Document:

Consent & Sixth Amendment to Note Purchase Agreement

 Exhibit 10.18 

CONSENT AND SIXTH AMENDMENT TO 

NOTE PURCHASE AGREEMENT 

THIS CONSENT AND SIXTH AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Amendment”) is entered into as of
October 7, 2008 by and among PANTHER II TRANSPORTATION, INC., an Ohio corporation (“Company”), PANTHER EXPEDITED SERVICES, INC., a Delaware corporation f/k/a PTHR Holdings, Inc. (“Holdings”), PANTHER
II, INC., an Ohio corporation f/k/a Sokolowski, Inc. (“Panther Sub”), INTEGRES GLOBAL LOGISTICS, INC., a Delaware corporation (“Integres”), KEY TRANSPORTATION SERVICES, INC., a Texas corporation
(“Integres Sub”; Company, Holdings, Panther Sub, Integres and Integres Sub are collectively referred to herein as the “Loan Parties” and each individually as a “Loan Party”), YORK STREET
MEZZANINE PARTNERS L.P., YORK STREET MEZZANINE PARTNERS II, L.P., CUNA MUTUAL LIFE INSURANCE COMPANY, MEMBERS LIFE INSURANCE COMPANY, CUNA MUTUAL INSURANCE SOCIETY, CUMIS
INSURANCE SOCIETY, INC. and the other purchasers from time to time party to the Note Purchase Agreement (collectively, the “Purchasers” and individually each a “Purchaser”). 

W I T N E S S E T H: 

WHEREAS, Company and the Purchasers have entered into that certain Note Purchase Agreement dated as of January 11, 2006 (as
the same has been and hereafter may be amended, modified, restated or otherwise supplemented from time to time, the “Note Purchase Agreement”); 

WHEREAS, Company has informed the Purchasers that Company wishes to purchase all of the outstanding equity interests of Elite
Transportation Services, LLC d/b/a Elite Logistics Worldwide, an Oregon limited liability company (“Elite”), pursuant to that certain Membership Unit Purchase Agreement of even date herewith (the “Elite
Purchase Agreement”) by and among Company, Elite Sellers (as defined in the Note Purchase Agreement after giving effect to this Amendment), Holdings and Elite (such acquisition pursuant to the Elite Purchase Agreement, generally, the
“Elite Acquisition”); 
 WHEREAS, one or more Senior Lenders propose to extend an
incremental term loan to Company on the date hereof in the aggregate principal amount of $5,000,000 (such loan, the “Sixth Amendment Incremental Term Loan”), which Sixth Amendment Incremental Term Loan would be
deemed to be made in addition to the Existing Term Loan (as defined in the Senior Credit Agreement) and not in repayment thereof and would constitute a part of the Term Loan (as defined in the Senior Credit Agreement) for all purposes under the
Senior Credit Agreement and each Loan Document referred to therein; 
 WHEREAS, in connection with the Elite Acquisition,
Company intends to use the proceeds of the Sixth Amendment Incremental Term Loan for the purpose of (a) paying a portion of the purchase price due and payable at closing for, and the fees, costs and expenses related to, the Elite Acquisition,
and (b) working capital and other general corporate purposes not in contravention of any Requirement of Law and not in violation of the Senior Credit Agreement; 

 

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 WHEREAS, Company has requested that the Purchasers (a) consent to the
Sixth Amendment Incremental Term Loan, (b) consent to the Elite Acquisition, (c) consent to Company’s use of proceeds of the Sixth Amendment Incremental Term Loan for the purposes of paying the cash portion of the
purchase price due and payable at closing for, and the fees, costs and expenses related to, the Elite Acquisition, and for working capital and other general corporate purposes not in contravention of any Requirement of Law and not in violation of
the Senior Credit Agreement, (d) agree to amend the Note Purchase Agreement in certain respects as set forth herein, and (e) consent to certain related amendments to the Senior Credit Agreement; and 

WHEREAS, the Purchasers are willing to grant such consents and make such amendments, in each case subject to the terms, conditions
and other provisions hereof. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained herein, the parties agree as follows: 
 1. Defined Terms. Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Note Purchase Agreement. 
 2. Consent and Agreement.
Notwithstanding anything to the contrary contained in the Note Purchase Agreement or any other Senior Subordinated Debt Document, but subject to and in accordance with the terms of this Amendment, the Purchasers hereby: 

(a) consent to the Sixth Amendment Incremental Term Loan; 

(b) consent to the Elite Acquisition, notwithstanding the failure of Company to comply with clause (g) of the
definition of “Permitted Acquisition” in Annex A of the Note Purchase Agreement, and acknowledge that, from and after the effectiveness of such consent, the Elite Acquisition shall be deemed to be a “Permitted
Acquisition”; 
 (c) consent to Company’s use of proceeds of the Sixth Amendment Incremental Term Loan for the
purposes of paying a portion of the purchase price due and payable at closing for, and the fees, costs and expenses related to, the Elite Acquisition, and for working capital and other general corporate purposes not in contravention of any
Requirement of Law and not in violation of the Senior Credit Agreement; and 
 (d) consent to the amendments to the
Senior Credit Agreement contemplated by that certain Consent and Sixth Amendment to Amended and Restated Credit Agreement dated as of the date hereof by and among the Loan Parties, the Senior Lenders and Antares Capital Corporation, as agent for the
Senior Lenders. 
 3. Amendments. Subject to the conditions set forth below, and in reliance upon the
representations and warranties of the Loan Parties set forth in the Note Purchase Agreement and in this Amendment, the Note Purchase Agreement is hereby amended as follows: 

(a) Section 5.5 of the Note Purchase Agreement hereby is amended by (i) deleting the word “and”
immediately after clause (g), (ii) deleting the “.” immediately after clause (h) and substituting “; and” in lieu thereof and (iii) adding a new clause (i) immediately following clause

  

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(h) as follows: 
 “(j) unsecured Indebtedness
constituting (i) the Elite Deferred Payment incurred in connection with the Elite Acquisition in an aggregate amount not to exceed $3,000,000 and (ii) the Elite Earn-Out Obligation incurred in connection with the Elite Acquisition in an
aggregate maximum potential amount not to exceed $8,120,000.” 
 (b) Section 5.7(b) of the Note Purchase
Agreement hereby is amended by deleting such subsection in its entirety and substituting the following therefor:: 

“(b) payment of performance bonuses to officers and employees, not to exceed $3,500,000 in the aggregate, pursuant to
one or more agreements or plans, each in form and substance acceptable to the Majority Purchasers (it being acknowledged and agreed that the terms and conditions specified on Exhibit 5.7 are acceptable to the Majority Purchasers), and which
agreements or plans will in any event contain the EBITDA targets set forth on Schedule 5.7; provided, that” 
 (c)
The preamble to Section 5.11 of the Note Purchase Agreement hereby is amended in its entirety to read as follows: 

“5.11 Restricted Payments. The Company shall not, and shall not suffer or permit any of its Subsidiaries to,
(i) declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of its capital stock, partnership interests, membership interests or other
equity securities, (ii) purchase, redeem or otherwise acquire for value any shares of its capital stock, partnership interests, membership interests or other equity securities or any warrants, rights or options to acquire such shares, interests
or securities now or hereafter outstanding, or (iii) make any payment on account of the Integres Earn-Out Obligation, the Elite Deferred Payment or the Elite Earn-Out Obligation (the items described in clauses (i), (ii) and
(iii) above are referred to as “Restricted Payments”); except that any Wholly-Owned Subsidiary of the Company may declare and pay dividends to the Company or any Wholly-Owned Subsidiary of the Company that is a Domestic Subsidiary,
and except that the Company may:” 
 (d) Section 5.11 of the Credit Agreement hereby is further amended
by (i) deleting the word “and” immediately after clause (e), (ii) deleting the “.” immediately after clause (f) and substituting “; and” in lieu thereof and (iii) adding new clause
(g) immediately following clause (f) as follows: 
 “(i) pay, as and when due and payable, cash
payments in amounts required to be paid pursuant to the terms of the Elite Deferred Payment and/or the Elite Earn-Out Obligation in accordance with the provisions of Sections 1.2(c) and 1.2(e) of the Elite Acquisition Agreement
as in effect on the Sixth Amendment Effective Date; provided, that all of the following conditions are satisfied at the time of the making of any Elite Deferred Payment and/or Elite Earn-Out 

 

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 Obligation: 

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

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

(C) no Default or Event of Default has occurred and is continuing or would arise as a result of the making of such
payment; 
 (D) after giving effect to the making of such payments, the Company and its Subsidiaries are in
compliance on a pro forma basis with the financial covenants set forth in Article VI of the Senior Credit Agreement (recomputed for the most recent quarter for which financial statements have been delivered in accordance with the terms of the
Senior Credit Agreement after giving effect thereto as if such payment was made during the period covered thereby); and 

(E) after giving effect to the making of such payment, Availability (as defined therein) under the Senior Credit Agreement
is not less than $3,000,000.” 
 (e) Section 6.1 of the Note Purchase Agreement is hereby amended by
deleting such section in its entirety and substituting the following therefor: 
 “6.1 Capital
Expenditures. The Company and its Subsidiaries shall not make or commit to make Capital Expenditures for any fiscal year (or shorter period) set forth below to exceed the amount set forth in the table below with respect to such fiscal year (or
shorter period): 
  

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	 Fiscal Period
	  	Capital 
Expenditure
Limitation
	 For the fiscal year ending December 31, 2006
	  	$3,450,000
		
	 For the fiscal year ending December 31, 2007
	  	$3,162,500
		
	 For the fiscal year ending December 31, 2008
	  	$3,162,500
		
	 For the fiscal year ending December 31, 2009 and for each fiscal year thereafter
	  	$2,875,000

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

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

 

			
	 Date
	  	 Maximum Senior Leverage
Ratio

	March 31, 2006	  	4.03 to 1.00
	June 30, 2006	  	4.03 to 1.00
	September 30, 2006	  	4.03 to 1.00
	December 31, 2006	  	4.03 to 1.00
		
	March 31, 2007	  	3.85 to 1.00
	June 30, 2007	  	4.03 to 1.00
	September 30, 2007	  	4.03 to 1.00
	December 31, 2007	  	4.03 to 1.00
		
	March 31, 2008	  	3.74 to 1.00
	June 30, 2008	  	3.45 to 1.00
	September 30, 2008	  	3.85 to 1.00
	December 31, 2008	  	3.85 to 1.00
		
	March 31, 2009	  	3.74 to 1.00
	June 30, 2009	  	3.68 to 1.00
	September 30, 2009	  	3.57 to 1.00
	December 31, 2009	  	3.45 to 1.00

  

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	 March 31, 2010
	  	3.34 to 1.00
	 June 30, 2010
	  	3.22 to 1.00
	 September 30, 2010
	  	3.05 to 1.00
	 December 31, 2010 and

the last day of each

fiscal quarter thereafter
	  	2.88 to 1.00

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

(g) Section 6.3 of the Note Purchase Agreement is hereby amended by deleting such subsection in its entirety and
substituting the following therefor: 
 “6.3 Fixed Charge Coverage Ratio. The Company shall not
permit its Fixed Charge Coverage Ratio for the twelve month period ending on any date set forth below to be less than the minimum ratio set forth in the table below opposite such date: 

 

			
	 Date
	  	         Minimum Fixed
Charge        

Ratio

	 March 31, 2006
	  	0.96 to 1.00
	 June 30, 2006
	  	0.96 to 1.00
	 September 30, 2006
	  	0.96 to 1.00
	 December 31, 2006
	  	0.96 to 1.00
		
	 March 31, 2007
	  	0.96 to 1.00
	 June 30, 2007
	  	0.96 to 1.00
	 September 30, 2007
	  	0.96 to 1.00
	 December 31, 2007
	  	0.96 to 1.00
		
	 March 31, 2008
	  	1.00 to 1.00
	 June 30, 2008
	  	1.00 to 1.00
	 September 30, 2008 and

the last day of each

fiscal quarter thereafter
	  	0.96 to 1.00

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

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

 

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	 Date
	  	         Minimum
Interest        
 Coverage Ratio

	March 31, 2006	  	1.96 to 1.00
	June 30, 2006	  	1.96 to 1.00
	September 30, 2006	  	2.04 to 1.00
	December 31, 2006	  	2.09 to 1.00
		
	March 31, 2007	  	2.13 to 1.00
	June 30, 2007	  	1.96 to 1.00
	September 30, 2007	  	1.96 to 1.00
	December 31, 2007	  	1.96 to 1.00
		
	March 31, 2008	  	1.96 to 1.00
	June 30, 2008	  	2.04 to 1.00
	September 30, 2008	  	1.74 to 1.00
	December 31, 2008	  	1.74 to 1.00
		
	March 31, 2009	  	1.83 to 1.00
	June 30, 2009	  	1.83 to 1.00
	September 30, 2009	  	1.83 to 1.00
	December 31, 2009	  	1.87 to 1.00
		
	March 31, 2010	  	1.92 to 1.00
	 June 30, 2010 and the

last day of each fiscal
 quarter
thereafter
	  	2.00 to 1.00

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

(i) Annex A of the Note Purchase Agreement hereby is amended by substituting the following definition of the term set forth
below in lieu of the current version of such definition contained in Annex A of the Note Purchase Agreement: 

“Related Agreements” means, collectively, the Management Agreement, the Panther Purchase Agreement, the Merger
Agreement, the Employment Agreements, the Sponsor Guaranty, the Integres Acquisition Documents, the Elite Acquisition Documents and the Services Agreement.” 

(j) Annex A of the Note Purchase Agreement hereby is further amended by inserting the following defined terms therein in
appropriate alphabetical order: 
 “Elite” means Elite Transportation Services, LLC d/b/a Elite
Logistics Worldwide, an Oregon limited liability company.” 
 “Elite Acquisition” means the
acquisition by the Company of all of the 
  

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outstanding equity interests of Elite pursuant to the Elite Acquisition Agreement.” 

“Elite Acquisition Agreement” means that certain Membership Unit Purchase Agreement by and among the Company,
Holdings and the Elite Sellers, dated as of October 7,2008.” 
 “Elite Acquisition Documents”
means all documents, agreements and instruments executed by the Company and/or its Subsidiaries in connection with the consummation of the Elite Acquisition and shall include, without limitation, the Elite Acquisition Agreement.” 

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

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

““Elite Sellers “ means the Persons listed on the signature pages to the Elite Acquisition Agreement as
“Members.”” 
 “Sixth Amendment” means the Consent and Sixth Amendment to Note Purchase
Agreement dated as of the Sixth Amendment Effective Date among Holdings, the Company, Panther Sub, Integres, Integres Sub, and the Purchasers.” 

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

(k) Each of Schedules 2.11, 3.2, 3.5, 3.7, 3.17, 3.24, 5.1, 5.5, 5.6, 5.7 and 5.9 to the Note Purchase Agreement is hereby
amended and restated in its entirety and as so amended shall read as set forth on Schedules 2.11, 3.2, 3.5, 3.7, 3.17, 3.24, 5.1, 5.5, 5.6, 5.7 and 5.9 hereto. 

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

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reasonably satisfactory to the Majority Purchasers; 
 (c)(i) the
Elite Acquisition shall satisfy all of the conditions set forth in the definition of “Permitted Acquisition” contained in Annex A of the Note Purchase Agreement (other than the conditions set forth in clause (g) thereof),
(ii) the Elite Acquisition shall have been consummated in accordance with all material Requirements of Law and of the Elite Acquisition Agreement (no material provision of which shall have been amended or otherwise modified or waived
without the prior written consent of the Majority Purchasers), for a purchase price not to exceed (A) $4,500,000 payable solely in cash on the closing date of the Elite Acquisition, (B) $3,000,000 constituting the Elite
Deferred Payment and (C) up to an aggregate amount of $8,120,000 (or such lesser amount as may be due and owing under the terms of the Elite Acquisition Agreement) constituting the Elite Earn-Out Obligation, (iii) Elite and
Elite Sellers shall have fully performed all of the respective obligations to be performed by them under the Elite Acquisition Agreement, (iv) Elite management shall have made an equity investment in Holdings in the aggregate amount of
$1,750,000 on terms satisfactory to the Majority Purchasers; and (v) the Purchasers shall have received evidence satisfactory to the Majority Purchasers that aggregate transaction expenses, including, without limitation, legal expenses,
associated with the Elite Acquisition shall not exceed $1,500,000 in the aggregate; 
 (d) the payment of all fees and
expenses of the Purchasers, including the fees and expenses of Goodwin Procter LLP; and 
 (e) receipt by the Purchasers
of evidence in form and substance reasonably satisfactory to the Majority Purchasers of (i) the consent to the Elite Acquisition by the Senior Lenders, (ii) the consent to the amendments to the Note Purchase Agreement contemplated by this
Amendment by the Senior Lenders, and (iii) corresponding amendments to the Senior Credit Agreement. 
 5.
Representations and Warranties. Each Loan Party, jointly and severally, hereby represents and warrants to each Purchaser as follows: 

(a) Such Loan Party is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of
its incorporation; 
 (b) Such Loan Party has the power and authority to execute, deliver and perform its obligations
under this Amendment, the Elite Acquisition Agreement (in the case of the Company and Elite) and each other document, agreement and instrument executed by such Loan Party in connection with each of the foregoing; 

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

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

 

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Loan Party, enforceable against such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the
enforcement of creditor’s rights generally or by equitable principles relating to enforceability; 
 (e) the Elite
Acquisition is permitted pursuant to all material Requirements of Law and all material agreements, documents and instruments to which the Company is a party or by which any of its properties or assets are bound; 

(f) the Elite Acquisition Agreement and all other documents, agreements and instruments executed in connection therewith
collectively set forth the entire agreement and understanding of the parties thereto relating to the subject matter thereof, and there are no other agreements, arrangements or understandings, written or oral, relating to the matters covered thereby;

 (g) on the date hereof, each of the representations and warranties of the Loan Parties contained in the Elite
Acquisition Agreement is true, correct and complete in all material respects; 
 (h) all material conditions precedent to
the Elite Acquisition have been fulfilled or (with the prior written consent of the Majority Purchasers) waived, and the Elite Acquisition Agreement has not been amended or otherwise modified and there has been no breach of any material term thereof
or condition thereto; 
 (i) no Default or Event of Default exists; and 

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

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

7. References. Any reference to the Note Purchase Agreement contained in any document, instrument or agreement executed in
connection with the Note Purchase Agreement, including, without limitation, any Senior Subordinated Debt Document, shall be deemed to be a reference to the Note Purchase Agreement as modified by this Amendment. 

8. Counterparts. This Amendment may be executed and delivered via facsimile with the same force and effect as if an
original were executed and may be executed by one or more of the parties to this Amendment and any number of separate counterparts, each of which when so executed, shall be deemed an original and all said counterparts when taken together shall be
deemed to constitute but one and the same instrument. 
  

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 9. Successors and Assigns. This Amendment shall be binding upon and inure to
the benefit of Company and each other Loan Party and their successors and assigns and the Purchasers and their successors and assigns. 

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

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

– Remainder of Page Intentionally Blank: Signature Page Follows – 

 

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

  

									
	COMPANY:	 		 	HOLDINGS:
			
	 PANTHER II TRANSPORTATION, INC.,

an Ohio corporation
	 		 	 PANTHER EXPEDITED SERVICES, INC.,

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

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

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

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

a Delaware corporation

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

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

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

 PURCHASERS: 

 

			
	YORK STREET MEZZANINE PARTNERS, L.P.
		
	By:	 	York Street Capital Partners, L.L.C., its general partner
		
	By:	 	 /s/ Christopher A. Layden

	Name:	 	Christopher A. Layden
	Title:	 	Managing Director
	
	YORK STREET MEZZANINE PARTNERS II, L.P.
		
	By:	 	York Street Capital Partners II, L.L.C., its general partner
		
	By:	 	 /s/ Christopher A. Layden

	Name:	 	Christopher A. Layden
	Title:	 	Managing Director

 [SIGNATURE PAGE TO
AMENDMENT] 

			
	 CUNA MUTUAL INSURANCE SOCIETY

		
	 By:
	 	 /s/ David C. Patch

	 Name:
	 	David C. Patch
	 Title:
	 	Director, Private Placements
	
	 CUMIS INSURANCE SOCIETY, INC.

		
	 By:
	 	 /s/ David C. Patch

	 Name:
	 	David C. Patch
	 Title:
	 	Director, Private Placements
	
	 MEMBERS LIFE INSURANCE COMPANY

		
	By:	 	 /s/ David C. Patch

	Name:	 	David C. Patch
	Title:	 	Director, Private Placements
	
	CUNA MUTUAL LIFE INSURANCE COMPANY
		
	By:	 	 /s/ David C. Patch

	Name:	 	David C. Patch
	Title:	 	Director, Private Placements

[SIGNATURE PAGE TO AMENDMENT] 

 EXHIBIT A to Consent and Sixth Amendment 

to Note Purchase Agreement 

[To be attached] 

 EXHIBIT 4.2(b) to Consent and Sixth Amendment

 to Note Purchase Agreement 

[To be attached] 

 Schedules 2.11, 3.2, 3.5, 3.7, 3.17, 3.24, 5.1, 5.5, 5.6, 5.7 and 5.9 

[To be attached]Forbearance Agreement & Seventh Amendment to Note Purchase Agreement

 Exhibit 10.19 

EXECUTION COPY 

FORBEARANCE AGREEMENT AND SEVENTH AMENDMENT 

TO NOTE PURCHASE AGREEMENT 

THIS FORBEARANCE AGREEMENT AND SEVENTH AMENDMENT TO NOTE PURCHASE AGREEMENT (this “Agreement”), dated as of
April 6, 2009, is entered into by and among PANTHER II TRANSPORTATION, INC., an Ohio corporation (“Company”“) PANTHER EXPEDITED SERVICES, INC., a Delaware corporation f/k/a PTHR Holdings, Inc.
(“Holdings”) PANTHER II, INC., an Ohio coiporation f/k/a Sokolowski, Inc. (“Panther Sub”) ELITE TRANSPORTATION SERVICES, LLC d/b/a Elite Logistics Worldwide, an Oregon limited liability company
(“Elite”) KEY TRANSPORTATION SERVICES, INC., a Texas corporation (“Integres Sub”) INTEGRES GLOBAL LOGISTICS, INC., a Delaware corporation (“Integres”; Company, Holdings, Panther Sub, Elite,
Integres Sub and Integres are collectively referred to herein as the “Loan Parties” and each individually as a “Loan Party”) YORK STREET MEZZANINE PARTNERS L.P., YORK STREET MEZZANINE PARTNERS II,
L.P., CUNA MUTUAL LIFE INSURANCE COMPANY, MEMBERS LIFE INSURANCE COMPANY, CUNA MUTUAL INSURANCE SOCIETY, CUMIS INSURANCE SOCIETY, INC. and the other purchasers from time to time party to the Note Purchase Agreement
(collectively, the “Purchasers” and individually each a “Purchaser”). 
 R E C I T A L S

 A. Company and the Purchasers have entered into that certain Note Purchase Agreement dated as of January 11, 2006
(as the same has been and hereafter may be amended, modified, restated or otherwise supplemented from time to time, the “Note Purchase Agreement”); 

B. Holdings owns 100% of the issued and outstanding capital stock of Company and, accordingly, Holdings receives direct and indirect
financial, economic and other benefits from the transactions contemplated by the Note Purchase Agreement. 
 C. Each of Panther
Sub, Elite. Integres and Integres Sub is a direct or indirect Wholly-Owned Subsidiary of Company and, accordingly, receives direct and indirect financial, economic and other benefits from the transactions contemplated by the Note Purchase Agreement.

 D. Each of Holdings, Panther Sub, Elite, Integres and Integres Sub has guaranteed all existing and future Obligations of
Company pursuant to the terms and conditions of the Guaranty. 
 E. The Purchasers have been made aware that certain Events of
Default have occurred and are continuing pursuant to Section 7.1(c) of the Note Purchase Agreement as a result of Company’s failure to comply with (A) the Senior Leverage Ratio covenant set forth in Section 6.2 of the Note
Purchase Agreement for the twelve (12) month period ended March 31, 2009, and (B) the Fixed Charge Coverage Ratio covenant set forth in Section 6.3 of the Note 

 
Purchase Agreement for the twelve (12) month period ended March 31, 2009 (such Events of Default, collectively, the “Designated Events of Default”). 

F. The existence of the Designated Events of Default notwithstanding, the Loan Parties have requested that the Purchasers agree, in each
case, subject to the terms and conditions herein set forth, to (i) forbear, for a specified period of time, from exercising their respective rights and remedies under the Note Purchase Agreement, the other Senior Subordinated Debt Documents and
other applicable law and (ii) amend the Note Purchase Agreement in certain respects. 
 G. The Purchasers agree to
accommodate such request to forbear, subject to the terms and conditions herein contained and, in addition, the Purchasers have agreed to amend the Note Purchase Agreement in certain respects as more specifically set forth herein, on the terms and
subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual agreements contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, and subject to the terms and conditions hereof, the Purchasers and the Loan Parties hereby agree as follows: 

Section 1. Defined Terms. All capitalized terms used but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Note Purchase Agreement. For purposes of this Agreement, the following terms shall have the respective meanings ascribed thereto below: 

Forbearance Period – see Section 2 hereof. 

Forbearance Termination Date shall mean the earlier to occur of (i) 12:00 p.m. (Chicago time) June 29, 2009, or such
later date as the Majority Purchasers shall agree in writing, and (ii) the date on which the forbearance effectuated hereby ceases due to the occurrence of any of the events described in Section 7 hereof. 

Released Person – see Section 5 hereof. 

Section 2. Agreement of Purchasers to Forbear. 

(a) Subject to the terms and conditions herein set forth (including, without limitation, the conditions contained in
Section 6 hereof) and in reliance upon the representations, warranties, agreements, covenants and acknowledgments of the Loan Parties herein contained, the Purchasers agree that, during the period (the “Forbearance Period”)
commencing on the date hereof and ending on the Forbearance Termination Date, the Purchasers shall forbear from exercising their respective rights and remedies under the Note Purchase Agreement, the other Senior Subordinated Debt Documents and under
applicable law. 
 (b) The agreement of the Purchasers to so forbear is temporary and limited in nature and shall
not be deemed to: (i) preclude or prevent any Purchaser from exercising any rights and/or remedies under the Note Purchase Agreement, the other Senior 

 

 2 

 
Subordinated Debt Documents and/or applicable law arising on account of (A) any Default or Event of Default, other than the Designated Events of Default, and/or (B) the Designated
Events of Default from and after the Forbearance Termination Date; (ii) effect any amendment, modification or supplement of the Note Purchase Agreement or any of the other Senior Subordinated Debt Documents, all of which shall remain in full
force and effect in accordance with their respective terms (except as otherwise expressly provided herein); (iii) constitute a waiver of the Designated Events of Default, any Default or any other Event of Default that may have occurred, be
existing or hereafter occur, or any term or provision of the Note Purchase Agreement or any of the other Senior Subordinated Debt Documents; or (iv) establish a custom or course of dealing between or among the Loan Parties or any Purchaser.

 Section 3. Agreements. 

(a) Each Loan Party hereby agrees and acknowledges that, the implementation of the Forbearance Period in accordance with
the terms hereof notwithstanding, (i) the Designated Events of Default constitute existing Events of Default for all purposes under the Senior Subordinated Debt Documents, including, without limitation, for determining whether or not certain
actions may be taken or otherwise acquiesced to by or on behalf of Company or any other Loan Party (and each Loan Party agrees that it shall not take any actions or permit any actions to occur without the prior written consent of the Majority
Purchasers to the extent prohibited under the Senior Subordinated Debt Documents during the existence of any Event of Default) except, during the Forbearance Period, for permitting the Purchasers to (A) impose the Default Rate of interest
pursuant to and in accordance with Section 1.1 of the Note Purchase Agreement as a result of the Designated Events of Default, or (B) to accelerate the Obligations or exercise other remedies under the Note Purchase Agreement or any other
Senior Subordinated Debt Document as a result of the Designated Events of Default, and (ii) (A) pursuant to the terms and conditions set forth in Section 5.2(e) of the Note Purchase Agreement, as a result of the Designated Events of
Default, the Loan Parties are prohibited from making any dispositions of the type described in Section 5.2(e) of the Note Purchase Agreement, (B) pursuant to the terms and conditions set forth in Section 5.7(b) of the Note Purchase
Agreement, as a result of the Designated Events of Default, the Loan Parties are prohibited from paying any of the performance bonuses to officers or employees of the type described in Section 5.7(b) of the Note Purchase Agreement,
(C) pursuant to the terms and conditions set forth in Section 5.1l(b) of the Note Purchase Agreement, as a result of the Designated Events of Default, the Loan Parties are prohibited from making any Restricted Payments of the type
described in Section 5.11(b) of the Note Purchase Agreement, (D) pursuant to the terms and conditions set forth in Section 5.11(d) of the Note Purchase Agreement, as a result of the Designated Events of Default, the Loan Parties are
prohibited from making any Restricted Payments of the type described in Section 5.11(d) of the Note Purchase Agreement, and (E) pursuant to the terms and conditions set forth in Section 5.11(g) of the Note Purchase Agreement, as a
result of the Designated Events of Default, the Loan Parties are prohibited from making any Restricted Payments of the type descnbed in Section 5.11(g) of the Note Purchase Agreement. Accordingly, any actions taken or omitted by the Loan
Parties in violation of such provisions while any Event of Default 
  

 3 

 
exists will constitute additional Events of Default under the Note Purchase Agreement and the other Senior Subordinated Debt Documents. 

(b) The Loan Parties agree to deliver to the Purchasers no later than Tuesday of each week commencing on the first Tuesday
following the date hereof, a rolling thirteen (13) week cash flow forecast on a consolidated basis for Company and the other Loan Parties, together with a comparison of the corresponding figures for the corresponding periods of the previous
week contained in the thirteen (13) week cash flow forecast for such previous week, which shall all be in form and detail reasonably satisfactory to the Majority Purchasers (the Majority Purchasers hereby acknowledge that the form and detail of
the rolling thirteen (13) week cash flow forecasts previously delivered to Majority Purchasers are satisfactory) and shall be certified on behalf of Company by a Responsible Officer of Company. 

Section 4. Amendments to Note Purchase Agreement. Effective as of the Effective Date, the parties hereto hereby agree that
the Note Purchase Agreement shall be amended as follows: 
 4.1 Section 4.1. Section 4.1
of the Note Purchase Agreement is hereby amended by adding the following two provisos to the end of clause (a) thereto: 

“; provided, however, that the audited financial statements described herein for the fiscal year ended
December 31, 2008 (the “2008 Audited Financials”) shall be delivered no later than the earlier of (i) July 30, 2009 and (ii) the date that is thirty (30) days after the effective date of any amendment to this
Agreement entered into after the Forbearance Effective Date; and provided, further, that Company shall use best efforts to deliver a draft of the 2008 Audited Financials to the Purchasers no later than April 30, 2009 (which draft
need not be accompanied by an audit letter)” 
 4.2 Section 5.5. Section 5.5 of the Note Purchase
Agreement is hereby amended by deleting the “.” at the end of Section (i) thereof and substituting the word “; and” therefor and by adding a new Section 5.5(j) as follows: 

“(j) Indebtedness constituting Permitted Indebtedness in an amount not to exceed the amount of Guaranteed Obligations
(as defined in the Limited Guaranty as in effect on the date hereof) paid in cash to the Senior Agent in accordance with the Limited Guaranty as in effect on the date hereof.” 

4.3 Section 5.7. Section 5.7 of the Note Purchase Agreement is hereby amended by deleting each occurrence
of the words “as in effect on the Original Closing Date” contained in clause (d) thereof and by substituting the words “as in effect on the Forbearance Effective Date” therefor, by deleting the word “and” appearing
immediately prior to the second proviso ‘contained in clause (d) thereof, by adding the word “; and” immediately following such second proviso and by adding a third proviso thereto as follows: 

“; provided, further, however, that no such fees and expenses (other than actual,

  

 4 

 
reasonable, out-of-pocket expenses) described in this clause (d) shall be paid during the Forbearance Period. Notwithstanding the foregoing, such fees and expenses shall continue to accrue
during the Forbearance Period and any such accrued fees and expenses may later be paid, but only to the extent that (A) the Senior Leverage Ratio, recomputed for the most recent twelve month period ending on or prior to the date of such
proposed payment for which financial statements have been delivered pursuant to subsection 4.1 hereof, shall be less than 3.00 to 1.00, and (B) the Company shall have previously paid in cash to the Purchasers the portion of the interest
accruing on the Notes at the rate of 12% per annum for the interest period from January 1, 2009 through March 31, 2009 (the “Ql Period”) and the interest period from April 1, 2009 through June 30, 2009 (the
“Q2 Period”), and provided that the remainder of such interest (i.e., 4% per annum) accruing during the Ql Period and the Q2 Period shall have been capitalized and added to the outstanding principal amount of the Notes on
March 31, 2009 and June 30, 2009, respectively (it being understood and agreed that, for the avoidance of doubt, in no event shall any such accrued fees and expenses be paid if, at the time of such proposed payment, any of the events
described in the second proviso of the immediately preceding sentence shall have occurred and been continuing).” 
 4.4
Section 11.1. Annex A to the Note Purchase Agreement hereby is amended by inserting the following defined terms therein in appropriate alphabetical order: 

““Forbearance Agreement” means the Forbearance Agreement and Seventh Amendment to Note Purchase Agreement
dated as of the Forbearance Effective Date among Holdings, Company, Elite, Panther Sub, Integres and Integres Sub and each of their Subsidiaries (collectively, the “Loan Parties”), and the Purchasers.” 

““Forbearance Effective Date” means April 6, 2009.” 

““Forbearance Period” shall have the meaning given such term in the Forbearance Agreement.”

 ““Limited Guaranty” means that certain Limited Guaranty, dated as of the Forbearance Effective
Date, by the Sponsor in favor of the Senior Agent, on behalf of the Senior Lenders.” 

““Permitted Indebtedness” means unsecured Indebtedness of Holdings or the Company that shall be
subordinated in right of payment to the Obligations pursuant to a written subordination agreement in form and substance acceptable to the Majority Purchasers, and which Indebtedness shall not require payment of principal or cash interest prior to
payment in full of the Notes.” 
 ““Senior Agent” means Antares Capital Corporation, as
administrative agent for the Senior Lenders.” 
  

 5 

 Section 5. Ratification of Liability and Outstanding Obligations; Acknowledgment of
Rights; Release of Claims. Each Loan Party hereby ratifies and confirms its liabilities, obligations and agreements under the Note Purchase Agreement and the other Senior Subordinated Debt Documents, and acknowledges that: (i) it has no
defenses, claims or set-offs to the enforcement by any Purchaser of such liabilities, obligations and agreements through and as of the date hereof; (ii) each Purchaser has fully performed all undertakings owed to the Loan Parties through and as
of the date hereof; (iii) the Recitals set forth above are true and correct in all material respects and hereby are incorporated into this Agreement by this reference; and (iv) except to the limited extent of the Purchasers’ agreement
to forbear contained in this Agreement, no Purchaser waives, diminishes or limits any term or condition contained in the Note Purchase Agreement or in any of the other Senior Subordinated Debt Documents. Each Loan Party hereby acknowledges, confirms
and agrees that (i) as of the date of this Agreement, the outstanding principal amount of the Notes is $28,415,049.61, plus accrued and unpaid interest, fees and other costs and expenses payable under the Note Purchase Agreement and the other
Senior Subordinated Debt Documents, and (ii) the payment of such amount is not subject to any defense, counterclaim, recoupment or offset of any kind. IN CONSIDERATION OF THE PURCHASERS’ AGREEMENT TO FORBEAR AND THE OTHER AGREEMENTS OF THE
PURCHASERS CONTAINED IN THIS AGREEMENT, EACH LOAN PARTY, JOINTLY AND SEVERALLY, HEREBY IRREVOCABLY RELEASES AND FOREVER DISCHARGES EACH PURCHASER AND EACH OF ITS AFFILIATES, SUBSIDIARIES, SUCCESSORS, ASSIGNS, PARTICIPANTS, DIRECTORS, OFFICERS,
EMPLOYEES AND AGENTS (EACH, A “RELEASED PERSON”) OF AND FROM ALL DAMAGES, LOSSES, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, ACTIONS AND CAUSES OF ACTION WHATSOEVER WHICH SUCH LOAN PARTY OR ANY OF ITS AFFILIATES MAY NOW HAVE OR
CLAIM TO HAVE AGAINST SUCH PURCHASERS OR ANY OTHER RELEASED PERSON ON ACCOUNT OF OR IN ANY WAY RELATING TO, CONCERNING, ARISING OUT OF OR BASED UPON THE NOTE PURCHASE AGREEMENT, THE OTHER SENIOR SUBORDINATED DEBT DOCUMENTS AND/OR THE TRANSACTIONS
CONTEMPLATED OR OTHERWISE EVIDENCED THEREBY, AND OF EVERY NATURE AND EXTENT WHATSOEVER, IN EACH CASE TO THE EXTENT (Y) ARISING ON OR PRIOR TO THE DATE HEREOF OR (Z) OUT OF, OR RELATING TO, ACTIONS, DEALINGS OR MATTERS OCCURRING ON OR PRIOR
TO THE DATE HEREOF, BUT IN ALL CASES EXCLUDING ANY SUCH DAMAGES, LOSSES, CLAIMS, DEMANDS, LIABILITIES, OBLIGATIONS, ACTIONS AND CAUSES OF ACTION TO THE EXTENT ARISING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH PURCHASER, IN EACH CASE AS
DETERMINED BY A COURT OF COMPETENT JURISDICTION IN A FINAL NON-APPEALABLE JUDGMENT OR ORDER. 
 Section 6. Conditions to
Effectiveness. The effectiveness of the Purchasers’ obligations and agreements under this Agreement is subject to the satisfaction of all of the following conditions in a manner, form and substance reasonably satisfactory to the Majority
Purchasers: 
 (a) Representations and Warranties. The representations and warranties of each of the Loan
Parties and their respective Affiliates set forth in this Agreement, the Note Purchase Agreement and the other Senior Subordinated Debt Documents shall be true and correct in all material respects as of the Effective Date, except (a) with
regard to 
  

 6 

 
the existence of the Designated Events of Default (or the facts and circumstances resulting therein), and (b) to the extent such representations and warranties (i) expressly related to
an earlier date, in which case such representations and warranties shall have been true and correct in all material respects as of such earlier date or (ii) are qualified by materiality, contain dollar thresholds or have Material Adverse Effect
qualifiers, in which case, such representations and warranties shall be true and correct in all respects. 
 (b)
Delivery of Agreement. This Agreement shall have been duly authorized, executed and delivered to the Purchasers by the parties hereto. 

(c) Delivery of Management Agreement. The Loan Parties and the Sponsor shall have executed and delivered to the
Purchasers evidence in form and substance reasonably satisfactory to the Majority Purchasers of an amendment to, or a restatement of, the Management Agreement. 

(d) Delivery of Senior Credit Agreement. The Loan Parties and the Senior Lenders shall have executed and delivered
to the Purchasers evidence in form and substance reasonably satisfactory to the Majority Purchasers of a corresponding forbearance under and amendments to the Senior Credit Agreement. 

(e) Delivery of Subordination Agreement. The Loan Parties and the Senior Lenders shall have executed and delivered
to the Purchasers the Reaffirmation of and Third Amendment to Subordination Agreement, in form and substance satisfactory to the Majority Purchasers. 

(f) Delivery of Officer’s Certificates. Company shall have delivered to the Purchasers a certificate of the
Secretary of each of the Loan Parties certifying (i) the names and true signatures of the officers of each of the Loan Parties authorized to sign this Agreement and the other documents to be delivered hereunder and (ii) the resolutions of
the board of directors (or other governing authority) of the Loan Parties evidencing approval for this Agreement and the Note Purchase Agreement, as amended hereby. 

(g) Satisfaction of the Majority Purchasers’ Counsel. All legal matters incident to the transactions
contemplated hereby shall be reasonably satisfactory to counsel for the Majority Purchasers. 
 (h) Delivery
of Other Documents. Company shall have delivered such other instruments, documents, certificates, consents and waivers as any Purchaser may reasonably request. 

The date on which all of the conditions set forth in this Section 6 have been satisfied is referred to herein as the
“Effective Date.” The signature on behalf of the Loan Parties hereto shall constitute a representation, warranty and covenant by such Persons that the conditions set forth in Section 6(a) above have been satisfied or waived in
writing by the Majority Purchasers as of the date hereof. 
  

 7 

 Section 7. Automatic Termination of Forbearance Period. The Purchasers’
agreement to forbear pursuant to this Agreement shall terminate automatically, without notice or any other further act or instrument, upon the occurrence of any of the following: 

(a) Any Loan Party repudiates or asserts a defense to any obligation or liability under the Note Purchase Agreement, this
Agreement or any of the other Senior Subordinated Debt Documents or makes or pursues a claim against any Purchaser or any other Released Person; or 

(b) Company or any other Loan Party breaches any agreement or covenant contained in Section 3 of this Agreement; or

 (c) the occurrence or existence of any Event of Default (other than the Designated Events of Default), whether
now existing or hereafter occurring, and the Majority Purchasers notify Company of the termination of the Forbearance Period. 

Section 8. No Waiver: Subsequent Defaults. 

8.1 Each Loan Party acknowledges that nothing contained herein is, or shall be construed to be, a waiver or release by any Purchaser of
any right, claim or cause of action, including, without limitation, any such right, claim or cause of action arising from or related to, directly or indirectly, the Designated Events of Default, or a waiver or release of the Designated Events of
Default themselves. Except as otherwise expressly set forth herein prior to the Forbearance Termination Date, the Purchasers expressly reserve all rights, remedies, claims and causes of action against Company and the other Loan Parties, including,
without limitation, all such rights, remedies, claims and causes of action arising from or related to, directly or indirectly, the Designated Events of Default. 

8.2 The Purchasers reserve all rights, claims and causes of action with respect to all Defaults and Events of Default, and each Loan
Party acknowledges that nothing herein prohibits or prevents, or shall be construed to prohibit or prevent, the exercise or enforcement by the Purchasers of any such right, claim or cause of action at any time (except as expressly provided herein
with respect to the Designated Events of Default). 
 8.3 Any default by any Loan Party of any of its obligations under
Section 3(b) of this Agreement shall constitute an immediate Event of Default under the Note Purchase Agreement, without further action or notice by or any behalf of any Purchaser or any other Person. 

Section 9. No Assurances regarding Extension of Forbearance Period or Restructuring of Note Purchase Agreement. Without
limiting the generality of Section 8 above and notwithstanding anything in this Agreement to the contrary, (i) the Loan Parties will not assert, claim or contend that any prior action or course of conduct by any or all of the Purchasers
constitutes an agreement, obligations or cause of declining to continue such action or course of conduct in the future and (ii) the Loan Parties hereby acknowledge and agree that the Purchasers have made no commitment as to how or whether the
Designated Events of Default will be resolved, nor have they given any assurances or commitments with respect to any additional or future forbearance, waiver, restructuring or accommodation of any kind upon the occurrence of

  

 8 

 
the Forbearance Termination Date. Any agreement by the Purchasers to extend the Forbearance Termination Date, if any, must be set forth in writing and signed by a duly authorized signatory of the
Majority Purchasers. 
 Section 10. Representations and Warranties. Each Loan Party represents and warrants to each
Purchaser that: (i) it has the corporate or limited liability company power and authority to execute and deliver this Agreement and to perform its obligations hereunder; (ii) upon the execution and delivery hereof, this Agreement shall
constitute legal, valid and binding obligation of such Loan Party, enforceable upon such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement
of creditor’s rights generally or by equitable principles relating to enforceability; (iii) the execution and delivery of this Agreement does not and will not contravene, conflict with, violate or constitute a default under the
Organization Documents of such Loan Party, any Requirement of Law, any order, injunction, writ or decree of any Governmental Authority to which such Loan Party or its Property is subject or any material Contractual Obligation to which such Loan
Party is a party; (iv) no Default or Event of Default presently exists other than the Designated Events of Default, and (v) except as previously disclosed to the Purchasers and as set forth in that certain Forbearance Agreement and Seventh
Amendment to Credit Agreement dated as of the date hereof by and among the Loan Parties, the Senior Lenders signatory thereto and Antares Capital Corporation, as administrative agent for the Senior Lenders (the “Senior Forbearance and
Amendment”), neither the Sponsor, any Loan Party nor any of their respective Affiliates has paid or has agreed to pay any fee (including any amendment fee), consideration or other amount to any lender or agent party to any Senior Loan
Document in connection with the Senior Forbearance and Amendment or the forbearance and amendments contemplated thereby. 

Section 11. Costs and Expenses. Each Loan Party hereby ratifies and reaffirms its fee, cost and expense reimbursement
obligations under Section 11.4 of the Note Purchase Agreement. 
 Section 12. Counterparts. This Agreement may
be executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed an original and all of which, when taken together, shall constitute one and the same agreement. Signature
pages may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or electronic transmission shall be as effective as delivery of a
manually executed counterpart hereof. 
 Section 13. Further Assurances. Each Loan Party covenants and agrees that
it will at any time and from time to time do, execute, acknowledge and deliver, or will cause to be done, executed, acknowledged and delivered, all such further acts, documents and instruments as may be reasonably required by any Purchaser to
effectuate fully the intent of this Agreement. 
 Section 14. Amendment to the Note Purchase Agreement and the other
Senior Subordinated Debt Documents. The Note Purchase Agreement and the other Senior Subordinated Debt Documents shall be deemed to be amended by this Agreement. Any references contained in the Note Purchase Agreement or any other Senior
Subordinated Debt Document to the “Note Purchase Agreement” shall be deemed to refer to the Note Purchase Agreement, as amended hereby. Except as amended hereby, all terms and conditions of the Note

  

 9 

 
Purchase Agreement and the other Senior Subordinated Debt Documents remain in full force and effect. This Agreement is not a novation, nor is it to be construed as a release, waiver, extension of
forbearance or modification of any of the terms, conditions, representations, warranties, covenants, rights or remedies set forth in the Note Purchase Agreement or any of the other Senior Subordinated Debt Documents, except as expressly stated
herein. This Agreement shall constitute a Senior Subordinated Debt Document. 
 Section 15. Severability. The
illegality or unenforceability of any provision of this Agreement or any instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument
or agreement required hereunder. 
 Section 16. Captions. The captions and headings in this Agreement are for
convenience of reference only and shall not affect the interpretation of this Agreement. 
 Section 17. Entire
Agreement. Except to the extent specifically set forth herein, the Purchasers reserve and preserve all rights and remedies under the Note Purchase Agreement and the other Senior Subordinated Debt Documents. This Agreement contains the entire
agreement among the Purchasers and the Loan Parties with respect to the Designated Events of Default and with respect to the Purchasers’ agreement to forbear from exercising rights and remedies on account of the Designated Events of Default.

 Section 18. Drafting and Negotiation of Agreement. Each Loan Party acknowledges that (i) it has been
represented by its own counsel in connection with the negotiation, preparation and execution of this Agreement and all other agreements, documents and instruments executed in connection herewith and therewith, and the transactions contemplated
herein and therein, (ii) it has exercised independent judgment with respect to such negotiation, preparation and execution and transactions, (iii) it has not relied on any other party hereto or thereto (or counsel for such party) with
respect to such agreements, documents and instruments and such transactions and (iv) any principal of contract construction that favors or disfavors the parties whose attorneys have drafted a contract, or provision thereof, shall not be applied
to this Agreement or such other agreements, documents and instruments. No prior drafts of this Agreement, or any negotiations regarding the terms in those drafts, shall be admissible in any court to vary or interpret the terms of this Agreement, the
parties hereto agreeing that this Agreement constitutes the final expression of the parties’ agreement and supersedes all prior written and oral understandings regarding the terms of this Agreement. 

Section 19. Governing Law; Submission to Jurisdiction. (a) The laws of the State of New York shall govern all matters
arising out of, in connection with or relating to this Agreement, including, without limitation, its validity, interpretation, construction, performance and enforcement. 

(b) Any legal action or proceeding with respect to this Agreement or any other Senior Subordinated Debt Document may be brought in the
courts of the State of New York located in the City of New York, New York, or of the United States of America sitting in New York, New York and, by execution and delivery of this Agreement, Company and each other Loan Party executing this Agreement
hereby accepts for itself and in respect of 
  

 10 

 
its property, generally and unconditionally, the jurisdiction of the aforesaid courts. The parties hereto hereby irrevocably waive any objection, including any objection to the laying of venue or
based on the grounds of forum non conveniens, that any of them may now or hereafter have to the bringing of any such action or proceeding in such jurisdictions. 

Section 20. WAIVER OF JURY TRIAL. THE PARTIES HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVE ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO THIS AGREEMENT, THE OTHER SENIOR SUBORDINATED DEBT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING
WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE. 
 Section 21. Reaffirmation. Each of the Loan
Parties as debtor or guarantor or in any other similar capacity in which such Loan Party otherwise acts as accommodation party, as the case may be, hereby: (i) ratifies and reaffirms all of its payment and performance obligations, contingent or
otherwise, under each of the Senior Subordinated Debt Documents to which it is a party (after giving effect hereto) and (ii) to the extent such Loan Party guaranteed the Obligations under or with respect to the Senior Subordinated Debt
Documents, ratifies and reaffirms such guarantee. Each of the Loan Parties hereby consents to this Agreement and acknowledges that each of the Senior Subordinated Debt Documents remains in full force and effect and is hereby ratified and reaffirmed.

 [remainder of page intentionally left blank; 

signature pages follow] 
  

 11 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
day and year first above written. 
  

			
	 COMPANY:
  

PANTHER II TRANSPORTATION, INC., an Ohio corporation

		
	By:	 	 /s/ Roy Showman

	Name:	 	Roy Showman
	Title:	 	CFO
	
	OTHER LOAN PARTIES:
	
	 PANTHER EXPEDITED SERVICES, INC., a

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

		
	By:	 	 /s/ Roy Showman

	Name:	 	Roy Showman
	Title:	 	CFO
	
	PANTHER II, INC., an Ohio corporation f/k/a Sokolowski, Inc.
		
	By:	 	 /s/ Roy Showman

	Name:	 	Roy Showman
	Title:	 	CFO
	
	INTEGRES GLOBAL LOGISTICS, INC., a Delaware corporation
		
	By:	 	 /s/ Roy Showman

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

	Name:	 	Roy Showman
	Title:	 	CFO
	
	ELITE TRANSPORTATION SERVICES, LLC d/b/a Elite Logistics Worldwide, an Oregon limited liability company

			
	By:	 	 /s/ Roy Showman

	Name:	 	Roy Showman
	Title:	 	CFO

			
	 PURCHASERS:
  

YORK STREET MEZZANINE PARTNERS, L.P.

		
	By:	 	York Street Capital Partners, L.L.C., its general partner
		
	By:	 	 /s/ Christopher A. Layden

	Name:	 	Christopher A. Layden
	Title:	 	Managing Director
	
	YORK STREET MEZZANINE PARTNERS II, L.P.
		
	By:	 	York Street Capital Partners II, L.L.C., its general partner
		
	By:	 	 /s/ Christopher A. Layden

	Name:	 	Christopher A. Layden
	Title:	 	Managing Director

			
	CUNA MUTUAL INSURANCE SOCIETY
		
	By:	 	 /s/ James E. McDonald Jr.

	Name:	 	James E. McDonald Jr.
	Title:	 	Director, Private Placements
	
	CUMIS INSURANCE SOCIETY, INC.
		
	By:	 	 /s/ James E. McDonald Jr.

	Name:	 	James E. McDonald Jr.
	Title:	 	Director, Private Placements
	
	MEMBERS LIFE INSURANCE COMPANY
		
	By:	 	 /s/ James E. McDonald Jr.

	Name:	 	James E. McDonald Jr.
	Title:	 	Director, Private Placements
	
	CUNA MUTUAL LIFE INSURANCE COMPANY
		
	By:	 	 /s/ James E. McDonald Jr.

	Name:	 	James E. McDonald Jr.
	Title:	 	Director, Private Placements

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