Document:

exv10w62

Exhibit 10.62

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER SECURITIES LAWS AND MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE
REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER APPLICABLE
SECURITIES LAWS, OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH
REGISTRATION IS NOT REQUIRED.

IN ADDITION, THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD,
TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE,
DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF
SUCH SECURITIES BY ANY PERSON FOR A PERIOD OF SIX (6) MONTHS IMMEDIATELY FOLLOWING THE DATE OF
EFFECTIVENESS OF THE PUBLIC OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO REGISTRATION STATEMENT
NO. 333-                                         AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN ACCORDANCE
WITH FINRA RULE 5110(G)(2).

CHINA HYDROELECTRIC CORPORATION

REPRESENTATIVES’ WARRANT

[          ] American Depository Shares

[          ], 2009

     This REPRESENTATIVES’ WARRANT (this “Warrant”) of China Hydroelectric Corporation, a
corporation duly organized and validly existing under the laws of the State of Delaware (the
“Company”), is being issued pursuant to that certain Underwriting Agreement, dated as of [     ], 2009 (the “Underwriting Agreement”), by and among the Company and Broadband Capital Management
LLC, as a representative of the underwriters (the “Representative”) relating to a firm commitment
public offering (the “Offering”) of 3,125,000 American depository shares (“Depository Shares”),
representing 9,375,000 ordinary shares, par value $0.001 per share, of the Company (each an
“Ordinary Share”, and, in the aggregate, the “Ordinary Shares”) underwritten by the Representatives
and the underwriters named in the Underwriting Agreement.

     FOR VALUE RECEIVED, the Company hereby grants to [—] and its permitted successors and
assigns (collectively, the “Holder”) the right to purchase from the Company up to [—] ([—])
Depository Shares, each consisting of three Ordinary Shares (such Depository Shares underlying this
Warrant, the “Warrant Shares”), at a per share purchase price equal to $[-.—] (the “Exercise
Price”), subject to the terms, conditions and adjustments set forth below in this Warrant.

 

     1. Date of Warrant Exercise. This Warrant shall become exercisable on the date that
is six (6) months from the Base Date (the “Exercise Date”). As used in this Warrant, the term
“Base Date” shall mean [—], 2009. Except as otherwise provided for herein or as permitted by
applicable rules of the Financial Industry Regulatory Authority, Inc., this Warrant shall not be
sold, transferred, assigned, pledged or hypothecated prior to the Exercise Date.

     2. Expiration of Warrant. This Warrant shall expire on the five (5) year anniversary
of the Base Date (the “Expiration Date”).

     3. Exercise of Warrant. This Warrant shall be exercisable pursuant to the terms of
this Section 3.

          3.1 Manner of Exercise.

          (a) This Warrant may only be exercised by the Holder hereof on or after the Exercise Date and
on or prior to the Expiration Date, in accordance with the terms and conditions hereof, in whole or
in part (but not as to fractional shares) with respect to any portion of this Warrant, during the
Company’s normal business hours on any day other than a Saturday or a Sunday or a day on which
commercial banking institutions in New York, New York are authorized by law to be closed (a
“Business Day”), by surrender of this Warrant to the Company at its office maintained pursuant to
Section 10.2(a) hereof, accompanied by a written exercise notice in the form attached as
Exhibit A to this Warrant (or a reasonable facsimile thereof) duly executed by the Holder,
together with the payment of the aggregate Exercise Price for the number of Warrant Shares
purchased upon exercise of this Warrant. Upon surrender of this Warrant, the Company shall cancel
this Warrant document and shall, in the event of partial exercise, replace it with a new Warrant
document in accordance with Section 3.3

          (b) Except as provided for in Section 3.1(c) below, each exercise of this Warrant must be
accompanied by payment in full of the aggregate Exercise Price in cash by check or wire transfer in
immediately available funds for the number of Warrant Shares being purchased by the Holder upon
such exercise.

          (c) The aggregate Exercise Price for the number of Warrant Shares being purchased may also, in
the sole discretion of the Holder, be paid in full or in part on a “cashless basis” at the election
of the Holder:

               (i) in the form of Depository Shares owned by the Holder (based on the Fair Market Value (as
defined below) of such Depository Shares on the date of exercise);

               (ii) in the form of Warrant Shares withheld by the Company from the Warrant Shares otherwise
to be received upon exercise of this Warrant having an aggregate Fair Market Value on the date of
exercise equal to the aggregate Exercise Price of the Warrant Shares being purchased by the Holder;
or

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               (iii) by a combination of the foregoing, provided that the combined value of all cash and the
Fair Market Value of any shares surrendered to the Company is at least equal to the aggregate
Exercise Price for the number of Warrant Shares being purchased by the Holder.

          For purposes of this Warrant, the term “Fair Market Value” means with respect to a particular
date, the average closing price of the Depository Shares for the five (5) trading days immediately
preceding the applicable exercise herein as officially reported by the principal securities
exchange on which the Depository Shares are then listed or admitted to trading, or, if the
Depository Shares are not listed or admitted to trading on any securities exchange as determined in
good faith by resolution of the Board of Directors of the Company, based on the best information
available to it.

          For purposes of illustration of a cashless exercise of this Warrant under Section 3.1(c)(ii)
(or for a portion thereof for which cashless exercise treatment is requested as contemplated by
Section 3.1(c)(iii) hereof), the calculation of such exercise shall be as follows:

          X = Y (A-B)/A

          where:

          X = the number of Warrant Shares to be issued to the Holder
(rounded to the nearest whole share).

          Y = the number of Warrant Shares with respect to which this
Warrant is being exercised.

          A = the Fair Market Value of a Depository Share.

          B = the Exercise Price.

          (d) For purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended, understood,
and acknowledged that the Depository Shares issuable upon exercise of this Warrant in a cashless
exercise transaction as described in Section 3.1(c) above shall be deemed to have been acquired at
the time this Warrant was issued. Moreover, it is intended, understood, and acknowledged that the
holding period for the Depository Shares issuable upon exercise of this Warrant in a cashless
exercise transaction as described in Section 3.1(c) above shall be deemed to have commenced on the
date this Warrant was issued.

          3.2 When Exercise Effective. Each exercise of this Warrant shall be deemed to have
been effected immediately prior to the close of business on the Business Day on which this Warrant
shall have been duly surrendered to the Company as provided in Sections 3.1 and 12 hereof, and, at
such time, the Holder in whose name any certificate or certificates for Warrant Shares shall be
issuable upon exercise as provided in Section 3.3 hereof shall be deemed to have become the holder
or holders of record thereof of the number of Warrant Shares purchased upon exercise of this
Warrant.

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          3.3 Delivery of Depository Share Certificates and New Warrant. As soon as reasonably
practicable after each exercise of this Warrant, in whole or in part, and in any event within five
(5) Business Days thereafter, the Company, at its expense (including the payment by it of any
applicable issue taxes), will cause to be issued in the name of and delivered to the Holder hereof
or, subject to Sections 9 and 10 hereof, as the Holder (upon payment by the Holder of any
applicable transfer taxes) may direct:

          (a) a certificate or certificates (with appropriate restrictive legends, as applicable) for
the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares to which
the Holder shall be entitled upon exercise; and

          (b) in case exercise is in part only, a new Warrant document of like tenor, dated the date
hereof, for the remaining number of Warrant Shares issuable upon exercise of this Warrant after
giving effect to the partial exercise of this Warrant (including the delivery of any Warrant Shares
as payment of the Exercise Price for such partial exercise of this Warrant).

     4. Certain Adjustments. For so long as this Warrant is outstanding:

          4.1 Mergers or Consolidations. If at any time after the date hereof there shall be a
capital reorganization (other than a combination or subdivision of Ordinary Shares otherwise
provided for herein) resulting in a reclassification to or change in the terms of securities
issuable upon exercise of this Warrant (a “Reorganization”), or a merger or consolidation of the
Company with another corporation, association, partnership, organization, business, individual,
government or political subdivision thereof or a governmental agency (a “Person” or the “Persons”)
(other than a merger with another Person in which the Company is a continuing corporation and which
does not result in any reclassification or change in the terms of securities issuable upon exercise
of this Warrant or a merger effected exclusively for the purpose of changing the domicile of the
Company) (a “Merger”), then, as a part of such Reorganization or Merger, lawful provision and
adjustment shall be made so that the Holder shall thereafter be entitled to receive, upon exercise
of this Warrant, the number of shares of stock or any other equity or debt securities or property
receivable upon such Reorganization or Merger by a holder of the number of underlying Ordinary
Shares which might have been purchased upon exercise of this Warrant immediately prior to such
Reorganization or Merger. In any such case, appropriate adjustment shall be made in the
application of the provisions of this Warrant with respect to the rights and interests of the
Holder after the Reorganization or Merger to the end that the provisions of this Warrant (including
adjustment of the Exercise Price then in effect and the number of Warrant Shares) shall be
applicable after that event, as near as reasonably may be, in relation to any shares of stock,
securities, property or other assets thereafter deliverable upon exercise of this Warrant. The
provisions of this Section 4.1 shall similarly apply to successive Reorganizations and/or Mergers.

          4.2 Splits and Subdivisions; Dividends. In the event the Company should at any time
or from time to time effectuate a split or subdivision of the outstanding Ordinary Shares or pay a
dividend in or make a distribution payable in additional Ordinary Shares or Ordinary Share
Equivalents without payment of any consideration by such holder for the additional

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Ordinary Shares or Ordinary Share Equivalents (including the additional Ordinary Shares
issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date
of such distribution, split or subdivision if no record date is fixed), the per share Exercise
Price shall be appropriately decreased and the number of Warrant Shares shall be appropriately
increased in proportion to such increase (or potential increase) of outstanding shares; provided,
however, that no adjustment shall be made in the event the split, subdivision, dividend or
distribution is not effectuated.

          4.3 Combination of Shares. If the number of Ordinary Shares outstanding at any time
after the date hereof is decreased by a combination of the outstanding Ordinary Shares, the per
share Exercise Price shall be appropriately increased and the number of shares of Warrant Shares
shall be appropriately decreased in proportion to such decrease in outstanding shares.

          4.4 Adjustments for Other Distributions. In the event the Company shall declare a
distribution payable in securities of other Persons, evidences of indebtedness issued by the
Company or other Persons, assets (excluding cash dividends or distributions to the holders of
Ordinary Shares paid out of current or retained earnings and declared by the Company’s board of
directors) or options or rights not referred to in Sections 4.1, 4.2 or 4.3, then, in each such
case for the purpose of this Section 4.54 upon exercise of this Warrant, the Holder shall be
entitled to a proportionate share of any such distribution as though the Holder was the actual
record holder of the number of Warrant Shares as of the record date fixed for the determination of
the holders of Ordinary Shares of the Company entitled to receive such distribution.

     5. No Impairment. The Company will not, by amendment of its articles of incorporation
or by-laws or through any consolidation, merger, reorganization, transfer of assets, dissolution,
issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the
carrying out of all of the terms and in the taking of all actions necessary or appropriate in order
to protect the rights of the Holder against impairment.

     6. Chief Financial Officer’s Report as to Adjustments. With respect to each
adjustment pursuant to Section 4 of this Warrant, the Company, at its expense, will promptly
compute the adjustment or re-adjustment in accordance with the terms of this Warrant and cause its
Chief Financial Officer to certify the computation (other than any computation of the fair value of
property of the Company, as the case may be) and prepare a report setting forth, in reasonable
detail, the event requiring the adjustment or re-adjustment and the amount of such adjustment or
re-adjustment, the method of calculation thereof and the facts upon which the adjustment or
re-adjustment is based, and the Exercise Price and the number of Warrant Shares or other securities
purchasable hereunder after giving effect to such adjustment or re-adjustment, which report shall
be mailed by first class mail, postage prepaid to the Holder. The Company will also keep copies of
all reports at its office maintained pursuant to Section 10.2(a) hereof and will cause them to be
available for inspection at the office during normal business hours upon reasonable notice by the
Holder or any prospective purchaser of the Warrant designated by the Holder thereof.

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     7. Reservation of Shares. The Company shall, solely for the purpose of effecting the
exercise of this Warrant, at all times during the term of this Warrant, reserve and keep available
out of its authorized Ordinary Shares, free from all taxes, liens and charges with respect to the
issue thereof and not subject to preemptive rights or other similar rights of shareholders of the
Company, such number of its Ordinary Shares as shall from time to time be sufficient to effect in
full the exercise of this Warrant. If at any time the number of authorized but unissued Ordinary
Shares shall not be sufficient to effect in full the exercise of this Warrant, in addition to such
other remedies as shall be available to Holder, the Company will promptly take such corporate
action as may, in the opinion of its counsel, be necessary to increase the number of authorized but
unissued Ordinary Shares to such number of shares as shall be sufficient for such purposes,
including without limitation, using its Reasonable Best Efforts (as defined in Section 14 hereof)
to obtain the requisite shareholder approval necessary to increase the number of authorized
Ordinary Shares. The Company hereby represents and warrants that all Ordinary Shares underlying
Depository Shares issuable upon exercise of this Warrant shall be duly authorized and, when issued
and paid for upon exercise, shall be validly issued, fully paid and nonassessable.

     8. Registration and Listing.

          8.1 Definition of Registrable Securities; Majority. As used herein, the term
“Registrable Securities” means any Depository Shares issuable upon the exercise of this Warrant,
until the date (if any) on which such shares shall have been transferred or exchanged and new
certificates for them not bearing a legend restricting further transfer shall have been delivered
by the Company and subsequent disposition of them shall not require registration or qualification
of them under the Securities Act or any similar state law then in force. For purposes of this
Warrant, the term “Majority”, in reference to the holders of Registrable Securities, shall mean in
excess of fifty percent (50%) of the then outstanding Warrant Shares (assuming the exercise of the
entire Warrant) that: (i) are not held by the Company, an affiliate, officer, creditor, employee or
agent thereof or any of their respective affiliates, members of their family, Persons acting as
nominees or in conjunction therewith and (ii) have not be resold to the public pursuant to a
registration statement filed under the Securities Act.

          8.2 Incidental Registration Rights.

          (a) If the Company, at any time on or after the Exercise Date and on or before the five (5)
year anniversary of the Base Date, proposes to register any of its securities under the Securities
Act (other than in connection with a registration on Form S-4 or S-8 or any successor forms)
whether for its own account or for the account of any holder or holders of its shares other than
Registrable Securities (any shares of such holder or holders (but not those of the Company and not
Registrable Securities) with respect to any registration are referred to herein as, “Other
Shares”), the Company shall each such time give prompt (but not less than thirty (30) days prior to
the anticipated effectiveness thereof) written notice to the holders of Registrable Securities of
its intention to do so. Upon the written request of any such holder of Registrable Securities made
within ten (10) days after the receipt of any such notice (which request shall specify the
Registrable Securities intended to be disposed of by such holder), except as set forth in Section
8.2(b), the Company will use its Reasonable Best Efforts to effect the registration under the

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Securities Act of all of the Registrable Securities which the Company has been so requested to
register by such holder, to the extent requisite to permit the disposition of the Registrable
Securities so to be registered, by inclusion of such Registrable Securities in the registration
statement which covers the securities which the Company proposes to register; provided, however,
that if, at any time after giving written notice of its intention to register any securities and
prior to the effective date of the registration statement filed in connection with such
registration, the Company shall determine for any reason in its sole discretion either to not
register, to delay or to withdraw registration of such securities, the Company may, at its
election, give written notice of such determination to such holder and, thereupon: (i) in the case
of a determination not to register, shall be relieved of its obligation to register any Registrable
Securities in connection with such registration (but not from its obligation to pay the
Registration Expenses in connection therewith), (ii) in the case of a determination to delay
registration, shall be permitted to delay registering any Registrable Securities for the same
period as the delay in registering such other securities (including the Other Shares), and (iii) in
the case of a determination to withdraw registration, shall be permitted to withdraw registration.
The Company will pay all Registration Expenses in connection with each registration of Registrable
Securities pursuant to this Section 8.2.

          (b) If the Company at any time proposes to register any of its securities under the Securities
Act as contemplated by this Section 8.2 and such securities are to be distributed by or through one
or more underwriters, the Company will, if requested by a holder of Registrable Securities, use its
Reasonable Best Efforts to arrange for such underwriters to include all the Registrable Securities
to be offered and sold by such holder among the securities to be distributed by such underwriters,
provided that if the managing underwriter of such underwritten offering shall inform the Company by
letter of its belief that inclusion in such distribution of all or a specified number of such
securities proposed to be distributed by such underwriters would interfere with the successful
marketing of the securities being distributed by such underwriters (such letter to state the basis
of such belief and the approximate number of such Registrable Securities, such Other Shares and
shares held by the Company proposed so to be registered which may be distributed without such
effect), then the Company may, upon written notice to such holder, the other holders of Registrable
Securities, and holders of such Other Shares, reduce pro rata in accordance with the number of
Depository Shares desired to be included in such registration (if and to the extent stated by such
managing underwriter to be necessary to eliminate such effect) the number of such Registrable
Securities and Other Shares the registration of which shall have been requested by each holder
thereof so that the resulting aggregate number of such Registrable Securities and Other Shares so
included in such registration, together with the number of securities to be included in such
registration for the account of the Company, shall be equal to the number of shares stated in such
managing underwriter’s letter.

          8.3 Registration Procedures. Whenever the holders of Registrable Securities have
properly requested that any Registrable Securities be registered pursuant to the terms of this
Warrant, the Company shall use its Reasonable Best Efforts to effect the registration and the sale
of such Registrable Securities in accordance with the intended method of disposition thereof, and
pursuant thereto the Company shall as expeditiously as possible:

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          (a) prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its Reasonable Best Efforts to cause such registration statement to become
effective;

          (b) notify such holders of the effectiveness of each registration statement filed hereunder
and prepare and file with the SEC such amendments and supplements to such registration statement
and the prospectus used in connection therewith as may be necessary to (i) keep such registration
statement effective and the prospectus included therein usable for a period commencing on the date
that such registration statement is initially declared effective by the SEC and ending on the date
when all Registrable Securities covered by such registration statement have been sold pursuant to
the registration statement or cease to be Registrable Securities, and (ii) comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by such
registration statement during such period in accordance with the intended methods of disposition by
the sellers thereof set forth in such registration statement;

          (c) furnish to such holders such number of copies of such registration statement, each
amendment and supplement thereto, the prospectus included in such registration statement (including
each preliminary prospectus) and such other documents as such seller may reasonably request in
order to facilitate the disposition of the Registrable Securities owned by such holders;

          (d) use its Reasonable Best Efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions as such holders reasonably request and
do any and all other acts and things which may be reasonably necessary or advisable to enable such
holders to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such holders; provided, however, that the Company shall not be required to: (i) qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify but for this
subparagraph; (ii) subject itself to taxation in any such jurisdiction; or (iii) consent to general
service of process in any such jurisdiction;

          (e) notify such holders, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of which the
prospectus included in such registration statement contains an untrue statement of a material fact
or omits any material fact necessary to make the statements therein, in light of the circumstances
in which they are made, not materially misleading, and, at the reasonable request of such holders,
the Company shall prepare a supplement or amendment to such prospectus so that, as thereafter
delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an
untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in light of the circumstances in which they are made, not materially
misleading;

          (f) provide a transfer agent and registrar for all such Registrable Securities not later than
the effective date of such registration statement;

          (g) make available for inspection by any underwriter participating in any disposition pursuant
to such registration statement, and any attorney, accountant or other agent retained by any such
underwriter, all financial and other records, pertinent corporate documents

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and properties of the Company, and cause the Company’s officers, directors, managers,
employees and independent accountants to supply all information reasonably requested by any such
underwriter, attorney, accountant or agent in connection with such registration statement;

          (h) otherwise use its Reasonable Best Efforts to comply with all applicable rules and
regulations of the SEC, and make available to its security holders, as soon as reasonably
practicable, an earnings statement of the Company, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and, at the option of the Company, Rule 158
thereunder;

          (i) in the event of the issuance of any stop order suspending the effectiveness of a
registration statement, or of any order suspending or preventing the use of any related prospectus
or suspending the qualification of any Registrable Securities included in such registration
statement for sale in any jurisdiction, the Company shall use its Reasonable Best Efforts promptly
to obtain the withdrawal of such order;

          (j) use its Reasonable Best Efforts to cause any Registrable Securities covered by such
registration statement to be registered with or approved by such other governmental agencies or
authorities as may be necessary to enable the sellers thereof to consummate the disposition of such
Registrable Securities; and

          (k) if the offering is underwritten, use its Reasonable Best Efforts to furnish on the date
that Registrable Securities are delivered to the underwriters for sale pursuant to such
registration, an opinion dated such date of counsel representing the Company for the purposes of
such registration, addressed to the underwriters covering such issues as are reasonably required by
such underwriters.

          8.4 Listing. The Company shall secure the listing of the Depository Shares underlying
this Warrant upon each national securities exchange or automated quotation system upon which
Depository Shares are then listed or quoted (subject to official notice of issuance) and shall
maintain such listing of Depository Shares. The Company shall at all times comply in all material
respects with the Company’s reporting, filing and other obligations under the by-laws or rules of
the New York Stock Exchange (or such other national securities exchange or market on which the
Depository Shares may then be listed, as applicable).

          8.5 Expenses. The Company shall pay all Registration Expenses relating to the
registration and listing obligations set forth in this Section 8. For purposes of this Warrant,
the term “Registration Expenses” means: (a) all registration, filing and FINRA (as defined below)
fees, (b) all reasonable fees and expenses of complying with securities or blue sky laws, (c) all
word processing, duplicating and printing expenses, (d) the fees and disbursements of counsel for
the Company and of its independent public accountants, including the expenses of any special audits
or “cold comfort” letters required by or incident to such performance and compliance, (e) premiums
and other costs of policies of insurance (if any) against liabilities arising out of the public
offering of the Registrable Securities being registered if the Company desires such insurance, if
any, and (f) fees and disbursements of one counsel for the selling holders of Registrable
Securities; provided however, that, in any case where Registration

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Expenses are not to be borne by the Company, such expenses shall not include (and such
expenses shall be borne by the Company): (i) salaries of Company personnel or general overhead
expenses of the Company, (ii) auditing fees, (iii) premiums or other expenses relating to liability
insurance required by underwriters of the Company, or (iv) other expenses for the preparation of
financial statements or other data, to the extent that any of the foregoing either is normally
prepared by the Company in the ordinary course of its business or would have been incurred by the
Company had no public offering taken place. Registration Expenses shall not include any
underwriting discounts and commissions which may be incurred in the sale of any Registrable
Securities and transfer taxes of the selling holders of Registrable Securities.

          8.6 Information Provided by Holders. Any holder of Registrable Securities included in
any registration shall furnish to the Company such information as the Company may reasonably
request in writing to enable the Company to comply with the provisions hereof in connection with
any registration referred to in this Warrant.

          8.7 FINRA Cobradesk Filings. In the event that a registration statement covering the
Registrable Securities is filed, within one (1) Business Day of the filing of such registration
statement, the Company will prepare and file the selling stockholder resale offering described in
such registration statement for review by the Financial Industry Regulatory Authority (“FINRA”) via
the FINRA’s CobraDesk filing system (“CobraDesk Filing”) for the purpose of having the prospectus
contained within such registration statement treated as a “base prospectus” in connection with such
resale offering. The Company will use its Reasonable Best Efforts to have the CobraDesk Filing
approved by FINRA within thirty (30) days of such filing date. The Company shall bear all expenses
of the CobraDesk Filing, including fees and expenses of counsel or other advisors to the Holder.
In all circumstances, the Company shall pay for all FINRA filing fees associated with the CobraDesk
Filing.

          8.8 Effectiveness Period. The Company shall use its Reasonable Best Efforts to keep
each registration statement contemplated hereunder continuously effective under the Securities Act
until the date which is the earlier date of when (i) all Registrable Securities covered by such
Registration Statement have been sold or (ii) all Registrable Securities covered by such
Registration Statement may be sold immediately without registration under the Securities Act and
without volume restrictions pursuant to Rule 144 under the Securities Act, as determined by the
counsel to the Company pursuant to a written opinion letter to such effect, addressed and
reasonably acceptable to the Company’s transfer agent and the affected holders of Registrable
Securities.

          8.9 Net Cash Settlement. Notwithstanding anything herein to the contrary, in no event
will the Holder hereof be entitled to receive a net-cash settlement as liquidated damages in lieu
of physical settlement in Depository Shares, regardless of whether the Depository Shares underlying
this Warrant are registered pursuant to an effective registration statement; provided, however,
that the foregoing will not preclude the Holder from seeking other remedies at law or equity for
breaches by the Company of its registration obligations hereunder.

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          9. Restrictions on Transfer.

          9.1 Restrictive Legends. This Warrant and each Warrant issued upon transfer or in
substitution for this Warrant pursuant to Section 10 hereof, each certificate for Depository Shares
issued upon the exercise of the Warrant and each certificate issued upon the transfer of any such
Depository Shares shall be transferable only upon satisfaction of the conditions specified in this
Section 9. Each of the foregoing securities shall be stamped or otherwise imprinted with a legend
reflecting the restrictions on transfer set forth herein and any restrictions required under the
Securities Act or other applicable securities laws.

          9.2 Notice of Proposed Transfer. Prior to any transfer of any securities which are
not registered under an effective registration statement under the Securities Act (“Restricted
Securities”), which transfer may only occur if there is an exemption from the registration
provisions of the Securities Act and all other applicable securities laws, the Holder will give
written notice to the Company of the Holder’s intention to effect a transfer (and shall describe
the manner and circumstances of the proposed transfer). The following provisions shall apply to any
proposed transfer of Restricted Securities:

               (i) If in the opinion of counsel for the Holder reasonably satisfactory to the Company the
proposed transfer may be effected without registration of the Restricted Securities under the
Securities Act (which opinion shall state in detail the basis of the legal conclusions reached
therein), the Holder shall thereupon be entitled to transfer the Restricted Securities in
accordance with the terms of the notice delivered by the Holder to the Company. Each certificate
representing the Restricted Securities issued upon or in connection with any transfer shall bear
the restrictive legends required by Section 9.1 hereof.

               (ii) If the opinion called for in (i) above is not delivered, the Holder shall not be entitled
to transfer the Restricted Securities until either: (x) receipt by the Company of a further notice
from such Holder pursuant to the foregoing provisions of this Section 9.2 and fulfillment of the
provisions of clause (i) above, or (y) such Restricted Securities have been effectively registered
under the Securities Act.

          9.3 Certain Other Transfer Restrictions. Notwithstanding any other provision of this
Section 9: (i) prior to the Exercise Date, this Warrant or the Restricted Securities thereunder may
only be transferred or assigned to the persons permitted under FINRA Rule 5110(g), and (ii) no
opinion of counsel shall be necessary for a transfer of Restricted Securities by the holder thereof
to any Person employed by or owning equity in the Holder, if the transferee agrees in writing to be
subject to the terms hereof to the same extent as if the transferee were the original purchaser
hereof and such transfer is permitted under applicable securities laws.

          9.4 Termination of Restrictions. Except as set forth in Section 9.3 hereof, the
restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall
cease and terminate as to any particular Restricted Securities: (a) which shall have been
effectively registered under the Securities Act, or (b) when, in the opinions of both counsel for
the holder thereof and counsel for the Company, such restrictions are no longer required in order
to insure compliance with the Securities Act or Section 10 hereof. Whenever such restrictions
shall cease

11

 

and terminate as to any Restricted Securities, the Holder thereof shall be entitled to receive
from the Company, without expense (other than applicable transfer taxes, if any), new securities of
like tenor not bearing the applicable legends required by Section 9.1 hereof.

     10. Ownership, Transfer, Sale and Substitution of Warrant.

          10.1 Ownership of Warrant. The Company may treat any Person in whose name this
Warrant is registered in the Warrant Register maintained pursuant to Section 10.2(b) hereof as the
owner and holder thereof for all purposes, notwithstanding any notice to the contrary, except that,
if and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated
to) treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any
notice to the contrary. Subject to Sections 9 and 10 hereof, this Warrant, if properly assigned,
may be exercised by a new holder without a new Warrant first having been issued.

          10.2 Office; Exchange of Warrant.

          (a) The Company will maintain its principal office at the location identified in the
prospectus relating to the Offering or at such other offices as set forth in the Company’s most
current filing (as of the date notice is to be given) under the Exchange Act or as the Company
otherwise notifies the Holder.

          (b) The Company shall cause to be kept at its office maintained pursuant to Section 10.2(a)
hereof a Warrant Register for the registration and transfer of the Warrant. The name and address
of the holder of the Warrant, the transfers thereof and the name and address of the transferee of
the Warrant shall be registered in such Warrant Register. The Person in whose name the Warrant
shall be so registered shall be deemed and treated as the owner and holder thereof for all purposes
of this Warrant, and the Company shall not be affected by any notice or knowledge to the contrary.

          (c) Upon the surrender of this Warrant, properly endorsed, for registration of transfer or for
exchange at the office of the Company maintained pursuant to Section 10.2(a) hereof, the Company at
its expense will (subject to compliance with Section 9 hereof, if applicable) execute and deliver
to or upon the order of the Holder thereof a new Warrant of like tenor, in the name of such holder
or as such holder (upon payment by such holder of any applicable transfer taxes) may direct,
calling in the aggregate on the face thereof for the number of Depository Shares called for on the
face of the Warrant so surrendered (after giving effect to any previous adjustment(s) to the number
of Warrant Shares).

          10.3 Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the
Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such
loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory to
the Company in form and amount or, in the case of any mutilation, upon surrender of this Warrant
for cancellation at the office of the Company maintained pursuant to Section 10.2(a) hereof, the
Company, at its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor and
dated the date hereof.

12

 

          10.4 Opinions. In connection with the sale of the Warrant Shares by Holder, the
Company agrees to cooperate with the Holder, and at the Company’s expense, have its counsel provide
any legal opinions required to remove the restrictive legends from the Warrant Shares in connection
with a sale, transfer or legend removal request of Holder.

     11. No Rights or Liabilities as Stockholder. No Holder shall be entitled to vote or
receive dividends or be deemed the holder of any Ordinary Shares or any other securities of the
Company which may at any time be issuable on the exercise hereof for any purpose, nor shall
anything contained herein be construed to confer upon the Holder, as such, any of the rights of a
stockholder of the Company or any right to vote for the election of directors or upon any matter
submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate
action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of
par value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or to
receive dividends or subscription rights or otherwise until the Warrant shall have been exercised
and the Depository Shares purchasable upon the exercise hereof shall have become deliverable, as
provided herein. The Holder will not be entitled to share in the assets of the Company in the
event of a liquidation, dissolution or the winding up of the Company.

     12. Notices. Any notice or other communication in connection with this Warrant shall
be given in writing and directed to the parties hereto as follows: (a) if to the Holder, c/o
[—name and fax and/or email address] or (b) if to the Company, to the attention of its Chief
Executive Officer at its office maintained pursuant to Section 10.2(a) hereof; provided, that the
exercise of the Warrant shall also be effected in the manner provided in Section 3 hereof. Notices
shall be deemed properly delivered and received when delivered to the notice party (i) if
personally delivered, upon receipt or refusal to accept delivery, (ii) if sent via facsimile, upon
mechanical confirmation of successful transmission thereof generated by the sending telecopy
machine, (iii) if sent by a commercial overnight courier for delivery on the next Business Day, on
the first Business Day after deposit with such courier service, or (iv) if sent by registered or
certified mail, five (5) Business Days after deposit thereof in the U.S. mail.

     13. Payment of Taxes. The Company will pay all documentary stamp taxes attributable
to the issuance of Depository Shares underlying this Warrant upon exercise of this Warrant;
provided, however, that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the transfer or registration of this Warrant or any certificate
for Depository Shares underlying this Warrant in a name other that of the Holder. The Holder is
responsible for all other tax liability that may arise as a result of holding or transferring this
Warrant or receiving the Depository Shares underlying this Warrant upon exercise hereof.

     14. Miscellaneous. This Warrant and any term hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the party against which
enforcement of the change, waiver, discharge or termination is sought. This Warrant shall be
construed and enforced in accordance with and governed by the laws of the State of New York. The
section headings in this Warrant are for purposes of convenience only and shall not constitute a
part hereof. When used herein, the term “Reasonable Best Efforts” means, with

13

 

respect to the applicable obligation of the Company, reasonable best efforts for similarly
situated, publicly-traded companies.

[Signature Page Follows]

14

 

     IN WITNESS WHEREOF, the Company has caused this Underwriters’ Warrant to be duly executed as
of the date first above written.

	 	 	 	 	 
	 	CHINA HYDROELECTRIC CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

15

 

	 	 	 	 	 

EXHIBIT A

FORM OF EXERCISE NOTICE

[To be executed only upon exercise of Warrant]

To CHINA HYDROELECTRIC CORPORATION:

          The undersigned registered holder of the within Warrant hereby irrevocably exercises the
Warrant pursuant to Section 3.1 of the Warrant with respect to                                          Warrant
Shares, at an exercise price per share of $[          ], and requests that the certificates
for such Warrant Shares be issued, subject to Sections 9 and 10, in the name of, and delivered to:

 

 

 

 

          The undersigned is hereby making payment for the Warrant Shares in the following manner:
[check one]

          o
by cash in accordance with Section 3.1(b) of the Warrant

          o
via cashless exercise in accordance with Section 3.1(c) of the Warrant in the following manner:

 

 

 

 

 

          The undersigned hereby represents and warrants that it is, and has been since its acquisition
of the Warrant, the record and beneficial owner of the Warrant.

Dated:                                         

	 	 	 	 	 
	 
	 
	 	 

Print or Type Name	 	 
	 
	 	 	 	 
	 
	 	 
	 	 
	 	 	(Signature must conform in all respects to name of holder as specified on the face of Warrant)
	 
	 	 	 	 
	 
	 	 

(Street Address)	 	 
	 
	 	 	 	 
	 
	 	 

(City)          (State)          (Zip Code)	 	 

 

EXHIBIT B

FORM OF ASSIGNMENT

[To be executed only upon transfer of Warrant]

          For value received, the undersigned registered holder of the within Warrant hereby sells,
assigns and transfers unto                                          [include name and addresses] the rights
represented by the Warrant to purchase                      Depository Shares of CHINA HYDROELECTRIC
CORPORATION to which the Warrant relates, and appoints                                          Attorney to make such
transfer on the books of CHINA HYDROELECTRIC CORPORATION maintained for the purpose, with full
power of substitution in the premises.

	 	 	 	 	 	 	 
	 

	 	Dated:	 	 	 	 
	 

	 	 	 	 

(Signature must conform in all respects
to name of holder as specified on the
face of Warrant)
	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 

(Street Address)	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

(City) (State) (Zip Code)
	 	 
	 
	 	 	 	 	 	 
	 	 	Signed in the presence of:	 	 
	 
	 
	 	 	 	 

(Signature of Transferee)	 	 
	 
	 	 	 	 	 	 
	 
	 
	 	 	 	 

(Street Address)	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

(City)     (State)     (Zip Code)
	 	 
	 	 	Signed in the presence of:exv10w1

Exhibit 10.1

    SHARE
    PURCHASE AGREEMENT

 

    Saia, Inc.

    11465 Johns Creek Parkway, Suite 400

    Johns Creek, Georgia 30097

 

    Ladies and Gentlemen:

 

    The undersigned (the “Investor”) hereby
    confirms its agreement with you as follows:

 

    1. This Share Purchase Agreement (the
    “Agreement”) is made as of December 22,
    2009 between Saia, Inc., a Delaware corporation (the
    “Company”), and the Investor listed on the
    signature pages hereto.

 

    2. The Company is proposing to issue and sell to certain
    investors (the “Offering”) shares of the
    Company’s common stock, $0.001 par value per share
    (the “Shares”) at a purchase price of $11.50
    per share. The Shares are being offered to persons who are
    Qualified Institutional Buyers, or QIBs, as defined in
    Rule 144A promulgated under the Securities Act of 1933, as
    amended (the “Securities Act”), pursuant to a
    private placement exemption from registration under the
    Securities Act.

 

    3. The Offering shall be subject to any terms described in
    the private placement memorandum dated December 22, 2009
    relating to the Offering (as may be supplemented or updated on
    or prior to the Closing (as defined in the Terms and Conditions
    for Purchase of Shares attached hereto as Annex A)
    (the “Private Placement Memorandum”)).

 

    4. The Company and the Investor agree that, upon the terms
    and subject to the conditions set forth herein, the Investor
    will purchase from the Company and the Company will issue and
    sell to the Investor, the number of Shares set forth below for
    the aggregate purchase price set forth below, pursuant to and
    subject to the Terms and Conditions for Purchase of Shares
    attached hereto as Annex A and incorporated herein
    by reference as if fully set forth herein. Unless otherwise
    requested by the Investor and agreed to by the Company, the
    Shares purchased by the Investor will be delivered in
    uncertificated form, registered in the Investor’s name and
    address as set forth below and will be released by Computershare
    Trust Company, the Company’s transfer agent (the
    “Transfer Agent”), to the Investor at the
    Closing (as defined in the Terms and Conditions for Purchase of
    Shares). Following Closing, a statement will be mailed to the
    Investor at such address by the Transfer Agent evidencing such
    issuance and registration.

 

    5. By executing this Share Purchase Agreement, each of the
    Company and the Investor agree to comply with the terms and
    conditions of the registration rights agreement attached hereto
    as Appendix I (the “Registration Rights
    Agreement”).

 

    [Signature Page to Follow]

    

    1

 

    Number of Shares the Investor Agrees to Purchase:
    ­
    ­

 

    Aggregate Purchase Price of such Shares: $
    ­
    ­     

 

    Please confirm that the foregoing correctly sets forth the
    agreement between us by signing in the space provided below for
    that purpose.

 

	 	 	 
	

    AGREED AND ACCEPTED:

	
 
	
    Name of Investor:
    ­
    ­

	
    SAIA, INC., 

    a Delaware corporation
	
 
	
    

    Fund Name:
    ­
    ­

	

    By:
    ­
    ­

	
 
	
    By:
    ­
    ­

	
 
	
 
	
 

	
 
	
 
	
 

	

    Name:
    ­
    ­

	
 
	
    Print Name:
    ­
    ­

	
 
	
 
	
 

	
 
	
 
	
 

	

    Title:
    ­
    ­

	
 
	
    Title:
    ­
    ­

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
    Address:
    ­
    ­

    

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
    Tax ID No.:
    ­
    ­

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
    Contact Name:
    ­
    ­

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
    Telephone:
    ­
    ­

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
    Email Address:
    ­
    ­

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
    Wire instructions to wire funds to the Investor, in the event
    the Escrow Agent is required to return the funds of the Investor
    held in escrow:

    

    ABA:
    ­
    ­

    Bank Account Number:
    ­
    ­

    FFC:
    ­
    ­

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
    Name under which shares should be registered (if different):

    

    

	
 
	
 
	
    Address under which shares should be registered (if
    different):

    

    

	
 
	
 
	
    

    

    

    

    2

 

    INSTRUCTION SHEET
    FOR INVESTOR

 

    (to be read
    in conjunction with the entire Share Purchase Agreement)
    

 

    Complete the following items in the Share Purchase Agreement:

 

    1. Provide the information regarding the Investor requested
    on pages 1 and 2. The Agreement must be executed by an
    individual authorized to bind the Investor.

 

    2. If the Investor is purchasing Shares for more than one
    investor account, it may either (i) complete a separate
    Share Purchase Agreement for each such account, in which case a
    separate wire transfer (or other acceptable forms of payment)
    must be made by or on behalf of such account for the Shares it
    will purchase and a separate delivery of Shares will be made to
    each account (by registering such Shares in the share registry
    under the Direct Registration System, or DRS), or
    (ii) complete a single Share Purchase Agreement for all
    such accounts, in which case only one wire transfer (or other
    acceptable forms of payment) need be made for the Shares to be
    purchased for all such accounts, but all such Shares will be
    delivered to a single account (by registering such Shares in the
    share registry under the DRS) specified by the Investor.

 

    3. Return the signed Share Purchase Agreement to:

 

    Morgan Stanley & Co. Incorporated

    1585 Broadway

    New York, New York, 10036

    Attention: Kalli Cockinos

    Tel: (212) 761-5474

    Fax: (212) 404-9828

    Email: Kalli.Cockinos@morganstanley.com

 

    4. Please note that all wire transfers must be sent to
    the account specified in Section 3.4 below.

 

    An executed original Share Purchase Agreement or a facsimile
    transmission (or other electronic transmission) thereof must be
    received by 2:00 p.m. New York time on
    December 21, 2009. Investors who send a facsimile
    transmission (or other electronic transmission) prior to such
    deadline must also submit an original via courier as soon
    thereafter as practicable.

    

    3

 

    ANNEX A
    TO THE SHARE PURCHASE AGREEMENT

    

 

    TERMS AND
    CONDITIONS FOR PURCHASE OF SHARES

 

    1. Authorization and Sale of
    Shares.  The Company is proposing to sell up
    to 2,310,000 Shares. The Company reserves the right to
    increase or decrease this amount.

 

    2. Agreement to Sell and Purchase the Shares;
    Placement Agent.

 

    2.1 Upon the terms and subject to the conditions
    hereinafter set forth, at the Closing (as defined in
    Section 3), the Company will sell to the Investor, and the
    Investor will purchase from the Company, the number of shares
    set forth on such Investor’s signature page hereto at the
    aggregate purchase price set forth on such signature page;
    provided that, if the Company sells and the Investor buys an
    amount of Shares less than the amount set forth on the signature
    page hereto, the aggregate purchase price of such Shares will be
    reduced proportionately.

 

    2.2 The Company intends to enter into agreements similar to
    this Agreement with certain other investors (the “Other
    Investors”) and expects to complete sales of Shares to
    them (The Investor and the Other Investors are hereinafter
    sometimes collectively referred to as the
    “Investors,” and this Agreement and the share
    purchase agreements executed by the Other Investors are
    hereinafter sometimes collectively referred to as the
    “Agreements.”).

 

    2.3 The Investor acknowledges that the Company intends to
    pay Morgan Stanley & Co. Incorporated. (the
    “Placement Agent”) a fee in respect of the sale
    of Shares to the Investors.

 

    3. Closings and Delivery of Shares and Funds.

 

    3.1 The completion of the purchase and sale of the Shares
    (the “Closing”) shall occur on
    December 29, 2009 (the “Closing Date”), at
    the offices of the Company’s counsel. At the Closing,
    (a) the Company shall cause the Transfer Agent to deliver
    in uncertificated form (by registering such shares in the share
    registry under the Direct Registration System, or DRS) to the
    Investor the Accepted Shares (as defined below) under the name
    of the Investor or such other name specified on the
    Investor’s signature page to the Agreement, and
    (b) the aggregate purchase price for the Accepted Shares
    (as defined below) shall be delivered by or on behalf of the
    Investor to the Company.

 

    3.2 If the Company receives commitments from Investors to
    purchase at least 2,310,000 Shares, but on the Closing Date, the
    Company has received from Investors in settlement of their
    commitments payment for less than 2,310,000 Shares, the
    Company shall have the right (but not the obligation) in its
    sole discretion to terminate this Agreement and the Offering. If
    the Company accepts an Investor’s offer to buy Shares in
    whole or in part, the Placement Agent shall notify the Investor
    at the telephone number provided on such Investor’s
    signature page hereto of the number of Shares the Company shall
    sell to such Investor and such Investor shall purchase such
    amount of Shares (the “Accepted Shares”).
    Payment by an Investor for the Accepted Shares shall be made by
    wire transfer of immediately available funds to the Escrow
    Agent. If JPMorgan Chase Bank, National Association, as the
    Company’s escrow agent (the “Escrow
    Agent”), determines that the conditions to the Closing
    (including that payment for at least 2,310,000 Shares have
    been received from Investors in settlement of their commitments)
    are met, it shall deliver the Investor’s payment to the
    Company, and the Company, upon receipt of such payment, shall
    instruct the Transfer Agent to deliver in uncertificated form
    (by registering such shares in the share registry under the DRS)
    to the Investor the Accepted Shares under the name of the
    Investor or such other name specified on the Investor’s
    signature page to the Agreement. If such conditions to the
    Closing are not satisfied, the Escrow Agent shall return the
    Investor’s funds to it, without interest.

 

    3.3 The Company’s obligation to issue and sell
    Accepted Shares to any Investor shall be subject to the
    following conditions, any one or more of which may be waived by
    the Company: (a) completion of the purchases and sales of
    2,310,000 Shares under the Agreements with the Investors
    and (b) the accuracy of the representations and warranties
    made by the Investors and the fulfillment of those undertakings
    of the Investors to be fulfilled prior to the Closing. The
    Investor’s obligation to purchase the Shares shall be
    subject to the condition that the Placement Agent shall not have
    terminated the Placement Agent Agreement dated

    

    A-1

 

    December 14, 2009, between the Company and the Placement
    Agent (the “Placement Agent Agreement”),
    pursuant to the terms thereof.

 

    3.4 The Investor shall remit by wire transfer the amount of
    funds equal to the aggregate purchase price for the Accepted
    Shares being purchased by such Investor to the following account
    designated by the Company pursuant to the terms of that certain
    Escrow Agreement (the “Escrow Agreement”)
    relating to the Offering, by and between the Company and the
    Escrow Agent:

 

	 	 	 
	

    Bank Name:

	
 
	
    JPMorgan Chase Bank N.A.

	

    ABA No.:

	
 
	
    021000021

	

    A/C:

	
 
	
    806033999

	

    A/C Name:

	
 
	
    Saia Escrow Account

	

    Additional Text (required):

	
 
	
    Attention: Greg Kupchynsky (212) 623-6812

 

    Such funds shall be remitted to the Escrow Agent prior to
    4:00 p.m., New York City time, on December 28, 2009
    and shall be held in escrow until the Closing and delivered by
    the Escrow Agent on behalf of the Investor to the Company upon
    the satisfaction, in the sole judgment of the Placement Agent,
    of the conditions to the parties’ obligations under this
    Agreement. The Investor agrees to indemnify and hold harmless
    the Placement Agent and the Escrow Agent and their respective
    directors, officers, employees and agents and each person who
    controls such Placement Agent or Escrow Agent within the meaning
    the Securities Act, and the Securities Exchange Act of 1934, as
    amended, against any and all losses, claims, damages or
    liabilities, joint or several, to which they or any of them may
    become subject (including, without limitation, legal or other
    expenses reasonably incurred in connection with investigating or
    defending the same) (“Losses”) arising under
    this Section 3.4 or otherwise with respect to the funds
    held in escrow pursuant hereto or arising under the Escrow
    Agreement, except for Losses resulting from the willful
    misconduct or gross negligence of such Placement Agent or Escrow
    Agent; provided however, that the Investor’s
    obligations under this sentence shall relate only to Losses
    arising from any act or failure to act by the Investor. Anything
    in this agreement to the contrary notwithstanding, in no event
    shall the Placement Agent or the Escrow Agent be liable for any
    special, indirect or consequential loss or damage of any kind
    whatsoever (including but not limited to lost profits), even if
    the Placement Agent or Escrow Agent have been advised of the
    likelihood of such loss or damage and regardless of the form of
    action.

 

    3.5 Simultaneously with the delivery to the Company by the
    Escrow Agent of the funds held in escrow pursuant to
    Section 3.4 above, the Company shall instruct the Transfer
    Agent to deliver in uncertificated form (by registering such
    shares in the share registry under the DRS) to the Investor the
    Accepted Shares under the name of the Investor or such other
    name specified on the Investor’s signature page to the
    Agreement.

 

    4. Representations, Warranties and Covenants of the
    Company.

 

    The Company hereby represents and warrants to, and covenants
    with, the Investor, that:

 

    4.1 The Company has full right, power, authority and
    capacity to enter into this Agreement and to consummate the
    transactions contemplated hereby and has taken all necessary
    action to authorize the execution, delivery and performance of
    this Agreement.

 

    4.2 The Company has the requisite corporate power and
    authority to issue and sell the Shares. The Shares being
    purchased by the Investor hereunder will, upon issuance and
    payment therefor pursuant to the terms hereof, be duly
    authorized, validly issued and fully-paid and nonassessable.

 

    4.3 After taking into account the matters relating to the
    Company’s public filings with the Securities and Exchange
    Commission (“SEC”) in the Company’s
    Form 10-K
    for the year ended December 31, 2008,
    Forms 10-Q
    for the quarterly periods ended March 31, June 30 and
    September 30, 2009, and
    Forms 8-K
    filed during 2009, including any amendments thereto
    (collectively, the “Exchange Act Filings”), the
    Exchange Act Filings, taken as a whole, as of the time filed
    with the SEC, the Private Placement Memorandum, dated
    December 22, 2009 (the “Private Placement
    Memorandum”), as of the date of the Agreements and as
    of the Closing Date, and any amendments or supplements thereto,
    as of their date and as of the Closing Date, did not

    

    A-2

 

    and will not contain any untrue statement of a material fact or
    omit to state a material fact required to be stated therein or
    necessary in order to make the statements made therein, taken as
    a whole, in light of the circumstances under which they were
    made, not misleading.

 

    5. Representations, Warranties and Covenants of the
    Investor.

 

    The Investor hereby represents and warrants to, and covenants
    with, the Company and the Placement Agent that:

 

    5.1 (1) The Investor is (a) a QIB as defined in
    Rule 144A under the Securities Act, (b) aware that the
    sale of the Shares to it is being made in reliance on a private
    placement exemption from registration under the Securities Act
    and (c) acquiring the Shares for its own account or for the
    account over which it exercises sole investment discretion of a
    QIB and not with a view to distribution.

 

    (2) The Investor understands and agrees on behalf of itself
    and on behalf of any investor account for which it is purchasing
    Shares, and each subsequent holder of Shares by its acceptance
    thereof will be deemed to agree, that the Shares are being
    offered in a transaction not involving any public offering
    within the meaning of the Securities Act, that the Shares have
    not been and will not be registered under the Securities Act or
    any other applicable securities laws and that (a) if it
    decides to offer, resell, pledge or otherwise transfer any of
    the Shares, such Shares may be offered, resold, pledged or
    otherwise transferred only (i) to a person whom the seller
    reasonably believes is a QIB in a transaction meeting the
    requirements of Rule 144A, (ii) pursuant to an
    exemption from the registration requirements of the Securities
    Act, including the exemption provided by Rule 144 under the
    Securities Act (if available), (iii) pursuant to an
    effective registration statement under the Securities Act, or
    (iv) to the Company, or one of its subsidiaries, in each of
    cases (i) through (iv) in accordance with any
    applicable securities laws of any state of the United States,
    and that (b) the Investor will, and each subsequent holder
    is required to, notify any subsequent purchaser of the Shares
    from it of the resale restrictions referred to in (a) above
    and will provide the Company and the Transfer Agent such
    certificates and other information as they may reasonably
    require to confirm that any transfer by such Investor of any
    Shares complies with the foregoing restrictions, if applicable.
    So long as the shares are in uncertificated form and registered
    directly on the share registry, the Transfer Agent will not
    permit transfers of such shares except in compliance with such
    restrictions.

 

    (3) The Investor understands that the Shares, unless sold
    in compliance with Rule 144 under the Securities Act or
    pursuant to the registration statement to be filed pursuant to
    the Registration Rights Agreement, will, if issued in
    certificated form, bear a legend substantially to the following
    effect:

 

    THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
    FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF
    1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS
    SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN
    THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
    EXEMPTION THEREFROM.

 

    THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE
    COMPANY THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD,
    PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO A PERSON WHOM
    THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
    BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN
    A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A,
    (II) PURSUANT TO AN EXEMPTION FROM THE REGISTRATION
    REQUIREMENTS OF THE SECURITIES ACT, INCLUDING THE
    EXEMPTION PROVIDED BY RULE 144 UNDER THE SECURITIES
    ACT (IF AVAILABLE), SUBJECT TO THE ISSUER’S RIGHT PRIOR TO
    ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO THIS CLAUSE
    (II) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
    CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO IT AND/OR
    ITS TRANSFER AGENT THAT ANY SUCH EXEMPTION IS AVAILABLE TO
    THE HOLDER, (III) PURSUANT TO AN EFFECTIVE REGISTRATION
    STATEMENT UNDER THE SECURITIES ACT OR (IV) TO THE ISSUER OR
    ANY OF ITS SUBSIDIARIES, IN EACH OF CASES (I) THROUGH
    (IV) IN ACCORDANCE 

    

    A-3

 

    WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
    UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT
    HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER OF THIS
    SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
    (A) ABOVE.

 

    (4) It:

 

    (a) is able to fend for itself in the transactions
    contemplated by the Private Placement Memorandum referred to
    herein;

 

    (b) has such knowledge and experience in financial and
    business matters as to be capable of evaluating the merits and
    risks of its prospective investment in the Shares;

 

    (c) has the ability to bear the economic risks of its
    prospective investment and can afford the complete loss of such
    investment; and

 

    (d) acknowledges that it is not acquiring the Shares as a
    result of any “general solicitation” or “general
    advertising” (within the meaning of Rule 502(c) under
    the Securities Act), including advertisements, articles, notices
    or other communications published in any newspaper, magazine, on
    a web site or in or on any similar media, or broadcast over
    radio or television, or any seminar or meeting whose attendees
    have been invited by general solicitation or general advertising.

 

    (5) The Investor has received a copy of the Private
    Placement Memorandum and acknowledges that (a) it has
    conducted its own investigation of the Company and the Shares
    and, in conducting its investigation, it has not relied on the
    Placement Agent or on any statements or other information
    provided by the Placement Agent concerning the Company or the
    terms of this offering, (b) it has had access to the
    Company’s Exchange Act Filings and such financial and other
    information as it has deemed necessary to make its decision to
    purchase the Shares, (c) has been offered the opportunity
    to ask questions of the Company and received answers thereto, as
    it has deemed necessary in connection with its decision to
    purchase the Shares, and (d) it will not hold the Placement
    Agent responsible for any statements in or omissions from any
    publicly available information, including the Company’s
    Exchange Act Filings and the Private Placement Memorandum.

 

    (6) The Investor understands that the Company, the
    Placement Agent and others will rely upon the truth and accuracy
    of the representations, acknowledgements and agreements
    contained herein and agrees that if any of the representations
    and acknowledgements deemed to have been made by it by its
    purchase of the Shares is no longer accurate, the Investor shall
    promptly notify the Company and the Placement Agent. If the
    Investor is acquiring Shares as a fiduciary or agent for one or
    more QIB investor accounts, it represents that it has sole
    investment discretion with respect to each such account, and it
    has full power to make the foregoing representations,
    acknowledgements and agreements on behalf of such account.

 

    5.2 The Investor acknowledges that the Placement Agent and
    its directors, officers, employees, representatives and
    controlling persons have no responsibility for making any
    independent investigation of the information contained in the
    Private Placement Memorandum and make no representation or
    warranty to the Investor, express or implied, with respect to
    the Company or the Shares or the accuracy, completeness or
    adequacy of the Private Placement Memorandum or any publicly
    available information, nor shall any of the foregoing persons be
    liable for any loss or damages of any kind resulting from the
    use of the information contained therein or otherwise supplied
    to the Investor.

 

    5.3 The Investor acknowledges that no action has been or
    will be taken in any jurisdiction by the Company or the
    Placement Agent that would permit an offering of the Shares, or
    possession or distribution of offering materials in connection
    with the issue of the Shares (including any filing of a
    registration statement), in any jurisdiction where action for
    that purpose is required. Each Investor will comply with all
    applicable laws and regulations in each jurisdiction in which it
    purchases, offers, sells or delivers Shares or has in its
    possession or distributes any offering material, in all cases at
    its own expense.

 

    5.4 The Investor has full right, power, authority and
    capacity to enter into this Agreement and to consummate the
    transactions contemplated hereby and has taken all necessary
    action to authorize the execution, delivery and performance of
    this Agreement, and this Agreement constitutes a valid, binding,

    

    A-4

 

    and enforceable obligation of the Investor, except as the
    enforceability of the Agreement may be subject to or limited by
    bankruptcy, insolvency, reorganization, arrangement, moratorium,
    other similar laws relating to or affecting the rights of
    creditors generally.

 

    5.5 The entry into and performance of this Agreement by the
    Investor and the consummation by the Investor of the
    transactions contemplated hereby and thereby will not
    (i) result in a violation of the organizational documents
    of the Investor, (ii) conflict with, or constitute a
    default under, or give to others any rights of termination,
    amendment, acceleration or cancellation of, any agreement,
    indenture or instrument to which the Investor is a party, or
    (iii) result in the violation of any law, rule, regulation,
    order, judgment or decree (including federal and state
    securities laws) applicable to the Investor, except in the case
    of clauses (ii) and (iii) above, for such conflicts,
    defaults, rights or violations which would not, individually or
    in the aggregate, reasonably be expected to have a material
    adverse effect on the ability of the Investor to perform its
    obligations hereunder.

 

    5.6 The Investor understands that nothing in the Private
    Placement Memorandum, this Agreement or any other materials
    presented to the Investor in connection with the purchase and
    sale of the Shares constitutes legal, tax or investment advice.
    The Investor has consulted such legal, tax and investment
    advisors as it, in its sole discretion, has deemed necessary or
    appropriate in connection with its purchase of the Shares and
    has made its own assessment and has satisfied itself concerning
    the relevant tax and other economic considerations relevant to
    its investment in the Shares.

 

    6. Survival of Representations, Warranties and
    Agreements.  Notwithstanding any investigation
    made by any party to this Agreement, all covenants, agreements,
    representations and warranties made by the Company and the
    Investor herein shall survive the execution of this Agreement,
    the delivery to the Investor of the Shares being purchased and
    the payment therefor.

 

    7. Notices.  All notices, requests,
    consents and other communications hereunder shall be in writing
    and shall be delivered (A) if within the domestic United
    States, by first-class registered or certified mail, or
    nationally recognized overnight express courier, postage
    prepaid, or by facsimile, or (B) otherwise by International
    Federal Express or facsimile, and shall be deemed given
    (i) if delivered by first-class registered or certified
    mail, three business days after so mailed, (ii) if
    delivered by a nationally recognized overnight carrier, one
    business day after so mailed, (iii) if delivered by
    International Federal Express, two business days after so mailed
    and (iv) if delivered by facsimile, upon electronic
    confirmation of receipt and shall be delivered as addressed as
    follows:

 

    (a) if to the Company, to:

 

    Saia, Inc.

    11465 Johns Creek Parkway, Suite 400

    Johns Creek, Georgia 30097

    Attention: Chief Financial Officer

 

    with a copy to:

 

    Bryan Cave LLP

    One Kansas City Place

    1200 Main Street, Suite 3500

    Kansas City, Missouri
    64105-2100
    

    Attention: Robert Barnes

 

    (b) if to the Investor, at its address on the signature
    page hereto, or at such other address or addresses as may have
    been furnished to the Company in writing.

 

    8. Changes.  Except as contemplated
    herein, this Agreement may not be modified or amended except
    pursuant to an instrument in writing signed by the Company and
    the Investor; provided that if such modification or amendment
    could affect the rights of the Placement Agent under this
    Agreement, such instrument shall not be effective unless also
    signed by the Placement Agent.

 

    9. Headings.  The headings of the
    various sections of this Agreement have been inserted for
    convenience or reference only and shall not be deemed to be part
    of this Agreement.

    

    A-5

 

    10. Severability.  In case any
    provision contained in this Agreement should be invalid, illegal
    or unenforceable in any respect, the validity, legality and
    enforceability of the remaining provisions contained herein
    shall not in any way be affected or impaired thereby.

 

    11. Applicable Law;
    Jurisdiction.  This Agreement will be governed
    by and construed in accordance with the laws of the State of New
    York applicable to contracts made and to be performed within the
    State of New York. Each party hereby irrevocably submits to
    the exclusive jurisdiction of the state and federal courts
    sitting in the City of New York, Borough of Manhattan, for the
    adjudication of any dispute hereunder or in connection herewith
    or with any transaction contemplated hereby or discussed herein,
    and hereby irrevocably waives, and agrees not to assert in any
    suit, action or proceeding, any claim that it is not personally
    subject to the jurisdiction of any such court, that such suit,
    action or proceeding is brought in an inconvenient forum or that
    the venue of such suit, action or proceeding is improper. Each
    party hereby irrevocably waives personal service of process and
    consents to process being served in any such suit, action or
    proceeding by mailing a copy thereof to such party at the
    address for such notices to it under this Agreement and agrees
    that such service shall constitute good and sufficient service
    of process and notice thereof. Nothing contained herein shall be
    deemed to limit in any way any right to serve process in any
    manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES
    ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL
    FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
    WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
    CONTEMPLATED HEREBY.

 

    12. Counterparts.  This Agreement
    may be signed in one or more counterparts, each of which shall
    constitute an original and all of which together shall
    constitute one and the same agreement.

 

    13. Third Party Beneficiary.  The
    Investor acknowledges that the Placement Agent is a third party
    beneficiary entitled to rely on this Agreement and receive the
    benefits of the representations, warranties and covenants made
    by, and the responsibilities of, the Investor under this
    Agreement.

    

    A-6

 

 

    APPENDIX I
    TO THE SHARE PURCHASE AGREEMENT

    

 

    REGISTRATION
    RIGHTS AGREEMENT

 

    This Registration Rights Agreement (this “Agreement” )
    is made and entered into as of December 22, 2009, by and
    among Saia, Inc., a Delaware corporation (the
    “Company”), and the investors signatory hereto (each a
    “Investor” and collectively, the “Investors”
    ).

 

    The Company and the Investors are parties to the Share Purchase
    Agreement dated December 22, 2009 (the “Purchase
    Agreement”), which provides for the sale by the Company to
    the Investors of 2,310,000 shares of the Company’s
    common stock, par value $0.001 per share (“Common
    Stock”). As an inducement to the Investors to enter into
    the Purchase Agreement, the Company has agreed to provide to the
    Investors the registration rights set forth in this Agreement.

 

    The Company and the Investors hereby agree as follows:

 

    1. Definitions.  Capitalized terms
    used and not otherwise defined herein that are defined in the
    Purchase Agreement will have the meanings given such terms in
    the Purchase Agreement. As used in this Agreement, the following
    terms have the respective meanings set forth in this
    Section 1:

 

    “Advice” has the meaning set forth in
    Section 6(c).

 

    “Affiliate” means, with respect to any person,
    any other person which directly or indirectly controls, is
    controlled by, or is under common control with, such person.

 

    “Commission” means the U.S. Securities and
    Exchange Commission.

 

    “Common Stock” has the meaning set forth in the
    premable.

 

    “Company” has the meaning set forth in the
    preamble and shall also include the Company’s successors.

 

    “Effective Date” means, as to the Registration
    Statement, the date on which such Registration Statement is
    first declared effective by the Commission.

 

    “Effectiveness Date” means the
    60th

    calendar day following the Closing Date; provided, that,
    if the Commission reviews and has written comments to the filed
    Registration Statement that would require the filing of a
    pre-effective amendment thereto with the Commission, then the
    Effectiveness Date under this clause shall be the earlier of
    (i) as promptly as practicable based on the reasonable best
    efforts by the Company and in no event later than the 120th
    calendar day following the Closing Date, and (ii) the fifth
    Trading Day following the date on which the Company is notified
    by the Commission that the Registration Statement will not be
    reviewed or is no longer subject to further review and comments.

 

    “Effectiveness Period” has the meaning set
    forth in Section 2(a).

 

    “Exchange Act” means the Securities Exchange
    Act of 1934, as amended.

 

    “Event” has the meaning set forth in
    Section 2(b).

 

    “Event Date” has the meaning set forth in
    Section 2(b).

 

    “Filing Date” means the
    30th

    calendar day following the Closing Date.

 

    “Holder” or “Holders” means
    the holder or holders, as the case may be, from time to time of
    Registrable Securities.

 

    “Losses” has the meaning set forth in
    Section 5(a).

 

    “New York Courts” means the state and federal
    courts sitting in the City of New York, Borough of Manhattan.

    

    A-I-1

 

    “Person” means an individual, a limited
    liability company, a partnership, a joint venture, a
    corporation, a trust, an unincorporated organization, a
    government or any department or agency thereof, or other entity
    of any kind.

 

    “Proceeding” means an action, claim, suit,
    investigation or proceeding (including, without limitation, an
    investigation or partial proceeding, such as a deposition),
    whether commenced or threatened.

 

    “Prospectus” means the prospectus included in
    the Registration Statement (including, without limitation, a
    prospectus that includes any information previously omitted from
    a prospectus filed as part of an effective registration
    statement in reliance upon Rule 430A promulgated under the
    Securities Act), as amended or supplemented by any prospectus
    supplement, with respect to the terms of the offering of any
    portion of the Registrable Securities covered by the
    Registration Statement, and all other amendments and supplements
    to the Prospectus, including post-effective amendments, and all
    material incorporated by reference or deemed to be incorporated
    by reference in such Prospectus.

 

    “Purchase Agreement” has the meaning set forth
    in the preamble.

 

    “Registrable Securities” means the Shares and
    any shares of Common Stock issued with respect to the Shares as
    a result of any stock split, dividend or other distribution,
    recapitalization or similar event.

 

    “Registration Actions” has the meaning set
    forth in Section 2(c).

 

    “Registration Statement” means the registration
    statement required to be filed in accordance with
    Section 2(a), including the Prospectus, amendments and
    supplements to such registration statement or Prospectus,
    including pre- and post-effective amendments, all exhibits
    thereto, and all material incorporated by reference or deemed to
    be incorporated by reference therein.

 

    “Rule 144” means Rule 144 promulgated
    by the Commission pursuant to the Securities Act, as such Rule
    may be amended from time to time, or any similar rule or
    regulation hereafter adopted by the Commission having
    substantially the same effect as such Rule.

 

    “Rule 415” means Rule 415 promulgated
    by the Commission pursuant to the Securities Act, as such Rule
    may be amended from time to time, or any similar rule or
    regulation hereafter adopted by the Commission having
    substantially the same effect as such Rule.

 

    “Rule 424” means Rule 424 promulgated
    by the Commission pursuant to the Securities Act, as such Rule
    may be amended from time to time, or any similar rule or
    regulation hereafter adopted by the Commission having
    substantially the same effect as such Rule.

 

    “Securities Act” means the Securities Act of
    1933, as amended.

 

    “Selling Holder Questionnaire” has the meaning
    set forth in Section 2(d).

 

    “Shares” means the shares of Common Stock
    issued or issuable to the Investors pursuant to the Purchase
    Agreement.

 

    “Suspension Notice” has the meaning set forth
    in Section 2(c).

 

    “Suspension Period” has the meaning set forth
    in Section 2(c).

 

    2. Registration.

 

    (a) On or prior to the Filing Date, the Company shall
    prepare and file with the Commission a Registration Statement
    covering the resale of all Registrable Securities not already
    covered by an existing and effective registration statement for
    an offering to be made on a continuous basis pursuant to
    Rule 415, on
    Form S-3
    (or on such other form appropriate for such purpose). Such
    Registration Statement shall contain (except if otherwise
    required pursuant to written comments received from the
    Commission upon a review of such Registration Statement) the
    “Selling Stockholders” and “Plan of
    Distribution” sections substantially in the form attached
    hereto as Annex A. The Company shall use
    commercially reasonable efforts to have the Registration
    Statement declared effective by the Commission as soon as
    practicable, but in no event later than the Effectiveness Date,
    and shall use its commercially reasonable efforts to keep the
    Registration Statement

    

    A-I-2

 

    continuously effective pursuant to Rule 415 at all times
    until the earlier of (i) the date on which all Registrable
    Securities covered by the Registration Statement as amended from
    time to time, have been sold, (ii) the date on which all
    Registrable Securities covered by the Registration Statement
    (other than with respect to Registrable Securities owned by
    Affiliates of the Company) may be sold pursuant to Rule 144
    without being subject to any public information or volume
    limitation or (iii) one (1) year from the date of the
    Purchase Agreement (the “Effectiveness Period”), in
    each case plus the number of days equal to the number of days of
    the Suspension Period during the Effectiveness Period, if any.
    By 5:00 p.m. (New York City time) on the Trading Day
    immediately following the Effective Date, the Company shall file
    with the Commission in accordance with Rule 424 under the
    Securities Act the final Prospectus to be used in connection
    with sales pursuant to such Registration Statement (whether or
    not such filing is technically required under such Rule).

 

    (b) If: (i) the Registration Statement is not filed on
    or prior to the Filing Date, (ii) the Registration
    Statement is not declared effective by the Commission on or
    prior to the required Effectiveness Date or (iii) after its
    Effective Date, the Registration Statement ceases for any reason
    to be effective and available to the Holders as to all
    Registrable Securities to which it is required to cover at any
    time prior to the expiration of its Effectiveness Period for
    more than an aggregate of 30 Trading Days during any
    12-month
    period (which need not be consecutive) (other than during a
    Suspension Period (as defined in Section 2(c) below) (any
    such failure or breach being referred to as an
    “Event,” and for purposes of clauses (i) or
    (ii) the date on which such Event occurs, or for purposes
    of clause (iii) the date which such 30 Trading Day-period
    is exceeded, being referred to as “Event Date”), then
    in addition to any other rights the Holders may have hereunder
    or under applicable law: on the last day of each
    30-day
    period after each such Event Date (if the applicable Event shall
    not have been cured by such date) until the applicable Event is
    cured, the Company shall pay to each Holder an amount in cash,
    as partial liquidated damages and not as a penalty, equal to one
    percent (1.0%) of the aggregate purchase price paid by such
    Holder for Shares pursuant to the Purchase Agreement. The
    parties agree that (1) in no event will the Company be
    liable for liquidated damages under this Agreement in excess of
    one percent (1.0%) of the aggregate purchase price paid by such
    Holder for Shares pursuant to the Purchase Agreement in any
    30-day
    period, and (2) the maximum aggregate liquidated damages
    payable to a Holder under this Agreement shall be six percent
    (6%) of the aggregate purchase price paid by such Holder for
    Shares pursuant to the Purchase Agreement. The partial
    liquidated damages pursuant to the terms hereof shall apply on a
    daily pro-rata basis for any portion of each
    30-day
    period prior to the cure of an Event, and shall cease to accrue
    (unless earlier cured) upon the expiration of the Effectiveness
    Period.

 

    (c) Subject to the limitation set forth in the next
    succeeding paragraph, the Company shall be entitled to delay the
    Filing Date of the Registration Statement, suspend its
    obligation to file any amendment to the Registration Statement,
    furnish any supplement or amendment to a prospectus included in
    the Registration Statement, make any other filing with the
    Commission that would be incorporated by reference into the
    Registration Statement, cause the Registration Statement to be
    declared or remain effective or take any similar action
    (collectively, “Registration Actions”) if there is a
    possible acquisition or business combination or other
    transaction, business development or event involving the Company
    and its subsidiary that may require disclosure in the
    Registration Statement and the Company determines in the
    exercise of its good faith judgment that such disclosure is not
    in the best interest of the Company and its stockholders or
    obtaining any financial statements relating to any such
    acquisition or business combination required to be included in
    the Registration Statement would be impracticable or upon any
    event described in Section 3(c)(v). Upon the occurrence of
    any of the conditions described in the foregoing sentence, the
    Company shall give prompt notice (a “Suspension
    Notice”) thereof to the Holders. Upon the termination of
    such condition, the Company shall give prompt notice thereof to
    the Holders and shall promptly proceed with all Registration
    Actions that were suspended pursuant to this paragraph.

 

    The Company may suspend Registration Actions pursuant to the
    preceding paragraph for one or more periods (each, a
    “Suspension Period”) not to exceed 30 days in any
    single Suspension Period and 90 days in the aggregate
    during any twelve month period, during which no damages shall be
    payable pursuant to Section 2(b) as a result thereof. If
    one or more Suspension Periods exceed 90 days in the
    aggregate during any twelve month period, then damages shall
    begin to accrue on the 91st day until such Suspension
    Period ends. Each Suspension Period shall be deemed to begin on
    the date the relevant Suspension Notice is given to the Holders
    and shall end

    

    A-I-3

 

    on the date on which the Company gives the Holders a notice that
    the Suspension Period has terminated. Notwithstanding anything
    to the foregoing, the Company shall at all times use its
    commercially reasonable efforts to end any Suspension Period at
    the earliest possible time.

 

    (d) Each Holder agrees to furnish to the Company a
    completed Questionnaire in the form attached to this Agreement
    as Annex B, or a substantially similar form (a
    “Selling Holder Questionnaire”). The Company shall not
    be required to include the Registrable Securities of a Holder in
    the Registration Statement and shall not be required to pay any
    liquidated or other damages under Section 2(b) to any
    Holder who fails to furnish to the Company a fully completed
    Selling Holder Questionnaire at least 10 Trading Days prior to
    the Filing Date (subject to the requirements set forth in
    Section 3(a)).

 

    3. Registration Procedures.

 

    In connection with the Company’s registration obligations
    hereunder, the Company shall:

 

    (a) Not less than five (5) Trading Days prior to the
    filing of the Registration Statement or any related Prospectus
    or any amendment or supplement thereto, the Company shall
    furnish to each Holder copies of the “Selling
    Stockholders” and the “Plan of Distribution”
    sections as proposed to be filed which documents will be subject
    to the review of such Holder. Investor shall provide any
    comments in writing within two (2) Trading Days after
    receipt of a document for review pursuant to the previous
    sentence. The Company shall not be required to include any
    Registrable Securities of any Investor in a Registration
    Statement if required information from such Investor is not
    furnished to the Company within the two (2) Trading Day
    time period. The Company shall not file the Registration
    Statement, any Prospectus or any amendments or supplements
    thereto in which the “Selling Stockholder” section
    thereof differs from the disclosure received from a Holder in
    its Selling Holder Questionnaire (as amended or supplemented).

 

    (b) (i) Prepare and file with the Commission such
    amendments, including post-effective amendments, to the
    Registration Statement and the Prospectus used in connection
    therewith as may be necessary to keep such Registration
    Statement continuously effective as to the applicable
    Registrable Securities for its Effectiveness Period;
    (ii) cause the related Prospectus to be amended or
    supplemented by any required Prospectus supplement, and as so
    supplemented or amended to be filed pursuant to Rule 424;
    (iii) respond as promptly as reasonably possible to any
    comments received from the Commission with respect to the
    Registration Statement or any amendment thereto and, as promptly
    as reasonably possible provide the Holders true and complete
    copies of all correspondence from and to the Commission relating
    to such Registration Statement that would not result in the
    disclosure to the Holders of material and non-public information
    concerning the Company; and (iv) comply in all material
    respects with the provisions of the Securities Act and the
    Exchange Act with respect to the Registration Statement and the
    disposition of all Registrable Securities covered by such
    Registration Statement.

 

    (c) Notify the Holders as promptly as reasonably possible
    and (if requested by any such Person) confirm such notice in
    writing no later than two (2) Trading Days following the
    day (i)(A) when a Prospectus or any Prospectus supplement or
    post-effective amendment to the Registration Statement has been
    filed; (B) when the Commission notifies the Company whether
    there will be a “review” of such Registration
    Statement and whenever the Commission comments in writing on
    such Registration Statement (the Company shall provide true and
    complete copies thereof and all written responses thereto to
    each of the Holders that pertain to the Holders as a
    “Selling Stockholder” or to the “Plan of
    Distribution”, but not information which the Company
    believes would constitute material and non-public information);
    (C) with respect to the Registration Statement or any
    post-effective amendment, when the same has become effective;
    and (D) when in the Company’s reasonable determination
    a post-effective amendment to the Registration Statement would
    be appropriate (ii) of any request by the Commission or any
    other federal or state governmental authority for amendments or
    supplements to the Registration Statement or Prospectus or for
    additional information; (iii) of the issuance by the
    Commission of any stop order suspending the effectiveness of the
    Registration Statement covering any or all of the Registrable
    Securities or the initiation of any Proceedings for that
    purpose; (iv) of the receipt by the Company of any
    notification with respect to the suspension of the qualification
    or exemption from qualification of any of the Registrable
    Securities for sale in any jurisdiction, or the initiation or
    threatening of any Proceeding for

    

    A-I-4

 

    such purpose; and (v) of the occurrence of any event or
    passage of time that makes the financial statements included in
    the Registration Statement ineligible for inclusion therein or
    any statement made in such Registration Statement or Prospectus
    or any document incorporated or deemed to be incorporated
    therein by reference untrue in any material respect or that
    requires any revisions to such Registration Statement,
    Prospectus or other documents so that, in the case of such
    Registration Statement or the Prospectus, as the case may be, it
    will not contain any untrue statement of a material fact or omit
    to state any material fact required to be stated therein or
    necessary to make the statements therein, in light of the
    circumstances under which they were made, not misleading.

 

    (d) Use its commercially reasonable efforts to avoid the
    issuance of, or, if issued, obtain the withdrawal of
    (i) any order suspending the effectiveness of the
    Registration Statement, or (ii) any suspension of the
    qualification (or exemption from qualification) of any of the
    Registrable Securities for sale in any jurisdiction, at the
    earliest practicable moment.

 

    (e) Furnish to each Holder, without charge, at least one
    conformed copy of the Registration Statement and each amendment
    thereto and all exhibits to the extent requested by such Person
    (including those previously furnished) promptly after the filing
    of such documents with the Commission.

 

    (f) Promptly deliver to each Holder, without charge, as
    many copies of each Prospectus or Prospectuses (including each
    form of prospectus) and each amendment or supplement thereto as
    such Persons may reasonably request. The Company hereby consents
    to the use of such Prospectus and each amendment or supplement
    thereto by each of the selling Holders in connection with the
    offering and sale of the Registrable Securities covered by such
    Prospectus and any amendment or supplement thereto.

 

    (g) Prior to any public offering of Registrable Securities,
    use commercially reasonable efforts to register or qualify, or
    exempt therefrom such Registrable Securities for offer and sale
    under the securities or blue sky laws of all jurisdictions
    within the United States, to keep each such registration or
    qualification (or exemption therefrom) effective during the
    Effectiveness Period and to do any and all other acts or things
    necessary or advisable to enable the disposition in such
    jurisdictions of the Registrable Securities covered by the
    Registration Statement; provided, however, that the Company
    shall not be required in connection therewith or as a condition
    thereto to (i) qualify to do business in any jurisdiction
    where it would not otherwise be required to qualify but for this
    Section 3(g), (ii) subject itself to general taxation
    in any jurisdiction where it would not otherwise be so subject
    but for this Section 3(g), or (iii) file a general
    consent to service of process in any such jurisdiction.

 

    (h) Cooperate with the Holders to facilitate the timely
    preparation and delivery of certificates representing
    Registrable Securities to be delivered to a transferee pursuant
    to the Registration Statement, which certificates shall be free,
    to the extent permitted by the Purchase Agreement, of all
    restrictive legends, and to enable such Registrable Securities
    to be in such denominations and registered in such names as any
    such Holders may request.

 

    (i) Upon the occurrence of any event contemplated by
    Section 3(c)(v), as promptly as commercially reasonable,
    prepare a supplement or amendment, including a post-effective
    amendment, to the Registration Statement or a supplement to the
    related Prospectus or any document incorporated or deemed to be
    incorporated therein by reference, and file any other required
    document so that, as thereafter delivered, neither the
    Registration Statement nor the Prospectus will contain an untrue
    statement of a material fact or omit to state a material fact
    required to be stated therein or necessary to make the
    statements therein, in light of the circumstances under which
    they were made, not misleading.

 

    (j) Use commercially reasonable efforts to cause all
    Registrable Securities covered by a Registration Statement to be
    listed on each securities exchange, interdealer quotation system
    or other market on which similar securities issued by the
    Company are then listed and use commercially reasonable efforts
    to maintain such listing.

 

    (k) Use commercially reasonable efforts to make and keep
    public information available, as that term is understood and
    defined in Rule 144 under the Securities Act, at all times.

    

    A-I-5

 

    (l) If, after the execution of this Agreement, the
    Commission informs the Company that one or more of the Holders
    may be an underwriter of Registrable Securities, at the request
    of the Company, such Investor shall reasonably cooperate with
    the Company in amending the Registration Statement to reflect
    the fact that such Investor may be an underwriter.

 

    (m) The Company shall use commercially reasonable efforts
    to maintain compliance with the eligibility requirements of
    Form S-3
    so that such form is continuously available for the registration
    of the resale of Registrable Securities during the Registration
    Period.

 

    4. Registration Expenses.  All
    expenses, other than underwriting discounts and commissions or
    as otherwise provided in this Agreement, incurred in connection
    with registrations, filings or qualifications pursuant to
    Sections 2 and 3, including, without limitation, all
    registration, listing and qualifications fees, printer’s
    and accounting fees, and fees and disbursements of counsel for
    the Company shall be paid by the Company.

 

    5. Indemnification.

 

    (a) Indemnification by the
    Company.  The Company shall, notwithstanding
    any termination of this Agreement, indemnify and hold harmless
    each Holder, the officers, directors, agents, investment
    advisors, partners, members and employees of each of them, each
    Person who controls any such Holder (within the meaning of
    Section 15 of the Securities Act or Section 20 of the
    Exchange Act), to the fullest extent permitted by applicable
    law, from and against any and all losses, claims, damages,
    liabilities, costs (including, without limitation, reasonable
    costs of preparation and reasonable attorneys’ fees) and
    expenses (collectively, “Losses”), as incurred,
    arising out of or relating to any untrue or alleged untrue
    statement of a material fact contained in the Registration
    Statement, any Prospectus or any form of prospectus or in any
    amendment or supplement thereto or in any preliminary
    prospectus, or free writing prospectus, or arising out of or
    relating to any omission or alleged omission of a material fact
    required to be stated therein or necessary to make the
    statements therein (in the case of any Prospectus or form of
    prospectus or supplement thereto, in light of the circumstances
    under which they were made) not misleading, except to the
    extent, but only to the extent, that (1) such untrue
    statements or omissions are based solely upon information
    regarding such Holder furnished in writing to the Company by
    such Holder expressly for use therein, or to the extent that
    such information relates to such Holder or such Holder’s
    proposed method of distribution of Registrable Securities and
    was reviewed and expressly approved in writing by such Holder
    expressly for use in the Registration Statement, such Prospectus
    or such form of Prospectus or in any amendment or supplement
    thereto (it being understood that the Holder has approved
    Annex A hereto for this purpose) or (2) in the case of
    an occurrence of a Suspension Period or an event of the type
    specified in Section 3(c), the use by such Holder of an
    outdated or defective Prospectus after the Company has notified
    such Holder in writing that the Prospectus is outdated or
    defective and prior to the receipt by such Holder of an Advice
    or an amended or supplemented Prospectus, but only if and to the
    extent that following the receipt of the Advice or the amended
    or supplemented Prospectus the misstatement or omission giving
    rise to such Loss would have been corrected. The Company shall
    notify the Holders promptly of the institution, threat or
    assertion of any Proceeding of which the Company is aware in
    connection with the transactions contemplated by this Agreement.

 

    (b) Indemnification by
    Holders.  Each Holder shall, severally and not
    jointly, indemnify and hold harmless the Company, its directors,
    officers, agents and employees, each Person who controls the
    Company (within the meaning of Section 15 of the Securities
    Act and Section 20 of the Exchange Act), and the directors,
    officers, agents or employees of such controlling Persons, to
    the fullest extent permitted by applicable law, from and against
    all Losses, as incurred, arising solely out of or based solely
    upon any untrue statement of a material fact contained in the
    Registration Statement, any Prospectus, or any form of
    prospectus, or in any amendment or supplement thereto, or
    arising solely out of or based solely upon any omission of a
    material fact required to be stated therein or necessary to make
    the statements therein not misleading to the extent, but only to
    the extent that, (1) such untrue statements or omissions
    are based solely upon information regarding such Holder
    furnished in writing to the Company by such Holder expressly for
    use therein, or to the extent that such information relates to
    such Holder or such Holder’s proposed method of
    distribution of Registrable Securities and was reviewed and
    expressly approved in writing by such Holder expressly for use
    in the Registration

    

    A-I-6

 

    Statement (it being understood that the Holder has approved
    Annex A hereto for this purpose), such Prospectus or such
    form of Prospectus or in any amendment or supplement thereto or
    (2) in the case of an occurrence of a Suspension Period or
    an event of the type specified in Section 3(c), the use by
    such Holder of an outdated or defective Prospectus after the
    Company has notified such Holder in writing that the Prospectus
    is outdated or defective and prior to the receipt by such Holder
    of an Advice or an amended or supplemented Prospectus, but only
    if and to the extent that following the receipt of the Advice or
    the amended or supplemented Prospectus the misstatement or
    omission giving rise to such Loss would have been corrected. In
    no event shall the liability of any selling Holder hereunder be
    greater in amount than the dollar amount of the net proceeds
    received by such Holder upon the sale of the Registrable
    Securities giving rise to such indemnification obligation.

 

    (c) Conduct of Indemnification
    Proceedings.  Any person entitled to
    indemnification hereunder shall (i) give prompt notice to
    the indemnifying party of any claim with respect to which it
    seeks indemnification and (ii) permit such indemnifying
    party to assume the defense of such claim with counsel
    reasonably satisfactory to the indemnified party;
    provided that any person entitled to indemnification
    hereunder shall have the right to employ separate counsel and to
    participate in the defense of such claim, but the fees and
    expenses of such counsel shall be at the expense of such person
    unless (a) the indemnifying party has agreed to pay such
    fees or expenses, or (b) the indemnifying party shall have
    failed to promptly assume the defense of such claim and employ
    counsel reasonably satisfactory to such person or (c) in
    the reasonable judgment of any such person, based upon advice of
    its counsel, a conflict of interest exists between such person
    and the indemnifying party with respect to such claims (in which
    case, if the person notifies the indemnifying party in writing
    that such person elects to employ separate counsel at the
    expense of the indemnifying party, the indemnifying party shall
    not have the right to assume the defense of such claim on behalf
    of such person); and provided, further, that the
    failure of any indemnified party to give notice as provided
    herein shall not relieve the indemnifying party of its
    obligations hereunder, except to the extent that such failure to
    give notice shall materially adversely affect the indemnifying
    party in the defense of any such claim or litigation. It is
    understood that the indemnifying party shall not, in connection
    with any proceeding in the same jurisdiction, be liable for fees
    or expenses of more than one separate firm of attorneys at any
    time for all such indemnified parties except to the extent that
    based upon advice of counsel, a conflict of interest exists
    between the indemnified parties. No indemnifying party will,
    except with the consent of the indemnified party, consent to
    entry of any judgment or enter into any settlement that does not
    include as an unconditional term thereof the giving by the
    claimant or plaintiff to such indemnified party of a release
    from all liability in respect of such claim or litigation.

 

    (d) Contribution.  If a claim for
    indemnification under Section 5(a) or 5(b) is unavailable
    to an indemnified party (by reason of public policy or
    otherwise), then each indemnifying party, in lieu of
    indemnifying such indemnified party, shall contribute to the
    amount paid or payable by such indemnified party as a result of
    such Losses, in such proportion as is appropriate to reflect the
    relative fault of the indemnifying party and indemnified party
    in connection with the actions, statements or omissions that
    resulted in such Losses as well as any other relevant equitable
    considerations. The relative fault of such indemnifying party
    and indemnified party shall be determined by reference to, among
    other things, whether any action in question, including any
    untrue or alleged untrue statement of a material fact or
    omission or alleged omission of a material fact, has been taken
    or made by, or relates to information supplied by, such
    indemnifying party or indemnified party, and the parties’
    relative intent, knowledge, access to information and
    opportunity to correct or prevent such action, statement or
    omission. The amount paid or payable by a party as a result of
    any Losses shall be deemed to include, subject to the
    limitations set forth in Section 5(c), any reasonable
    attorneys’ or other reasonable fees or expenses incurred by
    such party in connection with any Proceeding to the extent such
    party would have been indemnified for such fees or expenses if
    the indemnification provided for in this Section was available
    to such party in accordance with its terms.

 

    The parties hereto agree that it would not be just and equitable
    if contribution pursuant to this Section 5(d) were
    determined by pro rata allocation or by any other method of
    allocation that does not take into account the equitable
    considerations referred to in the immediately preceding
    paragraph. Notwithstanding the provisions of this
    Section 5(d), no Holder shall be required to contribute, in
    the aggregate, any amount in excess of the amount by which the
    proceeds actually received by such Holder from the sale of the
    Registrable Securities

    

    A-I-7

 

    subject to the Proceeding exceeds the amount of any damages that
    such Holder has otherwise been required to pay by reason of such
    untrue or alleged untrue statement or omission or alleged
    omission.

 

    The indemnity and contribution agreements contained in this
    Section are in addition to any liability that the indemnifying
    parties may have to the indemnified parties.

 

    6. Miscellaneous.

 

    (a) No Piggyback on
    Registrations.  Neither the Company nor any of
    its security holders (other than the Holders in such capacity
    pursuant hereto) may include securities of the Company in the
    Registration Statement other than the Registrable Securities,
    and the Company shall not during the Effectiveness Period enter
    into any agreement providing any such right to any of its
    security holders.

 

    (b) Compliance.  Each Holder
    covenants and agrees that it will comply with the prospectus
    delivery requirements of the Securities Act as applicable to it
    in connection with sales of Registrable Securities pursuant to
    the Registration Statement.

 

    (c) Discontinued Disposition.  Each
    Holder agrees by its acquisition of such Registrable Securities
    that, upon receipt of a notice from the Company of the
    occurrence of either (i) a Suspension Period as described
    in Section 2(c) or (ii) any event of the kind
    described in Section 3(c), such Holder will forthwith
    discontinue disposition of such Registrable Securities under the
    Registration Statement until such Holder’s receipt of the
    copies of the supplemented Prospectus
    and/or
    amended Registration Statement or until it is advised in writing
    (the “Advice”) by the Company that the use of the
    applicable Prospectus may be resumed, and, in either case, has
    received copies of any additional or supplemental filings that
    are incorporated or deemed to be incorporated by reference in
    such Prospectus or Registration Statement. The Company may
    provide appropriate stop orders to enforce the provisions of
    this paragraph.

 

    (d) Amendments and Waivers.  The
    provisions of this Agreement, including the provisions of this
    Section 6(d), may not be amended, modified or supplemented,
    and waivers or consents to departures from the provisions hereof
    may not be given, unless the same shall be in writing and signed
    by the Company and the Holders of no less than a majority in
    interest of the then outstanding Registrable Securities.
    Notwithstanding the foregoing, a waiver or consent to depart
    from the provisions hereof with respect to a matter that relates
    exclusively to the rights of certain Holders and that does not
    directly or indirectly affect the rights of other Holders may be
    given by Holders to which such waiver or consent relates;
    provided that this provisions of this sentence may not be
    amended except in accordance with the provisions of the
    immediately preceding sentence.

 

    (e) Cooperation.  Each Holder, by
    such Holder’s acceptance of the Registrable Securities,
    agrees to cooperate with the Company as reasonably requested by
    the Company in connection with the preparation and filing of any
    Registration Statement hereunder, unless such Holder has
    notified the Company in writing of such Holder’s election
    to exclude all of such Holder’s Registrable Securities from
    such Registration Statement.

 

    (f) Further Assurances.  Each party
    shall do and perform, or cause to be done and performed, all
    such further acts and things, and shall execute and deliver all
    such other agreements, certificates, consents, instruments and
    documents, as any other party may reasonably request in order to
    carry out the intent and accomplish the purposes of this
    Agreement and the consummation of the transactions contemplated
    hereby.

 

    (g) Notices.  Any and all notices
    or other communications or deliveries required or permitted to
    be provided hereunder shall be in writing and shall be deemed
    given and effective on the earliest of (a) the date of
    transmission, if such notice or communication is delivered via
    facsimile (provided the sender receives a machine-generated
    confirmation of successful transmission) at the facsimile number
    specified in this Section prior to 6:30 p.m. (New York City
    time) on a Trading Day, (b) the next Trading Day after the
    date of transmission, if such notice or communication is
    delivered via facsimile at the facsimile number specified in
    this Section on a day that is not a Trading Day or later than
    6:30 p.m. (New York City time) on any Trading Day,
    (c) the Trading Day following the date of mailing, if sent
    by U.S. nationally recognized overnight courier

    

    A-I-8

 

    service, or (d) upon actual receipt by the party to whom
    such notice is required to be given. The address for such
    notices and communications shall be as follows:

 

	 	 	 
	

    If to the Company:

	
 
	
    Saia, Inc.

	
 
	
 
	
    11465 Johns Creek Parkway, Suite 400

    Johns Creek, Georgia 30091

    Attn: Chief Financial Officer

    Facsimile: (770) 232-4066

	
 
	
 
	
 

	
    With a copy to (which shall not constitute notice:
	
 
	
    Bryan Cave LLP

    One Kansas City Place

    1200 Main Street, Suite 3500

    Kansas City, Missouri

    Attn: Robert Barnes

    Facsimile: (816) 855-3368

	
 
	
 
	
 

	
    If to an Investor:
	
 
	
    To the address set forth under such Investor’s name on the
    signature pages hereto.

	
 

	
    If to any other Person who is then the registered Holder:

	
 
	
 
	
 

	
 
	
 
	
    To the address of such Holder as it appears in the stock
    transfer books of the Company

 

    or such other address as may be designated in writing hereafter,
    in the same manner, by such Person.

 

    (h) Successors and Assigns.  The
    rights under this Agreement shall be automatically assignable by
    the Holders to any transferee of all or any portion of such
    Holder’s Registrable Securities if: (i) the Holder
    agrees in writing with the transferee or assignee to assign such
    rights, and a copy of such agreement is furnished to the Company
    within a reasonable time after such assignment; (ii) the
    Company is, within a reasonable time after such transfer or
    assignment, furnished with written notice of (a) the name
    and address of such transferee or assignee, and (b) the
    securities with respect to which such registration rights are
    being transferred or assigned; (iii) immediately following
    such transfer or assignment the further disposition of such
    securities by the transferee or assignee is restricted under the
    Securities Act or applicable state securities laws; (iv) at
    or before the time the Company receives the written notice
    contemplated by clause (ii) of this sentence the transferee
    or assignee agrees in writing with the Company to be bound by
    all of the provisions contained herein; and (v) such
    transfer shall have been made in accordance with the applicable
    requirements of the Purchase Agreement, and in accordance with
    all applicable securities laws.

 

    (i) Execution and
    Counterparts.  This Agreement may be executed
    in any number of 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. In the
    event that any signature is delivered by facsimile transmission,
    such signature shall create a valid binding obligation of the
    party executing (or on whose behalf such signature is executed)
    the same with the same force and effect as if such facsimile
    signature were the original thereof.

 

    (j) Governing Law.  All questions
    concerning the construction, validity, enforcement and
    interpretation of this Agreement shall be governed by and
    construed and enforced in accordance with the internal laws of
    the State of New York, without regard to the principles of
    conflicts of law thereof. Each party agrees that all Proceedings
    concerning the interpretations, enforcement and defense of the
    transactions contemplated by this Agreement (whether brought
    against a party hereto or its respective Affiliates, employees
    or agents) will be commenced in the New York Courts. Each party
    hereto hereby irrevocably submits to the exclusive jurisdiction
    of the New York Courts for the adjudication of any dispute
    hereunder or in connection herewith or with any transaction
    contemplated hereby or discussed herein, and hereby irrevocably
    waives, and agrees not to assert in any Proceeding, any claim
    that it is not personally subject to the jurisdiction of any New
    York Court, or that such Proceeding has been commenced in an
    improper or inconvenient forum. Each party hereto hereby
    irrevocably waives personal service of process and consents to
    process being served in any such Proceeding by mailing a copy
    thereof via registered or certified mail or overnight delivery
    (with evidence of delivery) to such party at the address in
    effect for notices to it under this Agreement and agrees that
    such service shall constitute good and sufficient service of
    process and notice thereof. Nothing contained herein shall be
    deemed to limit in

    

    A-I-9

 

    any way any right to serve process in any manner permitted by
    law. Each party hereto hereby irrevocably waives, to the fullest
    extent permitted by applicable law, any and all right to trial
    by jury in any Proceeding arising out of or relating to this
    Agreement or the transactions contemplated hereby. If either
    party shall commence a Proceeding to enforce any provisions of
    this Agreement, then the prevailing party in such Proceeding
    shall be reimbursed by the other party for its attorney’s
    fees and other costs and expenses incurred with the
    investigation, preparation and prosecution of such Proceeding.

 

    (k) Cumulative Remedies.  The
    remedies provided herein are cumulative and not exclusive of any
    remedies provided by law.

 

    (l) Severability.  If any term,
    provision, covenant or restriction of this Agreement is held by
    a court of competent jurisdiction to be invalid, illegal, void
    or unenforceable, the remainder of the terms, provisions,
    covenants and restrictions set forth herein shall remain in full
    force and effect and shall in no way be affected, impaired or
    invalidated, and the parties hereto shall use their reasonable
    efforts to find and employ an alternative means to achieve the
    same or substantially the same result as that contemplated by
    such term, provision, covenant or restriction. It is hereby
    stipulated and declared to be the intention of the parties that
    they would have executed the remaining terms, provisions,
    covenants and restrictions without including any of such that
    may be hereafter declared invalid, illegal, void or
    unenforceable.

 

    (m) Headings.  The headings in this
    Agreement are for convenience of reference only and shall not
    limit or otherwise affect the meaning hereof.

 

    (n) Independent Nature of Investors’ Obligations
    and Rights.  The obligations of each Investor
    under this Agreement are several and not joint with the
    obligations of each other Investor, and no Investor shall be
    responsible in any way for the performance of the obligations of
    any other Investor under this Agreement. Nothing contained
    herein or in any transaction document, and no action taken by
    any Investor pursuant thereto, shall be deemed to constitute the
    Investors as a partnership, an association, a joint venture or
    any other kind of entity, or create a presumption that the
    Investors are in any way acting in concert or as a group with
    respect to such obligations or the transactions contemplated by
    this Agreement or any other Transaction Document. Each Investor
    acknowledges that no other Investor will be acting as agent of
    such Investor in enforcing its rights under this Agreement. Each
    Investor shall be entitled to independently protect and enforce
    its rights, including without limitation the rights arising out
    of this Agreement, and it shall not be necessary for any other
    Investor to be joined as an additional party in any Proceeding
    for such purpose. The Company acknowledges that each of the
    Investors has been provided with the same Registration Rights
    Agreement for the purpose of closing a transaction with multiple
    Investors and not because it was required or requested to do so
    by any Investor.

 

    [REMAINDER
    OF PAGE INTENTIONALLY LEFT BLANK]

    

    

    A-I-10

 

    Annex A

 

    SELLING
    STOCKHOLDERS

 

    We issued the shares of our common stock that are covered by
    this prospectus to the selling stockholders pursuant to share
    purchase agreements entered into between us and each of the
    selling stockholders on December 22, 2009 (the
    “Securities Purchase Agreements”) in a transaction
    exempt from the registration requirements of the Securities Act.
    We entered into a registration rights agreement with the
    purchasers in such transaction pursuant to which we agreed to
    register the resale of the shares of our common stock under the
    Securities Act.

 

    We are registering the shares of our common stock covered by
    this prospectus on behalf of the selling stockholders named in
    the table below in accordance with our obligations under the
    registration rights agreement. Selling stockholders, including
    their permitted transferees, pledgees or donees or their
    successors (all of whom may be selling stockholders), may from
    time to time offer and sell pursuant to this prospectus any or
    all of the shares. When we refer to “selling
    stockholders” in this prospectus, we mean those persons
    listed in the table below, as well as their permitted
    transferees, pledgees or donees or their successors.

 

    The following table sets forth certain information as of
    [          ],
    2009 regarding beneficial ownership of our common stock by the
    selling stockholders. “Beneficial ownership” is a term
    defined by the SEC in
    Rule 13d-3
    under the Exchange Act and includes shares of common stock over
    which a selling stockholder has direct or indirect voting or
    investment control and any shares of common stock that the
    selling stockholder has a right to acquire beneficial ownership
    of within 60 days.

 

    The number of shares of common stock in the column “Number
    of Shares Beneficially Owned Prior to the Offering” is
    based on beneficial ownership information provided to us by or
    on behalf of the selling stockholders in a selling stockholder
    questionnaire.

 

    The number of shares in the column “Number of
    Shares Registered for Sale Hereby” represents all of
    the shares that each selling stockholder may offer under this
    prospectus. These shares are the shares of common stock
    purchased by the selling stockholders in the transaction
    discussed above. The selling stockholders may sell some, all or
    none of their shares. In addition, the selling stockholders may
    have sold, transferred or otherwise disposed of all or a portion
    of their shares since the date on which they provided the
    information regarding their shares in transactions exempt from
    the registration requirements of the Securities Act.

 

    The number of shares in the column “Number of
    Shares Beneficially Owned after the Offering” assumes
    that the selling stockholders will sell all of their shares
    offered pursuant to this prospectus and that any other shares of
    common stock beneficially owned by the selling stockholders will
    continue to be beneficially owned. We do not know when or in
    what amounts the selling stockholders will offer shares for
    sale, if at all. The selling stockholders may sell any or all of
    the shares included in and offered by this prospectus. Because
    the selling stockholders may offer all or some of the shares
    pursuant to this offering, we cannot estimate the number of
    shares that will be held by the selling stockholders after
    completion of the offering.

 

    Information regarding the selling stockholders may change from
    time to time. Any such changed information will be set forth in
    supplements to this prospectus if required.

 

    Except as set forth in the table below, none of the selling
    stockholders has had a material relationship with us within the
    past three years.

 

	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
    Maximum Number of

    
	
 
	
 

	
 
	
 
	
    Number of Shares

    
	
 
	
    Shares to be Sold

    
	
 
	
 

	
    Name of Selling

    
	
 
	
    Beneficially

    
	
 
	
    Pursuant to

    
	
 
	
    Number of Shares

    

	

    Stockholder

	
 
	
    Owned Prior to Offering
	
 
	
    this Prospectus
	
 
	
    Owned After Offering

	 

	

    [Information to be provided by the Investors]

    

    A-I-11

 

    PLAN OF
    DISTRIBUTION

 

    We are registering the shares of common stock to permit the
    resale of these shares of common stock by the selling
    stockholders from time to time after the date of this
    prospectus. We will not receive any of the proceeds from the
    sale by the selling stockholders of the shares of common stock.

 

    The selling stockholders and any broker-dealers that act in
    connection with the sale of shares may be deemed to be
    “underwriters” within the meaning of
    Section 2(11) of the Securities Act, and any commissions
    received by such broker-dealers and any profit on the resale of
    shares sold by them while acting as principals may be deemed to
    be underwriting discounts or commissions under the Securities
    Act.

 

    The selling stockholders may sell all or a portion of the shares
    of common stock beneficially owned by them and offered hereby
    from time to time directly or through one or more underwriters,
    broker-dealers or agents. If the shares of common stock are sold
    through underwriters or broker-dealers, the selling stockholders
    will be responsible for underwriting discounts or commissions or
    agent’s commissions. The shares of common stock may be sold
    in one or more transactions at fixed prices, at prevailing
    market prices at the time of the sale, at varying prices
    determined at the time of sale, or at negotiated prices. These
    sales may be effected in transactions, which may involve crosses
    or block transactions,

 

			
	 	    • 
	
    on any national securities exchange or quotation service on
    which the securities may be listed or quoted at the time of sale;

	 
	 	    • 
	
    in the
    over-the-counter
    market;

	 
	 	    • 
	
    in transactions otherwise than on these exchanges or systems or
    in the
    over-the-counter
    market;

	 
	 	    • 
	
    through the writing of options, whether such options are listed
    on an options exchange or otherwise;

	 
	 	    • 
	
    ordinary brokerage transactions and transactions in which the
    broker-dealer solicits purchasers;

	 
	 	    • 
	
    block trades in which the broker-dealer will attempt to sell the
    shares as agent but may position and resell a portion of the
    block as principal to facilitate the transaction;

	 
	 	    • 
	
    purchases by a broker-dealer as principal and resale by the
    broker-dealer for its account;

	 
	 	    • 
	
    an exchange distribution in accordance with the rules of the
    applicable exchange;

	 
	 	    • 
	
    privately negotiated transactions;

	 
	 	    • 
	
    sales pursuant to Rule 144;

	 
	 	    • 
	
    short sales;

	 
	 	    • 
	
    broker-dealers may agree with the selling stockholders to sell a
    specified number of such shares at a stipulated price per share;

	 
	 	    • 
	
    a combination of any such methods of sale; and

	 
	 	    • 
	
    any other method permitted pursuant to applicable law.

 

    If the selling stockholders effect such transactions by selling
    shares of common stock to or through underwriters,
    broker-dealers or agents, such underwriters, broker-dealers or
    agents may receive commissions in the form of discounts,
    concessions or commissions from the selling stockholders or
    commissions from purchasers of the shares of common stock for
    whom they may act as agent or to whom they may sell as principal
    (which discounts, concessions or commissions as to particular
    underwriters, broker-dealers or agents may be in excess of those
    customary in the types of transactions involved). In connection
    with sales of the shares of common stock or otherwise, the
    selling stockholders may enter into hedging transactions with
    broker-dealers, which may in turn engage in short sales of the
    shares of common stock in the course of hedging in positions
    they assume. The selling stockholders may also sell shares of
    common stock short and deliver shares of common stock covered by
    this prospectus to close out short positions and to return
    borrowed shares in connection with such short sales. The selling
    stockholders may also loan or pledge shares of common stock to
    broker-dealers that in turn may sell such shares.

    

    A-I-12

 

    The selling stockholders may pledge or grant a security interest
    in some or all of the shares of common stock owned by them and,
    if they default in the performance of their secured obligations,
    the pledgees or secured parties may offer and sell the shares of
    common stock from time to time pursuant to this prospectus or
    any amendment to this prospectus under Rule 424(b)(3) or
    other applicable provision of the Securities Act, amending, if
    necessary, the list of selling stockholders to include the
    pledgee, transferee or other successors in interest as selling
    stockholders under this prospectus. The selling stockholders
    also may transfer and donate the shares of common stock in other
    circumstances in which case the transferees, donees, pledgees or
    other successors in interest will be the selling beneficial
    owners for purposes of this prospectus.

 

    At the time a particular offering of the shares of common stock
    is made, a prospectus supplement, if required, will be
    distributed which will set forth the aggregate amount of shares
    of common stock being offered and the terms of the offering,
    including the name or names of any broker-dealers or agents, any
    discounts, commissions and other terms constituting compensation
    from the selling stockholders and any discounts, commissions or
    concessions allowed or reallowed or paid to broker-dealers.

 

    Under the securities laws of some states, the shares of common
    stock may be sold in such states only through registered or
    licensed brokers or dealers. In addition, in some states the
    shares of common stock may not be sold unless such shares have
    been registered or qualified for sale in such state or an
    exemption from registration or qualification is available and is
    complied with.

 

    There can be no assurance that any selling stockholder will sell
    any or all of the shares of common stock registered pursuant to
    the registration statement, of which this prospectus forms a
    part.

 

    The selling stockholders and any other person participating in
    such distribution will be subject to applicable provisions of
    the Securities Exchange Act of 1934, as amended, and the rules
    and regulations thereunder, including, without limitation, to
    the extent applicable, Regulation M of the Exchange Act,
    which may limit the timing of purchases and sales of any of the
    shares of common stock by the selling stockholders and any other
    participating person. To the extent applicable Regulation M
    may also restrict the ability of any person engaged in the
    distribution of the shares of common stock to engage in
    market-making activities with respect to the shares of common
    stock. All of the foregoing may affect the marketability of the
    shares of common stock and the ability of any person or entity
    to engage in market-making activities with respect to the shares
    of common stock.

 

    We will pay all expenses of the registration of the shares of
    common stock pursuant to the registration rights agreement,
    including, without limitation, Securities and Exchange
    Commission filing fees and expenses of compliance with state
    securities or “blue sky” laws; provided, however, that
    a selling stockholder will pay all underwriting discounts and
    selling commissions, if any. We will indemnify the selling
    stockholders against certain liabilities, including some
    liabilities under the Securities Act, in accordance with the
    registration rights agreement, or the selling stockholders will
    be entitled to contribution. We may be indemnified by the
    selling stockholders against certain civil liabilities,
    including liabilities under the Securities Act, that may arise
    from any written information furnished to us by the selling
    stockholder specifically for use in this prospectus, in
    accordance with the related registration rights agreement, or we
    may be entitled to contribution.

 

    Once sold under the registration statement, of which this
    prospectus forms a part, the shares of common stock will be
    freely tradable under the Securities Act in the hands of persons
    other than our affiliates.

    

    A-I-13

 

    Annex B

 

    SAIA,
    INC.

    Selling Securityholder Notice and Questionnaire

 

    The undersigned beneficial owner of common stock (the
    “Common Stock” ) of Saia, Inc. (the
    “Company” ) understands that the Company has filed or
    intends to file with the Securities and Exchange Commission (the
    “Commission” ) a Registration Statement for the
    registration and resale of the Registrable Securities, in
    accordance with the terms of the Registration Rights Agreement,
    dated as of December 22, 2009 (the
    “Registration Rights Agreement” ), among the Company
    and the Investors named therein. A copy of the Registration
    Rights Agreement is available from the Company upon request at
    the address set forth below. All capitalized terms used and not
    otherwise defined herein shall have the meanings ascribed
    thereto in the Registration Rights Agreement.

 

    The undersigned hereby provides the following information to the
    Company and represents and warrants that such information is
    accurate:

 

    QUESTIONNAIRE

 

    1. Name.

 

			
	 	    (a) 
	
    Full Legal Name of Selling Securityholder

 

			
	 	          
	
    

 

			
	 	    (b) 
	
    Full Legal Name of Registered Holder (if not the same as
    (a) above) through which Registrable Securities Listed in
    Item 3 below are held:

 

			
	 	          
	
    

 

			
	 	    (c) 
	
    Full Legal Name of Natural Control Person (which means a natural
    person who directly or indirectly alone or with others has power
    to vote or dispose of the securities covered by the
    questionnaire):

 

			
	 	          
	
    

 

    2. Address for Notices to Selling Securityholder:

 

			
	 	          
	
    

	 
	 	          
	
    

	 
	 	          
	
    

 

			
	 	    Telephone: 
	
    

 

			
	 	    Fax: 
	
    

 

			
	 	    Contact Person: 
	
    

 

    3. Beneficial Ownership of Registrable Securities:

 

    Type and Principal Amount of Registrable Securities beneficially
    owned:

 

			
	 	               
	
    

	 
	 	               
	
    

	 
	 	               
	
    

 

    4. Broker-Dealer Status:

 

    (a) Are you a broker-dealer?

 

    Yes o       No o
    

    

    A-I-14

 

    Note: If yes, the Commission’s staff has indicated that you
    should be identified as an underwriter in the Registration
    Statement.

 

			
	 	    (b) 
	
    Are you an affiliate of a broker-dealer?

 

    Yes o       No o
    

 

    (c) If you are an affiliate of a broker-dealer, do you
    certify that you bought the Registrable Securities in the
    ordinary course of business, and at the time of the purchase of
    the Registrable Securities to be resold, you had no agreements
    or understandings, directly or indirectly, with any person to
    distribute the Registrable Securities?

 

    Yes o       No o
    

 

    Note: If no, the Commission’s staff has indicated that you
    should be identified as an underwriter in the Registration
    Statement.

 

    5. Beneficial Ownership of Other Securities of the Company
    Owned by the Selling Securityholder.

 

    Except as set forth below in this Item 5, the
    undersigned is not the beneficial or registered owner of any
    securities of the Company other than the Registrable Securities
    listed above in Item 3.

 

    Type and Amount of Other Securities beneficially owned by the
    Selling Securityholder:

 

			
	 	               
	
    

    

	 
	 	               
	
    

    

	 
	 	               
	
    

 

    6. Relationships with the Company:

 

    Except as set forth below, neither the undersigned nor any of
    its affiliates, officers, directors or principal equity holders
    (owners of 5% of more of the equity securities of the
    undersigned) has held any position or office or has had any
    other material relationship with the Company (or its
    predecessors or affiliates) during the past three years.

 

    State any exceptions here:

 

			
	 	               
	
    

 

    7. Please fill in the table below as you would like it to
    appear in the Registration Statement. Include footnotes where
    appropriate.

 

	 	 	 	 	 	 	 
	
 
	
 
	
 
	
 
	
    Maximum Number of

    
	
 
	
 

	
 
	
 
	
    Number of Shares

    
	
 
	
    Shares to be Sold

    
	
 
	
 

	
    Name of Selling

    
	
 
	
    Beneficially

    
	
 
	
    Pursuant to

    
	
 
	
    Number of Shares

    

	

    Stockholder

	
 
	
    Owned Prior to Offering
	
 
	
    this Prospectus
	
 
	
    Owned After Offering

	 

    

    A-I-15

 

    The undersigned agrees to promptly notify the Company of any
    inaccuracies or changes in the information provided herein that
    may occur subsequent to the date hereof and prior to the
    Effective Date for the Registration Statement.

 

    By signing below, the undersigned consents to the disclosure of
    the information contained herein in its answers to Items 1
    through 7 and the inclusion of such information in the
    Registration Statement and the related prospectus. The
    undersigned understands that such information will be relied
    upon by the Company in connection with the preparation or
    amendment of the Registration Statement and the related
    prospectus.

 

    IN WITNESS WHEREOF the undersigned, by authority duly given, has
    caused this Notice and Questionnaire to be executed and
    delivered either in person or by its duly authorized agent.

 

	 	 	 
	

    Dated: ­
    ­

	
 
	

    Beneficial
    Owner: ­
    ­

	
 
	
 
	
 

	
 
	
 
	

    By: ­
    ­

	
 
	
 
	
    Name:

	
 
	
 
	
    Title:

 

    PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND
    QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT MAIL, TO:

 

    Bryan Cave
    LLP

    One Kansas City Place

    1200 Main Street, Suite 3500

    Kansas City, Missouri
    64105-2100

    Attn: Robert Barnes

    Facsimile:
    (816) 855-3368
    

    

    A-I-16

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