Document:

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                                                                  EXHIBIT 10(ii)

                                    EGL, INC.

                            LONG-TERM INCENTIVE PLAN
                (As Amended and Restated Effective July 26, 2000
                  and as further amended on September 18, 2000)

         1. OBJECTIVES. The EGL, Inc. Long-Term Incentive Plan (the "Plan") is
designed to retain selected employees of EGL, Inc. (the "Company") and its
Subsidiaries and reward them for making significant contributions to the success
of the Company and its Subsidiaries. These objectives are to be accomplished by
making awards under the Plan and thereby providing Participants with a
proprietary interest in the growth and performance of the Company and its
Subsidiaries.

         2. DEFINITIONS. As used herein, the terms set forth below shall have
the following respective meanings:

                  "AWARD" means the grant of any form of stock option, stock
         appreciation right, stock award or cash award, whether granted singly,
         in combination or in tandem, to a Participant pursuant to any
         applicable terms, conditions and limitations as the Committee may
         establish in order to fulfill the objectives of the Plan.

                  "AWARD AGREEMENT" means a written agreement between the
         Company and a Participant that sets forth the terms, conditions and
         limitations applicable to an Award.

                  "BOARD" means the Board of Directors of the Company.

                  "CODE" means the Internal Revenue Code of 1986, as amended
         from time to time.

                  "COMMITTEE" means such committee of two or more members of the
         Board as is designated by the Board to administer the Plan.

                  "COMMON STOCK" means the Common Stock, par value $.001 per
         share, of the Company.

                  "DIRECTOR" means an individual serving as a member of the
         Board.

                  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
         amended from time to time.

                  "FAIR MARKET VALUE" means, as of a particular date, (a) if the
         shares of Common Stock are listed on a national securities exchange,
         the mean between the

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         highest and lowest sales price per share of Common Stock on the
         consolidated transaction reporting system for the principal such
         national securities exchange on that date, or, if there shall have been
         no such sale so reported on that date, on the last preceding date on
         which such a sale was so reported, (b) if the shares of Common Stock
         are not so listed but are quoted on the Nasdaq National Market, the
         mean between the highest and lowest sales price per share of Common
         Stock on the Nasdaq National Market on that date, or, if there shall
         have been no such sale so reported on that date, on the last preceding
         date on which such a sale was so reported, (c) if the Common Stock is
         not so listed or quoted, the mean between the closing bid and asked
         price on that date, or, if there are no quotations available for such
         date, on the last preceding date on which such quotations shall be
         available, as reported by Nasdaq, or, if not reported by Nasdaq, by the
         National Quotation Bureau, Inc. or (d) if none of the above is
         applicable, such amount as may be determined by the Board (or an
         Independent Third Party, should the Board elect in its sole discretion
         to instead utilize an Independent Third Party for this purpose), in
         good faith, to be the fair market value per share of Common Stock.

                  "INDEPENDENT THIRD PARTY" means an individual or entity
         independent of the Company (and any transferor or transferee of Common
         Stock acquired upon the exercise of an option under the Plan, if
         applicable) with experience in providing investment banking appraisal
         or valuation services and with expertise generally in the valuation of
         securities or other property of the type at issue, that is chosen by
         the Board, in its sole discretion, to value securities or other
         property for purposes of this Plan. The Company's independent
         accountants shall be deemed to satisfy the criteria for an Independent
         Third Party if selected by the Board for that purpose. The Board may
         utilize one or more Independent Third Parties.

                  "PARTICIPANT" means an employee of the Company or any of its
         Subsidiaries to whom an Award has been made under this Plan.

                  "RESTRICTED STOCK" means Common Stock that is restricted or
         subject to forfeiture provisions.

                  "SUBSIDIARY" means (i) with respect to any Awards other than
         incentive stock options within the meaning of Code Section 422, any
         corporation, limited liability company, general or limited partnership,
         or similar entity of which the Company directly or indirectly owns
         shares representing more than 50% of the voting power of all classes or
         series of equity securities of such entity, which have the right to
         vote generally on matters submitted to a vote of the holders of equity
         interests in such entity, and (ii) with respect to Awards of incentive
         stock options, any subsidiary within the meaning of Section 424(f) of
         the Code or any successor provision.

         3. ELIGIBILITY. All employees consultants and independent contractors
of the Company and its Subsidiaries are eligible for Awards under this Plan. The
Committee

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shall select the Participants in the Plan from time to time by the grant of
Awards under the Plan.

         4. COMMON STOCK AVAILABLE FOR AWARDS. There shall be available for
Awards granted wholly or partly in Common Stock (including rights or options
which may be exercised for or settled in Common Stock) during the term of this
Plan an aggregate of 12,150,000 shares of Common Stock, subject to adjustment as
provided in Paragraph 14. The Board and the appropriate officers of the Company
shall from time to time take whatever actions are necessary to file required
documents with governmental authorities and stock exchanges and transaction
reporting systems to make shares of Common Stock available for issuance pursuant
to Awards. Common Stock related to Awards that are forfeited or terminated,
expire unexercised, are settled in cash in lieu of Common Stock or in a manner
such that all or some of the shares covered by an Award are not issued to a
Participant, or are exchanged for Awards that do not involve Common Stock, shall
immediately become available for Awards hereunder. The Committee may from time
to time adopt and observe such procedures concerning the counting of shares
against the Plan maximum as it may deem appropriate.

         5. ADMINISTRATION. This Plan shall be administered by the Committee,
which shall have full and exclusive power to interpret this Plan and to adopt
such rules, regulations and guidelines for carrying out this Plan as it may deem
necessary or proper, all of which powers shall be exercised in the best
interests of the Company and in keeping with the objectives of this Plan. The
Committee may correct any defect or supply any omission or reconcile any
inconsistency in this Plan or in any Award in the manner and to the extent the
Committee deems necessary or desirable to carry it into effect. Any decision of
the Committee in the interpretation and administration of this Plan shall lie
within its sole and absolute discretion and shall be final, conclusive and
binding on all parties concerned. No member of the Committee or officer of the
Company to whom it has delegated authority in accordance with the provisions of
Paragraph 6 of this Plan shall be liable for anything done or omitted to be done
by him or her, by any member of the Committee or by any officer of the Company
in connection with the performance of any duties under this Plan, except for his
or her own willful misconduct or as expressly provided by statute.

         6. DELEGATION OF AUTHORITY. The Committee may delegate to the President
and to other senior officers of the Company its duties under this Plan pursuant
to such conditions or limitations as the Committee may establish, except that
the Committee may not delegate to any person the authority to grant Awards to,
or take other action with respect to, Participants who are subject to Section 16
of the Exchange Act.

         7. AWARDS. The Committee shall determine the type or types of Awards to
be made to each Participant under this Plan. Each Award made hereunder shall be
embodied in an Award Agreement, which shall contain such terms, conditions and
limitations as shall be determined by the Committee in its sole discretion and
shall be signed by the Participant and by the President or any Vice President of
the Company for and on behalf of the Company. An Award Agreement may include
provisions for the

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repurchase by the Company of Common Stock acquired pursuant to the Plan and the
repurchase of a Participant's option rights under the Plan. Awards may consist
of those listed in this Paragraph 7 and may be granted singly, in combination or
in tandem. Awards may also be made in combination or in tandem with, in
replacement of, or as alternatives to grants or rights (a) under this Plan or
any other employee plan of the Company or any of its Subsidiaries, including the
plan of any acquired entity, or (b) made to any Company or Subsidiary employee
by the Company or any Subsidiary. An Award may provide for the granting or
issuance of additional, replacement or alternative Awards upon the occurrence of
specified events, including the exercise of the original Award. Notwithstanding
anything herein to the contrary, no Participant may be granted Awards consisting
of stock options or stock appreciation rights exercisable for more than 620,000
shares of Common Stock, subject to adjustment as provided in Paragraph 14 (i.e.,
20% of the shares of Common Stock originally authorized for Awards under this
Plan, as previously adjusted pursuant to Paragraph 14). In the event of an
increase in the number of shares authorized under the Plan, the 20% limitation
will apply to the number of shares authorized.

                  (i) STOCK OPTION. An Award may consist of a right to purchase
         a specified number of shares of Common Stock at a price specified by
         the Committee in the Award Agreement or otherwise. A stock option may
         be in the form of an incentive stock option ("ISO") which, in addition
         to being subject to applicable terms, conditions and limitations
         established by the Committee, complies with Section 422 of the Code.
         Notwithstanding the foregoing, no ISO can be granted under the Plan
         more than ten years following the February 23, 1998 amendment and
         restatement of the Plan.

                  (ii) STOCK APPRECIATION RIGHT. An Award may consist of a right
         to receive a payment, in cash or Common Stock, equal to the excess of
         the Fair Market Value or other specified valuation of a specified
         number of shares of Common Stock on the date the stock appreciation
         right ("SAR") is exercised over a specified strike price as set forth
         in the applicable Award Agreement.

                  (iii) STOCK AWARD. An Award may consist of Common Stock or may
         be denominated in units of Common Stock. All or part of any stock Award
         may be subject to conditions established by the Committee and set forth
         in the Award Agreement, which conditions may include, but are not
         limited to, continuous service with the Company and its Subsidiaries,
         achievement of specific business objectives, increases in specified
         indices, attaining specified growth rates and other comparable
         measurements of performance. Such Awards may be based on Fair Market
         Value or other specified valuations. The certificates evidencing shares
         of Common Stock issued in connection with a stock Award shall contain
         appropriate legends and restrictions describing the terms and
         conditions of the restrictions applicable thereto.

                  (iv) CASH AWARD. An Award may be denominated in cash with the
         amount of the eventual payment subject to future service and such other

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         restrictions and conditions as may be established by the Committee and
         set forth in the Award Agreement, including, but not limited to,
         continuous service with the Company and its Subsidiaries, achievement
         of specific business objectives, increases in specified indices,
         attaining specified growth rates and other comparable measurements of
         performance.

         8. PAYMENT OF AWARDS.

         (a) GENERAL. Payment of Awards may be made in the form of cash or
Common Stock or combinations thereof and may include such restrictions as the
Committee shall determine including, in the case of Common Stock, restrictions
on transfer and forfeiture provisions.

         (b) DEFERRAL. The Committee may, in its discretion, (i) permit selected
Participants to elect to defer payments of some or all types of Awards in
accordance with procedures established by the Committee or (ii) provide for the
deferral of an Award in an Award Agreement or otherwise. Any such deferral may
be in the form of installment payments or a future lump sum payment. Any
deferred payment, whether elected by the Participant or specified by the Award
Agreement or by the Committee, may be forfeited if and to the extent that the
Award Agreement so provides.

         (c) DIVIDENDS AND INTEREST. Dividends or dividend equivalent rights may
be extended to and made part of any Award denominated in Common Stock or units
of Common Stock, subject to such terms, conditions and restrictions as the
Committee may establish. The Committee may also establish rules and procedures
for the crediting of interest on deferred cash payments and dividend equivalents
for deferred payment denominated in Common Stock or units of Common Stock.

         (d) SUBSTITUTION OF AWARDS. At the discretion of the Committee, a
Participant may be offered an election to substitute an Award for another Award
or Awards of the same or different type.

         9. STOCK OPTION EXERCISE. The price at which shares of Common Stock may
be purchased under a stock option shall be paid in full at the time of exercise
in cash or, if permitted by the Committee, by means of tendering Common Stock,
including Restricted Stock, that has been held by the Participant for at least
six months and that is valued at Fair Market Value on the date of exercise, or
any combination thereof. The Committee shall determine acceptable methods for
tendering Common Stock to exercise a stock option as it deems appropriate. The
Committee may provide for procedures to permit the exercise or purchase of
Awards by (a) loans from the Company or (b) use of the proceeds to be received
from the sale by a third party of Common Stock issuable pursuant to an Award in
a broker-assisted transaction. Unless otherwise provided in the applicable Award
Agreement, in the event shares of Restricted Stock are tendered as consideration
for the exercise of a stock option, a number of the shares issued upon the
exercise of the stock option, equal to the number of shares of Restricted Stock
used as consideration

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therefor, shall be subject to the same restrictions as the Restricted Stock so
submitted as well as any additional restrictions that may be imposed by the
Committee.

         10. TAX WITHHOLDING. The Company shall have the right to deduct
applicable taxes from any Award payment and withhold, at the time of delivery or
vesting of cash or shares of Common Stock under this Plan, an appropriate amount
of cash or number of shares of Common Stock or a combination thereof for payment
of taxes required by law or to take such other action as may be necessary in the
opinion of the Company to satisfy all obligations for withholding of such taxes.
The Committee may also permit withholding to be satisfied by the transfer to the
Company of shares of Common Stock theretofore owned by the holder of the Award
with respect to which withholding is required. If shares of Common Stock are
used to satisfy tax withholding, such shares shall be valued based on the Fair
Market Value when the tax withholding is required to be made.

         11. AMENDMENT, MODIFICATION, SUSPENSION OR TERMINATION. The Board may
amend, modify, suspend or terminate this Plan for the purpose of meeting or
addressing any changes in legal requirements or for any other purpose permitted
by law except that (a) no amendment or alteration that would impair the rights
of any Participant under any Award previously granted to such Participant shall
be made without such Participant's consent and (b) no amendment or alteration
shall be effective prior to approval by the Company's shareholders to the extent
such approval is required by applicable laws, regulations, stock exchange or
quotation system requirements.

         12. TERMINATION OF EMPLOYMENT. Upon the termination of employment by a
Participant, any unexercised, deferred or unpaid Awards shall be treated as
provided in the specific Award Agreement evidencing the Award. Each Award
granted pursuant to this Plan which is a stock option shall provide that if the
Participant ceases to be employed by the Company or its affiliates for any
reason whatsoever, the option shall immediately terminate to the extent the
option is not vested (or does not become vested as a result of such termination
of employment) on the date the Participant terminates employment.

         13. ASSIGNABILITY. Unless otherwise determined by the Committee and
provided in the Award Agreement, no Award or any other benefit under this Plan
constituting a derivative security within the meaning of Rule 16a-1(c) under the
Exchange Act shall be assignable or otherwise transferable except by will or the
laws of descent and distribution or pursuant to a qualified domestic relations
order as defined by the Code or Title I of the Employee Retirement Income
Security Act, or the rules thereunder. The Committee may prescribe and include
in applicable Award Agreements other restrictions on transfer. Any attempted
assignment of an Award or any other benefit under this Plan in violation of this
Paragraph 13 shall be null and void.

         14. ADJUSTMENTS.

         (a) The existence of outstanding Awards shall not affect in any manner
the right or power of the Company or its shareholders to make or authorize any
or all

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adjustments, recapitalizations, reorganizations or other changes in the capital
stock of the Company or its business or any merger or consolidation of the
Company, or any issue of bonds, debentures, preferred or prior preference stock
(whether or not such issue is prior to, on a parity with or junior to the Common
Stock) or the dissolution or liquidation of the Company, or any sale or transfer
of all or any part of its assets or business, or any other corporate act or
proceeding of any kind, whether or not of a character similar to that of the
acts or proceedings enumerated above.

         (b) In the event of any subdivision or consolidation of outstanding
shares of Common Stock or declaration of a dividend payable in shares of Common
Stock or capital reorganization or reclassification or other transaction
involving an increase or reduction in the number of outstanding shares of Common
Stock, the Committee may adjust proportionally (i) the number of shares of
Common Stock reserved under this Plan and covered by outstanding Awards
denominated in Common Stock or units of Common Stock; (ii) the exercise or other
price in respect of such Awards; and (iii) the appropriate Fair Market Value and
other price determinations for such Awards. Notwithstanding the foregoing, no
adjustment is required for the stock split effected or to be effected shortly
before the initial grant of Options under this Plan. In the event of any
consolidation or merger of the Company with another corporation or entity or the
adoption by the Company of a plan of exchange affecting the Common Stock or any
distribution to holders of Common Stock of securities or property (other than
normal cash dividends or dividends payable in Common Stock), the Committee shall
make such adjustments or other provisions as it may deem equitable, including
adjustments to avoid fractional shares, to give proper effect to such event.
Additionally, and without limiting the generality of the foregoing, there shall
be no adjustment for any dividend or distribution of cash, debt or other
property in respect of the Company's earnings or its accumulated adjustments
account as defined in Section 1368(e)(1) of the Code (including any estimated
amount of such account) in respect of the period in which the Company is an "S"
corporation within the meaning of Section 1361 of the Code. In the event of a
corporate merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation, the Committee shall be authorized, in its
discretion, (i) to issue or assume stock options, regardless of whether in a
transaction to which Section 424(a) of the Code applies, by means of
substitution of new options for previously issued options or an assumption of
previously issued options, (ii) to make provision, prior to the transaction, for
the acceleration of the vesting and exercisability of, or lapse of restrictions
with respect to, Awards and the termination of options that remain unexercised
at the time of such transaction or (iii) to provide for the acceleration of the
vesting and exercisability of the options and the cancellation thereof in
exchange for such payment as shall be mutually agreeable to the Participant and
the Committee.

         15. RESTRICTIONS. No Common Stock or other form of payment shall be
issued with respect to any Award unless the Company shall be satisfied based on
the advice of its counsel that such issuance will be in compliance with
applicable federal and state securities laws. It is the intent of the Company
that this Plan comply with Rule 16b-3 with respect to persons subject to Section
16 of the Exchange Act unless otherwise provided herein or in an Award
Agreement, that any ambiguities or inconsistencies in the

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construction of this Plan be interpreted to give effect to such intention and
that, if any provision of this Plan is found not to be in compliance with Rule
16b-3, such provision shall be null and void to the extent required to permit
this Plan to comply with Rule 16b-3. Certificates evidencing shares of Common
Stock delivered under this Plan may be subject to such stop transfer orders and
other restrictions as the Committee may deem advisable under the rules,
regulations and other requirements of the Securities and Exchange Commission,
any securities exchange or transaction reporting system upon which the Common
Stock is then listed and any applicable federal and state securities law. The
Committee may cause a legend or legends to be placed upon any such certificates
to make appropriate reference to such restrictions.

         16. UNFUNDED PLAN. Insofar as it provides for Awards of cash, Common
Stock or rights thereto, this Plan shall be unfunded. Although bookkeeping
accounts may be established with respect to Participants who are entitled to
cash, Common Stock or rights thereto under this Plan, any such accounts shall be
used merely as a bookkeeping convenience. The Company shall not be required to
segregate any assets that may at any time be represented by cash, Common Stock
or rights thereto, nor shall this Plan be construed as providing for such
segregation, nor shall the Company, the Board or the Committee be deemed to be a
trustee of any cash, Common Stock or rights thereto to be granted under this
Plan. Any liability or obligation of the Company to any Participant with respect
to a grant of cash, Common Stock or rights thereto under this Plan shall be
based solely upon any contractual obligations that may be created by this Plan
and any Award Agreement, and no such liability or obligation of the Company
shall be deemed to be secured by any pledge or other encumbrance on any property
of the Company. None of the Company, the Board or the Committee shall be
required to give any security or bond for the performance of any obligation that
may be created by this Plan.

         17. GOVERNING LAW. This Plan and all determinations made and actions
taken pursuant hereto, to the extent not otherwise governed by mandatory
provisions of the Code or the securities laws of the United States, shall be
governed by and construed in accordance with the laws of the State of Texas.

         18. EFFECTIVE DATE OF PLAN. This Plan was originally adopted by the
Board of Directors and Shareholders in 1994. The Plan was subsequently amended
and restated effective February 23, 1998 and thereafter amended and restated
effective July 26, 2000. The Plan was subsequently amended by the Shareholders
on September 18, 2000.

                                    Attested to by the Secretary of EGL, Inc. as
                                    adopted by the Board of Directors of EGL,
                                    Inc. effective as of the 18th day of
                                    September, 2000.

                                             /s/ MICHAEL D. SLAUGHTER
                                    --------------------------------------------
                                                 Michael D. Slaughter
                                                      Secretary

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                                                                 EXHIBIT 10(iii)

                     EGL, INC. EMPLOYEE STOCK PURCHASE PLAN

                  (AMENDED AND RESTATED EFFECTIVE JULY 26, 2000
                  AND AS FURTHER AMENDED ON SEPTEMBER 18, 2000)

1.       PURPOSE

         The EGL, Inc. Employee Stock Purchase Plan (the "Plan") is designed to
encourage and assist all employees of EGL, Inc., a Texas corporation ("Eagle")
and Subsidiaries (as defined in Section 4) (hereinafter collectively referred to
as the "Company"), where permitted by applicable laws and regulations, to
acquire an equity interest in Eagle through the purchase of shares of common
stock, .001 par value, of Eagle ("Common Stock"). It is intended that this Plan
shall constitute an "employee stock purchase plan" within the meaning of Section
423 of the Internal Revenue Code of 1986, as amended (the "Code").

2.       ADMINISTRATION OF THE PLAN

         The Plan shall be administered and interpreted by the Compensation
Committee (the "Committee") appointed by the Board of Directors of Eagle (the
"Board"), which Committee shall consist of at least two (2) persons. The
Committee shall supervise the administration and enforcement of the Plan
according to its terms and provisions and shall have all powers necessary to
accomplish these purposes and discharge its duties hereunder including, but not
by way of limitation, the power to (i) employ and compensate agents of the
Committee for the purpose of administering the accounts of participating
employees; (ii) construe or interpret the Plan; (iii) determine all questions of
eligibility; and (iv) compute the amount and determine the manner and time of
payment of all benefits according to the Plan.

         The Committee may act by decision of a majority of its members at a
regular or special meeting of the Committee or by decision reduced to writing
and signed by all members of the Committee without holding a formal meeting.

3.       NATURE AND NUMBER OF SHARES

         The Common Stock subject to issuance under the terms of the Plan shall
be shares of Eagle's authorized but unissued shares, previously issued shares
reacquired and held by Eagle or shares purchased on the open market. The
aggregate number of shares which may be issued under the Plan shall not exceed
five hundred fifty thousand (550,000) shares of Common Stock. All shares
purchased under the Plan, regardless of source, shall be counted against the
five hundred fifty thousand (550,000) share limitation.

         In the event of any reorganization, stock split, reverse stock split,
stock dividend, combination of shares, merger, consolidation, offering of rights
or other similar change in the capital structure of Eagle, the Committee may
make such adjustment, if any, as it deems appropriate in the number, kind and
purchase price of the shares available for purchase under the Plan and in the
maximum number of shares which may be issued under the Plan, subject to the
approval of the Board and in accordance with Section 19.

4.       ELIGIBILITY REQUIREMENTS

         Each "Employee" (as hereinafter defined), except as described in the
next following paragraph, shall become eligible to participate in the Plan in
accordance with Section 5 on the first "Enrollment Date" (as defined therein)
following employment by the Company. Participation in the Plan is voluntary.

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         The following Employees are not eligible to participate in the Plan:

                  (i) Employees who would, immediately upon enrollment in the
             Plan, own directly or indirectly, or hold options or rights to
             acquire, an aggregate of five percent (5%) or more of the total
             combined voting power or value of all outstanding shares of all
             classes of the Company or any subsidiary (in determining stock
             ownership of an individual, the rules of Section 424(d) of the Code
             shall be applied, and the Committee may rely on representations of
             fact made to it by the employee and believed by it to be true);

                  (ii) Employees who are customarily employed by the Company
             less than twenty (20) hours per week or less than five (5) months
             in any calendar year; and

                  (iii) Employees who have not completed at least six (6) months
             of service  with the Company as of an Enrollment Date.

         "Employee" shall mean any individual employed full-time by Eagle or any
Subsidiary (as hereinafter defined). "Subsidiary" shall mean Eagle Freight
Services, Inc. and any other corporation (a) which is in an unbroken chain of
corporations beginning with Eagle if, on or after the Effective Date, each of
the corporations other than the last corporation in the chain owns stock
possessing fifty percent (50%) or more of the total combined voting power of all
classes of stock in one of the other corporations in the chain and (b) which has
adopted the Plan with the approval of the Committee.

5.       ENROLLMENT

         Each eligible Employee of Eagle or any Subsidiary as of July 1, 1998
(the "Effective Date" herein) may enroll in the Plan as of the Effective Date.
Each other eligible Employee of Eagle or a participating Subsidiary who
thereafter becomes eligible to participate may enroll in the Plan on the first
to occur of January 1 or July 1 following the date he first meets the
eligibility requirements of Section 4. Any eligible Employee not enrolling in
the Plan when first eligible may enroll in the Plan any subsequent January 1 or
July 1. Any eligible Employee may enroll or re-enroll in the Plan on the dates
hereinabove prescribed or such other specific dates established by the Committee
from time to time ("Enrollment Dates"). In order to enroll, an eligible Employee
must complete, sign and submit the appropriate form to the person designated by
the Committee.

6.       METHOD OF PAYMENT

         Payment for shares is to be made as of the applicable "Purchase Date"
(as defined in Section 9) through payroll deductions on an after-tax basis (with
no right of prepayment) over the Plan's designated purchase period (the
"Purchase Period"), with the first such deduction commencing with the first
payroll period ending after the Enrollment Date. Each Purchase Period under the
Plan shall be a period of six (6) calendar months beginning on each January 1
and ending on the following June 30 and on each July 1 and ending on the
following December 31 or such other period as the Committee may prescribe;
provided, however, that the Purchase Period beginning on the Effective Date
shall commence on the Effective Date and end on December 31, 1998. Each
participating Employee (hereinafter referred to as a "Participant") will
authorize such deductions from his pay for each month during the Purchase Period
and such amounts will be deducted in conformity with his employer's payroll
deduction schedule.

         Each Participant may elect to make contributions each pay period in
amounts not less than $10, not to exceed an annual contribution equal to $20,000
(or such other dollar amounts as the Committee may establish from time to time
before an Enrollment Date for all purchases to occur during the relevant
Purchase Period). In establishing other dollar amounts of permitted
contributions, the Committee may take into account the

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"Maximum Share Limitation" (as defined in Section 8). The rate of contribution
shall be designated by the Participant in the enrollment form.

         A Participant may elect to increase or decrease the rate of
contribution effective as of the first day of the Purchase Period by giving
prior written notice to the person designated by the Committee on the
appropriate form. A Participant may not elect to increase or decrease the rate
of contribution during a Purchase Period. A Participant may suspend payroll
deductions at any time during the Purchase Period, by giving prior written
notice to the person designated by the Committee on the appropriate form. If a
Participant elects to suspend his payroll deductions, such Participant's account
will continue to accrue interest and will be used to purchase stock at the end
of the Purchase Period. A Participant may also elect to withdraw his entire
contributions for the current Purchase Period in accordance with Section 8 by
giving prior written notice to the person designated by the Committee on the
appropriate form. Any Participant who withdraws his contributions will receive,
as soon as practicable, his entire account balance, including interest and
dividends, if any. Any Participant who suspends payroll deductions or withdraws
contributions during any Purchase Period cannot resume payroll deductions during
such Purchase Period and must re-enroll in the Plan in order to participate in
the next Purchase Period.

         Except in case of cancellation of election to purchase, death,
resignation or other terminating event, the amount in a Participant's account at
the end of the Purchase Period will be applied to the purchase of the shares.

7.       CREDITING OF CONTRIBUTIONS, INTEREST AND DIVIDENDS

         Contributions shall be credited to a Participant's account as soon as
administratively feasible after payroll withholding. Unless otherwise prohibited
by laws and regulations, Participant contributions will receive interest at a
rate realized for the investment vehicle or vehicles designated by the Committee
for purposes of the Plan. Interest will be credited to a Participant's account
from the first date on which such Participant's contributions are deposited with
the investment vehicle until the earlier of (i) the end of the Purchase Period
or (ii) in the event of cancellation, death, resignation or other terminating
event, the last day of the month prior to the date on which such contributions
are returned to the Participant. Dividends on shares held in a Participant's
account in the Plan will also be credited to such Participant's account. Any
such contributions, interest and dividends shall be deposited in or held by a
bank or financial institution designated by the Committee for this purpose (the
"Custodian").

8.       GRANT OF RIGHT TO PURCHASE SHARES ON ENROLLMENT

         Enrollment in the Plan by an Employee on an Enrollment Date will
constitute the grant by the Company to the Participant of the right to purchase
shares of Common Stock under the Plan. Re-enrollment by a Participant in the
Plan will constitute a grant by the Company to the Participant of a new
opportunity to purchase shares on the Enrollment Date on which such
re-enrollment occurs. A Participant who has not (a) terminated employment, (b)
withdrawn his contributions from the Plan, or (c) notified the Company in
writing, by such date as the Committee shall establish (which date shall not be
later than June 1 or December 1, as applicable), of his election to withdraw his
payroll deductions plus interest as of the applicable of June 30 or December 31
will have shares of Common Stock purchased for him on the applicable Purchase
Date, and he will automatically be re-enrolled in the Plan on the Enrollment
Date immediately following the Purchase Date on which such purchase has
occurred, unless each Participant notifies the person designated by the
Committee on the appropriate form that he elects not to re-enroll.

         Each right to purchase shares of Common Stock under the Plan during a
Purchase Period shall have the following terms:

<PAGE>   4

                  (i) the right to purchase shares of Common Stock during a
         particular Purchase Period shall expire on the earlier of: (A) the
         completion of the purchase of shares on the Purchase Date occurring in
         the Purchase Period, or (B) the date on which participation of such
         Participant in the Plan terminates for any reason;

                  (ii) payment for shares purchased will be made only through
         payroll withholding and the crediting of interest and dividends, if
         applicable, in accordance with Sections 6 and 7;

                  (iii) purchase of shares will be accomplished only in
         accordance with Section 9;

                  (iv) the price per share will be determined as provided in
         Section 9;

                  (v) the right to purchase shares (taken together with all
         other such rights then outstanding under this Plan and under all other
         similar stock purchase plans of Eagle or any Subsidiary) will in no
         event give the Participant the right to purchase a number of shares
         during a calendar year in excess of the number of shares of Common
         Stock derived by dividing $25,000 by the fair market value of the
         Common Stock (the "Maximum Share Limitation") on the applicable Grant
         Date determined in accordance with Section 9;

                  (vi) shares purchased under this Plan may not be sold within
         six (6) months of the Purchase Date, unless the Compensation Committee,
         in its sole discretion, waives this requirement; and

                  (vii) the right to purchase shares will in all respects be
         subject to the terms and conditions of the Plan, as interpreted by the
         Committee from time to time.

9.       PURCHASE OF SHARES

         The right to purchase shares of Common Stock granted by the Company
under the Plan is for the term of a Purchase Period. The fair market value of
the Common Stock ("Fair Market Value") to be purchased during such Purchase
Period will be the final closing sales price per share of the Common Stock on
the NASDAQ National Market System on the first trading day of the calendar month
of January or July, as applicable, or such other trading date designated by the
Committee (the "Grant Date"). The Fair Market Value of the Common Stock will
again be determined in the same manner on the last trading day of the calendar
month of June or December, as applicable, or such other trading date designated
by the Committee (the "Purchase Date"); however, in no event shall the
Committee, in the exercise of its discretion, designate a Purchase Date beyond
twenty-seven (27) months from the related Enrollment Date or otherwise fail to
meet the requirements of Section 423(b)(7) of the Code. These dates constitute
the date of grant and the date of exercise for valuation purposes of Section 423
of the Code.

         As of the Purchase Date, the Committee shall apply the funds then
credited to each Participant's account to the purchase of whole shares of Common
Stock. The cost to the Participant for the shares purchased during a Purchase
Period shall be the lower of:

         (i)      eighty-five percent (85%) of the Fair Market Value of Common
                  Stock on the Grant Date; or

         (ii)     eighty-five percent (85%) of the Fair Market Value of Common
                  Stock on the Purchase Date.

         Certificates evidencing shares purchased shall be delivered to the
Custodian or to any other bank or financial institution designated by the
Committee for this purpose or delivered to the Participant (if the Participant
has elected by written notice to the Committee to receive the certificate) as
soon as administratively feasible after the Purchase Date; however, certificates
shall not be delivered to the Participant within six (6)

<PAGE>   5

months of the Purchase Date of the underlying shares, except as otherwise
provided herein. Notwithstanding the foregoing, Participants shall be treated as
the record owners of their shares effective as of the Purchase Date. Shares that
are held by the Custodian or any other designated bank or financial institution
shall be held in book entry form. Any cash equal to less than the price of a
whole share of Common Stock shall be credited to a Participant's account on the
Purchase Date and carried forward in his account for application during the next
Purchase Period. Any Participant (i) who purchases stock at the end of a
Purchase Period and is not re-enrolled in the Plan for the next Purchase Period
or (ii) who withdraws his contributions from the Plan prior to the next Purchase
Date will receive a certificate for the number of shares held in his account for
at least six (6) months as of the most recent Purchase Date and any cash,
dividends or interest remaining in his account. Such Participant may elect to
receive a certificate for the remaining number of shares held in his account six
(6) months after such shares were purchased or, if earlier, upon such
Participant's termination of employment. This six-month holding requirement may
be waived by the Compensation Committee, in its sole discretion. Until such
certificates are distributed to the Participant, the Participant will not be
permitted to transfer ownership of the certificates except as contemplated by
Section 14 of the Plan. Any Participant who terminates employment will receive a
certificate for the number of shares held in his account and a cash refund
attributable to amounts equal to less than the price of a whole share, and any
accumulated contributions, dividends and interest. If for any reason the
purchase of shares with a Participant's allocations to the Plan exceeds or would
exceed the Maximum Share Limitation, such excess amounts shall be refunded to
the Participant as soon as practicable after such excess has been determined to
exist.

         If as of any Purchase Date the shares authorized for purchase under the
Plan are exceeded, enrollments shall be reduced proportionately to eliminate the
excess. Any funds that cannot be applied to the purchase of shares due to excess
enrollment shall be refunded as soon as administratively feasible, including
interest determined in accordance with Section 7. The Committee in its
discretion may also provide that excess enrollments may be carried over to the
next Purchase Period under this Plan or any successor plan according to the
regulations set forth under Section 423 of the Code.

10.      MANNER OF WITHDRAWAL

         A Participant may elect to withdraw at any time (without withdrawing
from participation in the Plan) shares which have been held in his account for
at least six (6) months by giving notice to the person designated by the
Committee on the appropriate form. Upon receipt of such notice from the person
designated by the Committee, the Custodian, bank or other financial institution
designated by the Committee for this purpose will arrange for the issuance and
delivery of such shares held in the Participant's account as soon as
administratively feasible.

11.      TERMINATION OF PARTICIPATION

         The right to participate in the Plan terminates immediately when a
Participant ceases to be employed by the Company for any reason whatsoever
(including death, unpaid disability or when the Participant's employer ceases to
be a Subsidiary) or the Participant otherwise becomes ineligible. Participation
also terminates immediately when the Participant voluntarily withdraws his
contributions from the Plan. Participation terminates immediately after the
Purchase Date if the Participant is not re-enrolled in the Plan for the next
Purchase Period or if the Participant has suspended payroll deductions during
any Purchase Period and has not re-enrolled in the Plan for the next Purchase
Period. As soon as administratively feasible after termination of participation,
the Committee shall pay to the Participant or his beneficiary or legal
representative all amounts credited to his account, including interest and
dividends, if applicable, determined in accordance with Section 7, and shall
cause a certificate for the number of shares held in his account to be delivered
to the Participant, subject to the restrictions in Section 9. For purposes of
the Plan, a Participant is not deemed to have terminated his employment if he
transfers employment from Eagle to a Subsidiary, or vice versa, or transfers
employment between Subsidiaries.

<PAGE>   6

12.      UNPAID LEAVE OF ABSENCE

         Unless the Participant has voluntarily withdrawn his contributions from
the Plan, shares will be purchased for his account on the Purchase Date next
following commencement of an unpaid leave of absence by such Participant,
provided such leave does not constitute a termination of employment. The number
of shares to be purchased will be determined by applying to the purchase the
amount of the Participant's contributions made up to the commencement of such
unpaid leave of absence plus interest on such contributions and dividends, if
applicable, both determined in accordance with Section 7. If the Participant's
unpaid leave of absence both commences and terminates during the same Purchase
Period and he has resumed eligible employment prior to the Purchase Date related
to that Purchase Period, he may also resume payroll deductions immediately, and
shares will be purchased for him on such Purchase Date as otherwise provided in
Section 9.

13.      DESIGNATION OF BENEFICIARY

         Each Participant may designate one or more beneficiaries in the event
of death and may, in his sole discretion, change such designation at any time.
Any such designation shall be effective upon receipt by the person designated by
the Committee and shall control over any disposition by will or otherwise.

         As soon as administratively feasible after the death of a Participant,
amounts credited to his account, including interest and dividends, if
applicable, determined in accordance with Section 7, shall be paid in cash and a
certificate for any shares shall be delivered to the Participant's designated
beneficiaries or, in the absence of such designation, to the executor,
administrator or other legal representative of the Participant's estate. Such
payment shall relieve the Company of further liability to the deceased
Participant with respect to the Plan. If more than one beneficiary is
designated, each beneficiary shall receive an equal portion of the account
unless the Participant has given express contrary instructions.

14.      ASSIGNMENT

         Except as provided in Section 13, the rights of a Participant under the
Plan will not be assignable or otherwise transferable by the Participant, other
than by will or the laws of descent and distribution or pursuant to a "qualified
domestic relations order," as defined in Section 414(p) of the Code. No
purported assignment or transfer of such rights of a Participant under the Plan,
whether voluntary or involuntary, by operation of law or otherwise, shall vest
in the purported assignee or transferee any interest or right therein
whatsoever, but immediately upon such assignment or transfer, or any attempt to
make the same, such rights shall terminate and become of no further effect. If
this provision is violated, the Participant's election to purchase Common Stock
shall terminate, and the only obligation of the Company remaining under the Plan
will be to pay to the person entitled thereto the amount then credited to the
Participant's account. No Participant may create a lien on any funds,
securities, rights or other property held for the account of the Participant
under the Plan, except to the extent that there has been a designation of
beneficiaries in accordance with the Plan, and except to the extent permitted by
will or the laws of descent and distribution if beneficiaries have not been
designated. A Participant's right to purchase shares under the Plan shall be
exercisable only during the Participant's lifetime and only by him.

15.      COSTS

         All costs and expenses incurred in administering this Plan shall be
paid by the Company. Any brokerage fees for the sale of shares purchased under
the Plan shall be paid by the Participant.

<PAGE>   7

16.      REPORTS

         At the end of each Purchase Period, the Company shall provide or cause
to be provided to each Participant a report of his contributions, including
interest earned, and the number of whole shares of Common Stock purchased with
such contributions by that Participant on each Purchase Date.

17.      EQUAL RIGHTS AND PRIVILEGES

         All eligible Employees shall have equal rights and privileges with
respect to the Plan so that the Plan qualifies as an "employee stock purchase
plan" within the meaning of Section 423 or any successor provision of the Code
and related regulations. Any provision of the Plan which is inconsistent with
Section 423 or any successor provision of the Code shall without further act or
amendment by the Company be reformed to comply with the requirements of Section
423. This Section 17 shall take precedence over all other provisions in the
Plan.

18.      RIGHTS AS SHAREHOLDERS

         A Participant will have no rights as a stockholder under the election
to purchase until he becomes a stockholder as herein provided. A Participant
will become a stockholder with respect to shares for which payment has been
completed as provided in Section 9 at the close of business on the last business
day of the Purchase Period.

19.      MODIFICATION AND TERMINATION

         The Board may amend or terminate the Plan at any time insofar as
permitted by law. No amendment shall be effective unless within one (1) year
after it is adopted by the Board it is approved by the holders of Eagle's
outstanding shares if and to the extent such amendment is required to be
approved by shareholders in order to cause the rights granted under the Plan to
purchase shares of Common Stock to meet the requirements of Section 423 of the
Code (or any successor provision).

         The Plan shall terminate after all Common Stock issued under the Plan
has been purchased, unless terminated earlier by the Board or unless additional
Common Stock is issued under the Plan with the approval of the shareholders. In
the event the Plan is terminated, the Committee may elect to terminate all
outstanding rights to purchase shares under the Plan either immediately or upon
completion of the purchase of shares on the next Purchase Date, unless the
Committee has designated that the right to make all such purchases shall expire
on some other designated date occurring prior to the next Purchase Date. If the
rights to purchase shares under the Plan are terminated prior to expiration, all
funds contributed to the Plan which have not been used to purchase shares shall
be returned to the Participants as soon as administratively feasible, including
interest and dividends, if applicable, determined in accordance with Section 7.

20.      EFFECTIVE DATE

         This Plan was originally adopted by the Board and the Shareholders on
February 23, 1998. This Plan was subsequently amended and restated by the Board
effective July 26, 2000 and further amended by action of the Shareholders on
September 18, 2000.

21.      GOVERNMENTAL APPROVALS OR CONSENTS

         This Plan and any offering or sale made to Employees under it are
subject to any governmental approvals or consents that may be or become
applicable in connection therewith. Subject to the provisions of Section 19, the
Board may make such changes in the Plan and include such terms in any offering
under the Plan as may be desirable to comply with the rules or regulations of
any governmental authority.

<PAGE>   8

22.      LISTING OF SHARES AND RELATED MATTERS

         If at any time the Board or the Committee shall determine, based on
opinion of legal counsel, that the listing, registration or qualification of the
shares covered by the Plan upon any national securities exchange or reporting
system or under any state or federal law is necessary or desirable as a
condition of, or in connection with, the sale or purchase of shares under the
Plan, no shares will be sold, issued or delivered unless and until such listing,
registration or qualification shall have been effected or obtained, or otherwise
provided for, free of any conditions not acceptable to legal counsel.

23.      EMPLOYMENT RIGHTS

         The Plan shall neither impose any obligation on Eagle or on any
Subsidiary to continue the employment of any Participant, nor impose any
obligation on any Participant to remain in the employ of Eagle or of any
Subsidiary.

24.      WITHHOLDING OF TAXES

         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
the purchase of Common Stock under the Plan.

25.      GOVERNING LAW

         The Plan and rights to purchase shares that may be granted hereunder
shall be governed by and construed and enforced in accordance with the laws of
the state of Texas.

26.      USE OF GENDER

         The gender of words used in the Plan shall be construed to include
whichever may be appropriate under any particular circumstances of the
masculine, feminine or neuter genders.

27.      OTHER PROVISIONS

         The agreements to purchase shares of Common Stock under the Plan shall
contain such other provisions as the Committee and the Board shall deem
advisable, provided that no such provision shall in any way be in conflict with
the terms of the Plan.

         ADOPTED effective September 18, 2000.

                                    EGL, INC.

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