) agree that all disputes among them arising out of, connected with, related to, or incidental to this Agreement shall be resolved exclusively by state or federal courts located in Jacksonville, Florida, or any appellate court from any
thereof, or by an arbitrator located in Jacksonville, Florida, in such cases where both parties hereto have expressly agreed to binding arbitration, (ii) irrevocably submit to the jurisdiction of such courts and waive any objection to venue or
defense of an inconvenient forum for any proceeding in any such court, and (iii) agree that the mailing by certified or registered mail, return receipt requested, of any process required by any such court shall constitute valid and lawful
service of process against them, without the necessity for service by any other means provided by law. 

 Please acknowledge your acceptance of and agreement with the foregoing terms by signing the
enclosed counterpart of this letter agreement in the space provided below and returning it to the Company at the address stated in Section 16 above. 

 

			
	PACER INTERNATIONAL, INC.
		
	 By:
	 	 /s/ Michael F. Killea

	 Name:
	 	Michael F. Killea
	 Title:
	 	Executive Vice President

  

	
	Accepted and agreed to:
	
	 /s/ Adriene B. Bailey

	 Adriene B. Bailey

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