Document:

exv10w51

Exhibit 10.51

CON-WAY INC.

2005 DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

AMENDED AND RESTATED DECEMBER 2008

 

 

CON-WAY INC.

2005 DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

AMENDED AND RESTATED DECEMBER 2008

TABLE OF CONTENTS

	 	 	 	 	 
	Preamble
	 	 	3	 
	ARTICLE 1 Definitions
	 	 	3	 
	1.1 Account Balance
	 	 	3	 
	1.2 Administrative Appendix
	 	 	3	 
	1.3 Annual Deferral Amount
	 	 	4	 
	1.4 Beneficiary
	 	 	4	 
	1.5 Board
	 	 	4	 
	1.6 Change in Control
	 	 	4	 
	1.7 Claimant
	 	 	4	 
	1.8 Code
	 	 	4	 
	1.9 Committee
	 	 	4	 
	1.10 Common Stock
	 	 	4	 
	1.11 Company
	 	 	4	 
	1.12 Con-way Administrative Committee
	 	 	4	 
	1.13 Director
	 	 	4	 
	1.14 Distribution Event
	 	 	4	 
	1.15 Dividend Equivalent
	 	 	4	 
	1.16 Dollar-Denominated Account
	 	 	5	 
	1.17 Election Form
	 	 	5	 
	1.18 ERISA
	 	 	5	 
	1.19 Fair Market Value
	 	 	5	 
	1.20 Fixed Date Distribution
	 	 	5	 
	1.21 Participant
	 	 	5	 
	1.22 Phantom Stock Account
	 	 	5	 
	1.23 Phantom Stock Unit
	 	 	5	 
	1.24 Plan
	 	 	5	 
	1.25 Plan Administrator
	 	 	5	 
	1.26 Plan Entry Date
	 	 	5	 
	1.27 Plan Sponsor
	 	 	5	 
	1.28 Plan Year
	 	 	5	 
	1.29 Prime Rate
	 	 	5	 
	1.30 Separation from Service
	 	 	5	 
	1.31 Spouse
	 	 	6	 
	1.32 Subsidiary
	 	 	6	 
	1.33 Termination Benefit
	 	 	6	 
	1.34 Termination of Service
	 	 	6	 
	1.35 Unforeseeable Financial Emergency
	 	 	6	 
	ARTICLE 2 Eligibility, Enrollment
	 	 	7	 
	2.1 Eligibility
	 	 	7	 
	2.2 Enrollment Requirement
	 	 	7	 
	2.3 Commencement of Participation
	 	 	7	 

i

 

	 	 	 	 	 
	ARTICLE 3 Distribution to Participant
	 	 	7	 
	3.1 Fixed Date Distribution
	 	 	7	 
	3.2 Withdrawal Payout/Suspensions for Unforeseeable Emergencies
	 	 	8	 
	3.3 Termination Benefit
	 	 	8	 
	3.4 Payment of Termination Benefit
	 	 	8	 
	ARTICLE 4 Distribution to Beneficiary
	 	 	9	 
	ARTICLE 5 Termination, Amendment or Modification
	 	 	9	 
	5.1 Termination
	 	 	9	 
	5.2 Amendment
	 	 	10	 
	5.3 Effect of Payment
	 	 	10	 
	ARTICLE 6 Administration
	 	 	10	 
	6.1 Powers and Authority of the Company
	 	 	10	 
	6.2 Plan Administrator
	 	 	11	 
	6.3 Binding Effect of Decisions
	 	 	12	 
	6.4 Indemnification
	 	 	12	 
	6.5 Stock Subject to the Plan
	 	 	12	 
	6.6 Equitable Adjustment
	 	 	12	 
	ARTICLE 7 Miscellaneous
	 	 	13	 
	7.1 Unsecured General Creditor
	 	 	13	 
	7.2 Subsidiaries’ Liability
	 	 	13	 
	7.3 Company’s Liability
	 	 	13	 
	7.4 Nonassignability
	 	 	13	 
	7.5 Furnishing Information
	 	 	14	 
	7.6 Captions
	 	 	14	 
	7.7 Governing Use
	 	 	14	 
	7.8 Notice
	 	 	14	 
	7.9 Successors
	 	 	14	 
	7.10 Spouse’s Interest
	 	 	14	 
	7.11 Incompetence
	 	 	14	 
	7.12 Saving Clause
	 	 	15	 
	7.13 Legal Fees To Enforce Rights
	 	 	15	 
	7.14 Payment of Withholding
	 	 	15	 
	7.15 Coordination with Other Benefits
	 	 	15	 

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CON-WAY INC.

2005 DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

AMENDED AND RESTATED DECEMBER 2008

Preamble

WHEREAS, the purpose of this Plan is to enhance the motivational value of the fees paid to
non-employee directors who contribute materially to the continued growth, development and future
business success of the Company and its subsidiaries by providing them the opportunity to defer
cash compensation; and

WHEREAS, the Plan is intended to aid the Company and its subsidiaries in attracting and retaining
directors and give them an incentive to increase the profitability of the Company and its
subsidiaries; and

WHEREAS, the Company has been treating amounts deferred on and after January 1, 2005, in good faith
compliance with Code Section 409A and the regulations and Internal Revenue Service guidance
(including Notice 2005-1) thereunder (“Section 409A”);

WHEREAS, effective January 1, 2008 “the Company amended and restated the Plan to comply with the
provisions of Section 409A; and.

WHEREAS, the Company hereby further amends and restates the Plan for additional Section 409A
compliance purposes, effective January 1, 2009 (the “Effective Date”). For the period from January
1, 2005 through December 31, 2008, the Plan observed operational compliance with Code section 409A,
in accordance with transitional guidance issued by the Internal Revenue Service.

ARTICLE 1

Definitions

For purposes hereof, unless otherwise clearly apparent from the context, the following phrases or
terms shall have the following indicated meanings:

	1.1	 	“Account Balance” means the sum of (i) amounts credited to a Participant’s Dollar-Denominated
Account, plus (ii) Phantom Stock Units credited to a Participant’s Phantom Stock Account,
reduced by (iii) all distributions made in accordance with the terms and conditions of this
Plan. This account shall be a bookkeeping entry only and shall be utilized solely as a device
for the measurement and determination of the amounts to be paid to a Participant pursuant to
this Plan.
	 
	1.2	 	“Administrative Appendix” means the rules and procedures governing the administration of this
Plan, as set forth in a separate appendix which by this reference is specifically incorporated into this Plan.

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	1.3	 	“Annual Deferral Amount” means that portion of a Participant’s annual retainer fee, meeting
fees, and chair fees, if applicable, that a Participant elects to have and is deferred, in
accordance with the Plan, for any one Plan Year. In the event of a Separation from Service
prior to the end of a Plan Year, such year’s Annual Deferral Amount shall be the actual amount
withheld prior to such event.
	 
	1.4	 	“Beneficiary” means one or more persons, trusts, estates or other entities, designated in
accordance with the Plan, that are entitled to receive benefits under this Plan upon the death
of a Participant.
	 
	1.5	 	“Board” means the Board of Directors of the Company.
	 
	1.6	 	“Change in Control” means the occurrence of an event described in Code Section 409A(a)(2)(v).
	 
	1.7	 	“Claimant” means any Participant or Beneficiary of a deceased Participant who makes a claim
for determination under the Plan.
	 
	1.8	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	1.9	 	“Committee” means the Director Affairs Committee of the Board or its delegate.
	 
	1.10	 	“Common Stock” means the common stock, par value $0.625 per share, of the Company.
	 
	1.11	 	“Company” means Con-way Inc., a Delaware corporation.
	 
	1.12	 	“Con-way Administrative Committee” means the committee delegated by the Compensation
Committee of the Board to serve as the named fiduciary of the Company’s tax-qualified
retirement plans.
	 
	1.13	 	“Director” means a member of the Board who is not an employee of the Company or any
Subsidiary.
	 
	1.14	 	“Distribution Event” shall mean: (a) in the case of a withdrawal for an Unforeseeable
Financial Emergency, the date the Plan Administrator approves the payout, provided that a
Distribution Event shall only be deemed to have occurred for the portion of the Participant’s
Account Balance that is approved to be paid out; (b) in the case of death, the date of
death; (c) in the case of a Fixed Date Distribution, the last day of the Plan Year
immediately preceding the Plan Year chosen by the Participant on the Election Form for such
distribution; and (d) in the case of a Termination Benefit, the last day of the Plan Year in
which the Termination of Service occurred.
	 
	1.15	 	“Dividend Equivalent” means an amount representing the dividend paid on that number of shares
of Common Stock equal to the number of Phantom Stock Units credited to a Participant’s Phantom
Stock Account as of the record date for such dividend.

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	1.16	 	“Dollar-Denominated Account” shall mean that portion of a Participant’s Account Balance that
is not credited to such Participant’s Phantom Stock Account.
	 
	1.17	 	“Election Form” means the form established from time to time by the Plan Administrator that a
Participant completes, signs and returns to make a deferral election under the Plan. Deferral
elections may be made in the format and manner specified by the Plan Administrator (or its
delegate), including electronically.
	 
	1.18	 	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
	 
	1.19	 	“Fair Market Value” of a share of Common Stock as of a particular date shall mean the closing
price per share of Common Stock on the New York Stock Exchange on the last trading day
immediately preceding such date.
	 
	1.20	 	“Fixed Date Distribution” means a distribution of an Annual Deferral Amount, plus returns
credited in accordance with the Plan, to be made during a future month of January as
previously and timely elected by the Participant.
	 
	1.21	 	“Participant” for any Plan Year means any Director who commences participation in accordance
with Article 2.
	 
	1.22	 	“Phantom Stock Account” shall mean that portion of a Participant’s Account Balance which is
credited with Phantom Stock Units.
	 
	1.23	 	“Phantom Stock Unit” shall mean a unit which shall at all times be equal in value to one
whole share of Common Stock.
	 
	1.24	 	“Plan” means the Company’s 2005 Deferred Compensation Plan for Non-Employee Directors,
Amended and Restated December 2008, as evidenced by this instrument, as amended from time to
time.
	 
	1.25	 	“Plan Administrator” means the Committee or any person or persons to whom the Committee delegates its
authority or any portion thereof.
	 
	1.26	 	“Plan Entry Date” means January 1 of each Plan Year.
	 
	1.27	 	“Plan Sponsor” means the Company.
	 
	1.28	 	“Plan Year” means the period beginning on January 1 of each year and continuing through
December 31 of that year.
	 
	1.29	 	“Prime Rate” means the published Bank of America prime rate, or such other rate as the Plan
Administrator may select. For each calendar quarter, the rate shall be the published rate in
effect as of the first day of such quarter.
	 
	1.30	 	“Separation from Service” means the termination of a Participant’s personal

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services to the Company and each of its Subsidiaries (whether or not the Subsidiary participates in this Plan)
on account of death or Termination of Service.

	1.31	 	“Spouse” has the meaning set forth in the Defense of Marriage Act of 1996 (P.L. 104-199), as
amended. (As of January 1, 2005, this definition is a legal union between one man and one
woman as husband and wife.)
	 
	1.32	 	“Subsidiary” means any entity in an unbroken chain of entities beginning with the Company if
each of the entities other than the last entity in the unbroken chain owns at least fifty
percent (50%) of the other entities in such chain.
	 
	1.33	 	“Termination Benefit” means the benefit set forth in Section 3.3.
	 
	1.34	 	“Termination of Service” means a Separation from Service for any reason other than death. A
Termination of Service is deemed to have occurred for purposes of this Plan on the date when
the Participant and the Company reasonably anticipate that the level of bona fide services to
be provided by the Participant will be permanently reduced to forty nine percent (49%) or less
of the average level of bona fide services provided in the immediately preceding period of
twelve (12) consecutive months.
	 
	 	 	If the Participant is on a paid leave of absence, the Participant shall continue to be
considered to serve as a Director and be treated as providing services at a level equal to
the level of services that the Participant would have been required to perform to earn the
amount of compensation paid during the paid leave of absence; deferral elections, if any,
made by such Participant for that Plan Year shall continue to apply.
	 
	 	 	If the Participant is on an unpaid leave of absence, in the absence of a Termination of
Service within the meaning of this Plan, the Participant shall continue to be considered to
serve as a Director; the Participant shall be excused from making deferrals until the
earlier of the date the leave of absence expires or the Participant returns to a paid
status. Upon such expiration or return, deferrals shall resume for the remaining portion of
the Plan Year in which the expiration or return occurs, based on the deferral elections, if
any, made for that Plan Year, with no make-up for the period of the leave of absence.
	 
	1.35	 	“Unforeseeable Financial Emergency” means a severe financial hardship to the Participant
resulting from (i) an illness or accident of the Participant, the Participant’s spouse, a
designated Beneficiary of the Participant, or a dependent (as defined in Code Section 152
without regard to Sections 152(b)(1), (b)(2), and (d)(1)(8)) of the Participant, (ii) loss of
the Participant’s property due to casualty (including the need to rebuild a home following
damage to a home not covered by insurance, for example, not as a result of a natural
disaster), or (iii) other similar extraordinary and unforeseeable circumstances arising as a
result of

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events beyond the control of the Participant. For example, the imminent foreclosure
of or eviction of the Participant’s primary residence may constitute an Unforeseeable
Financial Emergency. In addition, the need to pay for medical expenses, including
non-refundable deductibles, as well as for the costs of prescription drug medication, may
constitute an Unforeseeable Financial Emergency. Finally, the need to pay for the funeral
expenses of a spouse, Beneficiary, or a dependent (as defined herein) may also constitute an
Unforeseeable Financial Emergency. Except as may be otherwise provided in the Treasury
Regulations under Code section 409A, the purchase of a home and the payment of college tuition
are not Unforeseeable Financial Emergencies.

ARTICLE 2

Eligibility, Enrollment

	2.1	 	Eligibility. Participation in the Plan shall be limited to Directors.
	 
	2.2	 	Enrollment Requirement. The Plan Administrator shall establish from time to time
such enrollment requirements as it determines in its sole discretion are necessary.
	 
	2.3	 	Commencement of Participation. Provided a Director has met all enrollment
requirements set forth by the Plan Administrator, the Director may commence participation in
the Plan on the Plan Entry Date that immediately follows the Director’s election to
participate in the Plan.
	 
	 	 	In the event that a Participant ceases to be a Director on account of becoming an employee
of the Company or any Subsidiary during a Plan Year, then any existing deferral elections
will continue in effect for such Plan Year and will apply exclusively to applicable amounts
paid to the Participant in his capacity as an “inside” director for the remainder of that
Plan Year, but not to any amounts paid to the Participant in his capacity as an employee.
Subsequently, the Participant will not be permitted to make any additional deferral
elections as a director with respect to this Plan until the January 1 following the date the
Participant is no longer an employee of the Company or any Subsidiary, so long as the
Participant is a Director as of such date.

ARTICLE 3

Distribution to Participant

	3.1	 	Fixed Date Distribution.

	 	(a)	 	In connection with each election to defer an Annual Deferral Amount, a
Participant may, subject to subsection (b), elect to receive a distribution from the
Plan with respect to that Annual Deferral Amount in the month of January one or more
years after the Plan Year of deferral and prior to

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Termination of Service. This Fixed Date Distribution shall be an amount that is equal to the sum of the Annual Deferral
Amount and returns credited in accordance with the Plan. The calendar year in which
the Fixed Date Distribution is made or commences shall be elected at the time of the
election to defer the Annual Deferral Amount and is irrevocable. The Fixed Date
Distribution shall be paid in a lump sum or annual installments over a period of up to
five (5) years, as determined in accordance with the rules in Section 3.4.

	 	(b)	 	If a Participant who has elected one or more Fixed Date Distributions has a
Termination of Service before the start of the Plan Year in which the Participant’s
Fixed Date Distribution is to be made or commenced, the Participant’s Account Balance
shall be paid at the time and in the form elected by the Participant in accordance with
Section 3.4 and not as the Fixed Date Distribution.

	3.2	 	Withdrawal Payout/Suspensions for Unforeseeable Emergencies. If the Participant
experiences an Unforeseeable Emergency, the Participant may petition the Plan Administrator to
(i) suspend any deferrals required to be made by a Participant and/or (ii) receive a partial or full payout from the Plan. The Plan
Administrator may, in its sole discretion, accept or deny such petition. Any suspension or
payout shall not exceed the lesser of the Participant’s Account Balance, calculated as if
such Participant were receiving a Termination Benefit, or the amount necessary to satisfy
such Unforeseeable Emergency plus amounts necessary to pay taxes reasonably anticipated as a
result of the distribution, after taking into account the extent to which such hardship is
or may be relieved through reimbursement or compensation by insurance or otherwise or by
liquidation of the Participant’s assets (to the extent the liquidation of such assets would
not itself cause severe financial hardship). If the petition for a suspension and/or payout
is approved, suspension shall take effect upon the date of approval and any payout shall be
made within 60 days of the date of approval.
	 
	3.3	 	Termination Benefit. Upon a Participant’s Termination of Service, the Participant
shall be entitled to receive a Termination Benefit, payable in accordance with the terms of
Section 3.4, which shall be equal to the Participant’s Account Balance determined as of the
date of the Termination of Service, plus returns credited to the Participant’s Account Balance
in accordance with the Plan.
	 
	3.4	 	Payment of Termination Benefit. A Participant may elect on the Election Form prior
to the beginning of each Plan Year to receive the Termination Benefit for such Plan Year in a
lump sum or in annual installments over a period of up to five (5) years. The lump sum
payment or the first installment shall be made in the month of January of the year following
the Plan Year in which the Termination of Service occurs. For purposes of payment, the
Participant’s Account Balance shall be divided into subaccounts, one for each year elected by
the Participant. Notwithstanding the foregoing —

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	 	(a)	 	Payment shall be made in a lump sum as follows in lieu of any different form
provided on the Election Form then in effect:

	 	(i)	 	If the Participant incurs a Termination of Service within one
(1) year after a Change in Control, the Termination Benefit shall be paid in a
lump sum within twenty (20) days of the Termination of Service; provided,
however, that solely for purposes of this subsection 3.4(a)(i), the date of
Termination of Service shall be deemed to be a Distribution Event and returns
shall cease to be credited to the Participant’s Account Balance in accordance
with the Plan.
	 
	 	(ii)	 	If the Participant’s Termination Benefit is less than $25,000
on the date of Termination of Service, such portion shall be paid in a lump sum
to the Participant in the month of January following the Plan Year of
Termination of Service.

	 	(b)	 	If the Participant is a Specified Employee (as that term is defined in the
Con-way Inc. Deferred Compensation Plan for Executives and Key Employees, as amended
from time to time), the lump sum may not be paid, and installments may not commence
before the date which is six (6) months after the date of Separation from Service
(or, if earlier, the date of death of the Participant). Any such lump sum or
installment payments that were scheduled to be paid during the six (6) months after
the Separation from Service but which were delayed pursuant to this subsection
3.4(b), shall be paid as soon as administratively practicable following the date
which is the first day of the seventh months following the Separation from Service
date. Any lump sum or installment payments that were originally scheduled to be
paid following the six (6) months after the Separation from Service shall continue
to be paid according to their pre-determined schedule.

ARTICLE 4

Distribution to Beneficiary

     If a Participant dies with an Account Balance, the total Account Balance shall be paid to the
Participant’s Beneficiary within ninety (90) days after the date of death.

ARTICLE 5

Termination, Amendment or Modification

	5.1	 	Termination. The Company reserves the right to terminate the Plan at any time. Upon
termination of the Plan, the Company may elect to accelerate distribution of

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Participant accounts, but only if the accelerated distribution would not result in additional tax to the
Participants under Section 409A.

	5.2	 	Amendment. The Board may, at any time, amend or modify the Plan in whole or in part,
provided, however, that no amendment or modification shall deprive a Participant or a
Beneficiary of a material right accrued hereunder prior to the date of the amendment or
materially and adversely affect the payment of benefits to any Participant or Beneficiary who
has become entitled to the payment of benefits under the Plan as of the date of the amendment
or modification unless the Participant or Beneficiary so affected consents in writing to the
amendment or modification. Notwithstanding the foregoing, the Board may amend the Plan
retroactively to the extent the Board is of the opinion that such an amendment is required to avoid the imposition of
additional tax liabilities on a Participant under Code section 409A or to conform the Plan
to the provisions and requirements of any applicable law, provided that no such amendment
may reduce any Participant’s Account Balance. No such amendment shall be considered
prejudicial to any interest of a Participant or Beneficiary hereunder.

	5.3	 	Effect of Payment. The payment of benefits under the Plan to a Participant or
Participant’s Beneficiary under Articles 3 or 4, as applicable, shall fully and completely
discharge the Company and any Subsidiary from all obligations under this Plan with respect to
the Participant, Beneficiaries, and any others that may be entitled to such benefits.

ARTICLE 6

Administration

	6.1	 	Powers and Authority of the Company. The Company, acting through the Board, has the
following absolute powers and authority under the Plan:

	 	(a)	 	To amend or terminate the Plan, at any time and for any reason (subject to
Sections 5.1 and 5.2);
	 
	 	(b)	 	To determine the amount, timing, vesting, and other conditions applicable to
Plan contributions and benefits;
	 
	 	(c)	 	To set aside funds to assist the Company to meet its obligations under this
Plan, provided that the funds are set aside in a manner that does not result in
immediate taxation to Participants;
	 
	 	(d)	 	To establish investment policy guidelines applicable to funds (if any) set
aside under (c);
	 
	 	(e)	 	To establish one or more grantor trusts (as defined in Code Section 671 et
seq.) to facilitate the payment of benefits under the Plan;

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	 	(f)	 	To take any such other actions as it deems advisable to carry out the purposes
of the Plan; and
	 
	 	(g)	 	To delegate its authority to any officer, employee, committee or agent of the
Company, as it deems advisable for the effective administration of the Plan.

	6.2	 	Plan Administrator. The Company has appointed the Committee to act as Plan
Administrator. All actions taken by the Committee, or by its delegate, as Plan Administrator
will be conclusive and binding on all persons having any interest under the Plan, subject only
to the claims procedures in the Administrative Appendix. The Company intends the Plan to meet
the requirements of Section 409A. The Plan Administrator shall interpret the Plan in such a
way as to meet such requirements. The Plan Administrator has the following powers and
authority under the Plan:

	 	(a)	 	In the exercise of its sole, absolute, and exclusive discretion, to construe
and interpret the terms and provisions of the Plan, to remedy and resolve ambiguities,
to grant or deny any and all non-routine claims for benefits and to determine all
issues relating to eligibility for benefits;
	 
	 	(b)	 	To authorize withdrawals due to Unforeseeable Financial Emergency;
	 
	 	(c)	 	To carry out day-to-day administration of the Plan, including notifying
individuals of their eligibility to participate in the Plan and of the provisions of
the Plan, processing distributions, establishing enrollment requirements, approving and
processing Election Forms, providing Participants with statements of Account and
approving and processing changes in the time and/or form of distributions;
	 
	 	(d)	 	To establish administratively reasonable dates, times, and periods, to the
extent that the terms of the Plan provide for the Plan Administrator to do so;
	 
	 	(e)	 	To prepare forms necessary for the administration of the Plan, including
Election Forms, beneficiary designation forms, investment designation forms, and any
other form or document deemed necessary to the effective administration of the Plan;
	 	(f)	 	To approve and adopt communications to be furnished to Participants explaining
the material provisions, terms, and conditions of the Plan;
	 
	 	(g)	 	To negotiate and document agreements with Plan service providers;
	 
	 	(h)	 	To amend the Plan for legal, technical, administrative, or compliance 

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purposes,
as recommended by legal counsel;

	 
	 	(i)	 	To amend the Administrative Appendix;
	 
	 	(j)	 	To work with Plan service providers to ensure the effective administration of
the Plan; and
	 
	 	(k)	 	To delegate its authority to any officer, employee, committee or agent of
the Company, as it deems advisable for the effective administration of the Plan, any
such delegation to carry with it the full discretion and authority vested in the
Plan Administrator.

	6.3	 	Binding Effect of Decisions. The finding, decision, determination or action of the
Plan Administrator or its delegate with respect to any question arising out of or in
connection with the administration, interpretation and application of the Plan and the rules
and regulations promulgated hereunder shall be final and conclusive and binding upon any and
all persons having any interest in the Plan unless determined, subject only to the Plan’s
claims rules. No findings, decisions or determinations of any kind made by the Plan
Administrator or its delegate shall be disturbed unless the Plan Administrator or its delegate
has acted in an arbitrary and capricious manner.

	6.4	 	Indemnification. The Company shall indemnify and hold harmless the named fiduciaries
and any officers or employees of the Company and its Subsidiaries to which fiduciary
responsibilities have been delegated from and against any and all liabilities, claims,
demands, costs and expenses including attorneys fees, arising out of an alleged breach in the
performance of their fiduciary duties under the Plan and ERISA, other than such liabilities,
claims, demands, costs and expenses as may result from the gross negligence or willful
misconduct of such person. The Company shall have the right, but not the obligation, to
conduct the defense of such person in any proceeding to which this paragraph applies.

	6.5	 	Stock Subject to the Plan. Unless otherwise determined by the Board, shares of Common
Stock utilized for purposes of distributions of Plan benefits shall consist of shares held in
the Company’s treasury.

	6.6	 	Equitable Adjustment. In the event that the Committee shall determine that any
dividend or other distribution (whether in the form of cash or Common Stock or other
property), or recapitalization, Common Stock split, reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase, or share exchange, or other similar
corporate transaction or event affects the Common Stock such that an adjustment is appropriate
in order to prevent dilution or enlargement of the rights of Participants under the Plan, then
the Plan Administrator shall make such equitable changes or adjustments as it deems necessary
to any or all of the number of Phantom Stock Units credited to Participants’ Phantom Stock
Accounts and/or the number and kind of shares of

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stock to which such Phantom Stock Units relate or that may be thereafter be distributed in respect of amounts credited to a
Participant’s Phantom Stock Account.

ARTICLE 7

Miscellaneous

	7.1	 	Unsecured General Creditor. Participants and their Beneficiaries, heirs, successors
and assigns shall have no legal or equitable rights, interest or claims in any property or
assets of the Company. Any and all of the Company’s assets shall be, and remain, its general,
unpledged and unrestricted assets. The Company’s obligation under the Plan shall be merely
that of an unfunded and unsecured promise to pay money in the future.

	7.2	 	Subsidiaries’ Liability. None of the Company’s Subsidiaries shall bear any liability
to a Participant or a Participant’s Beneficiary for payment of any benefits under the Plan.

	7.3	 	Company’s Liability. Amounts payable to a Participant or Beneficiary under this Plan
shall be paid from the general assets of the Company (including without limitation the assets
of any trust established to fund payment of obligations hereunder) exclusively. A
Participant’s right to Plan distributions shall be no greater than the rights to payment of
general, unsecured creditors of the Company. The Company may establish one or more grantor
trusts (as defined in Code Section 671 et seq.) to facilitate the payment of benefits
hereunder; however, the Company shall not be obligated under any circumstances to fund its
financial obligations under the Plan. Any assets which the Company may acquire or set aside
to defray its financial liabilities shall be subject to the claims of its general creditors in
the event of the Company’s insolvency. The assets of any such trust shall not, at any time,
be located outside of the United States or transferred outside of the United States.

	7.4	 	Nonassignability. Neither a Participant nor any other person shall have the right to
commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer,
hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or
any part thereof, which are, and all rights to which are expressly declared to be unassignable
and non-transferable. No part of the amounts payable shall, prior to actual payment, be
subject to seizure or sequestration for the payment of any debts, judgments, alimony or
separate maintenance owed by a Participant or any other person, not be transferable by
operation of law in the event of a Participant’s or any other person’s bankruptcy or
insolvency. Notwithstanding the preceding provisions of this section, the Committee will
recognize the provisions of a qualified domestic relations order as defined in ERISA Section
206(d) that does not change the timing of the Participant’s benefit payments.

-13-

 

	7.5	 	Furnishing Information. A Participant will cooperate with the Committee by furnishing
any and all information requested by the Committee and take such other actions as may be requested in order to facilitate the
administration of the Plan and the payments of benefits hereunder.

	7.6	 	Captions. The captions of the articles, sections and paragraphs of this Plan are for
convenience only and shall not control or affect the meaning or construction of any of its
provisions.

	7.7	 	Governing Use. The provisions of this Plan shall be construed and interpreted
according to the laws of the State of California, to the extent not preempted by federal law.

	7.8	 	Notice. Any notice or filing required or permitted to be given to the Committee under
this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or
certified mail, return receipt requested, to:

Con-way Inc.

Director Affairs Committee

2005 Deferred Compensation Plan for Non-Employee Directors

2855 Campus Drive, Suite 300

San Mateo, California 94403

Such notice shall 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.

Any notice or filing required or permitted to be given to a Participant under this Plan
shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known
address of the Participant.

	7.9	 	Successors. The provisions of this Plan shall be binding upon and inure to the
benefit of the Company and its successors and assigns and the Participant, the Participant’s
Beneficiaries, and their permitted successors and assigns.

	7.10	 	Spouse’s Interest. The interest in the benefits hereunder of a Spouse of a
Participant who has predeceased the Participant shall automatically pass to the Participant
and shall not be transferable by such Spouse in any manner, including but not limited to such
Spouse’s will, nor shall such interest pass under the laws of intestate succession.

	7.11	 	Incompetence. If the Committee determines in its discretion that a benefit under this
Plan is to be paid to a minor, a person declared incompetent or. to a person incapable of
handling the disposition of that person’s property, the Committee may direct payment of such
benefit to the guardian, legal representative or person having the care and custody of such
minor, incompetent or incapable

-14-

 

person. The Committee may require proof of minority, incompetency, incapacity or guardianship, as it may deem appropriate and/or such
indemnification of the Committee, and the Company and security, as it deems appropriate, in
its sole discretion, prior to distribution of the benefit. Any payment of a benefit shall be
a payment for the account of the Participant and the Participant’s Beneficiary, as the case
may be, and shall be a complete discharge of any liability under the Plan for such payment
amount.

	7.12	 	Saving Clause. The Company intends the Plan to meet the requirements of Section 409A,
the regulations thereunder, and any additional guidance provided by the Treasury Department.
Any Plan provision that does not meet such requirements shall be reformed so as to satisfy
such requirements if such reformation may be accomplished without substantially adversely
affecting a Participant’s benefits, and if in the good faith determination of the Committee
such result cannot be achieved, shall be treated as void. Moreover, for purposes of applying
the provisions of Section 409A to this Plan, each separately identified amount to which
Participant is entitled under this Plan shall be treated as a separate payment. In addition,
to the extent permissible under Section 409A, any series of installment payments under this
Plan shall be treated as a right to a series of separate payments.

	7.13	 	Legal Fees To Enforce Rights. If the Company has failed to comply with any of its
obligations under the Plan or any agreement thereunder or, if the Company or any other person
takes any action to declare the Plan void or unenforceable or institutes any litigation or
other legal action designed to deny, diminish or to recover from any Participant the benefits
intended to be provided, then the Company irrevocably authorizes such Participant to retain
counsel chosen by the Participant and agrees to pay the reasonable legal fees and expenses of
the Participant incurred in connection with the initiation or defense of any litigation or
other legal action, whether by or against the Company, or any director, officer, shareholder
or other person affiliated with the Company, or any successor thereto in any jurisdiction,
provided that such Participant prevails in such action.

	7.14	 	Payment of Withholding. As a condition of receiving benefits under the Plan, the
Participant shall pay the Company not less than the amount of all applicable federal, state,
local and foreign taxes required by law to be paid or withheld relating to the receipt or
entitlement to benefits hereunder. The Company may withhold taxes from any benefits paid
and/or from Directors fees, in its sole determination.

	7.15	 	Coordination with Other Benefits. The benefits provided for a Participant and
Participant’s Beneficiary under the Plan are in addition to any other benefits available to
such Participant under any other plan or program for Directors. The Plan shall supplement and
shall not supersede, modify or amend any other such plan or program except as may otherwise be
expressly provided. In no event shall distributions under the Plan
prior to Termination of Service have the effect 

-15-

 

of
increasing payments otherwise due under the various retirement plans of the Company and its subsidiaries.

     IN WITNESS WHEREOF, the Company has executed this Plan restatement on December ___, 2008.

	 	 	 	 	 	 	 
	 	 	CON-WAY INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Its:	 	 	 	 
	 

	 	 	 	Senior Vice President, General

Counsel and Secretary	 	 

-16-

 

ADMINISTRATIVE APPENDIX

TO

CON-WAY INC.

2005 DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

AMENDED AND RESTATED DECEMBER 2008

This Administrative Appendix to the Con-way Inc. 2005 Deferred Compensation Plan for Non-Employee
Directors (the “Plan”) sets forth the rules and procedures governing the administration of the Plan
as applied to benefits under such Plan. Capitalized terms not otherwise defined herein shall have
the meanings ascribed to them under the Plan.

A. Claims Procedures

	A.1	 	Presentation of Claim. Any Participant or Beneficiary of a deceased
Participant may deliver to the Plan Administrator a written claim for
a determination with respect to the amounts distributable to such
Claimant from the Plan. If such a claim relates to the contents of a
notice received by the Claimant, the claim must be made within sixty
(60) days after such notice was received by the Claimant. All other
claims must be made within 180 days of the date on which the event
that caused the claim to arise occurred. The claim must state with
particularity the determination desired by the Claimant:
	 
	A.2	 	Notification of Decision. The Plan Administrator shall consider a
Claimant’s claim within a reasonable time, and shall notify the
Claimant in writing:

	 	(a)	 	that the Claimant’s requested determination has been made, and that the claim
has been allowed in full; or
	 
	 	(b)	 	that the Plan Administrator has reached a conclusion contrary, in whole or in
part, to the Claimant’s requested determination, and such notice must set forth in a
manner calculated to be understood by the Claimant:

	 	(i)	 	the specific reason(s) for the denial of the claim, or any part
of it;
	 
	 	(ii)	 	specific reference(s) to pertinent provisions of the Plan upon
which such denial was based;
	 
	 	(iii)	 	a description of any additional material or information
necessary for the Claimant to clarify or perfect the claim, and an explanation
of

-17-

 

why such material or information is necessary; and

	 	(iv)	 	an explanation of the claim review procedure set forth in
Section A.3 below.

	A.3	 	Review of a Denied Claim. Within sixty (60) days after receiving a notice from the
Plan Administrator that a claim has been denied, in whole or in part, a Claimant (or the
Claimant’s duly authorized representative) may file with the Plan Administrator a written
request for a review of the denial of the claim. Thereafter, but not later than thirty (30)
days after the review procedure began, the Claimant (or the Claimant’s duly authorized
representative):

	 	(a)	 	may review pertinent documents;
	 
	 	(b)	 	may submit written comments or other documents; and/or
	 
	 	(c)	 	may request a hearing, which the Plan Administrator, in its sole discretion,
may grant.

	A.4	 	Decision on Review. The Plan Administrator shall render its decision on review
promptly, and not later than sixty (60) days after the filing of a written request for review
of the denial, unless a hearing is held or other special circumstances require additional
time, in which case the Plan Administrator’s decision must be rendered within 120 days after
such date. Such decision must be written in a manner calculated to be understood by the
Claimant and it must contain:

	 	(a)	 	specific reasons for the decision;
	 
	 	(b)	 	specific reference(s) to the pertinent Plan provisions upon which the decision
was based; and
	 
	 	(c)	 	such other matters as the Plan Administrator deems relevant.

A.5 Legal Action. A Claimant’s compliance with the foregoing provisions of this Article A
is a mandatory prerequisite to a Participant’s right to commence any legal action with respect to
any claim for benefits under this Plan.

B. Deferral Commitments

	B.1	 	Permissible Deferrals. A Participant may elect to defer for each Plan Year either of
the following:

	 	(a)	 	Minimum. The annual retainer portion of the Participant’s Director
fees payable in the Plan Year or.

-18-

 

	 	(b)	 	Maximum. The annual retainer and all meeting fees, plus all chair fees
payable in the Plan Year, if any.

	B.2	 	Election to Defer.  Each newly eligible Participant shall make a
deferral election by delivering to the Plan Administrator a completed
and signed Election Form prior to the Participant’s initial Plan Entry
Date. For each succeeding Plan Year, a new Election Form must be
delivered to the Plan Administrator before the end of the previous
Plan Year, in accordance with the rules set forth above. If the
Election Form is not delivered prior to the applicable Plan Entry
Date, no Annual Deferral Amount shall be deferred for that Plan Year.
	 
	B.3	 	Annual Election of Phantom Stock Units.  If permitted by the Plan
Administrator, prior to or during the month of January of each Plan
Year prior to the commencement of installment payments, each currently
eligible Participant who has an Account Balance shall have the
opportunity to elect (an “Investment Change”) to transfer all or a
portion of such Participant’s Dollar-Denominated Account to such
Participant’s Phantom Stock Account; provided, however, that an
Investment Change may not be elected with respect to any portion of a
Participant’s Dollar-Denominated Account that has been designated for
a Fixed Date Distribution (the “Excluded Portion”). The amount to be
subject to an Investment Change may be determined as a dollar amount
or a percentage of the Participant’s Dollar-Denominated Account
(excluding the Excluded Portion); provided, however, that no less than
five thousand dollars ($5,000) may be made subject to an Investment
Change. The Participant may elect to convert amounts credited to one
or more Plan Year Account Balances, in any order selected by the
Participant. Each Investment Change election made by a Participant
pursuant to this Section B.3 shall be irrevocable when made and shall
be effective as of the February 1 following the date that the election
is made; provided, however, if the Company’s General Counsel shall
have determined that the blackout period for trading in Company
securities shall be in effect as to that Participant on February 1,
then the Investment Change election shall be null and void. The number
of Phantom Stock Units to be credited to a Participant’s Phantom Stock
Account pursuant to an Investment Change shall be determined in
accordance with subsection C.1(d).
	 
	B.4	 	Withholding of Deferral Amounts. For each Plan Year, the Annual
Deferral Amount shall be withheld at the time or times the
Participant’s Director fees otherwise would be paid to the
Participant.

C. Returns Credited to Account Balances

	C.1	 	Returns and Crediting During Deferral Period. Prior to any distribution of benefits
under the Plan, returns in respect of a Participant’s Dollar-Denominated Account and Phantom
Stock Units in respect of a Participant’s Phantom Stock Account shall be credited as follows:

-19-

 

	 	(a)	 	Dollar-Denominated Account for Plan Year Account Balances for 2005 and
2006.

	 	(i)	 	This subsection C.1(a) shall apply to Plan Year Account
Balances for 2005 and 2006, except as otherwise provided in subsection C.1(c).
	 
	 	(ii)	 	With respect to the portion of the Annual Deferral Amounts for
a Plan Year which a Participant has elected to have credited to his or her
Dollar-Denominated Account, returns shall be credited to such Participant’s
Dollar-Denominated Account as though the portion of such Annual Deferral Amount
withheld during any calendar quarter was withheld on the first day of the
following calendar quarter (or such other administratively reasonable date as
shall be determined by the Plan Administrator).
	 
	 	(iii)	 	The balance in each Participant’s Dollar-Denominated Account
shall be compounded quarterly, as of the last day of each calendar quarter,
using the Prime Rate, or such other rate as the Plan Administrator may
determine in its sole discretion prior to the beginning of a Plan Year. For
this purpose, amounts that are transferred to a Participant’s Phantom Stock
Account in a Plan Year pursuant to an Investment Change shall be credited with
a return in respect of such Plan Year equal to one twelfth (1/12) of the return
for the full Plan Year.

	 	(b)	 	Dollar-Denominated Account for Plan Year Account Balances for Plan Years
after 2006.

	 	(i)	 	This subsection C.1(b) shall apply to Plan Year Account
Balances for Plan Years after 2006.
	 
	 	(ii)	 	With respect to the portion of the Annual Deferral Amounts for
a Plan Year which a Participant has elected to have credited to his or her
Dollar-Denominated Account, returns shall be credited to such Participant’s
Dollar-Denominated Account as though the portion of such Annual Deferral Amount
withheld during any calendar quarter was withheld on the first day of the
following calendar quarter (or such other administratively reasonable date as
shall be determined by the Plan Administrator).
	 
	 	(iii)	 	The Con-way Administrative Committee shall designate a group
of investments (and may make changes to the designated group of investments
from time to time as it deems appropriate) from which Participants may select.
Company stock shall not be designated as an available investment. The
performance of the investments selected by the Participant will determine the
gains or losses that

-20-

 

	 	 	 	will be attributed to such Participant’s Dollar-Denominated Account. The
Con-way Administrative Committee shall report to the Compensation Committee
of the Board from time to time with respect to the designated investments
(and changes in designated investments), including an explanation of the
reasons for the designation (or change in designation).

	 	(c)	 	Election with respect to Dollar-Denominated Account for Plan Year Account
Balances for 2005 and 2006. Notwithstanding subsections C.1(a) and (b) and
subsections C.3(a) and (b), a Participant may elect to have any portion of the
Participant’s Dollar-Denominated Account for Plan Year Account Balances for 2005 and
2006 treated for purposes of subsection C.1(b)(iii) and Section C.3 as a
Dollar-Denominated Account for Plan Year Account Balances for Plan Years after 2006.
After any such election becomes effective, the performance of the investments selected
by the Participant from the designated group of investments will determine the gains or
losses that will be attributed to that portion of such Participant’s Dollar-Denominated
Account. Such election shall take effect within an administratively reasonable period
after the election is made and shall be irrevocable.
	 
	 	(d)	 	Phantom Stock Account. A Participant’s Phantom Stock Account shall
consist of that number of Phantom Stock Units credited with respect to (i) amounts
transferred pursuant to an Investment Change in accordance with Section C.3 and (ii)
Dividend Equivalents credited in respect of Phantom Stock Units previously credited to
the Participant’s Phantom Stock Account, in each case as set forth below:

	 	(i)	 	The number of Phantom Stock Units to be credited to a
Participant’s Phantom Stock Account pursuant to an Investment Change shall be
determined by dividing (A) the dollar amount subject to the Investment Change
by (B) the Fair Market Value per share of Common Stock as of February 1 of the
Plan Year to which the Investment Change relates; and
	 
	 	(ii)	 	The number of Phantom Stock Units to be credited to a
Participant’s Phantom Stock Account in respect of Dividend Equivalents shall be
equal to (A) the per share dividend paid on a share of Common Stock, multiplied
by (B) the number of Phantom Stock Units credited to the Participant’s Phantom
Stock Account as of the record date for such dividend, divided by (C) the Fair
Market Value per share of Common Stock as of the payment date for such
dividend, such crediting to be made as of such payment date.

	C.2	 	Date Through Which Crediting Under Section C.1 Occurs.

-21-

 

	 	(a)	 	Crediting Up to a Distribution Event. A Participant’s
Dollar-Denominated Account and Phantom Stock Account will be credited with returns in
accordance with Section C.1 up to the date of a Distribution Event; provided, however,
that in the case of a Termination of Service or Fixed Date Distribution, any portion of
a Participant’s Dollar-Denominated Account treated as a Dollar-Denominated Account for
Plan Year Account Balances for Plan Years after 2006 pursuant to subsection C.1(b) will
be credited with returns in accordance with subsection C.1(b) up to that date which is
the fifteenth (15th) day of the last month of the calendar quarter
immediately preceding the Distribution Event or such other administratively reasonable
date prior to the date of a Distribution Event as may be determined by the Plan
Administrator; and, provided, further, that in the case of a Termination of Service or
Fixed Date Distribution, a Participant’s Phantom Stock Account will be credited with
returns in accordance with subsection C.1(d) up to that date which is the fifteenth
(15th) day of the last month of the calendar quarter immediately preceding
the Distribution Event or such other administratively reasonable date prior to the date
of a Distribution Event as may be determined by the Plan Administrator.
	 
	 	(b)	 	Crediting Subsequent Returns. For purposes of crediting subsequent
returns in the event that installment payments are made pursuant to subsection C.3(a),
a Participant’s Dollar-Denominated Account shall be reduced as of the day on which each
installment payment is made. For purposes of crediting subsequent returns in the event
that installment payments are made pursuant to subsection C.3(b) or subsection C.4(b),
a Participant’s Dollar-Denominated Account or Phantom Stock Account, as the case may
be, shall be reduced as of that date which is the fifteenth (15th) day of
the last month of the Plan Year immediately preceding the Plan Year in which the
installment payment is to be made or such other administratively reasonable date prior
to such date as may be determined by the Plan Administrator.

	C.3	 	Dollar-Denominated Account Returns and Installment Distributions. In the event a
benefit is paid in installments, a Participant’s unpaid Dollar-Denominated Account shall be
credited as follows:

	 	(a)	 	For Plan Year Account Balances for 2005 and 2006.

	 	(i)	 	Application. This subsection C.3(a) shall apply to
Plan Year Account Balances for Plan Years 2005 and 2006, except as otherwise
provided in subsection C.1(c).
	 
	 	(ii)	 	Crediting. As of the last day of each calendar
quarter, the undistributed Dollar-Denominated Account shall be credited with a
return equal to the Prime Rate or such other rate as the Plan Administrator may
determine in its sole discretion prior to the

-22-

 

beginning of a Plan Year. Returns shall start to accrue under this Section
C.3 as of the date that returns cease to accrue under Section C.1 above.

	 	(iii)	 	Installments. The installment payments shall be
determined by dividing the Participant’s Dollar-Denominated Account at the time
of the commencement of the installment payments by the number of payments over
the installment period. Each payment determined above will be considered the
principal portion of the installment payment. In addition, each installment
payment will include a return calculated for the preceding year using the rate
determined in this subsection C.3(a). Installment payments shall commence in
the month of January following such Participant’s Fixed Date Distribution or
Termination of Service, but not before the time permitted by subsection 3.4(b).
All additional installment payments shall be paid in the month of January of
succeeding years.

	 	(b)	 	For Plan Year Account Balances for Plan Years after 2006.

	 	(i)	 	Application. This subsection C.3(b) shall apply for
Plan Year Account Balances for Plan Years after 2006, except as otherwise
provided in subsection C.1(c).
	 
	 	(ii)	 	Crediting. Returns shall continue to be credited as
provided in subsection C.1(b)(iii).
	 
	 	(iii)	 	Installments. Installment payments shall be
determined based on the value of the Plan Year Account Balance as of that date
which is the fifteenth (15th) day prior to the last day of the Plan
Year immediately preceding the Plan Year in which the installment payment is to
be made or such other administratively reasonable date prior to such date as
may be determined by the Plan Administrator. The amount of each installment
payment made with respect to each Plan Year Account Balance shall be determined
by dividing the Participant’s Plan Year Account Balance by the number of the
remaining installment payments (including the installment payment being made at
that time). Installment payments shall commence in the month of January
following such Participant’s Fixed Date Distribution or Separation from
Service, but not before the time permitted by subsection 3.4(b). All additional
installment payments shall be paid in the month of January of succeeding years.

	C.4	 	Phantom Stock Account Distributions. Unless the Plan Administrator, in its sole
discretion, elects to make all or part of a distribution in cash, distributions from a
Participant’s Phantom Stock Account shall be made in the form of (i) one share of Common Stock
for each whole Phantom Stock Unit, plus (ii) cash in lieu of any

-23-

 

fractional Phantom Stock Unit.

	 	(a)	 	If a Participant’s Phantom Stock Account balance is to be distributed in a lump
sum and all or part of the balance is to be distributed in cash, including cash in lieu
of a fractional Phantom Stock Unit, the amount of cash will be determined based on the
Fair Market Value of a share of Common Stock as of the date of the Distribution Event;
provided, however, that in the case of a Termination of Service or Fixed Date
Distribution, the amount of cash will be determined based on the Fair Market Value of a
share of Common Stock as of that date which is the fifteenth (15th) day
prior to the date of a Distribution Event or such other administratively reasonable
date prior to the date of a Distribution Event as may be determined by the Plan
Administrator.

	 	(b)	 	If a Participant’s Phantom Stock Account balance is to be distributed in
installments,

	 	(i)	 	Notwithstanding anything in Section C.2 to the contrary,
Dividend Equivalents shall continue to accrue and be credited to such
Participant’s Phantom Stock Account in accordance with subsection C.1(d)(ii)
during the installment period with respect to Phantom Stock Units that remain
credited to such Phantom Stock Account,
	 
	 	(ii)	 	the number of shares of Common Stock to be delivered in a
particular installment shall be determined by dividing the number of Phantom
Stock Units credited to the Participant’s Phantom Stock Account immediately
prior to such installment by the remaining number of installments, with any
fractional Phantom Stock Units paid in cash, and
	 
	 	(iii)	 	if all or part of the balance is to be distributed in cash,
including cash in lieu of a fractional Phantom Stock Unit, the amount of cash
will be determined based on the Fair Market Value of a share of Common Stock as
of that date which is the fifteenth (15th) day of the last month of
the Plan Year immediately preceding the Plan Year in which the installment
payment is to be made or such other administratively reasonable date prior to
such date as may be determined by the Plan Administrator.

	C.5	 	Statement of Accounts.  The Plan Administrator shall send to each
Participant, within 120 days after the close of each Plan Year, a
statement in such form as the Plan Administrator deems desirable
setting forth the amount of the Participant’s Account Balance.
	 
	C.6	 	Fair Market Value. Notwithstanding Section 1.19 to the contrary, with
respect to calculations made pursuant to Sections B and C relating to
the crediting of an

-24-

 

Investment Change, the Fair Market Value of a share of Common Stock shall mean the closing
price per share of Common Stock on the New York Stock Exchange on February 1 of the relevant
year (or, if February 1 falls on a non-trading day, the immediately preceding trading day).

D. Beneficiary Designation

	D.1	 	Beneficiary.  Each Participant shall designate a Beneficiary to
receive any benefits payable under the Plan upon the Participant’s
death.
	 
	D.2	 	Beneficiary Designation.  A Participant shall designate a Beneficiary
by completing and signing the Beneficiary Designation Form, and
submitting it to the Plan Administrator or its delegate. A
Participant 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 terms of the Beneficiary Designation Form
and the Plan Administrator’s rules and procedures, as in effect from
time to time. Upon the receipt by the Plan Administrator of a new
Beneficiary Designation Form, all Beneficiary designations previously
filed shall be canceled. The Plan Administrator shall be entitled to
rely on the last Beneficiary Designation Form filed by the Participant
with the Plan Administrator prior to death.
	 
	D.3	 	Spousal Consent.  A married Participant’s designation of someone other
than the Participant’s Spouse as primary beneficiary shall not be
effective unless the Spouse executes a consent in writing that
acknowledges the effect of the designation and is witnessed by a plan
representative or notary public. No consent is required if it is
established to the satisfaction of the Plan Administrator that consent
cannot be obtained because the Spouse cannot be located.
	 
	D.4	 	No Beneficiary Designation. If a Participant fails to designate a
Beneficiary as provided above, the Participant’s designated
Beneficiary shall be deemed to be the surviving Spouse. If the
Participant has no surviving Spouse, the benefits otherwise payable to
a Beneficiary shall be paid to the Participant’s estate.
	 
	D.5	 	Doubt as to Beneficiaries.  If the Plan Administrator has any doubt
as to the proper Beneficiary to receive payments pursuant to this
Plan, the Plan Administrator shall pay such amounts to the
Participant’s estate.
	 
	D.6	 	Beneficiary Designation Form.  “Beneficiary Designation Form” means
the form established from time to time by the Plan Administrator that
a Participant completes, signs and returns to the Plan Administrator
to designate one or more Beneficiaries. A Participant may complete
and return the Beneficiary Designation Form electronically and such
electronic transmission shall be treated as a valid signature.

-25-exv10w52

Exhibit 10.52

CON-WAY INC.

2006 EQUITY AND INCENTIVE PLAN

Amended and Restated December 2008

Table of Contents

	 	 	 	 	 	 	 
	1.

	 	Purpose; Types of Awards; Construction
	 	 	1	 
	2.

	 	Definitions
	 	 	2	 
	3.

	 	Administration
	 	 	7	 
	4.

	 	Eligibility
	 	 	8	 
	5.

	 	Stock Subject to the Plan
	 	 	9	 
	6.

	 	Terms of Awards
	 	 	11	 
	7.

	 	Options
	 	 	11	 
	8.

	 	SARs
	 	 	12	 
	9.

	 	Restricted Stock
	 	 	12	 
	10.

	 	Phantom Stock Units	 	 	13	 
	11.

	 	Dividend Equivalents	 	 	14	 
	12.

	 	Annual Incentive Compensation Program
	 	 	14	 
	13.

	 	Other Stock-Based or Cash-Based Awards
	 	 	14	 
	14.

	 	Change in Control Provisions
	 	 	15	 
	15.

	 	Claims Procedures
	 	 	15	 
	16.

	 	General Provisions
	 	 	16	 

	1.	 	Purpose; Types of Awards; Construction.

The purpose of the Con-way Inc. 2006 Equity and Incentive Plan (the “Plan”) (formerly known
as the CNF, Inc. 2006 Equity and Incentive Plan) is to afford an incentive to selected
employees of Con-way Inc. (the “Company”) and its Subsidiaries and Affiliates to continue as
employees, to increase their efforts on behalf of the Company and to promote the success of
the Company’s business. The Plan provides for the grant of stock options (including
“incentive stock options” and “non-qualified stock options”), stock appreciation rights
(either in connection with stock options granted under the Plan or independently of stock
options), restricted stock, phantom stock units, dividend equivalents and other stock-based
or cash-based Awards. The Plan is designed so that Awards granted hereunder intended to
comply with the requirements for “qualified performance-based compensation” under Section
162(m) of the Code may comply with such requirements and, insofar as may be applicable to
such Awards, the Plan shall be interpreted in a manner consistent with such requirements.

The Plan was originally approved by the Board and the Shareholders of the Company in 2006.
The Plan was previously amended in September 2006 and December 2006 to make certain
administrative changes, and the Plan is hereby amended and restated in 2008 to accomplish

1

 

the changes necessary to keep the Plan compliant with Sections 162(m) and 409A of the Code
and also to make other administrative and clarifying changes to the Plan.

	2.	 	Definitions.

For purposes of the Plan, the following terms shall be defined as set forth below:

“Affiliate” means an affiliate of the Company, as defined in Rule 12b-2 promulgated
under the Exchange Act, including a Business Unit.

“Award” means any Option, SAR, Restricted Stock, Phantom Stock Unit, Dividend
Equivalent or Other Stock-Based Award or Other Cash-Based Award granted under the Plan.

“Award Agreement” means any written agreement, contract, or other instrument or
document evidencing an Award.

“Board” means the Board of Directors of the Company.

“Business Unit” means an entity, whether or not incorporated, more than 50% of the
outstanding ownership interests of which are owned by the Company, directly or indirectly
through one or more ownership chains where each link in the chain owns more than 50% of the
outstanding ownership interests of the next link (either alone or together with other links
in the same chain or another chain).

“Change in Control” means the occurrence of any one of the following events:

	 	(a)	 	25% of the Company’s Voting Securities Acquired by an Outsider. Any “person”
(as such term is used in Sections 13(d) and 14(d) of the Exchange Act, other than (i)
the Company or its Affiliates, (ii) any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or its Affiliates, and (iii) any
corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of Stock) is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company (not including in the securities beneficially
owned by such person any securities acquired directly from the Company or its
Affiliates) representing 25% or more of the combined voting power of the Company’s then
outstanding voting securities;
	 
	 	(b)	 	Members of the Board as of January 1, 2006 cease to constitute a majority of
Directors. The following individuals cease for any reason to constitute a majority of
the number of directors then serving on the Board: individuals who, on January 1, 2006,
constitute the Board and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating to the election of
directors of the Company) whose appointment or election by the Board or nomination for
election by the Company’s stockholders was approved or recommended by a vote of at
least two-thirds (2/3) of the directors then still in office who either were directors
on January 1, 2006 or whose appointment, election or nomination for election was
previously so approved or recommended;

2

 

	 	(c)	 	Merger or Consolidation. There is consummated a merger or consolidation of the
Company, a Subsidiary or an Affiliate with any other corporation or other entity, which
merger or consolidation —

	 	(i)	 	results in the voting securities of the Company outstanding
immediately prior thereto failing 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 the surviving or parent entity outstanding immediately after such
merger or consolidation, or
	 
	 	(ii)	 	is effected to implement a recapitalization of the Company (or
similar transaction) in which a “person” (as defined in clause (a) above),
directly or indirectly, acquires 25% or more of the combined voting power of the
Company’s then outstanding securities (not including in the securities
beneficially owned by such person any securities acquired directly from the
Company or its Affiliates);

	 	(d)	 	Complete Liquidation or Disposition of more than 75% of the Company’s Assets.
The stockholders of the Company approve a plan of complete liquidation of the Company
or there is consummated an agreement for the sale or disposition by the Company of
assets having an aggregate book value at the time of such sale or disposition of more
than 75% of the total book value of the Company’s assets on a consolidated basis (or
any transaction having a similar effect), other than any such sale or disposition by
the Company (including by way of spin-off or other distribution) to an entity, at least
50% of the combined voting power of the voting securities of which are owned
immediately following such sale or disposition by stockholders of the Company in
substantially the same proportions as their ownership of the Company immediately prior
to such sale or disposition; or
	 
	 	(e)	 	Disposition of a Business Unit. There is consummated the Disposition of a
Business Unit; provided, however, that this clause (e) shall apply only to employees
who (i) immediately prior to the Disposition of a Business Unit were employed by (and
on the payroll of) the Business Unit that was the subject of the Disposition of a
Business Unit (for purposes of this clause (e) the “Subject Business Unit”) and
(ii) immediately following the Disposition of a Business Unit are employed by (and on
the payroll of) either

	 	(i)	 	in the case of a sale of ownership interests within the meaning
of clause (a) of the definition of Disposition of a Business Unit (or similar
transaction or course of action under clause (c) of the definition of
Disposition of a Business Unit), the Subject Business Unit, its successor, or an
employer affiliated with the Subject Business Unit or its successor, or
	 
	 	(ii)	 	in the case of a sale of assets within the meaning of clause (b)
of the definition of Disposition of a Business Unit (or similar transaction or
course of action under clause (c) of the definition of Disposition of a Business
Unit), the purchaser of the assets, its successor, or an employer affiliated
with the purchaser of the assets or its successor.

Because severance agreements and severance plans are not intended to serve the same purpose
as the Plan, whether benefits are payable under a severance agreement or a

3

 

severance plan does not determine whether a “Change in Control” has taken place under the
Plan.

“Claimant” means any person who believes that he or she is not receiving the full
benefits to which he or she is entitled under the Plan.

“Code” means the Internal Revenue Code of 1986, as amended from time to time.

“Committee” means the Compensation Committee of the Board, the composition of which
shall at all times satisfy the provisions of Rule 16b-3, Section 162(m) of the Code and
applicable New York Stock Exchange Rules; provided, however, that the Board may, if it so
chooses, retain authority to administer all or any part of the Plan and, to the extent the
Board does so, references in the Plan to “Committee” shall mean and be references to the
Board. Notwithstanding the foregoing to the contrary, the administration of awards made to
Covered Employees and which are intended as “performance-based compensation” shall
exclusively be administered by the Committee and not by the Board.

“Company” means Con-way Inc., a corporation organized under the laws of the State of
Delaware, or any successor corporation.

“Covered Employee” has the meaning given by Section 162(m)(3) of the Code.

“Disposition of a Business Unit” means a sale or other disposition, however
effected, of a Business Unit which is either:

	 	(a)	 	Sale of Ownership Interests. A sale by the Company or an Affiliate of the then
outstanding ownership interests of the Business Unit having more than 50% of the then
existing voting power of all outstanding ownership interests of the Business Unit,
whether by merger, consolidation or otherwise, unless after the sale the Company, an
Affiliate, or any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, the Business Unit or any other Affiliate, individually or
collectively, directly or indirectly, owns the then outstanding ownership interests of
the Business Unit having 50% or more of the then existing voting power of all
outstanding ownership interests of the Business Unit;
	 
	 	(b)	 	Sale of Assets. The sale of all or substantially all of the assets of the
Business Unit as a going concern; or
	 
	 	(c)	 	Other Transaction. Any other transaction or course of action engaged in,
directly or indirectly, by the Company, the Business Unit or an Affiliate that has a
substantially similar effect as the transactions of the type referred to in clause (a)
or (b) above,

except as provided in clause (y) or (z) below.

A Disposition of a Business Unit may occur even if such Business Unit constitutes part of a
larger enterprise at the time of the relevant Disposition of a Business Unit transaction and
such Disposition of a Business Unit involves such larger enterprise. However, a “Disposition
of a Business Unit” shall not occur:

	 	(y)	 	Spin-off or Public Offering. In the event of the sale or distribution of
ownership interests (including, without limitation, a spin-off) of the Business Unit to
stockholders of the Company, or the sale of assets of the Business Unit to any
corporation or other entity

4

 

	 	 	 	owned, directly or indirectly, by the stockholders of the Company, in either case in
substantially the same proportions as their ownership of stock in the Company, or a
public offering of the ownership interests of the Business Unit (even if after the
public offering the Company has no direct or indirect ownership interest in the
Business Unit), or

	 	(z)	 	Liquidation. In the event of the closing down or liquidation of the Business
Unit, even if the Business Unit sells all or substantially all of its assets.

“Dividend Equivalent” means a right, granted to a Grantee under Section 11(b)(v), to
receive cash or Stock equal in value to dividends paid with respect to a specified number of
 shares of Stock. Dividend Equivalents may be awarded on a free-standing basis or in
connection with another Award, and may be paid currently or on a deferred basis.

“Effective Date” of this amendment means January 1, 2009; the Plan’s Original
Effective Date means January 23, 2006, the date that the Plan was adopted by the Board.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and as now or hereafter construed, interpreted and applied by regulations, rulings and
cases.

“Fair Market Value” per share of Stock as of a particular date means:

	 	(a)	 	the closing sales price per share of Stock on that date on the national
securities exchange on which the Stock is principally traded or, if the exchange is not
open or for any other reason there are no sales of Stock on that date, the closing
sales price per share of Stock for the last preceding date on which there was a sale of
such Stock on such exchange; or
	 
	 	(b)	 	if the shares of Stock are then traded in an over-the-counter market, the
average of the closing bid and asked prices for the shares of Stock on that date in
such over-the-counter market or, if the market is not open or for any other reason
there are no sales of Stock on that date, the average of the closing bid and asked
prices on the last preceding date on which there was a sale of such Stock in such
market; or
	 
	 	(c)	 	if the shares of Stock are not then listed on a national securities exchange or
traded in an over-the-counter market, such value as the Committee, in its sole
discretion, shall determine.

“Grantee” means a person who, as an employee of the Company, a Subsidiary or an
Affiliate, has been granted an Award under the Plan.

“ISO” means any Option intended to be and designated as an incentive stock option
within the meaning of Section 422 of the Code.

“NQSO” means any Option that is designated as a non-qualified stock option.

“Option” means a right, granted to a Grantee under Section 7, to purchase shares of
Stock. An Option may be either an ISO or an NQSO; provided that ISOs may be granted only to
employees of the Company or a Subsidiary.

5

 

“Other Cash-Based Award” means an Award which is not denominated or valued by
reference to Stock, including an Award which is subject to the attainment of Performance
Goals or otherwise as permitted under the Plan and including an Award under the CNF Inc.
Value Management Plan.

“Other Stock-Based Award” means an Award, other than an Option, SAR, Restricted
Stock, Phantom Stock Unit, or Dividend Equivalent, that is denominated or valued in whole or
in part by reference to Stock and is payable in cash or in Stock.

“Performance Goals” means performance goals based on one or more of the following
criteria:

	 	(a)	 	pre-tax income, after-tax income, or operating income or profit, in each case
computed with appropriate adjustments,
	 
	 	(b)	 	return on equity, assets, capital or investment,
	 
	 	(c)	 	earnings or book value per share,
	 
	 	(d)	 	working capital,
	 
	 	(e)	 	sales or revenues, in each case computed with appropriate adjustments (such as
deducting sales commissions and purchased transportation),
	 
	 	(f)	 	accounts receivable or days sales outstanding,
	 
	 	(g)	 	operating or administrative expense in the absolute or as a percent of revenue,
	 
	 	(h)	 	stock price appreciation or total stockholder return (stock price appreciation
plus dividends),
	 
	 	(i)	 	operational efficiency factors,
	 
	 	(j)	 	safety (accidents), and
	 
	 	(k)	 	implementation or completion of critical projects or processes.

Where applicable, the Performance Goals may be expressed in terms of attaining a specified
level of the particular criteria or the attainment of a percentage increase or decrease in
the particular criteria, and may be applied to one or more of the Company, a Subsidiary, an
Affiliate, a Business Unit, or a division the Company, a Subsidiary, an Affiliate, or a
Business Unit, or may be applied to the performance of the Company relative to a market
index, a group of other companies or a combination thereof, all as determined by the
Committee. The Performance Goals may include a threshold level of performance below which no
payment will be made (or no vesting will occur), levels of performance at which specified
payments will be made (or specified vesting will occur), and a maximum level of performance
above which no additional payment will be made (or at which full vesting will occur). Each
of the foregoing Performance Goals shall be determined in accordance with generally accepted
accounting principles and shall be subject to certification by the Committee with respect to
Covered Employees; provided that the Committee shall have the authority to make equitable
adjustments to the Performance Goals in recognition of unusual or non-recurring events
affecting the Company or any Subsidiary or Affiliate or the financial statements of the
Company or any Subsidiary or Affiliate, in response to changes in applicable laws or
regulations, or to account for items of gain, loss or expense determined to be extraordinary
or

6

 

unusual in nature or infrequent in occurrence or related to the disposal of a segment of a

business or related to a change in accounting principles.

“Phantom Stock Unit” means a right granted or issued under Section 10 to receive
Stock or cash at the end of a specified deferral period, which right may be conditioned on
the satisfaction of certain requirements (including the satisfaction of certain Performance
Goals).

“Plan” means this Con-way Inc. 2006 Equity and Incentive Plan, as amended from time
to time.

“Plan Year” means a calendar year.

“Restricted Stock” means an Award of shares of Stock to a Grantee under Section 9
that may be subject to certain transferability and other restrictions and to a risk of
forfeiture (including by reason of not satisfying certain Performance Goals).

“Rule 16b-3” means Rule 16b-3, as from time to time in effect promulgated by the
Securities and Exchange Commission under the Exchange Act, including any successor to such
Rule.

“Stock” means shares of the common stock, par value $0.625 per share, of the
Company.

“SAR” or “Stock Appreciation Right” means the right allowing a Grantee under
Section 8 to elect to receive an amount equal to the appreciation in the Fair Market Value
of Stock from the grant date to the exercise date, with payment to be made in cash or Stock
as specified in the Award or determined by the Committee.

“Subsidiary” means any corporation in an unbroken chain of corporations beginning
with the Company if, at the time of granting of an Award, each of the corporations (other
than the last corporation in the unbroken chain) owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other corporations in the
chain.

	3.	 	Administration.

The Plan shall be administered by the Committee. The Committee shall have the authority in
its discretion, subject to and not inconsistent with the express provisions of the Plan to
administer the Plan and to exercise all the powers and authorities either specifically
granted to it under the Plan or necessary or advisable in the administration of the Plan,
including, without limitation, the power and authority:

	 	(a)	 	to grant Awards;
	 
	 	(b)	 	to determine the persons to whom and the time or times at which Awards shall be
granted;
	 
	 	(c)	 	to determine the type and number of Awards to be granted, the number of shares
of Stock to which an Award may relate and the terms, conditions, restrictions and
Performance Goals relating to any Award;
	 
	 	(d)	 	to determine Performance Goals no later than such time as is required to ensure
that an underlying Award which is intended to comply with the requirements of Section
162(m) of the Code so complies;

7

 

	 	(e)	 	to determine whether, to what extent, and under what circumstances an Award may
be settled, canceled, forfeited, exchanged, or surrendered;
	 
	 	(f)	 	to make adjustments in the terms and conditions (including Performance Goals)
applicable to Awards;
	 
	 	(g)	 	to designate Affiliates;
	 
	 	(h)	 	to construe and interpret the Plan and any Award;
	 
	 	(i)	 	to prescribe, amend and rescind rules and regulations relating to the Plan;
	 
	 	(j)	 	to determine the terms and provisions of the Award Agreements (which need not
be identical for each Grantee); and
	 
	 	(k)	 	to make all other determinations deemed necessary or advisable for the
administration of the Plan.

Notwithstanding the foregoing and except as otherwise provided in Section 5(g) below, the
Committee shall not have the power and authority to lower the exercise price of any
outstanding Option or SAR, nor shall the Committee have the power and authority to settle,
cancel or exchange any outstanding option or SAR in consideration for the grant of a new
Award with a lower exercise price, and the Committee may only grant those Awards that either
comply with the applicable requirements of Section 409A of the Code or do not result in the
deferral of compensation within the meaning of Section 409A of the Code.

The Committee may appoint a chairperson and a secretary and may make such rules and
regulations for the conduct of its business as it shall deem advisable, and shall keep
minutes of its meetings. All determinations of the Committee shall be made by a majority of
its members either present in person or participating by conference telephone at a meeting
or by written consent. The Committee may delegate to one or more of its members or to one or
more agents such power and authority as it may deem advisable (including the authorization
permitted by Section 157(c) of the Delaware General Corporation Law), and the Committee or
any person to whom it has delegated power and authority as aforesaid may employ one or more
persons to render advice with respect to any responsibility the Committee or such person may
have under the Plan. All decisions, determinations and interpretations of the Committee
shall be final and binding on all persons, including the Company, and any Subsidiary,
Affiliate or Grantee (or any person claiming any rights under the Plan from or through any
Grantee) and any stockholder, subject to Section 15 (Claims Procedures).

No member of the Board or Committee shall be liable for any action taken or determination
made in good faith with respect to the Plan or any Award granted hereunder.

	4.	 	Eligibility.

Awards may be granted to selected employees of the Company and its present or future
Subsidiaries and Affiliates, in the discretion of the Committee. In determining the persons
to whom Awards shall be granted and the type of any Award (including the number of shares to
be covered by such Award), the Committee shall take into account such factors as the
Committee shall deem relevant in connection with accomplishing the purposes of the Plan.

8

 

	5.	 	Stock Subject to the Plan.

	 	(a)	 	Plan Limit. The maximum number of shares of Stock reserved for issuance
pursuant to Awards granted under the Plan over the term of the Plan is 6,200,000,
subject to adjustment as provided in subsection (g). Each share of Restricted Stock,
each Phantom Stock Unit payable in shares of Stock and each share of Stock subject to
an Other Stock-Based Award that is granted shall reduce the pool by 1.72 shares.
Determinations made in respect of the limitations set forth in this Section 5 shall be
made in a manner consistent with the rules of the New York Stock Exchange (or any other
applicable stock exchange).
	 
	 	(b)	 	Individual Limit. The maximum number of shares of Stock with respect to which
Options or SARs may be granted to a single individual over the term of the Plan is
1,550,000, subject to adjustment as provided in subsection (g). Determinations made in
respect of the limitation set forth in the preceding sentence shall be made in a manner
consistent with Section 162(m) of the Code.
	 
	 	(c)	 	ISO Limit. The maximum number of shares of Stock that may be issued in the
aggregate in respect of ISOs to all Grantees over the term of the Plan is 6,200,000,
subject to adjustment as provided in subsection (g). Determinations made in respect of
the limitation set forth in the preceding sentence shall be made in a manner consistent
with Sections 422 and 424 of the Code.
	 
	 	(d)	 	Limit on Restricted Stock, Phantom Stock Units and Other Stock-Based Awards.
The maximum number of shares of Stock that may be issued in the aggregate in respect of
Restricted Stock, Phantom Stock Units and Other Stock-Based Awards to all Grantees over
the term of the Plan is 3,604,650, and the maximum number of shares of Stock that may
be awarded in the form of Restricted Stock and Phantom Stock Units to a single
individual over the term of the Plan is 500,000, in each case subject to adjustment as
provided in subsection (g).
	 
	 	(e)	 	Source of Shares. Such shares may, in whole or in part, be authorized but
unissued shares or shares that shall have been or may be reacquired by the Company in
the open market, in private transactions or otherwise.
	 
	 	(f)	 	Adjustments to the Number of Shares that may be Issued.

	 	(i)	 	Options. If an Option expires, is surrendered, or becomes
unexercisable without having been exercised in full, the unissued or retained
shares of Stock shall become available for future grant under the Plan. Unissued
 shares of Stock that are retained by the Company, or issued shares that are
surrendered by the Grantee to the Company, in each case upon exercise of an
Option in order to satisfy the exercise price for such Option or any withholding
taxes due with respect to such exercise, shall not be available for future grant
under the Plan.
	 
	 	(ii)	 	SARs. The number of shares that may be issued under the Plan
shall not be reduced by the grant or exercise of SARs that can be settled only
with cash. If an SAR may be settled with Stock, the number of shares that may be
issued under the Plan shall be reduced upon grant by the full number of shares
subject to the SAR. If an SAR that may be settled with stock expires without
exercise or is settled with cash, the shares of Stock shall become available for
future grant under the Plan. If an SAR is granted in tandem with an Option (so
that the

9

 

	 	 	 	exercise of one reduces or eliminates the extent to which the other can be
exercised), the number of shares of Stock that may be issued under the Plan
shall be reduced upon grant by the total number of shares of Stock that are
subject to the tandem Option and SAR, and if a tandem Option and SAR expires
without exercise or is settled with cash the shares of Stock subject to such
tandem Option and SAR shall become available for future grant. Shares of Stock
that otherwise would be issued with respect to a SAR but are instead retained
in order to satisfy withholding taxes shall not be available for new Awards.
	 
	 	(iii)	 	Restricted Stock. If shares of Restricted Stock are withheld
upon vesting to cover taxes, such shares shall not become available for future
grant under the Plan. Shares of Restricted Stock that are forfeited shall become
available for future grant under the Plan, on the basis of 1.72 shares for every
such share of Restricted Stock.
	 
	 	(iv)	 	Phantom Stock Units. The number of shares that may be issued
under the Plan shall not be reduced by the grant or exercise of Phantom Stock
Units that can be settled only with cash. If a Phantom Stock Unit may be settled
with Stock, the number of shares that may be issued under the Plan shall be
reduced at the time of grant by 1.72 times the full number of shares subject to
the Phantom Stock Unit. If a Phantom Stock Unit that may be settled with Stock
is forfeited, canceled, exchanged, surrendered or expires without a distribution
of shares to the Grantee or is settled with cash, the shares of Stock shall
become available for future grant under the Plan, on the basis of 1.72 shares
for every such Phantom Stock Unit. Shares of Stock that otherwise would be
issued with respect to a Phantom Stock Unit but are instead retained in order to
satisfy withholding taxes shall not be available for new Awards.
	 
	 	(v)	 	Other Stock-Based Awards. The number of shares that may be issued
under the Plan shall not be reduced by the grant or exercise of Other
Stock-Based Awards that can be settled only with cash. If an Other Stock-Based
Award may be settled with Stock, the number of shares that may be issued under
the Plan shall be reduced upon grant by 1.72 times the full number of shares
subject to the Other Stock-Based Award. If an Other Stock-Based Award that may
be settled with Stock is forfeited, canceled, exchanged, surrendered or expires
without a distribution of shares to the Grantee or is settled with cash, the
 shares of Stock with respect to such Other Stock-Based Award shall, to the
extent of any such forfeiture, cancellation, exchange, surrender, termination,
expiration or settlement, become available for future grant under the Plan, on
the basis of 1.72 shares for every share of Stock subject to such Other
Stock-Based Award. Shares of Stock that otherwise would be issued with respect
to a Stock-Based Award but are instead retained in order to satisfy withholding
taxes shall not be available for new Awards.

	 	(g)	 	Reorganizations, etc. In the event that the Committee shall determine that any
dividend or other distribution (whether in the form of cash, Stock, or other property),
recapitalization, Stock split, reverse split, reorganization, merger, consolidation,
spin-off, combination, repurchase, or share exchange, or other similar corporate
transaction or event affects the Stock such that one or more adjustments or changes are
necessary in order to prevent dilution or enlargement of the rights of Grantees under
the Plan, then the Committee shall make such equitable changes or adjustments to

10

 

any or all of (i) the number and kind of shares of Stock or cash that may thereafter
be issued in connection with Awards, (ii) the number and kind of shares of Stock or
cash issued or issuable in respect of outstanding Awards, (iii) the exercise price,
grant price, or purchase price relating to any Award; provided that, with respect to
ISOs, such adjustment shall be made in accordance with Section 424(a) of the Code,
(iv) the Performance Goals, and (v) the individual limitations applicable to Awards.
Any such adjustments or changes shall be made in a manner such that the effect on
Grantees under the Plan is consistent with the effect of the corporate transaction on
shareholders generally.

	6.	 	Terms of Awards.

Except as otherwise provided in the Plan, the term of each Award shall be for such period as
may be determined by the Committee. Subject to the terms of the Plan and any applicable
Award Agreement, payments to be made by the Company or a Subsidiary or Affiliate upon the
grant, maturation, or exercise of an Award may be made in Stock or cash, or a combination
thereof, as the Committee shall determine at the date of grant or thereafter and may be made
in a single payment or transfer, in installments, or on a deferred basis. The Committee may
make rules relating to installment or deferred payments with respect to Awards, consistent
with Section 409A of the Code, including the rate of interest to be credited with respect to
such payments. In addition to the foregoing, the Committee may impose on any Award or the
exercise thereof, at the date of grant or thereafter, such additional terms and conditions,
not inconsistent with the provisions of the Plan, as the Committee shall determine.

	7.	 	Options.

The Committee is authorized to grant Options to Grantees on the following terms and
conditions:

	 	(a)	 	Type of Award. The Award Agreement evidencing the grant of an Option under the
Plan shall designate the Option as an ISO or an NQSO.
	 
	 	(b)	 	Exercise Price. The exercise price per share of Stock purchasable under an
Option shall be determined by the Committee; provided that, such exercise price shall
be not less than the Fair Market Value of a share on the date of grant of such Option.
The exercise price for Stock subject to an Option may be paid in cash or by an exchange
of Stock previously owned by the Grantee, or a combination of both, in an amount having
a combined value equal to such exercise price.
	 
	 	(c)	 	Term and Exercisability of Options. Options shall be exercisable over the
exercise period (which shall not exceed ten years from the date of grant), at such
times and upon such conditions as the Committee may determine, as reflected in the
Award Agreement; provided that the Committee shall have the authority to accelerate the
exercisability of any outstanding Option at such time and under such circumstances as
it, in its sole discretion, deems appropriate. An Option may be exercised to the extent
of any or all full shares of Stock as to which the Option has become exercisable, by
giving written notice of such exercise to the Committee or its agent.
	 
	 	(d)	 	Termination of Employment, etc. An Option may not be exercised unless the
Grantee is then in the employ of the Company or a Subsidiary or an Affiliate (or a
company or a parent or subsidiary company of such company issuing or assuming the
Option in a transaction to which Section 424(a) of the Code applies), and unless the
Grantee has

11

 

	 	 	 	remained continuously so employed since the date of grant of the Option; provided
that, the Award Agreement may contain provisions under which, in the event of
specified terminations, the Option may continue to be exercisable to a date not later
than the expiration date of such Option.
	 
	 	(e)	 	Other Provisions. Options may be subject to such other conditions including,
but not limited to, restrictions on transferability of the shares acquired upon
exercise of such Options, as the Committee may prescribe in its discretion or as may be
required by applicable law.

	8.	 	SARs.

The Committee is authorized to grant SARs to Grantees on the following terms and conditions:

	 	(a)	 	In General. Unless the Committee determines otherwise, an SAR (i) granted in
tandem with an NQSO may be granted at the time of grant of the related NQSO or at any
time thereafter or (ii) granted in tandem with an ISO may only be granted at the time
of grant of the related ISO. An SAR granted in tandem with an Option shall be
exercisable only to the extent the underlying Option is exercisable.
	 
	 	(b)	 	SARs. An SAR shall confer on the Grantee a right to receive an amount of cash
or Stock with respect to each share subject thereto, upon exercise thereof, equal to
the excess of (i) the Fair Market Value of one share of Stock on the date of exercise
over (ii) the grant price of the SAR (which in the case of an SAR granted in tandem
with an Option shall be equal to the exercise price of the underlying Option, and which
in the case of any other SAR shall be such price as the Committee may determine, but
not less than the Fair Market Value of a share on the date of grant of such SAR).

	9.	 	Restricted Stock.

The Committee is authorized to grant Restricted Stock to Grantees on the following terms and
conditions:

	 	(a)	 	Issuance and Restrictions. Restricted Stock shall be subject to such
restrictions on transferability and other restrictions as the Committee may impose at
the date of grant or thereafter, which restrictions may lapse separately or in
combination at such times, under such circumstances, in such installments, or
otherwise, as the Committee may determine; provided, however, notwithstanding the
foregoing but subject to Section 14 hereof, each Restricted Stock Award shall be
subject to restrictions, imposed at the date of grant, relating to either or both of
(i) the attainment of Performance Goals by the Company or (ii) the continued employment
of the Grantee with the Company, a Subsidiary or an Affiliate. All performance-based
Restricted Stock Awards will have a minimum performance period of one (1) year, with no
vesting prior to the end of the performance period except in the case of specified
events, including, without limitation, death, Disability (which, for Plan purposes, is
as defined in Treas. Reg. 1.409A-3(i)(4)) or a Change in Control. With respect to any
 shares of Restricted Stock subject to restrictions which lapse solely based on the
Grantee’s continuation of employment with the Company, a Subsidiary or an Affiliate,
such restrictions shall lapse over a vesting schedule (so long as the Grantee remains
employed with the Company, a Subsidiary or an Affiliate) no shorter in duration than
three years from the date of grant; provided that, such vesting schedule may provide
for partial or installment vesting from time to time during such period, subject to
acceleration in the case of specified events,

12

 

	 	 	 	including, without limitation, death, Disability or a Change in Control. Except to
the extent otherwise provided in an Award Agreement, a Grantee granted Restricted
Stock shall have all of the rights of a stockholder including, without limitation,
the right to vote Restricted Stock and the right to receive dividends thereon
(subject to subsection (d) below).

	 	(b)	 	Forfeiture. Upon termination of employment with the Company or a Subsidiary or
Affiliate, during the applicable restriction period, Restricted Stock and any accrued
but unpaid dividends or Dividend Equivalents that are at that time subject to
restrictions shall be forfeited; provided that the Committee may provide, by rule or
regulation or in any Award Agreement, or may determine in any individual case, that
restrictions or forfeiture conditions relating to Restricted Stock will be waived in
whole or in part in the event of terminations resulting from specified causes, and the
Committee may in other cases waive in whole or in part the forfeiture of Restricted
Stock.
	 
	 	(c)	 	Certificates for Stock. Restricted Stock granted under the Plan may be
evidenced in such manner as the Committee shall determine. If certificates representing
Restricted Stock are registered in the name of the Grantee, such certificates shall
bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to such Restricted Stock, and the Company shall retain physical possession
of the certificate.
	 
	 	(d)	 	Dividends. Dividends paid on Restricted Stock shall be paid at the dividend
payment date, in cash or in shares of unrestricted Stock having a Fair Market Value
equal to the amount of such dividends. Stock distributed in connection with a stock
split or stock dividend, and distributed as a dividend, shall be subject to
restrictions and a risk of forfeiture to the same extent as the Restricted Stock with
respect to which such Stock has been distributed.

	10.	 	Phantom Stock Units.

The Committee is authorized to grant Phantom Stock Units to Grantees, subject to the
following terms and conditions:

	 	(a)	 	Award and Restrictions. Delivery of Stock or cash, as determined by the
Committee, will occur upon expiration of the deferral period specified for Phantom
Stock Units by the Committee. The expiration of the deferral period shall be consistent
with the requirements of Section 409A of the Code. The Committee may condition the
vesting and/or payment of Phantom Stock Units, in whole or in part, upon the attainment
of Performance Goals.
	 
	 	(b)	 	Forfeiture. Upon termination of employment during the applicable deferral
period or portion thereof to which forfeiture conditions apply, or upon failure to
satisfy any other conditions precedent to the delivery of Stock or cash to which such
Phantom Stock Units relate, all Phantom Stock Units that are then subject to deferral
or restriction shall be forfeited; provided that, the Committee may provide, by rule or
regulation or in any Award Agreement, or may determine in any individual case, that
restrictions or forfeiture conditions relating to Phantom Stock Units will be waived in
whole or in part in the event of termination resulting from specified causes, and the
Committee may in other cases waive in whole or in part the forfeiture of Phantom Stock
Units.

The Committee is also authorized to issue Phantom Stock Units to employees who have elected
Phantom Stock Units as an investment alternative under deferred compensation plans,

13

 

including the Company’s Deferred Compensation Plan for Executives and the Company’s 2005
Deferred Compensation Plan for Executives. Such Awards may be settled hereunder by the
delivery of cash or shares of Stock and shall otherwise be subject to the terms and
conditions of such plans.

	11.	 	Dividend Equivalents.

The Committee is authorized to grant Dividend Equivalents to Grantees. The Committee may
provide, at the date of grant, that Dividend Equivalents shall be paid or distributed when
accrued or shall be deemed to have been reinvested in additional Stock, or other investment
vehicles as the Committee may specify, provided that Dividend Equivalents (other than
freestanding Dividend Equivalents) shall be subject to all conditions and restrictions of
the underlying Awards to which they relate and shall be subject to the requirements of
Section 409A of the Code. A Dividend Equivalent cannot be made payable upon the exercise of
an Option or SAR unless it is a separate arrangement that independently satisfies Section
409A of the Code.

	12.	 	Annual Incentive Compensation Program.

The Committee is authorized to grant Awards to Grantees pursuant to the Annual Incentive
Compensation Program in the form of Other Cash-Based Awards, as deemed by the Committee to
be consistent with the purposes of the Plan. Grantees will be selected by the Committee with
respect to participation for a Plan Year and may include all employees. Awards granted under
the Annual Incentive Compensation Program in respect of a Plan Year may be contingent on the
attainment by the Company of one or more Performance Goals. The maximum payment that any
Grantee may receive pursuant to an Award granted under the Annual Incentive Compensation
Program in respect of any Plan Year shall be $3,000,000. Payments earned hereunder may be
decreased or, with respect to any Grantee who is not a Covered Employee, increased in the
sole discretion of the Committee based on such factors as it deems appropriate. No payment
to any Covered Employee shall be made prior to the certification by the Committee that any
applicable Performance Goals have been attained. The Committee may establish such other
rules applicable to the Annual Incentive Compensation Program to the extent not inconsistent
with Section 409A of the Code or, in the case of an Award intended to comply with Section
162(m) of the Code, to the extent not inconsistent with Section 162(m) of the Code.

	13.	 	Other Stock-Based or Cash-Based Awards.

The Committee is authorized to grant Awards to Grantees in the form of Other Stock-Based
Awards or Other Cash-Based Awards, as deemed by the Committee to be consistent with the
purposes of the Plan. The Committee shall determine the terms and conditions of such Awards
at the date of grant or thereafter.

Awards granted pursuant to this Section 13 may be granted with value and payment contingent
upon the attainment of certain Performance Goals, so long as such goals relate to periods of
performance in excess of one calendar year. If an Award is so granted and the Award is
intended to comply with Section 162(m) of the Code the maximum payment that any Grantee may
receive pursuant to such Awards in respect of any performance period shall be $3,000,000.
Payments earned under such Awards may be decreased or, with respect to any Grantee who is
not a Covered Employee, increased in the sole discretion of the Committee based on such
factors as it deems appropriate, and no payment to any Covered Employee

14

 

shall be made prior to the certification by the Committee that any applicable Performance
Goals have been attained.

Whether or not value and payment of an Award is contingent upon the attainment of
Performance Goals, payment of an Award granted pursuant to this Section 13 shall be made
within two and one half months of the calendar year in which the Award vested, unless
payment is deferred under terms consistent with Section 409A of the Code. The Committee may
establish such other rules applicable to the Other Stock-Based or Cash-Based Awards to the
extent not inconsistent with Section 409A of the Code or, in the case of an Award intended
to comply with Section 162(m) of the Code, to the extent not inconsistent with Section
162(m) of the Code.

	14.	 	Change in Control Provisions.

Unless otherwise determined by the Committee at the time of grant and evidenced in an Award
Agreement or in a plan pursuant to which Awards are granted, in the event of a Change in
Control:

	 	(a)	 	any Award carrying a right to exercise that was not previously exercisable and
vested shall become fully exercisable and vested; and
	 
	 	(b)	 	the restrictions, payment conditions, and forfeiture conditions applicable to
any other Award granted under the Plan shall lapse and such Awards shall be deemed
fully vested, and any Performance Goals imposed with respect to Awards shall be deemed
to be fully achieved.

However, payment of an Award shall not be accelerated unless the Change in Control also
constitutes a “change in the ownership or effective control of the corporation, or in the
ownership of a substantial portion of the assets of the corporation,” within the meaning of
Section 409A(2)(A)(v) of the Code.

	15.	 	Claims Procedures.

	 	(a)	 	Presentation of Claim. Any Claimant may deliver to the Plan Administrator a
written claim for a determination with respect to the amounts distributable to such
Claimant from the Plan. If such a claim relates to the contents of a notice received by
the Claimant, the claim must be made within sixty (60) days after such notice was
received by the Claimant. All other claims must be made within 180 days of the date on
which the event that caused the claim to arise occurred. The claim must state with
particularity the determination desired by the Claimant:
	 
	 	(b)	 	Notification of Decision. The Plan Administrator shall consider a Claimant’s
claim within a reasonable time, and shall notify the Claimant in writing:

	 	(i)	 	that the Claimant’s requested determination has been made, and
that the claim has been allowed in full; or
	 
	 	(ii)	 	that the Committee has reached a conclusion contrary, in whole or
in part, to the Claimant’s requested determination, and such notice must set
forth in a manner calculated to be understood by the Claimant:
	 
	 	(iii)	 	the specific reason(s) for the denial of the claim, or any part
of it;

15

 

	 	(iv)	 	specific reference(s) to pertinent provisions of the Plan upon
which such denial was based;
	 
	 	(v)	 	a description of any additional material or information necessary
for the Claimant to clarify or perfect the claim, and an explanation of why such
material or information is necessary; and
	 
	 	(vi)	 	an explanation of the claim review procedure set forth in
paragraph (c) below.

	 	(c)	 	Review of a Denied Claim. Within sixty (60) days after receiving a notice from
the Committee that a claim has been denied, in whole or in part, a Claimant (or the
Claimant’s duly authorized representative) may file with the Committee a written
request for a review of the denial of the claim. Thereafter, but not later than thirty
(30) days after the review procedure began, the Claimant (or the Claimant’s duly
authorized representative):

	 	(i)	 	may review pertinent documents;
	 
	 	(ii)	 	may submit written comments or other documents; and/or
	 
	 	(iii)	 	may request a hearing, which the Plan Administrator, in its sole
discretion, may grant.

	 	(d)	 	Decision on Review. The Plan Administrator shall render its decision on review
promptly, and not later than sixty (60) days after the filing of a written request for
review of the denial, unless a hearing is held or other special circumstances require
additional time, in which case the Plan Administrator’s decision must be rendered
within 120 days after such date. Such decision must be written in a manner calculated
to be understood by the Claimant and it must contain:

	 	(i)	 	specific reasons for the decision;
	 
	 	(ii)	 	specific reference(s) to the pertinent Plan provisions upon which
the decision was based; and
	 
	 	(iii)	 	such other matters as the Committee deems relevant.

	 	(e)	 	Determinations. All benefit claim determinations shall be made in accordance
with governing plan documents. Where appropriate, the Plan provisions must be applied
consistently with respect to similarly-situated Claimants.
	 
	 	(f)	 	Exhaustion of Administrative Remedies. The Claimant must exhaust these
administrative remedies prior to commencing any other proceeding with respect to claims
arising under the Plan.
	 
	 	(g)	 	Effective Date. This Section shall apply to all Awards outstanding as of
January 1, 2006, under the CNF Inc. 1997 Equity and Incentive Plan, in addition to the
Awards granted under this Plan.

16

 

	16.	 	General Provisions.

	 	(a)	 	Nontransferability. Unless otherwise provided in an Award Agreement for an
Award other than an ISO, Awards shall not be transferable by a Grantee except by will
or the laws of descent and distribution or pursuant to a qualified domestic relations
order as defined under the Code or Title I of ERISA, and shall be exercisable during
the lifetime of a Grantee only by such Grantee or his guardian or legal representative.
	 
	 	(b)	 	No Right to Continued Employment, etc. Nothing in the Plan or in any Award
granted or any Award Agreement or other agreement entered into pursuant hereto shall
confer upon any Grantee the right to continue in the employ of the Company, any
Subsidiary or any Affiliate or to be entitled to any remuneration or benefits not set
forth in the Plan or such Award Agreement, or other agreement or to interfere with or
limit in any way the right of the Company or any such Subsidiary or Affiliate to
terminate such Grantee’s employment.
	 
	 	(c)	 	Taxes. The Company or any Subsidiary or Affiliate is authorized to withhold
from any Award granted, any payment relating to an Award under the Plan, including from
a distribution of Stock, or any other payment to a Grantee, amounts of withholding and
other taxes due in connection with any transaction involving an Award (not to exceed
the statutory minimum), and to take such other action as the Committee may deem
advisable to enable the Company and Grantees to satisfy obligations for the payment of
withholding taxes and other tax obligations relating to any Award. This authority shall
include authority to withhold or receive Stock or other property and to make cash
payments in respect thereof in satisfaction of a Grantee’s tax obligations. If Stock is
distributed to a Grantee with respect to an Award or the exercise thereof, and the
withholding taxes exceed any cash being distributed at the same time, the Grantee may
elect to have shares of Stock withheld sufficient to satisfy the withholding taxes that
are in excess of such cash.
	 
	 	(d)	 	Stockholder Approval; Amendment and Termination. The Plan previously took
effect on the Original Effective Date, but the Plan and any grants of Awards shall be
subject to the approval of the stockholders of the Company, which approval must occur
within twelve (12) months of the Original Effective Date. If the stockholders of the
Company do not so approve the Plan (either because they did not vote on the Plan within
the twelve (12) months or because they voted on the Plan within the twelve (12) months
but did not approve it), the Plan and all rights hereunder shall immediately terminate
and no Grantee or transferee shall have any rights under the Plan or any Award
Agreement. The Board may at any time and from time to time alter, amend, suspend, or
terminate the Plan in whole or in part; provided, however, that no amendment shall be
effective without stockholder approval if such approval is required by law or New York
Stock Exchange rules. Notwithstanding the foregoing, no amendment shall affect
adversely any of the rights of any Grantee, without such Grantee’s consent, under any
Award theretofore granted under the Plan. Unless earlier terminated by the Board
pursuant to the provisions of the Plan, the Plan shall terminate on the tenth
anniversary of its Original Effective Date. No Awards shall be granted under the Plan
after such termination date.
	 
	 	(e)	 	Section 409A. If any provision of this Plan, an Award Agreement, or a plan
pursuant to which Awards are granted would cause compensation to be includible in a
Grantee’s income pursuant to Section 409A(a)(1)(A) of the Code, such provision shall be
void, and the Plan, Award Agreement, or such plan shall be amended retroactively in
such a

17

 

	 	 	 	way as to achieve substantially similar economic results without causing such
inclusion. The Company intends the Plan to meet the requirements of Section 409A of
the Code, the regulations thereunder, and any additional guidance provided by the
Treasury Department. The Committee shall interpret the Plan in such a way as to meet
such requirements. Moreover, for purposes of applying the provisions of Section 409A
of the Code to this Plan, each separately identified Award to which a Grantee is
entitled under this Plan shall be treated as a separate payment. In addition, to the
extent permissible under Section 409A of the Code, any series of installment payments
under this Plan shall be treated as a right to a series of separate payments.
	 
	 	(f)	 	No Rights to Awards; No Stockholder Rights. No Grantee shall have any claim to
be granted any Award under the Plan, and there is no obligation for uniformity of
treatment of Grantees. Except as provided specifically herein, a Grantee or a
transferee of an Award shall have no rights as a stockholder with respect to any shares
covered by the Award until the date of the issuance of a stock certificate to him for
such shares.
	 
	 	(g)	 	Unfunded Status of Awards. The Plan is intended to constitute an “unfunded”
plan for incentive compensation. With respect to any payments not yet made to a Grantee
pursuant to an Award, nothing contained in the Plan or any Award shall give any such
Grantee any rights that are greater than those of a general creditor of the Company.
	 
	 	(h)	 	No Fractional Shares. No fractional shares of Stock shall be issued or
delivered pursuant to the Plan or any Award. The Committee shall determine whether cash
or other Awards shall be issued or paid in lieu of such fractional shares or whether
such fractional shares or any rights thereto shall be forfeited or otherwise
eliminated.
	 
	 	(i)	 	Regulations and Other Approvals

	 	(i)	 	The obligation of the Company to sell or deliver Stock with
respect to any Award granted under the Plan shall be subject to all applicable
laws, rules and regulations, including all applicable federal and state
securities laws, and the obtaining of all such approvals by governmental
agencies as may be deemed necessary or appropriate by the Committee.
	 
	 	(ii)	 	Each Award is subject to the requirement that, if at any time the
Committee determines, in its absolute discretion, that the listing, registration
or qualification of Stock issuable pursuant to the Plan is required by any
securities exchange or under any state or federal law, or the consent or
approval of any governmental regulatory body is necessary or desirable as a
condition of, or in connection with, the grant of an Award or the issuance of
Stock, no such Award shall be granted or payment made or Stock issued, in whole
or in part, unless listing, registration, qualification, consent or approval has
been effected or obtained free of any conditions not acceptable to the
Committee.
	 
	 	(iii)	 	In the event that the disposition of Common Stock acquired
pursuant to the Plan is not covered by a then current registration statement
under the Securities Act of 1933, as amended, and is not otherwise exempt from
such registration, such Stock shall be restricted against transfer to the extent
required by the Securities Act of 1933, as amended, or regulations thereunder,
and the Committee may require a Grantee receiving Stock pursuant to the Plan, as
a condition precedent to receipt of such Stock, to represent to the Company

18

 

	 	 	 	in writing that the Stock acquired by such Grantee is acquired for investment
only and not with a view to distribution.

	 	(j)	 	Governing Law. The Plan and all determinations made and actions taken pursuant
hereto shall be governed by the laws of the State of Delaware without giving effect to
the conflict of laws principles thereof. Nothing in this document shall suggest that
the Plan is subject to ERISA.

	 	 	 	 	 
	 

	 	CON-WAY INC.	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 

	 	 
	 

	 	Jennifer W. Pileggi	 	 
	 

	 	Senior Vice President, General Counsel and Secretary	 	 
	 

	 	2006 Equity and Incentive Plan	 	 
	 

	 	2008 Amendment	 	 
	 

	 	Executed: December 1, 2008	 	 

19

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