Document:

<FONT SIZE=4><P ALIGN="RIGHT"><B>Exhibit 10.2</B></P></Font>

<P ALIGN="JUSTIFY">April 28, 2004</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Michael J. Lawrie<br>
8 Country Club Road<br>
Ridgefield, CT  06877</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Dear Mike:</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Siebel Systems, Inc. (the &quot;Company&quot;) is pleased to offer you the position of Chief Executive Officer.  As Chief Executive Officer, you will report directly to the Board of Directors.   You agree to perform the duties set forth in the next sentence, as well as any other reasonable duties determined by the Board of Directors.  The parties' initial expectations regarding the primary duties of this position are as follows: (i) all duties, authorities and responsibilities customary for a chief executive officer of a public company, including executive responsibility for developing strategic direction and all operational and execution activities of the Company, (ii) ultimate management responsibility for all employees of the Company, other than those employees reporting to the Chairman of the Board of Directors, and (iii) preparation and submission of a revised operating budget to the Board of Directors on a quarterly basis, which shall serve to provide the scope of operational authority.  While you remain an employee of the Company, the Company will recommend that you be elected as a member of the Company's Board of Directors at no additional compensation.  You will resign from the Board upon termination of employment, unless requested to continue.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Salary and Bonus</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Your starting salary will be $1,000,000 per year, paid on a semi-monthly basis.  You will be eligible to receive a target bonus of up to 125% of your base salary per year in the event the Board determines that you have achieved the performance objectives to be determined by the Board.  This bonus may be increased up to 200% of your base salary per year in the event the Board determines that you have substantially exceeded certain additional performance objectives established by the Board, in a manner consistent with market practices.  Such bonuses are earned and paid at the discretion of the Board.  The Company will endeavor to pay any bonus amounts determined by the Board in accordance with the foregoing within ninety (90) days after the end of the fiscal year.  During the fiscal year ending December 31, 2004, you will be guaranteed to receive a bonus equal to the amount payable at the 125% level. </P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Stock Options</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In addition, you will be granted stock options totaling 2,000,000 shares of Company common stock (the &quot;Option&quot;), subject to approval by the Board of Directors.  The Option will be granted at the first meeting of the Board of Directors or its Compensation Committee following your first day of employment, with a strike price equal to the fair market value on that date.  The Option will have a 5-year vesting schedule, such that the option will vest 20% upon your first anniversary of employment with the Company and 5% each quarter thereafter.  This option will vest in its entirety upon death during your employment with the Company.  The agreement embodying this stock option shall be consistent with the Company's standard form agreement, modified as necessary to incorporate the terms of this letter agreement.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Restricted Stock</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Upon commencement of your employment on or before May 3, 2004, you will also be given a restricted stock award of 350,000 shares of common stock.  You will be required to hold 200,000 of these shares for at least two years following your start date.  In the event you voluntarily resign your employment with the Company during such two year period, you will be required to forfeit such shares.   In the event you are terminated without cause (as defined below) or in the event of a change of control (as defined below) during such two year period, such holding restriction will immediately expire.  The agreement embodying this restricted stock award shall be consistent with the Company's standard form agreement, modified as necessary to incorporate the terms of this letter agreement.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Indemnification</P></U>
<P ALIGN="JUSTIFY">The parties acknowledge that they have no reason to believe that you are contractually prohibited by your current employer, International Business Machines Corporation (&quot;IBM&quot;), from accepting employment with the Company as outlined herein.  The parties also believe that the Company is not a competitor of IBM for purposes of impacting your ability to retain the proceeds of your IBM option exercises.  However, in the unlikely event that IBM incorrectly asserts that the Company is a competitor for purposes of such option exercises and is able to get a court of competent and final jurisdiction to enforce that assertion in a manner that causes you to irretrievably lose the right to retain the proceeds of such option exercises, the Company will reimburse you for such lost amount, up to a maximum of $6 million.  The parties agree that this promise is made solely to help you bear the risk of an erroneous assertion and enforcement, and not as an inducement for you to breach any obligations you may have to IBM.  You agree to cooperate fully in any legal actions to avoid this loss.  You also agree to cooperate with the Company in the acquisition of an insurance policy to cover this risk, if the Company chooses in its sole discretion to acquire such a policy; however, the foregoing shall not be construed as requiring any responsibility on your part to pay premiums or other monetary costs related to such policy.  In the event you voluntarily resign your employment with the Company during the two (2) year period following the commencement of your employment, the foregoing indemnity shall then terminate and you will be required to return immediately to the Company the entirety of any indemnity payments made to you on or before the effective date of such resignation.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Additionally, the Company will defend and indemnify you against any claims arising from any decision made by you in good faith while performing services for the Company.  </P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Severance Benefits</P></U>
<P ALIGN="JUSTIFY">You will be entitled to the following severance benefits, subject to your execution of a release of claims and two-year non-competition agreement in forms satisfactory to the Company or its successor(s)&sup1;:</P>

<P ALIGN="JUSTIFY">__________________________</P>
<dir><dir>
<P ALIGN="JUSTIFY">&sup1;&nbsp;&nbsp;Such non-competition agreement will include a specific list of the Company's then-current primary competitors, and shall be restricted to such list.  For reference purposes only, the Company currently considers the following companies to be its primary competitors: Microsoft Corporation; Oracle Corporation; PeopleSoft, Inc.; Salesforce.com, Inc.; and SAP AG. All other terms of such release and non-competition agreements will be negotiated in good faith between the parties at the time of severance, with the intent of structuring an agreement that is (i) consistent with then-applicable industry standards and (ii) effective and enforceable under applicable law.  In the event the parties are unable to agree on a particular term, they agree to seek the advice of a neutral third party benefits expert to help determine the applicable industry standards regarding such term.  You agree not to challenge the effectiveness or enforceability of such release and non-competition agreements, either directly or indirectly, in your individual capacity or through any subsequent employer or other third party.  Similarly, the Company agrees not to challenge the effectiveness or enforceability of such release and non-competition agreements as a means of avoiding payment of any severance benefits. </P></dir></dir>
<I><P ALIGN="JUSTIFY">A.  Termination Without Cause</P>
</I><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In the event you are terminated without cause (as defined below), you shall be entitled to receive the following severance payments:</P>
<P ALIGN="JUSTIFY"></P>
<OL>
<LI><P ALIGN="JUSTIFY">Two (2) years' base salary and target bonus; </P>
<P ALIGN="JUSTIFY"></P></LI>
<LI><P ALIGN="JUSTIFY">If you elect to continue your medical coverage under COBRA, the Company will reimburse your COBRA costs for one (1) year following the date of termination; </P></LI>

<LI><P ALIGN="JUSTIFY">If you are terminated without cause any time during your first two (2) years of employment, you will receive immediate vesting of the first forty percent (40%) of your initial two (2) million share option grant (which shall include any shares already vested pursuant to the normal vesting schedule); </LI></P>
<P ALIGN="JUSTIFY"></P>
<LI><P ALIGN="JUSTIFY">You will have a one-year period following termination of employment under this section A to exercise vested options, to the extent such options do not expire prior to or during such one-year period; and</LI></P>

<P ALIGN="JUSTIFY"></P>

<LI><P ALIGN="JUSTIFY">Any holding restrictions remaining on your initial restricted stock grant (as described above) shall be terminated.</P>
</LI></OL>

<P ALIGN="JUSTIFY">For purposes of the foregoing, termination &quot;without cause&quot; means termination by the Company for any reason other than (i) conviction of a felony or a crime involving moral turpitude, fraud, or an act of dishonesty against the Company; (ii) gross negligence in the performance of your responsibilities; (iii) material violation or breach of any Company policy or statutory, fiduciary, or contractual duty to the Company; or (iv) other willful misconduct.  Termination without cause shall also be deemed to include the resignation by you for &quot;good reason&quot; (as defined below, absent the threshold requirement of a change of control).</P>
<P ALIGN="JUSTIFY"></P>
<I><P ALIGN="JUSTIFY">B.  Change of Control</P>
</I><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In the event there is a change of control (as defined below) during your employment and within one (1) year thereafter, you either quit for good reason (as defined below) or are terminated without cause, you shall be entitled to receive the following severance payments:</P>
<P ALIGN="JUSTIFY"></P>
<OL>
<LI><P ALIGN="JUSTIFY">Two (2) years' continuation of your base salary and target bonus;</P></LI>
<P ALIGN="JUSTIFY"></P>
<LI><P ALIGN="JUSTIFY">If you elect to continue your medical coverage under COBRA, the Company will reimburse the cost of COBRA coverage for one (1) year following the date of termination;</P></LI>
<P ALIGN="JUSTIFY"></P>
<LI><P ALIGN="JUSTIFY">If your employment terminates under this section B at any time during your first two (2) years of employment, you will receive immediate vesting of 100% of your initial two (2) million share option grant; </P>
<P ALIGN="JUSTIFY"></P></LI>
<LI><P ALIGN="JUSTIFY">You will have a one-year period following termination of employment under this section B to exercise vested options, to the extent such options do not expire prior to or during such one-year period; and</P>
<P ALIGN="JUSTIFY"></P></LI>
<LI><P ALIGN="JUSTIFY">Any holding restrictions remaining on your initial restricted stock grant (as described above) shall be terminated.</P>
</LI></OL>

<P ALIGN="JUSTIFY">For purposes of the foregoing, a &quot;change in control&quot; will be deemed to include the following events:</P>
<P ALIGN="JUSTIFY"></P>

<UL>
<LI><P ALIGN="JUSTIFY">a merger, consolidation or reorganization approved by the Company's stockholders, unless securities representing more than fifty percent (50%) of the total combined voting power of the outstanding voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding voting securities immediately prior to such transaction; </LI></P></UL>

<P ALIGN="JUSTIFY"></P>

<UL>
<LI><P ALIGN="JUSTIFY">the sale, transfer or other disposition of all or substantially all of the Company's assets as an entirety or substantially as an entirety to any person, entity or group of persons acting in consort other than a sale, transfer or disposition to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which is owned by the Company or by stockholders of the Company in substantially the same proportion as their ownership of the Company immediately prior to such sale; or</LI></P></UL>

<P ALIGN="JUSTIFY"></P>

<UL>
<LI><P ALIGN="JUSTIFY">any transaction or series of related transactions pursuant to which any person or any group of persons comprising a "group" within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934, as amended (other than the Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common control with, the Company) becomes directly or indirectly the beneficial owner (within the meaning of Rule l3d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing (or convertible into or exercisable for securities possessing) more than thirty-five percent (35%) of the total combined voting power of the Company's securities outstanding immediately after the consummation of such transaction or series of related transactions, whether such transaction involves a direct issuance from the Company or the acquisition of outstanding securities held by one or more of the Company's stockholders; provided, however, that any such transaction or series of transactions by Thomas M. Siebel, acting either alone or in conjunction with any affiliate, shall be exempt from the foregoing.</LI></P></UL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">For purposes of the foregoing, &quot;good reason&quot; means the occurrence of any of the following after a change in control (without your agreement and with such occurrence failing to be cured within a reasonable time following prior written notice):</P>
<P ALIGN="JUSTIFY"></P>

<UL>
<LI><P ALIGN="JUSTIFY">Any reduction in the aggregate level of your base salary and annual target bonus by more than 25%;</LI></P></UL>

<P ALIGN="JUSTIFY"></P>

<UL>
<LI><P ALIGN="JUSTIFY">Any material reduction in your duties or responsibilities; </LI></P></UL>

<P ALIGN="JUSTIFY"></P>

<UL>
<LI><P ALIGN="JUSTIFY">A requirement that you relocate to a location more than fifty (50) miles from your then current office location (other than to the San Francisco Bay Area or Fairfield County, Connecticut); or</LI></P></UL>

<P ALIGN="JUSTIFY"></P>

<UL>
<LI><P ALIGN="JUSTIFY">A change in reporting structure such that you no longer report to the Board of Directors.</LI></P></UL>

<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Compensation received by you in connection with any post-termination employment with another company shall not be deemed to reduce the amount of any severance payment provided for under this letter agreement.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Company agrees to cooperate with your efforts to extend the medical portion of your COBRA benefits for up to thirty (30) months following your last day of employment pursuant to this Severance Benefits section, to the extent permitted by applicable law.  Any such coverage beyond the first year shall be at your sole expense.</P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">Relocation and Other Expenses</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">You will work at our facility located in San Mateo, California.  You will be provided up to $5,000 per month for housing in the San Francisco Bay Area for up to 48 months following the commencement of your employment.  The Company agrees to pay all reasonable costs associated with your relocation to the Bay Area on or prior to the expiration of such period, up to a maximum of $50,000.  Such relocation costs will be refunded to the Company in the event you voluntarily terminate your employment within twenty four (24) months following the commencement of your employment with the Company.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">During the course of your employment, the Company will reimburse you for all reasonable expenses incurred by you in the performance of your duties.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The Company shall reimburse you for your reasonable attorneys' fees incurred in connection with the contemplation, preparation, negotiation and execution of this letter agreement, up to $20,000.  </P>
<P ALIGN="JUSTIFY"></P>
<U><P ALIGN="JUSTIFY">General</P>
</U><P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The validity, interpretation, construction and performance of this letter agreement and the rights of the parties under this letter agreement shall be interpreted and enforced under California law without reference to principles of conflicts of laws.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In the event of litigation between the parties to this letter agreement, each party will be responsible for its own attorneys' fees.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">As a condition of employment with the Company and in order to accept this offer, please sign and return the enclosed Terms and Conditions of Employment and Proprietary Information and Inventions Agreement.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">If you accept our offer, your first day of employment will be no later than May 3, 2004.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">If you have any questions, please feel free to call me at 650-295-5000.  I look forward to your favorable reply and to a productive and exciting working relationship.</P>
<P ALIGN="JUSTIFY">Sincerely,</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY"><U>/s/Thomas M. Siebel</U><br>
Thomas M. Siebel<br>
Chairman and CEO</P>

<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY"><U>/s/J. Michael Lawrie</U><br>
J. Michael Lawrie</P>
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<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>

<B><P ALIGN="CENTER">Terms and Conditions of Employment</P>
</B><P ALIGN="CENTER"></P>
<P ALIGN="JUSTIFY">This document sets forth important benefit information and terms and conditions related to your employment (the &quot;Terms and Conditions of Employment&quot;) with Siebel Systems, Inc. (the &quot;Company&quot;).  Please review the information carefully, sign and date the acknowledgement below, and return the signed Terms and Conditions of Employment in the enclosed envelope.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">As a Company employee, you will be expected to abide by all Company rules, policies and procedures.  You will be expected to sign and comply with the enclosed Proprietary Information and Inventions Agreement (the &quot;PIIA&quot;), the terms of which are incorporated herein by reference, which requires, among other provisions, the assignment of intellectual property rights to any invention made during your employment at the Company and non-disclosure of proprietary information.  You agree that the non-solicitation provisions included in such PIIA are hereby extended to two (2) years following your last day of employment.  You will also be expected to sign the Company's Employee Handbook acknowledging that you have received and read the current version of the handbook.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Your offer of employment is subject to your submission of an I-9 form and satisfactory documentation respecting your identification and right to work in the United States no later than three (3) days after your employment begins.  Your offer of employment is also contingent on successful completion of a background investigation.  Failure to consent to, complete, or pass the background screening will cause the Company to withdraw its offer of employment.</P>

<P ALIGN="JUSTIFY">The Company offers a complete benefit program which includes medical, dental, vision, basic life/AD&amp;D, supplemental life/AD&amp;D, long/short term disability, flexible spending accounts, employee assistance program, 401(k) and an employee stock purchase plan.  The benefit costs, coverage levels and enrollment processes are outlined in detail in the enclosed benefit summary.  </P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Your starting compensation, position, stock information and other terms are set forth in the attached offer letter.  By signing the Terms and Conditions of Employment, you are also agreeing to the terms set forth in the offer letter.  Oral or written representations contradicting or supplementing the terms of the offer letter are not valid.</P>

<P ALIGN="JUSTIFY">Your employment relationship with the Company will be an &quot;at-will&quot; relationship, which means that the Company will have the right to terminate your employment at any time, with or without advance notice and with or without cause.  In the event you voluntarily terminate your employment, you agree to give the Company at least 30 days' written notice.  The terms and conditions of your employment, including the &quot;at will&quot; employment relationship, supersede all prior written and oral communication with you regarding your employment with the Company and can only be modified by written agreement signed by you and an authorized officer of the Company.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">By signing below, you acknowledge and agree that you have read and understood the terms and conditions of your employment.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">ACKNOWLEDGED AND AGREED:</P>
<P ALIGN="JUSTIFY"></P>
<P><U>/s/J.Michael Lawrie</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>4/30/04</U><br>
J. Michael Lawrie&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date</P><br>
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</FONT>Exhibit 10.21 Fleet Sixth Amendment

Exhibit 10.21

 

SIXTH AMENDMENT TO

LOAN AND SECURITY AGREEMENT

THIS SIXTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Amendment"), dated as of September 21, 2004, is entered into by and among Fleet Capital Corporation, as Administrative Agent (the "Administrative Agent"), Fleet Capital Canada Corporation, as Canadian Agent (the "Canadian Agent"), the Lenders and Canadian Participating Lenders party to the Loan Agreement (as defined below), Celadon Group, Inc., a Delaware corporation ("CGI"), Celadon Trucking Services, Inc., a New Jersey corporation ("CTSI"), TruckersB2B, Inc., a Delaware corporation ("TB2B"), and Celadon Canada, Inc., an Ontario corporation ("CCI" and together with CGI, CTSI and TB2B, collectively, the "Borrowers"), with reference to the following facts:

RECITALS

A.  The Administrative Agent, the Canadian Agent, the Lenders, the Canadian Participating Lenders and the Borrowers are parties to the Loan and Security Agreement, dated as of September 26, 2002, as amended by the Waiver and First Amendment to Loan and Security Agreement, dated as of January 31, 2003, the Waiver and Second Amendment to Loan and Security Agreement, dated as of April 24, 2003, the Third Amendment to Loan and Security Agreement, dated as of August 21, 2003, the Fourth Amendment to Loan and Security Agreement, dated as of January 16, 2004, and the Fifth Amendment to Loan and Security Agreement, dated as of May 20, 2004 (collectively, the "Loan Agreement"), pursuant to which the Lenders have provided the Borrowers with certain credit facilities.

B.  The Borrowers propose to repurchase all shares of TB2B that are owned by parties other than Celadon E-Commerce, Inc. in several transactions for total purchase consideration of up to $2,500,000. In each transaction, 30% of such consideration will be payable upon purchase and the remaining 70% will be payable over 18 months out of the portion of Excess Cash Flow attributable to TB2B.

C.  The Borrowers' proposed TB2B share repurchase transactions require the consent of the Majority Lenders pursuant to Section 8.2.7 and 8.2.14 of the Loan Agreement.

D.  All of the Lenders are willing to issue such consent and to make certain other modifications to the Loan Agreement, all on the terms and conditions set forth below.

NOW, THEREFORE, the parties hereby agree as follows:

1.  Defined Terms. Any and all initially capitalized terms used in this Amendment (including, without limitation, in the recitals hereto) without definition shall have the respective meanings specified in the Loan Agreement.

	  
	 	-1-	 
	

	 

2.  Consent to Repurchase of Shares of TB2B. The Lenders hereby consent to the Borrowers' consummation of the TB2B stock repurchase transactions described in Recital B from time to time after the effective date of this Amendment, provided that no Default or Event of Default exists at the time of any such acquisition or would occur as a result thereof. Such consent shall apply irrespective of whether the Borrowers elect to accomplish the purchase of TB2B shares through a direct repurchase by TB2B or through a purchase of such shares by Celadon E-Commerce, Inc., CGI or another Affiliate of the Borrowers. Without limiting the generality of the preceding sentence, the Borrower's may effect payment of the required purchase consideration for such shares either through the direct payment of such consideration by TB2B to the seller or by one or more distributions of such consideration by TB2B to the applicable purchaser and subsequent payment by such purchaser to the seller.

3.  Amendment to Borrowing Base Certificates Provision. Section 8.1.4 of the Loan Agreement is hereby amended such that the second sentence thereof shall read in full as follows:

"In addition to the foregoing, if as of any date the average daily borrowing availability under the Domestic Revolving Credit Loans facility pursuant to Section 1.1.1 for the thirty (30) days period ended on such date ('average availability') is $7,500,000 or less, then on Monday of each week from and after such date until average availability exceeds $7,500,000, Borrowers shall delivery to Administrative Agent a Borrowing Base Certificate as of the last day of the immediately preceding week."

4.  Amendment to Acquisition Covenant; Permitted Acquisitions. Section 8.2.1 of the Loan Agreement is hereby amended to read in full as follows:

"8.2.1   Mergers; Consolidations; Acquisitions; Structural Changes. Merge amalgamate or consolidate with any Person; or acquire all or any substantial part of the Properties of any Person; or change its state or other jurisdiction of incorporation or organization or Type of Organization; or change its legal name, except for:

(a)   mergers of any Subsidiary of a Borrower into a Borrower or another Subsidiary (other than Canadian Borrower or a Restricted Subsidiary) of a Borrower;

(b)   acquisitions of assets consisting of fixed assets or real property that constitute Capital Expenditures peritted under Section 8.2.8; and

(c)   Permitted Acquisitions."

5.  Amendment to Interest Rate Pricing Grid. Appendix A to the Loan Agreement is hereby amended such that the table set forth in the definition of Applicable Margin shall read in full as follows:

	  
	 	-2-	 
	

	 

	
" Fixed Charge Coverage Ratio
	
Base Rate Loans (Domestic Revolving)
	
Base Rate Loans (Domestic Term)
	
LIBOR Loans (Domestic Revolving), Canadian Base Rate Loans (Revolving) and Canadian Fixed Rate Loans (Revolving)
	
LIBOR Loans (Domestic Term), Canadian Base Rate Loans (Term), Canadian Fixed Rate Loans (Term)

	
<1.25
	
.25%
	
.25%
	
2.00%
	
2.00%

	
1.25-1.50
	
0%
	
0%
	
1.75%
	
1.75%

	
1.51-1.75
	
0%
	
0%
	
1.50%
	
1.50%

	
1.76-2.00
	
0%
	
0%
	
1.25%
	
1.25%

	
>2.00
	
0%
	
0%
	
1.00%
	
1.00%"

6.  Amendment to Definition of Fixed Charge Coverage Ratio. Appendix A to the Loan Agreement is hereby further amended such that the definition of Fixed Charge Coverage Ratio shall read in full as follows:

"'Fixed Charge Coverage Ratio' - as of the last day of any fiscal quarter of CGI, and for the fiscal period consisting of the consecutive four (4) fiscal quarters of CGI ending on such day, the ratio of (a)(i) EBITDA for such fiscal period, minus (ii) Consolidated payments made in cash with respect to tax expense of CGI for such fiscal period, minus (iii) Consolidated unfinanced Capital Expenditures of CGI for such fiscal period (provided that expenditures for tractors or trailers in an aggregate amount of up to $10,000,000 made in the fiscal year of CGI ended June 30, 2005 with proceeds of Domestic Revolving Credit Loans shall not be considered unfinanced Capital Expenditures for the purpose of this clause (iii)) to (b) Consolidated Fixed Charges of CGI for such fiscal period."

7.  Addition of Definition of Permitted Acquisition. Appendix A to the Loan Agreement is hereby amended and supplemented by adding therein, in alphabetical order, a new definition of Permitted Acquisition as follows:

"'Permitted Acquisition' - the acquisition by any of the Borrowers or any Subsidiary of a Borrower (as applicable, the 'acquiror') of the assets or capital stock, or other ownership interest, of another Person (the 'target') engaged in the same or a similar line of business as that of the acquiror, provided that (i) such acquisition has been approved by the board of directors, or similar applicable body, of the target (i.e., such acquisition is not 'hostile'), (ii) no Default or Event of Default exists at the time of such acquisition or would result thereform, (iii) after giving effect to such acquisition the Borrowers would have borrowing availability under the Domestic Revolving Credit Loans facility pursuant to Section 1.1.1 of not less than $10,000,000, and (iv) after giving effect to such acquisition the Fixed Charge Coverage Ratio as of the date of such acquisition is at least 1.10 to 1.00."

	  
	 	-3-	 
	

	 

8.  Amendment and Work Fees. In consideration of the agreement of the Lenders to amend the Loan Agreement as set forth in this Amendment, on the effective date of this Amendment, the Borrowers shall pay to the Administrative Agent (i) for the sole benefit of the Administrative Agent, a one-time fee in the amount of $7,500 (the "Work Fee") and (ii) for the benefit of the Domestic Lenders, a one-time fee in the amount of $10,000 (the "Amendment Fee"), which the Administrative Agent shall distribute to, and divide equally among, the Domestic Lenders. The Borrowers acknowledge and agree that the Administrative Agent shall effect payment of both the Work Fee and the Amendment Fee by charging the full amount of such fees to the Domestic Loan Account as Domestic Revolving Credit Loans.

9.  Conditions Precedent. The effectiveness of this Amendment shall be subject to the prior satisfaction of each of the following conditions:

  

(a)  This Amendment. The Administrative Agent shall have received this Amendment, duly executed by the Borrowers, Majority Lenders and the Administrative Agent; 

 

(b)  Secretary's Certificate. The Secretary of each of the Borrowers shall have executed the Certificate of Resolution attached to this Amendment.

10.  Miscellaneous.

(a)  Survival of Representations and Warranties. All representations and warranties made in the Loan Agreement or in any other document or documents relating thereto, including, without limitation, any Loan Document furnished in connection with this Amendment, shall survive the execution and delivery of this Amendment.

(b)  Reference to Loan Agreement. The Loan Agreement, each of the other Loan Documents, and any and all other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof, or pursuant to the terms of the Loan Agreement as amended hereby, are hereby amended so that any reference therein to the Loan Agreement shall mean a reference to the Loan Agreement as amended by this Amendment.

(c)  Loan Agreement Remains in Effect. The Loan Agreement and the other Loan Documents remain in full force and effect and the Borrowers ratify and confirm their agreements and covenants contained therein. The Borrowers hereby confirm that no Event of Default or Default exists as of the date of this Amendment.

(d)  Reaffirmation of Obligations. The Borrowers hereby reaffirm, ratify and confirm their Obligations under the Loan Agreement, acknowledge that they have no offset rights or defenses to the payment of such Obligations, and acknowledge that all of the terms and provisions of the Loan Agreement and the other Loan Documents (except as amended hereby) remain in full force and effect.

	  
	 	-4-	 
	

	 

(e)  Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

(f)  Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

(g)  Headings. The headings, captions and arrangements used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.

(h)  Expenses of the Administrative Agent. Borrowers agree to pay on demand all costs and expenses reasonably incurred by the Administrative Agent in connection with the preparation, negotiation and execution of this Amendment and the other Loan Documents executed pursuant hereto, and any and all subsequent amendments, modifications, and supplements hereto or thereto, including, without limitation, the costs and fees of legal counsel to the Administrative Agent.

(i)  NO ORAL AGREEMENTS. THIS AMENDMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS AS WRITTEN, REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES HERETO.

(j)  GOVERNING LAW; JURY TRIAL WAIVER. THE VALIDITY OF THIS AMENDMENT, ITS CONSTRUCTION, INTERPRETATION AND ENFORCEMENT, AND THE RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED UNDER, GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. THE PARTIES TO THIS AMENDMENT HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING IN CONNECTION WITH THIS AMENDMENT.

	  
	 	-5-	 
	

	 

IN WITNESS WHEREOF, the parties have entered into this Amendment by their respective duly authorized officers as of the date first above written. 

CELADON GROUP, INC.,

a Delaware corporation

By: /s/ Paul Will            

Paul Will

Secretary

CELADON TRUCKING SERVICES, INC.,

a New Jersey corporation

By: /s/ Paul Will            

Paul Will

Secretary

TRUCKERSB2B, INC.,

a Delaware corporation

By: /s/ Paul Will            

Paul Will

Secretary

CELADON CANADA, INC.,

an Ontario corporation

By: /s/ Paul Will            

Paul Will

Secretary

	  
	 	-6-	 
	

	 

FLEET CAPITAL CORPORATION, a Rhode 

Island corporation, as Administrative Agent and a 

Lender

By: /s/ Christopher M. Wolf

Name: Christopher M. Wolf 

Title: VP

FIFTH THIRD BANK,

as a Lender

By: /s/ David O'Neal

Name: David O'Neal

Title: Vice President

KEYBANK NATIONAL ASSOCIATION,

as a Lender

By: /s/ Michael M. Maher

Name: Michael M. Maher

Title: Senior Vice President

LASALLE BANK NATIONAL ASSOCIATION,

as a Lender

By: /s/ Andrew J. Crask

Name: Andrew J. Crask

Title: AVP

FLEET CAPITAL CANADA CORPORATION,

as Canadian Agent and Canadian Lender

By: Fleet Capital Corporation

Its: Attorney-in-Fact

By: /s/ Christopher M. Wolf

            Name: Christopher M. Wolf

                           Title: VP

    

	  
	 	-7-	 
	

	 

CERTIFICATE OF RESOLUTION

I, Paul Will, hereby certify that:

I am the duly qualified and acting Secretary of each of Celadon Group, Inc., a Delaware corporation, Celadon Trucking Services, Inc., a New Jersey corporation, TruckersB2B, Inc., a Delaware corporation, and Celadon Canada, Inc., an Ontario corporation (collectively, the "Borrowers").

The following is a true copy of identical resolutions duly adopted by the respective boards of directors of each of the Borrowers by either a special meeting or by unanimous written consent in lieu of a meeting:

"RESOLVED that the terms of the Sixth Amendment to Loan and Security Agreement among this corporation and the other Borrowers party thereto, the financial institutions which are signatories thereto, Fleet Capital Corporation, as Administrative Agent (the 'Agent'), and Fleet Capital Canada Corporation, as Canadian Agent, are hereby approved and ratified; and

FURTHER RESOLVED, that any one officer of this corporation is hereby authorized and directed, on behalf of this corporation, to make, execute, and deliver to the Agent any and all documents and to do any and all acts necessary or desirable to effectuate the foregoing resolution."

These resolutions are in conformity with the respective articles or certificate of incorporation and bylaws of the Borrowers, have never been modified or repealed, and are now in full force and effect.

	  
	 	-8-	 
	

	 

IN WITNESS WHEREOF, I have set my hand and the seal of the corporation as of September 21, 2004.

/s/ Paul Will

Paul Will

Secretary of Celadon Group, Inc.

Celadon Trucking Services, Inc.,

TruckersB2B, Inc., and

Celadon Canada, Inc.

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