Document:

Standard Form of Option Certificate (prior to plan amendment)

 Exhibit 10.27 

PANTHER EXPEDITED SERVICES, INC. 

STOCK OPTION 

FORM OF OPTION CERTIFICATE 

This stock option is granted by PTHR Holdings, Inc., a Delaware corporation (the “Company”), to «Name» (the
“Participant”), pursuant to the Company’s 2005 Equity Incentive Plan (the “Plan”). All capitalized terms not otherwise defined herein shall have the meaning provided in the Plan. 

1. Grant of Option. 

(a) This certificate evidences the grant by the Company on
                    , 2006 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”) 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 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 Section 4. A portion of the option shall become vested on each of
[                    , 2006],
[                    , 2007],
[                    , 2008],
[                    , 2009] and
[                    , 2010]. The portion of the option which shall become vested on
                    , [2006] shall equal the product of (i) the aggregate number of Shares subject to the option multiplied
by (ii) 0.100. The portion of the option which shall become vested on each of [                    , 2007],
[                    , 2008],
[                    , 2009] and
[                    , 2010] shall equal the product of (i) the aggregate number of shares subject to the option multiplied
by (ii) 0.225. 
 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. 

(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. 

 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 any portion of the option which has
not become vested pursuant to Section 2 above prior to the date of such Change of Control shall become vested immediately prior to such Change of Control. The option shall terminate in its entirety upon the consummation of such Change Of
Control. 
 5. 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 7 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. 

6. 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 as may be necessary to equitably reflect the effects of such events. 

7. 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). 
 8. 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). 

9. 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. 

10. 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. 

 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]Cash Incentive Plan

 Exhibit 10.30 

Panther Expedited Services, Inc. 

Cash Incentive Plan 

January 7, 2010 

The following sets forth terms of the Cash Incentive Plan for specified members of management and directors of Panther Expedited
Services, Inc. and its subsidiaries. 
  

					
	 Plan:
	  	The Cash Incentive Plan shall be referred to as the Panther Cash Incentive Plan (“CIP”).
		
	 Eligibility:
	  	Certain members of management and of the Board shall be eligible to participate in the CIP. The Board shall award interests in the CIP to members of management and
directors who the Board considers to be in a position to enhance the success of Panther Expedited Services, Inc. (the “Company”).
		
	 Interests:
	  	The interests in the CIP shall be referred to as “Units” and each grant of Units shall be evidenced by a certificate, in the form attached as
Exhibit A hereto, executed by the Company. Up to [1,000,000] Units may be issued under the CIP (such maximum amount of Units being the “Maximum Unit Amount”).
		
		  	Each holder of Units shall be referred to as a “Unitholder”. A Unitholder who is a member of management shall be referred to as a “Management
Unitholder”. A Unitholder who is a member of the Board or the board of directors of any subsidiary of the Company (and not a member of management) shall be referred to as a “Board Unitholder”.
		
	 Vesting:
	  	Unless otherwise determined by the Board, the Units granted to each Unitholder will be subject to vesting and shall only vest upon a Liquidity Event (as defined
below). Vested Units shall be settled as provided under “Payment” below.
		
		  	Notwithstanding the foregoing, vesting for any Units may be accelerated at any time in the discretion of the Board.
		
		  	The amount of a Unitholder’s Units that are vested and outstanding on any given date divided by the Maximum Unit Amount shall hereinafter be
referred to as such Unitholder’s “Vested Percentage” as of such date.
		
	 Payment:
	  	Upon the occurrence of a Liquidity Event, subject to the other limitations set forth herein, each Unitholder shall have the right to receive from the Company (or its
designee) a cash payment (each a “Payment”) in the following amounts:

					
		 		 	- An amount equal to (x) the lesser of (i) all Net Proceeds and (ii) $2 million (provided that in no event shall (x) be less than $0), multiplied by (y) the Vested
Percentage for such Unitholder; plus
			
		 		 	- An amount equal to (x) the lesser of (i) all Net Proceeds minus $20 million and (ii) 0.5 times the Invested Capital minus $20 million (provided that
in no event shall (x) be less than $0), multiplied by (y) 0.1, multiplied by (z) the Vested Percentage for such Unitholder; plus
			
		 		 	- An amount equal to (x) the lesser of (i) all Net Proceeds minus 0.5 times the Invested Capital, and (ii) 0.75 times the Invested Capital (provided that in no
event shall (x) be less than $0), if any, multiplied by (y) 0.125, multiplied by (z) the Vested Percentage for such Unitholder; plus
			
		 		 	- An amount equal to (x) the lesser of (i) all Net Proceeds minus 1.25 times the Invested Capital, and (ii) 0.5 times the Invested Capital (provided that in no
event shall (x) be less than $0), if any, multiplied by (y) 0. 15, multiplied by (z) the Vested Percentage for such Unitholder; plus 
			
		 		 	- An amount equal to (x) all Net Proceeds in excess of 1 .75 times the Invested Capital, if any, multiplied by (y) 0.20, multiplied by
(z) the Vested Percentage for such Unitholder.
		
		 	The Payment shall be made as soon as reasonably practicable following the Liquidity Event, but in no event will the Payment be made later than March 15th of the
calendar year following the year in which such Liquidity Event occurs. In order to receive a Payment, (a) a Management Unitholder must remain continuously employed by the Company and (b) a Board Unitholder must remain in continuous service
as a Board member, in each case, on the date of payment hereunder.
		
		 	In the event that Net Proceeds includes non-cash consideration, the Board may decide, in its sole discretion, to pay a percentage of any Payment due to a Unitholder in
the form of such non-cash consideration, provided that the payment of such non-cash consideration to a Unitholder does not violate any applicable laws and regulations, including federal and state securities laws and regulations, and provided
that any such non-cash method of payment does not result in an impermissible deferral of compensation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
		
		 	In the event that prior to the occurrence of a Liquidity Event and prior to January 7, 2020, there is an initial public offering of the common equity of the Company
on a Registration Statement on Form S-1 (or any successor form), all Units then outstanding shall immediately terminate and shall

  

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		  	immediately be converted into common stock or a comparable equity security which, in the judgment of the Board, shall be of equal value as determined by the Board,
subject to any lock-up mandated by the underwriters (but not less than 180 days), if applicable. Such shares will be subject to certain resale restrictions, including (i) restrictions mandated by applicable securities laws and (ii) a limit on the
number of shares each Unitholder may resell, regardless of employment status, to a percentage of the total number of shares of the Company held by such Unitholder as a result of his participation in the CIP equal to the percentage of shares
of the Company resold by Fenway Partners, Inc. and their affiliates as of any given date. A Unitholder shall be required to remit to the Company the amount necessary to satisfy all applicable federal, state and local taxes required by applicable law
to be withheld with respect to any common stock or other equity securities so delivered hereunder. The Board, in its discretion, shall be entitled to withhold from the common stock or other equity securities that would otherwise be delivered
hereunder a number of shares or other securities having a fair market value sufficient to satisfy the minimum statutory amount of any withholding obligations.
		
		  	In the event there is a merger or similar transaction in which the Company is not the surviving entity and which does not constitute a Liquidity Event, the Board
shall, in its sole discretion, (i) accelerate all payment obligations with respect to all Units then outstanding under the CIP and thereafter terminate the CIP, (ii) have such surviving or acquiring entity assume all obligations under the CIP or
(iii) provide replacement benefits, which, in the judgment of the Board, satisfy the requirements of Section 409A of the Code and are substantially equivalent to the Units awarded under the CIP; provided, however, that any such
replacement benefits will be payable only upon the occurrence of a Liquidity Event or at a time and in a form that otherwise satisfies the requirements of Section 409A of the Code applicable to deferred compensation.
		
		  	The amounts payable under the CIP (or upon conversion of the Units as provided in the paragraph above) are intended to be exempt from the requirements of Section 409A
of the Code applicable to deferred compensation.
		
	Key Definitions:	  	“Board” shall mean the Board of Directors of the Company or the comparable governing board of any successor to the Company.
		
		  	“Equity Investors” shall mean a holder of the preferred stock or common stock of the Company as of January 7, 2010.
		
		  	“Liquidity Event” shall mean a transaction or series of transactions in which the Equity Investors have received Net Proceeds involving (a) a sale of
all or substantially all of the assets of the Company (an “Asset Sale”); (b) a sale of all of the common stock of the Company, including by way of merger (a “Stock Sale”); or (c) a recapitalization of the Company
with a

  

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		  	redemption, dividend or other distribution (other than a tax distribution) to the holders of the preferred stock or common stock of the Company.
		
		  	“Net Proceeds” shall mean all proceeds received by the Equity Investors from a Liquidity Event, net of (a) all purchase price adjustments,
transaction expenses, fees and costs (including without limitation payments made pursuant to the CIP), (b) any payments made to any Equity Investors as a result of such Equity Investors holding any of the 14.0% Senior Subordinated Notes dated
January 11 , 2006 issued by a subsidiary of the Company and/or any senior debt issued by the Company or any of its subsidiaries, and (c) $62,850,000; provided, however, that notwithstanding anything to the contrary contained herein, in
the event that the Company and its subsidiaries, or any future parent thereof, issues any additional debt, debt-based securities, equity or equity-based securities (“Additional Issuances”) after January 7, 2010 in
connection with (i) any additional capital contributions to the Company, (ii) any new debt issuances by the Company or its subsidiaries, or (iii) any direct or indirect acquisition by the Company or its subsidiaries of any business enterprise
(whether by merger, consolidation, share exchange, sale or acquisition of stock or assets or similar transaction), “Net Proceeds” shall mean all proceeds received by the Investors from a Liquidity Event, net of (i) all purchase
price adjustments, transaction expenses, fees and costs (including without limitation payments made pursuant to the CIP), (ii) any payments made to any Equity Investors as a result of such Equity Investors holding any of the 14.0% Senior
Subordinated Notes dated January 11, 2006 issued by a subsidiary of the Company and/or any senior debt issued by the Company or any of its subsidiaries, (iii) $62,850,000, (iv) the value of all such Additional Issuances as of the date of issuance
and (v) any accrued interest or dividend on such Additional Issuances (collectively, (i), (ii), (iii), (iv) and (v) being, the “Invested Capital”). Any non-cash consideration received by the Equity Investors from a Liquidity Event
shall be valued in good faith by the Board.
		
	Multiple Liquidity Events:	  	In the event that after the occurrence of one Liquidity Event, a subsequent Liquidity Event occurs while the Equity Investors continue to hold outstanding preferred
or common stock of the Company or any future parent representing a majority of the economic and voting interests in the Company, the Net Proceeds used in calculating the amount payable under the CIP upon such subsequent Liquidity Event shall be
determined by first adding the Net Proceeds from all prior Liquidity Events to the Net Proceeds of the subsequent Liquidity Event to calculate the Payment as set forth above, and second subtracting from the amount of such Payment the
value of all Payments previously distributed under the CIP.
		
	Termination:	  	The CIP shall immediately and automatically terminate without any payment due to Unitholders in the event (i) any Liquidity Event occurs, if following such event the
Equity Investors hold outstanding common stock

  

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	 	  	in the Company or any future parent representing, directly or indirectly, less than a majority of the economic and
voting interests in the Company, or (ii) the
Company or any future parent is dissolved, becomes insolvent or files a
petition for bankruptcy (or has such a petition filed against it).
		
		  	In the event a Management Unitholder ceases to be employed by the Company or any of its subsidiaries for any reason, such Management Unitholder’s Units shall
automatically expire and terminate upon such termination of employment without any payment due to such Management Unitholder.
		
		  	In the event a Board Unitholder ceases to serve on the Board for any reason, such Board Unitholder’s Units shall automatically expire and terminate upon such
termination of service without any payment due to such Board Unitholder.
		
	Conditions:	  	In order to receive any Payment under the CIP, each Unitholder may be requested by the Board to execute a release indicating such Unitholder’s acknowledgement
and agreement that the calculation of such Payment is correct and complete and that such Unitholder is not entitled to any further amounts under the CIP with respect to such Liquidity Event. If and to the extent any Unitholder refuses to deliver
such release, the Board may, at its option and in its sole discretion, cancel the outstanding Units of such refusing Unitholder.
		
	Administration:	  	The CIP shall be administered by the Board or, if applicable, its successors. The Board shall have the authority to (a) determine the terms and conditions of each
award of Units; (b) prescribe the form or forms of any instruments evidencing awards and any other instruments required under the CIP and to change such forms from time to time; (c) adopt, amend and rescind provisions of the CIP, including without
limitation by increasing the Maximum Unit Amount; and (d) interpret the CIP and any award granted under the CIP and to decide any questions and settle all controversies and disputes that may arise in connection with the CIP or any award granted
thereunder. Such determinations of the Board shall be conclusive and shall bind all Unitholders, Any amendments to the CIP adopted by the Board shall apply to any outstanding Units as well as to future grants of Units. The Board shall also have the
authority to terminate the Plan.
		
		  	The Company shall have the power and right to deduct or withhold automatically from any amount deliverable under the CIP or require a Unitholder to remit to the
Company, the amount necessary to satisfy all applicable federal, state and local taxes, required by law to be withheld with respect to any taxable event arising as a result of the CIP.

 

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 EXHIBIT A 

PANTHER EXPEDITED SERVICES, INC. 

CASH INCENTIVE PLAN 

FORM OF UNIT GRANT CERTIFICATE 

Dated:              

Amount of Units:              

Subject to all of the terms and conditions set forth in the Panther Expedited Services, Inc. Cash Incentive Plan (as such may be amended
from time to time, the “Plan”),                      (the “Participant”) is hereby granted the number of
Units (as defined in the Plan) set forth above. 
 This certificate and the Units granted to the Participant hereunder will
expire at such time as set forth in the Plan. Upon such expiration, the Units represented by this certificate will no longer be outstanding. 
  

			
	Panther Expedited Services, Inc.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 By countersigning this certificate, the Participant acknowledges receipt of the Plan and
accepts and agrees to the terms set forth therein as applicable to the Units granted to the undersigned hereunder. 
  

			
	Accepted and Agreed:
		
	 By:
	 	  

	 Name:

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