Document:

Form of Restricted Stock Award Agreement for Independent Directors

 Exhibit 10.32 
 RESTRICTED STOCK AWARD AGREEMENT FOR 
 INDEPENDENT DIRECTORS PURSUANT TO THE

 PACER INTERNATIONAL, INC. 2006 LONG-TERM INCENTIVE PLAN 

This RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made and entered into as of the
             day of             ,             
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. 
 On
                                        ,
pursuant to revisions to the independent director compensation program, the Compensation Committee of the Board has approved the grant of a restricted stock award to Grantee, subject to the terms of the Plan. 

The Grantee desires to accept this Restricted Stock Award and agrees to be bound by the terms and conditions of the Plan and this
Agreement. 
 Accordingly, upon and subject to the Additional Terms and Conditions attached hereto and incorporated herein by
reference as part of this Agreement (the “Additional Terms and Conditions”), the Company hereby grants as of the Date of Grant to the Grantee the Shares described below (the “Restricted Shares”) pursuant to Section 8 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: [March 5, 201    .] 

 

	 	B.	 Restricted
Shares:                                 shares of the Company’s common
stock (“Common Stock”), par value $0.01 per share. 

  

	 	C.	 Vesting Schedule: Except as set forth in Section 2 of the Additional Terms and Conditions, the Restricted Shares shall vest and become
non-forfeitable according to the Vesting Schedule attached as Schedule 1 hereto (the “Vesting Schedule”). The Restricted Shares which have become vested and non-forfeitable pursuant to the Vesting Schedule or Section 2
of the Additional Terms and Conditions are herein referred to as the “Vested Restricted Shares.” Restricted Shares which have not vested will be forfeited back to the Company as provided in Section 1 of the Additional Terms and Conditions.

 By their signatures below, the Grantee and the Company agree that the Restricted Shares are 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:	 	

 Instructions to Grantee: Please sign and return this Agreement to the Corporate Secretary within
10 days after receipt. 

  
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 ADDITIONAL TERMS AND CONDITIONS OF

PACER INTERNATIONAL, INC.
 RESTRICTED STOCK AWARD 
 FOR INDEPENDENT DIRECTORS 

1. Forfeiture. The Grantee shall forfeit all of his rights and interest in the Restricted Shares if his Continuous
Status as an Employee or Consultant terminates for any reason before the Restricted Shares become vested and non-forfeitable in accordance with the Vesting Schedule or Section 2 hereof. 

2. Acceleration of Vesting. 

(a) Change in Control. In the event of a Change in Control, any portion of the Restricted Shares
that are not yet vested on the date of the Change in Control shall vest as follows unless an earlier date for vesting is determined by the Administrator: (i) on the vesting date set forth in Schedule 1 or (ii) on the earliest of the
following to occur, with respect to all Restricted Shares that are then-unvested: 
  

	 	(1)	 the death or Disability of the Grantee following the Change in Control; or 

 

	 	(2)	 the termination of the Grantee’s Continuous Status as an Employee or Consultant following the Change in Control. 

(b) Death or Disability of Grantee Prior to a Change in Control. In the event of the death or
Disability of the Grantee prior to the occurrence of a Change in Control, a fraction of the Restricted Shares that are scheduled to become vested on the vesting date set forth in Schedule 1 following such death or Disability shall be immediately
vested, such fraction to be determined on a pro-rated basis taking into account the number of days that have elapsed since the Date of Grant divided by the total number of days from the Date of Grant and the vesting date set forth in Schedule 1
immediately following death or Disability. All other Restricted Shares shall be forfeited immediately. 
 (c) Vesting upon End of Current Term as Director without Renomination or Upon Resignation. Upon a termination of the Grantee’s Continuous Status as an Employee or Consultant prior to the
occurrence of a Change in Control in connection with (i) voluntary resignation from service as a director by the Grantee or (ii) the expiration of the Grantee’s current term of service as a director without renomination to the Board,
a fraction of the Restricted Shares that are scheduled to become vested on the vesting date set forth in Schedule 1 shall be immediately vested, such fraction to be determined on a pro-rated basis taking into account the number of days that have
elapsed since the Date of Grant divided by the total number of days from the Date of Grant to the vesting date set forth in Schedule 1. All other Restricted Shares shall be forfeited immediately. 

3. Restricted Shares Held by the Share Custodian. Grantee hereby authorizes and directs the Company to deliver any
share certificate issued by the Company to evidence the Restricted Shares to the Secretary of the Company or such other officer of the Company as may be designated by the Administrator (the “Share Custodian”) to be held by the Share
Custodian until the Restricted Shares become Vested Restricted Shares in accordance with the Vesting Schedule or Section 2 hereof. When all or any portion of the Restricted Shares become Vested Restricted Shares, the Share Custodian shall
deliver to the Grantee (or his beneficiary in the event of death) as soon as reasonably practicable, but subject to the terms and conditions set forth in this Agreement, a certificate representing the Vested Restricted Shares (which then will be
unrestricted). In the event the number of Vested Restricted Shares to be delivered to Grantee includes a fraction of a Share, the Share Custodian shall not be required to deliver the fractional share, and the Company may shall pay the Grantee an
amount in cash equal to such fraction multiplied by the Fair Market Value of a Share determined as of the date the Restricted Shares became Vested Restricted Shares. Grantee hereby irrevocably appoints the Share Custodian, and any successor thereto,
as the true and lawful attorney-in-fact of Grantee with full power and authority to 

  
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execute any stock transfer power or other instrument necessary to transfer the Restricted Shares to the Company, or to transfer a portion of the Restricted Shares to the Grantee on an
unrestricted basis upon vesting. The term of such appointment shall commence on the Date of Grant and shall continue until the Restricted Shares are vested and delivered to the Grantee or are forfeited as provided in this Agreement. During the
period that the Share Custodian holds the Restricted Shares subject to this Section 3, the Grantee shall be entitled to all rights applicable to shares of Common Stock not so held, including the right to vote and receive cash dividends, except
as provided in this Agreement. In the event the number of Restricted Shares is increased or reduced in accordance with Section 13 of the Plan, and in the event of any distribution of Common Stock or other securities of the Company in respect of
the Restricted Shares, the Grantee agrees that any certificate representing shares of Common Stock or other securities of the Company issued as a result of any of the foregoing shall be delivered to the Share Custodian and shall be subject to all of
the provisions of this Agreement as if initially received thereunder. 
 4. Dividends and Voting Rights.
The Grantee shall be entitled to cash dividends paid on all Restricted Shares as and when declared and paid and shall have all voting rights with respect to the Restricted Shares. 

5. Restrictions on Transfer of Restricted Shares. Except as provided by this Agreement, until such time as the
Restricted Shares become Vested Restricted Shares pursuant to the Vesting Schedule or Section 2 hereof, the Grantee shall not have the right to make or permit to exist any transfer or hypothecation, whether outright or as security, with or
without consideration, voluntary or involuntary, of all or any part of any right, title or interest in or to any Restricted Shares. Any such disposition not made in accordance with this Agreement shall be deemed null and void. The Company will not
recognize, or have the duty to recognize, any disposition not made in accordance with the Plan and this Agreement, and any Restricted Shares so transferred will continue to be bound by the Plan and this Agreement. The Grantee (and any subsequent
holder of Restricted Shares) may not sell, pledge or otherwise directly or indirectly transfer (whether with or without consideration and whether voluntarily or involuntarily or by operation of law) any interest in or any beneficial interest in any
Restricted Shares except pursuant to the provisions of this Agreement. Any sale, pledge or other transfer (or any attempt to effect the same) of any Restricted Shares in violation of any provision of the Plan or this Agreement shall be void, and the
Company shall not record such transfer, assignment, pledge or other disposition on its books or treat any purported transferee of such Restricted Shares as the owner of such Restricted Shares for any purpose. 

6. Additional Restrictions on Transfer. 

(a) Legend. In addition to any legends required under applicable securities laws, the certificates
representing the Restricted Shares shall be endorsed with the following legend and the Grantee shall not make any transfer of the Restricted Shares without first complying with the restrictions on transfer described in such legend: 

TRANSFER IS RESTRICTED 
 THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND FORFEITURE PROVISIONS WHICH ALSO APPLY TO THE TRANSFEREE AS SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT, DATED
MARCH 2011, A COPY OF WHICH IS AVAILABLE FROM THE COMPANY. 
 (b) Opinion of Counsel.
No holder of Restricted Shares may sell, transfer, assign, pledge or otherwise dispose of (whether with or without consideration and whether voluntarily or involuntarily or by operation of law) any interest in or any beneficial interest in any

  
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Restricted Shares, except pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), without first delivering to the Company an
opinion of counsel (reasonably acceptable in form and substance to the Company) that neither registration nor qualification under the Securities Act and applicable state securities laws is required in connection with such transfer. 

7. Tax Consequences. 

(a) Withholding Taxes. At such time as the Grantee becomes vested pursuant to the Vesting Schedule
or Section 2 above in all or any portion of the Restricted Shares, the Grantee (or his personal representative) shall deliver to the Company, within thirty (30) days after the occurrence of the vesting event specified in the Vesting
Schedule or Section 2 above (or in the event of death, within thirty (30) days of the appointment of the personal representative) (a “Vesting Date”), either a certified check payable to the Company in the amount of all
withholding tax obligations (whether federal, state, local or foreign income or social insurance tax), imposed on the Grantee and the Company by reason of the vesting of the Restricted Shares, or a Withholding Election Form to be provided by the
Company upon request by the Grantee (or personal representative). The delivery of either a certified check or a Withholding Election Form shall be a condition precedent to the delivery of the Restricted Shares to the Grantee and the failure to
tender either the required certified check or Withholding Election Form will result in a delay of the delivery of the Restricted Shares. Except as otherwise provided in this Agreement, upon receipt of payment in full of all withholding tax
obligations, the Company shall cause a certificate representing the Vested Restricted Shares (which then will be unrestricted) to be issued and delivered to the Grantee or, if determined by the Company, other evidence of the Shares’
registration in book-entry form. In lieu of any fractional Share, the Company shall pay the Grantee an amount in cash equal to such fraction multiplied by the Fair Market Value of a Share determined as of the date of vesting. 

(b) Payment in Whole Shares. In the event the Grantee or his personal representative elect to
satisfy the withholding obligation by executing the Withholding Election Form, the Grantee’s actual number of vested Restricted Shares shall be reduced by the smallest number of whole shares of common stock of the Company which, when multiplied
by the Fair Market Value of the Shares on the Vesting Date, is sufficient to satisfy the amount of the withholding tax obligations imposed on the Company by reason of the vesting of the Restricted Shares. Once made, the withholding election shall be
irrevocable. 
 (c) Absence of Withholding Direction. In the event the Grantee or his
personal representative fail to timely decide between the use of a certified check or the execution of a Withholding Election Form, the Grantee or his personal representative shall be deemed to have elected and executed the Withholding Election
Form, and, except as otherwise provided in this Agreement, the Company shall thereafter deliver to the Grantee or his beneficiary the net amount of Vested Restricted Shares (which then will be unrestricted). 

(d) 83(b) Election. The Grantee understands that the Grantee may elect to be taxed at the Date of
Grant rather than when the Restricted Shares become vested by filing with the Internal Revenue Service an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), within thirty (30) days from
the Date of Grant. The Grantee acknowledges that it is the Grantee’s sole responsibility and not the Company’s responsibility to timely file the Code Section 83(b) election with the Internal Revenue Service if the Grantee intends to
make such an election. Grantee agrees to provide written notification to the Company if the Grantee files a Code Section 83(b) election and if the Grantee revokes a Code Section 83(b) election. 

8. Governing Laws. This Agreement shall be construed, administered and enforced according to the laws of the State
of Tennessee. 

  
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 9. 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. 
 10. 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 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. 

11. 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. 
 12. 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. 
 13. Headings. Section and paragraph headings used herein are for convenience of reference only and shall not be considered in construing this Agreement. 

14. 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. 
 15. Right to Continued Service. Neither the establishment of the Plan
nor the award of Restricted Shares hereunder shall be construed as giving Grantee the right to any continued service as a director or other relationship with the Company. Nothing in the Plan or this Agreement shall effect any right which the
Shareholders or the Board of Directors or its committees may have to remove of the Grantee as a director regardless of the effect of such termination of service on the rights of the Grantee under the Plan or this Agreement. 

  
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 SCHEDULE 1 

PACER INTERNATIONAL, INC. 
 2006 LONG-TERM INCENTIVE PLAN 
 RESTRICTED STOCK AWARD FOR INDEPENDENT
DIRECTORS 
 Vesting Schedule 
 100% of the Restricted Shares shall vest and become non-forfeitable on the one year anniversary of the Date of Grant 

  
 7Form of Performance Unit Award Agreement

 Exhibit 10.33 
 Form of Performance Stock Unit Award Agreement 
 Pursuant to the 

Pacer International, Inc. 2006 Long-Term Incentive Plan 
 (two performance metrics version) 
 PACER INTERNATIONAL, INC.

 PERFORMANCE STOCK UNIT AWARD 
 This PERFORMANCE STOCK UNIT AWARD AGREEMENT (the “Agreement”) is made and entered into as of the             day of
            by and between Pacer International, Inc. (the “Company”), a Tennessee corporation, and
                (the “Grantee”). 
 Background Information 
 The Board of Directors (the
“Board”) and the Compensation Committee of the Board have adopted the Pacer International, Inc. 2006 Long-Term Incentive Plan (the “Plan”), and the shareholders of the Company have approved the Plan. 

On February         ,
            , the Compensation Committee of the Board approved the grant of a performance stock unit award to the Grantee on the Date of Grant established below, subject to the terms
of the Plan. The Grantee desires to accept this Performance Stock Unit Award and agrees to be bound by the terms and conditions of the Plan and this Agreement. 
 Accordingly, upon and subject to the Additional Terms and Conditions attached hereto and incorporated herein by reference as part of this Agreement (the “Additional Terms and Conditions”), the
Company hereby grants to the Grantee as of the Date of Grant referred to below the Performance Stock Unit Award described below in consideration of the Grantee’s continued services to the Company. 

This Performance Stock Unit Award represents the conditional right to receive a number of shares of the Company’s common stock, par
value $0.01 per share (a “Share”) determined by reference to (i) the number of Performance Stock Units (“Performance Stock Units” or “PSUs”) set forth below for a Performance Period and (ii) the percentage of
achievement of performance goals for that Performance Period and the other vesting criteria as provided in the Vesting Schedule described below. Capitalized terms used herein and not defined herein have the meaning ascribed to them in the Plan.

 This Award [is/is not] intended to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code and
shall be interpreted accordingly. 

  
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	 A.     
	  	 Date of
Grant:                                

		
	 B.     
	  	 Performance Stock Units:
 Target PSU for Period One:                 [1/3rd of the total award] 

Target PSU for Period Two:                 [1/3rd of the total award] 
 Target PSU for Period
Three:               [1/3rd of the total award]

		
	 C.     
	  	 Vesting Schedule: The determination of which Performance Stock Units shall be eligible for vesting and the determination of how many Shares shall be
delivered therefor shall be made by the Compensation Committee according to the Vesting Schedule attached as Schedule 1 hereto (the “Vesting Schedule”), which is an integral part of this Agreement. Performance Stock
Units which have not vested will be forfeited.

		
	 D.     
	  	 Delivery of Shares: Shares will be delivered according to Section 4 or 5 of the Vesting Schedule.

By their signatures below, the Grantee and the Company agree that the Performance Stock Units are granted under and governed by the terms
and conditions of the Plan and this Agreement. The Grantee has reviewed in their entirety this Agreement and the prospectus that summarizes the terms of the Plan, 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 his or her counsel and tax advisors prior to executing this Agreement and fully understands all provisions of the Plan and this Agreement. The 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 as of the Date of Grant set forth above. 
  

			
	PACER INTERNATIONAL, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 
	
	GRANTEE:
	
	 
	Name:	 	 

 Instructions to Grantee: Please sign and
return this Agreement to Vice President, Human Resources within ten days after receipt. 

  
 2 

 ADDITIONAL TERMS AND CONDITIONS OF 

PACER INTERNATIONAL, INC.
 2006 LONG TERM INCENTIVE PLAN 
 PERFORMANCE STOCK UNIT AWARD

 1. Forfeiture. The Grantee shall forfeit all of his or her rights to the Performance Stock Units
unless they become vested in accordance with the Vesting Schedule. 
 2. Dividends and Voting Rights;
Dividend Equivalents. 
 (a) No Rights as a Shareholder. Prior to the time the Grantee
receives delivery of Shares under this Agreement, the Grantee will have no rights of a shareholder of the Company with respect to Performance Stock Units or any Shares which may be or have been earned for a completed Performance Period. Accordingly,
the Grantee will not have the right to vote, will not receive or be entitled to receive cash or non-cash dividends, and will not have any other beneficial rights as a shareholder of the Company. 

(b) Dividend Equivalents. At the time of vesting, the Grantee shall receive
delivery of additional Shares equal to (i) the amount of aggregate dividends (without interest), if any, that the Grantee would have received if, for the period beginning on the Date of Grant of the Performance Stock Units, and ending on the
date of vesting, the Grantee had owned all of the Shares delivered to the Grantee after vesting pursuant to the Vesting Schedule, divided by (ii) the Fair Market Value of a Share on the date of vesting; provided, however, that if
the aggregate number of Shares delivered pursuant to this Agreement after taking into account the Shares delivered pursuant to this paragraph exceeds [insert applicable Plan limit] Shares, the number of Shares delivered pursuant to this
paragraph shall be reduced so that the aggregate number of Shares delivered pursuant to this Agreement shall not exceed [insert applicable Plan limit]1. Any fractional share resulting shall be rounded down to
the nearest whole share. No dividend equivalents shall be paid to the Grantee with respect to any Performance Stock Units that are forfeited by the Grantee. 

3. Tax Consequences. 

(a) As a condition of delivery of the Shares, the Grantee (or his or her personal representative) shall
deliver to the Company, within five (5) days after the occurrence of the vesting event specified in the Vesting Schedule (or in the event of death, within thirty (30) days of the appointment of the personal representative unless the
Company advises the personal representative that an earlier election is required) (a “Vesting Date”), either a certified check or other method of payment authorized by the Committee payable to the Company in the amount of all withholding
tax obligations (whether federal, state, local or foreign income or social insurance tax), imposed on the Grantee and the Company by reason of the delivery of Shares, or a Withholding Election Form to be provided by the Company upon request by the
Grantee (or personal representative). Except as otherwise provided in this Agreement, upon receipt of payment in full of all withholding tax obligations, the Company shall cause a certificate representing the Shares (which will be unrestricted), or
if determined by the Company, such other evidence of the Share’s registration in book-entry form, to be issued and delivered to the Grantee. 

(b) If no payment is received or if payment is not timely, the Grantee will be deemed to have elected to
satisfy the tax obligation by reduction in Shares. The actual number of Shares delivered shall be reduced by the smallest number of whole Shares which, when multiplied by the Fair Market Value of a Share on the Vesting Date, is sufficient to satisfy
the amount of the withholding tax obligations imposed on the Company by reason of the delivery of the Shares. Once made, the deemed election shall be irrevocable. 
  

 

	1	 The proviso shall be deleted in its entirety in award agreements that are not intended to qualify under 162(m). 

  
 3 

 4. Governing Laws. This Agreement shall be construed, administered
and enforced according to the laws of the State of Tennessee. 
 5. 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. 
 6. 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 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. 
 7.
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. 

8. 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. 
 9. Headings. Section and paragraph headings used herein are
for convenience of reference only and shall not be considered in construing this Agreement. 
 10. 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. 
 11. No Right to Continued Employment. Neither the establishment of the Plan nor the award of Performance Stock Units hereunder shall be construed as giving the Grantee the right to any continued
employment, service or consulting relationship with the Company. Nothing in the Plan or this Agreement shall affect any right which the Company may have to terminate the employment of the Grantee regardless of the effect of such termination of
employment on the rights of the Grantee under the Plan or this Agreement. 
 12. Section 409A. The
Performance Stock Unit Award is intended, and shall be interpreted, to provide compensation that is exempt from IRS Code Section 409A under the short-term deferral rule and shall be interpreted in accordance with this intention. However, the
Company does not warrant that the award will be exempt or comply with IRS Code Section 409A. In no event shall the Company nor any director, officer, or employee of the Company nor any member of the Compensation Committee be liable for any
additional tax, interest, or penalty incurred by a participant as a result of the failure of the Performance Stock Unit Award to satisfy the requirements of IRS Code Section 409A, or failure to satisfy any other requirements of applicable tax
laws. 
 13. Amendment. The Administrator may at any time amend this Agreement, provided however that, no
amendment shall impair the rights of the Grantee unless mutually agreed in writing signed by the Grantee and the Company.  

  
 4 

 SCHEDULE 1 
 PACER INTERNATIONAL, INC. 
 2006 LONG-TERM INCENTIVE PLAN 

PERFORMANCE STOCK UNIT AWARD 
 Vesting Schedule 
  

	1.	 Definitions. The following terms used in this Vesting Schedule have the following meanings: 

“Additional Vesting Condition” means the additional conditions in paragraph 3 below. 

“Applicable Percentage” has the meaning set forth in paragraph 2 of this Vesting Schedule.

 “Cause” means the occurrence or existence of any of the following events or
circumstances: 
  

	 	(a)	 the Grantee’s willful misconduct with respect to the business and affairs of the Company or any of its Subsidiaries;

  

	 	(b)	 the Grantee’s willful neglect of duties or the failure to follow the lawful directions of the Board or more senior officers of the Company or
its Subsidiary to whom the Grantee reports, including the violation of any material policy of the Company or of any of its Subsidiaries that is applicable to the Grantee; 

 

	 	(c)	 the Grantee’s material breach of any provision of his or her employment agreement or any other written agreement between the Grantee and the
Company or any of its Subsidiaries and, if the breach is capable of being cured, the Grantee’s failure to cure that breach within thirty (30) days of receipt of written notice of such breach from the Company or any of its Subsidiaries;

  

	 	(d)	 the Grantee’s commission of a felony or any act of fraud or financial dishonesty with respect to the Company or any of its Subsidiaries; or

  

	 	(e)	 the Grantee’s conviction of a crime involving moral turpitude or fraud. 

“Change in Control Consideration” means the per Share payment or consideration (whether stock,
cash or other property) payable to the Company’s shareholders in connection with the Change in Control. 

“Change in Control Vesting Date” means the earliest to occur of (1) the Final Vesting Date,
(2) the 18-month anniversary of the Change in Control, (3) death or Disability of the Grantee following a Change in Control, (4) Termination of Employment by the Company (or its successor) without Cause following a Change in Control,
or (5) Termination of Employment by the Grantee for Good Reason following a Change in Control. 

“Early Payment Date” means a date between January 1 and March 15 of the year after the
year of Termination of Employment. 
 “Final Payment Date” means a date between
March 5,             and March 15,             . 

“Final Vesting Date” means March 5,
            . 
 “Good
Reason” means the occurrence or existence of any of the following events or circumstances after a Change in Control, without the consent of the Grantee: 
  

	 	(a)	 any reduction in the annual base salary (other than an across the board reduction applicable to similarly situated executives), material reduction
in employee benefits or fringe benefits required to be provided to the Grantee under the Grantee’s employment agreement with the Company or its Subsidiary, provided that the Grantee notifies the Company, in writing, within 90 days of such
reduction and, if such reduction is capable of being cured, the Company’s failure to cure the same within 30 days after the Company’s receipt of such written notice; 

  
 5 

	 	(b)	 any material reduction in the Grantee’s position, title, duties, reporting responsibilities or authorities; provided that the Grantee notifies
the Company, in writing, within 90 days of such material reduction and, if such material reduction is capable of being cured, the Company’s failure to cure the same within 30 days after the Company’s receipt of such written notice;

  

	 	(c)	 any material breach by the Company of its obligations to Grantee under any employment or other written agreement between the Company and Grantee,
provided that the Grantee notifies the Company, in writing, within 90 days of such breach and, if such breach is capable of being cured, the Company’s failure to cure the same within 30 days after the Company’s receipt of written notice;
or 

  

	 	(d)	 the Company’s requirement that the Grantee relocates his or her principal office or place of employment with the Company or its Subsidiary to a
location that is more than fifty (50) miles from the present location of the Grantee’s principal office. 

 “OI PSUs” means the portion of Target PSUs that are eligible to vest based on the Operating Income Performance Target. 

“OM PSUs” means the portion of Target PSUs that are eligible to vest based on the Operating Margin
Performance Target. 
 “Operating Income” means the Company’s income (loss) from
operations as reported in its audited consolidated financial statements for the applicable Performance Period, adjusted to eliminate (but without duplication) the following items to the extent included in determining such income (loss) from
operations for the Performance Period in question: (i) amounts related to the impairment or disposal of long-lived assets or the impairment of goodwill and other intangible assets; (ii) restructuring charges and expenses and amounts
related to exit or disposal activities; (iii) extraordinary gains or losses on disposal of assets, business units or segments of the business of the Company outside the ordinary course of business or of a previously separate company acquired by
the Company in a business combination within two years of the date of such combination; (iv) gains or losses that are the direct result of a major casualty or natural disaster; (v) gains or losses (or the amortization thereof) that are
separately disclosed in such audited financial statements or the footnotes thereto and result from any newly-enacted law, regulation or judicial order; (vi) the net provision for litigation and other regulatory proceedings, (vii) with
respect to the determination of Operating Income for Period Two and Period Three, the annual accounting expenses with respect to new equity-based awards granted to employees, officers and directors of the Company in each such Performance Period (it
being understood that no adjustment to the Company’s income (loss) from operations as so reported with respect to any Performance Period is to be made for accounting expenses associated with equity-based awards granted to employees, officers
and directors of the Company in 2010 and             ) [insert year in which Date of Grant occurs], (viii) the cumulative effect of a change in accounting principles or
the adoption of a new accounting principle; and (ix) amounts with respect to any other items that are unusual in nature or infrequent in occurrence and are separately disclosed in the Company’s audited financial statements or the footnotes
thereto; provided, however, that (1) no adjustment pursuant to the foregoing clauses (i) through (ix) shall be made unless the adjustment under the applicable clause changes income (loss) from operations as so reported by at
least 0.5% and (2) subject to the foregoing clause (1), for purposes of calculating Operating Income under this Vesting Schedule, the Company’s income (loss) from operations as reported in its audited consolidated financial statements will
only be adjusted for items specified in clauses (i) through (ix) above if the net effect of such items, in the aggregate, changes income (loss) from operations as reported by at least 5%. The above adjustments to income (loss) from
operations as so reported shall be computed in accordance with GAAP.
 “Operating Income Performance
Target” means the Company’s achievement of Operating Income equal to the following amount, (i) with respect to Period One,             , (ii) with respect
to Period Two,                     , and (iii) with respect to Period Three,
                    . 

  
 6 

 “Operating Margin” means the ratio calculated by
dividing (i) Operating Income for the applicable Performance Period by (ii) the Company’s revenues as reported in its audited consolidated financial statements for the applicable Performance Period. 

“Operating Margin Performance Target” means the Company’s achievement of Operating Margin
equal to (i) with respect to Period One,             , (ii) with respect to Period Two,             , and
(iii) with respect to Period Three,             . 
 “Performance Period” means any of Period One, Period Two or Period Three. 
 “Performance Targets” means the Operating Margin Performance Target and the Operating Income Performance Target, and a “Performance Target” means the
Operating Income Performance Target or Operating Margin Performance Target, whichever is applicable. 

“Period One” means the period commencing on
                    , and ending on
                    . 
 “Period Two” means the period commencing on                     , and
ending on                     . 
 “Period Three” means the period commencing on                     , and
ending on                     . 
 “Target PSUs” has the meaning set forth in paragraph 2 of this Vesting Schedule. 
 “Termination of Employment” means the termination of the Grantee’s Continuous Status as an Employee or Consultant (as defined in the Plan). 

 

	2.	 Number of Shares Earned. 

  

	 	(a)	 Committee Certification. The number of Performance Stock Units designated for a Performance Period on the first page of this Agreement
(the “Target PSUs”) represents a target number of Shares eligible for vesting if the Performance Target is met for that Performance Period. As of the last day of each Performance Period, the Committee will determine the number of Shares,
if any, eligible for vesting with respect to such Performance Period, and will certify the results in writing. 

  

	 	(b)	 Performance Formula. Fifty-percent (50%) of the Target PSUs for each Performance Period shall be eligible to vest based on
achievement of Operating Income Performance Targets and the other fifty percent (50%) shall be eligible to vest based on achievement of Operating Margin Performance Targets. The number of PSUs eligible for vesting for any Performance Period
will equal the product of (a) the percentage determined under this paragraph 2 (the “Applicable Percentage”) multiplied by (b) the number of Target PSUs awarded to the Grantee for the Performance Period. To determine the
Applicable Percentage for OI PSUs, the Committee will compare (1) the Company’s certified Operating Income for the Performance Period to the Operating Income Performance Target for the Performance Period. To determine the Applicable
Percentage for OM PSUs, the Committee will compare the Company’s certified Operating Margin for the Performance Period to the Operating Margin Performance Target for the Performance Period. The table below specifies the Applicable Percentage
for each Performance Period if the certified Operating Income and certified Operating Margin equals the percentage of the Performance Target stated in the chart at the applicable Threshold, Target or Maximum payout levels.

  
 7 

 Payout Levels for the Performance Period 

 

					
	Payout Level	  	 Percentage of the
Performance

Target Achieved
	  	 Applicable Percentage of
 Target PSUs Vested with respect to that
Performance Target

	 No Payout
	  	Less than 75%	  	0%
	 Threshold
	  	75%	  	33.3%
	 Target
	  	100%	  	100%
	 Maximum
	  	125%	  	200% (Maximum payout)

Accordingly, the table below specifies the Applicable Percentage for each Performance Period if the certified Operating
Income or certified Operating Margin equals the percentage of the Performance Targets stated in the chart at the applicable Threshold, Target or Maximum payout levels. 
  

																	
	Performance Period	  	Operating Income	 	Operating Margin
	  	 Below
 Threshold
	 	 Threshold
 (75% of
target)
	 	 Target
 (100% of
target)
	 	 Maximum
 (125% or more
of target)
	 	 Below
 Threshold
	 	 Threshold
 (75% of
targeted
OM
increase)
	 	 Target
 (100% of
targeted
OM
increase)
	 	 Maximum
 (125% or
more of
targeted
OM
increase)

	 Percentage of OI PSUs earned for the performance period
	  	0%	 	33.33%	 	100%	 	200%	 	—  	 	—  	 	—  	 	—  
	 Percentage of OM PSUs earned for the performance period
	  	—  	 	—  	 	—  	 	—  	 	0%	 	33.33%	 	100%	 	200%
	 Percentage of Target PSUs earned for the performance period
	  	0%	 	16.67%	 	50%	 	100%	 	0%	 	16.67%	 	50%	 	100%
	 Period One:
	  	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  
	 Period Two:
	  	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  
	 Period Three
	  	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  	 	—  

 If the certified Operating Income or Operating Margin achieved is between the Threshold and Target payout levels for the relevant Performance Target, then the Applicable Percentage will be prorated
between the specified Applicable Percentage for the Threshold payout level and the specified Applicable Percentage for the Target payout level. If the certified Operating Income or Operating Margin achieved is between the Target and Maximum payout
levels for the relevant Performance Target, then the Applicable Percentage will be prorated between the specified Applicable Percentage for the Target payout level and the specified Applicable Percentage for the Maximum payout level. If the
certified Operating Income or Operating Margin achieved is below the applicable Threshold payout level, then the Applicable Percentage will be 0%. If the certified Operating Income and Operating Margin achieved are at or above the Maximum payout
levels, then the Applicable Percentage will be capped at 200%. 
  

	 	(c)	 Negative Discretion of the Committee. Anything contained in this Agreement to the contrary notwithstanding, but subject to the last
sentence of this Section 2(c), in determining the Operating Income for any Performance Period, the Committee may, in its reasonable discretion, reduce such 

  
 8 

	 	 
Operating Income by an amount up to or equal to fifteen percent (15%) of the original amount of such Operating Income computed pursuant to the definition of such term contained in this
Vesting Schedule prior to giving effect to such reduction. The Operating Income as so reduced shall be used for purposes of determining the achievement of the Performance Targets. Within 90 days following the completion of each Performance Period,
the Committee shall certify in writing the Company’s Operating Income and Operating Margin for such Performance Period. Notwithstanding the foregoing provisions of this Section 2(c), in the event that the inclusion of this
Section 2(c) of the Vesting Schedule should result, under applicable FASB Accounting Standards (including without limitation FASB Accounting Standards Codification Topic 718 Compensation – Stock Compensation (or any successor accounting
standard)), in (i) the classification of the Performance Stock Units other than as permanent equity or (ii) any deferral of the grant date after the Date of Grant specified above for the Performance Stock Units, then this Section 2(c)
of the Vesting Schedule shall be deemed, ab initio, to be null and void and of no force or effect whatsoever and to be deleted from this Agreement in its entirety with the effect, among other things, to avoid, ab initio, any such classification
and/or deferral referred to in the foregoing clauses (i) and (ii). 

  

	3.	 Additional Vesting Conditions; Acceleration of PSUs. 

 

	 	(a)	 Vesting on the Final Vesting Date. Except as provided in paragraph 5 and subject to any other forfeiture of Shares under Section 12 of
the Additional Terms and Conditions or in Section 19 of the Plan, the resulting portion of Performance Stock Units for Period One, Period Two and Period Three that have become eligible for vesting in accordance with paragraph 2 above shall
except as otherwise provided in paragraphs 3(b) and (c) below, become vested on the Final Vesting Date provided that Grantee has not had a Termination of Employment before such date. 

 

	 	(b)	 Death or Disability of Grantee Prior to a Change in Control. In the event of the death or Disability of the Grantee prior to the occurrence
of a Change in Control, any portion of the Performance Stock Units that are eligible for vesting in accordance with paragraph 2 above for a completed Performance Period ending prior to the date of such death or Disability shall be vested on the date
of the Grantee’s death or Disability. With respect to the Performance Period that has begun, but has not yet been completed on the date of death or Disability, Performance Stock Units shall vest based on the percentage of the Performance Target
subsequently certified for such Performance Period, and the number of Performance Stock Units eligible for payment for such Performance Period shall be reduced on a pro-rated basis taking into account the number of days during the Performance Period
that the Grantee was employed at the Company during such Performance Period. Any remaining Performance Stock Units for such Performance Period will be forfeited and Performance Stock Units for a Performance Period that has not yet begun will be
forfeited. 

  

	 	(c)	 Termination of Employment without Cause Prior to a Change in Control. In the event of the Termination of Employment of the Grantee by the
Company without Cause prior to the occurrence of a Change in Control, any portion of the Performance Stock Units that have become eligible for vesting in accordance with paragraph 2 above for a completed Performance Period ending prior to such
termination shall be vested on the date of the Termination of Employment. With respect to the Performance Period that has begun, but has not yet been completed on the date of such Termination of Employment, the Performance Stock Units shall vest
based on the percentage of the Performance Target subsequently certified for such Performance Period, and the number of Performance Stock Units eligible for payment for such Performance Period shall be reduced on a pro-rated basis taking into
account the number of days during the Performance Period that the Grantee was employed at the Company during such Performance Period. Any remaining Performance Stock Units for such Performance Period will be forfeited and Performance Stock Units for
a Performance Period that has not yet begun will be forfeited. 

  

	 	(d)	 Other Termination of Employment Prior to a Change in Control. Upon any other Termination of Employment not described in paragraphs 3(b) and
(c) above (including for illustration, resignation, 

  
 9 

	 	 
retirement or termination for Cause) prior to the occurrence of a Change in Control and prior to the Final Vesting Date, all Performance Stock Units will be forfeited.

  

	4.	 Delivery of Shares/Payment. Except as set forth in paragraph 5 below, when all or any portion of the Performance Stock Units have
become vested in accordance with paragraph 3 of this Vesting Schedule, the Company shall deliver to the Grantee (or his or her beneficiary in the event of death) on the Early Payment Date or the Final Payment Date, as applicable, a certificate
representing the appropriate number of Shares (which will be unrestricted) or, if determined by the Company, other evidence of the Shares’ registration in book-entry form. In lieu of any fractional Share, the Company shall pay the Grantee an
amount in cash equal to such fraction multiplied by the Fair Market Value of a Share determined as of the date of vesting. 

  

	5.	 Change in Control. Notwithstanding anything to the contrary in this Agreement, in the event of a Change in Control, Performance Stock
Units shall vest and be payable as follows: 

  

	 	(e)	 Completed Performance Periods. The portion of the Performance Stock Units that were determined to be eligible for vesting in
accordance with paragraph 2 above for a completed Performance Period ending prior to the Change in Control shall be vested on the Change in Control Vesting Date, except as otherwise provided below. 

 

	 	(f)	 Incomplete Performance Periods. The Performance Stock Units for any Performance Periods that have not yet been completed as of the
date of the Change in Control (including Performance Periods that have not yet begun) shall be treated as if 100% of the respective Performance Targets has been achieved and shall be vested on the Change in Control Vesting Date, except as otherwise
provided below. 

  

	 	(g)	 Termination of Employment. Following a Change in Control, all Performance Stock Units will be forfeited upon a Termination of
Employment for any reason, other than death, Disability, Termination of Employment by the Company (or its successor) without Cause or Termination of Employment by Grantee for Good Reason (for example, Performance Stock Units are forfeitable upon
resignation, retirement or Termination of Employment for Cause following a Change in Control). 

  

	 	(h)	 Time for Delivery/Payment on or after a Change in Control. On the Change in Control Vesting Date, unless otherwise determined by the
Committee pursuant to the Plan, the Grantee shall receive the Change in Control Consideration with respect to each outstanding Performance Stock Unit which is payable as set forth in this paragraph 5, plus interest on any cash portion of the Change
in Control Consideration from the date of the Change of Control until the Change of Control Vesting Date, with such interest calculated at a rate equal to the interest rate payable on the one-year Treasury Note issued or sold most recently prior to
the Change in Control. 

  
 10 

 Illustrative Example: 

Executive has been awarded 100 PSUs for Period One, 100 PSUs for Period Two and 100 PSUs for Period Three. If for Period One the
Operating Income is             (75% of the Operating Income Performance Target) and Operating Margin is
            (less than Threshold), for Period Two the Operating Income is $            (100% of the Operating
Income Performance Target) and the Operating Margin is             (100% of the Operating Margin Performance Target) and for Period Three, Operating Income is
            (110% of the Performance Target) and Operating Margin is             (125% of the Operating Margin
Performance Target), then provided that the Additional Vesting Condition is met, 286 Shares shall be delivered to the Executive between March 5 and March 15,             ,
plus a cash payment equal to .67 shares multiplied by the Fair Market Value of a Share on March 5,             . The 286 shares were determined by adding (1) 16.67 Shares
for Period One, (2) 100 Shares for Period Two (50 Shares for meeting the Operating Income Performance Target and 50 Shares for meeting the Operating Margin Performance Target) and (3) 170 for Period Three (70 shares for achieving 110% of
the Operating Income Performance Target and 100 shares for achieving 125% of the Operating Margin Performance Target), rounding down by .67 fractional shares. 

  
 11

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