Document:

Form of 2005 Equity Incentive Program

 Exhibit 10.7 
 PANTHER EXPEDITED SERVICES, INC. 
 2005 EQUITY INCENTIVE PLAN 
 1. DEFINED TERMS; EFFECTIVE DATE 
 Exhibit A, which is
incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms. This amendment and restatement of the Plan (previously known as the PTHR Holdings, Inc. 2005 Equity Incentive Plan) shall
take effect on the date it is approved by the stockholders of the Company. 
 2. PURPOSE 
 The Plan has been established to advance the interests of the Company by providing for the grant to Participants of Stock-based and other incentive
Awards. 
 3. ADMINISTRATION 
 The
Administrator has discretionary authority, subject only to the express provisions of the Plan, to interpret the Plan; determine eligibility for and grant Awards; determine, modify or waive the terms and conditions of any Awards; prescribe forms,
rules and procedures for the administration of the Plan; and otherwise do all things necessary to carry out the purposes of the Plan. In the case of any Award intended to be eligible for the performance-based compensation exception under
Section 162(m), the Administrator will exercise its discretion consistent with qualifying the Award for that exception. Determinations of the Administrator made under the Plan will be conclusive and will bind all parties. 
 4. LIMITS ON STOCK OPTIONS GRANTED UNDER THE PLAN 
 (a) Number of Shares. The number of shares of Stock available for delivery in satisfaction of Awards under the Plan shall be determined in accordance with the Section 4(a). 
 (1) Subject to 7(b), the maximum number of share of Stock that may be delivered in satisfaction of Awards under the Plan shall be 650,000 shares
of Stock. For purposes of the preceding sentence, shares of Stock shall be treated as unused Plan shares if they were subject to awards under the Plan that were outstanding on the day preceding the Effective Date to the extent such Plan awards are
exercised or are satisfied, or terminate or expire, on or after the Effective Date without the delivery of such shares. The number of shares of Stock delivered in satisfaction of Awards shall, for purpose of the first sentence of this
Section 4(a)(1), be determined net of shares of Stock (a) withheld by the Company in payment of the exercise price of the Award or in satisfaction of tax withholding requirements with respect to the Award, or (b) awarded under the
Plan as Restricted Stock but thereafter forfeited, or (c) made subject to an Award that is exercised or satisfied, or that terminates or expires, without the delivery of such shares. Any share of Stock delivered in satisfaction of an Award
shall reduce the number of shares remaining available under this Section 4(a) by one (1). 
 (2) To the extent consistent with
the requirements of Section 422 and with other applicable legal requirements (including applicable stock exchange requirements), Stock issued under awards of an acquired company that are converted, replaced, or adjusted in connection with the
acquisition shall not reduce the number of shares available for Awards under the Plan. 
 (b) Type of Shares. Stock delivered
by the Company under the Plan may be authorized but unissued Stock or previously issued Stock acquired by the Company. No fractional shares of Stock will be delivered under the Plan. 
 (c) Section 162(m) Limits. Subject to Section 7(b), the maximum number of shares of Stock for which Stock Options may be granted
to any person in any calendar year and the maximum number of shares of Stock 

 
subject to SARs granted to any person in any calendar year shall each be 100,000, and the maximum number of shares subject to other Awards granted to any
person in any calendar year shall be 100,000 shares. The provision of this Section 4(c) shall apply to the extent required under, and shall be construed in a manner consistent with, Section 162(m). 
 5. ELIGIBILITY AND PARTICIPATION 
 The Administrator
will select Participants from among those key Employees and directors of, and consultants and advisors to, the Company or its subsidiaries who, in the opinion of the Administrator, are in a position to make a significant contribution to the success
of the Company and its subsidiaries. Eligibility for ISOs is limited to employees of the Company or of a “parent corporation” or “subsidiary corporation” of the Company as those terms are defined in Section 424 of the Code.

 6. RULES APPLICABLE TO AWARDS 
 (a)
All Awards 
 (1) Award Provisions. The Administrator will determine the terms of all Awards, subject to the
limitations provided herein. By accepting any Award granted hereunder, the Participant agrees to the terms of the Award and the Plan. Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are assumed in
connection with the acquisition of such company, or awards issued in substitution for acquired-company awards, may contain terms and conditions that are inconsistent with the terms and conditions specified herein as determined by the Administrator
in its sole discretion. 
 (2) Term of Plan. No Awards may be granted after July 25, 2015, but previously granted Awards
may continue in accordance with their terms beyond that date. 
 (3) Transferability. Neither ISOs nor, except as the
Administrator otherwise expressly provides, other Awards may be transferred other than by will or by the laws of descent and distribution, and during a Participant’s lifetime ISOs (and, except as the Administrator otherwise expressly provides,
other non-transferable Awards requiring exercise) may be exercised only by the Participant. 
 (4) Vesting, Etc. The
Administrator may determine the time or times at which an Award will vest or become exercisable and the terms on which an Award requiring exercise will remain exercisable. Without limiting the foregoing, the Administrator may at any time accelerate
the vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax consequences resulting from such acceleration. Unless the Administrator expressly provides otherwise, immediately upon the cessation of the
Participant’s Employment, each Award requiring exercise that is then held by the Participant or the Participant’s permitted transferees, if any, will cease to be exercisable and will terminate, and all other Awards that are then held by
the Participant or by the Participant’s permitted transferees, if any, to the extent not already vested will be forfeited, except that: 
 (A) subject to (B) and (C) below, all Stock Options and SARs held by the Participant or the Participant’s permitted transferees, if any, immediately prior to the cessation of the Participant’s
Employment, to the extent then exercisable, will remain exercisable for the lesser of (i) the period ending sixty days after such cessation of Employment or (ii) the period ending on the latest date on which such Stock Option or SAR could
have been exercised without regard to this Section 6(a)(4), and will terminate immediately thereafter; 
 (B) all Stock
Options and SARs held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the Participant’s death, to the extent then exercisable, will remain exercisable for the lesser of (i) the 120-day period
commencing on the date of the Participant’s death or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised without regard to this Section 6(a)(4), and will terminate immediately
thereafter; and 
 (C) all Stock Options and SARs held by a Participant or the Participant’s permitted transferees, if
any, immediately prior to the cessation of the Participant’s Employment will immediately terminate upon such cessation if such cessation results from the termination of the Participant’s Employment for Cause. 

 (5) Taxes. The Administrator will make such provision for the withholding of taxes as it
deems necessary. The Administrator may, but need not, hold back shares of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements (but not in excess of the minimum
withholding required by law). 
 (6) Dividend Equivalents, Etc. The Administrator may provide for the payment of amount in lieu
of cash dividends or other cash distributions with respect to Stock subject to an Award. Any entitlement to dividend equivalents or similar entitlements shall be established and administered consistent either with exemption from, or compliance with,
the requirements of Section 409A to the extent applicable. 
 (7) Rights Limited. Nothing in the Plan will be construed as
giving any person the right to continued employment or service with the Company or its subsidiaries, or any rights as a stockholder except as to shares of Stock actually issued under the Plan. The loss of existing or potential profit in Stock
Options will not constitute an element of damages in the event of termination of Employment for any reason, even if the termination is in violation of an obligation of the Company or subsidiaries to the Participant. 
 (8) Section 162(m). This Section 6(a)(8) applies to any Performance Award intended to qualify as performance-based for the
purposes of Section 162(m) other than a Stock Option or SAR. In the case of any Performance Award to which this Section 6(a)(8) applies, the Plan and such Award will be construed to the maximum extent permitted by law in a manner
consistent with qualifying the Award for such exception. With respect to such Performance Awards, the Administrator will pre-establish, in writing, one or more specific Performance Criteria no later than 90 days after the commencement of the period
of service to which the performance relates (or at such earlier time as is required to qualify the Award as performance-based under Section 162(m)). Prior to grant, vesting or payment of the Performance Award, as the case may be, the
Administrator will certify whether the applicable Performance Criteria have been attained and such determination will be final and conclusive. No Performance Award to which this Section 6(a)(8) applies may be granted after the first meeting of
the stockholders of the Company held in 2011 until the listed performance measures set forth in the definition of “Performance Criteria” (as originally approved or as subsequently amended) have been resubmitted to and reapproved by the
stockholders of the Company in accordance with the requirements of Section 162(m) of the Code, unless such grant is made contingent upon such approval. 
 (b) Awards Requiring Exercise 
 (1) Time and Manner of Exercise. Unless the
Administrator expressly provides otherwise, an Award requiring exercise will not be deemed to have been exercised until the Administrator receives a notice of exercise (in form acceptable to the Administrator) signed by the appropriate person
and accompanied by any payment required under the Award. If the Award is exercised by any person other than the Participant, the Administrator may require satisfactory evidence that the person exercising the Award has the right to do so. 

(2) Section 409A Exemption. Except as the Administrator otherwise determines, no Award requiring exercise shall have deferral
features, or shall be administered in a manner, that would cause such Award to fail to qualify for exemption from Section 409A. 
 (3) Exercise Price. Unless the Administrator provides otherwise in an Award, the exercise price (or the base value from which appreciation is to be measured) of each Award requiring exercise shall be 100% (in the case of an
ISO granted to a ten-percent shareholder within the meaning of Section 422(b)(6) of the Code, 110%) of the fair market value of the Stock subject to the Award, determined as of the date of grant, or such higher amount as the Administrator may
determine in connection with the grant. No such Award, once granted, may be repriced other than in accordance with the applicable stockholder approval requirements of the National Association of Securities Dealers Automated Quotation System. Fair
market value shall be determined by the Administrator consistent with the requirements of Section 422 and Section 409A. 
 (4)
Payment of Exercise Price. Subject to Section 6(a)(5) and the terms and provisions of the applicable Stock Option, where the exercise of a Stock Option is to be accompanied by payment, the Administrator may determine the required or
permitted forms of payment as follows: all payments will be by 

 
cash or check acceptable to the Administrator, or, if so permitted by the Administrator and if legally permissible, (i) through the delivery of shares
of Stock that have been outstanding for at least six months (unless the Administrator approves a shorter period) and that have a fair market value (as determined in good faith by the Administrator) equal to the exercise price, (ii) through a
broker-assisted exercise program acceptable to the Administrator, (iii) by other means acceptable to the Administrator or (iv) by any combination of the foregoing permissible forms of payment. The delivery of shares of payment of the
exercise priced under 6(b)(4)(i) above may be accomplished either by actual delivery or by constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe. 
 7. EFFECT OF CERTAIN TRANSACTIONS 
 (a)
MERGERS, ETC. 
 Except as otherwise provided in an Award, the following provisions shall apply in the event of a Covered Transaction:

 (1) Assumption or Substitution. If the Covered Transaction is one in which there is an acquiring or surviving entity,
the Administrator may provide for the assumption of some or all outstanding Awards or for the grant of new stock options in substitution therefor, by the acquiror or survivor or an affiliate of the acquiror or survivor, in each case on such terms
and subject to such conditions as the Administrator determines in its sole discretion. 
 (2) Cash-Out of Awards. If the
Covered Transaction is one in which holders of Stock will receive upon consummation a payment (whether cash, non-cash or a combination of the foregoing), the Administrator may provide for payment (“cash-out”), with respect to some or all
Awards, equal in the case of each affected Award to the excess, if any, of (A) the fair market value of one share of Stock (as determined by the Administrator in its reasonable discretion) times the number of shares of Stock subject to the
Award, over (B) the aggregate exercise or purchase price, if any, under the Award (in the case of an SAR, the aggregate base price above which appreciation is measured), in each case on such payment terms (which need not be the same as the
terms of payment to holders of Stock) and on the terms, and subject to such conditions, as the Administrator determines. 
 (3)
Acceleration of Certain Awards. If the Covered Transaction (whether or not there is an acquiring or surviving entity) is one in which there is no such assumption, substitution or cash-out, each Award requiring exercise will become
fully exercisable, and the delivery of shares of Stock deliverable under each outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards to the extent consisting of Stock Units), will be accelerated and such shares
will be delivered prior to the Covered Transaction, in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following exercise of the Award or the delivery of the shares, as the case
may be, to participate as a stockholder in the Covered Transaction. 
 (4) Termination of Awards Upon Consummation of Covered
Transaction. Each Award (unless assumed pursuant to Section 7(a)(1) above), other than outstanding shares of Restricted Stock (which shall be treated in the same manner as other shares of Stock, subject to Section 7(a)(5) below),
will terminate upon the consummation of the Covered Transaction. 
 (5) Additional Limitations. Any share of Stock
delivered pursuant to Section 7(a)(2) or Section 7(a)(3) above with respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems appropriate to reflect any performance or
other vesting conditions to which the Award was subject. In the case of Restricted Stock, the Administrator may required that any amounts delivered, exchanged or otherwise paid of respect of such Stock in connection with the Covered Transaction be
placed in escrow or otherwise made subject to such restrictions as the Administrator deems appropriate to carry out the intent of the Plan. 
 (6) Section 409A. Notwithstanding the foregoing provisions of this Section 7(a), Awards subject to and intended to satisfy the requirements of Section 409A shall be construed and administered consistent
with such intent. 

 (b) CHANGES IN AND DISTRIBUTIONS WITH RESPECT TO THE STOCK 
 (1) Basic Adjustment Provisions. In the event of a stock dividend, stock split or combination of shares (including a reverse stock
split), recapitalization or other change in the Company’s capital structure, the Administrator will make appropriate adjustments to the maximum number of shares specified in Section 4(a) that may be delivered under the Plan and to the
maximum share limits described in 4(c), and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards and any
other provision of Awards affected by such change. 
 (2) Certain Other Adjustments. The Administrator may also make
adjustments of the type described in Section 7(b)(1) above to take into account distributions to stockholders other than those provided for in Section 7(a) and 7(b)(1), or any other event, if the Administrator determines, in its sole
discretion, that such adjustments are appropriate to avoid distortion in the operation of the Plan and to maintain the value of Awards made hereunder, having due regard for the qualification of ISOs under Section 422, the requirements of
Section 409A, and for the performance-based compensation rules of Section 162(m), where applicable. 
 (3) Continuing
Application of Plan Terms. References in the Plan to shares of Stock will be construed to include any stock or securities resulting from an adjustment pursuant to this Section 7. 
 8. LEGAL CONDITIONS ON DELIVERY OF STOCK 
 The Company
will not be obligated to deliver any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the
issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to
be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied or waived. If the sale of Stock has not been registered under the Securities Act of 1933, as amended, the Company
may require, as a condition to exercise of the Stock Option, such representations or agreements as counsel for the Company may consider appropriate to avoid violation of such Act. The Company may require that certificates evidencing Stock issued
under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions. 
 9. AMENDMENT AND TERMINATION 
 The Administrator may
at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly
provided in the Plan the Administrator may not, without the Participant’s consent, alter the terms of an Award so as to affect adversely the Participant’s rights under the Award, unless the Administrator expressly reserved the right to do
so at the time of the granting of the Award. Any amendment to the Plan shall be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including the Code), as determined by the Administrator. 

10. OTHER COMPENSATION ARRANGEMENTS 
 The existence
of the Plan or the grant of any Award will not in any way affect the Company’s right to award a person bonuses or other compensation in addition to Awards under the Plan. 
 11. MISCELLANEOUS 
 (a) Waiver of Jury Trial. By accepting an Award under the
Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or
which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim shall be tried before 

 
a court and not before a jury. By accepting an Award under the Plan, each Participant certifies that no officer, representative, or attorney of the Company
has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. 
 (b) Limitation of Liability. Notwithstanding anything to the contrary in the Plan, neither the Company nor the Administrator, nor any person acting on behalf of either of them, shall be liable to any
Participant or to the estate or beneficiary of any Participant by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of an Award to satisfy the requirements of Sections 422 or 409A or by reason of
Section 4999 of the Code; provided, that nothing in this Section 11(b) shall limit the ability of the Administrator or the Company to provide by express agreement with a Participant for a gross-up payment or other payment in
connection with any such tax or additional tax. 

 EXHIBIT A 
 Definition of Terms 
 The following terms, when used in the Plan, will have the meanings and
be subject to the provisions set forth below: 
 “Administrator”: The Board, except that the Board may delegate (i) to
one or more of its members such of its duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant rights or options to the extent permitted by Section 157(c) of the Delaware
General Corporation Law; (iii) to one or more officers of the Company the authority to allocate Stock Options among such persons (other than officers of the Company) eligible to receive Stock Options under the Plan as such delegated officer or
officers determine consistent with such delegation; provided, that with respect to any delegation described in this clause (iii) the Board (or a properly delegated member or members of the Board) shall have authorized the issuance of a
specified number of shares of Stock under such Stock Options and shall have specified the consideration, if any, to be paid therefor; and (iv) to such Employees or other persons as it determines such ministerial tasks as it deems appropriate.
In the event of any delegation described in the preceding sentence, the term “Administrator” shall include the person or persons so delegated to the extent of such delegation. If the Board or such other committee includes member who are
not “non-employee directors” within the meaning of Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended, or “outside directors” within the meaning of paragraph 4(c)(i) of Section 162(m), it shall act
and shall be deemed to have acted, in any case where it would be required to do so with respect to Awards to directors or executive officers of the Company to ensure exemption under Rule 16b-3 or Section 162(m), through a subcommittee
consisting solely of its non-employee and outside director members. 
 “Affiliate”: Any person that stands in a relationship
to the Company that would result in the Company and such person being treated as one employer under Section 414(b) and Section 414(c) of the Code, in accordance with the definition of “service recipient” under Section 409A
of the Code. For purposes of determining eligibility for the grant of a Stock Option or SAR by reason of service with an Affiliate, the term Affiliate shall be limited to persons that stand in a relationship to the Company that would result in the
Company and such person being treated as one employer under Section 414(b) and Section 414(c) of the Code except that “at least 50%” shall be substituted for “at least 80%” under Sections 1563(a)(1), (2), and
(3) of the Code and Treas. Reg. Section 1.414(c)-2, all in accordance with the definition of “service recipient” under Section 409A of the Code. 
 “Award”: Any or a combination of the following: 
 (i) Stock Options.

 (ii) SARs. 
 (iii) Restricted Stock. 
 (iv) Unrestricted Stock. 
 (v) Stock Units, including Restricted Stock Units. 
 (vi) Performance Awards. 
 (vii) Cash Awards. 
 (viii) Awards (other than Awards described in (i) through
(vi) above) that are convertible into or otherwise based on Stock. 
 “Board”: The Board of Directors of the Company.

 “Cash Award”: An Award denominated in cash. 
 “Cause”: with respect to any Participant, (a) shall have the meaning, if any, set forth in the employment agreement then in effect,
if any, between such holder and the Company or its subsidiaries or (b) if there is no 

 
such meaning in such employment agreement or there is no such employment agreement then in effect, shall mean, the following events or conditions, as
determined by the Administrator in its reasonable judgment: (i) the refusal or failure to perform (other than by reason of disability), or material negligence in the performance of the Employee’s duties and responsibilities to the Company
or any of its Affiliates, or refusal or failure to follow or carry out any direction of the Board; (ii) the material breach by the Employee of any provision of any agreement to which the Employee and the Company or any of its Affiliates are
party; (iii) the commission of any felony, fraud, embezzlement, theft or other act involving dishonesty or moral turpitude by the Executive; (iv) the Employee’s abuse of drugs or alcohol while performing services for the Company; or
(v) any other conduct that involves a breach of fiduciary obligation on the part of the Employee or otherwise could reasonably be expected to have a material adverse effect upon the business, interests or reputation of the Company or any of its
Affiliates. 
 “Change of Control”: (i) any change in the ownership of the capital stock of the Company if, immediately
after giving effect thereto, any Person (or group of Persons acting in concert), other than the Company and its Affiliates, will have the direct or indirect power to elect a majority of the members of the Board, or (ii) any sale or other disposition
of all or substantially all of the assets of the Company (including without limitation by way of a merger or consolidation or through the sale of all or substantially all of the stock or other equity interests of its direct or indirect subsidiaries
or sale of all or substantially all of the assets of the Company and its direct or indirect subsidiaries, taken as a whole) to another Person (the “Change of Control Transferee”) if, immediately after giving effect thereto, any Person (or
group of Persons acting in concert), other than the Company and its Affiliates, will have the power to elect a majority of the members of the board of directors (or other similar governing body) of the Change of Control Transferee. 
 “Code”: The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as from time to time
in effect. Any reference to a provision of the Code shall include, as determined by the Administrator, a reference to applicable regulations and Internal Revenue Service guidance with respect to such provision. 
 “Company”: PTHR Holdings, Inc., a Delaware corporation. 
 “Covered Transaction”: Any of (i) a consolidation, merger, or similar transaction or series of related transactions, including a sale or other disposition of stock, in which the Company is not
the surviving corporation or which results in the acquisition of all or substantially all of the Company’s then outstanding common stock by a single person or entity or by a group of persons and/or entities acting in concert, (ii) a sale
or transfer of all or substantially all the Company’s assets, or (iii) a dissolution or liquidation of the Company. Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described
in clause (i) (as determined by the Administrator), the Covered Transaction shall be deemed to have occurred upon consummation of the tender offer. 
 “Employee”: Any person who is employed by the Company or one of its subsidiaries. 
 “Employment”: A Participant’s employment or other service relationship with the Company and its subsidiaries. Employment will be deemed to continue, unless the Administrator expressly provides otherwise, so long as the
Participant is employed by, or otherwise is providing services in a capacity described in Section 5 to the Company or its subsidiaries. If a Participant’s employment or other service relationship is with a subsidiary and that entity ceases
to be a subsidiary, the Participant’s Employment will be deemed to have terminated when the entity ceases to be a subsidiary unless the Participant transfers Employment to the Company or its remaining subsidiaries. 
 “ISO”: A Stock Option intended to be an “incentive stock option” within the meaning of Section 422. Each option granted
pursuant to the Plan will be treated as providing by its terms that it is to be a non-incentive stock option unless, as of the date of grant, it is expressly designated as an ISO. 

 “Participant”: A person who is granted an Award under the Plan. 
 “Performance Award”: An Award subject to Performance Criteria. The Committee in its discretion may grant Performance Awards that are
intended to qualify for the performance-based compensation exception under Section 162(m) and Performance Awards that are not intended so to qualify. 
 “Performance Criteria”: Specified criteria, other than the mere continuation of Employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability, vesting
or full enjoyment of an Award. For purposes of Awards that are intended to qualify for the performance-based compensation exception under Section 162(m), a Performance Criterion will mean an objectively determinable measure of performance
relating to any or any combination of the following (measured either absolutely or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business, project
or geographical basis or in combinations thereof): sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing operations or an
aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of
particular products or services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; or recapitalizations,
restructurings, financings (issuance of debt or equity) or refinancings. A Performance Criterion and any targets with respect thereto determined by the Administrator need not be based upon an increase, a positive or improved result or avoidance of
loss. To the extent consistent with the requirements for satisfying the performance-based compensation exception under Section 162(m), the Administrator may provide in the case of any Award intended to qualify for such exception that one or
more of the Performance Criteria applicable to such Award will be adjusted in an objectively determinable manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the performance period that
affect the applicable Performance Criterion or Criteria. 
 “Person”: Any individual, partnership, corporation,
company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 
 “Plan”: The PTHR Holdings, Inc. 2005 Equity Incentive Plan as from time to time amended and in effect. 
 “Section 162(m)”: Section 162(m) of the Code. 
 “Section 409A”: Section 409A of the Code. 
 “Section 422”:
Section 422 of the Code. 
 “SAR”: A right entitling the holder upon exercise to receive an amount (payable in shares
of Stock of equivalent value) equal to the excess of the fair market value of the shares of Stock subject to the right over the fair market value of such shares at the date of grant. 
 “Stock”: Common Stock of the Company, par value $0.01 per share. 
 “Stock Option”: An option entitling the holder to acquire shares of Stock upon payment of the exercise price. 
 “Stock Unit”: An unfunded and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the value
of Stock in the future. 
 “Unrestricted Stock”: Stock not subject to any restrictions under the terms of the Award.Standard form of Option Certificate (prior to amendment)

 EXHIBIT 10.8 
 Form of Option Certificate 
 THIS OPTION AND THE SHARES RECEIVED UPON EXERCISE OF THIS OPTION SHALL BE SUBJECT
TO THE RIGHTS, RESTRICTIONS AND OBLIGATIONS APPLICABLE TO SUCH SECURITIES, ALL AS PROVIDED IN THE STOCKHOLDERS AGREEMENT DATED AS OF JUNE [], 2005 AMONG THE COMPANY AND CERTAIN OTHER PARTIES THERETO, AS AMENDED AND IN EFFECT FROM TIME TO TIME (THE
“STOCKHOLDERS AGREEMENT”). 
 PANTHER EXPEDITED SERVICES, INC. 
 STOCK OPTION 
 OPTION CERTIFICATE 
 This stock option is granted by Panther Expedited Services, Inc., a Delaware corporation (the “Company”), to «Name» (the
“Participant”), pursuant to the Company’s 2005 Stock Option Plan (the “Plan”). Definitions not otherwise set forth in the text hereof are set forth in Section 6 hereof. All capitalized terms not otherwise
defined herein (either in the text or Section 6 hereof) shall have the meaning provided in the Plan. 
 1. Grant of Option. 
 (a) This certificate evidences the grant by the Company on June    , 2005 to the Participant of an option to purchase,
in whole or in part, on the terms provided herein and in the Plan, a total of             shares of Common Stock, par value $0.01 per share of the Company (the
“Shares”), of which             Shares shall be Time Option Shares and             Shares shall be
Performance Option Shares, in each case at an exercise price of $            per Share. 
 (b) The latest date on which this option may be exercised (the “Final Exercise Date”) is the earlier of (i) the tenth anniversary of the date hereof or (ii) the termination hereof in
accordance with this certificate, the Stockholders Agreement or the Plan. 
 (c) The option evidenced by this certificate is not intended to
qualify as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 2. Vesting
during Employment. During the Participant’s Employment, this option shall become vested only as provided in this Section 2 and in Sections 4 and 5. 
 (a) Vesting of Time Options. A portion of the option for Time Option Shares (the “Time Option”) shall become vested on each of December 31, 2005, December 31,
2006, December 31, 2007, December 31, 2008 and December 31, 2009. The portion of the Time Option which shall become vested on December 31, 2005 shall equal the product of (i) the aggregate number of Time Option
Shares multiplied by (ii) 0.100. The portion of the Time Option which shall become vested on each of December 31, 2006, December 31, 2007, December 31, 2008 and December 31, 2009 shall equal the
product of (i) the aggregate number of Time Option Shares multiplied by (ii) 0.225. 
 (b) Vesting of Performance
Options. 
  

	 	(A)	 Annual Performance Vesting. A portion of the option for Performance Option Shares (the “Performance Option”) shall be eligible to become
vested on the Release Date for each of Fiscal Year 2005, 2006, 2007, 2008 and 2009. For Fiscal Year 2005, if the Company achieves EBITDA equal to or in excess of 100% of the EBITDA Hurdle for Fiscal Year 2005 set forth on Table 1 below, the
portion of the Performance Option, if any, which shall become vested on the Release Date for Fiscal Year 2005 shall equal the product of (i) the aggregate number of Performance Option Shares multiplied by (ii) 0.10. If the
EBITDA for Fiscal Year 2005 is less than 100% of the EBITDA Hurdle for Fiscal Year 

	 	 
2005, no portion of the Performance Option eligible to become vested on the Release Date for Fiscal Year 2005 shall become vested. For each of Fiscal Year
2006, 2007, 2008 and 2009, if the Company achieves EBITDA equal to or in excess of 100% of the EBITDA Hurdle for such Fiscal Year set forth below such Fiscal Year in Table 1 below, the portion of the Performance Option, if any, which shall
become vested on the Release Date for such Fiscal Year shall equal the product of (i) the aggregate number of Performance Option Shares multiplied by (ii) 0.225. If the EBITDA for such Fiscal Year is less than 100% of such
EBITDA Hurdle, no portion of the Performance Option eligible to become vested on the Release Date for such Fiscal Year shall become vested. 

 Table 1 
 ($ in 000s) 
  

																
	 	 	FY 2005	 	FY 2006	 	FY 2007	 	FY 2008	 	FY 2009
	EBITDA Hurdle	 	$	21,400	 	$	27,373	 	$	31,763	 	$	36,457	 	$	41,029

  

	 	(B)	Earnback Performance Vesting. If any portion of the Performance Option eligible to become vested on the Release Date for any Fiscal Year (the “Base Year”)
pursuant to Section 2(b)(A) above does not become vested by reason of the Company’s failure to achieve the EBITDA Hurdle applicable to such Base Year, such portion of the Performance Option, (calculated as set forth in Section 2(b)(A)
above, the “Earnback Portion”) shall be eligible to become vested on the Release Date for any subsequent Fiscal Year set forth in Table 1 above (the “Succeeding Year”). The Earnback Portion for any Base Year shall
become vested in its entirety if the sum of the EBITDA for such Base Year plus the EBITDA for each subsequent Fiscal Year, if any, up to and including such Succeeding Year is equal to or greater than the sum of the EBITDA Hurdle for such Base Year
plus the EBITDA Hurdles for each such subsequent Fiscal Year, if any, up to and including such Succeeding Year, each as set forth in Table 1 above. 

 The Participant agrees not to take any action or fail to take any action, which action or failure to act deviates from established practice at the Company, or which deviates from sound management principles, for the
purposes of increasing the amount of EBITDA achieved by the Company or maximizing the vesting of the Performance Option. 
 3. Vesting After Termination
of Employment. Except as provided in this Section 3, no portion of this option shall become vested after the Participant’s Employment is terminated. 
 (a) Death. If the Participant’s Employment is terminated by reason of the Participant’s death, then: 
  

	 	(A)	the portion of the option that has become vested prior to the date of the Participant’s death shall be exercisable by the Participant’s heirs, executors, administrator or
estate at any time on or prior to the earlier of (A) the date which is 120 days after the date of the Participant’s death and (B) the Final Exercise Date, after which time such portion of the option shall terminate;

  

	 	(B)	the portion of the option that has not become vested prior to the date of the Participant’s death shall immediately terminate; provided, however, that if
Participant’s Employment terminates by reason of the Participant’s death after the last day of a Fiscal Year but before the Release Date for such Fiscal Year, any portion of the Performance Option that would have become vested pursuant to
Section 2(b) on such Release Date shall become vested on such Release Date and shall be exercisable by the Participant’s heirs, executors, administrator or estate at any time on or prior to the earlier of (A) the date which is 30 days
after such Release Date and (B) the Final Exercise Date, after which time such portion of the option shall terminate; and 

  

	 	(C)	if any portion of the option shall become vested after the Participant’s death pursuant to Section 3(a)(B), (i) the Company shall provide written notice of such
vesting to the Participant’s heirs, executors, administrator or estate at the address of the Participant as recorded in the Company’s files and (ii) for purposes of Shares receivable upon exercise of the option, the Call Option
Exercise Period contemplated by Section 5.1.2 of the Stockholders Agreement shall end on the later of (A) the date that is 130 days after the date of the Participant’s death and (B) the date that is 40 days after the applicable
Release Date. 

 (b) Termination for Cause. Notwithstanding any other provision of this option, if the
Participant’s Employment is terminated for Cause, then this option, to the extent not previously exercised, shall expire and terminate immediately in its entirety, whether or not all or any portion of this option has become vested. 

(c) Other Termination. If the Participant’s Employment is terminated by reason other than the Participant’s death or for Cause, then:

  

	 	(A)	the portion of this option that has become vested prior to the date of such termination of Employment shall be exercisable by the Participant at any time on or prior to the earlier
of (A) the date which is 60 days after the date of such termination of Employment and (B) the Final Exercise Date, after which time such portion of the option shall terminate; and 

  

	 	(B)	the portion of the option that has not become vested prior to the date of such termination of Employment shall immediately terminate; provided, however, that if
Participant’s Employment so terminates after the last day of a Fiscal Year but before the Release Date for such Fiscal Year, any portion of the Performance Option that would have become vested pursuant to Section 2(b) on such Release Date
shall become vested on such Release Date and shall be exercisable by the Participant at any time on or prior to the earlier of (A) the date which is 30 days after such Release Date and (B) the Final Exercise Date, after which time such
portion of the option shall terminate. 

  

	 	(C)	if any portion of the option shall become vested after the termination of Participant’s Employment pursuant to Section 3(a)(B), (i) the Company shall provide written
notice of such vesting to the Participant at the address of the Participant as recorded in the Company’s files and (ii) for purposes of Shares receivable upon exercise of the option, the Call Option Exercise Period contemplated by
Section 5.1.2 of the Stockholders Agreement shall end on the later of (A) the date that is 130 days after the date of the termination of Participant’s Employment and (B) the date that is 40 days after the applicable Release Date.

 4. Vesting upon Change of Control. If (i) any Change of Control occurs prior to the tenth anniversary of the date hereof and
(ii) the Participant is continuously employed by the Company or any of its subsidiaries during the period from the date hereof until the time of such Change of Control, then: 
 (a) Time Options. Any portion of the Time Option which has not become vested pursuant to Section 2(a) above prior to the date of such Change
of Control shall become vested immediately prior to such Change of Control. The Time Option shall terminate in its entirety upon the consummation of such Change Of Control. 
 (b) Performance Options. The portion of the Performance Option for the Remaining Performance Option Shares shall become vested immediately prior
to such Change of Control if (i) the MOI in connection with such Change of Control is equal to or greater than 2.5 and (ii) the IRR in connection with such Change of Control is equal to or greater than 30%, but no portion of the
Performance Option for the Remaining Performance Option Shares shall become vested if (i) the MOI in connection with such Change of Control is less than 2.5 or (ii) the IRR in connection with such Change of Control is less than 30%. The
Performance Option shall terminate in its entirety upon the consummation of such Change of Control. 
 5. Vesting from and after an Initial Public
Offering. If (i) the Company consummates an Initial Public Offering prior to the earlier of the occurrence of a Change of Control and the Final Exercise Date and (ii) the Participant is continuously employed by the Company or any of
its Subsidiaries during the period from the date hereof until the time of such Initial Public Offering, then (a) this Section 5 shall govern the vesting of the Performance Option for the Remaining Performance Option Shares and Sections
2(b) and 4(b) shall not apply and (b) subject to Section 3, a portion of the Performance Option for the Remaining Performance Option Shares shall become vested on each of the first, second and third anniversaries of the date of the
completion of such Initial Public Offering (each such date, an “IPO Anniversary”), provided that if any IPO Anniversary falls after the Final Exercise Date, the portion of the Performance Option for the Remaining Performance Option
Shares that would have become vested on such IPO Anniversary shall become vested on the IPO Anniversary immediately preceding the Final Exercise Date. The portion of the Performance Option for the Remaining Performance Option Shares which shall
become vested on each IPO Anniversary shall equal the product of (i) the aggregate number of Remaining Performance Option Shares multiplied by (ii) 0.333. 

 6. Definitions. 
 As used herein, the following terms shall have the meanings set forth below: 
 “Common
Stock” means the common Stock, par value $0.01 per share of the Company. 
 “EBITDA” means, for any period, [the
consolidated earnings of the Company and its subsidiaries, before interest, taxes, depreciation, amortization and any fees paid to Fenway Partners, Inc. and its affiliates plus or minus (as applicable) any items determined by the Administrator in
its reasonable discretion to be extraordinary or non-recurring, provided that the Company’s costs incurred in investigating, preparing for and finalizing the Stock Purchase Agreement shall be an extraordinary, non-recurring expense that shall
not be included in the calculation of EBITDA, all as calculated by the Administrator in accordance with GAAP consistently applied on the basis of the Company’s audited consolidated financial statements for the immediately preceding Fiscal Year.

 “Fiscal Year” means the fiscal year of the Company, which ends on the last business day of December of each year;
provided however, that when used in reference to any specific year (e.g., Fiscal Year 2005), the term “Fiscal Year” means the fiscal year of the Company ending on the last business day of December of such year. 
 “Initial Public Offering” means the initial public offering and sale of Shares for cash pursuant to an effective registration statement
on Form S-1 (or any successor form) under the Securities Act of 1933, as amended. 
 “Investor Equity Investment” means, at
the time of determination, the aggregate consideration (whether cash or otherwise) paid by the Investors to acquire the Investor Shares Purchased from time to time, without giving effect to any reduction resulting from any Sale. 
 “Investor Shares” means the shares of Common Stock and Preferred Stock held by the Investors or any other securities or equity interests
into which such Investor Shares shall be converted or exchanged pursuant to a merger, recapitalization or other transaction. 
 “Investor Shares Purchased” means, at the time of determination, the aggregate number of Investor Shares acquired by the Investors from time to time, without giving effect to any reduction resulting from any Sale.

 “Investors” is defined in the Stockholders Agreement. 
 “IRR” means, as of the date of any Change of Control, the discount rate, compounded daily, commencing on the date of the receipt by the
Investors of the Investor Shares Purchased and taking into account the timing and amounts of all contributions to the Company by the Investors and all distributions from the Company to the Investors in respect of the Investor Shares Purchased, that
results in the present value of the Proceeds to the Investors upon the sale, redemption, recapitalization, distribution or return in respect of the Investor Shares (including Proceeds received in such Change of Control after giving effect to any
dilution from the vesting and exercise of any convertible or derivative securities (including this option) on the occurrence of such Change of Control), whenever made, equaling the Investor Equity Investment, in each case as determined by the
Administrator. 
 “MOI” means, with respect to any portion of the Investor Shares in connection with any Change of Control,
the ratio equal to the aggregate Proceeds actually received by the Investors with respect to such Investor Shares (including Proceeds received in such Change of Control after giving effect to any dilution from the vesting and exercise of any
convertible or derivative securities (including this option) on the occurrence of such Change of Control) divided by the portion of the Investor Equity Investment attributable to such Investor Shares, in each case as determined by the
Administrator. 
 “Permitted Transferee” is defined in the Stockholders Agreement. 
 “Person” means any individual, partnership, corporation, association, limited liability company, trust, joint venture, unincorporated
organization or entity, or any government, governmental department or agency or political subdivision thereof. 

 “Preferred Stock” means the 12% Cumulative Preferred Stock, $0.01 par value, of the
Company. 
 “Proceeds” means the sum of (i) proceeds actually received by the Investors for Investor Shares in all
Sales and (ii) any dividends and other distributions actually received by the Investors in respect of Investor Shares, in each case net of all transaction-related fees, expenses, costs and compensatory payments; provided, that in no
event shall “Proceeds” include the receipt by any of the Investors of (a) management fees or (b) closing fees, investment banking fees or similar fees payable in connection with any transaction. For purposes of this definition,
all non-cash proceeds received by the Investors shall be valued at the fair market value of such proceeds, as determined by the Administrator. 
 “Release Date” means, with respect to any Fiscal Year, the date which is 10 business days following the date on which the audited financial statements for such Fiscal Year are released. 
 “Remaining Performance Option Shares” means, as of the date of a Change of Control or IPO, as applicable, (i) the aggregate number
of Performance Option Shares minus (ii) the number of Performance Option Shares that have become vested pursuant to Sections 2(b)(A) and 2(b)(B) above prior to the date of such Change of Control or IPO. 
 “Sale” means one or more transactions (including a Change of Control) in which any of the Investors, directly or indirectly, sells or
otherwise transfers for value, or causes to be sold or transferred for value any or all of the Investor Shares Purchased to any Person other than any Permitted Transferee of an Investor. 
 “Stock Purchase Agreement” means the Contribution and Share Purchase Agreement by and among Panther II Transportation, Inc., Panther
Expedited Services, Inc., Panther Acquisition, Inc. and Ellen A. Amato as trustee of the Amato FLIT Trust U/A/D 12/31/03, Craig T. Amato, individually and as trustee of the 1999 Craig T. Amato Grantor Retained Annuity Trust and Daniel K. Sokolowski,
individually and as trustee of the Daniel K. Sokolowski Revocable Trust U/A dated 2/16/99. 
 7. Exercise of Option. 
 Each election to exercise this option shall be in writing, signed by the Participant or the Participant’s executor, administrator, or legally
appointed representative (in the event of the Participant’s incapacity) or the person or persons to whom this option is transferred by will or the applicable laws of descent and distribution (collectively, the “Option Holder”),
and received by the Company at its principal office, accompanied by this certificate and payment in full as provided in the Plan. Subject to the further terms and conditions provided in the Plan, the purchase price may be paid by cash or check
acceptable to the Administrator or, subject to Section 10 below, through the delivery of shares of Stock that have been outstanding for at least six months (unless the Administrator approves a shorter period) and that have a fair market value
(as determined in good faith by the Administrator) equal to the exercise price, or, if so permitted by the Administrator in its sole discretion, (i) at such time, if any, as the Stock is publicly traded, through a broker-assisted exercise
program acceptable to the Administrator, (ii) by other means acceptable to the Administrator, or (iii) by any combination of the foregoing permissible forms of payment. In the event that this option is exercised by an Option Holder other
than the Participant, the Company shall be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option Holder to exercise this option. 
 8. Stockholders Agreement; Restrictions on Transfer of Shares. 
 (a) The option evidenced by this certificate and any Shares received upon the exercise of this option shall be subject to the Plan and the Stockholders Agreement and the granting of this option shall be conditioned upon the execution and
delivery by the Participant of a signature page or a joinder to the Stockholders Agreement. This option and the Shares received upon exercise of this option shall be subject to the rights, restrictions and obligations applicable to Management Shares
(as defined in the Stockholders Agreement) as provided from time to time in such Stockholders Agreement, including without limitation, the obligations applicable to Management Shares under Section 5 thereof. 

 (b) In addition to the provisions of Section 8(a) above, if at the time this option is exercised the
Company and a majority in interest of the Management Stockholders (as defined in the Stockholders Agreement) are party to any other agreement restricting the transfer of any outstanding shares of Common Stock of the Company, this option may be
exercised only if the Shares so acquired are made subject to the transfer restrictions set forth in that agreement (or if more than one such agreement is then in effect, the agreement or agreements specified by the Administrator). 
 9. Equitable Adjustments. In the event that on or before the Final Exercise Date, the Company or any of its subsidiaries shall receive additional equity
contributions, or make any acquisitions of any business (by merger, stock or asset purchase, consolidation or otherwise) or dispose of any significant assets of the business of the Company or any of its subsidiaries, the Administrator, in its sole
judgment and after consultation with the senior management of the Company, may make any adjustments to the targets contained herein (including the EBIDTA Hurdle and MOI and IRR targets) as may be necessary to equitably reflect the effects of such
events. 
 10. Withholding. 
 If at the
time this option is exercised the Company determines that under applicable law and regulations it could be liable for the withholding of any federal or state tax upon exercise or with respect to a disposition of any Shares acquired upon exercise of
this option, this option may not be exercised unless the person exercising this option remits to the Company any amounts determined by the Company to be required to be withheld upon exercise (or makes other arrangements satisfactory to the Company
for the payment of such taxes). 
 11. Nontransferability of Option. 
 This option is not transferable by the Participant otherwise than by will or the laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant (or in the event of
the Participant’s incapacity, the person or persons legally appointed to act on the Participant’s behalf). 
 12. Effect on Employment.

 Neither the grant of this option, nor the issuance of Shares upon exercise of this option, shall give the Participant any right to be
retained in the employ of the Company, affect the right of the Company to discharge or discipline such Participant at any time or affect any right of such Participant to terminate his or her Employment at any time. 
 13. Provisions of the Plan. 
 This option is subject
to the provisions of the Plan, which are incorporated herein by reference. A copy of the Plan as in effect on the date of the grant of this option has been furnished to the Participant. By accepting the award of this option, the Participant
acknowledges and agrees to be bound by the terms of the Plan and this certificate. 

 Form of Option Certificate 
 IN WITNESS WHEREOF, the Company has caused this option to be executed by its duly authorized officer. 
  

			
	 PANTHER EXPEDITED SERVICES, INC.

		
	By:	 	  

		 	Name:
		 	Title:

 Dated:                                     
  

 ACCEPTANCE AND AGREEMENT OF PARTICIPANT 
 As of the date first written above, the undersigned, as the Participant named in the option, hereby accepts all of the terms set forth in the option and the Plan and agrees that all of such terms shall be legally
binding upon the undersigned and each of the undersigned’s successors, assigns, legal representatives, executors, administrators and heirs. 
  

	
	  

	[Name]

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