Document:

Exhibit1030RestrictedStockAwardAgrIndpDirectors2012PlanSEC1

Exhibit 10.30

RESTRICTED STOCK AWARD AGREEMENT FOR 
INDEPENDENT DIRECTORS PURSUANT TO THE
PACER INTERNATIONAL, INC. 2012 OMNIBUS INCENTIVE PLAN
 
 
This RESTRICTED STOCK AWARD AGREEMENT (the “Agreement”) is made and entered into as of the ____ day of _____, 201__ 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. 2012 Omnibus Incentive Plan (the “Plan”), and the shareholders of the Company have approved the Plan.  

On _____________, pursuant to revisions to the independent director compensation program, the Compensation Committee of the Board has approved the grant, effective as of ___________, 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:  ____________, 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.

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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:    Florian Kete 
    Title:   Vice President, Human Resources
                                                     
                              

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 

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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 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 ______________, A COPY OF WHICH IS AVAILABLE FROM THE COMPANY.
 

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(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 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 

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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.
 
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.
2012 OMNIBUS INCENTIVE PLAN 
RESTRICTED STOCK AWARD FOR INDEPENDENT DIRECTORS
 
Vesting Schedule
 

100% of the Restricted Shares shall vest and become non-forfeitable on ____________ ____, 201__.  

7Exhibit1034Pacer2013PerformanceBonusPlan

Exhibit 10.34

PACER INTERNATIONAL, INC.
2013 PERFORMANCE BONUS PLAN 

I.    BONUS PLAN

The Pacer International, Inc., 2013 Performance Bonus Plan (the “Bonus Plan”) is a variable pay plan providing compensation payments that are contingent upon achieving pre-determined performance objectives or criteria with respect to the 2013 fiscal year period of Pacer International, Inc. (“Pacer International”), and its subsidiaries (collectively with Pacer International, the “Company”).  The Bonus Plan does not include payment or provision for salary increases (whether based on merit or otherwise), profit-sharing, savings or retirement plans, or recognition awards.

The Bonus Plan will be communicated by the senior management of the Company’s various lines of businesses (“LOBs”) or corporate units (Finance, Legal, Human Resources, IT, etc.) to their respective associates; among other things these communications will outline the Bonus Plan’s performance objectives for the specific unit as well as for the entire Company on a consolidated basis.  The objective of this communication process is to create a “line of sight” link between the Bonus Plan’s performance objectives and the success of the LOBs and the overall Company.

The Bonus Plan is a “pool-funded” program with monthly accruals for all LOBs booked at the corporate level based on the LOBs and the Company’s actual performance against the Bonus Plan’s performance objectives during the relevant period.  These accrual decisions are determined by the Chief Executive Officer and Chief Financial Officer of Pacer International, as appropriate.

The Bonus Plan’s objectives are to:
		
	•
	align individual behavior with stated business goals and objectives;

		
	•
	encourage achievement of specific business goals and objectives;

		
	•
	improve LOB, support department, and overall Company performance; and

		
	•
	attract and retain critical talent for the Company.

The performance objectives that are required to be satisfied in order for the Company and each LOB to award and pay bonuses with respect to the 2013 calendar year are comprised of LOB gross margin, contribution margin, volume or operating income (other similar metrics) targets and Company‐wide consolidated operating income targets; these objectives are established by Company management and approved by the Compensation Committee of the Pacer International Board of Directors (the “Compensation Committee”) based on the Company’s 2013 operating plan and budget approved by the Board of Directors.  Individual associates who are eligible to participate in the Bonus Plan are assigned a target bonus opportunity expressed as a percentage of annual base salary.

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Exhibit 10.34

Distribution of bonuses will occur after the determination and funding of the LOBs and Corporate bonus pools, and is expected to take place in February of the following year.  Each award under this Bonus Plan to an individual who is a covered associate under Section 162(m) of the Internal Revenue Code, is designated as a Performance Cash Incentive under the Pacer International 2012 Omnibus Incentive Plan (the “Omnibus Plan”), and will be subject to the applicable rules under the Omnibus Plan for such type of Award.  To maintain the deductibility of Performance Cash Incentives under the Bonus Plan pursuant to Section 162(m) of the Internal Revenue Code, the distribution of bonuses to the Pacer International Chief Executive Officer and four other most highly compensated officers of the Company will not occur until the Compensation Committee has certified that the performance objectives for the payment of such bonuses have been met.

II.     INDIVIDUAL BONUS AWARDS

Once the LOB and the Corporate Bonus Pools have been determined, individual bonus awards are determined based on a combination of an individual’s performance and his or her contribution to his or her LOB.  The Corporate Human Resources Department will provide the various LOB management teams with guidelines on assessing an individual’s performance and contribution and making bonus distributions once the LOB bonus pools have been determined.  Individual bonus distributions should be based on performance and contribution, and those individuals who perform or contribute at a higher level should be recognized for their performance and contribution.  

		
	•
	As noted, actual bonus awards should be determined based on two components, individual performance and contribution to the success of the LOB (or support department within the LOB).  Associates who receive a “Misses or Misses +” rating on their performance reviews will not be eligible for any portion of their bonus for the period in which they received the rating. 

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

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Exhibit 10.34

		
	•
	An associate with less than one year of employment who began their employment before October 1 of that year may be eligible for a pro-rated bonus.  Associates hired after October 1 will not be eligible for a bonus until the following plan year, assuming they qualify under the terms and conditions of the plan for that year.  Bonus payments will be determined by applying the target bonus percentage in effect at the end of the fiscal year to the associate’s base salary earned during the bonus period.  The Company shall deduct from all cash distributions under the Bonus Plan any taxes required to be withheld by federal, state, local or foreign government or taxing authority and 401k contributions.

III.    GENERAL TERMS

Nothing in the Bonus Plan shall confer upon any participant any right or expectation to continue in the Company’s employ, or to interfere in any manner with the absolute right of the Company to change or terminate a participant's employment at any time for any reason.  Neither the Bonus Plan nor any bonus award or right to receive any bonus award shall create or be construed to create a trust or separate fund of any kind or any fiduciary relationship between the Company and any participant or other person.  Any right to receive payments from the Company under the Bonus Plan shall be no greater than the right of an unsecured general creditor of the Company.

During a participant’s lifetime, each bonus award, and each right under any bonus award, shall be exercisable only by the participant or, if permissible under applicable law, by the participant’s guardian or legal representative.  No bonus award, and no right under any bonus award, may be assigned, alienated, pledged, attached, sold or otherwise transferred to, or encumbered by a participant other than by will or by the laws of descent and distribution and any such purported transfer or encumbrance shall be void and unenforceable against the Company.

The Bonus Plan is a discretionary plan provided by the Company, and it may be amended, modified or supplemented at any time and from time to time, and may be canceled or terminated at any time, in the sole discretion of the Compensation Committee.  In addition to, or in lieu of, the bonus formulas contained in the Bonus Plan, in the event of special or extraordinary circumstances management may recommend to the Compensation Committee retention, incentive or other bonus grants or awards, but the grant, award or payment thereof, including any terms and conditions relating thereto, shall be in the sole discretion of the Compensation Committee.  The Bonus Plan shall be administered by or under the direction and supervision of the Chief Executive Officer of Pacer International, whose determinations shall be final (subject to the approval of the Compensation Committee to the extent required by applicable law or securities exchange listing requirements or to maintain deductibility under Internal Revenue Code Section 162(m)).  Any such amendments, modifications, supplements or determinations shall be made in a manner to maintain the deductibility of compensation paid under the Bonus Plan pursuant to Internal Revenue Code Section 162(m) to the extent such regulation would otherwise impair the deductibility of compensation under the Bonus Plan.

The Bonus Plan is intended, and shall be interpreted, to provide compensation that is exempt from IRS Code Section 409A under the short-term deferral rule.  The Company does not warrant that the Plan will comply with IRS Code Section 409A with respect to any Bonus Plan participant or with respect to any payment, however.  In no event shall the Company nor any director, officer, or associate of the Company nor any member of the Compensation Committee be liable for any additional tax, interest, or penalty incurred by a participant as a result of the Bonus Plan’s failure to satisfy the requirements of IRS Code Section 409A, or as a result of the Bonus Plan’s failure to satisfy any other requirements of applicable tax laws.

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Exhibit 10.34

No member of the Board of Directors or any committee of the Board of Directors of Pacer International or any of its subsidiaries, nor any officer of Pacer International or any of its subsidiaries delegated authority under the Bonus Plan, shall be liable for any action, omission or determination made in good faith by such member, by the Board of Directors or any committee of the Board of Directors of Pacer International or any of its subsidiaries, or by any such officer with respect to the Bonus Plan or any bonus award.  

The Bonus Plan shall be construed under the laws of the State of Tennessee, to the extent not preempted by federal law, without reference to the principles of conflict of laws.  

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