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                                                                   EXHIBIT 10.16

                               YELLOW CORPORATION
                       DIRECTORS' STOCK COMPENSATION PLAN

                                OPTION AGREEMENT

      THIS STOCK OPTION AGREEMENT (the "Agreement"), made this 2nd day of
January, ________, between Yellow Corporation (the "Company"] [name of director]
(the "Grantee"), evidences the agreement made between the Company and the
Grantee by virtue of the Grantee's acceptance of the Stock Option (the
"Option"), granted under the Company's Directors' Stock Compensation Plan.

      1. Grant; Number of Shares. The Grantee has been granted an Option
covering 2,000 shares of the common stock of the Company.

      2. Exercise Price. The price at which shares may be acquired on exercise
of the Option is $______ per share.

      3. Term of Option. The term of the Option is from January 2, ______, until
the close of business at the executive offices of the Company on January 2,
[fifth anniversary of date of grant].

      4. When Option Becomes Exercisable. Except as otherwise provided in
Paragraph 5, all shares become exercisable on July 1, [six months from date of
grant]. Once shares become exercisable, they may be exercised in part or in
whole from that date through [fifth anniversary of date of grant].

      5. Acceleration of Exercisability. Notwithstanding the provisions of
Paragraph 4 of this Agreement:

      (a) If the Grantee's membership on the Board terminates by reason of
retirement following attainment of age 70, disability, or not being renominated
or re-elected to the Board, all outstanding options held by Grantee shall become
fully exercisable and may be exercised in whole and part for a period of

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one year from the date upon which the Director ceases to be a director provided
in no event shall any options be exercisable beyond the period provided for in
Paragraph 4, above. If Grantee's membership on the Board terminates by reason of
Grantee's resignation or death, all outstanding options held by Grantee, but
only to the extent then exercisable, may be exercised by the Grantee (or, in the
event of the Grantee's death, the person or persons to whom such Option passes
by will or the laws of descent and distribution) in whole or in part for a
period of one year from the date of such resignation or death, provided in no
event shall any options be exercisable beyond the period provided for in
Paragraph 4, above. If Grantee's membership on the Board is terminated for
cause, all outstanding options held by such Grantee shall immediately expire
upon such termination.

      (b) If the Company is wholly or partially liquidated, or is a party to a
merger, consolidation or reorganization in which it is not the surviving entity,
this Option shall become immediately exercisable.

      6. Method of Exercise. Rights presented by this Option shall be exercised
by written notice which shall state:

      (a) The election to exercise those rights;

      (b) The number of shares in respect to which the Option is being
exercised;

      (c) The person(s) in whose name the stock certificate(s) receivable on
exercise of the Option are to be registered; and

      (d) The address and social security number of each such person.

      The notice shall be signed by the person(s) entitled to exercise and
option and, if the Option is being exercised by a person or persons other than

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the Grantee, shall be accompanied by proof, satisfactory to the Company, of the
right of such person(s) to exercise the Option. Payment of the purchase price of
any shares shall be either by (1) personal check, which must be delivered with
the notice of exercise; (2) surrender of shares of Company stock certificates
for which shares transferring ownership to the Company must accompany the notice
(this Option may be combined with the first Option to allow payment in both
stock and cash); or (3) cashless exercise pursuant to the cashless exercise
program offered by the Company. As a condition of the exercise of the Option,
the Company may require the person(s) exercising the Option to make any
representation, warranty or undertaking required by any applicable law or
regulation. A notice of exercise is effective from and after it is received by
the Secretary of the Company.

      7. Transferability of Option. The Option granted to grantee may be
transferred to a member or members of the Grantee's immediate family, or to a
trust for the benefit of such immediate family member(s), or a partnership in
which such immediate family member(s) are partners. For purposes of this
provision, a Grantee's immediate family shall mean the Grantee's spouse,
children and grandchildren. Options may also be transferred pursuant to a
qualified domestic relations order.

      8. Option Subject to Plan. A copy of the Plan is attached to this
Agreement. The provisions of the Plan as now in effect are hereby incorporated
in this Agreement by reference as though fully set forth herein. Grantee
acknowledges that he or she has received, reviewed, and understands the Plan,
including the provisions of the Committee's decision on any matter arising out
of the Plan is conclusive and binding.

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      9. Definitions. Unless redefined herein, all terms defined in the Plan
have the same meaning when used in this Agreement.

      10. Registration. Notwithstanding anything else in this Plan, this Option
is not exercisable until such time as the Company complies with all regulatory
requirements regarding registration of the shares to be issued under the terms
of the Plan.

                                            YELLOW CORPORATION

                                            By:
                                               -----------------------------

                                            Title:
                                                 ---------------------------

                                            GRANTEE

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                                                                   EXHIBIT 10.20

                                OMNIBUS AMENDMENT

            THIS OMNIBUS AMENDMENT is entered into as of December 31, 2002 by
and among Yellow Transportation, Inc., an Indiana corporation f/k/a Yellow
Freight System, Inc. (the "ORIGINATOR"), Yellow Receivables Corporation, a
Delaware corporation (the "SPV" or the "SELLER"), Falcon Asset Securitization
Corporation ("FALCON") and Bank One, NA (formerly known as The First National
Bank of Chicago), individually (the "INVESTOR") and as agent (in such capacity,
the "AGENT"), with respect to (a) that certain Receivables Sale Agreement, dated
as of August 2, 1996 by and between the Originator and the SPV as heretofore
amended (the "EXISTING SALE AGREEMENT"), and (b) that certain Amended and
Restated Receivables Purchase Agreement, dated as of July 30, 1999, among the
SPV, Falcon, the Investor and the Agent as heretofore amended (the "EXISTING
PURCHASE AGREEMENT" and, together with the Existing Sale Agreement, the
"EXISTING AGREEMENTS").

                              W I T N E S S E T H :

                  WHEREAS, the Originator, the SPV, Falcon, the Investor and the
            Agent are parties to one or both of the Existing Agreements; and

            WHEREAS, the parties hereto desire to amend the Existing Agreements
                  as hereinafter set forth;

            NOW, THEREFORE, in consideration of the premises herein contained,
and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto hereby agree as follows:

            1. DEFINED TERMS. Capitalized terms used herein and not otherwise
defined shall have their meanings as attributed to such terms in the Existing
Agreements.

            2. AMENDMENTS.

            2.1. Section 1.5.7 of the Existing Purchase Agreement is hereby
amended and restated in its entirety to read as follows:

            Section 1.5.7. Repurchase Option. The Seller shall have the right,
      by prior written notice to the Agent given in not less than the Required
      Notice Period, at any time to repurchase from the Purchasers all, but not
      less than all, of the then outstanding Receivable Interests. The purchase
      price in respect thereof shall be an amount equal to the Aggregate Unpaids
      through the date of such repurchase, payable in immediately available
      funds. Such repurchase shall be without representation, warranty or
      recourse of any kind by, on the part of, or against any Purchaser or the
      Agent.

            2.2. Section 11.14 of the Existing Purchase Agreement is hereby
amended by amending and restating the first sentence thereof to read as follows:

                        It is the intention of the parties hereto that each
                        purchase hereunder shall constitute an

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                        absolute and irrevocable sale for all purposes other
                        than financial accounting purposes, which purchase shall
                        provide the applicable Purchaser with the full benefits
                        of ownership of the applicable Receivable Interest.

            2.3. The definitions of "DEFAULTED RECEIVABLE" and "DELINQUENT
RECEIVABLE" in the Existing Purchase Agreement are hereby amended and restated
in their entirety to read, respectively, as follows:

            "DEFAULTED RECEIVABLE" means a Receivable: (i) as to which any
      payment, or part thereof, remains unpaid for 151 days or more from the
      original invoice date for such payment; (ii) as to which the Obligor
      thereof has taken any action, or suffered any event to occur, of the type
      described in Section 7.1(c) (as if references to the Seller therein refer
      to such Obligor); (iii) as to which the Obligor thereof, if a natural
      person, is deceased; or (iv) which has been identified by the Seller as
      uncollectible.

            "DELINQUENT RECEIVABLE" means a Receivable (other than a Defaulted
      Receivable) as to which any payment, or part thereof, remains unpaid for
      121 days or more but less than 151 days from the original invoice date for
      such payment.

            2.4. Section 7.1(d)(iii) of the Existing Purchase Agreement is
hereby amended and restated in its entirety to read as follows:

            (iii) the average of the Default Ratios for each of the three
      consecutive calendar months then most recently ended shall exceed 3.25% at
      any time from and including January 1, 2003 through and including March
      31, 2003, or 3.00% at any time thereafter.

            2.5. The definition of "LOSS RESERVE PERCENTAGE" in the Existing
      Purchase Agreement is hereby amended and restated in its entirety to read
      as follows:

            "LOSS RESERVE PERCENTAGE" means, on any date of determination, (a)
      2.00, multiplied by (b) the highest of the past twelve rolling 3-month
      average Default Ratios, multiplied by (c) a fraction having a numerator
      equal to the aggregate amount of Receivables generated during the
      preceding 4 months and denominator equal to the Net Receivables Balance on
      the date of determination; PROVIDED, HOWEVER, that in no event shall the
      Loss Reserve Percentage be less than 16.5% at any time from and including
      January 1, 2003 through and including March 31, 2003, or 15% thereafter.

            2.6. Section 1.1(b) of the Existing Sale Agreement is hereby amended
by amending and restating the first sentence thereof to read as follows:

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                        It is the intention of the parties hereto that each
                        Purchase of Receivables made hereunder shall constitute
                        a "sale of accounts," as such terms is used in Article 9
                        of the UCC for all purposes other than financial
                        accounting purposes, which sales are absolute and
                        irrevocable and provide the Buyer with the full benefits
                        of ownership of the Receivables.

            2.7. Section 4.2(e) of the Existing Sale Agreement is hereby amended
by (i) replacing "The" with "the" at the beginning of such Section and (ii)
inserting the phrase "Other than for financial accounting purposes," at the
beginning of such Section immediately before the phrase "the Originator will
not, and shall not".

            3. REPRESENTATIONS AND WARRANTIES. In order to induce the Agent and
the Purchasers to enter into this Amendment, each of the Originator and the SPV
hereby represents and warrants to the Agent and the Purchasers that after giving
effect to the amendments contained in Section 2 above, (a) no Servicer Default,
Event of Default, Potential Servicer Default or Potential Event of Default
exists and is continuing as of the Effective Date (as defined in Section 4
below), and (b) each of such Person's representations and warranties contained
in Section 2.1 of the Existing Sale Agreement (in the case of the Originator)
and Section 3.1 of the Existing Purchase Agreement (in the case of the SPV) is
true and correct as of the Effective Date.

            4. EFFECTIVE DATE. This Amendment shall become effective as of the
date first above written (the "EFFECTIVE DATE") when the Agent has received
counterparts of this Amendment, duly executed by each of the parties hereto.

            5. RATIFICATION. Each of the Existing Agreements, as modified
hereby, is hereby ratified, approved and confirmed in all respects.

            6. REFERENCE TO AGREEMENT. From and after the Effective Date hereof,
each reference in either of the Existing Agreements to "this Agreement",
"hereof", or "hereunder" or words of like import, and all references to either
of the Existing Agreements in any and all agreements, instruments, documents,
notes, certificates and other writings of every kind and nature shall be deemed
to mean such Existing Agreement, as modified by this Amendment.

            7. COSTS AND EXPENSES. The SPV agrees to pay all costs, fees, and
out-of-pocket expenses (including reasonable attorneys' fees and disbursements)
incurred by the Agent in connection with the preparation, execution and
enforcement of this Amendment.

            8. CHOICE OF LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF ILLINOIS.

            9. EXECUTION IN COUNTERPARTS. This Amendment may be executed in any
number of counterparts and by different parties hereto 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.

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            IN WITNESS WHEREOF, the Originator, the SPV, Falcon, the Investor
and the Agent have executed this Amendment as of the date first above written.

Yellow TRANSPORTATION, INC.

By:
   ---------------------------------------
Name:
Title:

Yellow Receivables Corporation

By:
   ---------------------------------------
Name:
Title:

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FALCON ASSET SECURITIZATION CORPORATION

By:
   -------------------------------------
         Authorized Signatory

BANK ONE, NA, INDIVIDUALLY AND AS AGENT

By:
   -------------------------------------
         Authorized Signatory

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