Document:

Fifth Amendment to Amended & Restated Credit Agreement

 Exhibit 10.6 

EXECUTION COPY 

FIFTH AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of
November 29, 2007 by and among PANTHER II TRANSPORTATION, INC., an Ohio corporation (“Borrower”), PANTHER EXPEDITED SERVICES, INC., a Delaware corporation f/k/a PTHR Holdings, Inc. (“Holdings”),
PANTHER II, INC., an Ohio corporation f/k/a Sokolowski, Inc. (“Panther Sub”), KEY TRANSPORTATION SERVICES, INC., a Texas corporation (“Integres Sub”), INTEGRES GLOBAL LOGISTICS, INC., a Delaware corporation
(“Integres”; Borrower, Holdings, Panther Sub, Integres Sub and Integres are collectively referred to herein as the “Loan Parties” and each individually as a “Loan Party”), ANTARES CAPITAL CORPORATION,
a Delaware corporation, as agent (together with its successors and assigns in such capacity, the “Agent”) for the several financial institutions from time to time party to the Credit Agreement (collectively, the
“Lenders” and individually each a “Lender”), and for itself as a Lender, and such Lenders. 

W I T N E S S E T H: 

WHEREAS, Borrower, Agent and the Lenders have entered into that certain Amended and Restated Credit Agreement dated as of
January 11, 2006 (as the same has been amended pursuant to (a) that certain Consent, Waiver and First Amendment to Amended and Restated Credit Agreement dated as of July 21, 2006, (b) that certain Second Amendment to Amended and
Restated Credit Agreement dated as of February 28, 2007, (c) that certain Consent and Third Amendment to Amended and Restated Credit Agreement dated as of March 20, 2007 and (d) that certain Fourth Amendment to Amended and
Restated Credit Agreement dated as of May 23, 2007, and as the same hereafter may be further amended, modified, restated or otherwise supplemented from time to time, the “Credit Agreement”); 

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

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

(a) Section 11.1 – Defined Terms. Section 11.1 of the Credit Agreement hereby is amended by
substituting the following definition of the term set forth below in lieu of the current version of such definition contained in Section 11.1 of the Credit Agreement: 

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

(b) Exhibit 4.2(b) – Compliance Certificate. Exhibit B to Exhibit 4.2(b) to the Credit Agreement is hereby
amended by inserting the following language as an add-back to the EBITDA calculation. 
 “Severance payments
and other non-recurring expenses related to the termination of John Sliter, not to exceed $578,000 in the aggregate, incurred in the calendar quarter ending December 31, 2007 to the extent deducted in calculating net income (or loss) for such
period” 
 3. Conditions Precedent. The effectiveness of this Amendment is subject to the following
conditions precedent or concurrent: 
 (a) the execution and delivery of this Amendment by each of the Loan Parties,
Agent and Lenders; and 
 (b) the execution and delivery of a corresponding amendment to the Subordinated Loan Agreement
in form and substance reasonably satisfactory to Agent. 
 4. Representations and Warranties. Each Loan Party,
jointly and severally, hereby represents and warrants to Agent and each Lender as follows: 
 (a) Such Loan Party is a
corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation; 

(b) Such Loan Party has the power and authority to execute, deliver and perform its obligations under this Amendment and each
other document, agreement and instrument executed by such Loan Party in connection with each of the foregoing; 
 (c) the
execution, delivery and performance by such Loan Party of this Amendment and each other document, agreement and instrument executed by such Loan Party in connection with each of the foregoing have been duly authorized by all necessary action;

 (d) this Amendment and each other document, agreement and instrument executed by such Loan Party in connection with
each of the foregoing constitutes the legal, valid and binding 
  

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

(e) no Default or Event of Default exists. 

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

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

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

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

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

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

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

  

									
	BORROWER:	  		 	HOLDINGS:
			
	 PANTHER II TRANSPORTATION, INC.,

an Ohio corporation
	  		 	 PANTHER EXPEDITED SERVICES, INC.,

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

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

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

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

a Delaware corporation

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

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

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

 Fifth Amendment 

			
	AGENT AND LENDERS:
	
	 ANTARES CAPITAL CORPORATION, a

Delaware corporation, as a Lender and as
 Agent

		
	By:	 	 /s/ Brain E. Sommerfeld

	Name:	 	Brain E. Sommerfeld
	Title:	 	Duly Authorized Signatory

 Fifth Amendment 

			
	 LASALLE BANK NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Anna C. Faford

	Name:	 	Anna C. Faford
	Title:	 	Assistant Vice President

 Fifth Amendment 

			
	ANTARES FUNDING, L.P., as a Lender
	
	By: The Bank of New York Trust Company., as Trustee of the Antares Funding Trust created under the Trust Agreement dated as of November 30, 1999, as a
Lender
		
	By:	 	 /s/ Jennifer Basso

	Name:	 	Jennifer Basso
	Title:	 	Relationship Manager

 Fifth Amendment 

					
	NAVIGATOR CDO 2003, LTD, as a Lender
			
		 	By:	 	 Antares Asset Management Inc.,

as Collateral Manager

			
		 	By:	 	 /s/ John Campos

		 	Name:	 	John Campos
		 	Title:	 	Authorized Signatory
	
	NAVIGATOR CDO 2005, LTD, as a Lender
			
		 	By:	 	 Antares Asset Management Inc.,

as Collateral Manager

			
		 	By:	 	 /s/ John Campos

		 	Name:	 	John Campos
		 	Title:	 	Authorized Signatory
	
	NAVIGATOR CDO 2006, LTD, as a Lender
			
		 	By:	 	 GE Asset Management Inc., as

Collateral Manager

			
		 	By:	 	 /s/ John Campos

		 	Name:	 	John Campos
		 	Title:	 	Authorized Signatory

 Fifth Amendment 

					
	OFSI FUND II, LLC, as a Lender
			
		 	By:	 	 Orchard First Source Asset Management, LLC,

its attorney in fact

			
		 	By:	 	 Orchard First Source Capital, Inc.,

its attorney in fact

			
		 	By:	 	 /s/ Terrence L. McKenna Jr.

		 	Name:	 	Terrence L. McKenna Jr.
		 	Title:	 	Director
	
	OFSI FUND III, LTD, as a Lender
			
		 	By:	 	 Orchard First Source Capital, Inc.,

its attorney in fact

			
		 	By:	 	 /s/ Terrence L. McKenna Jr.

		 	Name:	 	Terrence L. McKenna Jr.
		 	Title:	 	Director

 Fifth AmendmentConsent & Sixth Amendment to Amended & Restated Credit Agreement

 Exhibit 10.7 

Execution Copy 

CONSENT AND SIXTH AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

THIS CONSENT AND SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as
of October 7, 2008 by and among PANTHER II TRANSPORTATION, INC., an Ohio corporation (“Borrower”), PANTHER EXPEDITED SERVICES, INC., a Delaware corporation f/k/a PTHR Holdings, Inc. (“Holdings”),
PANTHER II, INC., an Ohio corporation f/k/a Sokolowski, Inc. (“Panther Sub”), KEY TRANSPORTATION SERVICES, INC., a Texas corporation (“Integres Sub”), INTEGRES GLOBAL LOGISTICS, INC., a Delaware
corporation (“Integres” ; Borrower, Holdings, Panther Sub, Integres Sub and Integres are collectively referred to herein as the “ Loan Parties” and each individually as a “Loan Party”), ANTARES CAPITAL
CORPORATION, a Delaware corporation, as agent (together with its successors and assigns in such capacity, the “Agent”) for the several financial institutions from time to time party to the Credit Agreement (collectively, the
“Lenders” and individually each a “Lender”), and for itself as a Lender, and such Lenders. 

W I T N E S S E T H: 

WHEREAS, Borrower, Agent and the Lenders have entered into that certain Amended and Restated Credit Agreement dated as of
January 11, 2006 (as the same has been amended pursuant to (a) that certain Consent, Waiver and First Amendment to Amended and Restated Credit Agreement dated as of July 21, 2006, (b) that certain Second Amendment to Amended and
Restated Credit Agreement dated as of February 28, 2007, (c) that certain Consent and Third Amendment to Amended and Restated Credit Agreement dated as of March 20, 2007, (d) that certain Fourth Amendment to Amended and Restated
Credit Agreement dated as of May 23, 2007 and (e) that certain Fifth Amendment to Amended and Restated Credit Agreement dated as of November 29, 2007, and as the same hereafter may be further amended, modified, restated or otherwise
supplemented from time to time, the “Credit Agreement”); 
 WHEREAS, Borrower has informed Agent and the
Lenders that Borrower wishes to purchase all of the outstanding equity interests of Elite Transportation Services, LLC d/b/a Elite Logistics Worldwide, an Oregon limited liability company (“Elite” ) pursuant to that certain
Membership Unit Purchase Agreement of even date herewith (the “ Elite Purchase Agreement”) by and among Elite Sellers (as defined in the Credit Agreement after giving effect to this Amendment), Borrower, Holdings and Elite (such
acquisition pursuant to the Elite Purchase Agreement, generally, the “Elite Acquisition”); 
 WHEREAS,
in connection with the Elite Acquisition, Borrower intends to use the proceeds of the Sixth Amendment Incremental Term Loan (as defined below) for the purpose of (a) paying a portion of the purchase price due and payable at closing for,
and the fees, costs and expenses related to, the Elite Acquisition, and (b) working capital and other general corporate purposes not in contravention of any Requirement of Law and not in violation of the Credit

  

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Agreement; 
 WHEREAS, Borrower has requested that Agent and the
Lenders (a) consent to the Elite Acquisition, (b) consent to Borrower’s use of proceeds of the Sixth Amendment Incremental Term Loan for the purposes of paying the cash portion of the purchase price due and payable at
closing for, and the fees, costs and expenses related to, the Elite Acquisition, and for working capital and other general corporate purposes not in contravention of any Requirement of Law and not in violation of the Credit Agreement, and
(c) agree to amend the Credit Agreement in certain respects as set forth herein; and 
 WHEREAS, Agent and
the Lenders are willing to grant such consents and make such amendments, in each case subject to the terms, conditions and other provisions hereof. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as
follows: 
 1. Defined Terms. Capitalized terms used but not defined herein shall have the meanings ascribed to
them in the Credit Agreement. 
 2. Consent and Agreement. Notwithstanding anything to the contrary contained in
the Credit Agreement or any other Loan Document, but subject to and in accordance with the terms of this Amendment, Agent and Lenders hereby: 

(a) consent to the Elite Acquisition, notwithstanding the failure of Borrower to comply with clause (h) of the
definition of “ Permitted Acquisition” within Section 11.1 of the Credit Agreement, and acknowledge that, from and after the effectiveness of such consent, the Elite Acquisition shall be deemed to be a “ Permitted
Acquisition” ; and 
 (b) consent to Borrower’s use of proceeds of the Sixth Amendment Incremental Term Loan
for the purposes of paying a portion of the purchase price due and payable at closing for, and the fees, costs and expenses related to, the Elite Acquisition, and for working capital and other general corporate purposes not in contravention of any
Requirement of Law and not in violation of the Credit Agreement. 
 3. Amendments. Subject to the conditions set
forth below, and in reliance upon the representations and warranties of the Loan Parties set forth in the Credit Agreement and in this Amendment, the Credit Agreement is hereby amended as follows: 

(a) Borrower and Lenders hereby agree that the outstanding principal balance of the Term Loan on the date hereof is $69,248,111.23
(the “Existing Term Loan”). Each Lender identified on Schedule 3(a) hereto severally and not jointly agrees, on the terms and subject to the conditions set forth herein, to lend to the Borrower on the Sixth Amendment
Effective Date (as defined in the Credit Agreement after giving effect to this Amendment), the amount (such loan, the “Sixth Amendment Incremental Term Loan”) set forth opposite such Lender’s name in Schedule 3(a) hereto
under the heading “ Sixth Amendment Incremental Term Loan” . Such loans shall be deemed to be made in addition to the Existing Term Loan and not in repayment thereof and shall constitute a part of the Term Loan for all purposes under the
Credit Agreement 
  

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and each Loan Document. Without limiting the generality of the foregoing, the loans made pursuant to this Section 3(a) shall (i) constitute Obligations under the Loan Documents
and have all of the benefits thereof, (ii) have all of the rights, remedies, privileges and protections applicable to the Term Loan under the Credit Agreement and the other Loan Documents, (iii) be secured by the Liens granted to the Agent
under any Collateral Document, (iv) be evidenced by Term Notes and (v) bear interest at rates applicable to the Term Loan under the Credit Agreement. After giving effect to the making of the Sixth Amendment Incremental Term Loan, on the
Sixth Amendment Effective Date the principal amount of the Term Loan outstanding under the Credit Agreement shall be $74,248,111.23. 

(b) Subsection 1.8(a) of the Credit Agreement is hereby amended by deleting such subsection in its entirety and
substituting the following therefor: 
 “(a) Scheduled Term Loan Payments. The principal amount of
the Term Loan shall be paid in installments on the dates and in the respective amounts shown below: 
  

			
	 Date of Payment:
	  	 Amount of

Term Loan Payment:

	 March 31, 2006
	  	$625,000.00
	 June 30, 2006
	  	$625,000.00
	 September 30, 2006
	  	$625,000.00
	 December 31, 2006
	  	$625,000.00
	 March 31, 2007
	  	$750,000.00
	 June 30, 2007
	  	$862,359.55
	 September 30, 2007
	  	$862,359.55
	 December 31, 2007
	  	$839,371.04
	 March 31, 2008
	  	$979,266.22
	 June 30, 2008
	  	$979,266.22
	 September 30, 2008
	  	$979,266.22
	 December 31, 2008
	  	$1,049,973.30
	 March 31, 2009
	  	$1,199,969.49
	 June 30, 2009
	  	$1,199,969.49
	 September 30, 2009
	  	$1,199,969.49
	 December 31, 2009
	  	$1,199,969.49
	 March 31, 2010
	  	$1,349,965.68
	 June 30, 2010
	  	$1,349,965.68
	 September 30, 2010
	  	$1,349,965.68
	 December 31, 2010
	  	$1,349,965.68

  

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	 Date of Payment:
	  	 Amount of

Term Loan Payment:

	 March 31, 2011
	  	$15,749,599.56
	 June 30, 2011
	  	$15,749,599.56
	 September 30, 2011
	  	$15,749,599.56
	 December 31, 2011
	  	 Remaining outstanding balance of Term Loan”

(c) Section 5.5 of the Credit Agreement hereby is amended by (i) deleting the word “and” immediately
after clause (h), (ii) deleting the “.” immediately after clause (i) and substituting “; and” in lieu thereof and (iii) adding a new clause (j) immediately following clause (i) as follows: 

“(j) unsecured Indebtedness of Borrower constituting (i) the Elite Deferred Payment incurred in connection with
the Elite Acquisition in an aggregate amount not to exceed $3,000,000 and (ii) the Elite Earn-Out Obligation incurred in connection with the Elite Acquisition in an aggregate maximum potential amount not to exceed $8,120,000.” 

(d) Section 5.7(b) of the Credit Agreement hereby is amended by deleting such subsection in its entirety and
substituting the following therefor:: 
 “(b) payment of performance bonuses to officers and employees, not
to exceed $3,500,000 in the aggregate, pursuant to one or more agreements or plans, each in form and substance acceptable to the Agent (it being acknowledged and agreed that the terms and conditions specified on Exhibit 5.7 are acceptable to the
Agent), and which agreements or plans will in any event contain the EBITDA targets set forth on Schedule 5.7; provided, that” 

(e) The preamble to Section 5.11 of the Credit Agreement hereby is amended in its entirety to read as follows:

 “5.11 Restricted Payments. The Borrower shall not, and shall not suffer or permit any of its
Subsidiaries to, (i) declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of its capital stock, partnership interests, membership
interests or other equity securities, (ii) purchase, redeem or otherwise acquire for value any shares of its capital stock, partnership interests, membership interests or other equity securities or any warrants, rights or options to acquire
such shares, interests or securities now or hereafter outstanding, or (iii) make any payment or prepayment of principal of, premium, if any, interest, fees, redemption, exchange, purchase, retirement, defeasance, sinking fund or similar payment
with respect to, Subordinated Indebtedness, or any payment on account of the Integres Earn-Out Obligation, the Elite Deferred Payment or the Elite Earn-Out Obligation (the items described in clauses (i), (ii) and (iii) above are referred
to as “ Restricted Payments” ); except that any Wholly-Owned Subsidiary of the 
  

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Borrower may declare and pay dividends to the Borrower or any Wholly-Owned Subsidiary of the Borrower that is a Domestic Subsidiary, and except that the Borrower may, in each instance solely to
the extent permitted under the Subordinated Loan Agreement:” 
 (f) Section 5.11 of the Credit Agreement
hereby is further amended by (i) deleting the word “and” immediately after clause (g), (ii) deleting the “.” immediately after clause (h) and substituting “; and” in lieu thereof and (iii) adding new
clause (i) immediately following clause (h) as follows: 
 “(i) pay, as and when due and
payable, cash payments in amounts required to be paid pursuant to the terms of the Elite Deferred Payment and/or the Elite Earn-Out Obligation in accordance with the provisions of Sections 1.2(c) and 1.2(e) of the Elite Acquisition
Agreement as in effect on the Sixth Amendment Effective Date; provided, that all of the following conditions are satisfied at the time of the making of any Elite Deferred Payment and/or Elite Earn-Out Obligation: 

(A) prior to the making of such payment, Agent shall have received (i) written notice from Borrower of
Borrower’s desire to make such payment, (ii) a written calculation of such payment, together with all other deliveries made to or by Borrower or any of its Subsidiaries under the Elite Acquisition Agreement in respect thereof, and
(iii) a certificate by a Responsible Officer stating Borrower and its Subsidiaries are in compliance with the terms hereof and of the Elite Acquisition Agreement in respect of the making of such payment; 

(B) without limiting the foregoing, all events and conditions required for such payment under the terms of the Elite
Acquisition Agreement to be due and payable shall have occurred and been satisfied (and no conditions thereof shall have been waived or modified without the prior written consent of Agent); 

(C) no Default or Event of Default has occurred and is continuing or would arise as a result of the making of such
payment; 
 (D) after giving effect to the making of such payment, the Loan Parties are in compliance on a pro
forma basis with the financial covenants set forth in Article VI of the Credit Agreement (recomputed for the most recent quarter for which financial statements have been delivered in accordance with the terms of the Credit Agreement after
giving effect thereto as if such payment was made during the period covered thereby); and 
 (E) after giving
effect to the making of such payment, Availability is not less than $3,000,000.” 
  

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 (g) Section 6.1 of the Credit Agreement is hereby amended by deleting
such section in its entirety and substituting the following therefor: 
 “6.1 Capital Expenditures.
The Borrower and its Subsidiaries shall not make or commit to make Capital Expenditures for any fiscal year (or shorter period commencing on the Restatement Effective Date) set forth below to exceed the amount set forth in the table below with
respect to such fiscal year (or shorter period commencing on the Restatement Effective Date): 
  

			
	 Fiscal Period
	  	Capital Expenditure Limitation
		
	 For the fiscal December 31, 2006 year ending
	  	$3,000,000
		
	 For the fiscal December 31, 2007 year ending
	  	$2,750,000
		
	 For the fiscal December 31, 2008 year ending
	  	$2,750,000
		
	 For the fiscal year ending December 31, 2009 and for each fiscal year thereafter
	  	$2,500,000

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

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

			
	 Date
	  	Maximum Senior Leverage
Ratio
	 March 31, 2006
	  	3.50 to 1.00
	 June 30, 2006
	  	3.50 to 1.00
	 September 30, 2006
	  	3.50 to 1.00
	 December 31, 2006
	  	3.50 to 1.00
		
	 March 31, 2007
	  	3.35 to 1.00
	 June 30, 2007
	  	3.50 to 1.00
	 September 30, 2007
	  	3.50 to 1.00

  

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	 December 31, 2007
	  	3.50 to 1.00
		
	 March 31, 2008
	  	3.25 to 1.00
	 June 30, 2008
	  	3.00 to 1.00
	 September 30, 2008
	  	3.35 to 1.00
	 December 31, 2008
	  	3.35 to 1.00
		
	 March 31, 2009
	  	3.25 to 1.00
	 June 30, 2009
	  	3.20 to 1.00
	 September 30, 2009
	  	3.10 to 1.00
	 December 31, 2009
	  	3.00 to 1.00
		
	 March 31, 2010
	  	2.90 to 1.00
	 June 30, 2010
	  	2.80 to 1.00
	 September 30, 2010
	  	2.65 to 1.00
	 December 31, 2010 and
	  	2.50 to 1.00
	 the last day of each fiscal quarter thereafter
	  	

 “Senior Leverage Ratio” shall be calculated in the manner set forth in
Exhibit 4.2(b).” 
 (i) Section 6.3 of the Credit Agreement is hereby amended by deleting such subsection in
its entirety and substituting the following therefor: 
 “6.3 Fixed Charge Coverage Ratio. The
Borrower shall not permit its Fixed Charge Coverage Ratio for the twelve month period ending on any date set forth below to be less than the minimum ratio set forth in the table below opposite such date: 

 

			
	 Date
	  	Minimum Fixed Charge
Ratio
		
	 March 31, 2006
	  	1.10 to 1.00
	 June 30, 2006
	  	1.10 to 1.00
	 September 30, 2006
	  	1.10 to 1.00
	 December 31, 2006
	  	1.10 to 1.00
		
	 March 31, 2007
	  	1.10 to 1.00
	 June 30, 2007
	  	1.10 to 1.00
	 September 30, 2007
	  	1.10 to 1.00
	 December 31, 2007
	  	1.10 to 1.00
		
	 March 31, 2008
	  	1.15 to 1.00
	 June 30, 2008
	  	1.15 to 1.00
	 September 30, 2008 and
	  	

  

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	 the last day of each fiscal quarter thereafter
	  	1.10 to 1.00

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

(j) Section 6.4 of the Credit Agreement is hereby amended by deleting such subsection in its entirety and substituting
the following therefor: 
 “6.4 Interest Coverage Ratio. The Borrower shall not permit its Interest
Coverage Ratio for the twelve month period ending on any date set forth below to be less than the minimum ratio set forth in the table below opposite such date: 
  

			
	 Date
	  	Minimum Interest Coverage
Ratio
		
	 March 31, 2006
	  	2.25 to 1.00
	 June 30, 2006
	  	2.25 to 1.00
	 September 30, 2006
	  	2.35 to 1.00
	 December 31, 2006
	  	2.40 to 1.00
		
	 March 31, 2007
	  	2.45 to 1.00
	 June 30, 2007
	  	2.25 to 1.00
	 September 30, 2007
	  	2.25 to 1.00
	 December 31, 2007
	  	2.25 to 1.00
		
	 March 31, 2008
	  	2.25 to 1.00
	 June 30, 2008
	  	2.35 to 1.00
	 September 30, 2008
	  	2.00 to 1.00
	 December 31, 2008
	  	2.00 to 1.00
		
	 March 31, 2009
	  	2.10 to 1.00
	 June 30, 2009
	  	2.10 to 1.00
	 September 30, 2009
	  	2.10 to 1.00
	 December 31, 2009
	  	2.15 to 1.00
		
	 March 31, 2010
	  	2.20 to 1.00
	 June 30, 2010 and the last day of each fiscal quarter thereafter
	  	2.30 to 1.00

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

(k) Section 11.1 of the Credit Agreement hereby is amended by substituting the following definitions of the terms set
forth below in lieu of the current version of such definitions 
  

 8 

 
contained in Section 11.1 of the Credit Agreement: 

“Aggregate Term Loan Commitment” means the combined Term Loan Commitments of the Lenders, which was initially in
the amount of $70,000,000, which amount shall be increased to $74,248,111.23 as of the Sixth Amendment Effective Date, in each case, as such amount may be reduced from time to time pursuant to this Agreement.” 

““Applicable Margin” means 

(a) for the period commencing on the Restatement Effective Date through August 4, 2006 [i.e., the fifth
(5th) Business Day following the date of delivery of the monthly financial statements and the Compliance Certificate for June, 2006]. 

(i) with respect to Base Rate Loans, two and one-half percent (2.50%) per annum, and 

(ii) with respect to LIBOR Rate Loans, three and three-quarters percent (3.75%) per annum; 

(b) for the period commencing on August 4, 2006 through the Sixth Amendment Effective Date, the Applicable Margin
shall equal the applicable LIBOR margin or Base Rate margin in effect from time to time determined as set forth below based upon the applicable Leverage Ratio then in effect pursuant to the appropriate column under the table below: 

 

					
	 Leverage Ratio
	  	LIBOR Margin	 	Base Rate Margin
			
	 Greater than 5.00 to 1.0
	  	4.00%	 	2.75%
			
	 greater than 4.50 to 1.0, but less than or equal to 5.00 to 1.0
	  	3.75%	 	2.50%
			
	 greater than 4.00 to 1.0, but less than or equal to 4.50 to 1.0
	  	3.50%	 	2.25%
			
	 less than or equal to 4.00 to 1.0
	  	3.00%	 	1.75%

 ; and 

(c) thereafter, the Applicable Margin shall equal the applicable LIBOR margin or Base Rate margin in effect from time to
time determined as set 
  

 9 

 
forth below based upon the applicable Leverage Ratio then in effect pursuant to the appropriate column under the table below: 

 

					
	 Leverage Ratio
	  	LIBOR Margin	 	Base Rate Margin
			
	 Greater than 4.25 to 1.0
	  	5.25%	 	4.00%
			
	 greater than 3.75 to 1.0, but less than or equal to 4.25 to 1.0
	  	5.00%	 	3.75%
			
	 less than or equal to 3.75 to 1.0
	  	4.75%	 	3.50%

 The
Applicable Margin shall be adjusted from time to time upon delivery to the Agent of the monthly financial statements for the last month of each fiscal quarter and the Compliance Certificate required to be delivered pursuant to Section 4.1
hereof, in each case accompanied by a written calculation of the Leverage Ratio certified on behalf of the Borrower by a Responsible Officer as of the end of the fiscal month for which such financial statements are delivered. If such calculation
indicates that the Applicable Margin shall increase or decrease, then on the fifth (5th) Business Day following the date of delivery of such financial statements, Compliance Certificate and written calculation the Applicable Margin shall be
adjusted in accordance therewith; provided, however, that if the Borrower shall fail to deliver any such financial statements and Compliance Certificate for any such fiscal month by the date required pursuant to Section 4.1, then, at the
Agent’s election, effective as of the date such financial statements and Compliance Certificate were to have been delivered, and continuing through the fifth (5th) Business Day following the date (if ever) when such financial statements,
Compliance Certificate and such written calculation are finally delivered, the Applicable Margin shall be conclusively presumed to equal the highest Applicable Margin specified in the pricing table set forth above.” 

““ LIBOR” means, for each Interest Period, the greater of (a) three percent
(3%) per annum and (b) the offered rate per annum for deposits of Dollars for the applicable Interest Period that appears on Telerate Page 3750 as of 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in
such Interest Period. If no such offered rate exists, such rate will be the rate of interest per annum, as determined by the Agent (rounded upwards, if necessary, to the nearest
1/100th of 1%) at which deposits of Dollars in immediately
available funds are offered at 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such Interest Period by major financial institutions reasonably satisfactory to the Agent in the London interbank market for such
Interest Period for the applicable principal amount on such date of determination.” 
 ““Related
Agreements” means, collectively, the Management Agreement, 
  

 10 

 
the Subordinated Indebtedness Documents, the Panther Purchase Agreement, the Employment Agreements, the Sponsor Guaranty, the Repurchase Agreement, the Integres Acquisition Documents, the Elite
Acquisition Documents and the Services Agreement.” 
 (l) Section 11.1 of the Credit Agreement hereby is
further amended by inserting the following defined terms therein in appropriate alphabetical order: 

““Elite” means Elite Transportation Services, LLC d/b/a Elite Logistics Worldwide, an Oregon limited
liability company.” 
 ““Elite Acquisition” means the acquisition by Borrower of all of the
outstanding equity interests of Elite pursuant to the Elite Acquisition Agreement.” 
 ““Elite
Acquisition Agreement” means that certain Membership Unit Purchase Agreement by and among Borrower, Holdings, Elite Sellers and Elite, dated as of October 7, 2008.” 

““Elite Acquisition Documents” means all documents, agreements and instruments executed by the Borrower
and/or its Subsidiaries in connection with the consummation of the Elite Acquisition and shall include, without limitation, the Elite Acquisition Agreement.” 

““Elite Deferred Payment” means the payment not to exceed an aggregate of $3,000,000 due to Elite Sellers
by the Borrower pursuant to Section 1.2(c) of the Elite Acquisition Agreement as in effect on the Sixth Amendment Effective Date.” 

““Elite Earn-Out Obligation” means (a) the payment, if any, not to exceed an aggregate of $3,500,000
due to Elite Sellers by the Borrower pursuant to Section 1.2(e)(i) of the Elite Acquisition Agreement as in effect on the Sixth Amendment Effective Date and (b) the payment, if any, not to exceed an aggregate of $4,620,000 due to
Elite Sellers by the Borrower pursuant to Section 1.2(e)(ii) of the Elite Acquisition Agreement as in effect on the Sixth Amendment Effective Date.” 

““Elite Sellers” means the Persons listed on the signature pages to the Elite Acquisition Agreement as
“ Members.”” 
 ““Sixth Amendment” means the Consent and Sixth Amendment to Credit
Agreement dated as of the Sixth Amendment Effective Date among Holdings, the Borrower, Panther Sub, Integres, Integres Sub, Agent and the Lenders.” 

““Sixth Amendment Effective Date” means October 7, 2008.” 

 

 11 

 (m) Schedule 1.1(a) to the Credit Agreement is hereby amended in its entirety
and as so amended shall read as set forth on Schedule 1.1(a) hereto. 
 (n) Each of Schedules 3.2, 3.5, 3.7,
3.17, 3.24, 5.1, 5.5, 5.6, 5.7 and 5.9 to the Credit Agreement is hereby amended and restated in its entirety and as so amended shall read as set forth on Schedules 3.2, 3.5, 3.7, 3.17, 3.24, 5.1, 5.5, 5.6, 5.7 and 5.9 hereto. 

(o) Exhibit 4.2(b) to the Credit Agreement is hereby amended in its entirety and as so amended shall read as set forth on
Exhibit 4.2(b) hereto. 
 4. Conditions Precedent. The effectiveness of this Amendment is subject to the
following conditions precedent or concurrent: 
 (a) the execution and delivery of this Amendment by each of the Loan
Parties, Agent and Required Lenders; 
 (b) delivery to Agent of the documents and other items identified in the Document
Checklist, a copy of which is attached hereto as Exhibit A, all in form and substance reasonably satisfactory to Agent and Borrower; 

(c) (i) the Elite Acquisition shall satisfy all of the conditions set forth in the definition of “ Permitted
Acquisition” contained in Section 11.1 of the Credit Agreement (other than the conditions set forth in clause (h) thereof), (ii) the Elite Acquisition shall have been consummated in accordance with all material
Requirements of Law and of the Elite Acquisition Agreement (no material provision of which shall have been amended or otherwise modified or waived without the prior written consent of Agent, which consent shall not be unreasonably withheld or
delayed), for a purchase price not to exceed (A) $4,500,000 payable solely in cash on the closing date of the Elite Acquisition, (B) $3,000,000 constituting the Elite Deferred Payment and (C) up to an aggregate
amount of $8,120,000 (or such lesser amount as may be due and owing under the terms of the Elite Acquisition Agreement) constituting the Elite Earn-Out Obligation and (iii) Elite and Elite Sellers shall have fully performed all of the
respective obligations to be performed by them under the Elite Acquisition Agreement; 
 (d) receipt by Agent on the
Sixth Amendment Effective Date of a non-refundable amendment fee in the amount of $446,240.56, which fee is due and payable in full on the Sixth Amendment Effective Date and shall be distributed by Agent to Lenders signatory to this Amendment
promptly after the Sixth Amendment Effective Date in accordance with such Lenders’ pro rata share of the Obligations; and 

(e) receipt by Agent of evidence in form and substance reasonably satisfactory to Agent of the consent to the Elite Acquisition,
and corresponding amendments to the Subordinated Loan Agreement, by the Subordinated Lenders. 
 5. Representations and
Warranties. Each Loan Party, jointly and severally, hereby represents and warrants to Agent and each Lender as follows: 

(a) Such Loan Party is a corporation duly organized, validly existing and in good

  

 12 

 
standing under the laws of the jurisdiction of its incorporation; 

(b) Such Loan Party has the power and authority to execute, deliver and perform its obligations under this Amendment, the Elite
Acquisition Agreement (in the case of the Borrower and Elite) and each other document, agreement and instrument executed by such Loan Party in connection with each of the foregoing; 

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

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

(e) the Elite Acquisition is permitted pursuant to all material Requirements of Law and all material agreements, documents and
instruments to which the Borrower is a party or by which any of its properties or assets are bound; 
 (f) the Elite
Acquisition Agreement and all other documents, agreements and instruments executed in connection therewith collectively set forth the entire agreement and understanding of the parties thereto relating to the subject matter thereof, and there are no
other agreements, arrangements or understandings, written or oral, relating to the matters covered thereby; 
 (g) on the
date hereof, each of the representations and warranties of the Loan Parties contained in the Elite Acquisition Agreement is true, correct and complete in all material respects; 

(h) all material conditions precedent to the Elite Acquisition have been fulfilled or (with the prior written consent of the Agent
and Required Lenders) waived, and the Elite Acquisition Agreement has not been amended or otherwise modified and there has been no breach of any material term thereof or condition thereto; 

(i) no Default or Event of Default exists; and 

(j) after giving effect to the Elite Acquisition, including the incurrence of Indebtedness in connection therewith, the Borrower
is in compliance on a pro forma basis with the covenants set forth in Section 6.2 of the Credit Agreement, recomputed for the most recent month for which financial statements have been delivered. 

6. Cash Management. Notwithstanding anything to the contrary set forth in the Loan Documents, the Borrower shall deliver,
or cause to be delivered, to Agent, as soon as 
  

 13 

 
reasonably practicable, but in no event later than sixty (60) days following the Sixth Amendment Effective Date, either (a) account control agreements, each in form and substance
reasonably satisfactory to Agent with regard to all deposit accounts and securities accounts of Elite, executed by Elite and the applicable financial institutions; provided that the aggregate amount of funds or securities on deposit in such accounts
shall not exceed $65,000 at any time until such account control agreements shall be in effect, or (b) evidence of the closing of all such accounts, in form and substance reasonably satisfactory to Agent, and transfer of all funds and
securities on deposit in such accounts to one or more deposit account(s) that are subject to a deposit account control agreement to which Agent is a party and which is in form and substance reasonably satisfactory to Agent. 

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

8. References. Any reference to the Credit Agreement contained in any document, instrument or agreement executed in
connection with the Credit Agreement, including, without limitation, any Loan Document, shall be deemed to be a reference to the Credit Agreement as modified by this Amendment. 

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

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

13. Severability. Wherever possible, each provision of this Amendment shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision 
  

 14 

 
of this Amendment shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such
provision or the remaining provisions of this Amendment. 
 14. Reaffirmation. Each of the Loan Parties as debtor,
grantor, pledgor, guarantor, assignor, or in other any other similar capacity in which such Loan Party grants liens or security interests in its property or otherwise acts as accommodation party or guarantor, as the case may be, hereby:
(i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Loan Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Loan Party granted liens
on or security interests in any of its property pursuant to any such Loan Document as security for or otherwise guaranteed the Obligations under or with respect to the Loan Documents, ratifies and reaffirms such guarantee and grant of security
interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations. Each of the Loan Parties hereby consents to this Amendment and acknowledges that each of the Loan Documents remains in full
force and effect and is hereby ratified and reaffirmed. Except as specifically provided hereunder, the execution of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or Lenders, constitute a waiver of any
provision of any of the Loan Documents or serve to effect a novation of the Obligations. 
 – Remainder of Page
Intentionally Blank; Signature Page Follows – 
  

 15 

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

  

									
	 BORROWER:
	 		 	 HOLDINGS:

			
	 PANTHER II TRANSPORTATION, INC., an Ohio corporation
	 		 	 PANTHER EXPEDITED SERVICES, INC., a Delaware corporation f/k/a PTHR Holdings, Inc.

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

	Name:	 	 Roy Showman
	 		 	Name:	 	 Roy Showman

	Title:	 	 CFO
	 		 	Title:	 	 CFO

			
	 PANTHER SUB:
	 		 	 INTEGRES:

			
	 PANTHER II, INC., an Ohio corporation f/k/a Sokolowski, Inc.
	 		 	 INTEGRES GLOBAL LOGISTICS, INC., a Delaware corporation

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

	Name:	 	 Roy Showman
	 		 	Name:	 	 Roy Showman

	Title:	 	 CFO
	 		 	Title:	 	 CFO

				
	 INTEGRES SUB:
	 		 		 	
				
	 KEY TRANSPORTATION SERVICES, INC., a Texas corporation
	 		 		 	
					
	By:	 	 /s/ Roy Showman
	 		 		 	
	Name:	 	 Roy Showman
	 		 		 	
	Title:	 	 CFO
	 		 		 	

 Consent and Sixth Amendment to Credit Agreement 

			
	AGENT AND LENDERS:
	
	 ANTARES CAPITAL CORPORATION, a Delaware corporation, as a Lender and as Agent

		
	By:	 	 /s/ Brian E. Sommerfeld

	Name:	 	 Brian E. Sommerfeld

	Title:	 	 Duly Authorized Signatory

Consent and Sixth Amendment to Credit Agreement 

			
	M&I MARSHALL & ILSLEY BANK, as a Lender
		
	By:	 	 /s/ Stephen F. Geimer

	Name:	 	Stephen F. Geimer
	Title:	 	Senior Vice President
		
	By:	 	 /s/ Stephen E. Kalmer

	Name:	 	Stephen E. Kalmer
	Title:	 	Vice President

			
	LASALLE BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ John P. Wofford

	Name:	 	 John P. Wofford

	Title:	 	 Vice President

			
	 ORIX FINANCE CORP., as a Lender 

		
	By:	 	 /s/ Christopher L. Smith

	Name:	 	Christopher L. Smith
	Title:	 	Managing Director

					
	 BABSON CLO LTD. 2006-I, as a Lender

			
		 	By:	 	Babson Capital Management LLC, as Collateral Manager
		
	By:	 	 /s/ Stephen R.B. Rixham

	Name:	 	 Stephen R.B. Rixham

	Title:	 	 Director

	
	 BABSON CLO LTD. 2005-III, as a Lender

			
		 	By:	 	Babson Capital Management LLC, as Collateral Manager
			
		 	 By:
	 	 /s/ Stephen R.B. Rixham

		 	 Name:
	 	Stephen R.B. Rixham
		 	 Title:
	 	Director
	
	 BABSON CLO LTD. 2005-II, as a Lender

			
		 	By:	 	Babson Capital Management LLC, as Collateral Manager
			
		 	 By:
	 	 /s/ Stephen R.B. Rixham

		 	 Name:
	 	Stephen R.B. Rixham
		 	 Title:
	 	Director
	
	 BABSON CLO LTD. 2005-I, as a Lender

			
		 	By:	 	Babson Capital Management LLC, as Collateral Manager
			
		 	 By:
	 	 /s/ Stephen R.B. Rixham

		 	 Name:
	 	Stephen R.B. Rixham
		 	 Title:
	 	Director

			
	 BABSON MID-MARKET CLO, LTD. 2007-II, as a Lender

		
	By:	 	Babson Capital Management LLC, as Collateral Manager
		
	By:	 	 /s/ Stephen R.B. Rixham

	Name:	 	Stephen R.B. Rixham
	Title:	 	Director
	
	 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, as a Lender

		
	By:	 	Babson Capital Management LLC, as Investment Advisor
		
	By:	 	 /s/ Stephen R.B. Rixham

	Name:	 	Stephen R.B. Rixham
	Title:	 	Director

					
	 ANTARES FUNDING, L.P.

		
	By:	 	 The Bank of New York Trust Company, N.A., as Trustee of the Antares Funding Trust created under the Trust Agreement dated as
of November 30, 1999, as a Lender

			
		 	By:	 	 /s/ Cynthia L. Davis

		 	Name:	 	 CYNTHIA L. DAVIS

		 	Title:	 	 VICE PRESIDENT

					
	 NAVIGATOR CDO 2003, LTD., as a Lender

		
	By:	 	 GE Asset Management Inc., as Collateral Manager

			
		 	By:	 	 /s/ John Campos

		 	Name:	 	John Campos
		 	Title:	 	Authorized Signatory
	
	 NAVIGATOR CDO 2005, LTD., as a Lender

		
	By:	 	 GE Asset Management Inc., as Collateral Manager

			
		 	By:	 	 /s/ John Campos

		 	Name:	 	John Campos
		 	Title:	 	Authorized Signatory
	
	NAVIGATOR CDO 2006, LTD., as a Lender
		
	By:	 	 GE Asset Management Inc., as Collateral Manager

			
		 	By:	 	 /s/ John Campos

		 	Name:	 	John Campos
		 	Title:	 	Authorized Signatory

							
	 OFSI Fund II, LLC

		
	By:	 	 Orchard First Source Asset Management, LLC 

	Its:	 	 attorney in fact

			
		 	By:	 	 Orchard First Source Capital, Inc. 

		 	Its:	 	 attorney in fact

				
		 		 	By:	 	 /s/ Ken A. Brown

		 		 	Name:	 	KEN A. BROWN
		 		 	Title:	 	DULY AUTHORIZED SIGNATORY

					
		 	 OFSI Fund III,Ltd.

			
		 	By:	 	Orchard First Source Capital, Inc. 
		 	Its:	 	attorney in fact
			
		 		 	 By: /s/ Ken A. Brown

		 		 	Name: Ken A. Brown
		 		 	Title: DULY AUTHORIZED SIGNATORY

			
	 DE MEER MIDDLE MARKET CLO 2006-I, LTD., as a Lender

		
	By:	 	 /s/ Chris York

	Name:	 	 CHRIS YORK

	Title:	 	 VICE PRESIDENT

			
	 Pangaea CLO 2007-1 LTD

		
	By:	 	 /s/ Mark S. Maglaya

	Name:	 	Mark S. Maglaya
	Title:	 	Assistant Secretary

 EXHIBIT A to Consent and Sixth Amendment 

 to Amended and Restated Credit Agreement 

Closing Checklist 

See attached 
 Consent
and Sixth Amendment to Credit Agreement 

 CONSENT AND SIXTH AMENDMENT TO CREDIT AGREEMENT 

CLOSING AGENDA 

for 

$5,000,000 increase to credit facility 

by and among 

PANTHER II TRANSPORTATION, INC., 

as Borrower, 

ANTARES CAPITAL CORPORATION, 

in its individual capacity as a Lender and as Agent for all Lenders, 

and 

the other financial institutions from time to time 

parties to the Credit Agreement 

*    *    * 

Closing Date: October 7, 2008 

Capitalized terms used in this Closing Agenda shall have the 

meanings ascribed thereto in the Credit Agreement. 

 PARTIES 
  

			
	
	“Agent”	  	Antares, in its capacity as Agent for the Lenders
	“Antares”	  	Antares Capital Corporation
	“Borrower”	  	Panther II Transportation, Inc., an Ohio corporation
	“Elite”	  	Elite Transportation Logistics, LLC, an Oregon limited liability company
	“Lenders”	  	Antares and each other financial institution party to the Credit Agreement
	“Purchasers”	  	York Street Mezzanine Partners, L.P., a Delaware limited partnership, York Street Mezzanine Partners II, L.P., a Delaware limited partnership, CUNA Mutual Insurance Society,
CUMIS Insurance Society, Inc., Members Life Insurance Company and CUNA Mutual Life Insurance Company
	“Subordinated Lender”	  	Purchasers

  

	I.	PRINCIPAL DOCUMENTS 

  

	 	1.	Consent and Sixth Amendment to Credit Agreement executed by Borrower, Elite and Agent 

 

					
	EXHIBITS	 		    	
	 Exhibit A
	 	-	    	Closing Checklist
	 Exhibit 4.2(b)
	 	-	    	Compliance Certificate
	
	SCHEDULES
	 Schedule 1.1(a)
	 	-	    	Term Loan Commitments
	 Schedule 3(a)
	 	-	    	Sixth Amendment Incremental Term Loan
	 Schedule 3.2
	 	-	    	Capitalization
	 Schedule 3.5
	 	-	    	Litigation
	 Schedule 3.7
	 	-	    	ERISA
	 Schedule 3.17
	 	-	    	Intellectual Property
	 Schedule 3.24
	 	-	    	Material Contracts
	 Schedule 5.1
	 	-	    	Liens
	 Schedule 5.5
	 	-	    	Indebtedness
	 Schedule 5.6
	 	-	    	Affiliate Transactions
	 Schedule 5.7
	 	-	    	EBITDA Targets
	 Schedule 5.9
	 	-	    	Contingent Obligations

  

	 	2.	Acknowledgement of Earnout Payment Restriction executed by Borrower, Elite Sellers, Agent and Purchasers 

 

	II.	COLLATERAL DOCUMENTS 

  

	 	3.	Amended and Substituted Term Note executed by Borrower in favor of Antares 

 

	 	4.	Fee Letter executed by Borrower and Agent 

	 	5.	Reaffirmation of and Second Amendment to Subordination Agreement executed by Holdings, Borrower and its Subsidiaries, Subordinated Lenders and Agent

  

	 	6.	Joinder to Guaranty executed by Elite in favor of Agent, for the benefit of the Lenders 

 

	 	7.	Pledge Agreement executed by Borrower pledging one hundred percent (100%) of the membership interests of Elite to Agent, for the benefit of the Lenders

  

	 	a.	Acknowledgement by Elite 

  

	 	b.	Exhibit A Description of Pledged Securities 

  

	 	c.	Irrevocable Proxy executed by Borrower with respect to Elite 

  

	 	d.	Certificate number 12, representing 1,000,000 membership interests (100%) of Elite, together with undated Assignment Separate from Certificate executed in blank

  

	 	8.	Joinder to Security Agreement executed by Elite in favor of Agent, for the benefit of the Lenders 

 

			
	Schedule I	  	-     Locations of Offices and Assets
	Schedule II	  	-     Tradenames or Fictitious Business Names
	Schedule III	  	-     Copyrights
	Schedule IV	  	-     Patents
	Schedule V	  	-     Trademarks
	Schedule VI	  	-     List of Bank Accounts
	Schedule VII	  	-     Commercial Tort Claims

  

	 	9.	Assignment of Acquisition Documents executed by Borrower, in favor of Agent, for the benefit of the Lenders 

 

	 	10.	Landlord Waivers regarding the following leased properties: 

  

	 	a.	 7038 S.
220th Street, Kent, Washington

  

	 	b.	26269 Research Road, Hayward, California 

  

	 	c.	11860 Community Road, Poway, California 

  

	 	d.	113700 Marina Point Drive, Marina Del Rey, California 

  

	 	e.	 6600 NE
78th Court, Portland, Oregon 

 

	 	f.	13841 NE Airport Way, Portland, Oregon 

  

	 	11.	First Amendment to California Leasehold Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing 

Exhibit A             Legal Description 

 

	 	12.	First Amendment to Ohio Open-End Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing 

Exhibit A             Legal Description 

	III.	UCC, STATE AND FEDERAL TAX LIEN AND JUDGMENT SEARCHES; UCC TERMINATION STATEMENTS; AND UCC FINANCING STATEMENTS 

 

	 	13.	UCC, State and Federal Tax Lien and Judgment Searches listed on Annex A hereto 

 

	 	14.	Intellectual Property Search Results 

  

	 	15.	Pre-Filing Authorization Letter from Elite 

  

	 	16.	UCC Financing Statements listed on Annex B hereto 

  

	 	17.	Post Filing Lien Searches 

  

	IV.	ANCILLARY DOCUMENTS; OPINION LETTERS 

  

	 	18.	Payoff Letters from the following: 

  

	 	a.	U.S. Bank, N.A. 

  

	 	b.	Greater Bay Bank, N.A. 

  

	 	19.	UCC termination statements as listed on the attached Annex C hereto 

 

	 	20.	Sixth Amendment Effective Date Notice of Borrowing 

  

			
	 Schedule I
 Schedule II

	  	 Flow of Funds
 Wire
Instructions

  

	 	21.	Flow of Funds 

  

	 	22.	Sixth Amendment Effective Date Borrowing Base Certificate 

  

	 	23.	Sixth Restatement Effective Date Compliance Certificate demonstrating that, after giving effect to the Elite Acquisition, including the incurrence of Indebtedness in
connection therewith, the Borrower is in compliance on a pro forma basis with the covenants set forth in Section 6.2 of the Credit Agreement, recomputed for the most recent month for which financial statements have been delivered

  

	 	24.	Insurance policies/insurance certificates evidencing the addition of Elite as additional insureds to the liability, casualty and other insurance policies of the
Borrower and naming Agent as loss payee and additional insured 

  

	 	25.	Opinion of Counsel to Elite in connection with the Loan Documents by Ropes & Gray LLP 

 

	 	26.	Ohio Local Counsel Opinion in connection with the Loan Documents by Squire Sanders & Dempsey LLP 

	 	27.	Oregon Local Counsel Opinion in connection with the Loan Documents by Cable Huston Benedict Haagensen and Lloyd LLP 

 

	 	28.	Opinion of Counsel to Sellers in connection with the Elite Acquisition, Cable Huston Benedict Haagensen and Lloyd LLP, including reliance language in favor of
Agent 

  

	 	29.	Opinion of Counsel to Elite in connection with the Subordinated Indebtedness Documents by Ropes & Gray LLP, including reliance language in favor of
Agent 

  

	 	30.	Second Amended and Restated Operating Agreement of Elite 

  

	 	31.	At least ten (10) Business Days prior to the consummation of the Elite Acquisition (i) an executed term sheet and/or commitment letter (setting forth in
reasonable detail the terms and conditions of the Elite Acquisition) and (ii) pro forma financial statements of Borrower and its Subsidiaries after giving effect to the consummation of Elite Acquisition 

 

	V.	ORGANIZATIONAL DOCUMENTS, RESOLUTIONS, AUTHORIZATIONS AND GOOD STANDING CERTIFICATES 

 

	 	32.	Elite Secretary’s Certificate certifying as to the following: 

  

			
	Exhibit A	  	Operating Agreement, including any amendments thereto
	Exhibit B	  	Incumbency Signatures
	Exhibit C	  	Resolutions re: LLC
	Exhibit C	  	Resolutions re: Loan Documents and Related Transactions

  

	 	33.	Elite Secretary’s Certificate certifying as to the following: 

  

			
	Exhibit A	  	Articles of Organization
	Exhibit B	  	Certificate of Good Standing/Qualification to do Business in Oregon, Washington, California, Utah and Arizona

 

	 	34.	Secretary’s Certificates from each of the following entities certifying no changes to previously delivered charters and bylaws and attaching incumbency signatures
and resolutions re: loan documents and related transactions: 

  

	 	a.	Borrower 

  

	 	b.	Panther Expedited Services, Inc., a Delaware corporation 

  

	 	c.	Panther II, Inc., an Ohio corporation 

  

	 	d.	Integres Global Logistics, Inc., a Delaware corporation 

  

	 	e.	Key Transportation Services, Inc., a Texas corporation 

  

	 	35.	Certificate of Good Standing/Qualification to do Business of: 

  

	 	a.	Borrower 

	 	b.	Panther Expedited Services, Inc., a Delaware corporation 

  

	 	c.	Panther 11, Inc., an Ohio corporation 

  

	 	d.	Integres Global Logistics, Inc., a Delaware corporation 

  

	 	e.	Key Transportation Services, Inc., a Texas corporation 

  

	VI.	CERTIFICATION OF DOCUMENTS BY A RESPONSIBLE OFFICER OF BORROWER 

 

	 	36.	Elite Purchase Documents: 

  

	 	a.	Elite Membership Unit Purchase Agreement, with all exhibits and schedules thereto 

 

	 	b.	Employment Agreements 

  

	 	c.	Non-Compete Agreements 

  

	 	d.	Consent and Sixth Amendment to Note Purchase Agreement executed by Borrower and Subordinated Lenders 

 

	 	e.	Amendment No. 1 to Lease 

  

	 	f.	Side Letter 

  

	VII.	POST-CLOSING OBLIGATIONS 

  

	 	37.	Post-Closing Letter 

  

	 	38.	Post-Closing Extension Letter 

 ANNEX A to Closing Agenda 

UCC SEARCHES 
  

			
	 Entity Name Searched
	  	 Jurisdiction Searched

	Elite Transportation Logistics, LLC	  	SOS Arizona
		  	Maricopa County, AZ
		  	SOS California
		  	Alameda County, CA
		  	Los Angeles County, CA
		  	San Diego County, CA
		  	SOS Oregon
		  	Multnomah County, OR
		  	Salt Lake County, UT
		  	SOS Washington
		  	King County, WA
	Elite Logistics Worldwide	  	SOS Arizona
		  	Maricopa County, AZ
		  	SOS California
		  	Alameda County, CA
		  	Los Angeles County, CA
		  	San Diego County, CA
		  	SOS Oregon
		  	Multnomah County, OR
		  	Salt Lake County, UT
		  	SOS Washington
		  	King County, WA

 ANNEX B to Closing Agenda 

UCC FINANCING STATEMENTS 
  

									
	 DEBTOR
	  	JURISDICTION	  	UCC TYPE	  	FILING DATE	  	FILING NUMBER
	 Elite Transportation Services, LLC
	  	Oregon SOS	  	Blanket lien	  	10/7/08	  	8100888

 ANNEX C to Closing Agenda 

UCC TERMINATION STATEMENTS 
  

													
	 DEBTOR
	  	SECURED PARTY	  	JURISDICTION	  	FILING
DATE	  	FILING
NUMBER	  	TERMINATION
DATE	  	TERMINATION
FILING
NUMBER
	Elite Transportation Services, LLC	  	US Bank National Association	  	Oregon SOS	  	9/30/05	  	7054492	  	10/7/08	  	7054492-1
	Elite Transportation Services, LLC	  	Greater Bay Bank	  	Oregon SOS	  	11/13/07	  	7797492	  	10/9/08	  	7797462-1

 EXHIBIT 4.2(b) 

COMPLIANCE CERTIFICATE 

PANTHER II TRANSPORTATION, INC. 

Date:                     ,
200     
 This Compliance Certificate (this “ Certificate” ) is given by PANTHER II
TRANSPORTATION, INC., an Ohio corporation (“Borrower” ), pursuant to subsection 4.2(b) of that certain Amended and Restated Credit Agreement dated as of January 11, 2006 among Borrower, Antares Capital Corporation, as agent
(“ Agent” ), and the financial institutions party thereto as lenders (collectively, the “ Lenders” ), as such agreement may have been further amended, restated, supplemented or otherwise modified from time to time (the “
Credit Agreement” ). Capitalized terms used herein without definition shall have the meanings set forth in the Credit Agreement. 

The officer executing this Certificate is a Responsible Officer of Borrower and as such is duly authorized to execute and deliver this
Certificate on behalf of Borrower. By executing this Certificate such officer hereby certifies to Agent and Lenders, on behalf of Borrower, that: 

(a) the financial statements delivered with this Certificate in accordance with subsection 4.1(a) and/or 4.1(b) of the
Credit Agreement are correct and complete and fairly present, in all material respects, in accordance with GAAP the financial position and the results of operations of Borrower and its Subsidiaries as of the dates of and for the periods covered by
such financial statements (subject, in the case of interim financial statements, to normal year-end adjustments and the absence of footnote disclosure); 

(b) to the best of such officer’s knowledge, each of Holdings, the Borrower and its Subsidiaries, during the period covered by such
financial statements, has observed and performed all of their respective covenants and other agreements, and satisfied every condition in, the Credit Agreement and the other Loan Documents to be observed, performed or satisfied by them, and such
officer had not obtained knowledge of any Default or Event of Default [except as specified on the written attachment hereto];  

(c) Exhibit A hereto is a correct calculation of each of the financial covenants contained in Article VI of the Credit
Agreement as of the end of the most recent fiscal quarter; 
 (d) based on the Leverage Ratio, the Applicable Margin for
(i) Base Rate Loans is              and (ii) LIBOR Rate Loans is              [for use with
delivery of monthly financial statements with respect to the last month of a fiscal quarter]; and 
 (e) since the Original
Closing Date and except as disclosed in prior Compliance Certificates delivered to Agent, none of Holdings, Borrower or any of its Subsidiaries has: 
  

 1 

 (i) changed its legal name, identity, jurisdiction of incorporation, organization or
formation or organizational structure or formed or acquired any Subsidiary except as follows:
                                         
                   ; 
 (ii)
acquired the assets of, or merged or consolidated with or into, any Person, except as follows:
                                         
                   ; or 

(iii) changed its address or otherwise relocated, acquired fee simple title to any real property or entered into any real property
leases, except as follows:
                                         
                   . 
  

 2 

 IN WITNESS WHEREOF, the Borrower has caused this Certificate to be executed by one of its
Responsible Officers this              day of                      ,
200    . 
  

			
	PANTHER II TRANSPORTATION, INC., an
	Ohio corporation, as the Borrower
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 3 

 EXHIBIT A TO EXHLBIT 4.2(b) 

COMPLIANCE CERTIFICATE 

Covenant 6.1 Capital Expenditure Limit 
  

							
	Capital Expenditures are defined as follows:	 		  	
			
	The aggregate of all expenditures and obligations, for the relevant test period set forth in Section 6.1 of the Credit Agreement, which should be capitalized
under GAAP	 	$	  	 
				
	Less:	 	Net Proceeds from Dispositions and/or Events of Loss which Borrower is permitted to reinvest pursuant to subsection 1.8(c) and which are included above	 		  	 
				
		 	To the extent included above, amounts paid as the purchase price in Permitted Acquisitions	 		  	 
			
	Capital Expenditures	 		  	 
			
	Permitted Capital Expenditures	 		  	 
		
	In Compliance	 	Yes/No

							
	 For purposes of calculating Cash Flow, Capital Expenditures are defined as follows:
	 		  	
			
	 The aggregate of all expenditures and other obligations for the twelve month period ending on the last day of the month
covered by such financial statements which should be capitalized under GAAP
	 	$	  	 
			
	Less:	 	Net Proceeds from Dispositions and/or Events of Loss which Borrower is permitted to reinvest pursuant to subsection 1.8(c) and which are included above	 	  

			
		 	To the extent included above, amounts paid as the purchase price in Permitted Acquisitions	 	  

		
	 Capital Expenditures
	 	  

			
	Less:	 	Portion of Capital Expenditures financed under Capital Leases or other Indebtedness (Indebtedness, for this purpose, does not include drawings under the Revolving Loan Commitment)
	 	  

		
	 Unfinanced Capital Expenditures [used in calculation of Cash Flow]
	 	  

 

 Covenant 6.2 Senior Leverage Ratio 

 

							
	Senior Leverage Ratio is defined as follows:	 		  	
			
	Adjusted Indebtedness (per Exhibit B):	 	$	  	 
			
	Less:	  	The principal amount of the Subordinated Indebtedness evidenced by the Subordinated Notes	 	  

			
		  	Elite Earn-Out Obligation	 	  

			
		  	Elite Deferred Payment	 	  

			
	Senior Indebtedness:	 	$	  	 
			
	Adjusted EBITDA (per Exhibit B)	 	$	  	 
		
	Senior Leverage Ratio (Senior Indebtedness (from above) divided by Adjusted EBITDA)	 	  

		
	Maximum Senior Leverage Ratio	 	  

		
	In Compliance	 	Yes/No

 Covenant 6.3 Fixed Charge Coverage 

 

							
	Fixed Charge Coverage is defined as follows:	 		  	
			
	Adjusted Cash Flow (per Exhibit B)	 	$	  	 
			
	Fixed Charges:	 		  	
			
	Net Interest Expense (per Covenant 6.4)	 	$	  	 
			
	Plus:	 	Scheduled principal payments of Indebtedness during such
period1	 	  

			
		 	Taxes paid in cash during such period	 	  

			
		 	Restricted Payments paid in cash during such period (excluding (a) dividends from Subsidiaries of the Borrower to the Borrower or other Subsidiaries of the Borrower,
(b) the Restatement Effective Date Transactions and (c) Restricted Payments made pursuant to and in compliance with Section 5.11(b) of the Credit Agreement)	 	  

 

			
		 	Management fees and expenses and board of director fees paid in cash during such period	 	  

			
	Less:	 	To the extent included above, any Elite Deferred Payment or Elite Earn-Out Obligation paid in cash during such period	 	  

			
	Fixed Charges	 	$	  	 
		
	Fixed Charge Coverage (Adjusted Cash Flow divided by Fixed Charges)	 	  

		
	Required Fixed Charge Coverage	 	  

		
	In Compliance	 	Yes/No

  

	1
	 For purposes of calculating Fixed Charge Coverage, any prepayment of the Term Loan pursuant to Section 1.8(e) of the Credit Agreement shall be
deemed to have been applied pro rata to all remaining scheduled installments thereof, regardless of how such prepayment was actually applied. 

 Covenant 6.4 Interest Coverage Ratio 

 

					
	Interest Coverage Ratio is defined as follows:	 		  	
			
	Adjusted EBITDA (per Exhibit B)	 	$	  	 
			
	Net Interest Expense:	 		  	
			
	Gross interest expense for such period required to be paid in cash (including all commissions, discounts, fees and other charges in connection with standby letters of credit and
similar instruments) for the Borrower and its Subsidiaries on a consolidated basis	 	$	  	 
			
	Less:    Interest income for such period	 	$	  	 
			
	Net Interest Expense [used in calculation of Fixed Charge Coverage and Excess Cash Flow]	 	$	  	 
		
	Interest Coverage Ratio (Adjusted EBITDA divided by Net Interest Expense)	 	  

		
	Required Interest Coverage Ratio	 	  

		
	In Compliance	 	Yes/No

 Exhibit B 

Calculation of EBITDA, Adjusted Cash Flow and Leverage Ratio 

 

					
	EBITDA is defined as follows:	 		  	
			
	Net income (or loss) for the applicable period of measurement of Borrower and its Subsidiaries on a consolidated basis determined in accordance with GAAP, but excluding:
(a) the income (or loss) of any Person which is not a Subsidiary of the Borrower, except to the extent of the amount of dividends or other distributions actually paid to the Borrower or any of its Subsidiaries in cash by such Person during such
period and the payment of dividends or similar distributions by that Person is not at the time prohibited by operation of the terms of its charter or of any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Person; (b) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries or that Person’s assets are
acquired by the Borrower or any of its Subsidiaries; (c) gains or losses from the sale, exchange, transfer or other disposition of Property or assets not in the Ordinary Course of Business of the Borrower and its Subsidiaries, and related tax
effects in accordance with GAAP; and (d) any other extraordinary or non- recurring gains or losses of the Borrower or its Subsidiaries, and related tax effects in accordance with GAAP	 	$	  	 
			
	Plus, without duplication:	 		  	
			
	 All amounts deducted in calculating net income (or loss) for depreciation or amortization for such period
	 		  	
		
	 Interest expense (less interest income) deducted in calculating net income (or loss) for such period
	 	  

		
	 All accrued taxes on or measured by income to the extent deducted in calculating net income (or loss) for such period
	 	  

		
	 All management fees and expenses and board of director fees, in each instance, to the extent deducted in calculating net income (or loss) for such
period
	 	  

		
	 Severance payments and non-recurring seller-related expenses, not to exceed $550,000 in the aggregate, incurred in the calendar quarter ended
June 30, 2005, in each instance, to
	 	  

 

					
	 the extent deducted in calculating net income (or loss) for such period
	 		  	
		
	 All non-cash amounts deducted in the determination of net income (or loss) for such period resulting solely from the application of FAS 141, FAS 142
or FAS 144 in accordance with GAAP
	 	  

			
	 All transaction-related expenses and fees incurred in connection with (a) the transactions consummated on the Original Closing Date pursuant to
the Credit Agreement and Related Agreements as in effect on the Original Closing Date, (b) the transactions contemplated by the Credit Agreement and the Related Transactions, not to exceed $12,000,000 in the aggregate, (c) Permitted
Acquisitions (other than the Elite Acquisition), not to exceed $500,000 in the aggregate and (d) the Elite Acquisition, not to exceed $850,000 in the aggregate, in each case to the extent not included in any of the other add- backs in computing
EBITDA provided herein, and to the extent deducted in calculating net income or loss for such period
	 	$	  	 
			
	 Amendment and waiver fees paid to Purchasers, Agent and Lenders and annual agent’s fee paid to Agent, in each instance, to the extent deducted in
calculating net income (or loss) for such period
	 	$	  	 
			
	 Other expenses paid at the direction of the Agent in connection with the exercise of its rights under the Loan Documents or to the Purchasers under
the Note Purchase Agreement in connection with the exercise of their respective rights, to the extent deducted in calculating net income (or loss) for such period
	 	$	  	 
			
	 Non-cash compensation expense attributable to employee stock options, to the extent deducted in calculating net income (or loss) for such
period
	 	$	  	 
			
	 Other non-cash expenses (or less non-cash income), to the extent deducted (or, with respect to non-cash income, included) in calculating net income
(or loss) for such period and for which no cash outlay (or cash receipt) is foreseeable
	 	$	  	 
			
	 Performance bonuses paid to officers and employees in accordance with Section 5.7 of the Credit Agreement, not to exceed $3,500,000 in the
aggregate, to the extent deducted in
	 	$	  	 
		 		  	

					
	 calculating net income (or loss) for such period

 
 Costs and expenses, not to exceed $1,852,000 in the aggregate,
incurred in the calendar quarters ended September 30, 2006 and December 31, 2006 in connection with the proposed initial public offering of shares of capital stock of Holdings, in each instance, to the extent deducted in calculating net
income (or loss) for such period
  
	 	$	  	 
	 Severance payments and other non-recurring expenses related to the termination of John Sliter, not to exceed $578,000 in the aggregate, incurred in
the calendar quarter ending December 31, 2007 to the extent deducted in calculating net income (or loss) for such period
	 	$	  	 

					
	EBITDA	 	$	  	 

  

							
	Calculation of Cash Flow and Adjusted Cash Flow	 		  	
			
	EBITDA for the applicable period of measurement	 	$	  	 
		
	Less: Unfinanced Capital Expenditures (per Covenant 6.1)	 	  

			
	Cash Flow [used in calculation of Excess Cash Flow and Fixed Charge Coverage]	 	$	  	 
		
	Plus: Pro Forma Acquisition EBITDA	 	  

		
	Adjusted Cash Flow [used in calculation of Fixed Charge Coverage]	 	  

			
	**********	 		  	
			
	 Calculation of Leverage Ratio
	 		  	
			
	Leverage Ratio is defined as follows:	 		  	
			
	Average of the Revolving Loan balance as of the last day of each of the twelve months ended on date of measurement (or, with respect to any measurement date ending on or
prior to September 30, 2009, the average of the Revolving Loan balance as of the last day of each calendar month since the Sixth Amendment Effective Date)	 	$	  	 
			
	Plus:	 	Letter of Credit Participation Liability as of date of measurement	 	  

			
		 	Outstanding principal balance of the Swing Line Loans as of date of measurement	 	  

			
		 	Outstanding principal balance of the Term Loan as of date of measurement	 	  

			
		 	Principal portion of Capital Lease Obligations and Indebtedness secured by purchase money Liens as of date of measurement	 	  

			
		 	Principal portion of Subordinated Indebtedness evidenced by the Subordinated Notes as of date of measurement	 	  

			
		 	Without duplication, all other Indebtedness of the Borrower and its Subsidiaries (other than Indebtedness under Rate Contracts to the extent constituting an Obligation but
including, without limitation, the Elite Deferred Payment and	 	  

							
		 	any Elite Earn-Out Obligation to the extent such Elite Earn- Out Obligation constitutes Indebtedness) as of date of measurement	 		  	
			
	 Indebtedness:
	 	$	  	 
				
	Less:	 	Unrestricted cash and cash equivalents of Borrower and its Subsidiaries in which Agent has a perfected first priority Lien, not to exceed $2,500,000 in the aggregate	 	$	  	 
			
	Adjusted Indebtedness [used in calculation of Senior Leverage Ratio]	 	$	  	 
			
	EBITDA for the twelve month period ending on the date of measurement (per Exhibit B)	 	$	  	 
				
	Plus:	 	Pro Forma Acquisition EBITDA (as defined below) for each Permitted Acquisition (attach Schedule showing calculation of Pro Forma Acquisition EBITDA for each Permitted
Acquisition)	 	$	  	 
			
	Adjusted EBITDA [used in calculation of Senior Leverage Ratio and Interest Coverage Ratio]	 	$	  	 
		
	Leverage Ratio (Adjusted Indebtedness (from above) divided by Adjusted EBITDA) [used in determination of Applicable Margin]	 	  

“Pro Forma Acquisition EBITDA” means, with respect to any Acquired Entity, the Acquired Entity’s earnings before interest, taxes,
depreciation and amortization for the most recent trailing twelve (12) month period ending as of the last day of the month preceding the closing of the Permitted Acquisition for which financial statements have been delivered to Agent, subject
to (a) such proforma add-backs of the type specified on Exhibit B that have been deducted in calculating net income (or loss) for such period and (b) such other proforma adjustments, in each case as are acceptable to the Agent. Pro
Forma Acquisition EBITDA for any Acquired Entity shall be calculated on a month by month basis such that a separate amount shall be allocated to each month included in the applicable trailing twelve (12) month period. After the consummation of
any Permitted Acquisition, Pro Forma Acquisition EBITDA with respect to any Acquired Entity acquired as a result thereof shall equal Pro Forma Acquisition EBITDA (a) for and allocated to the calendar month preceding the calendar month in which
the closing of such Permitted Acquisition occurs and (b) included within the twelve (12) month period ending the applicable date of determination. The foregoing notwithstanding, “ Pro Forma Acquisition EBITDA” attributable to
(i) Con-way shall be deemed to be $285,000 for each fiscal month commencing with the fiscal month of August 2005 through and including the fiscal month of July 2006, (ii) Integres shall be deemed to be $42,866.50 for each fiscal month
commencing with the fiscal month of April 2006 through and including the fiscal month of February 2007 and (iii) Elite shall be deemed to be $108,333 for each fiscal month commencing with the fiscal month of

 
October, 2007 through and including the fiscal month of August, 2008. 

 Schedule 1.1(a) 

Term Loan Commitments 
  

				
	 Term Loan Commitment
	  	 
		
	 Antares Capital Corporation
	  	$	20,303,545.60
		
	 ANTARES FUNDING L.P
	  	$	3,266,078.25
		
	 BABSON CLO LTD 2005-I
	  	$	2,337,346.93
		
	 BABSON CLO LTD. 2005-II
	  	$	990,029.98
		
	 BABSON CLO LTD. 2005-III
	  	$	1,002,820.39
		
	 BABSON CLO LTD. 2006-I
	  	$	1,485,044.95
		
	 BABSON MID-MARKET CLO LTD. 2007-II
	  	$	697,373.16
		
	 DE MEER MIDDLE MARKET CLO 2006-1 ,LTD.
	  	$	9,636,088.98
		
	 LASALLE BANK NATIONAL ASSOCIATION
	  	$	511,917.24
		
	 M&I MARSHALL & ILSLEY BANK
	  	$	12,118,419.46
		
	 MASSACHUSETTS MUTUAL LIFE INSURANCE
	  	$	170,430.25
		
	 NAVIGATOR CDO 2003, LTD
	  	$	1,839,750.10
		
	 NAVIGATOR CDO 2005, LTD
	  	$	1,672,500.07
		
	 NAVIGATOR CDO 2006, LTD
	  	$	799,325.55
		
	 OFS FUNDING, LLC
	  	$	2,877,443.42
		
	 OFSl FUND III, LTD.
	  	$	7,076,972.76
		
	 ORlX FINANCE CORP
	  	$	4,175,687.97
		
	 PANGAEA CLO 2007-1 LTD
	  	$	1,574,383.90
		
	 WB LOAN FUNDING 3, LLC
	  	$	1,712,952.27
		
	 Total
	  	$	74,248,111.23

 Consent and Sixth
Amendment to Credit Agreement 

 Schedule 3(a) to Consent and Sixth Amendment 

to Amended and Restated Credit Agreement 
  

				
	 Lender
	  	Sixth Amendment Incremental Term Loan
	 Antares Capital Corporation
	  	$	5,000,000

 Consent and Sixth Amendment to
Credit Agreement 

 Schedule 3.2 

Capitalization 

Panther Expedited Services, Inc. (f/k/a PTHR Holdings, Inc.) 

 

					
	 	  	Common Stock	  	Preferred Stock
	 Fenway Panther Holdings, LLC
	  	2,355,000	  	16,335.84
	 Daniel K. Sokolowski Revocable Trust U/A/D 2/16/98
	  	291,300	  	2100.77
	 Richard J. Buffington
	  	11,550	  	80.12
	 Andy Clarke
	  	22,196.20	  	—  
	 Fast Cat Enterprises
	  	11,550	  	—  
	 Michael F. Stopka
	  	7,800	  	182
	 Stephen D. Wharton
	  	7,800	  	182
	 Antares Capital Corporation
	  	15,000	  	104.05
	 York Street Mezzanine Partners L.P.
	  	186,166.23	  	1,279.45
	 York Street Mezzanine Partners II, L.P.
	  	46,541.56	  	3 19.86
	 CUNA Mutual Insurance Society
	  	27,924.94	  	—  
	 CUMIS Insurance Society Inc.
	  	13,962.47	  	639.73
	 Members Life Insurance Company
	  	9,308.31	  	—  
	 CUNA Mutual Life Insurance Company
	  	41,887.40	  	—  
	 Total
	  	3,047,987.11	  	21,223.82

Authorized Shares 
  

			
	Panther Expedited Services, Inc. (f/k/a PTHR Holdings, Inc.)	  	4,000,000 shares Common Stock 100,000 shares Preferred Stock
	Panther II Transportation, Inc.	  	1,010 shares Class A Common Stock 9,090 shares Class B Common Stock
	Panther II, Inc.	  	500 shares Common Stock

 Outstanding
Options 
  

								
	 Holder
	  	Share Class	  	Number of Shares	  	Exercise Price
	 Richard J. Buffington
	  	Common	  	23,823.53	  	$	10.00

								
	 Richard J. Buffington
	  	Common	  	2,000	  	$	30.41
	 Andrew C. Clarke
	  	Common	  	60,000	  	$	30.41
	 Ed Wadel
	  	Common	  	24,780.52	  	$	23.02
	 Ed Wadel
	  	Common	  	2,000	  	$	30.41
	 Roy Showman
	  	Common	  	24,780.52	  	$	23.02
	 Roy Showman
	  	Common	  	2,500	  	$	30.41
	 Steven D. Wharton
	  	Common	  	15,882.35	  	$	10.00
	 Christopher D. Koehring
	  	Common	  	3,970.59	  	$	10.00
	 Christopher D. Koehring
	  	Common	  	4,956.10	  	$	23.02
	 Phil Ratcliff
	  	Common	  	3,970.59	  	$	10.00
	 Phil Ratcliff
	  	Common	  	4,916.68	  	$	23.02
	 Jeffrey M. Sokolowski
	  	Common	  	3,970.59	  	$	10.00
	 Jeffrey M. Sokolowski
	  	Common	  	4,956.10	  	$	23.02
	 Michael F. Stopka
	  	Common	  	15,882.35	  	$	10.00
	 Jeffrey S. St. Pierre
	  	Common	  	15,882.35	  	$	10.00
	 Daniel Sokolowski
	  	Common	  	95,294.12	  	$	10.00
	 Jon P. Garity
	  	Common	  	7,941.18	  	$	10.00
	 Jim Adams
	  	Common	  	18,650	  	$	30.41
	 Michael St. Julian
	  	Common	  	7,000	  	$	30.41
	 Mike Clark
	  	Common	  	14,000	  	$	30.41
	 Panther Treasury Shares
	  	Common	  	4,863.97	  	$	10.00
	 Panther Treasury Shares
	  	Common	  	1,636.80	  	$	23.02
	 Management (new unallocated)
	  	Common	  	21,625	  	$	30.41
	 Management (old unallocated)
	  	Common	  	22,930.15	  	$	10.00
	 Management (old unallocated)
	  	Common	  	20,187.17	  	$	23.02
	 Management (old unallocated)
	  	Common	  	10,097.71	  	$	30.41
	 Timothy Mayhew
	  	Common	  	33,757.82	  	$	10.00
	 Timothy Mayhew
	  	Common	  	27,000	  	$	23.02
	 John Anderson
	  	Common	  	29,989.40	  	$	23.02
	 Ray Greer
	  	Common	  	2,775	  	$	30.41
	 Mike Haley
	  	Common	  	2,775	  	$	30.41
	 Ed Straw
	  	Common	  	2,775	  	$	30.41

  

	 	•	 	 PTHR Holdings, Inc. Stock Subscription Agreement by and among PTHR Holdings, Inc., Fenway Panther Holdings, LLC, and Antares Capital Corporation dated
as June 10, 2005. 

  

	 	•	 	 Amended and Restated Stockholders Agreement among PTHR Holdings, Inc. and the Stockholders named therein dated as of the date hereof.

  

	 	•	 	 PTHR Holdings, Inc. 2005 Stock Option Plan. 

 Schedule 3.5 

Litigation 
  

	 	•	 	 Scanware, Inc. v. Panther II Transportation, Inc.: Scanware, Inc. claims damages in the amount of approximately $30,000 against Panther II
Transportation, Inc. for its sale of software products to Panther II Transportation, Inc. Panther II Transportation, Inc. has estimated that Scanware’s case has a settlement value of approximately $7,500.00- $15,000.00.

  

	 	•	 	 With regard to the outstanding claims arising out of automobile liability, Panther II Transportation, Inc. has the following limited loss reserve
estimates: (1) $1,858,000 as of September 30, 2004, (2) $855,000 as of September 30, 2005, (3) $1,058,000 as of September 30, 2006, (4) $1,900,000 as of September 30, 2007 (5) $1,603,000 as of
June 30, 2008. See attached Table 3.5 for a complete listing of outstanding automobile liability claims. 

											
	 Policy Year Coverage
	  	 Claim Number
	  	 Date of Loss Claimant Name
	  	 Paid Total
	  	 Reserves Total
	  	 Net Incurred Total

	 2003 AUTOMOBILE
	  	4700084054	  	20040815 Sexton, Robert K	  	82,966	  	215	  	83,180
	 2004 AUTOMOBILE
	  	4660130681	  	20050623 Mohamed, Amal	  	—  	  	5,000	  	5,000
	 2004 AUTOMOBILE
	  	4660130681	  	20050623 Anaquah, Cynthia	  	2,333	  	—  	  	2,333
	 2005 AUTOMOBILE
	  	4210038153	  	20060519 Stemple, James A	  	35,584	  	23,653	  	59,237
	 2005 AUTOMOBILE
	  	4660124550	  	20060510 Moses, Joyce T	  	45,419	  	41,001	  	86,420
	 2005 AUTOMOBILE
	  	4660124550	  	20060510 Pai, Sanjay K	  	18,479	  	—  	  	18,597
	 2005 AUTOMOBILE
	  	4660124550	  	 20060510 Turner Electric Services
	  	9,935	  	—  	  	9,935
	 2005 AUTOMOBILE
	  	4660124550	  	20060510 Boisselle, William L	  	7,994	  	—  	  	7,994
	 2005 AUTOMOBILE
	  	4660124550	  	20060510 Bronikowski, Tiffany I	  	6,360	  	—  	  	6,090
	 2005 AUTOMOBILE
	  	4660124550	  	20060510 Durfey, Patrick J	  	4,500	  	—  	  	4,500
	 2005 AUTOMOBILE
	  	4660125637	  	20060715 Cooly, Tamara	  	4,076	  	5,050	  	9,126
	 2005 AUTOMOBILE
	  	4660129229	  	20060630 Verizon,	  	4,576	  	44	  	4,620
	 2005 AUTOMOBILE
	  	4700095412	  	20060318 Way, Monica	  	2,737	  	18,471	  	21,208
	 2005 AUTOMOBILE
	  	4700095412	  	20060318 Mansilla, Thelma	  	2,500	  	—  	  	2,500
	 2005 AUTOMOBILE
	  	4700095412	  	20060318 Pozuelos, Claudia	  	2,000	  	—  	  	2,000
	 2005 AUTOMOBILE
	  	4700097334	  	20060707 Love, James	  	2,187	  	40,251	  	42,438
	 2005 AUTOMOBILE
	  	4700097334	  	20060707 Pro Co Sound,	  	660	  	—  	  	660
	 2006 AUTOMOBILE
	  	4240032137	  	20070828 Alcegaire, Frantz	  	70	  	5,030	  	5,100
	 2006 AUTOMOBILE
	  	4240032137	  	20070828 Woodgrain Distributors	  	4,468	  	—  	  	4,468
	 2006 AUTOMOBILE
	  	4240032137	  	 20070828 City of Elizabethtown, KY
	  	1,345	  	—  	  	1,345
	 2006 AUTOMOBILE
	  	4240032137	  	20070828 Coldsnow, Linda	  	—  	  	2	  	2
	 2006 AUTOMOBILE
	  	4240032137	  	20070828 Coldsnow, Robert	  	—  	  	—  	  	—  
	 2006 AUTOMOBILE
	  	4640128286	  	20070430 Montgomery, Bernard	  	7,965	  	4,970	  	12,935
	 2006 AUTOMOBILE
	  	4660127772	  	20061127 Melendaz, Wilson	  	10,564	  	12,489	  	23,053
	 2006 AUTOMOBILE
	  	4660129396	  	20070316 Kritsak Trucking,	  	20,230	  	—  	  	20,230
	 2006 AUTOMOBILE
	  	4660129396	  	20070316 Dytyatkin, Oleksandr	  	15,135	  	2,576	  	17,711
	 2006 AUTOMOBILE
	  	4660130950	  	20070514 Grosek, Helen	  	57,185	  	692,815	  	1,105,309
	 2006 AUTOMOBILE
	  	4660130950	  	20070514 Hayduk, Rita	  	—  	  	—  	  	24,925
	 2006 AUTOMOBILE
	  	4660130950	  	20070514 Grosek, Anthony	  	—  	  	—  	  	12,700
	 2006 AUTOMOBILE
	  	4700100833	  	20061128 Swanson, Veronica	  	—  	  	3,000	  	3,000
	 2006 AUTOMOBILE
	  	4700100833	  	20061128 Indiana Toll Road,	  	1,630	  	—  	  	1,630
	 2006 AUTOMOBILE
	  	4700102606	  	20070519 Kinzeler, Kathryn	  	17,068	  	101,201	  	118,800
	 2006 AUTOMOBILE
	  	4700102606	  	20070519 Kinzeler, Charles R	  	—  	  	18,276	  	18,276
	 2006 AUTOMOBILE
	  	4700102606	  	20070519 Elizabethtown Fire Department	  	1,028	  	—  	  	1,028
	 2006 AUTOMOBILE
	  	4700102606	  	20070519 Freeland, Steven	  	—  	  	2	  	2
	 2006 AUTOMOBILE
	  	4710108176	  	20060910 Dixon, Seth	  	9,556	  	39,869	  	49,425
	 2006 AUTOMOBILE
	  	4710108176	  	20060910 Dixon, Kimberly	  	508	  	48,001	  	48,509
	 2006 AUTOMOBILE
	  	4710108176	  	20060910 AUSTIN, DONALD	  	—  	  	—  	  	—  
	 2006 AUTOMOBILE
	  	4710112661	  	20070608 Liu, Ren Guan R	  	4,180	  	15,076	  	19,256
	 2006 AUTOMOBILE
	  	4710112661	  	20070608 Hou, Fon R	  	678	  	9,876	  	10,554

											
	 2006 AUTOMOBILE
	  	4710112661	  	20070608 James, Deprey	  	4,107	  	—  	  	4,107
	 2006 AUTOMOBILE
	  	4710112661	  	20070608 Kilgore, Michelle	  	1,768	  	—  	  	1,768
	 2006 AUTOMOBILE
	  	4720041557	  	20070612 Harris, Michelle	  	26,966	  	2	  	26,968
	 2006 AUTOMOBILE
	  	4720041557	  	20070612 Moberly, Susan	  	25,000	  	4	  	25,004
	 2006 AUTOMOBILE
	  	4720041557	  	20070612 Molbery, Ian	  	5,100	  	—  	  	5,100
	 2006 AUTOMOBILE
	  	4720041557	  	20070612 Keirstein, Kenny	  	2,040	  	—  	  	2,040
	 2006 AUTOMOBILE
	  	4720041557	  	20070612 Molbery, Jack	  	1,590	  	—  	  	1,590
	 2006 AUTOMOBILE
	  	4720041557	  	20070612 Harris, Julia	  	—  	  	2	  	2
	 2006 AUTOMOBILE
	  	4720045395	  	20070814 Sawyer, Kenneth	  	—  	  	2	  	2
	 2006 AUTOMOBILE
	  	4800019531	  	20070324 Byrd, Lucy M	  	10,038	  	9,814	  	19,892
	 2006 AUTOMOBILE
	  	4800019531	  	20070324 Alvarado Aguilar, Refugio	  	1,653	  	—  	  	1,653
	 2006 AUTOMOBILE
	  	4840014963	  	20070313 Mazzaro, Giannino	  	—  	  	2,501	  	2,501
	 2006 AUTOMOBILE
	  	4840014963	  	20070313 Govers, Stefan	  	—  	  	1	  	1
	 2006 AUTOMOBILE
	  	4840014963	  	20070313 Vandervorst, Annie	  	—  	  	1	  	1
	 2006 AUTOMOBILE
	  	4840014963	  	20070313 Vanhooydonck, Rozette	  	—  	  	1	  	1
	 2006 AUTOMOBILE
	  	4840014963	  	20070313 Zoet, Anita	  	—  	  	1	  	1
	 2007 AUTOMOBILE
	  	4530068603	  	20071202 Runtas, Ronald	  	—  	  	2	  	2
	 2007 AUTOMOBILE
	  	4720044083	  	20071023 Lowdermilk, Brian	  	17,897	  	1,001	  	13,928
	 2007 AUTOMOBILE
	  	4720044120	  	20071026 Hartley, Oliver W	  	4,008	  	5,001	  	9,064
	 2007 AUTOMOBILE
	  	4720044120	  	20071026 Pickney, James	  	460	  	—  	  	460
	 2007 AUTOMOBILE
	  	4720044120	  	20071026 Unknown,	  	—  	  	—  	  	—  
	 2007 AUTOMOBILE
	  	4720044485	  	20071112 Shemak, Katherine A	  	542	  	1,501	  	2,043
	 2007 AUTOMOBILE
	  	4720044598	  	20071119 Yerdon, Elaine J	  	12,964	  	8,500	  	21,464
	 2007 AUTOMOBILE
	  	4720044598	  	20071119 NC Dept. of Transpor,tation	  	2,530	  	—  	  	2,530
	 2007 AUTOMOBILE
	  	4720044886	  	20071205 Cress, Kimsey	  	17,458	  	—  	  	17,458
	 2007 AUTOMOBILE
	  	4720044886	  	20071205 Gates, Ruby L	  	6,322	  	9,501	  	15,823
	 2007 AUTOMOBILE
	  	4720044886	  	20071205 City of Ft. Wayne,	  	—  	  	—  	  	—  
	 2007 AUTOMOBILE
	  	4720044925	  	20071101 Strong, Paul A	  	5,527	  	4,064	  	9,591
	 2007 AUTOMOBILE
	  	4720045665	  	20080122 Burfield, Lance	  	3,207	  	501	  	3,911
	 2007 AUTOMOBILE
	  	4720045846	  	20080129 Ultra Seal,	  	—  	  	1,100	  	1,100
	 2007 AUTOMOBILE
	  	4720046017	  	20080206 Bold Corporation,	  	—  	  	600	  	600
	 2007 AUTOMOBILE
	  	4720046215	  	20080201 Woods, James	  	91	  	2,501	  	2,592
	 2007 AUTOMOBILE
	  	4720046215	  	20080201 Woods, Martha	  	803	  	—  	  	803
	 2007 AUTOMOBILE
	  	4720046291	  	20080222 MODOT,	  	7	  	2,001	  	2,008
	 2007 AUTOMOBILE
	  	4720046361	  	20080227 Clark, Kaitlyn	  	17	  	101	  	118
	 2007 AUTOMOBILE
	  	4720046396	  	20080204 Alexander, Douglas	  	3,203	  	6,802	  	10,005
	 2007 AUTOMOBILE
	  	4720046410	  	20080228 Baez, Yesenia	  	184	  	4,906	  	5,090
	 2007 AUTOMOBILE
	  	4720046410	  	20080228 Inahuazo-Castillo, Dolores E	  	—  	  	850	  	850
	 2007 AUTOMOBILE
	  	4720046469	  	20080301 City of Tilbury,	  	52	  	3,001	  	3,053
	 2007 AUTOMOBILE
	  	4720046619	  	20071116 Kim, Young B	  	33	  	1,467	  	1,500
	 2007 AUTOMOBILE
	  	4720046855	  	20080324 Hammerlane Transport,	  	7,100	  	1,300	  	8,400

											
	 2007 AUTOMOBILE
	  	4720046857	  	20080324 Eliason, Robert	  	—  	  	850	  	850
	 2007 AUTOMOBILE
	  	4720046876	  	20080325 USF Holland,	  	60	  	2,250	  	2,310
	 2007 AUTOMOBILE
	  	4720046926	  	20080327 Satterfield, Hakim	  	—  	  	850	  	850
	 2007 AUTOMOBILE
	  	4720047073	  	20080403 Bray, Scott	  	3	  	3,001	  	3,004
	 2007 AUTOMOBILE
	  	4720047160	  	20080408 Unknown,	  	—  	  	2	  	2
	 2007 AUTOMOBILE
	  	4720047165	  	20080409 Salinas, Lorena	  	4,594	  	1,501	  	6,095
	 2007 AUTOMOBILE
	  	4720047207	  	20080410 Hardin, Costella	  	5,426	  	1,001	  	6,093
	 2007 AUTOMOBILE
	  	4720047207	  	20080410 Stingly, Conseula J	  	—  	  	1,001	  	1,001
	 2007 AUTOMOBILE
	  	4720047320	  	20080417 Spears, David L	  	3,934	  	1,480	  	5,414
	 2007 AUTOMOBILE
	  	4720047389	  	20080418 Hagen, James	  	415	  	1,085	  	1,500
	 2007 AUTOMOBILE
	  	4720047518	  	20080428 Jordan, Brandon	  	2,326	  	1,001	  	3,327
	 2007 AUTOMOBILE
	  	4720047661	  	20080507 Blue Grass Army Depo,t	  	—  	  	600	  	600
	 2007 AUTOMOBILE
	  	4720047774	  	20080502 MINN Dept. of Transportation	  	1,812	  	4	  	1,816
	 2007 AUTOMOBILE
	  	4720047774	  	20080502 Bryan, Kerry	  	99	  	601	  	700
	 2007 AUTOMOBILE
	  	4720047889	  	20080519 Total Transportation,	  	—  	  	600	  	600
	 2007 AUTOMOBILE
	  	4720047993	  	20080523 Unknown,	  	—  	  	550	  	550
	 2007 AUTOMOBILE
	  	4720048041	  	20080528 Unknown,	  	—  	  	101	  	101
	 2007 AUTOMOBILE
	  	4720048103	  	20080530 Folk, Janet	  	—  	  	852	  	852
	 2007 AUTOMOBILE
	  	4720048134	  	20080602 Unknown,	  	—  	  	2	  	2
	 2007 AUTOMOBILE
	  	4720048137	  	20080602 Stevens Transport,	  	—  	  	600	  	600
	 2007 AUTOMOBILE
	  	4720048230	  	20080606 Reeder, Sharon	  	30	  	820	  	850
	 2007 AUTOMOBILE
	  	4720048231	  	20080606 J.B. Hunt,	  	—  	  	101	  	101
	 2007 AUTOMOBILE
	  	4720048281	  	20080609 Wesner, Timothy	  	1,232	  	73	  	1,305
	 2007 AUTOMOBILE
	  	4720048334	  	20080612 Whitfield, Jerry W	  	—  	  	9,182	  	9,182
	 2007 AUTOMOBILE
	  	4720048334	  	20080612 Whitfield, Victoria L	  	22	  	4,079	  	4,101
	 2007 AUTOMOBILE
	  	4720048334	  	20080612 Whitfiled, Laura	  	—  	  	1,501	  	1,501
	 2007 AUTOMOBILE
	  	4720048334	  	20080612 Whitfiled, Tara E	  	—  	  	501	  	501
	 2007 AUTOMOBILE
	  	4720048348	  	20080612 Unknown,	  	—  	  	1,600	  	1,600
	 2007 AUTOMOBILE
	  	4720048368	  	20080616 Unknown,	  	—  	  	200	  	200
	 2007 AUTOMOBILE
	  	4720048396	  	20080616 Groves, Tim	  	—  	  	600	  	600
	 2007 AUTOMOBILE
	  	4720048437	  	20080617 Banks, David	  	—  	  	600	  	600
	 2007 AUTOMOBILE
	  	4720048446	  	20080618 Lent, Eric B	  	—  	  	850	  	850
	 2007 AUTOMOBILE
	  	4720048485	  	20080619 Booker, Jason	  	—  	  	600	  	600
	 2007 AUTOMOBILE
	  	4720048511	  	20080622 Chomp, Thomas	  	—  	  	850	  	850
	 2007 AUTOMOBILE
	  	4720048553	  	20080624 CEVA,	  	—  	  	850	  	850
	 2007 AUTOMOBILE
	  	4720048558	  	20080624 Dunn, Roger	  	—  	  	1,600	  	1,600
	 2007 AUTOMOBILE
	  	4720048644	  	20080628 Pilot Travel Centers,, LLC	  	—  	  	600	  	600
	 2007 AUTOMOBILE
	  	4720048646	  	20080629 McDaniel, Joel	  	—  	  	2,600	  	2,600
	 2007 AUTOMOBILE
	  	4720048692	  	20080701 Steffen, Irene	  	—  	  	850	  	850
	 2007 AUTOMOBILE
	  	4720048719	  	20080626 Crudele, Michael	  	—  	  	2,200	  	2,200
	 2007 AUTOMOBILE
	  	4720048741	  	20080703 Agular, Juan	  	—  	  	2	  	2

											
	 2007 AUTOMOBILE
	  	4720048741	  	20080703 Calhoon, Sharon	  	 —  
	  	2	  	2
	 2007 AUTOMOBILE
	  	4720048742	  	20080703 Unknown,	  	 —  
	  	—  	  	—  

  

 Schedule 3.7 

ERISA 
 Retirement Plans 

 Panther II Transportation, Inc. 401(k) Profit Sharing Plan (January 1, 2004 Restatement). 

Medical Savings Plans 
 Elite
Transportation Services, LLC Medical Savings Plan. 

 Schedule 3.17 

Intellectual Property 
  

	 	•	 	 Service Marks 

  

					
	 Mark
	  	 Registration No./Issue Date
	  	 Goods/Services/Class

	 Panther II Transportation
	  	 2,338,784

4/4/2000
	  	Transportation of freight by truck, namely, its pick up, transport and delivery, Class 39
			
	 Panther II Transportation Inc.

(Words and Design)
	  	 2,415,329

12/26/2000
	  	Transportation of freight by truck, namely, its pick up, transport and delivery, Class 39
			
	 Elite Services
	  	Pending; Application No. 78762130	  	Transportation of freight by truck, namely, its pick up, transport and delivery, Class 39

 

	 	•	 	 Domain names: http://www.pantherii.com; and http://www.sendelite.com. 

 

	 	•	 	 Rights, title and interest in a software package known as “ Intrans” including the source code, object code and all copyrights associated
therewith, assigned from Integrity Software Solutions, Inc. on July 15, 1998 (the “Intrans Agreement” ). 

  

	 	•	 	 Information Management Proposal, dated July 21, 2000, prepared for Panther II Transportation, Inc. by Hudson James Incorporated, regarding OnBase
Document Management System, developed by Hyland Software, Inc. OnBase Document Management System allows for the automation of document processing and retrieval based on custom document types and workflows that can be customized within the software.
Panther II Transportation, Inc. is currently running the latest version of OnBase with no modifications to the original source code provided by Hyland Software Inc. 

 

	 	•	 	 QUALCOMM, Inc. licensed OmniTRACS Software to Panther II Transportation, Inc. pursuant to OmniTracs Contract between Panther II Transportation, Inc.
and QUALCOMM, Inc., effective September 28, 2002. 

 Schedule 3.24 

Material Contracts 
  

	 	•	 	 Assignment by and between Fusion Software, Inc. and Panther II Transportation, Inc. dated as of June 10, 2005. 

 

	 	•	 	 QUALCOMM, Inc. licensed OmniTRACS Software to Panther II Transportation, Inc. pursuant to OmniTracs Contract between Panther II Transportation, Inc.
and QUALCOMM, Inc., effective September 28, 2002. 

  

	 	•	 	 Agreement between MCI and Panther II Transportation, Inc. dated February 23, 2004. 

 

	 	•	 	 Management Advisory Agreement by and among Panther II Transportation, Inc., PTHR Holdings, Inc. and Fenway Partners, Inc. dated June 10, 2005.

  

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Richard J. Buffington dated July 27, 2008. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Steven D. Wharton dated July 27, 2008. 

 

	 	•	 	 Employment Agreement between Panther I1 Transportation, Inc. and Jon P. Garity dated July 27, 2008. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Christopher D. Koehring dated July 27, 2008. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Paul D. Ratcliff dated July 27, 2008. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Jeffrey M. Sokolowski dated July 27, 2008. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Michael F. Stopka dated July 27, 2008. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Jeffrey S. St. Pierre dated November 1, 2005. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Roy Showman dated March 6, 2006. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Ed Wadel dated January 27, 2006. 

 

	 	•	 	 Employment Agreement between Panther II Transportation, Inc. and Mike Clark dated July 14, 2008. 

 Schedule 5.1 

Liens 
 None. 

 Schedule 5.5 

Indebtedness 
  

	 	•	 	 Letter of credit between Panther II Transportation, Inc. and LaSalle Bank in the face amount of $1,900,000.00. 

 Schedule 5.6 

Affiliate Transactions 

None. 

 Schedule 5.7 

EBITDA Targets  

2008 EBITA Bonus Target 
  

								
	 FROM
	 	TO	 	Bonus Pool
	$	25,200	 	$	25,500	 	$	41,725
	$	25,500	 	$	26,000	 	$	125,175
	$	26,000	 	$	26,500	 	$	250,350
	$	26,500	 	$	27,000	 	$	375,525
	$	27,000	 	$	27,500	 	$	500,700
	$	27,500	 	$	28,000	 	$	667,600
	$	28,000	 	$	28,500	 	$	834,500
	$	28,500	 	$	29,000	 	$	1,001,400
	$	29,000	 	$	29,500	 	$	1,168,300
	$	29,500	 	$	30,000	 	$	1,335,200
	$	30,000	 	$	30,500	 	$	1,502,100
	$	30,500	 	$	31,000	 	$	1,710,725
	$	31,000	 	$	31,500	 	$	1,919,350
	$	31,500	 	$	32,000	 	$	2,127,975
	$	32,000	 	$	32,500	 	$	2,336,600
	$	32,500	 	$	33,000	 	$	2,545,225
	$	33,000	 	$	33,500	 	$	2,753,850
	$	33,500	 	$	34,000	 	$	2,962,475
	$	34,000	 	$	34,500	 	$	3,171,100
	$	34,500	 	$	35,000	 	$	3,379,725

 Schedule 5.9 

Contingent Obligations 
 Letter
of credit between Panther II Transportation, Inc. and LaSalle Bank in the face amount of $1,900,000.00.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]