Document:

Separation Agreement between Pacer International and Brian C. Kane

 Exhibit 10.4 

Separation Agreement and Release of Claims 

This Settlement Agreement (the “Agreement”) is between Pacer International, Inc. and Brian C. Kane (“you”) and
memorializes our mutual agreement and understanding in connection with the termination of your employment with Pacer International, Inc. (“Pacer”), and its Affiliates (as defined in Section 19 below) (collectively, the
“Company”) and settlement and release of potential claims as noted below. This Agreement shall become effective as set forth in Section 4 below. Accordingly, in consideration of the mutual covenants and agreements contained in
this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Pacer and you hereby agree as follows: 

B.1.22. Termination of Employment. This Agreement shall constitute the parties’ acknowledgment of the termination of
your employment with Pacer and its Affiliates, including any and all positions held by you as a director or officer of Pacer or any of its Affiliates and any and all positions held by you as administrator or trustee of any employee benefit plan or
related trust maintained or created by or on behalf of Pacer or any of its Affiliates, in all cases effective as of June 2, 2010 (the “Termination Effective Date”). From March 29, 2010 through the Termination Effective
Date, you will serve as an employee of the Company and will provide such assistance in the transition of your responsibilities for the Company and handle such other tasks as assigned to you by the Chief Executive Officer or the Chief Financial
Officer. Upon the Termination Effective Date, Pacer shall (a) pay to you any unpaid portion of your base salary for service through the Termination Effective Date, (b) a lump sum amount for all accrued but unused vacation and personal
leave time during your employment, and (c) reimbursement for any expenses incurred on or before the Termination Effective Date for which you have not already been reimbursed, subject to and in accordance with the Company’s travel and
entertainment policy and provided that such expenses have been previously approved by the Chief Executive Officer. 
 B.1.23.
Payments upon Termination of Employment. 
  

					
		 	B.1.23.1.	  	After the later to occur of the Termination Effective Date or eight (8) full days following the execution of this Agreement, and provided that you have not revoked this
Agreement, the Company will make the following payments to you so long as you are not in breach or violation of, or noncompliance with, any provision of this Agreement and do not engage in any activity or conduct proscribed by
Sections 6 through 10 inclusive (regardless of the extent to which such Sections may be enforced under applicable law):

an aggregate amount equal to $300,000 payable in bi-weekly installments over a period of twelve (12) months
following the Termination Effective Date in such manner and at such times as is generally the Company’s policy for payment of executive compensation; 

a pro rata bonus (or portion thereof) for the period from January 1, 2010, through the Termination Effective Date,
if any bonus is awarded and payable to you under and in accordance with the Company’s 2010 performance bonus plan as adopted by Pacer’s Board, to be paid if, when and as provided in such bonus plan (it being understood that the award of
any such bonus (or portion thereof) is subject to company-wide, business unit, and/or functional group specific performance criteria and your individual performance assessment for such pro-rated period); and 

 premiums due for continued group health insurance coverage through the
Company under COBRA through June 30, 2011 or such earlier date on which you become covered by substitute group health insurance, subject to your timely election to continue COBRA coverage. 

8. Without limiting any other provision of this Agreement, if you die on or after the Termination Effective Date, your heirs,
beneficiaries or estate, as their respective interests may appear (but without duplication), shall be entitled to receive or continue to receive those amounts that would otherwise have been due and payable to you pursuant to this Section 2.

 B.1.24. Release. 
  

					
		 	B.1.24.1.	  	For and in consideration of the covenants and agreements of the Company in this Agreement, which are greater than those to which you would be entitled under any offer letter
extended to you by the Company or any of its predecessors (the “Offer Letter”), the Amended and Restated Employment Agreement dated as of February 16, 2009, between you and Pacer, as amended (the “Employment Agreement”), any
other agreements between you and the Company or Company severance policy, as well as for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and as a material inducement to the Company to enter into
this Agreement, you hereby knowingly and voluntarily waive, release, acquit and forever discharge Pacer and its Affiliates and their respective shareholders, predecessors, successors, assigns, agents, directors, officers, employees, attorneys,
representatives and Affiliates, and all Persons (as defined in Section 19) acting by, through, under or in concert with any of them (collectively, the “Releasees”), from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected, which, from the beginning of time up to and
including the date of this Agreement, exist, have existed or may hereafter exist or arise, based on facts occurring on or prior to the date hereof, including without limitation any of the foregoing arising or existing under or in connection with

 any Offer Letter, the Employment Agreement, the letter dated February 19, 2008 regarding
enhanced severance after a change in control, any stock options, restricted stock, any bonus plans or awards, and other equity incentives or awards granted to you, your employment or the termination of your employment with Pacer or any of its
Affiliates, and 
 any foreign, federal, state, provincial and local laws, including but not limited to any laws
relating to securities, contracts, torts, labor, employment, civil rights, anti-discrimination and other laws and any other restrictions on 

 
Pacer’s and its Affiliates’ rights with respect to the termination, for whatever reason, of the employment of its employees, including the Age Discrimination in Employment Act, Title
VII of the Civil Rights Act, the Americans with Disabilities Act of 1990; the Employee Retirement Income Security Act of 1974 and the Worker Adjustment and Retraining Notification Act (and any state or local analogs thereto), which you or any of
your heirs, executors, administrators, legal representatives, successors-in-interest and/or assigns ever had, now have or at any time hereafter may have, own or hold against any of the Releasees (collectively, the “Released
Claims”); provided, however, that the Released Claims do not include (A) rights that cannot by law be released by private agreement or (B) any of your rights or claims, whenever arising, to be indemnified by Pacer or
any of its Affiliates under and to the extent of the applicable terms and provisions of Pacer’s or such Affiliate’s charter, certificate or articles of incorporation, or by-laws. 

 

					
		  	B.1.24.2.	  	By executing this Agreement, (i) you hereby represent that (x) you have complied with all Company policies and procedures during the Employment Period and (y) you have not filed
or permitted to be filed with any court, governmental or administrative agency, or arbitration tribunal, any of the Released Claims; (ii) you hereby waive any right that you may have ever had or may now have to commence a Released Claim against the
Releasees; (iii) you hereby represent that you have not transferred or assigned to any other person any of the Released Claims; and (iv) you further covenant and agree not to bring or knowingly participate in any Released Claim or to encourage or
permit any such Released Claim to be filed by any other Person on your behalf. Notwithstanding the foregoing, nothing in this Agreement precludes you from (A) filing a charge, including a challenge to the validity of this Agreement, with the Equal
Employment Opportunity Commission (“EEOC”) or comparable state or municipal fair employment agency or the National Labor Relations Board (“NLRB”) or (B) participating in any investigation or proceeding conducted by the EEOC or
such state or municipal agency or the NLRB or (C) enforcing this Agreement. Nevertheless, through the execution of this Agreement, you acknowledge and agree that you have waived the right to recover on any claims in any legal proceeding brought by
you or on your behalf, other than a claim to enforce this Agreement. You agree further that you will pay Pacer for all costs incurred by Pacer because of your breach of any of these covenants, including reasonable attorneys’ fees and expenses
incurred in defending against any claim brought by you in contravention of this provision. This provision shall not be enforced to the extent it would be inconsistent with federal regulations regarding the ADEA and Older Workers Benefit Protection
Act. In the event of a successful challenge by you to the waiver related to a federal claim of age discrimination in this Agreement, and success on the merits of such a federal age discrimination claim, a federal court may order that the monies paid
to you pursuant to this Agreement be repaid or setoff against any recovery but only up to the amount of any recovery by you.

					
		  	B.1.24.3.	  	You fully understand that, if any fact with respect to any matter covered by this Agreement is found after the execution of this Agreement to be other than or different from the
facts now believed by you to be true, you expressly accept and assume that this Agreement and all releases and waivers herein shall be and remain effective, notwithstanding such difference in facts. You understand and acknowledge the significance
and consequences of this Agreement and of the waivers and release contained in this Agreement, and expressly consent that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including
those relating to unknown and unsuspected claims, demands, obligations and causes of action, if any.
			
		  	B.1.24.4.	  	Neither this Agreement nor the consideration provided under it nor compliance with it shall be construed as an admission by Pacer, its Affiliates or by you of any liability or
violation of any law, statute, duty, contract, covenant or order.

 B.1.25. ADEA Waiver, Waiting and
Revocation Periods. 
  

					
		  	B.1.25.1.	  	You expressly acknowledge that (i) you have been advised and instructed that you have the right to consult an attorney and that you should review the terms of this Agreement with
counsel of your own selection; (ii) you have been advised that your waiver and release does not apply to any rights or claims for age discrimination that may arise after the execution date of this Agreement; (iii) you have been advised that you have
up to forty-five (45) days within which to consider the terms of this Agreement and seven (7) days thereafter to revoke your signature as set forth below; (iv) you have had ample time to study this Agreement and to consult with an attorney; (v) you
have carefully read and fully understand all of the terms of this Agreement and are fully aware of the Agreement’s contents and legal effects; (vi) you execute this Agreement voluntarily, without coercion or duress, and of your own free will;
(vii) you understand that you are, through this Agreement, releasing the Releasees (as defined in Section 3(a) above) from any and all claims you may have against the Releasees; and (viii) you understand that this Agreement is final and binding. You
expressly acknowledge and agree that this Agreement constitutes a knowing and voluntary waiver of rights under the Older Workers Benefit Protection Act. You understand that by signing this Agreement prior to the expiration of forty-five (45) days,
you waive your right to consider the Agreement for the entire forty-five (45) day period.
			
		  	B.1.25.2.	  	You understand and agree that this Agreement is revocable by you for seven (7) days following the signing of this Agreement by you, and that this Agreement shall not become
effective or enforceable until that period has expired without revocation. This Agreement automatically becomes enforceable and effective on the eighth
(8th)

					
		 		  	 day after the latest date this Agreement is signed by the parties. This Agreement may be revoked by you by a writing sent to the Company at the
address specified in Section 16, by certified mail post-marked no later than the seventh
(7th) day after the Agreement is signed by you (unless
that day is a Sunday or a holiday, in which event the period is extended to the next day there is mail service).

B.1.26. Company Property. You hereby represent and agree that, on or prior to the Termination Effective Date or as promptly
thereafter as practicable, you will surrender to the Company all handbooks, manuals, keys, badges, computers, cell phones, printers, access cards, credit cards and charge cards of or belonging to or issued in the name of the Company, all membership
cards for memberships maintained by or in the name of the Company, all passwords, access codes, all Confidential Information (as defined in Section 7(b)), all documents, records, and files (including all copies thereof, regardless of the form
or media in which the same exist or are stored) in your possession and belonging or relating to the Company, and any other personal property in your possession belonging to the Company. The foregoing requirements shall be in addition to, and not by
way of limitation of, any other provision of this Agreement. 
 B.1.27. Nondisclosure of Provisions. Except as
otherwise compelled by legal or judicial process, you will maintain the confidentiality of, and you will not disclose to any Person, any of the terms or provisions of this Agreement, except for such disclosures (i) to the Equal Employment
Opportunity Commission or comparable state or municipal fair employment agency or (ii) to your attorney, accountant, tax preparer or other professional financial or legal adviser, or other legal representative, in each case who is in a
confidential relationship with you and has been advised of your obligations hereunder and whom you shall cause to comply with this nondisclosure provision, in each case only on a need-to-know basis in connection with such Person’s services
rendered to you or on your behalf. 
 B.1.28. Confidential Information. 

 

					
		  	B.1.28.1.	  	From and after the date hereof, you shall not at any time use or disclose, divulge, furnish or make accessible to any Person any Confidential Information (as defined in Section
7(b)) heretofore acquired or acquired during your employment by the Company for any reason or purpose whatsoever (provided that nothing contained herein shall be deemed to prohibit or restrict your right or ability to disclose, divulge, furnish or
make accessible any Confidential Information (i) to any officer, director, employee, Affiliate or representative of the Company, or (ii) as required by law or judicial process after giving the Company prompt notice of receipt of any such legal or
judicial requirement and reasonable opportunity to seek a protective order in respect thereof), nor shall you make or allow use of any Confidential Information for your own purposes or benefit or for the purposes or benefit of any other Person
except Pacer and its Affiliates. The foregoing obligations are in addition to, and do not replace or modify your common law duties owed to Pacer, nor do they replace or modify Pacer’s common law and criminal law rights. Further, these rights
and obligations, as well as your duty to return Pacer property, are binding whether or not you sign this Agreement.

					
		  	B.1.28.2.	  	For purposes of this Agreement, the term “Confidential Information” means (i) the Intellectual Property Rights (as defined in Section 7(c)) of Pacer and its
Affiliates and (ii) all other information of a proprietary or confidential nature relating to Pacer or any Affiliate thereof, or the business or assets of Pacer or any such Affiliate, including: books and records; agent and independent contractor
lists and related information; customer lists and related information; vendor lists and related information; supplier lists and related information; employee and personnel lists, policies and related information; contract terms and conditions
(including those with customers, suppliers, vendors, independent contractors and agents, and present and former employees); terms and conditions of permits, orders, judgments and decrees; wholesale, retail and distribution channels; pricing
information, cost information, and pricing and cost structures and strategies; marketing, product development and business development plans and strategies; management reports; financial statements, reports, schedules and other information;
accounting policies, practices and related information; business plans, strategic plans and initiatives, forecasts, budgets and projections; and shareholder, board of directors and committee meeting minutes and related information (in each case
whether or not any such information is marked or denoted as confidential); provided, however, that Confidential Information shall not include (A) information that is generally available to the public on the date hereof, or which
becomes generally available to the public after the date hereof without action by you, or (B) information that you receive from a third party who does not have any independent obligation to Pacer or any of its Affiliates to keep such information
confidential and which you do not know (or reasonably could not have known) is confidential to the Company or any of its Affiliates.
			
		  	B.1.28.3.	  	As used herein, the term “Intellectual Property Rights” means all industrial and intellectual property rights, including the following (whether patentable or
not): patents, patent applications, and patent rights; trademarks, trademark applications, trade names; service marks and service mark applications; trade dress, logos and designs, and the goodwill associated with the foregoing; copyrights and
copyright applications; certificates of public convenience and necessity, franchises and licenses; trade secrets, know-how, proprietary processes and formulae, inventions, improvements, devices and discoveries; development tools; marketing
materials; instructions; Confidential Information; and all documentation and media constituting, describing or relating to the foregoing, including manuals, memoranda and records.

 B.1.29. Noncompetition Covenant. 

9. You acknowledge and agree that you have received significant and substantial benefits from your employment with the Company, including
the remuneration, compensation and other consideration inuring to your benefit, as well as introductions to, personal experience with, training in and knowledge of Pacer and its Affiliates, the industries in which they engage, and third parties with
whom they conduct business. Accordingly, in consideration of the foregoing, and the payments made and to be made to you in connection with your employment relationship with the Company and under this Agreement, you agree that you will not during the
twelve (12) month period beginning on the Termination Effective Date (the “Noncompetition Period”), for any reason: 

in any city or county in any state or province of the United States, Canada or Mexico where Pacer or any of its
Affiliates conducts business during the Non-Competition Period, directly or indirectly engage or participate in any Competing Business (as defined in Section 8(b) below) (whether as an officer, director, employee, partner, consultant, holder of
an equity or debt investment, lender or in any other manner, or capacity, including by the rendering of services or advice to any Person), or lend your name (or any part or variant thereof) to, any Competing Business; 

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

take any action to solicit, encourage or induce any customer, vendor, agent or contractor doing business with Pacer or
any of its Affiliates, or any officer, director, employee or agent of Pacer or any of its Affiliates: 
 (i) to
terminate or alter in any manner adverse to Pacer and its Affiliates its business, commercial, employment, agency or other relationship with Pacer or such Affiliate (including any action to do business or attempt to do business with, or to hire,
retain, engage or employ or attempt to hire, retain, engage or employ, any customer, vendor, agent or contractor, or any officer, director or employee, of Pacer or any of its Affiliates); 

(ii) to become a customer, vendor, agent or contractor, or an officer, director or employee, of you, your Affiliates or
any other Person; or 
 (iii) to engage in any Competing Business; or 

engage in or participate in, directly or indirectly, any business conducted under any name that shall be the same as or
similar to the name of Pacer or any of its Affiliates or any trade name used by any of them. 
 Ownership by you for investment purposes only of
less than 2% of the outstanding shares of capital stock or class of debt securities of any Person with one or more classes of its capital stock listed on a national securities exchange or actively traded in the over-the-counter market shall not
constitute a breach of the foregoing covenant. 

			
	B.1.29.2.	 	As used herein, the term “Competing Business” means any transportation or other business that Pacer or any of its Affiliates has engaged in at any time during
the Employment Period in any city or county in any country, state or province of the United States, Canada or Mexico, including any such business directly or indirectly engaged in providing any of the following:

intermodal marketing or rail or intermodal brokerage services (whether in connection with domestic or international
shipments or customers), car fleet management services, and railcar brokerage and management services; 

highway brokerage services, including full trailer load, less than trailer load, trailer fleet management and depot
operations services; 
 international freight transportation services, including ocean forwarding, custom house
brokerage, ocean carrier services (including NVOCC operations), import/export air forwarding services, and special project services; 

dry van trucking services, port and rail depot cartage services (whether in connection with domestic or international
shipments or customers), and local and regional trucking services (including full truckload and less-than-truckload motor carrier services); 

freight consolidation and handling services, including third party warehouse, cross dock, consolidation, deconsolidation
and distribution services; 
 comprehensive transportation management programs and services to third party
customers, including supply chain and traffic management services, carrier rate and contract management services, logistics optimization planning, and vendor bid optimization; or 

intermodal rail equipment (including double-stack rail car, container and chassis) supply and management services,
including doublestack transportation services. 
 B.1.30. Non-Disparagement. You will not make any public or
private statement or take any action that is, or that is intended to be, slanderous, libelous, derogatory, harmful, damaging, detrimental or otherwise adverse to Pacer or its Affiliates or their respective officers, directors or employees, or their
respective businesses, operations, prospects, affairs, or reputations among their respective customers, vendors, lenders, investors, analysts, competitors, employees, agents, consultants, contractors and representatives; provided,
however, that the foregoing is not intended to limit your ability to answer truthfully any questions of fact (as opposed to questions as to your opinion or belief) that may be put to you under oath in any litigation, arbitration or
governmental investigative proceeding. 
 B.1.31. Transition and Litigation Assistance. If requested by Pacer and
for a reasonable time after termination, you agree to cooperate with Pacer in connection with the transition of any matters on which you were working to other personnel within Pacer. At the request and expense of the Company upon reasonable notice
(including, for the time involved after twelve months have elapsed from the Termination Effective Date, a reasonable payment based on your per diem earnings on the Termination Effective Date and to the extent that you can render such assistance
without materially adversely affecting your other business obligations to your employer or other third party), you shall furnish such information and assistance to Pacer and its Affiliates as the Company may reasonably require in connection with any
issue, claim or litigation in which Pacer or any of its Affiliates may be involved. 

 B.1.32. Remedies. You acknowledge and agree that the provisions of this
Agreement (including Sections 6 through 10 inclusive) are of a special and unique nature, the loss of which cannot be adequately compensated for in damages by an action at law, and that the breach or threatened breach of any of these provisions
would cause the Company irreparable harm. Accordingly, you agree that in the event of a breach or threatened breach of any of the covenants contained in this Agreement (including Sections 6 through 10 inclusive), the Company shall be entitled to
(1) immediate relief enjoining such breach or threatened breach in any court or before any judicial body having jurisdiction over such a claim, and you waive any requirement that the Company post a bond or other security or prove that monetary
damages are inadequate, and (2) a refund of a portion of the severance pay amounts paid after the date that such breach commenced. All rights and remedies provided for in this Agreement are cumulative, are in addition to any other rights and
remedies provided for by law, and may, to the extent permitted by law, be exercised concurrently or separately. The exercise of any one right or remedy shall not be deemed to be an election of such right or remedy or to preclude the exercise or
pursuit of any other right or remedy. 
 B.1.33. Severability. It is the desire and intent of the parties that the
provisions of this Agreement shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any provision of this Agreement is determined to be
partially or wholly invalid, illegal or unenforceable in any jurisdiction, then such provision shall, as to such jurisdiction, be modified or restricted to the extent necessary to make such provision valid, binding and enforceable, or if such
provision cannot be so modified or restricted, then such provision shall, as to such jurisdiction, be deemed to be excised from this Agreement; provided, however, that the legality, binding effect and enforceability of the remaining
provisions of this Agreement, to the extent the economic benefits conferred on the parties by virtue of this Agreement remain substantially unimpaired, shall not be affected or impaired in any manner, and any such invalidity, illegality or
unenforceability with respect to such provisions shall not invalidate or render unenforceable such provision in any other jurisdiction. 

B.1.34. Expenses; Taxes. Each party hereto shall bear his or its own expenses incurred in connection with this Agreement
(including legal, accounting and any other third party fees, costs and expenses and all federal, state, local and other taxes and related charges incurred by such party). All references herein to remuneration, compensation and other consideration
payable by Pacer or any of its Affiliates hereunder to or for the benefit of you or your heirs, representatives, or estate are to the gross amounts thereof before reductions, set-off, or deduction for taxes and other charges referred to below, and
all such remuneration, compensation and other consideration shall be paid net of and after reduction, set-off and deduction for any and all applicable withholding, F.I.C.A., employment and other similar federal, state and local taxes and
contributions required by law to be withheld by Pacer or any such Affiliate. 
 B.1.35. Governing Law. This
Agreement shall be governed by, and construed and enforced in accordance with, the domestic laws of the State of Ohio applicable to contracts made and to be wholly performed in such State, without giving effect to any choice or conflict of law
provision or rule (whether of the State of Ohio or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Ohio. 

B.1.36. Binding Effect. The terms and provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors, assigns, representatives, heirs and estates, as applicable. This Agreement shall not be assignable by you without the prior written consent of Pacer (acting with approval of its Board of Directors).
Except as expressly provided in this Agreement, this Agreement shall not confer any rights or remedies upon any Person other than the parties hereto and their respective successors, permitted assigns, representatives, heirs and estates, as
applicable. 

 B.1.37. Notices. (a) All notices or other communications pursuant to this
Agreement shall be in writing and shall be deemed to be sufficient if delivered personally, sent by nationally-recognized, overnight courier or mailed by registered or certified mail (return receipt requested), postage prepaid, to the parties at the
following addresses (or at such other address for a party as shall be specified by like notice): 
 if to the
Company, to: 
 Pacer International, Inc. 

One Independent Drive, Suite 1250 

Jacksonville, FL 32202 

Attention: General Counsel 

if to you, to your last address shown in the Company’s personnel records: 

1.37.1.1. (b) All such notices and other communications shall be deemed to have been given and received
(i) in the case of personal delivery, on the date of such delivery, (ii) in the case of delivery by nationally-recognized, overnight courier, on the next business day where sent following dispatch, and (iii) in the case of mailing, on
the third business day where sent next following such mailing. In this Agreement, the term “business day” means, as to any location, any day that is not a Saturday, a Sunday or a day on which banking institutions in such location
are authorized or required to be closed. 
 B.1.38. Entire Agreement; Amendment and Waiver. This Agreement
embodies the entire agreement and understanding by and between the parties hereto with respect to the subject matter hereof and supersedes and preempts any and all prior and contemporaneous understandings, agreements, arrangements, representations
or communications (whether written or oral) by or between the parties relating to the subject matter hereof. You acknowledge that the unvested portion of the restricted stock granted to you are null and void and of no further force or effect on and
as of the Termination Effective Date. Other than this Agreement and the restricted stock agreement, there are no other understandings, agreements, arrangements, representations or communications continuing in effect relating to the subject matter
hereof. You are not signing this Agreement in reliance upon any promise, representation or warranty not expressly contained in this Agreement. Any oral representations regarding this Agreement shall have no force or effect. No waiver, amendment or
modification of any provision of this Agreement shall be effective unless in writing and signed by each party hereto. No failure or delay by any party in exercising any right, power or remedy under this Agreement shall operate as a waiver thereof or
of any other right, power or remedy. The waiver by any party hereto of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other or subsequent breach by such other party. 

 B.1.39. Counterparts and Facsimile or Imaged Execution. This Agreement may be
executed in two or more counterparts, and each such counterpart shall be an original instrument, but all such counterparts taken together shall be considered one and the same agreement, effective when one or more counterparts have been signed by
each party and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Any signed counterpart delivered by facsimile or imaged document shall be deemed for all purposes to constitute such party’s
good and valid execution and delivery of this Agreement. 
 B.1.40. Other Construction and Interpretation
Provisions. The use in this Agreement of the term “including” means “including, without limitation.” The words “herein”, “hereof”, “hereunder”, “hereby”, “hereto”,
“hereinafter”, and other words of similar import refer to this Agreement as a whole, and not to any particular article, section, subsection, paragraph, subparagraph or clause contained in this Agreement. All references to articles,
sections, subsections, clauses, paragraphs, schedules and attachments mean such provisions of this Agreement, except where otherwise stated. The section headings in this Agreement are for convenience only and shall not control or affect the meaning
of any provision of this Agreement. The use herein of the masculine, feminine or neuter forms shall also denote the other forms, as in each case the context may require. If, and wherever, specific language is used to clarify by example a general
statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Agreement has been chosen by the parties to
express their mutual intent, and no rule of strict construction shall be applied against any party. Unless otherwise provided herein, the measure of one month or year for purposes of this Agreement shall be that date of the following month or year
corresponding to the starting date, except that, if no corresponding date exists, the measure shall be the next day of the following month or year (e.g., one month following February 8 is March 8, and one month following
March 31 is May 1). The term “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with such
Person, where “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or
otherwise. The term “Person” shall be construed as broadly as possible and shall include an individual or natural person, a partnership (including a limited liability partnership), a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, an unincorporated organization, a business, and any other entity, including a governmental entity such as a domestic or foreign government or political subdivision thereof, whether on a
federal, state, provincial or local level and whether legislative, executive, judicial in nature, including any agency, authority, board, bureau, commission, court, department or other instrumentality thereof. 

B.1.41. Jury Trial Waiver. THE PARTIES WISH THAT APPLICABLE LAWS APPLY TO THE RESOLUTION OF ANY DISPUTES ARISING UNDER THIS
AGREEMENT AND THE SUBJECT MATTER HEREOF, AND THAT THEIR DISPUTES BE RESOLVED BY AN EXPERIENCED PERSON APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND APPLICABLE LAWS, THE PARTIES
HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS RELATED HERETO. YOU UNDERSTAND THAT THE WAIVER OF THE RIGHT TO A TRIAL BY JURY IS AN
IMPORTANT RIGHT WHICH YOU HEREBY FOREGO. 

 B.1.42. Jurisdiction and Venue; Service of Process. The parties hereto
(i) agree that all disputes among them arising out of, connected with, related to, or incidental to this Agreement shall be resolved exclusively by state or federal courts located in Franklin County, Ohio, or any appellate court from any
thereof, or by an arbitrator located in Franklin County, Ohio, in such cases where both parties hereto have expressly agreed to binding arbitration, (ii) irrevocably submit to the jurisdiction of such courts and waive any objection to venue or
defense of an inconvenient forum for any proceeding in any such court, and (iii) agree that the mailing by certified or registered mail, return receipt requested, of any process required by any such court shall constitute valid and lawful
service of process against them, without the necessity for service by any other means provided by law. 

 Please acknowledge your acceptance of and agreement with the foregoing terms by signing the
enclosed counterpart of this letter agreement in the space provided below and returning it to the Company at the address stated in Section 16 above. 

 

			
	PACER INTERNATIONAL, INC.
		
	By:	 	 /s/    Michael F. Killea

	Name:	 	Michael F. Killea
	Title:	 	Executive Vice President

 Accepted and agreed to:

  

	
	 /s/    Brian C. Kane

	Brian C. KaneForm of Note

 Exhibit 4.2 

FORM OF NOTE DUE              

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS NOTE ARE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE
INDENTURE. 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

 ORACLE CORPORATION 

              Note
due               
  

	 No. 
	 CUSIP No.: 

ISIN No.: 
 $

 ORACLE CORPORATION, a Delaware corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of                      DOLLARS on
            ,             . 

Interest Payment Dates:             [,
            ,             ] and             
(each, an “Interest Payment Date”), commencing on             ,             . 

Interest Record Dates:              and
             (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set
forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by
its duly authorized officers. 
  

			
	 ORACLE CORPORATION

		
	 By:
	 	  

		 	Name:
		 	Title:
		
	 By:
	 	  

		 	Name:
		 	Title:

 This is one of the Notes of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:             ,
             
  

			
	 The Bank of New York Mellon Trust Company, N.A.,

as Trustee

		
	By:	 	  

		 	    Authorized Signatory

 (REVERSE OF NOTE) 

ORACLE CORPORATION 

              Note
due               

1.    Interest. 

Oracle Corporation (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum
described above. Cash interest on the Notes will accrue from             ,             , or the most recent
Interest Payment Date to which payment has been paid or provided
for[1; provided, that if an Interest Payment Date for this
Note falls a day that is not a business day the Interest Payment Date shall be postponed to the next succeeding business day, unless such next succeeding business day would be in the following month, in which case the Interest Payment Date shall be
the immediately preceding business day. Interest on this Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest [semi-annually][quarterly] in arrears on each Interest Payment Date, commencing
            ,             ]. Interest will be computed on the basis of the actual number of days in an interest
period and a 360-day year consisting [of twelve 30-day months in a manner consistent with Rule 11620(b) of the NASD Uniform Practice Code]. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments
of interest (without regard to any applicable grace periods) to the extent lawful. 
 [The interest rate for each interest
period will be determined by the calculation agent. Initially, The Bank of New York Mellon Trust Company, N.A. will act as calculation agent. The Issuer may change any calculation agent without notice to the Holders. The interest rate for a
particular interest period will be a per annum rate equal to three-month USD LIBOR as determined on the interest determination date plus             %. The interest determination
date for an interest period will be the second London business day preceding such interest period. 
 A London business day is a
day on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 On any interest
determination date, USD LIBOR will be equal to the offered rate for deposits in U.S. dollars having an index maturity of three months, 
  

 

1
 Bracketed text to be included if and to extent applicable in context of floating or fixed rate notes. 

 
in amounts of at least $1,000,000, as such rate appears on “Reuters Page LIBOR01” at approximately 11:00 a.m., London time, on such interest determination date. If, on an interest
determination date, such rate does not appear on the “Reuters Page LIBOR01” as of 11:00 a.m. (London time), or if the “Reuters Page LIBOR01” is not available on such date, the calculation agent will obtain such rate from
Bloomberg L.P.’s page “BBAM.” 
 If no offered rate appears on “Reuters Page LIBOR01” or Bloomberg L.P.
page “BBAM” on an interest determination date at approximately 11:00 a.m., London time, then the calculation agent (after consultation with the Issuer) will select four major banks in the London interbank market and shall request each of
their principal London offices to provide a quotation of the rate at which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime banks in the London interbank market, on that date and at that time, that is
representative of single transactions at that time. If at least two quotations are provided, USD LIBOR will be the arithmetic average of the quotations provided. Otherwise, the calculation agent will select three major banks in New York City and
shall request each of them to provide a quotation of the rate offered by them at approximately 11:00 a.m., New York City time, on the interest determination date for loans in U.S. dollars to leading European banks having an index maturity of three
months for the applicable interest period in an amount of at least $1,000,000 that is representative of single transactions at that time. If three quotations are provided, USD LIBOR will be the arithmetic average of the quotations provided.
Otherwise, the rate of USD LIBOR for the next interest period will be set equal to the rate of USD LIBOR for the then current interest period. 

Upon request from any Holder, the calculation agent will provide the interest rate in effect on the Notes for the current interest period
and, if it has been determined, the interest rate to be in effect for the next interest period. 
 Dollar amounts resulting from
such calculation will be rounded to the nearest cent, with one-half cent being rounded upward.] 

2.    Paying Agent. 

Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) will act as paying agent. The Issuer may
change any paying agent without notice to the Holders. 
 3.    Indenture; Defined Terms. 

This Note is one of the             Notes
due             (the “Notes”) issued under an indenture dated as of January 13, 2006 (the “Base Indenture”) by and among the Issuer (formerly
known as Ozark Holding Inc.), Oracle Systems Corporation (formerly known as Oracle Corporation) and Citibank, N.A. (the “Original 
  

 6 

 
Trustee”), as amended by a supplemental indenture dated as of May 9, 2007 (together with the Base Indenture, the “Indenture”) by and among the Issuer, the
Original Trustee and the Trustee, and established pursuant to an [officers’ certificate] [supplemental indenture] dated             ,
            , issued pursuant to Sections 2.01 and 2.03 of the Indenture. This Note is a “Security” and the Notes are “Securities” under the Indenture.

 For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture.
The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date on which the
Indenture was qualified under the TIA. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the TIA for a statement of them. To the extent the terms of the
Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 
 4.    Denominations;
Transfer; Exchange. 
 The Notes are in registered form, without coupons, in denominations of $2,000 and multiples of $1,000
thereafter. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes
or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before
the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part. 

5.    Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and any
existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal amount of all series of Outstanding Securities (including the Notes) under
the Indenture that are affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the Notes to, among other things, cure any
ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the TIA, or make any other change that does not adversely affect the rights of any Holder of a Note.

  

 7 

 6.    Redemption. 

The Issuer may at its option redeem any of the Notes in whole or in part at any time, each at a redemption price calculated by the Issuer
equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be redeemed; and 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of
such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus [35] basis points,
plus in each case accrued interest thereon to the date of redemption. 
 Notwithstanding the foregoing, installments of interest
on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date according to the
Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with
respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains
fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer. 

“Reference Treasury Dealer” means
(i)                     ,
                     or
                     (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however,
that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer, and (ii) any other Primary
Treasury Dealer selected by the Issuer. 
  

 8 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of the Notes
to be redeemed. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed,
the Notes to be redeemed shall be selected by lot by the Depositary, in the case of Notes represented by a Global Note, or by the Trustee by a method the Trustee deems to be fair and appropriate, in the case of Notes that are not represented by a
Global Note. 
 7.    Defaults and Remedies. 

If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with
respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal
amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes will
automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not
obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then
outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events of Default if it determines that withholding notice is in their interest.

 8.    Authentication. 

 

 9 

 This Note shall not be valid until the Trustee manually signs the certificate of
authentication on this Note. 
 9.    Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

10.    CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP
numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed hereon.

 11.    Governing Law. 

The laws of the State of New York shall govern the Indenture and this Note thereof. 

 

 10 

  

ASSIGNMENT FORM 
 To assign this
Note, fill in the form below: 
 I or we assign and transfer this Note to 

(Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint
                                 agent to transfer this Note on the books of the Issuer.
The agent may substitute another to act for him. 
  
  

Date:
                                     Your Signature:
                                     

 
  

Sign exactly as your name appears on the other side of this Note. 
  

					
		  		  	  

		  		  	Signature
			
	Signature Guarantee:	  		  	
			
	  
	  		  	  

	Signature must be guaranteed                       
 	  		  	Signature

 Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 
  

 

 11 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for Physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease

in principal amount

of this Global Note
	 	 Amount of increase

in principal amount

of this Global Note
	  	Principal amount of
this Global
Note
following such
decrease
(or
increase)	  	Signature of
authorized officer
of
Trustee
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  

 12

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