Document:

Amended and Restated Management Advisory Agreement

 Exhibit 10.31 

Execution Version  

AMENDED & RESTATED MANAGEMENT ADVISORY AGREEMENT 

This Amended & Restated Management Advisory Agreement (this “Agreement”) was originally entered into as of the 10th
day of June, 2005 by and among Panther Expedited Services, Inc., f/k/a PTHR Holdings, Inc., a Delaware corporation (“Holdings”), Panther II Transportation, Inc., an Ohio corporation (the “Company”) and Fenway Partners, LLC, a
Delaware limited liability company and successor by conversion to Fenway Partners, Inc., a Delaware corporation (“Fenway”) and is hereby amended and restated as of April 6, 2009. 

Whereas, Fenway provided advisory and other services to Holdings and the Company in connection with the acquisition by funds
affiliated with Fenway (the “Fenway Funds”) of the Company on June 10, 2005 (the “Acquisition”), the senior secured financing (the “Senior Financing”) provided for the Acquisition pursuant to a Credit Agreement
dated June 10, 2005 and as amended and restated on January 11, 2006 (and as further amended) by and among Antares Capital Corporation as lead arranger, syndication agent and administrative agent and the lending institutions from time to
time party thereto (the “Credit Agreement”); 
 Whereas, subject to the terms and conditions of the Management
Advisory Agreement by and among Holdings, the Company, and Fenway Partners, Inc. dated June 10, 2005 (the “Original Agreement”), Holdings and the Company retained Fenway to provide, and Fenway has subsequently provided and continues
to provide, certain management and advisory services to Holdings and the Company; 
 Whereas, on June 1, 2006, PTHR
Holdings, Inc., amended its certificate of incorporation, changing its name to Panther Expedited Services, Inc., and by virtue of such change, Panther Expedited Services, Inc., assumed all of PTHR Holdings Inc.’s rights and obligations under
the Original Agreement; 
 Whereas, on March 30, 2007 Fenway Partners, Inc. converted into Fenway Partners, LLC, and
by virtue of such conversion Fenway Partners, LLC assumed all of Fenway Partners, Inc.’s rights and obligations under the Original Agreement; and 

Whereas, on the date hereof, in accordance with Section 6 of the Original Agreement, each of Holdings, the Company, and
Fenway desire to amend and restate the Original Agreement so that this Agreement amends and restates, and supersedes in all respects, the Original Agreement. 

Now, therefore, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1.
Services. Fenway hereby agrees that, during the term of this Agreement specified in Section 3 hereof (the “Term”), it will: 
  

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	 	a.	provide Holdings and the Company with financial, managerial and operational advice in connection with its day-to-day operations, including, without limitation: advice
with respect to the development and implementation of strategies for improving the operating, marketing and financial performance of Holdings and the Company; and 

 

	 	b.	provide Holdings and the Company with advice in connection with the negotiation and consummation of recapitalizations, restructurings, financings, refinancings,
mergers, acquisitions, consolidations and dispositions (including without limitation the sale of all or a substantial portion of the assets or equity of Holdings, the Company and/or any of their direct or indirect subsidiaries (collectively, the
“Subsidiaries”)), however structured (any such transaction, a “Significant Transaction”). 

 Fenway shall
devote such time and effort to the performance of the services contemplated hereby as Fenway deems reasonably necessary or appropriate; provided, however, that this Agreement shall not require Fenway to devote any minimum number of hours to the
performance of such services on a weekly, monthly, annual or other basis. Holdings and the Company each understand and acknowledge that Fenway’s services are not exclusive and that Fenway will render similar services to other persons and
entities. Fenway, Holdings and the Company each understand and acknowledge that Holdings and the Company may from time to time engage one or more investment bankers or financial advisers to provide services in addition to, but not in lieu of,
services provided by Fenway under this Agreement. In providing the services specified in this Agreement, Fenway will act as an independent contractor and it is expressly understood and agreed that this Agreement is not intended to create, and does
not create, any partnership, agency, joint venture or similar relationship and that neither party has the right or ability to contract for or on behalf of the other party or to effect any transaction for the account of the other. It is expressly
agreed that the services to be performed hereunder shall not include the full or part-time employment by any of Holdings, the Company or their Subsidiaries of any employee of Fenway or any of its affiliates, in each case, for which Fenway and/or
such affiliate shall be entitled to receive additional consideration. 
 2. Payment of Fees. The Company hereby agrees to: 

 

	 	a.	 during the Term, pay to Fenway (or its designee) management fees as follows (subject to adjustment as provided below): for each fiscal year ending from
and after the date hereof, an amount equal to the greater of (i) $1,500,000 and (ii) 5.0% of EBITDA for the immediately preceding fiscal year, subject to Section 2(d) hereof, or such other amount (or formula) as may be mutually agreed
between Holdings, the Company and Fenway, in each case in exchange for the services provided to Holdings and the Company by Fenway as described in Section l(a) of this Agreement, such fees being payable by Holdings and the Company in equal
installments quarterly in advance on the first day of the first fiscal quarter of the Company following the date hereof (each a “Payment Date”); provided however, that the management fee payable in respect of the first fiscal
quarter of any fiscal year of the Company shall be $375,000, with the management fee payable in respect of the immediately following fiscal quarter to 

 

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include, in addition to the management fee in respect of such fiscal quarter, an amount equal to the excess, if any, of (x) the amount payable in respect of each fiscal quarter of such
fiscal year determined on the basis of the annual management fee amount applicable to such fiscal year over (y) $375,000; 

  

	 	b.	during the Term, in exchange for the services provided to Holdings and the Company in connection with each Significant Transaction as described in Section l(b) of this
Agreement, pay to Fenway (or its designee) a fee in an amount customarily charged by Fenway in connection with transactions of similar type and size; provided, however, that in each case such fee shall not exceed the greater of
(i) $1,000,000 and (ii) 1.5% of the aggregate transaction value of such Significant Transaction (including the aggregate amount of all liabilities assumed in connection therewith), together with reimbursement of Fenway’s expenses
incurred in connection with such transaction or otherwise on behalf of Holdings and the Company, through the closing date of such transaction, such fees and expenses being payable by the Company at the closing of such transaction; and

  

	 	c.	in the event of an acquisition of another business (whether by stock or asset purchase, merger or otherwise), the amount specified in clause (i) of
Section 2(a) above shall be increased to an amount determined by multiplying (i) such amount specified in clause (i) of Section 2(a) as then in effect by (ii) the quotient obtained by dividing (x) the sum of
(A) the total financing raised by the Company, Holdings and their subsidiaries in connection with such acquisition and (B) the total financing raised by the Company, Holdings and their subsidiaries in connection with all prior
acquisitions, including but not limited to the Acquisition (the aggregate amount of the prior financings referred to in clause (B), the “Prior Financing Amount”) by (y) the Prior Financing Amount. 

 

	 	d.	Each payment made pursuant to this Section 2 shall be paid by wire transfer of immediately available federal funds to such account(s) as Fenway may specify to the
Company in writing prior to such payment. The Company may, with the consent of Fenway, delegate to Holdings, and in such event Holdings shall assume, the obligation to pay any amounts payable pursuant to Sections 2(b) and 4(a) in connection with any
particular Significant Transaction. For purposes of this Agreement, “EBITDA” shall have the meaning ascribed to such term in the Senior Financing documentation, as the same may be amended, modified, supplemented or replaced; provided,
however, that for purposes of determining the amount of management fees for any fiscal year, EBITDA may be adjusted upward by mutual agreement of Fenway, Holdings and the Company to reflect the projected financial performance of the Company and
its direct and indirect subsidiaries for such fiscal year. 

  

	 	e.	 Notwithstanding the foregoing provisions of this section 2, any fees specified in this Section 2 shall not be paid, but shall accrue (together
with interest thereon at rate of 8% per annum, compounded quarterly, for the period from the date upon which payment would otherwise be due to the date upon which payment is finally made), if and for so long as the payment thereof
(a) would constitute a default 

  

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under any agreement, instrument or other document relating to indebtedness for borrowed money of the Company having an aggregate outstanding principal amount in excess of $5,000,000 (it being
understood by the parties hereto that in such event payment of such fees during the period of such prohibition would jeopardize the ability of the Company to continue as a going concern), or (b) would be prohibited pursuant to
Section 5.7(d) of the Subordinated Loan Agreement (as defined in the Credit Agreement). 

 3. Term. This Agreement
shall continue in full force and effect, unless and until terminated by mutual consent of the parties, for a minimum often years from the date of the Original Agreement; and thereafter shall remain in full force and effect on a year to year basis
unless Holdings or Fenway provides written notice of its desire to terminate this Agreement to the other party at least 90 days prior to the expiration of such initial ten year term or any extension thereof; provided, however, that:

  

	 	a.	either party may terminate this Agreement following a material breach of the terms of this Agreement by the other party hereto and a failure to cure such breach within
30 days following written notice thereof; 

  

	 	b.	each of (i) the obligations of the Company under Section 4(a) below, (ii) any and all accrued and unpaid obligations of the Company owed under
Section 2 above and (iii) the provisions of Sections 4(b), 7 and 11 below shall survive any termination of this Agreement to the maximum extent permitted under applicable law; and 

 

	 	c.	Holdings may terminate this Agreement upon the consummation of any public offering of equity securities of the Company or any of its direct or indirect subsidiaries;
provided, however, that in the event this Agreement is terminated in accordance with this Section 3(c), the Company hereby agrees to pay to Fenway a cash lump-sum termination fee equal to the net present value of the fees that would have
been payable to Fenway (but for the termination hereof) pursuant to Section 2(a) hereof for the remainder of the initial term of this Agreement or any extension thereof, if applicable, pursuant to this Section 3 (assuming for purposes of
this Section 3(c) that this Agreement was not otherwise terminated in accordance with Section 3(a) hereof), calculated (i) assuming that such fees would have been payable throughout such period at the rate specified in
Section 2(a) as in effect on the date of such termination and (ii) using a discount rate equal to the ten-year treasury rate on the date of such termination. Such termination fee shall be payable by wire transfer of immediately available
funds within ten (10) days after the date of termination to an account specified by Fenway. 

 4. Expenses;
Indemnification. 
  

	 	a.	Expenses, Whether or not the Acquisition or any of the other transactions contemplated by this Agreement or any other agreement executed in connection herewith
are consummated, the Company agrees to pay on demand all expenses incurred by Fenway and the Fenway Funds (i) in connection with the preparation, 

 

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negotiation and execution of this Agreement and any other agreement executed in connection herewith or in connection with the Acquisition, the Senior Financing or the consummation of the other
transactions contemplated hereby or thereby (and any and all amendments, modifications, restructurings, waivers and exercises and preservations of rights and remedies hereunder or thereunder), (ii) relating to the operations of, or services
provided by Fenway to, Holdings, the Company, or their Subsidiaries or affiliates from time to time or (iii) otherwise in any way relating to or arising out of Holdings, the Company or the Fenway Funds’ investment in Holdings, including
but not limited to: 

  

	 	i.	the fees and disbursements of: Ropes & Gray LLP, Ernst & Young any other consultants or advisors retained by Fenway, the Fenway Funds or either of the
parties identified above in connection with the services to be provided hereunder; and 

  

	 	ii.	all out-of-pocket expenses incurred by Fenway in connection with its provision of services hereunder and its representatives’ attendance at any meeting of the
board of directors (or any committee thereof) of Holdings, the Company or any of their Subsidiaries. 

  

	 	b.	Indemnity, Holdings and the Company hereby agree to indemnify, exonerate and hold each of Fenway, the Fenway Funds, and each of their respective partners,
shareholders, affiliates, directors, officers, fiduciaries, employees and agents and each of the partners, shareholders, affiliates, directors, officers, fiduciaries, employees and agents of each of the foregoing (collectively, the
“Indemnitees”) free and harmless from and against any and all actions, causes of action, suits, losses, liabilities and damages, and expenses in connection therewith, including without limitation reasonable attorneys’ fees and
disbursements (collectively, the “Indemnified Liabilities”), incurred by the Indemnitees or any of them as a result of, or arising out of, or in any way relating to (i) this Agreement, the Acquisition, the Senior Financing, the Fenway
Funds’ investment in Holdings and all transactions related to the foregoing or (ii) the operations of, or services provided by Fenway to, Holdings, the Company or their Subsidiaries and affiliates from time to time (including but not
limited to any indemnification obligations assumed or incurred by any Indemnitee to or on behalf of Holdings, the Company, any of their Subsidiaries or any of the accountants or other representatives, agents or affiliates of any of the foregoing)
except for any such Indemnified Liabilities arising on account of such Indemnitee’s gross negligence or willful misconduct, and if and to the extent that the foregoing undertaking may be unenforceable for any reason, Holdings and the Company
hereby agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities as is permissible under applicable law. 

5. Assignment, etc. None of the parties shall have the right to assign this Agreement; provided, however, that notwithstanding the
foregoing prohibition, (a) Fenway may assign all or part of its rights and obligations hereunder to any affiliate of Fenway which provides services similar to those called for by this Agreement, in which event Fenway shall be released of all of

  

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its rights and obligations hereunder, and (b) the provisions hereof for the benefit of the Fenway Funds shall inure to the benefit of their successors and assigns. 

6. Amendments and Waivers. No amendment or waiver of any term, provision or condition of this Agreement shall be effective, unless in writing and
executed by each of Fenway, Holdings and the Company. No waiver on any one occasion shall extend to or effect or be construed as a waiver of any right or remedy on any future occasion. No course of dealing of any person nor any delay or omission in
exercising any right or remedy shall constitute an amendment of this Agreement or a waiver of any right or remedy of any party hereto. 
 7.
Miscellaneous. 
  

	 	a.	Choice of Law. This Agreement shall be governed by and construed in accordance with the domestic substantive laws of the State of New York without giving effect
to any choice or conflict of law provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 

  

	 	b.	Consent to Jurisdiction. Each of the parties agrees that all actions, suits or proceedings arising out of or based upon this Agreement or the subject matter
hereof shall be brought and maintained exclusively in the federal and state courts of the State of New York. Each of the parties hereto by execution hereof (i) hereby irrevocably submits to the jurisdiction of the federal and state courts in
the State of New York for the purpose of any action, suit or proceeding arising out of or based upon this Agreement or the subject matter hereof and (ii) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by
way of motion, as a defense or otherwise, in any such action, suit or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that it is immune from extraterritorial injunctive relief or other
injunctive relief, that its property is exempt or immune from attachment or execution, that any such action, suit or proceeding may not be brought or maintained in one of the above-named courts, that any such action, suit or proceeding brought or
maintained in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred to any court other than one of the above-named courts, should be stayed by virtue of the pendency of any other action, suit or
proceeding in any court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced in or by any of the above-named courts. Each of the parties hereto hereby consents to service of process in any
such suit, action or proceeding in any manner permitted by the laws of the State of New York, agrees that service of process by registered or certified mail, return receipt requested, at the address specified in or pursuant to Section 9 is
reasonably calculated to give actual notice and waives and agrees not to assert by way of motion, as a defense or otherwise, in any such action, suit or proceeding any claim that service of process made in accordance with Section 9 does not
constitute good and sufficient service of process. The provisions of this Section 7(b) shall not restrict the ability of any party to enforce in any court any judgment obtained in a federal or state court of the State of New York.

  

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	 	c.	Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES HERETO HEREBY WAIVES, AND COVENANTS THAT IT WILL
NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT, OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, CAUSE OF ACTION, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER
HEREOF, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT OR TORT OR OTHERWISE. Each of the parties hereto acknowledges that it has been informed by each other party that the provisions of this Section 7(c)
constitute a material inducement upon which such party is relying and will rely in entering into this Agreement and the transactions contemplated hereby. Any of the parties hereto may file an original counterpart or a copy of this Agreement with any
court as written evidence of the consent of each of the parties hereto to the waiver of its right to trial by jury. 

 8.
Merger/Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersedes any prior communication or agreement with respect thereto. 

9. Notice. All notices, demands, and communications of any kind which any party may require or desire to serve upon any other party under this
Agreement shall be in writing and shall be served upon such other party and such other party’s copied persons as specified below by personal delivery to the address set forth for it below or to such other address as such party shall have
specified by notice to each other party or by mailing a copy thereof by certified or registered mail, or by Federal Express or any other reputable overnight courier service, postage prepaid, with return receipt requested, addressed to such party and
copied persons at such addresses. In the case of service by personal delivery, it shall be deemed complete on the first business day after the date of actual delivery to such address. In case of service by mail or by overnight courier, it shall be
deemed complete, whether or not received, on the third day after the date of mailing as shown by the registered or certified mail receipt or courier service receipt. Notwithstanding the foregoing, notice to any party or copied person of change of
address shall be deemed complete only upon actual receipt by an officer or agent of such party or copied person. 
 If to Holdings or the
Company, to it at: 
 Panther II Transportation, Inc. 

4920 Panther Parkway 

Seville, Ohio 44273 

Attention: Daniel K. Sokolowski 
  

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 With a copy (which shall not constitute notice) to: 

Fenway Partners, LLC 

152 West 57th Street 

New York, New York 10019 

Attention: Marc Kramer 

And: 

Ropes & Gray LLP 

One International Place 

Boston, Massachusetts 02110 

Attention: C. Todd Boes 

If to Fenway, to it at: 

Fenway Partners, LLC 

152 West 57th Street 

New York, New York 10019 

Attention: Marc Kramer 

With a copy (which shall not constitute notice) to: 

Ropes & Gray LLP 

One International Place 

Boston, Massachusetts 02110 

Attention: C. Todd Boes 
 10.
Severability. If in any judicial or arbitral proceedings a court or arbitrator shall refuse to enforce any provision of this Agreement, then such unenforceable provision shall be deemed eliminated from this Agreement for the purpose of such
proceedings to the extent necessary to permit the remaining provisions to be enforced. To the full extent, however, that the provisions of any applicable law may be waived, they are hereby waived to the end that this Agreement be deemed to be valid
and binding agreement enforceable in accordance with its terms, and in the event that any provision hereof shall be found to be invalid or unenforceable, such provision shall be construed by limiting it so as to be valid and enforceable to the
maximum extent consistent with and possible under applicable law. 
 11. Disclaimer and Limitation of Liability. 

 

	 	a.	Disclaimer. Fenway makes no representations or warranties, express or implied, in respect of the services to be provided by it hereunder.

  

	 	b.	 Standard of Care. In no event shall Fenway or any other Indemnitee be liable to Holdings, the Company or any of their Subsidiaries or affiliates
for (i) any act, alleged act, omission or alleged omission on the part of Fenway or such Indemnitee that does not constitute gross negligence or willful misconduct as 

 

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determined by a final, non-appealable determination of a court of competent jurisdiction or (ii) any indirect, special, incidental or consequential damages, including lost profits or
savings, whether or not such damages are foreseeable, or for any third party claims (whether based in contract, tort or otherwise), relating to the services to be provided by Fenway hereunder. 

 

	 	c.	Freedom to Pursue Opportunities, Etc. In anticipation that Holdings, the Company, their Subsidiaries and Fenway (or one or more affiliates, associated investment
funds or portfolio companies of Fenway) may engage in the same or similar activities or lines of business and have an interest in the same areas of corporate opportunities and in recognition of the difficulties which may confront any advisor who
desires and endeavors fully to satisfy such advisor’s duties in determining the full scope of such duties in any particular situation, the provisions of this clause (c) are set forth to regulate, define and guide the conduct of certain
affairs of Holdings, the Company and their Subsidiaries as they may involve Fenway. Except as Fenway may otherwise agree in writing after the date hereof: 

  

	 	i.	Fenway and each of its officers, directors, employees, partners, affiliates and associated entities shall have the right to, and shall have no duty (contractual or
otherwise) not to, directly or indirectly: (A) engage in the same or similar business activities or lines of business as Holdings, the Company or any of their Subsidiaries, including those competing with Holdings, the Company or any of their
Subsidiaries, and (B) do business with any client or customer of Holdings, the Company or any of their Subsidiaries; 

  

	 	ii.	Neither Fenway nor any officer, director, employee, partner, affiliate or associated entity of Fenway shall be liable to Holdings, the Company or any of their
Subsidiaries or affiliates for breach of any duty (contractual or otherwise) by reason of any such activities of or of such person’s participation therein; and 

 

	 	iii.	In the event that Fenway acquires knowledge of a potential transaction or matter that may be a corporate opportunity for Holdings, the Company, their Subsidiaries or
any other person, Fenway shall have no duty (contractual or otherwise) to communicate or present such corporate opportunity to Holdings, the Company or any of their Subsidiaries and, notwithstanding any provision of this Agreement to the contrary,
shall not be liable to Holdings, the Company or any of their Subsidiaries or any of their affiliates for breach of any duty (contractual or otherwise) by reason of the fact that Fenway directly or indirectly pursues or acquires such opportunity for
itself, directs such opportunity to another person, or does not present such opportunity to Holdings, the Company or any of their Subsidiaries. 

12. Confidentiality. Holdings and the Company agree that, at the request of Fenway, they will not disclose any confidential information provided
to Holdings and/or the Company by 
  

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Fenway in connection with a potential acquisition, investment or similar transaction, and will agree to be bound by any confidentiality agreement entered into by Fenway in respect of such
confidential information. 
 13. Counterparts. This Agreement may be executed in any number of counterparts and by each of the parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. 

[The remainder of this page intentionally left blank] 

 

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 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf as an
instrument under seal as of the date first above written by its officer or representative thereunto duly authorized. 
  

							
	HOLDINGS:	 		 	PANTHER EXPEDITED SERVICES, INC.
				
		 		 	By	 	 /s/ Roy Showman

		 		 	Title:	 	CFO
			
	THE COMPANY:	 		 	PANTHER II TRANSPORTATION, INC.
				
		 		 	By	 	 /s/ Roy Showman

		 		 	Title:	 	CFO
			
	FENWAY:	 		 	FENWAY PARTNERS, LLC
				
		 		 	By	 	  

		 		 	Title:	 	

 Signature Page to Amended and Restated Management Advisory Agreement 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on its behalf as an
instrument under seal as of the date first above written by its officer or representative thereunto duly authorized. 
  

							
	HOLDINGS:	 		 	PANTHER EXPEDITED SERVICES, INC.
				
		 		 	By	 	  

		 		 	Title:	 	
			
	THE COMPANY:	 		 	PANTHER II TRANSPORTATION, INC.
				
		 		 	By	 	  

		 		 	Title:	 	
			
	FENWAY:	 		 	FENWAY PARTNERS, LLC
				
		 		 	By	 	 /s/ Marc Kramer

		 		 	Title:	 	MANAGING DIRECTOR

 Signature Page to
Amended and Restated Management Advisory AgreementForm of Non-Qualified Stock Option Agreement

 Exhibit 10.6 

EAGLE MATERIALS INC. 

INCENTIVE PLAN 

NON-QUALIFIED STOCK OPTION AGREEMENT 

This option agreement (the “Option Agreement” or “Agreement”) entered into between EAGLE
MATERIALS INC., a Delaware corporation (the “Company”), and
                                 (the “Optionee”), an employee of the
Company or its Affiliates, with respect to a right (the “Option”) awarded to the Optionee under the Eagle Materials Inc. Incentive Plan, as amended (the “Plan”), on May 18, 2010, (the “Award Date”) to purchase from
the Company up to but not exceeding in the aggregate                      shares of the Company’s common stock, par value $0.01 per share
(the “Common Stock”), at a price of $30.735 per share (the “Exercise Price”), such number of shares and such price per share being subject to adjustment as provided in the Plan, and further subject to the following terms and
conditions: 
  

	 	1.	Relationship to Plan 

This Option is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any,
which have been adopted by the Company’s Compensation Committee (“Committee”) and are in effect on the date hereof. Except as defined herein, capitalized terms shall have the same meanings ascribed to them under the Plan. For purposes
of this Option Agreement: 
 (a) “ARFR” means, with respect to any of the Company’s subsidiaries, such
subsidiary’s Accidents Recordable Frequency Rate, as certified by the Committee consistent with OSHA/MSHA definition of such term. 

(b) “Disability” shall have the meaning assigned to such term under the Plan, however, in the case of a Director, for
purposes of this Agreement, Disability shall be determined by the Committee. 
 (c) “Option Shares” means the
Cement Option Shares (as defined below), the Con/Agg Option Shares (as defined below), Wallboard Option Shares (as defined below), the Paperboard Option Shares (as defined below), and the Corporate Option Shares (as defined below). 

(d) “Performance Vesting Date” means March 31, 2011. 

(e) “Service Vesting Date” means the first or second anniversary of the Performance Vesting Date, as applicable.

 (f) “Vesting Period” means the period commencing on April 1, 2010 and ending on March 31, 2011.

  

	 	2.	Vesting and Exercise Schedules. 

(a) Cement Vesting Criteria.
                     shares of the Common Stock covered by this Option (the “Cement Option Shares”) shall vest in accordance with
the criteria attached to this Agreement as Exhibit A. 

 (b) Con/Agg Vesting Criteria.
                     shares of the Common Stock covered by this Option (the “Con/Agg Option Shares”) shall vest in accordance with
the criteria attached to this Agreement as Exhibit B. 
 (c) Wallboard Criteria.
                     shares of the Common Stock covered by this Option (the “Wallboard Option Shares”) shall vest in accordance with
the criteria attached to this Agreement as Exhibit C. 
 (d) Paperboard Vesting Criteria.
                     shares of the Common Stock covered by this Option (the “Paperboard Option Shares”) shall vest in accordance
with the criteria attached to this Agreement as Exhibit D. 
 (e) Corporate Vesting Criteria.
                     shares of the Common Stock covered by this Option (the “Corporate Option Shares”) shall vest in accordance with
the criteria attached to this Agreement as Exhibit E. 
 At the end of the Vesting Period, if any Option Shares remain
unvested, such Option Shares shall be forfeited. 
 The Optionee must be in continuous employment with the Company or any of its
Affiliates or serve as a Director from the Award Date through the Performance Vesting Date in order for the Option Shares to vest as provided in this Section 2. 

(f) Exercisability. One-third of the Option Shares that vest in accordance with the provisions of each of Section 2(a)
through 2(e) shall become exercisable not later than 30 days following the Performance Vesting Date upon the Committee’s determination of performance results. The remaining two-thirds of the Option Shares that vest in accordance with the
provisions of each of Section 2(a) through 2(e) shall become exercisable as follows: one-third on the first Service Vesting Date and one-third on the second Service Vesting Date. All remaining Option Shares will be forfeited. 

The Optionee must be in continuous employment with the Company or any of its Affiliates or serve as a Director from the Award Date
through the Performance Vesting Date or applicable Service Vesting Date the portion of the Option Shares would otherwise become exercisable in order for the Option to become exercisable with respect to that portion of the Option Shares, otherwise
such Option Shares shall be forfeited. Notwithstanding the foregoing, in the event the Optionee’s employment or service as a Director terminates by reason of death or Disability following the Performance Vesting Date and prior to one or both
Service Vesting Dates, any then vested and exercisable Option Shares shall continue to be exercisable for a period of two years following Optionee’s death or Disability, and any then vested and unexercisable Option Shares shall continue to
become exercisable as if the Optionee had remained employed or continued to serve as a Director for a period of two years following Optionee’s death or Disability. 

To the extent the Option becomes exercisable, such Option may be exercised in whole or in part (at any time or from time to time, except
as otherwise provided herein) until expiration of the Option pursuant to the terms of this Agreement or the Plan. 
 (g)
Calculations. The Committee shall have the sole authority to approve the calculation of each of the vesting criteria set forth in Exhibits A through E for purposes of vesting, and its approval of such calculations shall be final, conclusive,
and binding on all parties. 
  

 -2- 

 (h) Change in Control. This Option shall become fully vested and exercisable,
without regard to the limitations set forth in subparagraphs (a) through (f) above, provided that the Optionee has been in continuous employment with the Company or any of its Affiliates or served as a Director from the Award Date through
the occurrence of a Change in Control (as defined in Exhibit F to this Agreement), with respect to any Option Shares which have not been previously forfeited, unless either (i) the Committee determines that the terms of the transaction
giving rise to the Change in Control provide that the Option is to be replaced within a reasonable time after the Change in Control with an option of equivalent value to purchase shares of the surviving parent corporation or (ii) the Option is
to be settled in cash in accordance with the last sentence of this subparagraph (h). Upon a Change in Control, pursuant to Section 16 of the Plan, the Company may, in its discretion, settle the Option by a cash payment equal to the difference
between the Fair Market Value per share of Common Stock on the settlement date and the Exercise Price for the Option, multiplied by the number of shares then subject to the Option. 

(i) Business Acquisitions. In the event the Company makes an acquisition or disposition (e.g. assets, stock or other equity
interest) on or before March 31, 2011, then the Compensation Committee may, in its discretion, make any adjustments to: (1) the method of calculating any of the vesting criteria set forth in Exhibits A through E of this Agreement; or
(2) the structure of vesting tables set forth in Exhibits A through E of this Agreement, as it deems appropriate to fulfill the intents and purposes of the vesting criteria, taking into consideration the effect of the acquisition or disposition
on vesting opportunities. 
  

	 	3.	Termination of Option. 

The Option hereby granted shall terminate and be of no force and effect with respect to any shares of Common Stock not previously
purchased by the Optionee at the earliest time specified below: 
 (a) the tenth anniversary of the Award Date; 

(b) if Optionee’s employment with the Company and its Affiliates or service as a Director is terminated by the Company or a
Subsidiary for “cause” (as determined by the Committee) at any time after the Award Date, then the Option shall terminate immediately upon such termination of Optionee’s employment; 

(c) if Optionee’s employment with the Company and its Affiliates or service as a Director is terminated for any reason other than
death, Disability or termination for cause at any time after the Award Date, then the Option shall terminate on the first business day following the expiration of the 90-day period beginning on the date of termination of Optionee’s employment
or service as a Director; or 
 (d) if Optionee’s employment with the Company and its Affiliates or service as a Director
is terminated due to the death or Disability of the Optionee at any time after the Performance Vesting Date, then the Option shall terminate on the later of (i) the first business day following the expiration of the two-year period following
Optionee’s death or Disability and (ii) the first business day following the expiration of the 90-day period beginning on the date the Options Shares first become exercisable. 

 

 -3- 

	 	4.	Exercise of Option. 

Subject to the limitations set forth herein and in the Plan, this Option may be exercised by notice provided to the Company as set forth
in Section 5. The payment of the Exercise Price for the Common Stock being purchased pursuant to the Option shall be made (a) in cash, by check or cash equivalent, (b) by tender to the Company, or attestation to the ownership, of
Common Stock owned by the Optionee having a Fair Market Value (as determined by the Company without regard to any restrictions on transferability applicable to such Common Stock by reason of federal or state securities laws or agreements with an
underwriter for the Company) not less than the Exercise Price, (c) by delivery of a properly executed notice together with irrevocable instructions to a broker providing for the assignment to the Company of the proceeds of a sale or loan with
respect to some or all of the shares being acquired upon the exercise of the Option (including, without limitation, through an exercise complying with the provisions of Regulation T as promulgated from time to time by the Board of Governors of the
Federal Reserve System), (d) by such other consideration as may be approved by the Board from time to time to the extent permitted by applicable law, or (e) by any combination thereof. Such notice shall be accompanied by cash or Common
Stock in the full amount of all federal and state withholding or other employment taxes applicable to the taxable income of such Optionee resulting from such exercise (or instructions to satisfy such withholding obligation by withholding Option
Shares in accordance with Section 8). 
 Notwithstanding anything to the contrary contained herein, the Optionee agrees
that he will not exercise the Option granted pursuant hereto, and the Company will not be obligated to issue any Option Shares pursuant to this Option Agreement, if the exercise of the Option or the issuance of such shares would constitute a
violation by the Optionee or by the Company of any provision of any law or regulation of any governmental authority or any stock exchange or transaction quotation system. The Optionee agrees that, unless the options and shares covered by the Plan
have been registered pursuant to the Securities Act of 1933, as amended, the Company may, at its election, require the Optionee to give a representation in writing in form and substance satisfactory to the Company to the effect that he is acquiring
such shares for his own account for investment and not with a view to, or for sale in connection with, the distribution of such shares or any part thereof. 

If any law or regulation requires the Company to take any action with respect to the shares specified in such notice, the time for
delivery thereof, which would otherwise be as promptly as reasonably practicable, shall be postponed for the period of time necessary to take such action. 
  

	 	5.	Notices. 

Notice of exercise of the Option must be made in the following manner, using such forms as the Company may from time to time provide:

 (a) by electronic means as designated by the Committee, in which case the date of exercise shall be the date when receipt is
acknowledged by the Company; 
 (b) by registered or certified United States mail, postage prepaid, to Eagle Materials Inc.,
Attention: Secretary, 3811 Turtle Creek, Suite 1100, Dallas, Texas 75219, in which case the date of exercise shall be the date of mailing; or 

(c) by hand delivery or otherwise to Eagle Materials Inc., Attention: Secretary, 3811 Turtle Creek, Suite 1100, Dallas, Texas 75219, in
which case the date of exercise shall be the date when receipt is acknowledged by the Company. 
  

 -4- 

 Notwithstanding the foregoing, in the event that the address of the Company is changed prior
to the date of any exercise of this Option, notice of exercise shall instead be made pursuant to the foregoing provisions at the Company’s current address. 

Any other notices provided for in this Agreement or in the Plan shall be given in writing or by such electronic means, as permitted by
the Committee, and shall be deemed effectively delivered or given upon receipt or, in the case of notices delivered by the Company to the Optionee, five days after deposit in the United States mail, postage prepaid, addressed to the Optionee at the
address specified at the end of this Agreement or at such other address as the Optionee hereafter designates by written notice to the Company. 
  

	 	6.	Assignment of Option. 

Except as otherwise permitted by the Committee, the rights of the Optionee under the Plan and this Agreement are personal; no assignment
or transfer of the Optionee’s rights under and interest in this Option may be made by the Optionee otherwise than by will, by beneficiary designation, by the laws of descent and distribution or by a qualified domestic relations order; and this
Option is exercisable during his lifetime only by the Optionee, except as otherwise expressly provided in this Agreement. 

After the death of the Optionee, exercise of the Option shall be permitted only by the Optionee’s designated beneficiary or, in the
absence of a designated beneficiary, the Optionee’s executor or the personal representative of the Optionee’s estate (or by his assignee, in the event of a permitted assignment) to the extent that the Option is exercisable on or after the
date of the Optionee’s death, as set forth in Sections 2(f) and 3(d) hereof. 
  

	 	7.	Stock Certificates. 

Certificates or other evidences of or representing the Common Stock issued pursuant to the exercise of the Option will bear all legends
required by law and necessary or advisable to effectuate the provisions of the Plan and this Option. 
  

	 	8.	Withholding. 

No certificates representing shares of Common Stock purchased hereunder shall be delivered to or in respect of an Optionee unless the
amount of all federal, state and other governmental withholding tax requirements imposed upon the Company with respect to the issuance of such shares of Common Stock has been remitted to the Company or unless provisions to pay such withholding
requirements have been made to the satisfaction of the Committee. The Committee may make such provisions as it may deem appropriate for the withholding of any taxes which it determines is required in connection with this Option. The Optionee may pay
all or any portion of the taxes required to be withheld by the Company or paid by the Optionee in connection with the exercise of all or any portion of this Option by delivering cash, or, pursuant to Committee – approved procedures, by electing
to have the Company withhold shares of Common Stock, or by delivering previously owned shares of Common Stock sufficient to satisfy the tax withholding obligation. The Optionee must make the foregoing election on or before the date that the
amount of tax to be withheld is determined. 
  

 -5- 

	 	9.	Shareholder Rights. 

The Optionee shall have no rights of a shareholder with respect to shares of Common Stock subject to the Option unless and until such time
as the Option has been exercised and ownership of such shares of Common Stock has been transferred to the Optionee. 
  

	 	10.	Successors and Assigns. 

This Agreement shall bind and inure to the benefit of and be enforceable by the Optionee, the Company and their respective permitted
successors and assigns (including personal representatives, heirs and legatees), except that the Optionee may not assign any rights or obligations under this Agreement except to the extent and in the manner expressly permitted herein. 

 

	 	11.	No Employment Guaranteed. 

No provision of this Option Agreement shall confer any right upon the Optionee to continued employment with the Company or any Subsidiary.

  

	 	12.	Governing Law. 

This Option Agreement shall be governed by, construed and enforced in accordance with the laws of the State of Texas. 

 

	 	13.	Amendment. 

This Agreement cannot be modified, altered or amended except by an agreement, in writing, signed by both the Company and the Optionee.

  

									
		 		 		 	EAGLE MATERIALS INC.
					
	Date:	 	  
	 		 	By:	 	  

		 		 		 	Name:	 	Steven R. Rowley
		 		 		 	Title:	 	President and CEO

 The Optionee hereby
accepts the foregoing Option Agreement, subject to the terms and provisions of the Plan and administrative interpretations thereof referred to above. 
  

									
		 		 		 	OPTIONEE:	 	
				
	Date:	 	  
	 		 	  

		 		 		 	  
	 	
		 		 		 	Eagle Materials Inc.	 	
		 		 		 	3811 Turtle Creek Blvd.	 	
		 		 		 	Suite 1100	 	
		 		 		 	Dallas, Texas 75219	 	

  

 -6- 

 EXHIBIT A 

Cement Vesting Schedule 

[intentionally omitted] 

 EXHIBIT B 

Con/Agg Vesting Schedule 

[intentionally omitted] 

 EXHIBIT C 

Wallboard Vesting Schedule 

[intentionally omitted] 

 EXHIBIT D 

Paperboard Vesting Schedule 

[intentionally omitted] 

 EXHIBIT E 

Corporate Vesting Schedule 

[intentionally omitted] 

 EXHIBIT F 

Change in Control 

For the purpose of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events: 

(a) The acquisition by any Person of beneficial ownership of securities of the Company (including any such acquisition of beneficial
ownership deemed to have occurred pursuant to Rule 13d-5 under the Exchange Act) if, immediately thereafter, such Person is the beneficial owner of (i) 50% or more of the total number of outstanding shares of any single class of Company Common
Stock or (ii) 40% or more of the total number of outstanding shares of all classes of Company Common Stock, unless such acquisition is made (a) directly from the Company in a transaction approved by a majority of the members of the
Incumbent Board or (b) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; 

(b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board (or who is otherwise designated as a member of the Incumbent Board by such a vote) shall be considered as though such individual were a member of the Incumbent Board, except that any such individual
shall not be considered a member of the Incumbent Board if his or her initial assumption of office occurs as a result of either an actual or threatened election contest (as such term is used in Rule 14a-11 of Regulation 14A promulgated under the
Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

(c) The consummation of a Business Combination, unless, immediately following such Business Combination, (i) more than 50% of both
the total number of then outstanding shares of common stock of the parent corporation resulting from such Business Combination and the combined voting power of the then outstanding voting securities of such parent corporation entitled to vote
generally in the election of directors will be (or is) then beneficially owned, directly or indirectly, by all or substantially all of the Persons who were the beneficial owners, respectively, of the outstanding shares of Company Common Stock
immediately prior to such Business Combination in substantially the same proportions as their ownership immediately prior to such Business Combination of the outstanding shares of Company Common Stock, (ii) no Person (other than any employee
benefit plan (or related trust) of the Company or any corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 40% or more of the total number of then outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors and (iii) at least a majority of the members of the
board of directors of the parent corporation resulting from such Business Combination were members of the Incumbent Board immediately prior to the consummation of such Business Combination; or 

(d) Approval by the Board and the shareholders of the Company of (i) a complete liquidation or dissolution of the Company or
(ii) a Major Asset Disposition (or, if there is no such approval by shareholders, consummation of such Major Asset Disposition) unless, 

 (e) immediately following such Major Asset Disposition, (A) Persons that were
beneficial owners of the outstanding shares of Company Common Stock immediately prior to such Major Asset Disposition beneficially own, directly or indirectly, more than 50% of the total number of then outstanding shares of common stock and the
combined voting power of the then outstanding shares of voting stock of the Company (if it continues to exist) and of the Acquiring Entity in substantially the same proportions as their ownership immediately prior to such Major Asset Disposition of
the outstanding shares of Company Common Stock; (B) no Person (other than any employee benefit plan (or related trust) of the Company or such entity) beneficially owns, directly or indirectly, 40% or more of the then outstanding shares of
common stock or the combined voting power of the then outstanding voting securities of the Company (if it continues to exist) and of the Acquiring Entity entitled to vote generally in the election of directors and (C) at least a majority of the
members of the Board of the Company (if it continues to exist) and of the Acquiring Entity were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such Major Asset Disposition.

 For purposes of the foregoing, 
  

	 	(i)	the term “Person” means an individual, entity or group; 

  

	 	(ii)	the term “group” is used as it is defined for purposes of Section 13(d)(3) of the Exchange Act; 

 

	 	(iii)	the terms “beneficial owner”, “beneficial ownership” and “beneficially own” are used as defined for purposes of Rule 13d-3 under the
Exchange Act; 

  

	 	(iv)	the term “Business Combination” means (x) a merger, consolidation or share exchange involving the Company or its stock or (y) an acquisition by the
Company, directly or through one or more subsidiaries, of another entity or its stock or assets; 

  

	 	(v)	the term “Company Common Stock” shall mean the Common Stock, par value $.01 per share, of the Company; 

 

	 	(vi)	the term “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

	 	(vii)	the phrase “parent corporation resulting from a Business Combination” means the Company if its stock is not acquired or converted in the Business Combination
and otherwise means the entity which as a result of such Business Combination owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries; 

 

	 	(viii)	the term “Major Asset Disposition” means the sale or other disposition in one transaction or a series of related transactions of 50% or more of the assets of
the Company and its subsidiaries on a consolidated basis; and any specified percentage or portion of the assets of the Company shall be based on fair market value, as determined by a majority of the members of the Incumbent Board;

	 	(ix)	the term “Acquiring Entity” means the entity that acquires the largest portion of the assets sold or otherwise disposed of in a Major Asset Disposition (or
the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity entitled to vote generally in the election of directors or members of a comparable governing body); and 

 

	 	(x)	the phrase “substantially the same proportions,” when used with reference to ownership interests in the parent corporation resulting from a Business
Combination or in an Acquiring Entity, means substantially in proportion to the number of shares of Company Common Stock beneficially owned by the applicable Persons immediately prior to the Business Combination or Major Asset Disposition, but is
not to be construed in such a manner as to require that the same ratio or number of shares of such parent corporation or Acquiring Entity be issued, paid or delivered in exchange for or in respect of the shares of each class of Company Common Stock.

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