Document:

Exhibit 10.3

 

Abaxis, Inc.

Restricted Stock Unit Award Grant Notice

2014 Equity Incentive Plan

Abaxis, Inc. (the “Company”) hereby awards to Participant the number of Restricted Stock Units specified and on the terms set forth below (the “Award”).  The Award is subject to all of the terms and conditions as set forth  in this Restricted Stock Unit Grant Notice (the “Grant Notice”), in the Restricted Stock Unit Award Agreement (the “Award Agreement”) and in the Company’s 2014 Equity Incentive Plan (the “Plan”), all of which are attached hereto and incorporated herein in their entirety.  Capitalized terms not explicitly defined herein but defined in the Plan or the Award Agreement shall have the meanings set forth in the Plan or the Award Agreement, as applicable.  In the event of any conflict between the terms of this Grant Notice, the Award Agreement or the Plan, the terms of the Plan shall control.

 

	
Participant:

	
[Name]                                        

	
	 		
	
Date of Grant:

	
[Date]                          

	
	 		
	
Vesting Commencement Date

	
[Date]                          

	
	 		
	
Number of Restricted Stock Units:

	
[_______]

	
	 	
	
Settlement Date:

	
For each Restricted Stock Unit and any Dividend Equivalent Unit (as defined in the Award One share of Common Stock of the Company will be issued for each Restricted Stock Unit (subject to any Capitalization Adjustment) that vests at the time set forth in Section 6 of the Award Agreement.

	 	
	
Vesting Schedule:

 

	
Except as provided in the Award Agreement and provided that the Participant’s Continuous Service has not terminated prior to the relevant vesting date set forth below,  the Award will vest cumulatively according to the vesting schedule set forth the table below.  As to each increment of Restricted Stock Units that vest as set forth in the table below, the Company must meet the performance milestone and the Participant must remain in Continuous Service through the applicable vesting date.  At no point may more than the number of Restricted Stock Units set forth below (as adjusted for Capitalization Adjustments) become vested.  Notwithstanding the foregoing, the Award is subject to the potential vesting acceleration described in Section 2 of the Award Agreement.

 

	
Number of Restricted Stock Units that Vest

	
Performance Period and Performance-Related Goals

	
 Vesting Date

	
[______]

	
[______]

	
[______]

	
[______]

	
[______]

	
[______]

	
[______]

	
[______]

	
[______]

	
[______]

	
[______]

	
[______]

 

Additional Terms/Acknowledgements:  By their signatures below, the Company and the Participant agree that the Award is governed by this Grant Notice and by the provisions of the Plan and the Award Agreement, both of which are attached to and made a part of this document.  The Participant acknowledges receipt of copies of the Plan, this Notice, the Award Agreement and the stock plan prospectus for this Plan and represents that the Participant has read and is familiar with their provisions.  As of the Date of Grant set forth above, this Grant Notice, the Plan and the Award Agreement set forth the entire understanding between Participant and the Company and any Affiliate regarding the Award and supersedes all prior oral and written agreements, promises and/or representations on that subject, with the exception of (i) restricted stock units or other stock awards previously granted and delivered to Participant, (ii) any compensation recovery policy maintained by the Company or is otherwise required by applicable law and (iii) any written employment or severance or change in control (or similar) arrangement between the Participant and the Company or an Affiliate that would provide for vesting acceleration of this Award upon the terms and conditions set forth therein.

Exhibit 10.3

 

The Participant hereby accepts the Award subject to all of the terms and conditions of this Notice, the Award Agreement and the Plan.  Participant consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

	
ABAXIS, INC.

	 	
PARTICIPANT

	 	 	 	 	 
	
By:

	 	 	  
	 	 	 	
Signature

	 
	
Its:

	 	 	  
	 	 	 	
Date

	 
	
Address:

	
3240 Whipple Road

	 	   	 
	 	
Union City, CA 94587

	 	
Address

	 
	 	 	 	  

 

	
ATTACHMENTS:

	2014 Equity Incentive Plan; Restricted Stock Unit Agreement and Plan Prospectus

 

Exhibit 10.3

 

Abaxis, Inc.

2014 Equity Incentive Plan

 

Restricted Stock Unit Award Agreement

 

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) and this Restricted Stock Unit Award Agreement (the “Award Agreement”) and in consideration of your services, Abaxis, Inc. (the “Company”) has awarded you a Restricted Stock Unit Award (the “Award”) under its 2014 Equity Incentive Plan (the “Plan”) for the number of Restricted Stock Units indicated in the Grant Notice (the “Stock Units”).  Capitalized terms not explicitly defined in this Award Agreement or in the Grant Notice but defined in the Plan will have the same definitions as in the Plan.

 

The details of your Award, in addition to those set forth in the Grant Notice and the Plan are as follows:

 

1.                  Grant of the Award.  This Award represents your right to be issued on a future date one share of the Company’s Common Stock for each Stock Unit indicated in the Grant Notice that vests.  As of the Date of Grant specified in the Grant Notice, the Company will credit to a bookkeeping account maintained by the Company for your benefit (the “Account”) the number of Stock Units subject to the Award.  This Award was granted in consideration of your services to the Company.

 

2.                  Vesting.

 

(a)            Subject to the provisions contained herein, your Award will vest, if at all, in accordance with the vesting schedule provided in the Grant Notice.  Vesting will cease upon the termination of your Continuous Service for any reason.  Upon such termination of your Continuous Service, any Stock Units credited to the Account that were not yet vested on the date of such termination will be forfeited at no cost to the Company and you will have no further right, title or interest in such Stock Units or the shares of Common Stock to be issued in respect of such portion of the Award.

 

(b)            Notwithstanding the foregoing, the vesting of your Award shall be subject to acceleration in connection with a Change in Control as may be provided in any written agreement between you and the Company or any Affiliate that covers this Award, including but not limited to your employment agreement with the Company or an Affiliate or a change of control or severance plan maintained by the Company or an Affiliate in which you participate.

 

3.                  Number of Stock Units and Shares of Common Stock.

 

(a)            The Stock Units subject to your Award will be adjusted for Capitalization Adjustments, as provided in the Plan.

 

(b)            Any additional Stock Units and any shares, cash or other property that become subject to the Award pursuant to this Section 3, if any, will be subject, in a manner determined by the Board, to the same forfeiture restrictions, restrictions on transferability, and time and manner of delivery as applicable to the other Stock Units and shares covered by your Award.

 

(c)            No fractional shares or rights for fractional shares of Common Stock will be created pursuant to this Section 3.  Except as provided in Section 7 or otherwise provided by the Company, any fraction of a share will be rounded down to the nearest whole share.

 

Exhibit 10.3

 

4.                  Securities Law Compliance.  You will not be issued any Common Stock in respect of your Stock Units or other shares with respect to your Stock Units unless either (i) the shares are registered under the Securities Act, or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Your Award also must comply with all other applicable laws and regulations governing the Award, and you will not receive such shares if the Company determines that such receipt would not be in material compliance with such laws and regulations.

 

5.                  Transferability.  Prior to the time that shares of Common Stock have been delivered to you, you may not transfer, pledge, sell or otherwise dispose of any portion of the Stock Units or the shares in respect of your Stock Units.  For example, you may not use shares that may be issued in respect of your Stock Units as security for a loan, nor may you transfer, pledge, sell or otherwise dispose of such shares.  This restriction on transfer will lapse upon delivery to you of shares in respect of your vested Stock Units.

 

(a)            Death.  Your Stock Units are not transferable other than by will and by the laws of descent and distribution.  Upon receiving written permission from the Board or its duly authorized designee, you may, by delivering written notice to the Company, in a form provided by or otherwise satisfactory to the Company and any broker designated by the Company to effect transactions under the Plan, designate a third party who, in the event of your death, will thereafter be entitled to receive any distribution of Common Stock or other consideration to which you were entitled at the time of your death pursuant to this Award Agreement.  In the absence of such a designation, your executor or administrator of your estate will be entitled to receive, on behalf of your estate, such Common Stock or other consideration.

 

(b)            Domestic Relations Orders.  Upon receiving written permission from the Board or its duly authorized designee, and provided that you and the designated transferee enter into transfer and other agreements required by the Company, you may transfer your right to receive the distribution of Common Stock or other consideration under your Stock Units, pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as permitted by applicable law that contains the information required by the Company to effectuate the transfer.  You are encouraged to discuss with the Company the proposed terms of any such transfer prior to finalizing the domestic relations order or marital settlement agreement to help ensure the required information is contained within the domestic relations order, marital settlement agreement or other divorce or separation instrument.  The Company is not obligated to allow you to transfer your Award in connection with your domestic relations order, marital settlement agreement or other divorce or separation instrument.

 

6.                  Date of Issuance.

 

(a)            To the extent that your Award is exempt from the application of Section 409A of the Code, the issuance of shares in respect of the Stock Units is intended to comply with Treasury Regulation Section 1.409A-1(b)(4) and will be construed and administered in such a manner.

 

(b)            Subject to the satisfaction of the withholding obligations set forth in Section 10 of this Award Agreement, in the event one or more Stock Units vests, the Company will issue to you, on the vesting date, one share of Common Stock for each Stock Unit that vests and such issuance date is referred to as the “Original Issuance Date.” If the Original Issuance Date falls on a date that is not a business day, delivery will instead occur on the next following business day.

 

Exhibit 10.3

 

(c)            However, if (i) the Original Issuance Date does not occur (1) during an “open window period” applicable to you, as determined by the Company in accordance with the Company’s then-effective policy on trading in Company securities, or (2) on a date when you are otherwise permitted to sell shares of Common Stock on an established stock exchange or stock market (including but not limited to under a previously established written trading plan that meets the requirements of Rule 10b5-1 under the Exchange Act and was entered into in compliance with the Company’s policies (a “10b5-1 Plan”)), and (ii) the Company elects, prior to the Original Issuance Date, not to satisfy the Withholding Taxes described in Section 10 by withholding shares of Common Stock from the shares otherwise due, on the Original Issuance Date, to you under this Award, then the shares that would otherwise be issued to you on the Original Issuance Date will not be delivered on such Original Issuance Date and will instead be delivered on the first business day when you are not prohibited from selling shares of the Company’s Common Stock in the open public market, but in no event later than December 31 of the calendar year in which the Original Issuance Date occurs (that is, the last day of your taxable year in which the Original Issuance Date occurs), or, if and only if permitted in a manner that complies with Treasury Regulation Section 1.409A-1(b)(4), no later than the date that is the later of (i) the 15th day of the third month following the end of the calendar year in which such shares of Common Stock under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulation Section 1.409A-1(d) or (ii) the 15th day of the third month following the end of the Company’s fiscal year in which such shares of Common Stock under this Award are no longer subject to a “substantial risk of forfeiture” within the meaning of Treasury Regulation Section 1.409A-1(d).

 

7.                  Dividends.  You will receive no benefit or adjustment to your Award or Stock Units with respect to any cash dividend, stock dividend or other distribution that does not constitute a Capitalization Adjustment as provided in the Plan; provided, however, that this sentence will not apply with respect to any shares of Common Stock that are delivered to you in connection with your Award after such shares have been delivered to you.

 

8.                  Restrictive Legends.  The Common Stock issued with respect to your Stock Units will be endorsed with appropriate legends, if any, as determined by the Company.

 

9.                  Award not a Service Contract.

 

(a)            Except as otherwise provided in a separate, written employment or other agreement between the Company and/or its Affiliates and you, your Continuous Service is not for any specified term and may be terminated by you or by the Company or an Affiliate at any time, for any reason, with or without cause and with or without notice.  Nothing in this Award Agreement (including, but not limited to, the vesting of your Stock Units or the issuance of the shares in respect of your Stock Units), the Plan or any covenant of good faith and fair dealing that may be found implicit in this Award Agreement or the Plan will:  (i) confer upon you any right to continue in the employ or service of, or affiliation with, the Company or an Affiliate; (ii) constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or affiliation; (iii) confer any right or benefit under this Award Agreement or the Plan unless such right or benefit has specifically accrued under the terms of this Award Agreement or Plan; or (iv) deprive the Company of the right to terminate you at will and without regard to any future vesting opportunity that you may have.

 

Exhibit 10.3

 

(b)            By accepting this Award, you acknowledge and agree that the right to continue vesting in the Award pursuant to the vesting schedule provided in the Grant Notice is earned only by continuing as an employee, director or consultant at the will of the Company or an Affiliate, as applicable (not through the act of being hired, being granted this Award or any other award or benefit) and that the Company has the right to reorganize, sell, spin-out or otherwise restructure one or more of its businesses or Affiliates at any time or from time to time, as it deems appropriate (a “reorganization”).  You further acknowledge and agree that such a reorganization could result in the termination of your Continuous Service, or the termination of Affiliate status of your employer and the loss of benefits available to you under this Award Agreement, including but not limited to, the termination of the right to continue vesting in the Award.  You further acknowledge and agree that this Award Agreement, the Plan, the transactions contemplated hereunder and the vesting schedule set forth herein or any covenant of good faith and fair dealing that may be found implicit in any of them do not constitute an express or implied promise of continued engagement as an employee or consultant for the term of this Award Agreement, for any period, or at all, and shall not interfere in any way with your right or the Company’s right to terminate your Continuous Service at any time, with or without cause and with or without notice.

 

10.              Withholding Obligations.

 

(a)            On each vesting date, and on or before the time you receive a distribution of the shares in respect of your Stock Units, and at any other time as reasonably requested by the Company in accordance with applicable tax laws, you hereby authorize any required withholdings from the shares of Common Stock issuable to you and/or otherwise agree to make adequate provision, including in cash, for any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any Affiliate that arise in connection with your Award (the “Withholding Taxes”).  Specifically, the Company or an Affiliate may, in its sole discretion, satisfy all or any portion of the Withholding Taxes relating to your Award by any of the following means or by a combination of such means: (i) withholding from any compensation otherwise payable to you by the Company or an Affiliate; (ii) causing you to tender a cash payment; (iii) permitting or requiring you to enter into a “same day sale” commitment with a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA Dealer”) whereby you irrevocably elect to sell a portion of the shares to be delivered in connection with your Stock Units to satisfy the Withholding Taxes and whereby the FINRA Dealer irrevocably commits to forward the proceeds necessary to satisfy the Withholding Taxes directly to the Company and/or its Affiliates; or (iv) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to you in connection with your Stock Units with a Fair Market Value (measured as of the date shares of Common Stock are issued to you) equal to the amount of such Withholding Taxes; provided, however, that the number of such shares of Common Stock so withheld will not exceed the amount necessary to satisfy the Company’s required tax withholding obligations using the minimum statutory withholding rates for federal, state, local and, if applicable, foreign tax purposes, including payroll taxes, that are applicable to supplemental taxable income; and provided further, that to the extent necessary to qualify for an exemption from application of Section 16(b) of the Exchange Act, such share withholding procedure shall be subject to the express prior approval of the Board or a duly authorized committee thereof.

 

(b)            Unless the Withholding Taxes of the Company and/or any Affiliate are satisfied, the Company will have no obligation to deliver to you any Common Stock or other consideration pursuant to this Award.

 

(c)            In the event the Company’s obligation to withhold arises prior to the delivery to you of Common Stock or it is determined after the delivery of Common Stock to you that the amount of the Company’s withholding obligation was greater than the amount withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

 

Exhibit 10.3

 

11.              Unsecured Obligation.  Your Award is unfunded, and as a holder of vested Stock Units, you will be considered an unsecured creditor of the Company with respect to the Company’s obligation, if any, to issue shares or other property pursuant to this Award Agreement.  You will not have voting or any other rights as a shareholder of the Company with respect to the shares to be issued pursuant to this Award Agreement until such shares are issued to you.   Upon such issuance, you will obtain full voting and other rights as a shareholder of the Company.  Nothing contained in this Award Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.

 

12.              Other Documents.  You hereby acknowledge receipt of and the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Plan prospectus.  In addition, you acknowledge receipt of the Company’s policy permitting certain individuals to sell shares only during certain “window” periods and the Company’s insider trading policy, in effect from time to time.

 

13.              Notices.  Any notices provided for in this Award Agreement or the Plan will be given in writing (including electronically) and will be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company.  The Company may, in its sole discretion, decide to deliver any documents related to participation in the Plan and this Award by electronic means or to request your consent to participate in the Plan by electronic means.  By accepting this Award, you consent to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

14.              Personal Data.  You understand that your employer, if applicable, the Company, and/or its Affiliates hold certain personal information about you, including but not limited to your name, home address, telephone number, date of birth, social security or equivalent tax identification number, salary, nationality, job title, and details of your Award (the “Personal Data”).  Certain Personal Data may also constitute “Sensitive Personal Data” or similar classification under applicable local law and be subject to additional restrictions on collection, processing and use of the same under such laws.  Such data include but are not limited to Personal Data and any changes thereto, and other appropriate personal and financial data about you.  You hereby provide express consent to the Company or its Affiliates to collect, hold, and process any such Personal Data and Sensitive Personal Data.  You also hereby provide express consent to the Company and/or its Affiliates to transfer any such Personal Data and Sensitive Personal Data outside the country in which you are employed or retained, including transfers to the United States, if applicable.  The legal persons for whom such Personal Data are intended are the Company and any broker company providing services to the Company in connection with the administration of the Plan.  You have been informed of your right to access and correct your Personal Data and/or Sensitive Personal Data by applying to the Company.

 

15.               Additional Acknowledgements.  You hereby consent and acknowledge that:

 

(a)            Participation in the Plan is voluntary and therefore you must accept the terms and conditions of the Plan and this Award Agreement and Grant Notice as a condition to participating in the Plan and receipt of this Award.  This Award and any other awards under the Plan are voluntary and occasional and do not create any contractual or other right to receive future awards or other benefits in lieu of future awards, even if similar awards have been granted repeatedly in the past. All determinations with respect to any such future awards, including, but not limited to, the time or times when such awards are made, the size of such awards and performance and other conditions applied to the awards, will be at the sole discretion of the Company.

 

Exhibit 10.3

 

(b)            The future value of your Award is unknown and cannot be predicted with certainty.  You do not have, and will not assert, any claim or entitlement to compensation, indemnity or damages arising from the termination of this Award or diminution in value of this Award and you irrevocably release the Company, its Affiliates and, if applicable, your employer, if different from the Company, from any such claim that may arise.

 

(c)            The rights and obligations of the Company under your Award will be transferable to any one or more persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company’s successors and assigns.

 

(d)            Upon request, you agree to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

 

(e)            You  have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award, and fully understand all provisions of your Award.

 

(f)            This Award Agreement will be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

(g)            All obligations of the Company under the Plan and this Award Agreement will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

 

16.               Governing Plan Document.  Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  In addition, your Award will be subject to recoupment in accordance with any clawback policy that the Company has adopted or any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd–Frank Wall Street Reform and Consumer Protection Act or other applicable law. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any plan of or agreement with the Company.  Except as expressly provided in this Award Agreement or the Grant Notice, in the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan will control.

 

17.               Severability.  If all or any part of this Award Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Award Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Award Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

Exhibit 10.3

 

18.               Effect on Other Employee Benefit Plans.  The value of the Award subject to this Award Agreement will not be included as compensation, earnings, salaries, or other similar terms used when calculating the Employee’s benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company’s or any Affiliate’s employee benefit plans.

 

19.               Amendment.  Any amendment to this Award Agreement must be in writing, signed by a duly authorized representative of the Company. The Board reserves the right to amend this Award Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, interpretation,  ruling, or judicial decision.

 

20.               Compliance with Section 409A of the Code.  This Award is intended to be exempt from the application of Section 409A of the Code, including but not limited to by reason of complying with the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4) and any ambiguities herein shall be interpreted accordingly.  However, if this Award fails to satisfy the requirements of the short-term deferral rule and is otherwise not exempt from, and therefore deemed to be deferred compensation subject to, Section 409A of the Code, this Award shall comply with Section 409A of the Code to the extent necessary to avoid adverse personal tax consequences and any ambiguities herein shall be interpreted accordingly.  To the extent this Award is subject to Section 409A of the Code and if you are a “Specified Employee” (within the meaning set forth Section 409A(a)(2)(B)(i) of the Code) as of the date of your separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), then the issuance of any shares that would otherwise be made upon the date of the separation from service or within the first six months thereafter will not be made on the originally scheduled dates and will instead be issued in a lump sum on the date that is six months and one day after the date of the separation from service, with the balance of the shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the shares is necessary to avoid the imposition of taxation on you in respect of the shares under Section 409A of the Code.  Each installment of shares that vests is a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

21.               No Obligation to Minimize Taxes.  The Company has no duty or obligation to minimize the tax consequences to you of this Award and will not be liable to you for any adverse tax consequences to you arising in connection with this Award.  You are hereby advised to consult with your own personal tax, financial and/or legal advisors regarding the tax consequences of this Award and by signing the Grant Notice, you have agreed that you have done so or knowingly and voluntarily declined to do so.

 

*            *            *

 

This Restricted Stock Unit Award Agreement will be deemed to be accepted by you upon your acceptance of the Restricted Stock Unit Grant Notice to which it is attached.EX-10.1

EMPLOYEE NONQUALIFIED STOCK OPTION AGREEMENT

UNDER THE SAIA, INC.

FIRST AMENDED AND RESTATED 2011 OMNIBUS INCENTIVE PLAN

THIS AGREEMENT, made as of February 3, 2015, by and between Saia, Inc., a Delaware corporation
(“Saia”), and        (“Optionee”).

WITNESSETH:

WHEREAS, Saia has adopted the Saia, Inc. First Amended and Restated 2011 Omnibus Incentive
Plan (the “Plan”) pursuant to which options for shares of the common stock of Saia may be
granted to employees of Saia and its subsidiaries; and

WHEREAS, Saia, or an entity in which Saia, directly or indirectly, through one or more
intermediaries owns 50% or more of the voting rights or profit interest of such entity
(“Affiliates”) (collectively Saia and Affiliates are hereinafter called the
“Company”) is the employer of Optionee; and

WHEREAS, Saia desires to grant to Optionee certain nonqualified options to purchase certain
shares of its common stock under the terms of the Plan.

NOW, THEREFORE, in consideration of the premises and of the mutual agreements hereinafter set
forth, it is covenanted and agreed as follows:

1. Grant Subject to Plan. This option is granted under and is expressly subject to
all the terms and provisions of the Plan, and the terms of such Plan are incorporated herein by
reference. Optionee hereby acknowledges receipt of a copy of the Plan and agrees to be bound by
all the terms and provisions thereof. Terms not defined herein shall have the meaning ascribed
thereto in the Plan. The Committee referred to in Section 5 of the Plan (“Committee”) has
been appointed by the Board of Directors, and designated by it, as the Committee to make grants of
options.

2. Grant and Terms of Option. Pursuant to action of the Committee, which action was
taken on February 3, 2015 (“Date of Grant”), Saia grants to Optionee the option to purchase
all or any part of        (      ) shares of the common stock of Saia, of the par
value of $0.001 per share (“Common Stock”), for a period ending on February 3, 2022
(the “Expiration Date”), at the purchase price of $    per share; provided, however, that
the option granted hereunder shall be, and is hereby, subject to the following:

(a) This option shall become exercisable as to the entire number of shares to which this
option relates commencing on February 3, 2018.

(b) Notwithstanding the foregoing, in the event of a Change in Control (as defined in the
Plan): (i) the outstanding options granted hereunder shall immediately vest and become exercisable
and shall remain outstanding in accordance with their terms; and (ii) notwithstanding Section
2(b)(i) but after taking into account the accelerated vesting set forth therein, the Committee may,
in its sole discretion, provide for cancellation of the outstanding options at the time of the
Change in Control in which case a payment of cash, property or a combination thereof shall be made
to the Optionee that is determined by the Committee in its sole and absolute discretion and that is
equivalent in value to the consideration to be paid per share of Common Stock of Saia in the Change
in Control, less the exercise price per share, and multiplied by the number of outstanding options
hereunder.

(c) In no event may this option or any part thereof be exercised after the Expiration Date.

(d) The purchase price for the shares subject to this option shall be paid in full upon the
exercise of the option, either (i) in cash, (ii) in the discretion of the Committee, by the tender
to Saia (either actual or by attestation) of shares of Common Stock already owned by Optionee and
registered in his or her name, having a Fair Market Value equal to the cash purchase price for the
option being exercised, (iii) in the discretion of the Committee, by any combination of the payment
methods specified in clauses (i) and (ii) hereof, or (iv) in the discretion of the Committee, by
means of a net exercise in which the Optionee shall receive the number of shares of Common Stock
equal to the aggregate number of shares being purchased less the number of shares having a Fair
Market Value equal to the aggregate purchase price of the shares being purchased; provided,
however, payment in full of the purchase price need not accompany the written notice of exercise
provided that the notice of exercise directs that the certificate or certificates for the shares of
Common Stock for which the option is exercised be delivered to a licensed broker acceptable to Saia
as the agent for the Optionee and, at the time such certificate or certificates are delivered, the
broker tenders to Saia cash (or cash equivalents acceptable to Saia) equal to the purchase price
for the shares of Common Stock purchased pursuant to the exercise of the option plus the amount (if
any) of any withholding obligations on the part of Saia.

(e) No shares of Common Stock may be tendered in exercise of this option if such shares were
acquired by Optionee through the exercise of an Incentive Stock Option (within the meaning of
Section 422 of the Internal Revenue Code of 1986, as amended) unless (i) such shares have been held
by Optionee for at least one year, and (ii) at least two years have elapsed since such Incentive
Stock Option was granted.

3. Adjustment for Changes in Capitalization. In the event that the Committee shall
determine that any recapitalization, reorganization, merger, consolidation, spin-off, combination,
repurchase or share exchange, stock split or stock dividend or other similar corporate transaction
or event affects the shares of Common Stock such that an adjustment is appropriate in order to
prevent dilution or enlargement of the rights of Optionee, then the Committee shall make such
adjustments in the number and kind of shares and in the exercise price under this option as the
Committee shall deem appropriate, and all such adjustments shall be conclusive.

4. Investment Purpose and Other Restrictions on Transfer. Optionee represents that,
in the event of the exercise by Optionee of the option hereby granted, or any part thereof, he or
she intends to purchase the shares acquired on such exercise for investment and not with a view to
resale or other distribution; except that Saia, at its election, may waive or release this
condition in the event the shares acquired on exercise of the option are registered under the
Securities Act of 1933, or upon the happening of any other contingency which Saia shall determine
warrants the waiver or release of this condition. Optionee agrees that the certificates evidencing
the shares acquired by him or her on exercise of all or any part of this option, may bear a
restrictive legend, if appropriate, indicating any restrictions on the transfer thereof, which
legend may be in such form as the Company shall determine to be proper.

5. Non-Transferability. Neither the option hereby granted nor any rights thereunder
or under this Agreement may be assigned, transferred or in any manner encumbered except by will or
the laws of descent and distribution, and any attempted assignment, transfer, mortgage, pledge or
encumbrance except as herein authorized, shall be void and of no effect. The option may be
exercised during Optionee’s lifetime only by Optionee or his or her guardian or legal
representative.

6. Termination of Employment. In the event of the termination of employment of
Optionee for Cause, the determination of which shall be made in the sole discretion of the
Committee, the option granted may no longer be exercised on or after the date of such termination.
If the Optionee’s employment is terminated other than for Cause, death, Total Disability (as
defined in the Plan) or Retirement (as defined below), the determination of which shall be made in
the sole discretion of the Committee, to the extent it was eligible for exercise at the date of
such termination of employment, an option may be exercised until the earlier of (i) ninety (90)
days after such termination, or (ii) the Expiration Date. If the Optionee’s employment is
terminated by the Optionee’s Retirement, then the Committee shall have the discretion to cancel or
vest any unvested options then outstanding, and, to the extent it was or became eligible for
exercise at the date of such Retirement from employment, an option may be exercised until the
earlier of (i) one hundred eighty (180) days after such Retirement, or (ii) the Expiration Date.
For purposes of this Agreement “Retirement” shall mean the voluntary termination of
employment by Optionee by reason of retirement at or after age 55. The determination of whether a
particular termination of employment qualifies as Retirement shall be made in the sole discretion
of the Committee.

7. Death or Total Disability of Optionee. In the event of the termination of the
Optionee’s employment by reason of the death or Total Disability of Optionee during the term of
this Agreement and while he or she is employed by the Company, this option shall become fully
vested (if not already fully vested) and may be exercised by the Optionee, a legatee or legatees of
Optionee under his or her last will, or by his or her personal representatives or distributees, at
any time until the earlier of (i) one hundred eighty (180) days from Optionee’s death or Total
Disability or (ii) the Expiration Date.

8. Shares Issued on Exercise of Option. It is the intention of Saia that on any
exercise of this option it will transfer to Optionee shares of its authorized but unissued stock or
transfer treasury shares, or utilize any combination of treasury shares and authorized but unissued
shares, to satisfy its obligations to deliver shares on any exercise hereof.

9. Committee Administration. This option has been granted pursuant to a determination
made by the Committee, and such Committee or any successor or substitute committee authorized by
the Board of Directors or the Board of Directors itself, subject to the express terms of this
option, shall have plenary authority to interpret any provision of this option and to make any
determinations necessary or advisable for the administration of this option and the exercise of the
rights herein granted, and may waive or amend any provisions hereof in any manner not adversely
affecting the rights granted to Optionee by the express terms hereof; provided, however, subject to
Section 3 hereof, in no event may the exercise price of this option be decreased.

10. Option Not an Incentive Stock Option. It is intended that this option shall not
be treated as an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as
amended.

11. Restrictive Covenants.

(a) Customer Confidences and Confidential Information.

(i) Customer Confidences. The customers of the Company expect
that the Company will hold all business-related matters, including the fact
that they are doing business with the Company and the specific matters on
which they are doing business, in the strictest confidence (“Customer
Confidences”). The term Customer Confidences will not, however, include
information which (A) is or becomes publicly available, other than as a
result of a breach by Optionee of this Agreement or any restrictive
covenants (including confidentiality, non-competition and non-solicitation)
relating to the Company, or (B) is or becomes available to Optionee on a
non-confidential basis from a source other than the Company or the Company’s
representatives and outside of the course of such Optionee’s employment with
the Company.

(ii) Confidential Information. Optionee also acknowledges
that, during the course of his employment, Optionee will have access to data
and information relating to the business of the Company (whether
constituting a trade secret or not) which is or has been disclosed to the
Optionee or of which the Optionee became aware as a consequence of or
through Optionee’s relationship with the Company and which has value to the
Company and is not generally known to the Company’s competitors
(“Confidential Information”). Such Confidential Information
includes both written information and information not reduced to writing,
and by way of example only: (A) the identity of the Company’s customers and
prospective customers, including names, addresses and phone numbers, the
characteristics, preferences and strategies of those customers, the types of
services provided to and ordered by those customers; (B) the Company’s
internal corporate policies related to those services, price lists, pricing
information, fee arrangements, profit factors, quality programs, annual
budgets, long-term business plans, marketing plans and methods, contracts
and bids, personnel and the terms of dealings with customers; (C) financial
and sales information, including the Company’s financial condition and
performance; (D) information relating to inventions, discoveries and
formulas, records, research and development data, trade secrets, processes,
other methods of doing business, forecasts and business and marketing plans
of the Company; (E) stockholder information; and (F) all Company
Intellectual Property (as hereinafter defined). Confidential Information
shall not include any data or information, even if otherwise set forth above
as an example, which has been voluntarily disclosed to the public by the
Company (except where such disclosure has been made by Optionee without
authorization) or that has been independently developed and disclosed by
others, or otherwise entered the public domain through lawful means.

(iii) Restriction on Use of Customer Confidences and Confidential
Information. Optionee agrees that, both during and after Optionee’s
employment with the Company, Optionee will not directly or indirectly
(A) use any Customer Confidences or Confidential Information, other than in
furtherance of the business of the Company, or (B) disclose any Customer
Confidences or Confidential Information, other than disclosure (1) to a
director, officer, employee, attorney or agent of the Company who, in
Optionee’s reasonable good faith judgment, has a need to know the Customer
Confidences, Confidential Information or information derived therefrom or
(2) as required by law, rule, regulation, court order, or any governmental,
judicial or regulatory process, provided that in any event described
in the preceding clause (2), (I) Optionee shall promptly notify the Company
as is practicable and not prohibited by law, and consult with and reasonably
assist the Company, at the Company’s sole expense, in seeking a protective
order or request for another appropriate remedy, (II) in the event that such
protective order or remedy is not obtained, or if the Company waives
compliance with the terms of the preceding clause (I), Optionee shall
disclose only that portion of the Customer Confidences or Confidential
Information that, on the advice of Optionee’s legal counsel, is legally
required to be disclosed and shall exercise reasonable efforts to assure
that confidential treatment shall be accorded to such Customer Confidences
or Confidential Information by the receiving person or entity and (III) to
the extent practicable and permitted by applicable law, the Company shall be
given an opportunity to review the Customer Confidences or Confidential
Information prior to disclosure thereof.

(iv) Ownership of Customer Confidences and Confidential
Information. Optionee acknowledges that any documents received or
created by Optionee during the course of Optionee’s employment by the
Company that contain or pertain to Customer Confidences or Confidential
Information are and will remain the sole property of the Company. Such
documents include, without limitation, files, memoranda, correspondence,
reports, customer records, contact lists and compilations of information,
however such information may be recorded and whether on hard copy or by
electronic or computer means. Optionee agrees to return all such documents
(including all copies) promptly upon the termination of Optionee’s
employment and agrees that, during and after Optionee’s employment, Optionee
will not, without the written consent of an officer of the Company, disclose
those documents to anyone outside the Company organization or use those
documents for any purpose other than as expressly provided herein.

(b) Intellectual Property.

(i) Optionee agrees to disclose promptly to the Company all ideas,
inventions, discoveries, improvements, designs, formulae, processes,
production methods and technological innovations (which, together with all
intellectual property rights that might be available therein including,
without limitation, patents, copyrights and trade secrets, shall hereinafter
be referred to as “Intellectual Property”), whether or not
patentable, which Optionee has conceived or made or may hereafter conceive
or make, alone or with others, in connection with Optionee’s employment by
the Company either prior to or after the date of this Agreement, whether or
not during working hours, and which (A) relate specifically to the business
of the Company; (B) are based on or derived from Optionee’s knowledge of the
actual or planned business activities of the Company; or (C) are developed
using existing Intellectual Property belonging to the Company (collectively,
“Company Intellectual Property”).

(ii) Optionee agrees to assign, and does hereby assign, to the Company
(and to bind Optionee’s heirs, executors and administrators, to assign to
the Company) all Company Intellectual Property, regardless of when such
Company Intellectual Property was created.

(iii) Without further compensation but at the Company’s expense,
Optionee agrees to give all testimony and execute all patent applications,
rights of priority, assignments and other documents, and in general do all
lawful things reasonably requested of Optionee by the Company to enable the
Company to obtain, maintain and enforce its rights to such Company
Intellectual Property.

(iv) All of Optionee’s work product during Optionee’s employment by
Company or during Optionee’s involvement or relationship with the Company
and all parts thereof shall be “work made for hire” for the Company
within the meaning of the United States Copyright Act of 1976, as amended
from time to time, and for all other purposes, and Optionee hereby
quitclaims and assigns to the Company any and all other rights Optionee may
have or acquire therein. Accordingly, all right, title and interest in any
and all materials, or other property, including, without limitation,
trademarks, service marks and related rights, whether or not copyrightable,
created, developed, adapted, formulated or improved by Optionee (whether
alone or in conjunction with any other person or employee), constituting
Company Intellectual Property shall be owned exclusively by the Company.
Optionee will not have or claim to have under this Agreement, or otherwise,
any right, title or interest of any kind or nature whatsoever in any Company
Intellectual Property.

(c) Non-competition.

(i) Optionee agrees that, during the period commencing on the Date of
Grant and for a period of one (1) year after the date the Optionee ceases to
be employed by the Company (the “Covenant Period”), Optionee shall
not within the Area, for a competing entity engaged in any Protected
Business (as defined below), either directly or indirectly, undertake to
perform the duties and responsibilities substantially similar to those
Optionee conducted, offered or provided for the Company during the last
twenty-four (24) months of Optionee’s employment with the Company (or such
shorter period of time that Optionee may have been employed) or, directly or
indirectly, own an equity interest in a business engaged in any Protected
Business; provided, however, that nothing herein shall
prohibit Optionee from being an owner of not more than 1.9% of the
outstanding equity interests in any entity which has equity securities
listed on a national stock exchange or other public market.

(ii) At any time following the date the Optionee ceases to be employed
by the Company and at least 90 days prior to the expiration of the Covenant
Period, the Company may in its sole discretion extend such Covenant Period
for one (1) additional year, which during such extended Covenant Period
Optionee will receive severance payments equal to twelve (12) months of
Optionee’s base salary in effect at the time Optionee ceased to be employed
by the Company (the “Severance Payments”). Severance Payments, if
elected by the Company, shall be payable in equal installments in accordance
with the Company’s normal payroll practices. If the Company elects to
extend the Covenant Period, then Optionee shall be entitled to Severance
Payments only so long as Optionee has not breached any of the provisions of
Section 11. Optionee shall not be entitled to any other salary,
compensation or benefits after termination of employment, except as may be
provided under any Executive Severance Agreement between Optionee and Saia
(if any) or as required by law.

(iii) For purposes of this Agreement, a “Protected Business” is
any business for the provision of regional, interregional and/or national
less-than-truckload services.

(iv) For purposes of this Agreement, “Area” means entire United
States of America.

(d) Customer Non-Solicitation. Optionee agrees that, during the period
commencing on the Date of Grant and for a period of two (2) years after the date the
Optionee ceases to be employed by the Company
(the “Non-Solicitation Period”), Optionee shall not, directly or indirectly,
on behalf of any competing entity, solicit or attempt to solicit any customer or
actively sought prospective customer of the Company, with whom the Optionee had
Material Contact during Optionee’s employment with the Company, for purposes of
providing products or services that are competitive with those offered by the
Company. For purposes of this Agreement, “Material Contact” means the
contact between Optionee and each customer or potential customer: (a) with whom or
which Optionee dealt on behalf of the Company; (b) whose dealings with the Company
were coordinated or supervised by Optionee; (c) about whom Optionee obtained
confidential information in the ordinary course of business as a result of
Optionee’s association with the Company; or (d) who receives products or services
authorized by the Company, the sale or provision of which results or resulted in
compensation, commissions, or earnings for Optionee within two (2) years prior to
the date of the Optionee’s termination.

(e) Optionee Non-Solicitation/Non-Hire. Optionee agrees that, during
the Non-Solicitation Period, Optionee shall not, within the Area, directly or
indirectly, (i) except in the good faith performance of Optionee’s duties to the
Company, induce or attempt to induce any employee or independent contractor (related
to the business of the Company) of the Company to leave the Company, or in any way
interfere with the relationship between the Company, on the one hand, and any
employee or independent contractor thereof, on the other hand, or (ii) hire any
person who was an employee or independent contractor of the Company. The foregoing
shall not prohibit general advertising not specifically targeted at employees or
independent contractors of the Company, provided that the preceding clause
shall not permit Optionee to take any action that would violate or conflict with the
covenants and agreements set forth in this Agreement or any other agreement with the
Company and shall in no way limit or affect Optionee’s obligations under such
covenants and agreements.

12. Enforcement.

(a) Optionee understands that the execution of this Agreement is conditioned on
Optionee’s acceptance of the restrictions contained in Section 11. Optionee
acknowledges that the restrictions contained in Section 11 are fair,
reasonable and necessary for the protection of the legitimate business interests of
the Company and that the Company will suffer irreparable harm in the event of an
actual or threatened breach of any such provision by Optionee.

(b) In the event of a breach of any of the covenants contained in
Section 11, subject to the Company’s discretion to waive such enforcement
provision:

(i) All of Optionee’s options for the purchase of Common Stock granted
hereunder, whether vested or unvested, shall be cancelled and forfeited; and

(ii) Optionee consents and agrees that the Company may seek the entry
of a restraining order, preliminary injunction or other court order to
enforce such provisions and expressly waives any bond or security that might
otherwise be required in connection with such relief.

(c) Optionee also agrees that such remedies shall be in addition and without
prejudice to any claim for monetary damages which the Company might elect to assert.
Optionee agrees that the terms of Section 11 are in addition to, and not in
limitation of, and in no way supersede or replace any other restrictive covenants
agreed to by Optionee with respect to the Company. The provisions of this Agreement
do not in any way limit or abridge any rights of the Company under the law of unfair
competition, trade secret, copyright, patent, trademark or any other applicable
law(s), all of which are in addition to and cumulative of the Company’s rights under
this Agreement.

13. No Contract of Employment. Nothing contained in this Agreement shall be
considered or construed as creating a contract of employment for any specified period of time.

14. Severability. If any provision of this Agreement or the application of any such
provision to any party or circumstances shall be determined by any court of competent jurisdiction
to be invalid or unenforceable to any extent, the remainder of this Agreement, or the application
of such provision to such person or circumstances other than those to which it is so determined to
be invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be
enforced to the fullest extent permitted by law. If the final judgment of a court of competent
jurisdiction declares that any provision of this Agreement, including, without limitation, any
provision of Section 11 hereof, is invalid or unenforceable, the parties hereto agree that
the court making the determination of invalidity or unenforceability shall have the power, and is
hereby directed, to modify or reduce the scope, duration or area of the provision, to delete
specific words or phrases and to replace any invalid or unenforceable provision with a provision
that is valid and enforceable and that comes closest to expressing the intention of the invalid or
unenforceable provision, and this Agreement shall be enforced as so modified.

15. Non-Waiver of Rights. The Company’s failure to enforce at any time any of the
provisions of this Agreement or to require at any time performance by Optionee of any of the
provisions hereof shall in no way be construed to be a waiver of such provisions or to affect
either the validity of this Agreement, or any part hereof, or the right of the Company thereafter
to enforce each and every provision in accordance with the terms of this Agreement.

16. Entire Agreement; Amendments. Except as provided in the Plan and as otherwise
expressly set forth herein, no modification, amendment or waiver of any of the provisions of this
Agreement shall be effective unless in writing specifically referring hereto, and signed by the
parties hereto. This Agreement, except as set forth in Section 11 and Section 12
above or as this Agreement may conflict with an Executive Severance Agreement between Optionee and
Saia (if any), supersedes all prior agreements and understandings between Optionee and Saia to the
extent that any such agreements or understandings conflict with the terms of this Agreement;
[provided, however, in the event of an inconsistency between the terms of this Agreement and the
terms of that certain Employment Agreement, originally executed on October 24, 2006 and
subsequently amended, between Company and Optionee, the terms of the Employment Agreement shall
govern.]

17. Assignment. This Agreement shall be freely assignable by Saia to and shall inure
to the benefit of, and be binding upon, Saia, its successors and assigns and/or any other entity
which shall succeed to the business presently being conducted by Saia.

18. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware without regard to the principles of conflicts of law which
might otherwise apply. The parties hereto irrevocably submit to the jurisdiction of the Delaware
Court of Chancery (or, if such court declines to accept jurisdiction, any state or federal court
sitting in or for New Castle County, Delaware) with respect to any dispute arising out of or
relating to this Agreement, and each party irrevocably agrees that all claims in respect of such
dispute or proceeding shall be heard and determined in such courts. The parties hereto hereby
irrevocably waive, to the fullest extent permitted by law, any objection which they may now or
hereafter have to the venue of any dispute arising out of or relating to this Agreement brought in
such court or any defense of inconvenient forum for the maintenance of such dispute or proceeding.
Each party hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law. Each party hereto hereby
irrevocably and unconditionally waives, to the fullest extent permitted by law, any right it may
have to a trial by jury in respect of any litigation as between the parties directly or indirectly
arising out of, under or in connection with this Agreement or the transactions contemplated hereby
or disputes relating hereto. Each of the parties hereto (a) certifies that no representative, agent
or attorney of the other party has represented, expressly or otherwise, that such other party would
not, in the event of litigation, seek to enforce the foregoing waivers and (b) acknowledges that it
and the other parties have been induced to enter into this Agreement by, among other things, the
mutual waivers and certifications contained in this Section 18.

19. Stock Ownership Guidelines. Optionee acknowledges that the Board of Directors of
Saia has adopted Stock Ownership Guidelines applicable to certain officers of Saia and such
Guidelines may be modified or amended in whole or in part at any time.

20. Survival. The provisions of Sections 11, 12, 13,
14, 15, 16, 17, 18, 20, 21, 22,
23, 24 and 25 as well as any other provision that must survive in order to
give proper effect to its intent, shall survive the Expiration Date or earlier termination of this
Agreement for the period specified in the applicable provision or, if no period is specified,
indefinitely.

21. Forfeiture. Optionee acknowledges and agrees that the options granted hereunder
are subject to the terms of a forfeiture or clawback policy adopted by the Board of Directors and
is subject to any additional obligations as may be required by law, including without limitation,
Section 304 of the Sarbanes-Oxley Act of 2002. Optionee further acknowledges and agrees that the
Board may amend or modify such policy at any time or may adopt a new policy replacing or
supplementing such policy and that any such policy or policies shall be binding on Optionee and the
options granted hereunder.

22. Tax Withholding. Optionee shall pay, or make arrangements acceptable to the
Company for the payment of, any and all federal, state, and local tax withholding that in the
opinion of the Company is required by law. For the avoidance of doubt, the Optionee shall be
entitled to satisfy any tax withholding obligations hereunder through an election to have shares of
common stock of Saia withheld from any payments under this Agreement. Unless Optionee satisfies
any such tax withholding obligation by paying the amount in cash, by check, stock withholding, or
by other arrangements acceptable to Saia, Saia shall withhold a portion of the stock payable upon
an exercise equal to the tax withholding obligation. Any share withholding pursuant to this
Section 22 is intended to be exempt from Section 16(b) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), pursuant to Rule 16b-3(e) under the Exchange Act.

23. No Defense. The existence of any claim, demand, action or cause of action of
Optionee against the Company, whether or not based upon this Agreement, will not constitute a
defense to the enforcement by the Company of any covenant or agreement of Optionee contained in
Section 11 herein.

24. Savings Clause. This Agreement is intended to comply with the provisions of
Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder
(“Section 409A”). If any compensation or benefits provided by this Agreement may result in
adverse consequences under Section 409A to the Optionee, the Company shall, in consultation with
the affected Optionee, make reasonable efforts to modify the Agreement in the least restrictive
manner necessary in order to exclude such compensation from the definition of “deferred
compensation” within the meaning of Section 409A or in order to comply with the provisions of
Section 409A (including, if applicable, the six month delay period described therein), other
applicable provision(s) of the Internal Revenue Code and/or any rules, regulations or other
regulatory guidance issued under such statutory provisions and without any diminution in the value
of the payments to the Optionee. In the event, any amount to be paid hereunder would otherwise be
due and payable to Optionee during the six month delay period under Section 409A, such amount
shall, to the extent necessary to avoid adverse tax consequences under Section 409A, be paid to
Optionee in a lump sum cash amount, with no interest, on the first day of the seventh month
immediately following the date on which the Optionee terminated employment. For purposes of
Section 409A, the right to a series of installment payments hereunder shall be treated as a right
to a series of separate payments.

25. Notification of New Employer. In the event that Optionee is no longer an employee
of the Company, Optionee consents to notification by the Company to Optionee’s new employer or its
agents regarding Optionee’s rights and obligations under this Agreement.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, Saia has caused this Agreement to be executed on its behalf by the
undersigned officer pursuant to due authorization, and Optionee has signed this Agreement to
evidence his or her acceptance of the option herein granted and of the terms hereof, all as of the
date hereof.

SAIA, INC.

By

Richard D. O’Dell

President and Chief Executive Officer

ATTEST:

Stephanie R. Maschmeier

Controller

      , Optionee

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