Document:

Separation and Release Agreement, dated June 18, 2007, Alex Munn

 Exhibit 10.38 
 PACER INTERNATIONAL, INC. 
 2300 Clayton Road, Suite 1200 
 Concord, CA 94520 
 June 18, 2007 
 Mr. Alex Munn 
 6658 Traquair
Place 
 Dublin, OH 43016 
 Separation and
Release Agreement 
 Dear Alex: 
 This
letter agreement (the “Agreement”) memorializes our mutual agreement and understanding in connection with the termination of your employment with Pacer International, Inc. (“Pacer”) and its subsidiaries,
(collectively, the “Company”). Accordingly, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pacer and you hereby agree as follows: 
 1. Termination of Employment. This Agreement shall constitute the parties’ acknowledgment of the termination of your employment with Pacer
and its Affiliates (as defined in Section 18), including Pacer’s subsidiary, Pacer Global Logistics, Inc. (“PGL”) and including any and all positions held by you as a director or officer of Pacer or any of its Affiliates
and any and all positions held by you as administrator or trustee of any employee benefit plan or related trust maintained or created by or on behalf of Pacer or any of its Affiliates, in all cases effective as of June 18, 2007 (the
“Termination Effective Date”). Upon the Termination Effective Date, Pacer shall pay to you (1) the lump sum amount of $15,964 for all accrued but unused vacation and person leave time during your employment, reduced by any
vacation taken after the date of this letter, (2) any unpaid portion of your Base Salary for service through the Termination Effective Date, and (3) reimbursement for any expenses incurred on or before the Termination Effective Date in
accordance with the Company’s travel and entertainment policy for which you have not already been reimbursed. 
 2. Payments Upon
Termination of Employment. 
 (a) After the Termination Effective Date and eight (8) full days following the
execution of this Agreement and provided that you have not revoked this Agreement, the Company will make the following payments to you provided, however, that you are not in breach of any provision of this Agreement and do not engage
in any activity or conduct proscribed by 7 or 8 (regardless of the extent to which such Section may be enforced under applicable law): 
 (i) a lump sum amount of $478,920, which is equal to 18 months of your current base salary; 
 (ii) a pro rata bonus for the period from December 30, 2006 through the Termination Effective Date (or portion thereof), if any, awarded and payable to you under the Company’s 2007 performance bonus plan as adopted by the Board,
to be paid when and as provided in such bonus plan; and 

 Mr. Alex Munn 
 June
18, 2007 
 Page 2 of 10 
  

 (iii) premiums due for continued group health insurance coverage through the Company
under COBRA, subject to your timely election to continue COBRA coverage. 
 3. Release. 
 (a) For and in consideration of the covenants and agreements of the Company in this Agreement, which are greater than those to which you
would be entitled under the Employment Agreement between you and Pacer dated as of March 4, 2005 (the “Employment Agreement”), as well as for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and as a material inducement to the Company to enter into this Agreement, you hereby knowingly and voluntarily release, acquit and forever discharge Pacer, PGL and their respective shareholders, predecessors, successors,
assigns, agents, directors, officers, employees, representatives and Affiliates, and all Persons (as defined in Section 18) acting by, through, under or in concert with any of them (collectively, the “Releasees”), from any and
all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or
unsuspected, which, from the beginning of the world up to and including the date of this Agreement, exist, have existed or may hereafter exist or arise, based on facts occurring on or prior to the date hereof, in connection with the letter offering
employment, the Employment Agreement, stock options, restricted stock and other equity incentives granted to you, your employment or the termination of your employment with Pacer, PGL or any of their respective Affiliates, which you or any of your
heirs, executors, administrators, legal representatives, successors-in-interest and/or assigns ever had, now have or at any time hereafter may have, own or hold against any of the Releasees (collectively, the “Released Claims”).

 (b) By executing this Agreement, (i) you hereby represent that you have not filed or permitted to be filed with any
court, governmental or administrative agency, or arbitration tribunal, any of the Released Claims; (ii) you hereby waive all Released Claims against the Releasees arising under foreign, federal, state, provincial and local labor, employment,
civil rights, anti-discrimination and other laws and any other restrictions on Pacer’s, PGL’s and their Affiliates’ rights with respect to the termination, for whatever reason, of the employment of its employees, including the Age
Discrimination in Employment Act, the Americans With Disabilities Act and Title VII of the Civil Rights Act, as well as any right that you may have ever had or may now have to commence a Released Claim against the Releasees involving any matter
relating to your employment relationship with Pacer, PGL or any of their respective Affiliates, the letter offering employment to you, the Employment Agreement, any equity incentive agreements or the termination of your employment; and
(iii) you further covenant and agree not to bring any Released Claim or to permit any such Released Claim to be filed by any other Person on your behalf. Notwithstanding the foregoing, nothing in this Agreement precludes you from
(A) filing a charge, including a challenge to the validity of this Agreement, with the Equal Employment Opportunity Commission (“EEOC”) or comparable state or municipal fair employment agency or (B) participating in any
investigation or proceeding conducted by the EEOC or such state or municipal agency. Nevertheless, through the execution of this Agreement, you acknowledge and agree that you have waived the right to recover on any claims in any legal proceeding
brought by you or on your behalf. 
 (c) You fully understand that, if any fact with respect to any matter covered by this
Agreement is found after the execution of this Agreement to be other than or different from the facts now believed by you to be true, you expressly accept and assume that this Agreement, and all releases and waivers herein shall be and remain
effective, notwithstanding such difference in facts. 

 Mr. Alex Munn 
 June
18, 2007 
 Page 3 of 10 
  

 (d) Neither this Agreement nor the consideration provided under it nor compliance
with it shall be construed as an admission by Pacer, its Affiliates or by you of any liability or violation of any law, statute, duty, contract, covenant or order. 
 4. ADEA Waiver, Waiting and Revocation Periods. 
 (a) You expressly acknowledge that
you have been advised and instructed that (i) you have the right to consult an attorney and that you should review the terms of this Agreement with counsel of your own selection; (ii) you have been advised that your waiver and release does
not apply to any rights or claims for age discrimination that may arise after the execution date of this Agreement; (iii) you have been advised that you have up to twenty-one (21) days within which to consider the terms of this Agreement
and seven (7) days thereafter to revoke your signature as set forth below; (iv) you have had ample time to study this Agreement, that you have carefully read the terms of this Agreement and are fully aware of the Agreement’s contents
and legal effects, (v) you execute this Agreement voluntarily and of your own free will, and (vi) you understand that this Agreement is final and binding. You expressly acknowledge and agree that this Agreement constitutes a knowing and
voluntary waiver of rights under the Older Workers Benefit Protection Act. You understand that by signing this Agreement prior to the expiration of twenty-one (21) days, you waive your right to consider the Agreement for the entire twenty-one
(21) day period. 
 (b) You understand and agree that this
Agreement is revocable by you for seven (7) days following the signing of this Agreement by you, and that this Agreement shall not become effective or enforceable until that revocation period has expired. This Agreement automatically becomes
enforceable and effective on the eighth (8th) day after the latest date this Agreement is signed by the parties. This Agreement may be revoked
by you by a writing sent to the Company at the address specified in Section 15, by certified mail post-marked no later than the seventh (7th) day after the Agreement is signed by you (unless that day is a Sunday or a holiday, in which event the period is extended to the next day there is mail service). 
 5. Company Property. You hereby represent and agree that, on or prior to the Termination Effective Date, you will have surrendered to the Company
all computers, cell phones, printers, access cards, credit cards and charge cards of or belonging to or issued in the name of the Company, all membership cards for memberships maintained by or in the name of the Company, and any other personal
property in your possession belonging to the Company, unless the Company has expressly agreed to allow you to retain such property. 
 6.
Nondisclosure of Provisions. Except as otherwise required by law or compelled by judicial process, you will maintain the confidentiality of, and you will not disclose to any Person, any of the terms or provisions of this Agreement, except for
such disclosures to your attorney, accountant, tax preparer or other professional financial or legal adviser, or other legal representative, in each case who is in a confidential relationship with you and has been advised of your obligations
hereunder, on a need-to-know basis in connection with such Person’s services rendered to you or on your behalf. 
 7. Proprietary
Information. 
 (a) From and after the date hereof, you shall not at any time disclose, divulge, furnish or make
accessible to any Person any Confidential Information (as defined in Section 7(b)) heretofore acquired or acquired during your employment by the Company for any reason or purpose whatsoever (provided that nothing contained herein shall be
deemed to prohibit or restrict your right or ability to disclose, divulge, furnish or make accessible any Confidential Information (i) to any officer, director, 

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 June
18, 2007 
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employee, Affiliate or representative of the Company, or (ii) as required by law or judicial process), nor shall you make use of any Confidential
Information for your own purposes or benefit or for the purposes or benefit of any other Person except Pacer and its Affiliates. 
 (b) For purposes of this Agreement, the term “Confidential Information” means (i) the Intellectual Property Rights (as defined in Section 7(c)) of Pacer and its Affiliates and (ii) all other information of a
proprietary or confidential nature relating to Pacer or any Affiliate thereof, or the business or assets of Pacer 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 you in breach or violation of this Agreement, or
(B) information that you receive from a third party who does not have any obligation to Pacer or any of its Affiliates to keep such information confidential and which you do not know (or reasonably could not have known) is confidential to Pacer
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.

 8. Non-competition Covenant. 
 (a) You acknowledge and agree that you have received from your employment with the Company significant and substantial benefits, including compensation and other consideration inuring to your benefit, as well as
introductions to, personal experience with, training in and knowledge of Pacer and its Affiliates, the industries in which they engage, and third parties with whom they conduct business. Accordingly, in consideration of the foregoing, and the
payments made and to be made to you in connection with your employment with the Company and under this Agreement, you agree that you will not during the period beginning on the Termination Effective Date and ending at the close of business on
December 18, 2008 (the “Non-Competition Period”) for any reason: 
 (i) in any city or county in any
state or province of the United States, Canada or Mexico where Pacer 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 8(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
your name (or any part or variant thereof) to, any Competing Business; 

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 June
18, 2007 
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 (ii) deal, directly or indirectly, with any customers, vendors, agents or contractors
doing business with Pacer or any of its Affiliates, or with any officer, director, employee of Pacer or any of its Affiliates, in each case in any manner that is or could reasonably be expected to be competitive with Pacer or any of its Affiliates;

 (iii) take any action to solicit, encourage or induce any customer, vendor, agent or contractor doing business with Pacer
or any of its Affiliates, or any officer, director, employee or agent of Pacer or any of its Affiliates: 
 (A) to terminate
or alter in any manner adverse to Pacer and its Affiliates its business, commercial, employment, agency or other relationship with Pacer 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 Pacer or any of its Affiliates); 
 (B) to become a customer, vendor, agent or contractor, or an officer, director or employee, of you, your Affiliates or any other Person;
or 
 (C) to engage in any Competing Business; or 
 (iv) engage in or participate in, directly or indirectly, any business conducted under any name that shall be the same as or similar to
the name of Pacer or any of its Affiliates or any trade name used by any of them. 
 Ownership by you 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. 
 (b) As used herein, the term “Competing Business” means any transportation or
other business that Pacer or any of its Affiliates has engaged in at any time during the Employment Period in any city or county in any country, state or province of the United States, Canada or Mexico, including any such business directly or
indirectly engaged in providing any of the following: 
 (i) intermodal marketing or rail or intermodal brokerage services
(whether in connection with domestic or international shipments or customers), car fleet management services, and railcar brokerage and management services; 
 (ii) highway brokerage services, including full trailer load, less than trailer load, trailer fleet management and depot operations
services; 
 (iii) international freight transportation services, including ocean forwarding, custom house brokerage, ocean
carrier services (including NVOCC operations), import/export air forwarding services, and special project services; 

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 June
18, 2007 
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 (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) intermodal rail equipment (including double-stack rail car, container and chassis) supply and management services, including
stacktrain transportation services; and 
 (viii) any other transportation or other business that Pacer 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 United States, Mexico or Canada. 
 9. Assistance in Litigation. At the request and expense of the Company upon reasonable notice (including for the time involved after December 17, 2008, a reasonable payment based on your per diem earnings
on the Termination Effective Date and to the extent that you can render such assistance without affecting your other business obligations), you shall furnish such information and assistance to Pacer and its Affiliates as the Company may reasonably
require in connection with any issue, claim or litigation in which Pacer or any of its Affiliates may be involved. 
 10. Remedies.
You acknowledge and agree that the provisions of this Agreement (including Sections 7, 8 and 9) are of a special and unique nature, the loss of which cannot be adequately compensated for in damages by an action at law, and that the breach or
threatened breach of any of these provisions would cause the Company irreparable harm. Accordingly, you agree that in the event of a breach or threatened breach of any of the covenants contained in this Agreement (including Sections 7, 8 and 9), the
Company shall be entitled to (1) immediate relief enjoining such breach or threatened breach in any court or before any judicial body having jurisdiction over such a claim, and you waive any requirement that the Company post a bond or other
security or prove that monetary damages are inadequate, and (2) a refund of a portion of the lump sum severance pay amount, pro-rated from the date that such breach commenced. 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. 
 11. Severability. It is the desire and intent
of the parties that the provisions of this Agreement shall 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 on the parties by virtue of this Agreement 

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18, 2007 
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remain substantially unimpaired, shall not be affected or impaired in any manner, and any such invalidity, illegality or unenforceability with respect to
such provisions shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 12. 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 Pacer or any of its Affiliates hereunder to or for the benefit of you or your heirs, representatives, or estate are to the gross amounts thereof
before reductions, set-off, or deduction for taxes and other charges referred to below, and all such remuneration, compensation and other consideration shall be paid net of and after reduction, set-off and deduction for any and all applicable
withholding, F.I.C.A., employment and other similar federal, state and local taxes and contributions required by law to be withheld by Pacer or any such Affiliate. 
 13. Governing Law. You acknowledge that the place of your employment as of the Termination Effective Date was the State of Ohio. Accordingly, this Agreement shall be governed by, and construed and enforced in
accordance with, the domestic laws of the State of Ohio applicable to contracts made and to be wholly performed in such State, without giving effect to any choice or conflict of law provision or rule (whether of the State of Ohio or any other
jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Ohio. 
 14. Binding Effect.
The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and estates, as applicable. This Agreement shall not be assignable by
you without the prior written consent of Pacer (acting with approval of its Board of Directors). Except as expressly provided in this Agreement, this Agreement shall not confer any rights or remedies upon any Person other than the parties hereto and
their respective successors, permitted assigns, representatives, heirs and estates, as applicable. 
 15. Notices. (a) All
notices or other communications pursuant to this Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, 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): 
 if to the Company, to: 
 Pacer International, Inc. 
 1 Independent Drive, Suite 1250 
 Jacksonville, FL 32202 
 Attention: General Counsel 
 if to you, to:

 Mr. Alex Munn 
 6658
Traquair Place 
 Dublin, OH 53016 
 (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
nationally-recognized, overnight courier, on the next business day where sent following dispatch, and (iii) in the case 

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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. 
 16. Entire Agreement; Amendment and Waiver. This Agreement embodies the entire agreement
and understanding by and between the parties hereto with respect to the subject matter hereof and supersedes and preempts any and all prior and contemporaneous understandings, agreements, arrangements, representations or communications (whether
written or oral) by or between the parties relating to the subject matter hereof, including the Employment Agreement. You acknowledge that, as provided in the 1999 Stock Option Plan (the “1999 Plan”) and the option agreement issued
to you thereunder for an option granted on May 6, 2002, to purchase 60,000 shares of Pacer’s common stock, the portion of such option that is unvested on the Termination Effective Date (36,000 shares) shall become null and void and be of
no further force or effect, and the portion of such option that is vested on the Termination Effective Date (24,000 shares) that is not previously exercised by you will automatically terminate and become null and void and be of no further force or
effect upon the ninetieth (90th) day following the Termination Effective Date. You further acknowledge that, as provided in the 2006 Long Term
Incentive Plan and the restricted stock agreement issued to you thereunder for an award of 6,000 shares of restricted stock, the 4,500 restricted shares of Pacer’s common stock that have not vested as the Termination Effective Dave shall be
forfeited back to Pacer. Other than this Agreement and the stock option and restricted stock agreements referenced above, there are no other understandings, agreements, arrangements, representations or communications continuing in effect relating to
the subject matter hereof. Neither party is signing this Agreement in reliance upon any promise, representation or warranty not expressly contained in this 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 failure or delay by any party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof or of any other right, power or remedy. The waiver by any
party hereto of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other or subsequent breach by such other party. 
 17. Counterparts and Facsimile or Imaged 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 or imaged document shall be deemed for all purposes to constitute such party’s good and valid execution and delivery of this Agreement. 
 18. Other Construction and Interpretation Provisions. The use in this Agreement of the term “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 this Agreement. All references to articles, sections, subsections, clauses, paragraphs, schedules and attachments mean such provisions of this Agreement, except
where otherwise stated. The section headings in this Agreement are for convenience only and shall not control or affect the meaning of any provision of this Agreement. The use herein of the masculine, feminine or neuter forms shall also denote the
other forms, as in each case the context may require. If, and wherever, 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. Unless otherwise
provided herein, the measure of one month or year for 

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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). 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. 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. 
 19.
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. YOU
UNDERSTAND THAT THE WAIVER OF THE RIGHT TO A TRIAL BY JURY IS AN IMPORTANT RIGHT WHICH YOU HEREBY FOREGO. 
 20. Jurisdiction and Venue;
Service of Process. The parties hereto (i) agree that all disputes among them arising out of, connected with, related to, or incidental to this Agreement shall be resolved exclusively by state or federal courts located in Franklin County,
Ohio or any appellate court from any thereof, or by an arbitrator located in Franklin County, Ohio in such cases where both parties hereto have expressly agreed to binding arbitration, (ii) irrevocably submit to the jurisdiction of such courts
and waive any objection to venue or defense of an inconvenient forum for any proceeding in any such court, and (iii) agree 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. 

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 June
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 If the above terms are satisfactory to you, please acknowledge your acceptance thereof and agreement
therewith by signing the enclosed copy of this letter in the space provided below and returning it to the undersigned. 
  

			
	 Very truly yours,
  
 PACER INTERNATIONAL, INC.

		
	By: 	 	/s/ C. William Smith
		 	 C. William Smith
 Executive Vice President, Human
Resources

  

	
	Accepted and agreed to:
	
	 /s/ Alex M. Munn
  

	Alex M. MunnForm of Stock Option Award Agreement

 Exhibit 10.39 
 NONSTATUTORY STOCK OPTION AWARD AGREEMENT 
 PURSUANT TO THE 
 PACER INTERNATIONAL, INC. 2006 LONG-TERM INCENTIVE PLAN 
 This NON-STATUTORY STOCK OPTION AWARD AGREEMENT (the “Agreement”) is made and entered into as of the          day of
            , 200  , by and between Pacer International, Inc. (the “Company”), a Tennessee corporation, and
             (the “Grantee”). 
 Background Information 

 The Compensation Committee and the Board of Directors (the “Board”) have adopted the Pacer International, Inc. 2006 Long-Term Incentive Plan
(the “Plan”), and the shareholders have approved the Plan. 
 The Compensation Committee of the Board has approved the grant of Nonstatutory Stock
Option to Grantee, subject to the terms of the Plan. 
 The Grantee desires to accept this Nonstatutory Stock Option and agrees to be bound by the terms and
conditions of the Plan and this Agreement. 
 Accordingly, upon and subject to the terms and conditions of this Agreement and the Plan, the Company hereby
grants as of the Date of Grant to the Grantee the Nonstatutory Stock Option described below (the “Option”) pursuant to Section 6 of the Plan in consideration of the Grantee’s services to the Company. Capitalized terms used herein
and not defined herein have the meaning ascribed to them in the Plan. 
  

	 	A.	Date of Grant: 

  

	 	 B.
	 Option, Exercise, Price and Term: up to
             shares of the Company’s common stock (“Option Shares”), par value $0.01 per share, at a per price exercise price equal to
$            , the closing price on the Date of Grant. The number of Option Shares and the exercise price are subject to future adjustment upon the occurrence of certain events as
provided in the Plan. The Option is not intended to qualify for federal income tax purposes as an Incentive Stock Option within the meaning of Section 422 of the Code. The term of the option (the “Option Term”) shall commence
on the Date of Grant and expire on the tenth (10th) anniversary of the Date of Grant, unless sooner terminated, canceled or forfeited as
provided herein or in the Plan. 

  

	 	C.	Vesting Schedule: The Option shall vest and become exercisable in annual increments of 25% of the total number of Option Shares on each anniversary of the Date of Grant (but
as to whole shares only, with any fractional shares that would otherwise vest being carried forward until the aggregate amount thereof equals a whole share), subject to the terms and conditions of this Agreement and the Plan. Vesting of the Option
shall cease as of the date on which Grantee’s Continuous Status as an Employee or Consultant terminates. 

  

	 	D.	Effect of Death, Disability and Termination of Service on Awards. The unexercised portion of the Option granted under this Agreement shall automatically terminate and shall
become null and void and be of no further force or effect upon the first to occur of the following: 

  

	 	(a)	 the three-month anniversary of the date on which Grantee’s Continuous Status as an Employee or Consultant terminates for any reason other than the death or
Disability 

	 	 
of the Grantee; provided, however, that if such Grantee shall die after the date on which his Continuous Status as an Employee or Consultant
terminates but before the three-month anniversary thereof, the unexercised portion of such Option shall automatically terminate and become null and void and be of no further force or effect upon the 12-month anniversary of the date on which
Grantee’s Continuous Status as an Employee or Consultant terminated; 

  

	 	(b)	the 12-month anniversary of the date on which Grantee’s Continuous Status as an Employee or Consultant terminates due to Grantee’s death or Disability; or

  

	 	(c)	the date on which Grantee’s Continuous Status as an Employee or Consultant terminates for Cause (as defined below). 

 For purposes of this Agreement, the term “Cause” means the termination of Grantee’s Continuous Status as an Employee or Consultant
because of (i) the commission by such Grantee of any act of fraud, theft or financial dishonesty with respect to the Company or any of its Subsidiaries, or such Grantee has been convicted of, or plead guilty to, a felony, (ii) any material
breach by such Grantee of any material provision of this Agreement or the Plan or any one or more agreements or understandings between the Company or any Subsidiary thereof on the one hand and such Grantee on the other hand (whether written or oral)
regarding the terms of such Grantee’s service as an Employee or Consultant to, the Company or any Subsidiary thereof, including, without limitation, the willful and continued failure or refusal of such Grantee to perform the material duties
required of such Grantee as an Employee or Consultant to, the Company or any Subsidiary thereof, other than as a result of such Grantee having a Disability, or a breach of any applicable invention assignment and confidentiality agreement or similar
agreement between the Company or any Subsidiary thereof on the one hand and such Grantee on the other hand, (iii) such Grantee’s intentional or willful disregard of the policies of the Company or any Subsidiary thereof so as to cause loss,
damage or injury to the property, reputation or employees of the Company or any Subsidiary thereof, or (iv) any other misconduct by such Grantee which is otherwise materially injurious to the financial condition or business reputation of, or is
otherwise materially injurious to, the Company or a Subsidiary thereof. 
  

	 	E.	Acceleration of Vesting. In the event of a Change in Control, any portion of the Option that is not yet vested in accordance with the Vesting Schedule on the date such Change
in Control is determined to have occurred shall become fully vested and exercisable as of such date. 

  

	 	F.	Form of Payment of the Exercise Price. The acceptable form of consideration for payment of the exercise price may consist of any combination of cash, personal check, wire
transfer or 

  

	 	(a)	by cancellation of indebtedness of the Company to the Grantee; 

  

	 	(b)	Mature Shares; 

  

	 	(c)	pursuant to rules and procedures approved by the Administrator from time to time, (A) through the sale of the Shares acquired on the exercise of the Option through a
broker-dealer to whom the Grantee has submitted an irrevocable notice of exercise and irrevocable instructions to deliver promptly to the Company the amount of sale or loan proceeds sufficient to pay the exercise price, together with, if requested
by the Company, the amount of federal, state, local or foreign withholding taxes payable by the Grantee by reason of such exercise, or (B) through simultaneous sale through a broker of Shares acquired upon exercise (but, subject in any case, to
the applicable limitations of Rule 16b-3 and Section 13(k) of the Exchange Act (Section 402 of the Sarbanes-Oxley Act of 2002); 

  

	 	(d)	by waiver of compensation due or accrued to the Grantee for services rendered to the Company or any of its Subsidiaries; 

  

	 	(e)	such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Law; or 

  

	 	(f)	any combination of any of the foregoing. 

	 	G.	Exercise of Option. The Option may not be exercised for a fraction of an Option Share. An Option shall be deemed exercised when the Company receives:

  

	 	(a)	written notice of exercise from the person entitled to exercise the Option, and 

  

	 	(b)	full payment for the Shares with respect to which the Option is exercised. Full payment may consist of any consideration and method of payment authorized under Section F above.

 Shares issued upon exercise of an Option shall be issued in the name of the Grantee or, if requested by the Grantee, in the
name of the Grantee and his or her spouse. 
  

	 	H.	Governing Laws. This Agreement shall be construed, administered and enforced according to the laws of the State of Tennessee, without regard to its choice or conflict of law
rules. 

  

	 	I.	Successors. This Agreement shall be binding upon and inure to the benefit of the Company and the Grantee and their heirs, legal representatives, successors, and permitted
assigns. 

  

	 	J.	Notice. Except as otherwise specified herein, all notices and other communications under this Agreement shall be in writing and shall be deemed to have been given if
personally delivered, if sent by overnight delivery or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed recipient at the last known address of the recipient. Any party may
designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein. 

  

	 	K.	Severability. In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held to be invalid, illegal, or
unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been
contained herein. 

  

	 	L.	Entire Agreement. Subject to the terms and conditions of the Plan, which are incorporated herein by reference, this Agreement expresses the entire understanding and agreement
of the parties with respect to the subject matter hereof. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. 

 

	 	M.	Headings. Section and paragraph headings used herein are for convenience of reference only and shall not be considered in construing this Agreement.

 

	 	N.	Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties
who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. 

  

	 	O.	No Right to Continued Service. Neither the establishment of the Plan nor the award of Option hereunder shall be construed as giving Grantee the right to any continued
employment, service or consulting relationship with the Company. 

 By their signatures below, the Grantee and the Company agree that the
Option is granted under and governed by the terms and conditions of the Plan and this Agreement. Grantee has reviewed in their entirety the prospectus that summarizes the terms of the Plan and this Agreement, has had an opportunity to request a copy
of the Plan in accordance with 

 
the procedure described in the prospectus, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all
provisions of the Plan and this Agreement. Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and this Agreement. 
 IN WITNESS WHEREOF, the Company and the Grantee have signed this Agreement and the Company has affixed its corporate seal as of the Date of Grant set forth above.

 PACER INTERNATIONAL, INC. 

			
		
	By:	 	 
	 Name:
 Title:
	 	

 GRANTEE: 

	
	
	 
	Name:

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