Document:

exv4w1

 

Exhibit 4.1

POLARIS INDUSTRIES INC.

2003 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

     1.     Purpose. The Polaris Industries Inc. 2003 Non-Employee Director Stock
Option Plan (the “Plan”) is hereby established to grant to non-employee
directors of Polaris Industries Inc. (the “Company”) an opportunity to acquire
Common Stock, par value $.01 per share, of the Company (“Common Stock”) and to
create an incentive for such persons to serve on the Board of Directors of the
Company and to contribute to its long-term growth and profitability. The Plan
was approved by the Board of Directors of the Company on January 23, 2003 and
shall become effective on the date it is approved by the Company’s shareholders
(the “Effective Date”).

     Masculine terms used herein may be read as feminine, singular terms as
plural and plural terms as singular, as necessary to give effect to the Plan.

     2.     Eligibility. Each member of the Board of Directors of the Company who is
not an officer or full-time salaried employee of the Company or one of its
subsidiaries shall be eligible to participate in the Plan. Each such person is
referred to in this Plan as a “Participant.”

     3.     Administration. The Plan shall be administered by the Compensation
Committee (the “Committee”) of the Board of Directors of the Company. The
Committee shall have the sole and absolute power, authority and discretion to
interpret the Plan, to prescribe, amend and rescind rules and regulations to
further the purposes of the Plan, and to make all other determinations
necessary for the administration of the Plan. All such actions by the
Committee shall be final and binding. To the extent permitted by law, members
of the Committee shall be indemnified and held harmless by the Company with
respect to any loss, cost, liability or expense that may be reasonably incurred
in connection with any claim, action, suit or proceeding which arises by reason
of any act or omission under the Plan so long as such act or omission is taken
in good faith and within the scope of the authority delegated herein.

     4.     Common Stock Subject to Plan. There shall be reserved for issue upon the
exercise of options granted under the Plan 100,000 shares of Common Stock. The
number and kind of shares available for issuance under the Plan are subject to
adjustment in accordance with the provisions of Section 8 hereof. If any stock
option shall cease to be exercisable in whole or in part for any reason, the
shares of Common Stock which were covered by such stock option but as to which
the stock option had not been exercised shall again be available under the
Plan. Shares issuable under the Plan shall be made available from authorized
and unissued or previously issued and outstanding shares of Common Stock
reacquired by the Company.

     5.     Grants and Terms of Options. Options granted under this Plan shall be
non-qualified stock options, i.e. they shall not be intended to qualify as
incentive stock options within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended. Each option granted under the Plan shall be
evidenced by a stock option agreement between the person to whom such option is

 

 

granted and the Company or such other documentation as the Committee shall deem
appropriate. Such stock option agreement shall provide that the option is
subject to the following terms and conditions and to such other terms and
conditions not inconsistent therewith as the Committee may deem appropriate in
each case:

          (a) Option Exercise Price. The exercise price to be paid for each share
of Common Stock upon the exercise of an option shall be 100% of the fair market
value of the shares on the date the option is granted. As used in this Plan,
the term “date the option is granted” means the date as of which the option is
granted in accordance with Section 5(b). Fair market value of the shares shall
mean, as of any applicable date, the closing price, regular way, of the Common
Stock on the New York Stock Exchange, or if no such reported sale of the Common
Stock shall have occurred on such date, on the next preceding date on which
there was such a reported sale.

          (b) Annual Option Grants. On the date of each Annual Meeting of
Shareholders of the Company (“Annual Meeting”) that occurs after the Effective
Date, each Participant who is first elected at such meeting or who is
continuing as a director after such meeting shall receive an option grant for
2,000 shares of Common Stock.

          (c) Discretionary Grants. In addition to the automatic annual grants of
options provided for in subsection (b) above, the Committee shall have the
discretion, in special circumstances as determined by the Committee, to grant
options to Participants upon the terms and conditions of this Plan. The
maximum number of options that can be granted to any Participant in any single
discretionary grant shall not exceed 20,000 shares.

          (d) Period of Option. Options granted hereunder shall have a term of ten
(10) years from the date of grant; provided, however, that, in the event of the
termination of the Participant’s service on the Board of Directors
(“Termination of Service”), such term shall be determined in accordance with
Section 7.

          (e) Vesting and Exercisability of Options. Each option granted under this
Plan shall become vested and exercisable as of the earliest to occur of (i) the
Annual Meeting next following the Annual Meeting as of which such option was
granted, (ii) a Change in Control (as defined below) or (iii) the Participant’s
retirement from the Board at or after age sixty-five (65) or as a result of the
term limits applicable to members of the Board of Directors of the Company
(“Retirement”). Options shall be exercisable following cessation of a
Participant’s service on the Board of Directors only to the extent provided in
Section 7. The term “Change in Control” means any of the events set forth
below:

		
	 	      (A) Any election has occurred of persons to the Board of Directors
that causes at least one-half of the Board of Directors to consist of
persons other than (x) persons who were members of the Board of Directors
on January 23, 2003 and (y) persons who were nominated for election by
the Board of Directors as members of the Board of Directors at a time
when more than one-half of the members of the Board consisted of persons
who were members of the Board of Directors on January 23, 2003; provided,
however, that any person nominated for election by the Board of Directors
at a time when at least one-half of the members of the Board of Directors
were persons described in

2

 

		
	 	clauses (x) and/or (y) or by persons who were themselves nominated by
such Board of Directors shall, for this purpose, be deemed to have been
nominated by a Board of Directors composed of persons described in clause
(x) (persons described or deemed described in clauses (x) and/or (y) are
referred to herein as “Incumbent Directors”); or

		
	 	      (B) The acquisition in one or more transactions, other than from the
Company, by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Securities Exchange Act of 1933, as amended) of a
number of voting securities of the Company equal to or greater than 35%
of the voting securities of the Company unless such acquisition has been
approved by the Incumbent Directors as an acquisition not constituting a
Change in Control for purposes hereof; or

		
	 	      (C) Any of the following: (x) a liquidation or dissolution of the
Company; (y) a reorganization, merger or consolidation of the Company
unless, following such reorganization, merger or consolidation, (1) the
Company is the surviving entity resulting from such reorganization,
merger or consolidation or (2) at least one-half of the Board of
Directors of the entity resulting from such reorganization, merger or
consolidation consists of Incumbent Directors; or (z) a sale or other
disposition of all or substantially all of the assets of the Company
unless, following such sale or disposition, at least one-half of the
Board of Directors of the transferee consists of Incumbent Directors.

          (f) Method of Exercise of Options. Full payment for shares of Common
Stock purchased upon the exercise of a stock option shall be made at the time
the option is exercised in whole or in part. Payment of the purchase price
shall be made in cash or in such other form as the Committee may approve in the
applicable award agreement, including, without limitation, payment in
accordance with a cashless exercise program under which, if so instructed by
the Participant, shares may be issued directed to the participant’s broker or
dealer upon receipt of the purchase price in cash from the broker or dealer, or
by the delivery to the Company by the Participant of shares of Common Stock
that have been held by the participant for at least six months prior to
exercise of the option, valued at the fair market value of such shares on the
date of exercise. No shares of Common Stock shall be issued to the Participant
until such payment has been made, and a Participant shall have none of the
rights of a stockholder with respect to options held except to the extent such
options have been exercised. The tax liability associated with the exercise of
a stock option under this Plan shall, unless the Committee determines
otherwise, be the sole responsibility of the Participant.

     6.     Nontransferability. Options granted pursuant to the Plan shall be
nontransferable except by will or the laws of descent and distribution, and
shall be exercisable during the Participant’s lifetime only by him, and after
his death, by his personal representative or by the person entitled thereto
under his will or the laws of intestate succession.

     7.     Termination of Service. Upon termination of the Participant’s service on
the Board of Directors for any reason, his rights to exercise options then held
by him shall be only as follows:

3

 

          (a) If a Participant shall die (i) while a non-employee director of the
Company or (ii) within the five (5) year period specified in Section 7(b) below
or the ninety (90) day period specified in Section 7(c) below, his or her
non-vested options shall be forfeited, and his or her vested options may be
exercised by the person or persons to whom the Participant’s rights under the
option pass by will or applicable law or if no person has that right, by his
executors or administrators, at any time, or from time to time, within one (1)
year of the date of his death, but in no event later than the expiration date
specified in Section 5(d).

          (b) If a Participant ceases to be a non-employee director of the Company
by reason of Retirement, his or her options shall be deemed vested in full as
of the Retirement date, and such vested options may be exercised at any time,
or from time to time, within five (5) years of the date of such Retirement, but
in no event later than the expiration date specified in Section 5(d).

          (c) If a Participant ceases to be a non-employee director of the Company
for any reason other than those set forth in Sections 7(a) and 7(b) above, his
or her non-vested options shall be forfeited, and his or her vested options may
be exercised by the person or persons to whom the Participant’s rights under
the option pass by will or applicable law or if no person has that right, by
his executors or administrators, at any time, or from time to time, within
ninety (90) days the date of such cessation of service, but in no event later
than the expiration date specified in Section 5(d).

     8.     Adjustment of Shares. In the event of any subdivision or combination of the
outstanding shares of Common Stock, stock dividend, recapitalization,
reclassification of shares, sale, lease or transfer of substantially all of the
assets of the Company, substantial distributions to stockholders, merger,
consolidation or other corporate transactions which would result in a
substantial dilution or enlargement of the rights or economic benefits inuring
to Participants hereunder, the Committee shall make such equitable adjustments
as it may deem appropriate in the Plan and the outstanding stock options,
including, without limitation, any adjustment in the total number of shares of
Common Stock which may thereafter be available under the Plan and/or in the
number of shares annually granted to Participants pursuant to Section 5(b)
hereof.

     9.     Securities Law Requirements. The Company may require option holders, as a
condition of either the grant or the exercise of an option, to represent and
establish to the satisfaction of the General Counsel of the Company that all
shares of Common Stock acquired upon the exercise of such option will be
acquired for investment and not for resale. The Company may refuse to permit
the sale or other disposition of any shares acquired pursuant to any such
representation until it is satisfied that such sale or other disposition would
not be in contravention of applicable state or federal securities law.

     10.     Governing Law. The validity, construction, interpretation, administration
and effect of the Plan and of its rules and regulations, and rights relating to
the Plan, shall be determined solely in accordance with the laws of the State
of Minnesota, other than the conflict of law provisions of such laws.

     11.     Amendment. The Board of Directors may, by resolution, amend or revise the
Plan, except that such action shall not be effective without stockholder
approval if such stockholder approval is required by law or under the rules and
regulations of any stock exchange or other

4

 

securities market on which the Common Stock is listed or authorized for
quotation. The Board of Directors may not alter or impair any options
previously granted under the Plan without the consent of the holders thereof,
except in accordance with the provisions of Section 8.

     12.     Termination. The Plan shall terminate on the tenth (10th) anniversary of
the Effective Date, unless it is sooner terminated by the Board of Directors.
The Board of Directors may terminate the Plan at any time, in whole or in part,
in its sole discretion. Termination of the Plan shall not affect options
previously granted under the Plan.

     13.     Effective Date. The Plan shall be effective on the date it is approved by
the Company’s shareholders.

5<PAGE>

EXHIBIT 10.1

                       AMENDMENT ONE TO AGENTED REVOLVING
                                CREDIT AGREEMENT

         This AMENDMENT ONE TO AGENTED REVOLVING CREDIT AGREEMENT dated as of
the 14th day of November, 2003, among SCS TRANSPORTATION, INC., a Delaware
corporation (the "Borrower"), and BANK OF OKLAHOMA, N.A., U.S. BANK NATIONAL
ASSOCIATION, BANK ONE, NA, and HARRIS TRUST AND SAVINGS BANK (individually a
"Bank" and collectively the "Banks"), and BANK OF OKLAHOMA, N.A., as agent for
the Banks hereunder (in such capacity the "Agent").

                                    RECITALS

         A.       Reference is made to the Agented Revolving Credit Agreement
dated September 20, 2002 (the "Credit Agreement"). Among the Borrower and the
Banks, pursuant to which the Banks established a $50,000,000 Revolving Credit
Commitment in favor of Borrower. Terms used herein shall have the meaning
ascribed in the Credit Agreement.

         B.       Borrower has requested that the Banks increase the amount of
the Revolving Credit Commitment from the aggregate amount of $50,000,000 to
$75,000,000; and the Banks have agreed to accommodate such request pursuant to
the terms and conditions set forth below.

                                    AGREEMENT

         For valuable consideration received, the parties hereto agree to the
following:

         1.       Amendments to Credit Agreement. The Credit Agreement is
amended as follows.

                  1.1.     Section 1.01(6) (Borrowing Base) is hereby amended to
         reflect that the reference to "eighty percent (80%)" shall now mean and
         read "eighty-five percent (85%)". In addition, the Borrowing Base
         Certificate (attached to the Credit Agreement as Schedule "1.01(7)") is
         hereby amended to reflect that the reference to "80%" in line 1.d.
         shall now mean and read "85%".

                  1.2.     Section 1.01(68)(i) is hereby deleted in its
         entirety.

                  1.3.     Section 1.01(75) (Revolving Credit Commitment) is
         hereby amended to evidence that any reference to the amount
         "$50,000,000" shall now mean and read "$75,000,000".

                  1.4.     Section 1.01(85) (Termination Date) shall now mean
         and read "September 20, 2006".

                  1.5.     Section 2.01 (Revolving Credit) is hereby amended to
         evidence that from and after the date hereof, each Bank's Commitment is
         increased to the amount set opposite each Bank's name below:

                                        1
<PAGE>

<TABLE>
<CAPTION>
        "Name of Bank                                     Amount
        -------------                                     ------
<S>                                                     <C>
Bank of Oklahoma, N.A.                                  $21,000,000

U.S. Bank National Association                          $18,000,000

Bank One, NA                                            $18,000,000

Harris Trust and Savings Bank                           $18,000,000

                    Total                               $75,000,000"
</TABLE>

                  1.6.     The following is hereby deleted from Section 2.02(1)
         (Letters of Credit - Issuance): "(i) the aggregate undrawn stated
         amount under all Letters of Credit outstanding at such time shall not
         exceed $35,000,000 and (ii)".

                  1.7.     The table of Section 2.10 (Letter of Credit Fees) is
         hereby deleted and replaced with the following:

<TABLE>
<CAPTION>
                          FUNDED DEBT TO EBITDA RATIO

      (as determined using Borrower's most recent financial
statements [and, in the case of the year-end financial statements,
        audit report] for the fiscal quarter then ended)                        LETTER OF CREDIT FEE
----------------------------------------------------------------------------------------------------
<S>                                                                             <C>
Greater than or equal to 2.25 to 1                                                      2.00%
----------------------------------------------------------------------------------------------------
Greater than or equal to 1.75 to 1 but less than 2.25 to 1                              1.75%
----------------------------------------------------------------------------------------------------
Greater than or equal to 1.25 to 1 but less than 1.75 to 1                              1.50%
----------------------------------------------------------------------------------------------------
Less than 1.25 to 1                                                                     1.25%
----------------------------------------------------------------------------------------------------
</TABLE>

         The applicable interest rate set forth above shall be effective
immediately, notwithstanding the fact that Borrower's third quarter 2003
financial statements have been received by Agent prior to the date of this
Amendment.

                  1.8.     The table of Section 2.08 (Interest) is hereby
         deleted and replaced with the following:

                                        2
<PAGE>

<TABLE>
<CAPTION>
                     FUNDED DEBT TO EBITDA RATIO                         ADJUSTED LIBOR RATE       ADJUSTED PRIME RATE
----------------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>                        <C>
Greater than or equal to 2.25 to 1                                      LIBOR Rate plus 2.00%      Prime Rate plus .25%
----------------------------------------------------------------------------------------------------------------------
Greater than or equal to 1.75 to 1 but less than 2.25 to 1              LIBOR Rate plus 1.75%      Prime Rate
----------------------------------------------------------------------------------------------------------------------
Greater than or equal to 1.25 to 1 but less than 1.75 to 1              LIBOR Rate plus 1.50%      Prime Rate
----------------------------------------------------------------------------------------------------------------------
Less than 1.25 to 1                                                     LIBOR Rate plus 1.25%      Prime Rate
----------------------------------------------------------------------------------------------------------------------
</TABLE>

         The applicable interest rate set forth above shall be effective
immediately, notwithstanding the fact that Borrower's third quarter 2003
financial statements have been received by Agent prior to the date of this
Amendment.

                  1.9.     Section 2.10 (Unused Portion Fee) is hereby deleted
         and replaced with the following:

                  "2.10 UNUSED PORTION FEE. The Borrower agrees to pay to the
                  Agent for the account of each Bank an Unused Portion Fee on
                  the average daily unused portion of such Bank's Commitment
                  from the date of this Agreement until the Termination Date at
                  a rate to be calculated, on any date of determination thereof,
                  as follows:

<TABLE>
<CAPTION>
                           FUNDED DEBT TO EBITDA RATIO

     (as determined using Borrower's most recent financial statements
[and, in the case of the year-end financial statements, audit report] for       UNUSED PORTION
                   the fiscal quarter then ended)                                     FEE
----------------------------------------------------------------------------------------------
<S>                                                                             <C>
Greater than or equal to 2.25 to 1                                                   .375%
----------------------------------------------------------------------------------------------
Greater than or equal to 1.75 to 1 but less than 2.25 to 1                           .375%
----------------------------------------------------------------------------------------------
Greater than or equal to 1.25 to 1 but less than 1.75 to 1                            .30%
----------------------------------------------------------------------------------------------
Less than 1.25 to 1                                                                   .30%
----------------------------------------------------------------------------------------------
</TABLE>

                  Such Unused Portion Fee shall be payable on the first (1st)
                  day of each quarter during the term of such Bank's Commitment,
                  ending on the Termination Date. Upon receipt of any Unused
                  Portion Fees, the Agent will promptly thereafter cause to be
                  distributed such payments to the Banks in accordance with each
                  Bank's Pro Rata Share of such payments."

                                        3
<PAGE>

         2.       Conditions Precedent. The obligations of the Banks to perform
under the Credit Agreement, as amended hereby, are subject to the satisfaction
of the following.

                  2.1.     Notes. The Amended Notes, as set forth on Schedule
         "2.1" hereto, shall be executed and delivered to the Agent for
         distribution.

                  2.2.     Commitment Fee. A fee on the increased amount of the
         Revolving Credit Commitment in the amount of $50,000 shall be paid to
         the Agent, upon receipt of which Agent agrees to distribute to each
         Bank its Pro Rata Share of such fee.

                  2.3.     Corporate Action by Borrower. Certified (as of the
         date of this Amendment), copies of all corporate action taken by
         Borrower, including resolutions of its Board of Directors authorizing
         the execution, delivery, and performance of this Amendment and all
         documents executed and delivered in connection herewith.

                  2.4.     Incumbency and Signature Certificate of Borrower. A
         certificate (dated as of the date of this Amendment) of the secretary
         of Borrower certifying the names and true signatures of the officers of
         the Borrower authorized to sign this Amendment and all related
         documents, set forth on Schedule "2.4" hereto.

                  2.5.     Corporate Action by Guarantor. Certified (as of the
         date of this Amendment), copies of all corporate action taken by each
         Guarantor, including resolutions of its Board of Directors authorizing
         the execution, delivery, and performance of this Amendment and all
         documents executed and delivered in connection herewith.

                  2.6.     Incumbency and Signature Certificate of Guarantor. A
         certificate (dated as of the date of this Amendment) of the secretary
         of each Guarantor certifying the names and true signatures of the
         officers of each Guarantor authorized to sign this Amendment and all
         related documents, set forth on Schedule "2.6(a)" and "2.6(b)" hereto.

                  2.7.     Opinion of Borrower's Counsel. An opinion from
         Borrower's legal counsel, substantially in the form of Schedule "2.7"
         attached hereto.

                  2.8.     Opinion of Guarantor's Counsel. An opinion from each
         Guarantor's legal counsel, substantially in the form of Schedule
         "2.8(a)" and "2.8(b)" attached hereto.

                  2.9.     Chattel Checks. The current Chattel Checks shall be
         delivered to Agent, evidencing no conflicting interests to those
         granted to Agent.

                  2.10.    Amendments to Guaranty Agreement. The Amendments to
         Guaranty Agreement, as set forth on Schedule "2.10(a)" and "2.10(b)",
         shall be executed by each Guarantor and delivered to Agent.

                  2.11.    Default. No Default or Event of Default has occurred
         and is continuing, or will result from the execution and delivery of
         this Amendment.

                                        4
<PAGE>

         3.       Representations and Warranties. The Borrower and each of the
Guarantors, respectively, hereby ratify and confirm all representations and
warranties set forth in the Credit Agreement, and all other loan documents
executed in connection therewith.

         4.       Ratification. Borrower hereby ratifies and confirms the Credit
Agreement, and all instruments, documents, and agreements executed by and in
connection therewith.

         5.       Amendment of Guaranty and Ratification of Guarantors. Each
Guarantor, Saia Motor Freight Line, Inc. and Jevic Transportation, Inc., by
execution hereof, hereby acknowledges and agrees that its Guaranty Agreement is
hereby amended to evidence that all references therein to "$50,000,000" shall
now mean and read "$75,000,000". In addition, each Guarantor, hereby ratifies
and confirms its Guaranty Agreement, and agrees that it remains in full force
and effect, and that the guaranteed obligations additionally include those set
forth under the Amended Notes.

         6.       Governing Law. This Agreement and the Notes shall be governed
by, and construed in accordance with, the laws of the State of Oklahoma.

         7.       Multiple Counterparts. This Amendment may be executed in any
number of counterparts, and by different parties to this Agreement in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

         8.       Costs, Expenses and Fees. Borrower agrees to pay all costs,
expenses and fees incurred by Agent in connection herewith, including without
limitation the reasonable attorney fees of Riggs, Abney, Neal, Turpen, Orbison
and Lewis.

                            [Signature Pages Follow]

                                        5
<PAGE>

                                           SCS TRANSPORTATION, INC., a
                                           Delaware corporation

                                           By    /s/ James J. Bellinghausen
                                              ----------------------------------
                                           Name  James J. Bellinghausen
                                           Title V.P.-Finance, CFO & Secretary

                                        6
<PAGE>

                                           BANK OF OKLAHOMA, N.A., as a
                                           Bank and as Agent

                                           By   /s/ Stephen R. Wright
                                              ----------------------------------
                                              Stephen R. Wright, Senior Vice
                                              President

                                           Principal Office and Lending  Office
                                           for Prime and LIBOR Loans:

                                           Bank of Oklahoma Tower
                                           P.O. Box 2300
                                           Tulsa, Oklahoma 74192

                                        7
<PAGE>

                                           U.S. BANK NATIONAL
                                           ASSOCIATION

                                           By    /s/ John P. Mills
                                              ----------------------------------
                                           Name  John P. Mills
                                           Title Vice President

                                           Principal Office and Lending Office
                                           for Prime Loans and LIBOR Loans:

                                           1101 Walnut, 7th Floor
                                           Kansas City, Missouri 64106

                                        8
<PAGE>

                                           BANK ONE, NA

                                           By    /s/ Linda L. Kaiser
                                              ----------------------------------
                                           Name  Linda L. Kaiser
                                           Title Vice President

                                           Principal Office and Lending Office
                                           for Prime Loans and LIBOR Loans:

                                           111 Monument Circle, IN1-0048
                                           Indianapolis, Indiana 46277

                                        9
<PAGE>

                                           HARRIS TRUST AND SAVINGS
                                           BANK

                                           By    /s/ Edward P. McGuire
                                              ----------------------------------
                                           Name  Edward P. McGuire
                                           Title Managing Director

                                           Principal Office and Lending Office
                                           for Prime Loans and LIBOR Loans:

                                           111 West Monroe, 10-C
                                           Chicago, Illinois 60603

                                       10
<PAGE>

         INSOFAR AS SECTION 5 OF THIS AGREEMENT PURPORTS TO BIND THE GUARANTOR,
THE GUARANTOR, BY EXECUTION BELOW, AGREES TO BE BOUND THEREBY.

                                           SAIA MOTOR FREIGHT LINE, INC.

                                           By    /s/ Richard D. O'Dell
                                              ----------------------------------
                                           Name  Richard D. O'Dell
                                           Title President

                                       11
<PAGE>

         INSOFAR AS SECTION 5 OF THIS AGREEMENT PURPORTS TO BIND THE GUARANTOR,
THE GUARANTOR, BY EXECUTION BELOW, AGREES TO BE BOUND THEREBY.

                                           JEVIC TRANSPORTATION, INC.

                                           By    /s/ Paul J. Karvois
                                              ----------------------------------
                                           Name  Paul J. Karvois
                                           Title President & CEO

                                       12
<PAGE>

SCHEDULE 2.1

                                  AMENDED NOTE

$21,000,000                                                    November 14, 2003
                                                                 Tulsa, Oklahoma

         FOR VALUE RECEIVED, the undersigned, SCS TRANSPORTATION, INC., a
Delaware corporation (the "Borrower") HEREBY PROMISES TO PAY to the order of
BANK OF OKLAHOMA, N.A. (the "Bank") to BANK OF OKLAHOMA, N.A., as Agent, at the
Agent's Office located at Bank of Oklahoma Tower, P.O. Box 2300, Tulsa, Oklahoma
74192, for the account of the applicable Lending Office of the Bank, in lawful
money of the United States and in immediately available funds, the principal
amount of TWENTY-ONE MILLION AND NO/100 DOLLARS ($21,000,000) or the aggregate
unpaid principal amount of all Loans made to the Borrower by the Bank pursuant
to the Agented Revolving Credit Agreement (as amended, the "Credit Agreement")
between Borrower, Bank, and certain other parties, dated September 20, 2002, and
amended of even date herewith, whichever is less, on the Termination Date, or
such earlier date as may be required pursuant to the terms of the Credit
Agreement, and to pay interest from the date hereof on the unpaid principal
amount of this Note and on any past due interest, at said office, on the dates
and at the rates set forth in Article II of the Credit Agreement. All or any
portion of the principal amount of this Note may be prepaid or required to be
prepaid as provided in the Credit Agreement.

         The Bank is hereby authorized by the Borrower to endorse on the
schedule attached to the Note held by it the amount and type of each Revolving
Credit Loan and each renewal, conversion, and payment of principal amount
received by the Bank for the account of the applicable Lending Office on account
of its Revolving Credit Loans, which endorsement shall, in the absence of
manifest error, be conclusive as to the outstanding balance of the Revolving
Credit Loans made by the Bank; provided, however, that the failure to make such
notation with respect to any Revolving Credit Loan or renewal, conversion, or
payment shall not limit or otherwise affect the obligations of the Borrower
hereunder.

         This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement. Terms used herein which are defined in the Credit
Agreement shall have their defined meanings when used herein. The Credit
Agreement, among other things, contains provisions for acceleration of the
maturity of this Note upon the happening of certain stated events and also for
prepayments on account of principal hereof prior to the maturity of this Note
upon the terms and conditions specified in the Credit Agreement.

         This Note shall be governed by laws of the State of Oklahoma provided
that as to the maximum rate of interest which may be charged or collected, if
the laws applicable to the Bank permit it to charge or collect a higher rate
than the laws of the State of Oklahoma, then such laws applicable to the Bank
shall apply to the Bank under this Note.

         This Note constitutes an extension and change in form of, and replaces
and supercedes, the $14,000,000 Promissory Note between Borrower and Bank dated
September 20, 2002.

                                  SCS TRANSPORTATION, INC.,
                                  a Delaware corporation

                                  By: /s/ James J. Bellinghausen
                                     -------------------------------
                                  Name: James J. Bellinghausen

                                  Title: VP-Finance, CFO & Secretary

                                       13
<PAGE>

                                SCHEDULE TO NOTE

<TABLE>
<CAPTION>
Date Made,                                  Amount of Principal
Renewed,                                          Renewed,
Converted,         Type of       Amount          Converted,           Unpaid Principal         Name of Person
or Paid             Loan         of Loan          or Paid             Balance of Note          Making Notation
--------------------------------------------------------------------------------------------------------------
<S>                <C>           <C>        <C>                       <C>                      <C>

--------------------------------------------------------------------------------------------------------------

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</TABLE>

                                       14
<PAGE>

                                  AMENDED NOTE

$18,000,000                                                    November 14, 2003
                                                                 Tulsa, Oklahoma

         FOR VALUE RECEIVED, the undersigned, SCS TRANSPORTATION, INC., a
Delaware corporation (the "Borrower") HEREBY PROMISES TO PAY to the order of
BANK ONE, N.A. (the "Bank") to BANK OF OKLAHOMA, N.A., as Agent, at the Agent's
Office located at Bank of Oklahoma Tower, P.O. Box 2300, Tulsa, Oklahoma 74192,
for the account of the applicable Lending Office of the Bank, in lawful money of
the United States and in immediately available funds, the principal amount of
EIGHTEEN MILLION AND NO/100 DOLLARS ($18,000,000) or the aggregate unpaid
principal amount of all Loans made to the Borrower by the Bank pursuant to the
Agented Revolving Credit Agreement (as amended, the "Credit Agreement") between
Borrower, Bank, and certain other parties, dated September 20, 2002, and amended
of even date herewith, whichever is less, on the Termination Date, or such
earlier date as may be required pursuant to the terms of the Credit Agreement,
and to pay interest from the date hereof on the unpaid principal amount of this
Note and on any past due interest, at said office, on the dates and at the rates
set forth in Article II of the Credit Agreement. All or any portion of the
principal amount of this Note may be prepaid or required to be prepaid as
provided in the Credit Agreement.

         The Bank is hereby authorized by the Borrower to endorse on the
schedule attached to the Note held by it the amount and type of each Revolving
Credit Loan and each renewal, conversion, and payment of principal amount
received by the Bank for the account of the applicable Lending Office on account
of its Revolving Credit Loans, which endorsement shall, in the absence of
manifest error, be conclusive as to the outstanding balance of the Revolving
Credit Loans made by the Bank; provided, however, that the failure to make such
notation with respect to any Revolving Credit Loan or renewal, conversion, or
payment shall not limit or otherwise affect the obligations of the Borrower
hereunder.

         This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement. Terms used herein which are defined in the Credit
Agreement shall have their defined meanings when used herein. The Credit
Agreement, among other things, contains provisions for acceleration of the
maturity of this Note upon the happening of certain stated events and also for
prepayments on account of principal hereof prior to the maturity of this Note
upon the terms and conditions specified in the Credit Agreement.

         This Note shall be governed by laws of the State of Oklahoma provided
that as to the maximum rate of interest which may be charged or collected, if
the laws applicable to the Bank permit it to charge or collect a higher rate
than the laws of the State of Oklahoma, then such laws applicable to the Bank
shall apply to the Bank under this Note.

         This Note constitutes an extension and change in form of, and replaces
and supercedes, the $12,000,000 Promissory Note between Borrower and Bank dated
September 20, 2002.

                                        SCS TRANSPORTATION, INC.,
                                        a Delaware corporation

                                        By: /s/ James J. Bellinghausen
                                           ---------------------------
                                        Name: James J. Bellinghausen

                                        Title: VP-Finance, CFO & Secretary

                                       15
<PAGE>

                                SCHEDULE TO NOTE

<TABLE>
<CAPTION>
Date Made,                                  Amount of Principal
Renewed,                                          Renewed,
Converted,         Type of       Amount          Converted,           Unpaid Principal         Name of Person
or Paid             Loan         of Loan          or Paid             Balance of Note          Making Notation
--------------------------------------------------------------------------------------------------------------
<S>                <C>           <C>        <C>                       <C>                      <C>

--------------------------------------------------------------------------------------------------------------

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</TABLE>

                                       16
<PAGE>

                                  AMENDED NOTE

$18,000,000                                                    November 14, 2003
                                                                 Tulsa, Oklahoma

         FOR VALUE RECEIVED, the undersigned, SCS TRANSPORTATION, INC., a
Delaware corporation (the "Borrower") HEREBY PROMISES TO PAY to the order of
HARRIS BANK (the "Bank") to BANK OF OKLAHOMA, N.A., as Agent, at the Agent's
Office located at Bank of Oklahoma Tower, P.O. Box 2300, Tulsa, Oklahoma 74192,
for the account of the applicable Lending Office of the Bank, in lawful money of
the United States and in immediately available funds, the principal amount of
EIGHTEEN MILLION AND NO/100 DOLLARS ($18,000,000) or the aggregate unpaid
principal amount of all Loans made to the Borrower by the Bank pursuant to the
Agented Revolving Credit Agreement (as amended, the "Credit Agreement") between
Borrower, Bank, and certain other parties, dated September 20, 2002, and amended
of even date herewith, whichever is less, on the Termination Date, or such
earlier date as may be required pursuant to the terms of the Credit Agreement,
and to pay interest from the date hereof on the unpaid principal amount of this
Note and on any past due interest, at said office, on the dates and at the rates
set forth in Article II of the Credit Agreement. All or any portion of the
principal amount of this Note may be prepaid or required to be prepaid as
provided in the Credit Agreement.

         The Bank is hereby authorized by the Borrower to endorse on the
schedule attached to the Note held by it the amount and type of each Revolving
Credit Loan and each renewal, conversion, and payment of principal amount
received by the Bank for the account of the applicable Lending Office on account
of its Revolving Credit Loans, which endorsement shall, in the absence of
manifest error, be conclusive as to the outstanding balance of the Revolving
Credit Loans made by the Bank; provided, however, that the failure to make such
notation with respect to any Revolving Credit Loan or renewal, conversion, or
payment shall not limit or otherwise affect the obligations of the Borrower
hereunder.

         This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement. Terms used herein which are defined in the Credit
Agreement shall have their defined meanings when used herein. The Credit
Agreement, among other things, contains provisions for acceleration of the
maturity of this Note upon the happening of certain stated events and also for
prepayments on account of principal hereof prior to the maturity of this Note
upon the terms and conditions specified in the Credit Agreement.

         This Note shall be governed by laws of the State of Oklahoma provided
that as to the maximum rate of interest which may be charged or collected, if
the laws applicable to the Bank permit it to charge or collect a higher rate
than the laws of the State of Oklahoma, then such laws applicable to the Bank
shall apply to the Bank under this Note.

         This Note constitutes an extension and change in form of, and replaces
and supercedes, the $12,000,000 Promissory Note between Borrower and Bank dated
September 20, 2002.

                                        SCS TRANSPORTATION, INC.,
                                        a Delaware corporation

                                        By: /s/ James J. Bellinghausen
                                           ---------------------------
                                        Name: James J. Bellinghausen

                                        Title: VP-Finance, CFO & Secretary

                                       17
<PAGE>

                                SCHEDULE TO NOTE

<TABLE>
<CAPTION>
Date Made,                                  Amount of Principal
Renewed,                                          Renewed,
Converted,         Type of       Amount          Converted,           Unpaid Principal         Name of Person
or Paid             Loan         of Loan          or Paid             Balance of Note          Making Notation
--------------------------------------------------------------------------------------------------------------
<S>                <C>           <C>        <C>                       <C>                      <C>

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</TABLE>

                                       18
<PAGE>

                                  AMENDED NOTE

$18,000,000                                                    November 14, 2003
                                                                 Tulsa, Oklahoma

         FOR VALUE RECEIVED, the undersigned, SCS TRANSPORTATION, INC., a
Delaware corporation (the "Borrower") HEREBY PROMISES TO PAY to the order of
U.S. BANK NATIONAL ASSOCIATION (the "Bank") to BANK OF OKLAHOMA, N.A., as Agent,
at the Agent's Office located at Bank of Oklahoma Tower, P.O. Box 2300, Tulsa,
Oklahoma 74192, for the account of the applicable Lending Office of the Bank, in
lawful money of the United States and in immediately available funds, the
principal amount of EIGHTEEN MILLION AND NO/100 DOLLARS ($18,000,000) or the
aggregate unpaid principal amount of all Loans made to the Borrower by the Bank
pursuant to the Agented Revolving Credit Agreement (as amended, the "Credit
Agreement") between Borrower, Bank, and certain other parties, dated September
20, 2002, and amended of even date herewith, whichever is less, on the
Termination Date, or such earlier date as may be required pursuant to the terms
of the Credit Agreement, and to pay interest from the date hereof on the unpaid
principal amount of this Note and on any past due interest, at said office, on
the dates and at the rates set forth in Article II of the Credit Agreement. All
or any portion of the principal amount of this Note may be prepaid or required
to be prepaid as provided in the Credit Agreement.

         The Bank is hereby authorized by the Borrower to endorse on the
schedule attached to the Note held by it the amount and type of each Revolving
Credit Loan and each renewal, conversion, and payment of principal amount
received by the Bank for the account of the applicable Lending Office on account
of its Revolving Credit Loans, which endorsement shall, in the absence of
manifest error, be conclusive as to the outstanding balance of the Revolving
Credit Loans made by the Bank; provided, however, that the failure to make such
notation with respect to any Revolving Credit Loan or renewal, conversion, or
payment shall not limit or otherwise affect the obligations of the Borrower
hereunder.

         This Note is the Note referred to in, and is entitled to the benefits
of, the Credit Agreement. Terms used herein which are defined in the Credit
Agreement shall have their defined meanings when used herein. The Credit
Agreement, among other things, contains provisions for acceleration of the
maturity of this Note upon the happening of certain stated events and also for
prepayments on account of principal hereof prior to the maturity of this Note
upon the terms and conditions specified in the Credit Agreement.

         This Note shall be governed by laws of the State of Oklahoma provided
that as to the maximum rate of interest which may be charged or collected, if
the laws applicable to the Bank permit it to charge or collect a higher rate
than the laws of the State of Oklahoma, then such laws applicable to the Bank
shall apply to the Bank under this Note.

         This Note constitutes an extension and change in form of, and replaces
and supercedes, the $12,000,000 Promissory Note between Borrower and Bank dated
September 20, 2002.

                                        SCS TRANSPORTATION, INC.,
                                        a Delaware corporation

                                        By: /s/ James J. Bellinghausen
                                           ---------------------------
                                        Name: James J. Bellinghausen

                                        Title: VP-Finance, CFO & Secretary

                                       19
<PAGE>

                                SCHEDULE TO NOTE

<TABLE>
<CAPTION>
Date Made,                                  Amount of Principal
Renewed,                                          Renewed,
Converted,         Type of       Amount          Converted,           Unpaid Principal         Name of Person
or Paid             Loan         of Loan          or Paid             Balance of Note          Making Notation
--------------------------------------------------------------------------------------------------------------
<S>                <C>           <C>        <C>                       <C>                      <C>

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</TABLE>

<PAGE>

SCHEDULE 2.4

                               CERTIFICATE OF THE
                                    SECRETARY
                                       OF
                            SCS TRANSPORTATION, INC.

On this day the undersigned, James J. Bellinghausen, as the Secretary of SCS
Transportation, Inc., a Delaware corporation (the "COMPANY"), for purposes of
inducing agent and the Banks (each defined below) to enter into Amendment One to
Agented Revolving Credit Agreement and all related documents (collectively, the
"AMENDMENT") which amends that certain Agented Revolving Credit Agreement dated
September 20, 2002, among the Company and Bank of Oklahoma, N.A. as an agent for
U.S. Bank National Association, Bank One, N.A., and Harris Trust and Savings
Bank and itself (collectively, the "BANKS"), pursuant to Section 2.3 of the
Amendment, certifies that:

         1.   Attached hereto as Schedule 1 is a full, true and correct copy of
              the resolutions duly adopted by the directors of the Company at a
              duly convened meeting of all the directors of the Company on
              October 24, 2003. Said resolutions have not been amended or
              otherwise modified and remain in full force and effect, and the
              directors have, and at the time of the adoption of said
              resolutions had, full power and lawful authority to adopt said
              resolutions and to confer the powers thereby granted to the
              authorized persons therein named, who have full power and lawful
              authority to exercise the same.

         2.   The following persons are, on the date hereof, the duly elected,
              qualified and acting officers of the Company holding the offices
              set forth opposite their respective names and for whom their
              respective signatures are set forth opposite their respective
              names, are authorized to execute, deliver and perform the
              Amendment and all other documents connected therewith:

         Name                        Office        Signature

         H.A. Trucksess, III       President       /s/ H.A. Trucksess, III
                                                   -----------------------

         James J. Bellinghausen    Secretary       /s/ James J. Bellinghausen
                                                   --------------------------

                  IN WITNESS WHEREOF, this Certificate has been duly executed as
of November 14, 2003.

                                        SCS TRANSPORTATION, INC.,
                                        a Delaware corporation

                                        By: /s/ James J. Bellinghausen
                                           ---------------------------
                                            James J. Bellinghausen,
                                            Secretary

<PAGE>

SCHEDULE 2.6(a)

                         STATEMENT OF UNANIMOUS CONSENT
                          TO ACTION TAKEN IN LIEU OF A
                    SPECIAL MEETING OF THE BOARD OF DIRECTORS
                                       OF
                          SAIA MOTOR FREIGHT LINE, INC.

                  In lieu of a special meeting of the board of directors of SAIA
MOTOR FREIGHT LINE, INC., a Louisiana corporation (the "CORPORATION"), the
undersigned, being all the directors of said Corporation entitled to vote on the
resolutions set forth below, do hereby consent to the adoption of, and do hereby
adopt, the following resolutions and declare them to be in full force and effect
as if they had been duly adopted at a meeting of the directors of the
Corporation, duly called, noticed and held.

   GUARANTY OF AGENTED REVOLVING CREDIT AGREEMENT

                  WHEREAS, the Board of Directors of the Corporation having
previously executed a guaranty agreement guarantying the obligations of SCS
Transportation, Inc. ("SCST") pursuant to that certain Agented Revolving Credit
Agreement (the "REVOLVING CREDIT AGREEMENT"), which is now being amended by
Amendment One to Agented Revolving Credit Agreement ("AMENDMENT"), by and among
SCST and the Bank of Oklahoma, N.A. as an agent for itself and certain other
lenders named therein (collectively the "LENDERS"), wherein SCST will amend its
previous borrowing facility for the purpose of among other things increasing its
borrowing capacity by $25,000,000 up to a total amount of $75,000,000 from the
Lenders. A copy of the form of Amendment is attached hereto.

                  NOW THEREFORE, BE IT RESOLVED, that the original Guaranty
Agreement from the Corporation in favor of the Lenders (the "GUARANTY
AGREEMENT") and Amendment together with all exhibits and schedules thereto and
all notes, instruments, documents and agreements contemplated therein, having
been reviewed by the Board of Directors, be and hereby are ratified and
approved.

                  RESOLVED, that each officer of the Corporation be, and each of
them, acting jointly or singly, hereby is, authorized, empowered and directed,
for and in the name and on behalf of the Corporation, to execute and deliver all
documents, agreements, waivers and consents received by the Lenders to evidence
the Corporation's obligations to Lenders as a guarantor of the obligations of
SCST, all substantially in the same form as approved by the Board of Directors
with such changes as the signing officer deems necessary or appropriate
(collectively "AMENDMENT DOCUMENTS").

                  RESOLVED, that each officer of the Corporation be, and each of
them hereby is authorized, directed and empowered, for and in the name of and on
behalf of the Corporation, to take all such further action and to execute and
deliver all such Amendment Documents and such further instruments, certificates
and documents contemplated by the Amendment as in his or her judgment shall be
necessary, proper or advisable in order to fully carry out the intent and
purposes of the transactions contemplated therein and authorized and approved
herein.

<PAGE>

This consent may be executed in multiple counterparts, each of which shall be
deemed to be an original for all purposes and all of which together shall be one
and the same instrument. This consent shall be filed in the minute book of the
Corporation and become a part of the records of the Corporation.

Dated:  November 14, 2003.

                                     /s/ Richard D. O'Dell
                                     ------------------------------
                                     Richard D. O'Dell

                                     /s/ Anthony D. Albanese
                                     ------------------------------
                                     Anthony D. Albanese

                                     /s/ James J. Bellinghausen
                                     ------------------------------
                                     James J. Bellinghausen

                                     /s/ Reuben J. Gegenheimer
                                     ------------------------------
                                     Reuben J. Gegenheimer

                                     /s/ H.A. Trucksess, III
                                     ------------------------------
                                     H. A. Trucksess, III

<PAGE>

SCHEDULE 2.6(b)

                         STATEMENT OF UNANIMOUS CONSENT
                          TO ACTION TAKEN IN LIEU OF A
                    SPECIAL MEETING OF THE BOARD OF DIRECTORS
                                       OF
                           JEVIC TRANSPORTATION, INC.

                  In lieu of a special meeting of the board of directors of
JEVIC TRANSPORTATION, INC., a New Jersey corporation (the "CORPORATION"), the
undersigned, being all the directors of said Corporation entitled to vote on the
resolutions set forth below, do hereby consent to the adoption of, and do hereby
adopt, the following resolutions and declare them to be in full force and effect
as if they had been duly adopted at a meeting of the directors of the
Corporation, duly called, noticed and held.

GUARANTY OF AGENTED REVOLVING CREDIT AGREEMENT

                  WHEREAS, the Board of Directors of the Corporation having
previously executed a guaranty agreement guarantying the obligations of SCS
Transportation, Inc. ("SCST") pursuant to that certain Agented Revolving Credit
Agreement (the "REVOLVING CREDIT AGREEMENT"), which is now being amended by
Amendment One to Agented Revolving Credit Agreement ("AMENDMENT"), by and among
SCST and the Bank of Oklahoma, N.A. as an agent for itself and certain other
lenders named therein (collectively the "LENDERS"), wherein SCST will amend its
previous borrowing facility for the purpose of among other things increasing its
borrowing capacity by $25,000,000 up to a total amount of $75,000,000 from the
Lenders. A copy of the form of Amendment is attached hereto.

                  NOW THEREFORE, BE IT RESOLVED, that the original Guaranty
Agreement from the Corporation in favor of the Lenders (the "GUARANTY
AGREEMENT") and Amendment together with all exhibits and schedules thereto and
all notes, instruments, documents and agreements contemplated therein, having
been reviewed by the Board of Directors, be and hereby are ratified and
approved.

                  RESOLVED, that each officer of the Corporation be, and each of
them, acting jointly or singly, hereby is, authorized, empowered and directed,
for and in the name and on behalf of the Corporation, to execute and deliver all
documents, agreements, waivers and consents received by the Lenders to evidence
the Corporation's obligations to Lenders as a guarantor of the obligations of
SCST, all substantially in the same form as approved by the Board of Directors
with such changes as the signing officer deems necessary or appropriate
(collectively "AMENDMENT DOCUMENTS").

                  RESOLVED, that each officer of the Corporation be, and each of
them hereby is authorized, directed and empowered, for and in the name of and on
behalf of the Corporation, to take all such further action and to execute and
deliver all such Amendment Documents and such further instruments, certificates
and documents contemplated by the Amendment as in his or her judgment shall be
necessary, proper or advisable in order to fully carry out the intent and
purposes of the transactions contemplated therein and authorized and approved
herein.

<PAGE>

This consent may be executed in multiple counterparts, each of which shall be
deemed to be an original for all purposes and all of which together shall be one
and the same instrument. This consent shall be filed in the minute book of the
Corporation and become a part of the records of the Corporation.

Dated:  November 14, 2003.

                                    /s/ H. A. Trucksess III
                                    ------------------------------
                                    H. A. Trucksess, III

                                    /s/ James J. Bellinghausen
                                    ------------------------------
                                    James J. Bellinghausen

                                    /s/ Paul J. Karvois
                                    ------------------------------
                                    Paul J. Karvois

<PAGE>

SCHEDULE 2.7, 2.8(a) & 2.8(b)

November 14, 2003

Bank of Oklahoma, N.A., individually and as Agent
Harris Trust and Savings Bank
U.S. Bank National Association
Bank One, NA
c/o Agent
P.O. Box 2300
Tulsa, Oklahoma 74192

Ladies and Gentlemen:

We are counsel for SCS Transportation, Inc., a Delaware corporation (the
"COMPANY"), Saia Motor Freight Line, Inc., a Louisiana corporation ("SAIA"), and
Jevic Transportation, Inc., a New Jersey corporation ("JEVIC") (Saia and Jevic,
collectively, the "GUARANTORS"), in connection with the Amendment One to Agented
Revolving Credit Agreement (the "AMENDMENT"), dated of even date herewith,
between the Company and Bank of Oklahoma, N.A. ("BOK"), individually and as
agent ("AGENT") for U.S. Bank National Association ("U.S. BANK"), Bank One, NA
("BANK ONE") and Harris Trust and Savings Bank ("HARRIS BANK") (collectively,
the "BANKS"), pursuant to which the Company has issued to you today: (i) an
Amended Note dated of even date herewith, of the Company in favor of U.S. Bank
in the principal amount of $18,000,000 (the "U.S. BANK NOTE"); (ii) an Amended
Note dated of even date herewith, of the Company in favor of Bank One in the
principal amount of $18,000,000 (the "BANK ONE NOTE"); (iii) an Amended Note
dated of even date herewith, of the Company in favor of Harris Bank in the
principal amount of $18,000,000 (the "HARRIS NOTE"); (iv) an Amended Note dated
of even date herewith, of the Company in favor of Agent in the principal amount
of $21,000,000 (the "BOK NOTE"); and (v) the Amendment. The U.S. Bank Note, Bank
One Note, Harris Note and BOK Note are hereinafter collectively referred to as
the "NOTES". As a part of the Amendment and pursuant to two separate amended
Guaranties both dated of even date herewith, Saia has acknowledged and agreed to
the amendment of the Guaranty Agreement dated as of September 20, 2002, made by
Saia in favor of Agent and the Banks ("SAIA GUARANTY") and Jevic has
acknowledged and agreed to the amendment of the Guaranty Agreement dated as of
September 20, 2002, made by Jevic in favor of Agent and the Banks ("JEVIC
GUARANTY") (the Saia Guaranty and the Jevic Guaranty, collectively, the
"GUARANTIES"). All terms used herein that are defined in the Amendment or in the
Agented Revolving Credit Agreement dated as of September 20, 2002 (the
"AGREEMENT") have the same meaning herein as set forth in the Amendment or the
Agreement, as applicable. When used herein in relation to the Company, the term
"material" refers to the Company and its Subsidiaries considered together on a
consolidated basis. This letter is being delivered to you in satisfaction of the
condition requiring such legal

<PAGE>

opinion as set forth in the Amendment and with the understanding that you are
accepting the U.S. Bank Note, the Bank One Note, the Harris Note and the BOK
Note (collectively, the "NOTES") in reliance on the opinions expressed herein.
The Amendment, the amendments to the Guaranties and the Notes are collectively
referred to herein as the "AMENDMENT DOCUMENTS".

In connection herewith, we have examined such certificates of public officials,
certificates of officers of the Company, Saia and Jevic and copies certified to
our satisfaction of corporate documents and records of the Company, Saia and
Jevic and of other papers, and have made such other investigations, as we have
deemed relevant and necessary as a basis for our opinion hereinafter set forth.
We have relied upon such certificates of public officials and of officers of the
Company, Saia and Jevic with respect to the accuracy of material factual matters
contained therein which were not independently established.

In reaching the opinions set forth in Paragraphs two, four and six of this
letter, we have assumed, and to our actual knowledge there are no facts
inconsistent with, the following:

         a.    Each of the parties to any Amendment Document, other than the
               Company, Saia and Jevic, have duly and validly executed and
               delivered such Amendment Document and each such instrument,
               document and agreement (or duplicate original counterparts
               thereof) to be executed in connection with the loan transactions
               (collectively, the "LOAN") described in the Amendment, and the
               obligations of each such party (other than the Company, Saia and
               Jevic) set forth in any Amendment Document and in such
               instruments, documents and agreements are its legal, valid and
               binding obligations, enforceable against such party in accordance
               with their respective terms;

         b.    Each person executing any Amendment Document, other than on
               behalf of the Company, Saia and Jevic, whether individually or on
               behalf of an entity, is duly authorized to do so;

         c.    Each natural person executing any Amendment Document is legally
               competent to do so;

         d.    All signatures on the Amendment Documents will be genuine;

         e.    The Amendment Documents and all other documents submitted to us
               as originals are authentic;

         f.    The Amendment Documents and all other documents submitted to us
               as certified or photostatic copies conform to the original
               document and all public records reviewed are accurate and
               complete;

         g.    The execution, delivery and performance of the Amendment
               Documents by the Agent and Banks:

               (i)  have been duly authorized by all necessary corporate or
                    other appropriate action on the part of the Agent and Banks;
                    and

<PAGE>

               (ii) do not contravene or conflict with any term or provision of
                    the articles of incorporation, by-laws or other governing
                    documents of the Agent and Banks;

         h.    The terms and conditions of the Loan as reflected in the
               Amendment Documents have not been amended, modified or
               supplemented, directly or indirectly, by any other agreement or
               understanding of the parties or waiver of any of the material
               provisions of the Amendment Documents that would define,
               supplement or qualify the terms of the Amendment Documents;

         i.    The Agent and Banks and their successors and assigns will: (i)
               act in good faith and in a commercially reasonable manner in the
               exercise of any rights or enforcement of any remedies under the
               Amendment Documents; (ii) not engage in any conduct in the
               exercise of such rights or enforcement of such remedies that
               would constitute anything other than fair dealing; and (iii)
               comply with all requirements of applicable procedural and
               substantive law in exercising any rights or enforcing any
               remedies under the Amendment Documents;

         j.    There has not been any mutual mistake of fact or
               misunderstanding, fraud, duress or undue influence; and

         k.    The amendments to the Guaranties have been duly issued for value.

Based on the foregoing, it is our opinion that:

1.     The Company is a corporation duly organized and validly existing in good
       standing under the laws of the State of Delaware.

2.     The Amendment and the Notes have been duly authorized by all requisite
       corporate action and duly executed and delivered by authorized officers
       of the Company. If Missouri law were to apply to the Amendment and the
       Notes, the Amendment and the Notes would be valid obligations of the
       Company, legally binding upon and enforceable against the Company in
       accordance with their respective terms.

3.     Based solely upon the Certificate of Good Standing issued by the Office
       of the Louisiana Secretary of State and dated as of November 10, 2003
       ("SAIA CERTIFICATE OF GOOD STANDING"), Saia is a corporation duly
       organized and validly existing in good standing under the laws of the
       State of Louisiana.

4.     The execution of the Amendment to effect the amendment of the Saia
       Guaranty, as set forth in Section 5 of the Amendment, and the execution
       of the amended Guaranty applicable to Saia, have been duly authorized by
       all requisite corporate action and duly executed and delivered by
       authorized officers of Saia. If Missouri law were to apply to the
       amendment of the Saia Guaranty, the amendment of the Saia Guaranty would
       be the legally valid, binding and enforceable obligation of Saia in
       accordance with its terms.

<PAGE>

5.     Based solely upon the Certificate of Good Standing issued by the Office
       of the New Jersey Secretary of State and dated November 10, 2003 ("JEVIC
       CERTIFICATE OF GOOD STANDING"), Jevic is a corporation duly organized and
       validly existing in good standing under the laws of the State of New
       Jersey.

6.     The execution of the Amendment to effect the amendment of the Jevic
       Guaranty, as set forth in Section 5 of the Amendment, and the execution
       of the amended Guaranty applicable to Jevic, have been duly authorized by
       all requisite corporate action and duly executed and delivered by
       authorized officers of Jevic. If Missouri law were to apply to the
       amendment of the Jevic Guaranty, the amendment of the Jevic Guaranty
       would be the legally valid, binding and enforceable obligation of Jevic
       in accordance with its terms.

7.     The extension, arranging and obtaining of the credit represented by the
       Notes does not result in any violation of Regulations T, U or X of the
       Board of Governors of the Federal Reserve System. In providing the
       opinion in the immediately preceding sentence, we have relied on factual
       matters set forth in the Officer's Certificate attached hereto as Exhibit
       A.

8.     The execution and delivery by the Company of the Amendment and the Notes
       and the performance by the Company of its obligations thereunder do not
       violate or result in a breach or default under any existing obligation of
       the Company under any agreement listed as a material contract under
       Exhibit 10 of the Form 10 filed by the Company with the Securities and
       Exchange Commission on July 19, 2002 (as amended on August 23, 2002 and
       further amended on September 6, 2002), nor does such action result in any
       violation by the Company of the provisions of the Certificate of
       Incorporation or By-Laws of the Company, any provision of applicable law,
       or any order, writ, judgment or decree known to us of any court or
       governmental agency or body that names the Company or is specifically
       directed to the Company or any of its material properties or assets.

9.     Based upon the Officers Certificate attached hereto as Exhibit A, no
       consent, approval, authorization or other action by, and no notice to or
       filing with, any governmental agency or regulatory body is required for
       the due execution, delivery and performance by the Company of its
       obligations under the Amendment and the Notes.

10.    A court sitting in the State of Missouri will look to the conflict of law
       rules of the State of Missouri to determine which law governs. Under
       Missouri law the parties to a contract may agree that the contract will
       be governed by the law of a particular state so long as some element of
       the contract is properly referable to that state. Courts applying
       Missouri law have not enforced agreements that the law of a certain state
       shall govern where the agreement is made to evade otherwise applicable
       law or where the agreement infringes upon a fundamental policy of the
       State of Missouri. In our opinion, a state or federal court in the State
       of Missouri applying Missouri law (a) should not find that the selection
       of Oklahoma law as the governing law under the Amendment and the Notes
       constitutes an infringement of a fundamental policy of the State of
       Missouri, unless it is determined that such selection is, in fact, made
       to evade otherwise applicable law of the State of Missouri and therefore
       (b) should give effect to the provisions in the Amendment and the Notes
       which select the laws of the State of Oklahoma as the governing law
       thereof. Provided, however, with respect to

<PAGE>

       the creation, perfection, priority and enforcement of any judgment
       liens, the laws of Missouri will apply with respect to assets located
       within Missouri.

In addition to the assumptions set forth above, the opinions set forth above are
also subject to the following qualifications:

A.     Enforceability of the Amendment Documents is subject to:

       (1)    the effect of bankruptcy, insolvency, reorganization,
              receivership, moratorium and other similar laws affecting the
              rights and remedies of creditors generally, including:

              (a)   the United States Bankruptcy Code of 1978, as amended, and
                    thus comprehends, among others, matters of turn-over,
                    automatic stay, avoiding powers, fraudulent transfer,
                    preference, discharge, conversion of a non-recourse
                    obligation into a recourse claim and limitations on ipso
                    facto and anti-assignment clauses;

              (b)   all other federal and state bankruptcy, insolvency,
                    reorganization, receivership, moratorium, arrangement and
                    assignment for the benefit of creditors laws that affect the
                    rights and remedies of creditors generally;

              (c)   state fraudulent transfer and conveyance laws; and

              (d)   judicially developed doctrines relevant to any of the
                    foregoing laws, such as substantive consolidation of
                    entities;

       (2)    the effect of general principles of equity, whether applied by a
              court of law or equity, including principles:

              (a)   governing the availability of specific performance,
                    injunctive relief or other equitable remedies, which
                    generally place the award of such remedies, subject to
                    certain guidelines, in the discretion of the court to which
                    application for such relief is made;

              (b)   affording equitable defenses (e.g., waiver, laches and
                    estoppel) against a party seeking enforcement;

              (c)   requiring good faith and fair dealing in the performance and
                    enforcement of a contract by the party seeking its
                    enforcement;

              (d)   requiring reasonableness in the performance and enforcement
                    of an agreement by the party seeking enforcement of the
                    contract;

              (e)   requiring consideration of the materiality of a breach and
                    the consequences of the breach to the party seeking
                    enforcement;

              (f)   requiring consideration of the impracticability or
                    impossibility of performance at the time of attempted
                    enforcement; and

<PAGE>

              (g)   affording defenses based upon the unconscionability of the
                    enforcing party's conduct after the parties have entered
                    into the contract;

       (3)    the effect of generally applicable rules of law that:

              (a)   limit or affect the enforcement of provisions of a contract
                    that purport to require waiver of the obligations of good
                    faith, fair dealing, diligence and reasonableness;

              (b)   provide that forum selection clauses in contracts are not
                    necessarily binding on the court(s) in the forum selected;

              (c)   limit the availability of a remedy under certain
                    circumstances where another remedy has been elected;

              (d)   limit the right of a creditor to use force or cause a breach
                    of the peace in enforcing rights;

              (e)   limit the enforceability of provisions releasing,
                    exculpating or exempting a party from, or requiring
                    indemnification of a party for, liability for its own action
                    or inaction, to the extent public policy limits the
                    enforceability of such indemnification or the action or
                    inaction involves gross negligence, recklessness, willful
                    misconduct or unlawful conduct;

              (f)   may, where less than all of a contract may be unenforceable,
                    limit the enforceability of the balance of the contract to
                    circumstances in which the unenforceable portion is not an
                    essential part of the agreed exchange;

              (g)   govern and afford judicial discretion regarding the
                    determination of damages and entitlement to attorneys' fees
                    and other costs; and

              (h)   may permit a party who has materially failed to render or
                    offer performance required by the contract to cure that
                    failure unless (A) permitting a cure would unreasonably
                    hinder the aggrieved party from making substitute
                    arrangements for performance, or (B) it was important in the
                    circumstances to the aggrieved party that performance occur
                    by the date stated in the contract.

B.     Except as otherwise specifically set forth in this opinion, we are
       expressing no opinion as to the validity or accuracy of any warranty or
       representation made in connection with the Amendment Documents and assume
       all representations of the Company and Guarantors made in the Agreement,
       Guaranties and Amendment Documents are true.

C.     For purposes of the opinions expressed herein, "applicable law" shall
       mean all applicable constitutional, legislative, judicial and
       administrative provisions, statutes, regulations, decisions, rulings and
       other laws, whether federal, state or local.

<PAGE>

We express no opinion as to the enforceability of any clause requiring
additional payments upon, or otherwise limiting, prepayment or termination to
the extent construed as a penalty.

We express no opinion on any other matters pertaining to the transactions
contemplated by or related to the Amendment Documents, except as hereinabove
specifically provided, and no further or other opinion shall be implied. The
matters set forth herein or upon which this opinion is based are as of the date
hereof, and we hereby undertake no, and disclaim any, obligation to advise the
Agent and Banks of any change in any matters set forth herein or any matters
upon which this opinion is based.

When an opinion is stated to be "to our actual knowledge", or other words of
similar import appear, the language means only that we have no actual knowledge
to the contrary and does not indicate or imply any investigation or inquiry of
the Company, the Guarantors or others on our part. For this purpose, "we" means
only those attorneys within our Firm who have done substantive work on this
opinion.

This opinion is given with respect to the laws of the State of Missouri and the
laws of the United States of America, and we do not purport to be experts on, or
to express any opinion concerning, any laws other than the laws of the State of
Missouri and the laws of the United States of America (with respect to opinions
in Paragraphs seven, eight and nine), and, with respect to opinion numbers one
through two above concerning the Company, our review of the Delaware General
Corporation Law. With respect to the opinion expressed in the first sentence of
Paragraph four above, we have assumed the laws of the State of Louisiana are
substantially similar to the laws of Missouri. With respect to the opinion
expressed in the first sentence of Paragraph six above, we have assumed the laws
of the State of New Jersey are substantially similar to the laws of Missouri.
The opinions above are subject to this limitation in all respects.

This opinion is rendered solely to the addressees hereof, to be relied upon
solely in connection with the transactions contemplated by the Amendment. In any
event, this opinion may not be relied upon by any person (other than the
addressees hereof and subsequent holders of the Notes) or for any other purpose
without our prior written consent.

Very truly yours,

/s/ Bryan Cave LLP

BRYAN CAVE LLP

<PAGE>

                               CERTIFICATE OF THE
                             CHIEF FINANCIAL OFFICER
                                       OF
                            SCS TRANSPORTATION, INC.

On this day the undersigned, James J. Bellinghausen, as the Chief Financial
Officer of SCS Transportation, Inc., a Delaware corporation (the "COMPANY"),
known to be the person whose name is subscribed below and who being first duly
sworn, did on his oath state and represent to Bryan Cave LLP ("BRYAN CAVE") for
purposes of inducing Bryan Cave to render a legal opinion (the "OPINION LETTER")
regarding Amendment One to Agented Revolving Credit Agreement and all related
documents (collectively, the "AMENDMENT") which amends that certain Agented
Revolving Credit Agreement dated September 20, 2002, among the Company and Bank
of Oklahoma, N.A. as an agent for U.S. Bank National Association, Bank One,
N.A., and Harris Trust and Savings Bank and itself (collectively, the "Banks").
Capitalized terms not otherwise defined herein will be used herein as defined in
the Opinion Letter. The undersigned certifies that:

                  1.       None of the proceeds from the Notes issued under the
Amendment shall be used by the Company for the purpose of buying or carrying
"margin stock" which is defined by Regulation U of the Board of Governors of the
Federal Reserve, 12 CFR 221, as the following:

                           a)       Any equity security registered or having
                  unlisted trading privileges on a national securities exchange;

                           b)       Any OTC security designated as qualified for
                  trading in the National Market System under a designation plan
                  approved by the Securities and Exchange Commission (NMS
                  security);

                           c)       Any debt security convertible into a margin
                  stock or carrying a warrant or right to subscribe to or
                  purchase a margin stock;

                           d)       Any warrant or right to subscribe to or
                  purchase a margin stock; or

                           e)       Any security issued by an investment company
                  registered under section 8 of the Investment Company Act of
                  1940 (15 U.S.C. 80a - 8), other than:

                                    i)       A company licensed under the Small
                                    Business Investment Company Act of 1958, as
                                    amended (15 U.S.C. 661); or

                                    ii)      A company which has at least 95
                                    percent of its assets continuously invested
                                    in exempted securities (as defined in 15
                                    U.S.C. 78c(a)(12)); or

                                    iii)     A company which issues faceamount
                                    certificates as defined in 15 U.S.C. 80a -
                                    2(a)(15), but only with respect of such
                                    securities; or

                                    iv)      A company which is considered a
                                    money market fund under SEC Rule 2a - 7 (17
                                    CFR 270.2a - 7).

                  2.       No consent, approval, authorization or other action
by, and no notice to or

<PAGE>

filing with, any governmental agency or regulatory body is required for the due
execution, delivery and performance by the Company of its obligations under the
Amendment (other than routine filings after the date hereof with the Securities
and Exchange Commission and/or state Blue Sky authorities).

                  3.       I have reviewed the Opinion Letter and have had an
opportunity to ask questions and receive answers from Bryan Cave concerning the
content of the Opinion Letter. There are no items or disclosures within the
Opinion Letter that are factually untrue.

                  4.       I hereby deliver this Officer's Certificate to Bryan
Cave in consideration of Bryan Cave issuing its Opinion Letter in connection
with the transactions described therein. I acknowledge and agree that this
Certificate is being materially relied upon by Bryan Cave in the issuance of
such Opinion Letter.

                  IN WITNESS WHEREOF, this Certificate has been duly executed as
of November 14, 2003.

                                        SCS TRANSPORTATION, INC.

                                        By: /s/ James J. Bellinghausen
                                            ------------------------------
                                            James J. Bellinghausen
                                            Chief Financial Officer

<PAGE>

SCHEDULE 2.10(a)

                      FIRST AMENDMENT TO GUARANTY AGREEMENT

         This First Amendment to Guaranty Agreement is made and entered into
effective as of November 14, 2003, by and among SAIA MOTOR FREIGHT LINE, INC., a
Louisiana corporation (the "Guarantor"), and BANK OF OKLAHOMA, N.A., U.S. BANK
NATIONAL ASSOCIATION, BANK ONE, NA, and HARRIS TRUST AND SAVINGS BANK
(individually a "Bank" and collectively the "Banks"), and BANK OF OKLAHOMA,
N.A., as agent for the Banks hereunder (in such capacity the "Agent").

                                 R E C I T A L S

               9. Reference is made to that certain Guaranty Agreement dated as
     of September 20, 2002, entered into by and among Guarantor, Banks and Agent
     wherein Guarantor agreed to guaranty the obligations of SCS TRANSPORTATION,
     INC. (the "Borrower") to Banks under the terms of the Agented Revolving
     Credit Agreement (the "Credit Agreement") dated September 20, 2002 among
     Borrower, Banks and Agent.

               10. Borrower has requested that the Banks increase the amount of
     the Revolving Credit Commitment under the Credit Agreement from the
     aggregate amount of $50,000,000 to the aggregate amount of $75,000,000.

               11. Guarantor will benefit directly and indirectly from the
     increase of the Revolving Credit Commitment.

               12. Banks have agreed to Borrower's request to increase the
     Revolving Credit Commitment, subject to certain requirements, including the
     execution of this Amendment by Guarantor.

                                    AGREEMENT

         NOW, THEREFORE, for and in consideration of good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

         1.       Amendment to Guaranty Agreement. Guarantor by execution hereof
acknowledges and agrees that the Guaranty Agreement is hereby amended to
evidence that all references therein to "$50,000,000" shall now mean and read
"$75,000,000". Guarantor further agrees that the Guaranty Agreement is hereby
amended to evidence that the defined term "Obligations" shall additionally
include all obligations of Borrower under the Amendment One to Agented Revolving
Credit Agreement and the Amended Notes executed in conjunction therewith, all
dated November 14, 2003.

         2.       Ratification of Guaranty Agreement. All terms and conditions
of the Guaranty Agreement, unless expressly modified herein, are hereby ratified
and confirmed and shall continue in full force and effect.

                                   "Guarantor"

                                   SAIA MOTOR FREIGHT LINE, INC.

                                   By /s/ Richard D. O'Dell
                                      --------------------------
                                   Name Richard D. O'Dell
                                   Title President

<PAGE>

SCHEDULE 2.10(b)

                      FIRST AMENDMENT TO GUARANTY AGREEMENT

         This First Amendment to Guaranty Agreement is made and entered into
effective as of November 14, 2003, by and among JEVIC TRANSPORTATION, INC., a
New Jersey corporation (the "Guarantor"), and BANK OF OKLAHOMA, N.A., U.S. BANK
NATIONAL ASSOCIATION, BANK ONE, NA, and HARRIS TRUST AND SAVINGS BANK
(individually a "Bank" and collectively the "Banks"), and BANK OF OKLAHOMA,
N.A., as agent for the Banks hereunder (in such capacity the "Agent").

                                 R E C I T A L S

               13. Reference is made to that certain Guaranty Agreement dated as
     of September 20, 2002, entered into by and among Guarantor, Banks and Agent
     wherein Guarantor agreed to guaranty the obligations of SCS TRANSPORTATION,
     INC. (the "Borrower") to Banks under the terms of the Agented Revolving
     Credit Agreement (the "Credit Agreement") dated September 20, 2002 among
     Borrower, Banks and Agent.

               14. Borrower has requested that the Banks increase the amount of
     the Revolving Credit Commitment under the Credit Agreement from the
     aggregate amount of $50,000,000 to the aggregate amount of $75,000,000.

               15. Guarantor will benefit directly and indirectly from the
     increase of the Revolving Credit Commitment.

               16. Banks have agreed to Borrower's request to increase the
     Revolving Credit Commitment, subject to certain requirements, including the
     execution of this Amendment by Guarantor.

                                    AGREEMENT

         NOW, THEREFORE, for and in consideration of good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

         1.       Amendment to Guaranty Agreement. Guarantor by execution hereof
acknowledges and agrees that the Guaranty Agreement is hereby amended to
evidence that all references therein to "$50,000,000" shall now mean and read
"$75,000,000". Guarantor further agrees that the Guaranty Agreement is hereby
amended to evidence that the defined term "Obligations" shall additionally
include all obligations of Borrower under the Amendment One to Agented Revolving
Credit Agreement and the Amended Notes executed in conjunction therewith, all
dated November 14, 2003.

         2.       Ratification of Guaranty Agreement. All terms and conditions
of the Guaranty Agreement, unless expressly modified herein, are hereby ratified
and confirmed and shall continue in full force and effect.

                                    "Guarantor"

                                    JEVIC TRANSPORTATION, INC.

                                    By /s/ Paul J. Karvois
                                      --------------------------
                                    Name Paul J. Karvois

                                    Title President & CEO

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