Document:

Pacer International, Inc. 2010 Performance Bonus Plan.

 Exhibit 10.38 
 PACER INTERNATIONAL, INC. 
 2010 PERFORMANCE BONUS
PLAN 
 I. BONUS PLAN 
 The
Pacer International, Inc., 2010 Performance Bonus Plan (the “Bonus Plan”) is a variable pay plan providing compensation payments that are contingent upon achieving pre-determined performance objectives or criteria with respect to
the 2010 fiscal year periods of Pacer International, Inc. (“Pacer International”), and its subsidiaries (collectively with Pacer International, the “Company”). The Bonus Plan does not include payment or provision
for salary increases (whether based on merit or otherwise), profit-sharing, savings or retirement plans, or recognition awards. 
 The Bonus
Plan is broad-based and includes, for eligibility purposes, all levels of employees within the Company: executive officers, management employees, salaried exempt employees, and salary and hourly non-exempt employees. 
 The Bonus Plan will be communicated by the senior management of the Company’s various organizational units to their respective employees (for purposes
of the Bonus Plan, these organizational units are the Company’s various business units, functional groups, and the corporate unit); among other things these communications will outline the Bonus Plan’s performance objectives for the
specific unit as well as for the entire Company on a consolidated basis. The objective of this communication process is to create a “line of sight” link between the Bonus Plan’s performance objectives, the organizational unit’s
employees, and the success of the organizational unit and the overall Company. 
 The Bonus Plan is a “pool-funded” program with
periodic accruals for all organizational units booked at the corporate level based on the Company’s actual performance against the Bonus Plan’s performance objectives during the relevant period. These accrual decisions are determined by
the Chief Executive Officer and Chief Financial Officer of Pacer International, as appropriate. 
 The Bonus Plan’s objectives are to:

  

	 	•	 	 align individual behavior with stated business goals and objectives; 

  

	 	•	 	 encourage achievement of specific business goals and objectives; 

  

	 	•	 	 improve business unit, other organizational unit, support department, and overall Company performance; and 

  

	 	•	 	 attract and retain critical talent for the Company. 

 The performance objective that is required to be satisfied in order for the Company and each organizational unit to award and pay bonuses with respect to the 2010 fiscal year is the Company-wide
consolidated operating income target; this operating income objective is 

 established and approved by the Compensation Committee of the Pacer International Board of Directors (the
“Compensation Committee”) based on the Company’s 2010 operating plan and budget approved by the Board of Directors. Individual employees who are eligible to participate in the Bonus Plan are assigned a target bonus opportunity.
For purposes of the Bonus Plan, the target bonus pool is the sum, expressed as a dollar amount, of the target bonus opportunities of the individual employees of the Company. 
 Distribution of bonuses will occur after the determination and funding of the bonus pool, and is expected to take place in February of the following year. If necessary to maintain the deductibility of
compensation paid under the Bonus Plan pursuant to Section 162(m) of the Internal Revenue Code, the distribution of bonuses to the Pacer International Chief Executive Officer and four other most highly compensated officers of the Company will
not occur until the Compensation Committee has certified that the performance objectives for the payment of such bonuses have been met. 
 II. INDIVIDUAL BONUS AWARDS 
 Once the bonus pool has been determined, individual bonus awards are determined based on a
combination of an individual’s performance and his or her contribution to his or her organizational unit. The Corporate Human Resources Department will provide the various organizational unit management teams with guidelines on grading an
individual’s performance and contribution and making bonus distributions once the organizational unit bonus pools have been determined. Individual bonus distributions should be based on performance and contribution, and those individuals who
perform or contribute at a higher level should be recognized for their performance and contribution. 
  

	 	•	 	 As noted, actual bonus awards should be determined based on two components, individual performance and contribution to the success of the
organizational unit (or support department within the organizational unit). Employees who receive a Fails to Meet (FM) rating on their performance reviews will not be eligible for any portion of their target bonus for the period in which they
received the FM rating. 

  

	 	•	 	 An employee must be an active employee at the time the bonus distribution occurs to be eligible to receive the bonus. For purposes of the Bonus Plan,
any employee who has given notice prior to the distribution date of intent to end employment after the distribution date shall not be considered an active employee and shall not be entitled to receive a bonus. An employee who retires in the year in
which bonuses are earned and is currently retired at the time the bonus is paid may be entitled to a partial bonus payment pro-rated through the date of retirement in the sole discretion of the Chief Executive Officer of Pacer International. An
employee who is on approved FMLA or PDL leave (or other medical leave with similar legal protections) may also be entitled to a bonus payment upon his or her return from leave as required by law. 

  

	 	•	 	 An employee with less than one year of employment may be eligible for a pro-rated bonus. For nonexempt employees, bonus payments will be determined by
applying the employee’s target bonus percentage in effect at the end of the fiscal year to the employee’s compensation 

 earned during the bonus period, including straight time pay, overtime pay, differentials and
paid leave. For exempt employees, bonus payments will be determined by applying the target bonus percentage for the period in question to the employee’s base salary earned during the period. The Company shall deduct from all cash distributions
under the Bonus Plan any taxes required to be withheld by federal, state, local or foreign government or taxing authority. 
 III. GENERAL
TERMS 
 Nothing in the Bonus Plan shall confer upon any participant any right or expectation to continue in the Company’s employ, or to
interfere in any manner with the absolute right of the Company to change or terminate a participant’s employment at any time for any reason. Neither the Bonus Plan nor any bonus award or right to receive any bonus award shall create or be
construed to create a trust or separate fund of any kind or any fiduciary relationship between the Company and any participant or other person. Any right to receive payments from the Company under the Bonus Plan shall be no greater than the right of
an unsecured general creditor of the Company. 
 During a participant’s lifetime, each bonus award, and each right under any bonus award,
shall be exercisable only by the participant or, if permissible under applicable law, by the participant’s guardian or legal representative. No bonus award, and no right under any bonus award, may be assigned, alienated, pledged, attached, sold
or otherwise transferred, or encumbered by, a participant other than by will or by the laws of descent and distribution and any such purported transfer or encumbrance shall be void and unenforceable against the Company. 
 The Bonus Plan is a discretionary plan provided by the Company, and it may be amended, modified or supplemented at any time and from time to time, and may
be canceled or terminated at any time, in the sole discretion of the Compensation Committee. In addition to, or in lieu of, the bonus formulas contained in the Bonus Plan, in the event of special or extraordinary circumstances management may
recommend to the Compensation Committee retention, incentive or other bonus grants or awards, but the grant, award or payment thereof, including any terms and conditions relating thereto, shall be in the sole discretion of the Compensation
Committee. The Bonus Plan shall be administered by or under the direction and supervision of the Chief Executive Officer of Pacer International, whose determinations shall be final (subject to the approval of the Compensation Committee to the extent
required by applicable law or securities exchange listing requirements). Any such amendments, modifications, supplements or determinations shall be made in a manner to maintain the deductibility of compensation paid under the Bonus Plan pursuant to
Internal Revenue Code Section 162(m), to the extent such regulation would otherwise impair the deductibility of compensation under the Bonus Plan. 
 The Bonus Plan is intended, and shall be interpreted, to provide compensation that is exempt from IRS Code Section 409A under the short-term deferral rule. The Company does not warrant that the Plan will
comply with IRS Code Section 409A with respect to any Bonus Plan participant or with respect to any payment, however. In no event shall the Company nor any director, officer, or employee of the Company nor any member of the Compensation Committee be
liable for any additional tax, interest, or penalty incurred by a participant as a result of the Bonus Plan’s failure to satisfy the requirements of IRS Code Section 409A, or as a result of the Bonus Plan’s failure to satisfy any other
requirements of applicable tax laws. 
 No member of the Board of Directors or any committee of the Board of Directors of Pacer International or
any of its subsidiaries, nor any officer of Pacer International or any of its subsidiaries delegated authority under the Bonus Plan, shall be liable for any action, omission or determination made in good faith by such member, by the Board of
Directors or any committee of the Board of Directors of Pacer International or any of its subsidiaries, or by any such officer with respect to the Bonus Plan or any bonus award. 

 The Bonus Plan shall be construed under the laws of the State of Tennessee, to the extent not preempted by
federal law, without reference to the principles of conflict of laws.Employment Agreement between RF International, Ltd. and Alan E. Baer.

 Exhibit 10.39 
  

					
		 		 	EMPLOYMENT AGREEMENT dated
		 		 	as of September 15, 2003, between RF
		 		 	 INTERNATIONAL, LTD., a New York
 corporation (the “Company”), and ALAN E. BAER

		 		 	(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 be employed by the
Company as an executive officer of the Company, initially serving as the President and Chief Operating Officer of the Company. The Executive may also serve as an executive officer of the Company’s various direct and indirect subsidiaries, as
determined from time to time by the board of directors of each such subsidiary, including initially serving as the President and Chief Operating Officer of Ocean World Lines, Inc., a Delaware corporation and direct wholly-owned subsidiary of the
Company. The Executive shall perform such duties and services on behalf of the Company and its Affiliates (as defined in Section 23(b) below) consistent with such position(s) as may reasonably be assigned to the Executive from time to time by
the Company’s Board of Directors (the “Board”), on which the Executive is currently serving as a member at the pleasure of the Company’s sole stockholder, Pacer International, Inc. (“Pacer International”), or the
Chairman of the Board or other more senior officers of the Company. Anything contained in this Section 1 or elsewhere in this Agreement to the contrary notwithstanding, the Executive acknowledges and agrees that Executive’s position and
title with the Company is subject to change in the event that the Company is merged with or into or otherwise integrated, consolidated or combined with or into Pacer International or any of its Affiliates. 
 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 entitled to those rights and benefits provided in Section 8(a) or Section 8(b), as applicable to such
termination. 
 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 $260,000, 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 no less than four (4) weeks vacation per year under the Company’s policy in effect from time to time during the Employment Period.
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, 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 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 forty percent (40%) of
the Base Salary in effect for such fiscal year 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., the International
division, currently comprised of the Company and its subsidiaries), 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, 
  

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 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.

 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 therefore. 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 the Executive. In addition to a termination without “cause” as contemplated by the first sentence of this Section 7(b), for purposes of this Agreement, the Executive also shall be deemed to
be terminated without “cause” if the Executive 
  

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 voluntarily resigns within fifteen (15) days after (i) he is demoted to a position junior to that
of an executive officer of the Company, except as provided in the last sentence of Section 1, or (ii) his principal office is relocated to any location that is more than fifty (50) miles form the New York metropolitan area, in either
case in clause (i) or clause (ii) without the Executive’s consent, which consent shall not be unreasonably withheld. 
 (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). 
 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)
  

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 below, the Executive is not in breach of any material 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). 
 (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
credit cards and charge cards 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
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

  

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 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 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 (the 
  

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 “Non-Competition Period”) beginning on the Commencement Date and ending on the first
anniversary of the effective date of the termination of the Executive’s employment with the Company and its Affiliates for any reason: 
 (i) in any city or county in any country, state or province of North America, Europe or Asia 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; 
 (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, her 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 Competitive 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 Executive is entering into the foregoing covenant to induce the Company to extend this Agreement to, and to enter into this Agreement with, the Executive; the Executive also
acknowledges and reaffirms the terms of the noncompetition provisions of the Stock Purchase Agreement dated as of October 31, 2000 (the “Stock Purchase Agreement:”) by and among Pacer International, the Executive, the other

  

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 stockholders of RFI Group, Inc., a Delaware corporation, as of the date of the Stock Purchase Agreement and
certain other individuals and entities and agrees that this Section 10 shall be in addition to and independent of, and shall in no way modify or limit, the terms of such noncompetition provisions of the Stock Purchase Agreement. 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 North America, Europe or Asia, 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); 
 (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; 
 (vii) railroad signal project management; 
 (viii) intermodal rail equipment (including double-stack rail car, container and chassis) supply and management services,
including stacktrain transportation services; and 
 (ix) any other 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 state or province of the North America, Europe or Asia. 
  

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 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 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 
  

 9 

 consideration shall be made and provided 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 (including the Employment Agreement dated as of October 31, 2000 (the “Prior Agreement”), between the Executive, RFI Group, Inc. and Pacer International). Other than this
Agreement, there are no other agreements or understandings continuing in effect relating to the subject matter hereof (except that the parties acknowledge the existence of the separation and independent noncompetition provisions contained in the
Stock Purchase Agreement). 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. In consideration of the Executive’s continued employment with the Company hereunder and the other payments and consideration inuring to the benefit of the Executive hereunder, the Executive waives and releases
the Company and its Affiliates from any and all claims, demands, actions, causes of action, losses, liabilities and obligations whatsoever, whether known or unknown, fixed or contingent, matured or unmatured, arising prior to the date hereof under
the Prior Agreement or otherwise in connection with or relating to the Executive’s employment with the Company or any of its Affiliates, including any arising under federal, state and local labor, employment, civil rights and
anti-discrimination laws arising under federal, state and local labor, employment, civil rights and anti-discrimination laws (including the Age Discrimination in Employment Act, the Americans With Disabilities Act and Title VII of the Civil Rights
Act) and any other restrictions on the Company’s and its Affiliates’ with respect to the modification or termination, for whatever reason, of the employment of its employees (but excluding any claims arising under the Stock Purchase
Agreement). 
 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 
  

 10 

 with copy to: 
 Pacer International, Inc. 
 225 Water Street, Suite 2050 
 Jacksonville, Florida 32202

 Attention: Legal Department 
 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 
  

 11 

 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. 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, permitted assigns, representatives,
heirs and estates, as applicable. This Agreement shall not be assignable by any party hereto without the consent of the other party hereto, except that the Company may assign this Agreement or its rights hereunder to any Affiliate of the Company or
to any Person succeeding to all or any substantial portion of their respective businesses. 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 NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK, OR ANY OTHER
JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK 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.

 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 the New York, New York, and any appellate court from any thereof, or by an arbitrator located in New York, New York in
such cases where they 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 New York state court or federal court of the United States of America sitting in New York, New York, 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 
  

 12 

 and unconditionally agrees that all claims in respect of any such suit, action or proceeding may be heard
and determined in any such New York 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. 
 (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 New York state or federal court of the United States of America sitting in New York, New York. 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.
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 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). 
  

 13 

 (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 24. 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. 
 [Remainder of page intentionally left blank.] 
  

 14 

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

			
	THE COMPANY:
	
	RF INTERNATIONAL, LTD.
		
	By:	 	/s/ C. William Smith
	Name:	 	C. William Smith
	Title:	 	EVP
	
	THE EXECUTIVE:
	
	/s/ Alan E. Baer
	Alan E. Baer

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