Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT dated as of June 30, 2008, between Pacer International, Inc., a Tennessee corporation (the “Company”), and Daniel W. Avramovich (the
“Executive”). 
 The Company and the Executive are entering into this Agreement to set forth the terms of the
Executive’s employment with the Company. Accordingly, in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the Company and the Executive, the Company and the Executive hereby agree as follows: 
 Section 1. Duties. On the
terms and subject to the conditions contained in this Agreement, the Executive will initially be employed by the Company as President - Retail Intermodal Services. The Executive shall perform such duties and services on behalf of the Company and its
Affiliates (as defined in Section 24(b) below) consistent with such title and position as may reasonably be assigned to the Executive from time to time by the Company’s Board of Directors (the “Board”) or the Chairman of the
Board or other more senior officers of the Company. The Executive’s title and position and related duties and services may be changed during the course of Executive’s employment by the Board or the Chairman of the Board or other more
senior officers of the Company. 
 Section 2. Term. The Executive’s employment hereunder shall be for the period (the
“Employment Period”) commencing on the date hereof (the “Commencement Date”) and ending on the effective date of the termination of such employment pursuant to and in accordance with the applicable provisions of
this Agreement. Upon such termination of the Executive’s employment hereunder, the Executive (or, if applicable, the Executive’s beneficiaries or estate) shall be only entitled to those rights and benefits provided in Section 8(a) or
Section 8(b), as applicable to such termination, subject to compliance with those continuing covenants and agreements set forth herein. 
 Section 3. Time to be Devoted to Employment. During the Employment Period, the Executive will devote substantially all of the Executive’s working energies, efforts, interest, abilities and time exclusively to the business and
affairs of the Company and its Affiliates. The Executive will not engage in any other business or activity which, in the reasonable judgment of the Board, would conflict or interfere in any material respect with the Executive’s performance of
his duties as set forth herein, whether or not such activity is pursued for gain, profit or other pecuniary advantage. 
 Section 4. Base
Salary; Bonus; Benefits. 
 (a) During the Employment Period, the Company (or any of its Affiliates) shall pay the
Executive a minimum annual base salary (the “Base Salary”) of $350,000.00, payable in such installments (but not less often than monthly) as is generally the policy of the Company with respect to the payment of regular compensation
to its executive officers. The Base Salary may be increased from time to time in the sole discretion of the Board. The Executive will also be entitled to vacation under the Company’s policy. Such vacation shall accrue and may be taken in
accordance with the Company’s policy in effect from time to time with respect to its executive 

 
officers generally, subject to the Company’s right at any time and from time to time to amend, modify, change or terminate such vacation policy in any
respect. The Executive will also be entitled to such other benefits as may be made available to other executive officers of the Company generally, including participation in such health, life and disability insurance programs and retirement or
savings plans, if any, as the Company may from time to time maintain in effect, as well as a monthly club dues allowance of $700.00 and a monthly car allowance of $900.00 in accordance with the Company’s policy from time to time for similarly
situated executives, in all cases subject to the Company’s right at any time and from time to time to amend, modify, change or terminate in any respect any of its employee and other benefit plans, policies, or programs. 
 (b) During the Employment Period, the Executive shall be entitled to participate in the Company’s performance bonus plan or program
as adopted by Board and in effect from time to time with respect to similarly situated executives of Pacer International, Inc. (“Pacer International”), and its subsidiaries, including the Company (the “Bonus Plan”),
and to receive such performance bonus thereunder (if any) with respect to each fiscal year of the Company occurring during the Employment Period, subject in all cases to the terms and conditions of this Agreement and such Bonus Plan. The amount of
such performance bonus, if any, that may be awarded and payable to the Executive hereunder with respect to any such fiscal year shall range up to fifty percent (50%) of the Base Salary in effect for such fiscal year as determined by the Board
(or committee thereof) in its sole discretion based on and to the extent of the achievement or satisfaction of such targets, goals and conditions as may be provided in such Bonus Plan for such fiscal year, and as the Board (or committee thereof) may
otherwise determine. Such targets, goals and conditions may include (i) business, financial, operating and/or other performance measures applicable to (A) Pacer International and its Affiliates taken as a whole and (B) those business
segment(s) or divisions(s) of Pacer International and its Affiliates for and with respect to which the Executive is responsible or has authority (e.g., Intermodal Segment) and (ii) such personal and individual performance criteria as may
be determined by the Board (or committee thereof) taking into account the Executive’s duties and responsibilities to the Company and its Affiliates for the period in question. The performance bonus awarded and payable to the Executive under
such Bonus Plan with respect to any such fiscal year (including any pro rated amount payable pursuant to the following provisions of this Section 4(b)) shall be paid at such time or times and in such manner as performance bonuses are paid to
the other executive officers of the Company generally. If the Executive’s employment with the Company is terminated without “cause” pursuant to Section 7(b) below, the Executive will be entitled to receive that portion of the
bonus payable for the fiscal year of the Company during which such termination occurs pro rated through the date of such termination based on the number of days elapsed through the termination date over 365 days. If the Executive’s employment
with the Company is terminated for any reason other than without “cause” pursuant to Section 7(b) below, neither the Company nor any of its Affiliates will be obligated to pay the Executive any bonus with respect to the fiscal year of
the Company in which such termination occurred or thereafter. The Executive’s rights to participate in, and to receive a performance bonus under, the Company’s Bonus Plan in effect for any given fiscal year shall be subject to the
Company’s right at any time and from time to time to amend, modify, change or terminate such Bonus Plan in any respect. In the event of a conflict between this Agreement and such Bonus Plan, this Agreement shall control. 
 (c) The Company shall pay the Executive a one-time signing bonus of $75,000.00 at such time or times and in such installments as shall be
mutually agreed upon and determined by the Company and the Executive. 
  

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 Section 5. Reimbursement of Expenses. During the Employment Period, the Company shall reimburse
the Executive in accordance with Company policy for all reasonable and necessary traveling expenses and other disbursements incurred by the Executive for or on behalf of the Company in connection with the performance of the Executive’s duties
hereunder upon presentation of appropriate receipts or other documentation therefore, in accordance with all applicable policies of the Company. 
 Section 6. Disability or Death. If, during the Employment Period, the Executive is incapacitated or disabled by accident, sickness or otherwise (a “Disability”) so as to render the Executive mentally or physically
incapable of performing the services required to be performed by the Executive under this Agreement for any period of 90 consecutive days or for an aggregate of 180 days in any period of 360 consecutive days, the Company may, at any time thereafter,
at its option, terminate the Executive’s employment under this Agreement immediately upon giving the Executive written notice to that effect. In the event of the Executive’s death, the Executive’s employment will be deemed terminated
as of the date of death. 
 Section 7. Termination. 
 (a) The Company may terminate the Executive’s employment hereunder at any time for “cause” by giving the Executive written
notice of such termination, containing reasonable specificity of the grounds therefor. For purposes of this Agreement, “cause” shall mean (i) willful misconduct with respect to the business and affairs of the Company or any of its
Affiliates, (ii) willful neglect of the Executive’s duties or the failure to follow the lawful directions of the Board or more senior officers of the Company to whom the Executive reports, including the violation of any material policy of
the Company or of any of its Affiliates that is applicable to the Executive, (iii) the material breach of any provision of this Agreement or any other written agreement between the Executive and the Company or any of its Affiliates and, if such
breach is capable of being cured, the Executive’s failure to cure such breach within 30 days of receipt of written notice thereof from the Company, (iv) the Executive’s commission of a felony, (v) the Executive’s commission
of an act of fraud or financial dishonesty with respect to the Company or any of its Affiliates or (vi) any conviction of the Executive for a crime involving moral turpitude or fraud. A termination pursuant to this Section 7(a) shall take
effect immediately upon the giving of the notice contemplated hereby. 
 (b) The Company may terminate the Executive’s
employment hereunder at any time without “cause” by giving the Executive written notice of such termination, which termination shall be effective as of the date set forth in such notice, provided that such date shall not be earlier than
the day on which such notice is delivered to Executive (determined pursuant to Section 16(b) below). 
 (c) The Executive
may terminate his employment hereunder at any time for any or no reason by giving the Company written notice of such termination, which termination shall be effective as of the date set forth in such notice, provided that such date shall not be
earlier than the day on which such notice is delivered to the Company (determined pursuant to Section 16(b) below). 
  

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 Section 8. Effect of Termination. 
 (a) Upon the effective date of a termination of the Executive’s employment under this Agreement for any reason other than a
termination by the Company without cause pursuant to Section 7(b), neither the Executive nor the Executive’s beneficiaries or estate shall have any further rights under this Agreement or any claims against the Company or any of its
Affiliates arising out of this Agreement, except the right to receive, within 30 days after the effective date of such termination (or such earlier period as may be required by applicable law): 
 (i) the unpaid portion of the Base Salary provided for in Section 4, computed on a pro rata basis to the effective date of such
termination; 
 (ii) reimbursement for any expenses incurred by the Executive up to the effective date of such termination of
employment and with respect to which the Executive shall not have theretofore been reimbursed, as provided in Section 5; and 
 (iii) the unpaid portion of any amounts earned by the Executive prior to the effective date of such termination pursuant to any employee benefit plan or program in which the Executive participated during the Employment Period (including any
accrued and unused or unpaid vacation benefits that may be earned by or due to the Executive as of the effectiveness of such termination in accordance with the Company’s policy in effect at the effective time of such termination);
provided, however, that the Executive shall not be entitled to receive any benefits under any such employee benefit plan or program that have accrued during any period if the terms of such plan or program require that the beneficiary
be employed by the Company as of the end of any period ending on or after the effective date of such termination. 
 (b) Upon
termination of the Executive’s employment under this Agreement by the Company without cause pursuant to Section 7(b), neither the Executive nor the Executive’s beneficiaries or estate shall have any further rights under this Agreement
or any claims against the Company or any of its Affiliates arising out of this Agreement, except the right to receive the following amounts and benefits within 30 days after the effective date of such termination, in the case of amounts due pursuant
to clause (i) below, and at such other times as provided in clauses (ii) and (iii) below in the case of amounts due thereunder (or in each case such earlier period as may be required by applicable law); provided,
however, that in the case of clauses (ii) and (iii) below, the Executive is not in breach of any provision of this Agreement surviving such termination and does not engage in any activity or conduct proscribed by Section 9 or
Section 10 (regardless of the extent to which such Section may be enforced under applicable law): 
 (i) the payments, if
any, referred to in Section 8(a) above; 
 (ii) continued payment of an annual amount equal to the Base Salary as in
effect immediately prior to the effective date of such termination for twelve (12) months following the effective date of such termination (the “Severance Period”), payable during the Severance Period in such manner as the Base
Salary would have been payable pursuant to Section 4(a) but for such termination; and 
 (iii) the payment of any pro
rata bonus (or portion thereof), if any, awarded and payable to the Executive pursuant to and in accordance with Section 4(b) with respect to the fiscal year in which such termination occurs, to be paid when and as provided in such
Section 4(b). 
  

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 (c) Without limiting any other provision of this Agreement, if the Executive dies on or
after the effective date of the termination of the Executive’s employment hereunder, the Executive’s heirs, beneficiaries or estate, as their respective interests may appear (but without duplication), shall be entitled to receive or
continue to receive those benefits that would otherwise have been due and payable to the Executive pursuant to Section 8(a) above or Section 8(b) above, as applicable. 
 (d) In addition to, and not by way of limitation of, any other provision of this Agreement, upon the effective date of the termination of
the Executive’s employment hereunder, the Executive shall surrender and deliver to the Company (i) all computers, cell phones, office equipment, credit cards, charge cards and other tangible property of or belonging to or issued in the
name of the Company or any of its Affiliates, (ii) all membership cards for memberships maintained by or in the name of the Company or any of its Affiliates, (iii) all passwords, access codes, documents, records, and files (including all
copies thereof, regardless of the form or media in which the same exist or are stored) in the Executive’s possession and belonging or relating to the Company or any of its Affiliates (except that the Executive may retain one copy thereof for
personal archive purposes, subject to the other terms and conditions of this Agreement, including Section 9), and (iv) any and all other personal property in the Executive’s possession belonging to the Company or any of its
Affiliates. 
 Section 9. Disclosure of Information. 
 (a) From and after the date hereof, the Executive shall not at any time disclose, divulge, furnish or make accessible to any Person any
Confidential Information (as hereinafter defined) heretofore acquired or acquired during the Employment Period for any reason or purpose whatsoever (provided that nothing contained herein shall be deemed to prohibit or restrict the Executive’s
right or ability to disclose, divulge, furnish or make accessible any Confidential Information (i) to any officer, director, employee, Affiliate or representative of the Company, or (ii) to any other Person as required in connection with
the performance of the Executive’s duties under and in compliance with this Agreement, or as required by law or judicial process), nor shall the Executive make use of any Confidential Information for the Executive’s own purposes or benefit
or for the purposes or benefit of any other Person except the Company and its Affiliates. The covenant contained in this Section 9 shall survive the termination or expiration of the Employment Period and any termination of this Agreement.

 (b) For purposes of this Agreement, the term “Confidential Information” means (i) the Intellectual
Property Rights (as hereinafter defined) of the Company and its Affiliates and (ii) all other information of a proprietary or confidential nature relating to the Company or any Affiliate thereof, or the business or assets of the Company or any
such Affiliate, including: books and records; agent and independent contractor lists and related information; customer lists and related information; vendor lists and related information; supplier lists and related information; employee and
personnel lists, policies and related information; contract terms and conditions (including those with customers, suppliers, vendors, independent contractors and agents, and present and former employees); terms and conditions of permits, orders,
judgments and decrees; wholesale, retail and distribution channels; pricing information, cost information, and pricing and cost structures and strategies; marketing, product development and business development plans 

  

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and strategies; management reports; financial statements, reports, schedules and other information; accounting policies, practices and related information;
business plans, strategic plans and initiatives, forecasts, budgets and projections; and shareholder, board of directors and committee meeting minutes and related information; provided, however, that Confidential Information shall not
include (A) information that is generally available to the public on the date hereof, or which becomes generally available to the public after the date hereof without action by the Executive in breach or violation of this Agreement, or
(B) information that the Executive receives from a third party who does not have any obligation to the Company or any of its Affiliates to keep such information confidential and which the Executive does not know (or reasonably could not have
known) is confidential to the Company or any of its Affiliates. 
 (c) As used herein, the term “Intellectual Property
Rights” means all industrial and intellectual property rights, including the following (whether patentable or not): patents, patent applications, and patent rights; trademarks, trademark applications, trade names; service marks and service
mark applications; trade dress, logos and designs, and the goodwill associated with the foregoing; copyrights and copyright applications; certificates of public convenience and necessity, franchises and licenses; trade secrets, know-how, proprietary
processes and formulae, inventions, improvements, devices and discoveries; development tools; marketing materials; instructions; Confidential Information; and all documentation and media constituting, describing or relating to the foregoing,
including manuals, memoranda and records. 
 Section 10. Noncompetition Covenant. 
 (a) The Executive acknowledges and agrees that he will receive significant and substantial benefits from his employment with the Company
under this Agreement, including the remuneration, compensation and other consideration inuring to his benefit hereunder, as well as introductions to, personal experience with, training in and knowledge of the Company and its Affiliates, the
industries in which they engage, and third parties with whom they conduct business. Accordingly, in consideration of the foregoing, and to induce the Company to employ and continue to employ the Executive hereunder and provide such benefits to the
Executive (in each case subject to the terms and conditions of this Agreement and the applicable employment policies of the Company and its Affiliates), the Executive agrees that he will not during the period beginning on the Commencement Date and
ending twelve (12) months after the effective date of the termination of the Executive’s employment with the Company and its Affiliates (the “Non-Competition Period”) for any reason: 
 (i) in any city or county in any state or province of the United States, Canada or Mexico where the Company or any of its Affiliates
conducts business during the Non-Competition Period, directly or indirectly engage or participate in any Competing Business (as defined in Section 10(b) below) (whether as an officer, director, employee, partner, consultant, holder of an equity
or debt investment, lender or in any other manner, or capacity, including by the rendering of services or advice to any person), or lend his name (or any part or variant thereof) to, any Competing Business; 
 (ii) deal, directly or indirectly, with any customers, vendors, agents or contractors doing business with the Company or any of its
Affiliates, or with any officer, director, employee of the Company or any of its Affiliates, in each case in any manner that is or could reasonably be expected to be competitive with the Company or any of its Affiliates; 
  

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

 (B) to become a customer, vendor, agent or contractor, or an officer, director or employee, of the Executive, the
Executive’s Affiliates or any other Person; or 
 (C) to engage in any Competing Business; or 
 (iv) engage in or participate in, directly or indirectly, any business conducted under any name that shall be the same as or similar to
the name of the Company or any of its Affiliates or any trade name used by any of them. 
 Ownership by the Executive for investment purposes only of less
than 2% of the outstanding shares of capital stock or class of debt securities of any Person with one or more classes of its capital stock listed on a national securities exchange or actively traded in the over-the-counter market shall not
constitute a breach of the foregoing covenant. The covenant contained in this Section 10 shall survive the termination or expiration of the Employment Period and any termination of this Agreement. 
 (b) As used herein, the term “Competing Business” means any transportation or other business that the Company or any of
its Affiliates has engaged in at any time during the Employment Period in any city or county in any country, state or province of the United States, Canada or Mexico, including any such business directly or indirectly engaged in providing any of the
following: 
 (i) intermodal marketing or rail or intermodal brokerage services (whether in connection with domestic or
international shipments or customers), car fleet management services, and railcar brokerage and management services; 
 (ii)
highway brokerage services, including full trailer load, less than trailer load, trailer fleet management and depot operations services; 
 (iii) international freight transportation services, including ocean forwarding, custom house brokerage, ocean carrier services (including NVOCC operations), import/export air forwarding services, and special project
services; 
 (iv) specialized transport and cartage services, including heavy, oversized, and other specialized flatbed
trucking services, dry van trucking services, port and rail depot cartage services (whether in connection with domestic or international shipments or customers), and local and regional trucking services (including full truckload and
less-than-truckload motor carrier services); 
  

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 (v) freight consolidation and handling services, including third party warehouse, cross
dock, consolidation, deconsolidation and distribution services; 
 (vi) comprehensive transportation management programs and
services to third party customers, including supply chain and traffic management services, carrier rate and contract management services , logistics optimization planning, and vendor bid optimization; and 
 (vii) intermodal rail equipment (including double-stack rail car, container and chassis) supply and management services, including
doublestack transportation services. 
 Section 11. Inventions Assignment. 
 During the Employment Period, the Executive shall promptly disclose, grant and assign to the Company for its and its Affiliates’ sole use and
benefit any and all inventions, improvements, technical information and suggestions reasonably relating to the business of the Company and its Affiliates (collectively, the “Inventions”) that the Executive may develop or acquire
during the Employment Period (whether or not during usual working hours), together with all patent applications, letters patent, copyrights and reissues thereof that may at any time be granted for or with respect to the Inventions. In connection
with the previous sentence, the Executive shall, at the expense of the Company, including a reasonable payment based on the Executive’s last per diem earnings with the Company for the time involved if (a) the Executive is not then in the
Company’s employ, or (b) if the Executive is not then receiving severance payments pursuant to Section 8(b) above, or (c) if the Executive has not otherwise received one or more severance payments with respect to such period
(whether on a lump sum, pre-paid, or accelerated basis or otherwise), (i) promptly execute and deliver such applications, assignments, descriptions and other instruments as may be necessary or proper in the opinion of the Company to vest title
to the Inventions and any patent applications, patents, copyrights, reissues or other proprietary rights related thereto in the Company and to enable it to obtain and maintain the entire right and title thereto throughout the world, and
(ii) render such reasonable assistance to the Company as may be required in the prosecution of applications for said patents, copyrights, reissues or other proprietary rights, in the prosecution or defense of interferences or infringements that
may be declared involving any said applications, patents, copyrights or other proprietary rights and in any litigation in which the Company may be involved relating to the Inventions. The covenant contained in this Section 11 shall survive the
termination or expiration of the Employment Period and any termination of this Agreement. 
 Section 12. Assistance in Litigation. At
the request and expense of the Company (including a reasonable payment, based on the Executive’s last per diem earnings, for the time involved if (a) the Executive is not then in the Company’s employ, or (b) if the Executive is
not then receiving severance payments from the Company pursuant to Section 8(b)(ii), or (c) if the Executive has not otherwise received one or more severance payments from the Company with respect to such period (whether on a lump sum,
pre-paid or accelerated basis or otherwise)) and upon reasonable notice, the Executive shall, at all times during and after the Employment Period, furnish such information and assistance to each of the Company and its Affiliates as the Company may
reasonably require in connection with any issue, claim or litigation in which the Company or 

  

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any of its Affiliates may be involved. If such a request for assistance occurs after the expiration of the Employment Period, then the Executive will only be
required to render such assistance to the Company and its Affiliates to the extent that the Executive can do so without materially adversely affecting the Executive’s other business obligations. The covenant contained in this Section 12
shall survive the termination or expiration of the Employment Period and any termination of this Agreement. 
 Section 13. Expenses;
Taxes. Each party hereto shall bear his or its own expenses incurred in connection with this Agreement (including legal, accounting and any other third party fees, costs and expenses and all federal, state, local and other taxes and related
charges incurred by such party). All references herein to remuneration, compensation and other consideration payable by the Company or any of its Affiliates hereunder to or for the benefit of the Executive or his heirs, representatives, or estate
are to the gross amounts thereof before reductions, set-off, or deduction for taxes and other charges referred to below, and all such remuneration, compensation and other consideration shall be paid net of and after reduction, set-off and deduction
for any and all applicable withholding, F.I.C.A., employment and other similar federal, state and local taxes and contributions required by law to be withheld by the Company or any such Affiliate. 
 Section 14. Representation. The Executive hereby represents and warrants to the Company that (a) the execution, delivery and performance of
this Agreement by the Executive do not breach, violate or cause a default under any agreement, contract or instrument to which the Executive is a party or any judgment, order or decree to which the Executive is subject, and (b) the Executive is
not a party to or bound by any employment agreement, consulting agreement, noncompetition agreement, confidentiality agreement or similar agreement with any other Person. 
 Section 15. Entire Agreement; Amendment and Waiver. This Agreement contains the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes any and all
prior and contemporaneous agreements and understandings between the Executive and the Company or any predecessor of the Company, or any of their respective Affiliates, with respect to the subject matter hereof. Other than this Agreement, there are
no other agreements or understandings continuing in effect relating to the subject matter hereof. No waiver, amendment or modification of any provision of this Agreement shall be effective unless in writing and signed by each party hereto. No waiver
by any party of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or
affect in any way any rights or remedies arising by virtue of any such prior or subsequent occurrence. 
  

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 Section 16. Notices. 
 (a) All notices or other communications pursuant to or contemplated by this Agreement shall be in writing and shall be deemed to be
sufficient if delivered personally, telecopied, sent by nationally-recognized, overnight courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties at the following addresses (or at such other
address for a party as shall be specified by like notice): 
 (i) if to the Company, to it: 
 c/o Pacer International, Inc. 
 One Concord
Center 
 2300 Clayton Road, Suite 1200 
 Concord, California 94520 
 Attention: Chief Financial Officer 
 Telephone No.: (925) 887-1400 
 Facsimile No.: (925) 887-1565 
 with copy to: 
 Pacer International, Inc.

 One Independent Drive, Suite 1250 
 Jacksonville, Florida 32202 
 Attention: General Counsel 
 Telephone No.: (904) 485-1001 
 Facsimile No.: (904) 485-1019 
 (ii) if to the Executive, to him or at his last known address contained in the records of the Company. 
 (b) All such notices and other communications shall be deemed to have been given and received (i) in the case of personal delivery,
on the date of such delivery, (ii) in the case of delivery by telecopy, on the date of such delivery (if sent on a business day where sent, or if sent on other than a business day where sent, on the next business day where sent after the date
sent), (iii) in the case of delivery by nationally-recognized, overnight courier, on the next business day where sent following dispatch, and (iv) in the case of mailing, on the third business day where sent next following such mailing. In
this Agreement, the term “business day” means, as to any location, any day that is not a Saturday, a Sunday or a day on which banking institutions in such location are authorized or required to be closed. 
 Section 17. Severability. It is the desire and intent of the parties that the provisions of this Agreement be enforced to the fullest extent
permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any provision of this Agreement is determined to be partially or wholly invalid, illegal or unenforceable in any
jurisdiction, then such provision shall, as to such jurisdiction, be modified or restricted to the extent necessary to make such provision valid, binding and enforceable, or if such provision cannot be so modified or restricted, then such provision
shall, as to such jurisdiction, be deemed to be excised from this Agreement; provided, however, that the legality, binding effect and enforceability of the remaining provisions of this Agreement, to the extent the economic benefits
conferred upon the parties by virtue of this Agreement remain substantially unimpaired, shall not be affected or impaired in any manner, and any such invalidity, illegality or unenforceability with respect to such provision in such jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 18. Remedies. The Executive
acknowledges and agrees that the provisions of this Agreement (including Section 9, Section 10, Section 11, and Section 12) are of a special and unique nature, the loss of which cannot be adequately compensated for in damages by
an action at law, and that the breach or threatened breach of any provision of this Agreement (including Section 9, Section 10, Section 11, and Section 12) would cause the Company irreparable harm. 

  

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The Executive further acknowledges and agrees that in the event of a breach or threatened breach of any of the covenants contained in this Agreement
(including Section 9, Section 10, Section 11, and Section 12), the Company shall be entitled to immediate relief enjoining the same in any court or before any judicial body having jurisdiction over such a claim. All rights and
remedies provided for in this Agreement are cumulative, are in addition to any other rights and remedies provided for by law, and may, to the extent permitted by law, be exercised concurrently or separately. The exercise of any one right or remedy
shall not be deemed to be an election of such right or remedy or to preclude the exercise or pursuit of any other right or remedy. 
 Section
19. Benefits of Agreement; Assignment. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and estates, as
applicable. This Agreement shall not be assignable by the Executive without the prior written consent of the Company (acting with approval its Board of Directors). Except as expressly provided in this Agreement, this Agreement shall not confer any
rights or remedies upon any Person other than the parties hereto and their respective successors, permitted assigns, representatives, heirs and estates, as applicable. 
 Section 20. Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF OHIO, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE
(WHETHER OF THE STATE OF OHIO, OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF OHIO TO BE APPLIED. 
 Section 21. Jury Trial Waiver. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS RELATED TO THE SUBJECT
MATTER HEREOF. EXECUTIVE UNDERSTANDS THAT THE WAIVER OF THE RIGHT TO A TRIAL BY JURY IS AN IMPORTANT RIGHT WHICH EMPLOYEE HEREBY FOREGOES. 
 Section 22. Jurisdiction and Venue; Service of Process. 
 (a) The parties hereto agree that all disputes
among them arising out of, connected with, related to, or incidental to the relationship established between them in connection with this Agreement shall be resolved exclusively by state or federal courts located in Dublin, Ohio and any appellate
court from any thereof, or by an arbitrator located in Dublin, Ohio in such cases where both parties hereto have expressly agreed to binding arbitration. 
 (b) Each of the parties hereto hereby irrevocably and unconditionally submits, for himself or itself and his or its property, to the exclusive jurisdiction of any Ohio state court or federal court of the United States
of America sitting in Dublin, Ohio, and any appellate court from any thereof, in any suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereunder or thereunder or for recognition or enforcement
of any judgment relating thereto, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such suit, action or proceeding may be heard and determined in any such Ohio state court or, to the
extent permitted by law, in any such federal court. Each of the parties hereto agrees that a final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. 
  

 11 

 (c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the
fullest extent he or it may legally and effectively do so, any objection that he or it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated
hereunder or thereunder in any Ohio state or federal court of the United States of America sitting in Dublin, Ohio. Each of the parties hereto hereby irrevocably waives, to the fullest extent he or it may legally and effectively do so, the defense
of an inconvenient forum to the maintenance of such suit, action or proceeding in any such court. 
 (d) Each of the parties
hereto hereby agrees that the mailing by certified or registered mail, return receipt requested, of any process required by any such court shall constitute valid and lawful service of process against them, without the necessity for service by any
other means provided by law. 
 Section 23. Independence of Covenants and Representations and Warranties. All covenants hereunder
shall be given independent effect so that if a certain action or condition constitutes a default under a certain covenant, the fact that such action or condition is permitted by another covenant shall not affect the occurrence of such default,
unless expressly permitted under an exception to such initial covenant. In addition, all representations and warranties hereunder shall be given independent effect so that if a particular representation or warranty proves to be incorrect or is
breached, the fact that another representation or warranty concerning the same or similar subject matter is correct or is not breached shall not affect the incorrectness of or a breach of a representation and warranty hereunder. 
 Section 24. Interpretation and Construction; Defined Terms. 
 (a) The term “Agreement” means this Employment Agreement and any and all schedules, annexes and exhibits that may be
attached hereto, as the same may from time to time be amended, modified, supplemented or restated in accordance with the terms hereof. The use in this Agreement of the word “including” means “including, without limitation.” The
words “herein,” “hereof,” “hereunder,” “hereby,” “hereto,” “hereinafter,” and other words of similar import refer to this Agreement as a whole, and not to any particular article, section,
subsection, paragraph, subparagraph or clause contained in, or any schedule, annex or exhibit that may be attached to, this Agreement. All references to articles, sections, subsections, paragraphs, subparagraphs, clauses, schedules, annexes and
exhibits mean such provisions of this Agreement and the schedules, annexes and exhibits that may be attached to this Agreement, except where otherwise stated. The title of and the article, section, paragraph, schedule, annex and exhibit headings in
this Agreement are for convenience of reference only and shall not govern or affect the interpretation of any of the terms or provisions of this Agreement. The use herein of the masculine, feminine or neuter forms also shall denote the other forms,
as in each case the context may require. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the
general statement to which it relates. The language used in this Agreement has been chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. Accounting terms used but not otherwise
defined herein shall have the meanings given to them under GAAP. Unless otherwise provided herein, the measure of one month or year for 

  

 12 

 
purposes of this Agreement shall be that date of the following month or year corresponding to the starting date, except that, if no corresponding date
exists, the measure shall be the next day of the following month or year (e.g., one month following February 8 is March 8, and one month following March 31 is May 1). 
 (b) The term “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or
more intermediaries controls, is controlled by or is under common control with such Person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of
such Person, whether through the ownership of voting securities, by contract or otherwise. 
 (c) The term
“Person” shall be construed as broadly as possible and shall include an individual or natural person, a partnership (including a limited liability partnership), a corporation, a limited liability company, an association, a joint
stock company, a trust, a joint venture, an unincorporated organization, a business, and any other entity, including a governmental entity such as a domestic or foreign government or political subdivision thereof, whether on a federal, state,
provincial or local level and whether legislative, executive, judicial in nature, including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof. 
 Section 25. Counterparts and Facsimile Execution. This Agreement may be executed in two or more counterparts, and each such counterpart shall be
an original instrument, but all such counterparts taken together shall be considered one and the same agreement, effective when one or more counterparts have been signed by each party and delivered to the other parties, it being understood that all
parties need not sign the same counterpart. Any signed counterpart delivered by facsimile shall be deemed for all purposes to constitute such party’s good and valid execution and delivery of this Agreement. 
 Section 26. Further Assurances. Executive hereby agrees, in consideration of the Company’s covenants and agreements set forth herein, that
contemporaneous with Executive’s (or his heirs’, beneficiaries’ or estate’s in the event of his death) acceptance of amounts payable under Section 8, Executive shall for himself, his heirs, beneficiaries, estate, successors
and assigns, enter into such other documents, agreements and instruments reasonably requested by the Company, including a separate settlement agreement prepared by the Company with those provisions deemed appropriate by the Company, including a
release of the Company and its Affiliates from, and a waiver of, all claims (including those related to alleged wrongful discharge or alleged employment discrimination under any federal, state or local statute or regulation) and confirmation of the
confidentiality, non-competition and other covenants of this Agreement that survive termination of employment. 
 [Remainder of page
intentionally left blank.] 
  

 13 

 IN WITNESS WHEREOF, the parties have executed and delivered this Employment Agreement effective as
of the date first written above. 
  

			
	 THE COMPANY:
  
 PACER INTERNATIONAL, INC.

		
	By:	 	/s/ Adriene B. Bailey
	Name: Adriene B. Bailey
	Title: Executive Vice President

  

	
	THE EXECUTIVE:
	
	/s/ Daniel W. Avramovich
	Daniel W. AvramovichThe Washington Post Company Supplemental Executive Retirement Plan

 EXHIBIT 10.1 
 THE WASHINGTON POST COMPANY 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 (Originally Effective as of January 1, 1989) 
 Amended June 26, 2008 

 THE WASHINGTON POST COMPANY 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Section 1. Purpose. The Washington Post Company
Supplemental Executive Retirement Plan (the “Plan”) is an unfunded plan established for the purpose of providing deferred compensation for a select group of management or highly compensated employees, as referred to in Sections 201(a)(2),
301(a)(3) and 401(a)(1) of ERISA, in order to induce employees of outstanding ability to join or continue in the employ of the Company or an Affiliate of the Company and to increase their efforts for its welfare by providing them with supplemental
benefits notwithstanding the limitations imposed by the Internal Revenue Code on retirement and other benefits from tax qualified plans. 
 This Plan is strictly a voluntary undertaking on the part of the Company and shall not be deemed to constitute a contract of employment or part of a contract between the Company and any employee or any employee of an Affiliate, nor shall it
be deemed to give any employee the right to be retained in the employ of the Company or an Affiliate, as the case be made, or to interfere with the right of the Company or an Affiliate, as the case may be, to discharge any employee at any time, nor
shall this Plan interfere with the right of the Company or an Affiliate, as the case may be, to establish the terms and conditions of employment of any employee. 
 Benefits under this Plan shall be payable solely from the general assets of the Company and participants herein shall not be entitled to look to any source for payment of such benefits other than the general assets of
the Company. 
 The Plan is hereby amended and restated for the purpose of complying with § 409A of the Internal Revenue Code
(“§ 409A”). It is the intent of the Company that all benefits under the Plan shall either be exempt from § 409A or compliant with § 409A, and any ambiguity under the Plan shall be interpreted, to the extent possible,
consistently with that objective. To the extent necessary to comply with § 409A, the provisions of this restated document shall be effective January 1, 2005. With respect to a Participant who terminated 

  

 1 

 
employment before January 1, 2005, any benefits payable hereunder shall be based on the terms of the Plan in effect on such termination of employment,
and not on the terms of this amendment and restatement. 
 Section 2. Definitions. As used in this Plan, the following words
shall have the following meanings: 
 (a) “Actuarial Equivalent” (or any similar term, whether or not capitalized) shall, except as
otherwise provided herein, be determined using the actuarial assumptions specified in the Retirement Plans for such purpose, but taking into account any amendments to such actuarial assumptions to comply with the Pension Protection Act of 2006, even
if such amendment has not yet been adopted. 
 (b) “Actual Salary” means the regular basic compensation paid or payable to an
employee during a calendar year by the Company or an Affiliate (including tax-deferred contributions, otherwise payable to an employee, elected by the employee under any Savings Plan and including earnings not payable by application of a salary
reduction election made pursuant to Section 125 of the Internal Revenue Code), but excluding any other items of compensation such as (i) bonuses and commissions, (ii) overtime, (iii) transportation benefit plan deferrals,
(iv) compensation under the terms of the long-term component of the Incentive Compensation Plan of the Company paid during such Plan Year, (v) Workers’ Compensation, (vi) amounts paid by the Company for insurance, retirement or
other benefits, (vii) contributions or payments made by the Company or an Affiliate (other than tax-deferred contributions elected by the employee) under any Retirement Plan, any Savings Plan, this Plan or other benefits, or
(viii) dismissal or other payments made to an employee as a result of termination of employment. The Actual Salary of an employee will include any payment made under any short-term disability income plan of the Company or an Affiliate.

 (c) “Affiliate” means any corporation (other than the Company) 50% or more of the outstanding stock of which is directly or
indirectly owned by the Company and any 

  

 2 

 
unincorporated trade or business which is under common control with the Company as determined in accordance with Section 414(c) of the Internal Revenue
Code and the regulations issued thereunder. 
 (d) “Applicable Percentage” shall have the meaning set forth in Section 4.

 (e) “Committee” means the Compensation Committee of the Board of Directors of the Company. 
 (f) “Company” means The Washington Post Company, a Delaware corporation, and any successors in interest thereto. Where required by context the
term Company will include Affiliates. 
 (g) “Compensation” means the Actual Salary of an employee plus, starting in 1988, bonuses
awarded under the annual component of the Incentive Compensation Plan of the Company during a calendar year by the Company or an Affiliate. Bonuses (other than “Special Annual Incentive Awards”) awarded under the annual component of the
Incentive Compensation Plan of the Company will be considered as part of Compensation for the year in which they are paid to the Employee, or would otherwise be paid but for the Employee’s election to defer receipt of payment under the
Company’s Deferred Compensation Plan. 
 (h) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 (i) “Executive Participant” means an employee of the Company or an Affiliate recommended by the Company’s senior management
and designated a participant in this Plan by the Committee, who is within the category of a select group of management or highly compensated employees as referred to in Sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA for any Plan Year and who
either holds or held the office of a Vice President of the Company or an Affiliate or any office senior thereto or a position of equivalent responsibility or importance, during the current Plan Year or the prior Plan Year, and was covered under the
Company’s long-term component of the Incentive Compensation Plan or any successor programs. An Executive Participant shall be designated as being eligible to participate in Section 3 benefits or Section 4 benefits or both as
determined in the sole discretion of the Committee. 
  

 3 

 (j) “415 Limitations” means Retirement Plan and Savings Plan provisions adopted pursuant to
Section 415 of the Internal Revenue Code to limit (i) annual Retirement Plan benefits pursuant to Section 415(b) thereof, and (ii) annual additions to a Savings Plan pursuant to Section 415(c) thereof. 
 (k) “401(a)(17) Limitations” means Retirement Plan and Savings Plan provisions adopted pursuant to Section 401(a)(17) of the Internal
Revenue Code to limit earnings considered for purposes of computing Retirement Plan benefits and Savings Plan contributions. 
 (l)
“Investment Election” means an election made by the Executive Participant selecting the investment credit factor(s) that will be applicable to the Executive Participant’s Supplemental Savings Account. The Committee shall determine the
manner in which Investment Elections may be made and the frequency with which such elections may be prospectively changed. 
 (m)
“Kaplan Key Employee Participant” means an Executive Participant or a Key Employee Participant with respect to such employee’s years of Service with Kaplan, Inc. or an affiliate of Kaplan, Inc. 
 (n) “Key Employee Participant” means an employee of the Company or an Affiliate recommended by the Company’s senior management and
designated a participant in this Plan by the Committee, who is within the category of a select group of management or highly compensated employees as referred to in Sections 201(a)(2), 301(a)(3) and 401(a)(1) of ERISA for any Plan Year and who holds
or held a key position during the current Plan Year or the prior Plan Year. A Key Employee Participant shall be designated as being eligible to participate in Section 3 benefits as determined in the sole discretion of the Committee. 

(o) “Normal Retirement Date” means the first day of the calendar month following the month in which a person’s 65th birthday occurs.

  

 4 

 (p) “Participant” means an Executive Participant or a Key Employee Participant, as applicable.

 (q) “Plan Year” means the calendar year. 
 (r) “Retirement Plans” means The Retirement Plan for Washington Post Companies, The Washington Post Washington-Baltimore Newspaper Guild Retirement Income Plan and such other tax qualified, defined benefit
retirement plans as may be sponsored by the Company or its Affiliates and designated for inclusion hereunder by the Committee. 
 (s)
“Savings Plan” means The Washington Post Tax Deferral and Savings Plan, Post-Newsweek Stations, Inc. Tax Deferred Savings Plan, The Employees’ Savings Plan of Newsweek, Inc., The Savings and Retirement Plan of Affiliated Post
Companies and such other tax qualified savings and profit-sharing plans as may be sponsored by the Company or its Affiliates and designated for inclusion hereunder by the Committee. 
 (t) “Service” means the period of employment by the Company or an Affiliate (excluding both service prior to the time an Affiliate became such
and service after the time an Affiliate is no longer such, except to the extent required by Section 414(a) of the Code and the regulations promulgated thereunder). 
 (u) “Supplemental Retirement Benefit” shall have the meaning set forth in Section 3. 
 (v)
“Supplemental Retirement Benefit Cash Balance Account” means the Supplemental Retirement Benefit applicable to a Participant who is covered by the Cash Balance provisions of the Retirement Plan. 
 (w) “Supplemental Basic Contributions,” “Supplemental Savings Account” and “Supplemental Savings Award” shall have the
meanings set forth in Section 4. 
 (x) “Surviving Spouse” means the surviving husband or wife of an employee of the Company
or an Affiliate, who has been married to the employee throughout the one-year period ending on the date of the death of such employee. 
  

 5 

 (y) “Termination” (relating to termination of service or termination of employment) shall mean
a separation from service in accordance with § 409A and the regulations thereunder. A separation from service will be deemed to occur at any time that an employee and the Company reasonably anticipate that the bona fide level of services the
employee will perform (whether as an employee or an independent contractor) will be permanently reduced to a level that is less than 50 percent of the average level of bona fide services the employee performed during the immediately preceding 36
months (or the entire period the employee has provided services if the employee has been providing services to the employer less than 36 months). 
 (z) “Vesting Year” means each calendar year in which a Participant has at least 1,000 hours of Service with the Company or an Affiliate. Except as provided for in the applicable schedule of the applicable Retirement Plan, service
with a predecessor company prior to becoming an Affiliate will not be counted in calculating Vesting Years. In addition, a pro-rata portion of a year shall be counted as a partial Vesting Year in the first and last year of service to the extent such
portion of the year is counted in the applicable schedule of the applicable Retirement Plan. 
 Section 3. Supplemental Retirement
Benefits. 
 (a) (i) Each designated person (other than a Kaplan Key Employee Participant with respect to years of Service with Kaplan or
a Kaplan affiliate), who is an Executive Participant as of December 3, 1993, or becomes an Executive Participant or a Key Employee Participant after December 3, 1993, for purposes of being eligible to receive benefits under this Section
and has ten or more Vesting Years upon termination of Service and to whom benefits become payable under any of the Retirement Plans, shall be paid a supplemental annual retirement benefit (the “Supplemental Retirement Benefits”) under this
Plan equal in amount to the difference between (i) the aggregate annual benefits paid to such person under the Retirement Plans and (ii) the aggregate annual benefits that would be payable to such person under the Retirement Plans if the
415 and 401(a)(17) Limitations were not contained therein (the “Unrestricted Benefit”). If such a Participant’s 

  

 6 

 
Surviving Spouse is entitled to and is receiving a spouse’s benefit under any of the Retirement Plans, the Surviving Spouse shall be paid a benefit
hereunder equal to the difference between (i) the aggregate spouse’s benefits payable to such Surviving Spouse under the Retirement Plans and (ii) the aggregate spouse’s benefit that would be payable to such Surviving Spouse
under the Retirement Plans if the 415 and 401(a)(17) Limitations were not contained therein(the “Unrestricted Spouse’s Benefit”). 
 (ii) Each designated person, who is a Kaplan Key Employee Participant for purposes of being eligible to receive benefits under this Section and has ten or more Vesting Years upon termination of Service and to whom benefits become payable
under any of the Retirement Plans, shall be paid a Supplemental Retirement Benefit under this Plan for his or her years of Service with Kaplan equal in amount to the difference between (i) the Unrestricted Benefit calculated as if he or she
were covered by the TWPC Retirement Benefit Schedule of The Retirement Plan for Washington Post Companies during his or her years of Service with Kaplan and (ii) the “Kaplan Qualified Benefit” which shall be the aggregate annual
benefit (payable in the form of a life annuity) related to his or her years of Service with Kaplan payable to such person under the Kaplan Cash Balance Retirement Benefits Schedule of The Retirement Plan for Washington Post Companies. If such a
Kaplan Key Employee Participant’s Surviving Spouse is entitled to and is receiving a spouse’s benefit thereunder, the Surviving Spouse shall be paid a benefit hereunder equal to the difference between (i) the Unrestricted
Spouse’s Benefit payable as if the Kaplan Key Employee Participant had been covered under the TWPC Retirement Benefits Schedule to The Retirement Plan for Washington Post Companies and (ii) the Kaplan Qualified Benefit, which in this case
shall be the aggregate spouse’s benefit payable in the form of a life annuity to such Surviving Spouse under the Kaplan Cash Balance Retirement Benefits Schedule of The Retirement Plan for Washington Post Companies. 
 (iii) For purposes of calculating the Supplemental Retirement Benefit or the Surviving Spouse’s benefit hereunder for (i) an Executive
Participant or the Surviving 

  

 7 

 
Spouse of an Executive Participant, or (ii) a Kaplan Key Employee Participant or the Surviving Spouse of a Kaplan Key Employee Participant with respect
solely to years of Service at Kaplan, Inc. or any affiliate of Kaplan, Inc., as the case may be, Compensation rather than Actual Salary will be used. 
 (iv) Notwithstanding the above, effective January 1, 2008, except as specifically provided otherwise, benefits under this section 3 shall be determined without regard to any window benefit (specifically, as if
the Retirement Plans did not have the window benefit). A window benefit for this purpose is an additional or enhanced benefit in the Retirement Plans that is available only to participants who terminate or retire during a specified period of time,
not to exceed one year. 
 (v) The Company shall have the authority to amend the Plan to include window benefits approved after
January 1, 2008. The authority to include such window benefits shall be delegated to the same individual, committee or other governing body as the authority to approve the window benefit in the Retirement Plans; provided however that, if such
amendment is not approved by the Compensation Committee of the Board of Directors, the present value of the window benefit in the Plan shall not exceed the present value of the benefit that would be provided if Section 3(a)(iv) were deleted.

 (vi) In the case of a Participant who elects to participate in the window benefit described in notices as the Newsweek, Inc. Voluntary
Incentive Retirement / Resignation Program offered in the first half of 2008 (the “2008 VIRRP”), such Participant’s Supplemental Retirement Benefits shall be determined and paid in accordance with the modifications in this paragraph
(vi). The terms of the Retirement Plans, including the 2008 VIRRP, shall be used in determining the Participant’s Supplemental Retirement Benefits. The Participant’s Supplemental Retirement Benefits shall be paid as follows. 
 (1) The portion of the Supplemental Retirement Benefits attributable to the Improved Retirement Benefits (as described in the Newsweek, Inc. Notice of
Voluntary Incentive Retirement / Resignation Program, hereinafter referred to as the “Notice”) shall be paid in accordance with Section 3(b)(iv) hereof, provided however 

  

 8 

 
that if the earliest possible commencement date of the Improved Retirement Benefit in the Retirement Plans is earlier than the presumptive retirement date in
Section 3(b)(iv) hereof, then the terms of payment of the monthly benefit described in this Section 3(a)(vi)(1) shall be modified as follows. First, the presumptive retirement date shall be such earliest benefit commencement date as
specified in the Retirement Plans. Second, the actual commencement date shall be the later of (A) the first day of the seventh month following termination of employment, or (B) January 1, 2009. Notwithstanding the above, if the
earliest possible commencement date of the Improved Retirement Benefit in the Retirement Plans is the same as the presumptive retirement date in Section 3(b)(iv) hereof, the actual commencement date shall not be earlier than January 1,
2009. 
 (2) The portion of the Supplemental Retirement Benefits attributable to the Special Retirement Incentive Payment (as described in
the Notice) shall be paid in a single lump sum within 31 days after the Participant’s termination of employment under the 2008 VIRRP (which, solely for this purpose shall not be “separation from service,” but, instead shall be
termination of employment for purposes of the Retirement Plans) but in no event later than January 31, 2009. Notwithstanding the above, for Angelo Rivello the portion of the Supplemental Retirement Benefits attributable to the Special
Retirement Incentive Payment shall be payable as an actuarially equivalent annuity in the form specified in Section 3(b)(iv) hereof and commencing on the first day of the month that is on or after the Participant’s retirement under the
2008 VIRRP, and provided further that any monthly payment otherwise due under this subparagraph (2) to Mr. Rivello before the later of (A) January 1, 2009 or (B) the first day of the seventh month following the
Participant’s separation from service shall be withheld and paid on such date. 
 (vii) In the case of a Participant who elects to
participate in the Voluntary Retirement Incentive Program in the TWPC Retirement Benefits Schedule (including any associated benefits in any other benefit schedule or Retirement Plan attributable to the same program) whose election period ended in
the second quarter of 2008 (the “2008 VRIP”), such Participant’s Supplemental Retirement Benefits shall be determined and paid 

  

 9 

 
in accordance with the modifications in this paragraph (vii). The terms of the Retirement Plans, including the 2008 VRIP, shall be used in determining the
Participant’s Supplemental Retirement Benefits. The Participant’s Supplemental Retirement Benefits shall be paid as follows. 
 (1) The portion of the Supplemental Retirement Benefits attributable to the Enhanced Retirement Benefits (as described in the Notice of Voluntary Retirement Incentive Program, hereinafter referred to as the “Notice”) shall be paid
in accordance with Section 3(b)(iv) hereof, provided however that if the earliest possible commencement date of the Enhanced Retirement Benefit in the Retirement Plans is earlier than the presumptive retirement date in Section 3(b)(iv)
hereof, then the terms of payment of the monthly benefit described in this Section 3(a)(vii)(1) shall be modified as follows. First, the presumptive retirement shall be such earliest commencement date as specified in the Retirement Plans.
Second, the actual commencement date shall be the later of (A) the first day of the seventh month following termination of employment, or (B) January 1, 2009. Notwithstanding the above, if the earliest possible commencement date of
the Improved Retirement Benefit in the Retirement Plans is the same as the presumptive retirement date in Section 3(b)(iv) hereof, the actual commencement date shall not be earlier than January 1, 2009. 
 (2) The portion of the Supplemental Retirement Benefits attributable to the Special Retirement Incentive Payment (as described in the Notice) shall be
paid in a single lump sum within 31 days after the Participant’s termination of employment under the 2008 VRIP (which, solely for this purpose shall not be “separation from service,” but, instead shall be termination of employment for
purposes of the Retirement Plans) but in no event later than January 31, 2009. 
 (b) (i) Except as provided below, the Supplemental
Retirement Benefits provided by this Plan shall be paid to the Participant (or to any beneficiary designated by him or her in accordance with the Retirement Plans, or to his or her Surviving Spouse if eligible for and receiving a spouse’s
benefit under the Retirement Plans) concurrently with 

  

 10 

 
the payment of the benefits payable under the applicable Retirement Plan in which he or she was participating at the date of termination and/or in which he
or she had a vested right on such date and shall be payable in the same form as such Retirement Plan benefits are being paid thereunder. 
 (ii) Notwithstanding the above, with respect to a Participant covered by the Cash Balance Pension provisions of The Retirement Plan for Washington Post Companies, the Kaplan Qualified Benefit or the Retirement Plan benefit, as applicable
(and the Unrestricted Benefit if the Participant is not a Kaplan Key Employee), shall be a single life annuity that is actuarially equivalent to the lump sum benefit payable in the Retirement Plan, with such actuarial equivalent determined using the
interest rate specified in § 417(e) of the Internal Revenue Code (as determined in the Retirement Plan) plus 2%. In the event the Supplemental Retirement Benefit commences prior to Normal Retirement Date or is payable in a form other than an
annuity for the life of the former employee only, the Supplemental Retirement Benefit shall be actuarially adjusted in the same manner as are benefits payable under the Retirement Plan in which he or she was participating at the time of termination
and/or in which he or she had a vested right on such date. The Committee may, however, in its sole discretion direct that the Supplemental Retirement Benefit payable with respect to a former employee be paid as an actuarially equivalent single sum
payment; provided, that no such payment may be made prior to termination of Service or prior to the date that benefits may become payable under any of the Retirement Plans, or after January 1, 2005 and provided,
further, that in determining actuarial equivalency of a single sum payment in cash, there shall be used the same actuarial assumptions as are applicable for the calculation of a single sum payment under the applicable Retirement Plan.
Further notwithstanding the above and except in the case of a Kaplan Key Employee Participant, if a portion of the Participant’s benefit is determined in accordance with the Cash Balance Pension provisions of The Retirement Plan for Washington
Post Companies, the benefits under the Supplemental Retirement Plan (to the extent determined under such Cash Balance provisions) will also be payable in a lump sum amount which shall be equal 

  

 11 

 
to his or her Supplemental Benefit Cash Balance Account as of the date of the lump sum payment. A Kaplan Key Employee Participant cannot receive the amount
of his or her Supplemental Benefit in a lump sum regardless of his or her election to receive a lump sum payment in accordance with the Kaplan Cash Balance Retirement Benefits Schedule of The Retirement Plan for Washington Post Companies.

 (iii) For purposes of the Supplemental Retirement Benefits provided by this Plan to be paid to a Kaplan Key Employee Participant (or to
his or her Surviving Spouse if eligible for and receiving a spouse’s benefit under the Retirement Plans) with respect to his or her years of Service with Kaplan, Inc. or an affiliate of Kaplan, Inc., the Unrestricted Benefit or the Unrestricted
Spouse’s Benefit shall be calculated as an annuity. If a Kaplan Key Employee Participant elects to receive a lump sum benefit from his or her Cash Balance Account under The Retirement Plan for Washington Post Companies, then the Supplemental
Retirement Benefit for such Participant will be paid in the form of a single life annuity beginning at the same time the payment is commenced under The Retirement Plan for Washington Post Companies, but in no case prior to age 55. 
 (iv) Notwithstanding the above, effective January 1, 2008 the Supplemental Retirement Benefit shall be determined as if the benefit payable under
the Retirement Plans is payable as a life annuity and actually commences on the “presumptive retirement date” which shall be the latest of the following dates: (i) the first day of the month on or after the date the Participant
terminates employment; (ii) the first day of the month on or after the date the Participant attains age 55; or (iii) January 1, 2008. The Supplemental Retirement Benefit shall be determined as if it commenced on the presumptive
retirement date, but the first payment shall be made no earlier than the first day of the seventh month following termination of employment (the “actual commencement date”), and on the actual commencement date, a number of monthly payments
shall be made equal to the number of months from the presumptive retirement date to the actual commencement date, inclusive, with one monthly payment made on the first day of each month thereafter. The Supplemental Retirement Benefit shall be

  

 12 

 
considered a series of separate payments for purposes of § 409A. The Supplemental Retirement Benefit shall be payable in the form of a life annuity,
provided however that the Participant may elect, at any time prior to the presumptive retirement date, to have the Supplemental Retirement Benefit paid in the form of any other actuarially equivalent annuity that is permitted under the terms of the
Retirement Plans, but only if such election is permitted by § 409A and the regulations thereunder. 
 Section 4. Supplemental
Savings Plan Benefits. 
 (a) In the event that the Actual Salary of an Executive Participant designated as eligible to receive benefits
under this Section 4 for 1989 or any subsequent Plan Year exceeds the 401(a)(17) Limitations for such Plan Year, such Executive Participant shall be eligible to make additional salary reduction contributions under this Plan and receive a
Supplemental Savings Award under this Plan for such Plan Year; provided, that such Executive Participant is then participating in his or her employer’s Savings Plan and, as of the last day of the prior Plan Year (and without
regard to any subsequent election to the contrary), has elected to make, for the Plan Year, (i) the maximum allowable basic, matchable tax-deferred contributions to such Savings Plan and (ii) the maximum allowable after-tax contributions
which can result in a matching employer contribution, as permitted under such Savings Plan, after taking into account the application of the non-discrimination rules of Sections 401(k) and (m) of the Internal Revenue Code for such Plan Year. In
order to compute the amount of such Supplemental Savings Award, a determination will be made of the dollar amount of contributions the Executive Participant is able to make to his or her employer’s Savings Plan which result in matching employer
contributions for such Executive Participant under the terms of such Savings Plan. This dollar amount will then be expressed as a percentage (the “Applicable Percentage”) of the amount of compensation which can be recognized for purposes
of the Savings Plan under Section 401(a)(17) of the Internal Revenue Code for the then-current Plan Year. Prior to the beginning of each Plan Year, the Executive Participant will be provided with the opportunity to elect to irrevocably defer
under this Plan the Applicable Percentage (or any 

  

 13 

 
whole lower percentage) of the Executive Participant’s Actual Salary earned in excess of the 401(a)(17) Limitations for such Plan Year. Such a salary
reduction is referred to as a “Supplemental Basic Contribution.” In the event that an Executive Participant elects to make a Supplemental Basic Contribution under this Plan such individual will receive a Supplemental Savings Award under
this Plan in the form of (i) a matching contribution equal to the product of the Executive Participant’s Supplemental Basic Contribution times the matching employer contribution percentage under the terms of the applicable Savings Plan and
(ii) to the extent such Participant’s employer makes an unmatched contribution to the applicable Savings Plan on behalf of such Participant, a contribution equal to the difference between the amount of such unmatched contribution actually
made under such Savings Plan on behalf of such Participant and the amount of such unmatched contribution such Participant would have received under such Savings Plan if the 401(a)(17) Limitations had not been in effect (the “Supplemental
Savings Award”). The Supplemental Savings Award for any Plan Year shall be made as of the first day of the following year. 
 (b) The
amount of an Executive Participant’s supplemental savings plan benefits under this Plan shall be the aggregate amount of the Supplemental Savings Awards and the Supplemental Basic Contributions together with investment credits accrued thereon
(the “Supplemental Savings Account”). Investment credits shall be credited on the amount of an Executive Participant’s Supplemental Savings Account at the end of such Plan Year or on such other basis as may be approved by the
Committee in accordance with the Executive Participant’s Investment Election. 
 In the event an Executive Participant fails to complete
a valid Investment Election, his or her Supplemental Savings Account will be credited with the investment credit amounts equivalent to the rates of return generated by the money market option under the Company’s 401(k) plan. 
 (c) The Compensation Committee shall establish the investment credit factors that will be available in any Plan Year. 
  

 14 

 (d) Supplemental Savings Awards and the investment credits thereon shall be fully vested and, except as
provided in Section 7 hereof, nonforfeitable. 
 (e) No withdrawal of funds in an Executive Participant’s Supplemental Savings
Account for hardship or any other reason may be made while an Executive Participant remains employed by the Company or an Affiliate. The Supplemental Savings Account shall be paid in cash on the first day of the seventh month following termination
of Service. 
 (f) An Executive Participant shall designate a beneficiary to receive the unpaid portion of his or her Supplemental Savings
Account in the event of his or her death. The designation shall be made in a writing filed with the Committee on a form approved by it and signed by the Executive Participant. If no effective designation of beneficiary shall be on file with the
Committee when supplemental savings benefits would otherwise be distributable to a beneficiary, then such benefits shall be distributed to the Surviving Spouse of the Executive Participant or, if there is no Surviving Spouse, to his or her estate.

 (g) Special provisions for participants who are suspended in the Savings Plans. This subsection shall apply only to an Executive
Participant designated as eligible to receive benefits under this Section 4 who is suspended in the applicable Savings Plan for a portion of a Plan Year because the Executive Participant has less than one year of service at the start of such
Plan Year. Such an Executive Participant shall be eligible to make salary reduction contributions under this Plan and receive a Supplemental Savings Award under this Plan for such Plan Year based on the Executive Participant’s entire Actual
Salary regardless of whether it exceeds the 401(a)(17) Limitations. 
 Section 5. Funding. Benefits under this Plan shall not be
funded in order that the Plan may be exempt from the provisions of Parts 2, 3 and 4 of Title I of ERISA. The Committee shall maintain records of Supplemental Savings Accounts and records for the calculation of supplemental retirement benefits.

  

 15 

 Section 6. Administration. This Plan shall be administered by the Committee. All decisions
and interpretations of the Committee shall be conclusive and binding on the Company, and the Participants. The Plan may be amended or terminated by the Compensation Committee of the Board of Directors of the Company at any time and any Participant
may have his or her designation as such terminated by the Committee at any time; provided, however, that no such amendment or termination or change in designation shall deprive any Participant of supplemental retirement or savings benefits accrued
to the date of such amendment or termination. 
 Claims Procedure. If a Participant or Beneficiary (“Claimant”) has a
complaint about the Plan’s operation or about Plan benefits, the Claimant has the right to have the complaint reviewed by the Committee. All complaints and claims for benefits must be submitted in writing. All such complaints must be submitted
within the “applicable limitations period.” The “applicable limitations period” is two years, beginning on the earlier of (i) the date on which the payment was made, or (ii) for all other claims, the date on which the
action complained or grieved of occurred. 
 If a Claimant has applied for a benefit under the Plan and that claim as been denied, in whole
or in part, the Claimant has the right to a review of the denial. 
 Within 60 days after a claim is received, the Claimant will be notified
in writing by the Committee of its decision. If special circumstances require an extension of up to 60 additional days of time for processing, the Committee will provide written notice of the extension prior to the expiration of the initial 60-day
period. If the claim is denied or partially denied, the written notice will outline: 
  

	 	•	 	 The specific reasons for the denial, 

  

	 	•	 	 The provisions of the Plan on which the denial is based, 

  

	 	•	 	 The procedures for having the request reviewed, and 

  

 16 

	 	•	 	 Additional information needed to process the request and an explanation of why this information is necessary. 

 The Claimant may ask for a review of the denied request within 60 days after receipt of the notice of denial. If an appeal is not filed within this
60-day period, an appeal cannot be filed at a later date, nor shall any other remedy be available. 
 To appeal a denial a Claimant must
request a review by the Committee, or an appeals committee appointed by the Committee. Any such request must be in writing and include: 
  

	 	•	 	 The reasons that support the claim, 

  

	 	•	 	 The reasons the claim should not have been denied, 

  

	 	•	 	 All written evidence that supports the claim, and 

  

	 	•	 	 Any other appropriate issues or comments. 

 The appeal must include all documentary evidence necessary to support the claim and must state the reasons that the Claimant is eligible for the benefit claimed. The appeals committee will make its decision based on the record and the
arguments that presented, including any evidence presented in the initial claim. 
 A Claimant is entitled to receive, upon request and free
of charge, reasonable access to and copies of all documents, records and other information relevant to a claim. If this information is requested in order to perfect an appeal, or to file a claim, and there is a delay in providing it, the applicable
time limits will be extended by the period of the delay. A Claimant may also request in writing that copies of the Plan document be made available for examination. 
 The Committee normally will reach a decision no later than 60 days after it receives a request for review. If needed, the Committee will send a written notice of an extension of this period of up to 60 additional
days. The Committee’s decision will be in writing and will include specific reasons for the decision and references to the Plan provisions that apply. 
  

 17 

 Legal action may not be brought against the Committee or the Company without first pursuing this claims
procedure. Any legal action to recover a benefit under this Plan must be filed within one year of the Committee’s decision on appeal. Failure to file suit within this time period will extinguish any right to benefits under the Plan. 

Section 7. Loss of Benefits. Notwithstanding any other section of this Plan, if a Participant is discharged by the Company or an Affiliate
because of conduct that the Participant knew or should have known was detrimental to legitimate interests of the Company or its Affiliates, dishonesty, fraud, misappropriation of funds or confidential, secret or proprietary information belonging to
the Company or an Affiliate or commission of a crime, such Participant’s rights to any benefits under this Plan shall be forfeited; except that such Participant shall be entitled to receive the aggregate amount of his or her Supplemental Basic
Contributions, without any investment credits, in such event. 
 Section 8. Nonassignability. No Participant, or beneficiary
shall have the right to assign, pledge or otherwise dispose of any benefits payable to him or her hereunder nor shall any benefit hereunder be subject to garnishment, attachment, transfer by operation of law, or any legal process, other than a
qualified domestic relations order (as defined in § 414(p) of the Internal Revenue Code. 
 Section 9. Limitation of
Liability. The Company’s sole obligation under this Plan is to pay the benefits provided for herein and neither the Participant nor any other person shall have any legal or equitable right against the Company, an Affiliate, the Boards of
Directors thereof, the Committee or any officer or employee of the Company or an Affiliate other than the right against the Company to receive such payments from the Company as provided herein. 
  

 18 

 Section 10. Special Grandfathering Rules for Certain Participants. With respect to
individually designated grandfathered Participants, the portion of such Participant’s benefit under Section 3 or Section 4 hereof that was accrued and not subject to a substantial risk of forfeiture as of December 31, 2004, plus
any investment earnings thereon, shall be payable under the terms of the Plan in effect before January 1, 2005. Individually designated grandfathered Participants shall include John Hockenberry and Diana Daniels. 
 Section 11. Use of Masculine and Feminine; Singular and Plural. Wherever used in this Plan, the masculine gender will include the feminine
gender and the singular will include the plural, unless the context indicates otherwise. 
  

 19

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