Document:

Fourth Amendment to Note Purchase Agreement

 Exhibit 10.16 

FOURTH AMENDMENT 

TO NOTE PURCHASE AGREEMENT 

THIS FOURTH AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Fourth Amendment”) is entered into as of May 23,
2007 by and among PANTHER II TRANSPORTATION, INC., an Ohio corporation (“Company”), PANTHER EXPEDITED SERVICES, INC., a Delaware corporation f/k/a PTHR Holdings, Inc. (“Holdings”), PANTHER II,
INC., an Ohio corporation f/k/a Sokolowski, Inc . (“Panther Sub”), INTEGRES GLOBAL LOGISTICS, INC., a Delaware corporation (“Integres”), KEY TRANSPORTATION SERVICES, INC., a Texas corporation
(“Integres Sub”; Company, Holdings, Panther Sub, Integres and Integres Sub are collectively referred to herein as the “Loan Parties” and each individually as a “Loan Party”), YORK STREET MEZZANINE
PARTNERS L.P., YORK STREET MEZZANINE PARTNERS II, L.P., CUNA MUTUAL LIFE INSURANCE COMPANY, MEMBERS LIFE INSURANCE COMPANY, CUNA MUTUAL INSURANCE SOCIETY, CUMIS INSURANCE SOCIETY, INC. and the other lenders from time to time party to the Note
Purchase Agreement (collectively, the “Lenders” and individually each a “Lender”). 
 W I
T N E S S E T H: 
 WHEREAS, Company and the Lenders have entered into that certain Note Purchase Agreement dated
as of January 11, 2006 (as the same has been and hereafter may be amended, modified, restated or otherwise supplemented from time to time, the “Note Purchase Agreement”); 

WHEREAS, Company has requested that the Lenders agree to amend the Note Purchase Agreement in certain respects as set forth
herein; and 
 WHEREAS, the Lenders are willing to make such amendments, in each case subject to the terms, conditions
and other provisions hereof. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained herein, the parties agree as follows: 
 1. Defined Terms. Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Note Purchase Agreement. 
 2. Amendments. Subject to the
conditions set forth below, and in reliance upon the representations and warranties of the Loan Parties set forth in the Note Purchase Agreement and in this Fourth Amendment, the Note Purchase Agreement is hereby amended as follows: 

(a) Section 6.1 – Capital Expenditures. Section 6.1 of the Note Purchase Agreement is hereby amended
by deleting such section in its entirety and substituting the following therefor: 
 “6.1 Capital
Expenditures. The Company and its Subsidiaries shall not make or commit to make Capital Expenditures for any fiscal year (or shorter 

 

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period) set forth below to exceed the amount set forth in the table below with respect to such fiscal year (or shorter period) : 

 

				
	 Fiscal Period
	  	Capital Expenditure
Limitation

	 For the fiscal year ending December 31, 2006
	  	$	3,450,000
		
	 For the fiscal year ending December 31, 2007
	  	$
 	 
3,162,500
		
	For the fiscal year ending December 31, 2008 and for each fiscal year thereafter	  	$	2,875,000

“Capital Expenditures” shall be calculated in the manner set forth in Exhibit 4.2(b) .” 

(b) Section 6.2 – Senior Leverage Ratio. Section 6.2 of the Note Purchase Agreement is hereby amended
by deleting such section in its entirety and substituting the following therefor: 
 “6.2 Senior Leverage
Ratio. The Company shall not permit its Senior Leverage Ratio for the twelve month period ending on any date set forth below to be greater than the maximum ratio set forth in the table below opposite such date: 

 

			
	 Date
	 	 Maximum Senior

Leverage Ratio

	 March 31, 2006
	 	4.03 to 1.00
	 June 30, 2006
	 	4.03 to 1.00
	 September 30, 2006
	 	4.03 to 1.00
	 December 31, 2006
	 	4.03 to 1.00
		
	 March 31, 2007
	 	3.85 to 1.00
	 June 30, 2007
	 	4.03 to 1.00
	 September 30, 2007
	 	4.03 to 1.00
	 December 31, 2007
	 	4.03 to 1.00
		
	 March 31, 2008
	 	3.74 to 1.00
	 June 30, 2008
	 	3.45 to 1.00
	 September 30, 2008
	 	3.45 to 1.00
	 December 31, 2008
	 	3.16 to 1.00
		
	 March 31, 2009
	 	2.59 to 1.00
	 June 30, 2009
	 	2.30 to 1.00
	 September 30, 2009
	 	2.30 to 1.00

  

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	 December 31, 2009

and the last day of each

fiscal quarter thereafter
	  	2 .30 to 1 .00

“Senior Leverage Ratio” shall be calculated in the manner set forth in Exhibit 4.2(b).” 

(c) Section 6.3 – Fixed Charge Coverage Ratio. Section 6.3 of the Note Purchase Agreement is hereby amended
by deleting such section in its entirety and substituting the following therefor: 
 “6.3 Fixed Charge
Coverage Ratio. The Company shall not permit its Fixed Charge Coverage Ratio for the twelve month period ending on any date set forth below to be less than the minimum ratio set forth in the table below opposite such date: 

 

			
	 	  	 Minimum Fixed Charge

Ratio

	 Date
	  
	 March 31, 2006
	  	.96 to 1 .00
	 June 30, 2006
	  	.96 to 1 .00
	 September 30, 2006
	  	.96 to 1 .00
	 December 31, 2006
	  	.96 to 1 .00
		
	 March 31, 2007
	  	.96 to 1 .00
	 June 30, 2007
	  	.96 to 1 .00
	 September 30, 2007
	  	.96 to 1 .00
	 December 31, 2007
	  	.96 to 1 .00
		
	 March 31, 2008
	  	1.00 to 1 .00
	 June 30, 2008
	  	1.00 to 1 .00
	 September 30, 2008
	  	1.00 to 1 .00
	 December 31, 2008
	  	1.00 to 1 .00
		
	 March 31, 2009
	  	1.00 to 1 .00
	 June 30, 2009
	  	1.00 to 1 .00
	 September 30, 2009
	  	1.00 to 1 .00
	 December 31, 2009 and
 the
last day of each
 fiscal quarter thereafter
	  	1.04 to 1 .00

“Fixed Charge Coverage Ratio” shall be calculated in the manner set forth in Exhibit 4.2(b).” 

 

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 (d) Section 6.4 – Interest Coverage Ratio. Section 6.4
of the Note Purchase Agreement is hereby amended by deleting such section in its entirety and substituting the following therefor : 

“6.4 Interest Coverage Ratio. The Company shall not permit its Interest Coverage Ratio for the twelve month
period ending on any date set forth below to be less than the minimum ratio set forth in the table below opposite such date : 
  

			
	 Date
	  	 Minimum Interest

Coverage Ratio

	 March 31, 2006
	  	1.96 to 1.00
	 June 30, 2006
	  	1.96 to 1.00
	 September 30, 2006
	  	2.04 to 1.00
	 December 31, 2006
	  	2.09 to 1.00
		
	 March 31, 2007
	  	2.13 to 1.00
	 June 30, 2007
	  	1.96 to 1.00
	 September 30, 2007
	  	1.96 to 1.00
	 December 31, 2007
	  	1.96 to 1.00
		
	 March 31, 2008
	  	1.96 to 1.00
	 June 30, 2008
	  	2.04 to 1.00
	 September 30, 2008
	  	2.04 to 1.00
	 December 31, 2008
	  	2.17 to 1.00
		
	 March 31, 2009
	  	2.39 to 1.00
	 June 30, 2009
	  	2.61 to 1.00
	 September 30, 2009
	  	2.61 to 1.00
		
	 December 31, 2009 and

the last day of each

fiscal quarter thereafter
	  	2.83 to 1.00

“Interest Coverage Ratio” shall be calculated in the manner set forth in Exhibit 4 .2(b).” 

(e) Annex A – Definitions. (i) The definition of “Permitted Acquisition” in Annex A of the Note
Purchase Agreement is amended by deleting clause (f) and inserting in lieu thereof the following : 

“(f) no more than $5,750,000 in the aggregate principal amount of Revolving Loans may be used during any
calendar year and no more than $11,500,000 in the aggregate principal amount of Revolving Loans may be used during the term of the Senior Credit Agreement to consummate all such Acquisitions;” 

 

 4 

 (ii) The definition of “Senior Debt Principal Cap Amount” in Annex A of the
Note Purchase Agreement hereby is amended by deleting the number 103,500,000.” and inserting in lieu thereof the number “111,262,500.” 

(f) Annex A – Definitions. Annex A of the Note Purchase Agreement hereby is further amended by inserting the
following defined terms therein in appropriate alphabetical order: 
 ““Fourth Amendment” means
the Fourth Amendment to Note Purchase Agreement dated as of the Fourth Amendment Effective Date among Holdings, the Company, Panther Sub, Integres, Integres Sub and the Lenders.” 

““Fourth Amendment Effective Date” means May 23, 2007.” 

3. Conditions Precedent. The effectiveness of this Fourth Amendment is subject to the following conditions precedent:

 (a) the execution and delivery of this Fourth Amendment by each of the Loan Parties, and the Majority Purchasers;

 (b) delivery to the Lenders of the Reaffirmation of and Amendment to Subordination Agreement by and among Lenders,
Antares Capital Corporation and the Loan Parties; 
 (c) the use by the Company of a portion of the proceeds of the
Fourth Amendment Term Loan (as defined in the Senior Credit Agreement) to repay in full the aggregate principal amount of the Revolving Loans outstanding as of the Fourth Amendment Effective Date; 

(d) the payment of all fees and expenses of the Lenders, including, the fees and expenses of Goodwin Procter LLP; and 

(e) receipt by the Lenders of evidence in form and substance reasonably satisfactory to the Majority Purchasers of the
corresponding amendments to the Senior Credit Agreement. 
 4. Representations and Warranties. Each Loan Party,
jointly and severally, hereby represents and warrants to the Lenders as follows: 
 (a) Such Loan Party is a corporation
duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation; 
 (b)
Such Loan Party has the power and authority to execute, deliver and perform its obligations under this Fourth Amendment, and each other document, agreement and instrument executed by such Loan Party in connection with each of the foregoing;

 (c) the execution, delivery and performance by such Loan Party of this Fourth Amendment, and each other document,
agreement and instrument executed by such Loan Party in connection with each of the foregoing have been duly authorized by all necessary action; 

(d) this Fourth Amendment, and each other document, agreement and instrument

  

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executed by such Loan Party in connection with each of the foregoing constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditor’s rights generally or by equitable principles relating to enforceability; and 

(e) no Default or Event of Default exists. 

5. No Waiver. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of
compliance with any term or condition contained in the Note Purchase Agreement or any of the other Senior Subordinated Debt Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the Lenders
reserve all rights, privileges and remedies under the Senior Subordinated Debt Documents. The Note Purchase Agreement and the other Senior Subordinated Debt Documents remain unmodified and in full force and effect. 

6. References. Any reference to the Note Purchase Agreement contained in any document, instrument or agreement executed in
connection with the Note Purchase Agreement, including, without limitation, any Senior Subordinated Debt Document, shall be deemed to be a reference to the Note Purchase Agreement as modified by this Fourth Amendment. 

7. Counterparts. This Fourth Amendment may be executed and delivered via facsimile with the same force and effect as if an
original were executed and may be executed by one or more of the parties to this Fourth Amendment and any number of separate counterparts, each of which when so executed, shall be deemed an original and all said counterparts when taken together
shall be deemed to constitute but one and the same instrument. 
 8. Successors and Assigns. This Fourth Amendment
shall be binding upon and inure to the benefit of Company and each other Loan Party and their successors and assigns and the Lenders and their successors and assigns. 

9. Further Assurances. Each Loan Party hereby agrees from time to time, as and when requested by the Lenders, to execute
and deliver or cause to be executed and delivered, all such documents, instruments and agreements and to take or cause to be taken such further or other action as or Lenders may reasonably deem necessary or desirable in order to carry out the intent
and purposes of this Fourth Amendment. 
 10. GOVERNING LAW. THIS FOURTH AMENDMENT SHALL BE GOVERNED BY AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 

11. Severability. Wherever possible, each provision of this Fourth Amendment shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Fourth Amendment shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the
remainder of such provision or the remaining provisions of this Fourth Amendment. 
  

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 12. Reaffirmation. Each of the Loan Parties as debtor, grantor, pledgor,
guarantor, assignor, or in other any other similar capacity in which such Loan Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby: (i) ratifies and
reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Senior Subordinated Debt Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Loan Party granted
liens on or security interests in any of its property pursuant to any such Senior Subordinated Debt Document as security for or otherwise guaranteed the Obligations under or with respect to the Senior Subordinated Debt Documents, ratifies and
reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations . Each of the Loan Parties hereby consents to this Fourth Amendment and
acknowledges that each of the Senior Subordinated Debt Documents remains in full force and effect and is hereby ratified and reaffirmed. Except as specifically provided hereunder, the execution of this Fourth Amendment shall not operate as a waiver
of any right, power or remedy of the Lenders, constitute a waiver of any provision of any of the Senior Subordinated Debt Documents or serve to effect a novation of the Obligations. 

– Remainder of Page Intentionally Blank; Signature Page Follows – 

 

 7 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amendment as of the date set forth
above . 
  

									
	COMPANY:	 		 	HOLDINGS:
			
	 PANTHER II TRANSPORTATION, INC.,

an Ohio corporation
	 		 	 PANTHER EXPEDITED SERVICES, INC.,

a Delaware corporation f/k/a PTHR
 Holdings, Inc.

					
	By:	 	 /s/ Roy Showman
	 		 	By:	 	 /s/ Roy Showman

	Name:	 	Roy Showman	 		 	Name:	 	Roy Showman
	Title:	 	CFO	 		 	Title:	 	CFO
			
	PANTHER SUB:	 		 	INTEGRES:
			
	 PANTHER II, INC., an Ohio corporation

f/k/a Sokolowski, Inc.
	 		 	 INTEGRES GLOBAL LOGISTICS, INC.,

a Delaware corporation

					
	 By:
	 	 /s/ Roy Showman
	 		 	By:	 	 /s/ Roy Showman

	 Name:
	 	Roy Showman	 		 	Name:	 	Roy Showman
	 Title:
	 	CFO	 		 	Title:	 	Chairman
				
	INTEGRES SUS:	 		 		 	
				
	 KEY TRANSPORTATION SERVICES, INC.,

a Texas corporation
	 		 		 	
					
	 By:
	 	 /s/ Roy Showman
	 		 		 	
	 Name:
	 	Roy Showman	 		 		 	
	 Title:
	 	Chairman	 		 		 	

			
	LENDERS:
	
	YORK STREET MEZZANINE PARTNERS, L.P.
		
	 By:
	 	 York Street Capital Partners, L.L.C., its general partner

		
	 By:
	 	 /s/ Robert M. Golding

	 Name:
	 	Robert M. Golding
	 Title:
	 	Managing Director
	
	YORK STREET MEZZANINE PARTNERS II, L.P.
		
	 By:
	 	 York Street Capital Partners II, L.L.C., its general partner

		
	 By:
	 	 /s/ Robert M. Golding

	 Name:
	 	Robert M. Golding
	 Title:
	 	Managing Director

 [SIGNATURE PAGE TO
AMENDMENT] 

			
	CUNA MUTUAL INSURANCE SOCIETY
		
	 By:
	 	 /s/ John Petchler

	 Name:
	 	John Petchler
	 Title:
	 	Managing Director - Investments
	
	CUMIS INSURANCE SOCIETY, INC.
		
	 By:
	 	 /s/ John Petchler

	 Name:
	 	John Petchler
	 Title:
	 	Managing Director - Investments
	
	MEMBERS LIFE INSURANCE COMPANY
		
	 By:
	 	 /s/ John Petchler

	 Name:
	 	John Petchler
	 Title:
	 	Managing Director - Investments
	
	CUNA MUTUAL LIFE INSURANCE COMPANY
		
	 By:
	 	 /s/ John Petchler

	 Name:
	 	John Petchler
	 Title:
	 	Managing Director - Investments

[SIGNATURE PAGE TO AMENDMENT ]Fifth Amendment to Note Purchase Agreement

 Exhibit 10.17 

FIFTH AMENDMENT 

TO NOTE PURCHASE AGREEMENT 

THIS FIFTH AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Fifth Amendment”) is entered into as of November 20,
2007 by and among PANTHER II TRANSPORTATION, INC., an Ohio corporation (“Company”), PANTHER EXPEDITED SERVICES, INC., a Delaware corporation f/k/a PTHR Holdings, Inc. (“Holdings”),
PANTHER II, INC., an Ohio corporation f/k/a Sokolowski, Inc. (“Panther Sub”), INTEGRES GLOBAL LOGISTICS, INC., a Delaware corporation (“Integres”), KEY TRANSPORTATION SERVICES, INC ., a Texas
corporation (“Integres Sub”; Company, Holdings, Panther Sub, Integres and Integres Sub are collectively referred to herein as the “Loan Parties” and each individually as a “Loan
Party”), YORK STREET MEZZANINE PARTNERS L.P., YORK STREET MEZZANINE PARTNERS II, L .P., CUNA MUTUAL LIFE INSURANCE COMPANY, MEMBERS LIFE INSURANCE COMPANY, CUNA MUTUAL INSURANCE SOCIETY, CUMIS INSURANCE SOCIETY, INC. and the other
lenders from time to time party to the Note Purchase Agreement (collectively, the “Lenders” and individually each a “Lender”). 

W I T N E S S E T H: 

WHEREAS, Company and the Lenders have entered into that certain Note Purchase Agreement dated as of January 11, 2006 (as the
same has been and hereafter may be amended, modified, restated or otherwise supplemented from time to time, the “Note Purchase Agreement”); 

WHEREAS, Company will terminate its relationship with John Sliter pursuant to that certain Separation Agreement dated as of the
date hereof between Borrower and John Sliter; 
 WHEREAS, Company has requested that Agent and the Lenders agree to amend
the Note Purchase Agreement in certain respects as set forth herein; and 
 WHEREAS, the Lenders are willing to make such
amendments subject to the terms, conditions and other provisions hereof. 
 NOW, THEREFORE, in consideration of the
mutual agreements, provisions and covenants contained herein, the parties agree as follows: 
 1. Defined Terms.
Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Note Purchase Agreement. 

2. Amendments. Subject to the conditions set forth below, and in reliance upon the representations and warranties of the
Loan Parties set forth in the Note Purchase Agreement and in this Fifth Amendment, the Note Purchase Agreement is hereby amended as follows: 
  

 1 

 (a) Annex A – Defined Terms. Annex A to the Note Purchase
Agreement is hereby amended by substituting the following definition of the term set forth below in lieu of the current version of such definition contained in Annex A to the Note Purchase Agreement: 

““Employment Agreement” means that certain Employment Agreement dated as of June 10, 2005 by and
between the Borrower and Daniel K. Sokolowski, as amended, restated, supplemented or otherwise modified to the extent permitted hereunder.” 

(b) Exhibit 4.2(b) – Compliance Certificate. Exhibit B to Exhibit 4.2(b) to the Note Purchase Agreement is
hereby amended by inserting the following language as an add-back to the EBITDA calculation. 
 “Severance
payments and other non-recurring expenses related to the termination of John Sliter, not to exceed $578,000 in the aggregate, incurred in the calendar quarter ending December 31, 2007 to the extent deducted in calculating net income (or loss)
for such period” 
 3. Conditions Precedent. The effectiveness of this Fifth Amendment is subject to the
following conditions precedent: 
 (a) the execution and delivery of this Fifth Amendment by each of the Loan Parties,
and the Majority Purchasers; and 
 (b) receipt by the Lenders of evidence in form and substance reasonably satisfactory
to the Majority Purchasers of the corresponding amendments to the Senior Credit Agreement. 
 4. Representations and
Warranties. Each Loan Party, jointly and severally, hereby represents and warrants to the Lenders as follows: 

(a) Such Loan Party is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of
its incorporation; 
 (b) Such Loan Party has the power and authority to execute, deliver and perform its obligations
under this Fifth Amendment, and each other document, agreement and instrument executed by such Loan Party in connection with each of the foregoing; 

(c) the execution, delivery and performance by such Loan Party of this Fifth Amendment, and each other document, agreement and
instrument executed by such Loan Party in connection with each of the foregoing have been duly authorized by all necessary action; 

(d) this Fifth Amendment, and each other document, agreement and instrument executed by such Loan Party in connection with each of
the foregoing constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws
affecting the enforcement of creditor’s rights generally or by equitable principles relating to enforceability; and 
  

 2 

 (e) no Default or Event of Default exists. 

5. No Waiver. Except as expressly set forth herein, nothing contained herein shall be deemed to constitute a waiver of
compliance with any term or condition contained in the Note Purchase Agreement or any of the other Senior Subordinated Debt Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the Lenders
reserve all rights, privileges and remedies under the Senior Subordinated Debt Documents. The Note Purchase Agreement and the other Senior Subordinated Debt Documents remain unmodified and in full force and effect. 

6. References. Any reference to the Note Purchase Agreement contained in any document, instrument or agreement executed in
connection with the Note Purchase Agreement, including, without limitation, any Senior Subordinated Debt Document, shall be deemed to be a reference to the Note Purchase Agreement as modified by this Fifth Amendment. 

7. Counterparts. This Fifth Amendment may be executed and delivered via facsimile with the same force and effect as if an
original were executed and may be executed by one or more of the parties to this Fifth Amendment and any number of separate counterparts, each of which when so executed, shall be deemed an original and all said counterparts when taken
together shall be deemed to constitute but one and the same instrument. 
 8. Successors and Assigns. This Fifth
Amendment shall be binding upon and inure to the benefit of Company and each other Loan Party and their successors and assigns and the Lenders and their successors and assigns. 

9. Further Assurances. Each Loan Party hereby agrees from time to time, as and when requested by the Lenders, to execute
and deliver or cause to be executed and delivered, all such documents, instruments and agreements and to take or cause to be taken such further or other action as or Lenders may reasonably deem necessary or desirable in order to carry out the intent
and purposes of this Fifth Amendment. 
 10. GOVERNING LAW. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 

11. Severability. Wherever possible, each provision of this Fifth Amendment shall be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this Fifth Amendment shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating
the remainder of such provision or the remaining provisions of this Fifth Amendment. 
 12. Reaffirmation. Each of
the Loan Parties as debtor, grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Loan Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case
may be, hereby: (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Senior Subordinated Debt Documents to which it is a party (after 

 

 3 

 
giving effect hereto) and (ii) to the extent such Loan Party granted liens on or security interests in any of its property pursuant to any such Senior Subordinated Debt Document as security
for or otherwise guaranteed the Obligations under or with respect to the Senior Subordinated Debt Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and
liens hereafter secure all of the Obligations. Each of the Loan Parties hereby consents to this Fifth Amendment and acknowledges that each of the Senior Subordinated Debt Documents remains in full force and effect and is hereby ratified and
reaffirmed. Except as specifically provided hereunder, the execution of this Fifth Amendment shall not operate as a waiver of any right, power or remedy of the Lenders, constitute a waiver of any provision of any of the Senior Subordinated Debt
Documents or serve to effect a novation of the Obligations. 
 – Remainder of Page Intentionally Blank;
Signature Page Follows – 
  

 4 

 IN WITNESS WHEREOF, the parties have executed this Fifth Amendment as of the date set forth
above. 
  

									
	COMPANY:	 		 	HOLDINGS:
			
	 PANTHER II TRANSPORTATION, INC .,

an Ohio corporation
	 		 	 PANTHER EXPEDITED SERVICES, INC., 

a Delaware corporation f/k/a PTHR Holdings, Inc.

					
	By:	 	 /s/ Roy Showman
	 		 	By :	 	 /s/ Roy Showman

	Name:	 	Roy Showman	 		 	Name:	 	Roy Showman
	Title:	 	CFO	 		 	Title:	 	CFO
			
	PANTHER SUB:	 		 	INTEGRES:
			
	 PANTHER II, INC ., an Ohio corporation

f/k/a Sokolowski, Inc.
	 		 	 INTEGRES GLOBAL LOGISTICS, INC.,

a Delaware corporation

					
	By: 
	 	 /s/ Roy Showman
	 		 	By:	 	 /s/ Roy Showman

	Name:	 	Roy Showman	 		 	Name:	 	Roy Showman
	Title:	 	CFO	 		 	Title:	 	CFO

 INTEGRES SUB: 

 

			
	KEY TRANSPORTATION SERVICES, INC., a Texas corporation
		
	By :	 	 /s/ Roy Showman

	Name:	 	Roy Showman
	Title:	 	CFO

 [SIGNATURE PAGE TO AMENDMENT] 

			
	LENDERS:
	
	YORK STREET MEZZANINE PARTNERS, L.P.
		
	By :	 	York Street Capital Partners, L.L.C., its general partner
		
	By:	 	 /s/ Christopher A. Layden

	Name:	 	Christopher A. Layden
	Title :	 	MD
	
	YORK STREET MEZZANINE PARTNERS II L.P.
		
	By:	 	York Street Capital Partners II, L.L.C., its general partner
		
	By:	 	 /s/ Christopher A. Layden

	Name:	 	Christopher A. Layden
	Title:	 	MD

 [SIGNATURE PAGE TO AMENDMENT]

			
	CUNA MUTUAL INSURANCE SOCIETY
		
	 By:
	 	 /s/ James E. McDonald

	 Name:
	 	James E. McDonald
	 Title:
	 	Director, Private Placements
	
	 CUMIS INSURANCE SOCIETY, INC.

		
	By:	 	 /s/ James E. McDonald

	 Name:
	 	James E. McDonald
	 Title:
	 	Director, Private Placements
	
	 MEMBERS LIFE INSURANCE COMPANY

		
	 By:
	 	 /s/ James E. McDonald

	 Name:
	 	James E. McDonald
	 Title:
	 	Director, Private Placements
	
	 CUNA MUTUAL LIFE INSURANCE COMPANY

		
	 By:
	 	 /s/ James E. McDonald

	 Name:
	 	James E. McDonald
	 Title:
	 	Director, Private Placements

  

 [SIGNATURE PAGE TO AMENDMENT]

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