EXHIBIT 10.21

Dividend and Compensation Arrangements

On February 14, 2007, the Registrant’s Compensation Committee recommended and
the Registrant’s Board of Directors by unanimous vote of non-employee
independent directors resolved that the below-listed Named Executive Officers
will be paid the amounts indicated in the table below pursuant to the Frozen
Food Express Industries, Inc. 2005 Stock Incentive Plan.

Executive Name and Position
 
Cash Bonus
   
Restricted
Stock
Bonus
   
Restricted
Stock
Shares
 
Stoney M. Stubbs, Jr., President and Chief Executive Officer
  $ 118,611     $ 59,306       6,146  
S. Russell Stubbs, Senior Vice President and Chief Operations Officer
    60,650       30,325       3,142  
Thomas G. Yetter, Senior Vice President and Chief Financial Officer
    60,043       30,021       3,111  

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